Document:

exv10w1

Exhibit 10.1

AGREEMENT OF DEFINITIONS

by and among

NISSAN MOTOR ACCEPTANCE CORPORATION

NISSAN AUTO LEASING LLC II

NISSAN AUTO LEASE TRUST 2011-B

NISSAN-INFINITI LT

NILT TRUST

NILT, INC.

WILMINGTON TRUST, NATIONAL ASSOCIATION

WILMINGTON TRUST COMPANY

U.S. BANK NATIONAL ASSOCIATION

Dated as of September 28, 2011

 

 

AGREEMENT OF DEFINITIONS

     This Agreement of Definitions (as amended, supplemented or otherwise modified, this
“Agreement of Definitions”), dated as of September 28, 2011, is by and among Nissan Auto
Lease Trust 2011-B, as issuer (the “Issuing Entity”), 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 “Titling Trustee”), Wilmington Trust, National
Association, a national banking association with trust powers, as owner trustee (the “Owner
Trustee”), Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware
trustee (the “Delaware Trustee”), U.S. Bank National Association, a national banking
association (“U.S. Bank”), as trust agent (in such capacity, the “Trust Agent”),
and U.S. Bank National Association, a national banking association (“U.S. Bank”), as
indenture trustee (in such capacity, the “Indenture Trustee,”).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August
26, 1998 (the “Titling Trust Agreement”), among the Grantor and the UTI Beneficiary, the
Servicer, the Delaware Trustee, the Titling Trustee, and the Trust Agent, the Titling Trust was
formed to take assignments and conveyances of and hold in trust various assets (the “Trust
Assets”);

     B. The UTI Beneficiary, the Servicer, and the Titling Trust have entered into the SUBI
Servicing Agreement, dated as of March 1, 1999 as amended by the First Amendment to Servicing
Agreement, dated as of January 3, 2001 (the “Basic Servicing Agreement”) which provides
for, among other things, the servicing of the Trust Assets by the Servicer;

     C. Pursuant to the Titling Trust Agreement, from time to time the Trustee, on behalf of
the Titling Trust and at the direction of the UTI Beneficiary, will identify and allocate on the
books and records of the Titling Trust certain Trust Assets and create and issue one or more
special units of beneficial interest (each, a “SUBI”), the beneficiaries of which generally
will be entitled to the net cash flows arising from such Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented
by the 2011-B SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the
“2011-B SUBI”);

     E. The parties hereto desire to identify and allocate to the 2011-B SUBI a separate
portfolio of Trust Assets consisting of leases (the “2011-B Leases”) and certain other
related Trust Assets and the vehicles that are leased under the 2011-B Leases (the “2011-B
Vehicles”);

     F. The parties hereto also desire that the Titling Trust issue to NILT Trust a certificate
evidencing a 100% beneficial interest in the 2011-B SUBI (the “2011-B SUBI Certificate”);

(NALT 2011-B Agreement of Definitions)

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     G. NILT Trust will sell, transfer and assign the 2011-B SUBI Certificate and the 2011-B
SUBI Assets evidenced thereby to NALL II pursuant to the SUBI Certificate Transfer Agreement, dated
as of September 28, 2011 (the “SUBI Certificate Transfer Agreement”). NALL II will further
transfer the 2011-B SUBI Certificate and the 2011-B SUBI Assets evidenced thereby to the Issuing
Entity pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of September 28, 2011
(the “Trust SUBI Certificate Transfer Agreement”);

     H. Pursuant to the Indenture, dated as of September 28, 2011 (the “Indenture”), by
and between the Issuing Entity and the Indenture Trustee, the Issuing Entity will (i) issue
$156,000,000 aggregate principal amount of 0.34985% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), $378,000,000 aggregate principal amount of LIBOR + 0.18% Asset Backed Notes, Class A-2
(the “Class A-2 Notes”) $351,000,000 aggregate principal amount of 0.92% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”) and
$85,000,000 aggregate principal amount of 1.10% Asset
Backed Notes, Class A-4 (the “Class A-4 Notes”) (collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are referred to herein as the
“Notes”); and (ii) pledge the 2011-B SUBI Certificate and the 2011-B SUBI Assets evidenced
thereby to the Indenture Trustee for the benefit of the holders of the Notes;

     I. The parties hereto also desire to register a pledge of the 2011-B SUBI Certificate to
the Indenture Trustee for the benefit of the holders of the Notes; and

     J. The parties hereto have agreed to enter into this Agreement of Definitions in an effort
to establish and agree upon a single set of definitions for any capitalized term used and not
otherwise defined in any documents executed in connection with the 2011-B SUBI if such document
references this Agreement of Definitions.

     NOW, THEREFORE, in consideration of the parties’ mutual agreement to rely upon the definitions
contained herein in the interpretation of certain of the Basic Documents (as defined herein), the
parties hereto agree as follows:

          Section 1.01 Definitions. In the event of any conflict or inconsistency between a
definition set forth both herein and in any of the Basic Documents, the definitions set forth in
each such Basic Document shall prevail with respect to such Basic Document

     Whenever any agreement relates to the Basic Documents or to the transactions contemplated by
the Basic Documents, subject to the preceding paragraph, the capitalized terms used without
definition in such agreement shall have the following meanings:

     “Accountant” means a firm of public accountants of nationally recognized standing.

     “Accounts” means the Note Distribution Account and the Reserve Account.

     “Accrual Period” means (i) with respect to any Payment Date and the Class A-1 Notes
and each Class of Floating Rate Notes, the period from and including the immediately preceding
Payment Date to but excluding the current Payment Date, or, in the case of the first Payment Date
or if no interest has yet been paid, from and including the Closing Date to, but excluding, the
first Payment Date and (ii) with respect to any Payment Date and each Class of Fixed Rate Notes
(other than the Class A-1 Notes), the period from and including the 15th day of the

(NALT 2011-B Agreement of Definitions)

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preceding
calendar month to but excluding the 15th day of the month of such Payment Date, or with respect to
the first Payment Date, from and including the Closing Date, to but excluding October 15, 2011.

     “Act” has the meaning set forth in Section 11.03(a) of the Indenture.

     “Administrative Agent” means NMAC, as Administrative Agent under the Trust
Administration Agreement.

     “Administrative Charge” means, with respect to any Lease, any payment (whether or not
part of the fixed monthly payment) payable to the related Lessor representing a disposition fee, a
late payment fee, an Extension Fee, an allocation to the related Lessee of insurance premiums,
sales, personal property or excise taxes or any other similar charge.

     “Administrative Lien” means a first lien upon any Certificate of Title deemed
necessary and useful by the Servicer or by the UTI Beneficiary and the Servicer solely to provide
for delivery of title documentation to the Titling Trustee or its designee.

     “Advance” means a Sales Proceeds Advance or a Monthly Payment Advance, as the context
may require.

     “Affiliate” of any Person means any other Person that (i) directly or indirectly
controls, is controlled by or is under common control with such Person (excluding any trustee
under, or any committee with responsibility for administering, any employee benefit plan) or (ii)
is an officer, director, member or partner of such Person. For purposes of this definition, a
Person shall be deemed to be “controlled by” another Person if such Person possesses, directly or
indirectly, the power (i) to vote 5% or more of the securities (on a fully diluted basis, having
ordinary voting power for the election of directors, members or managing partners of such Person)
or (ii) to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise.

     “Agreement of Definitions” means this Agreement of Definitions.

     “ALG Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in August 2011 as a “mark-to-market” value (assuming that the vehicle is
in “average” rather than “clean” condition) based on the total MSRP of the vehicle and all NMAC
authorized options, without making a distinction between value adding options and non-value adding
options.

     “Assets” has the meaning set forth in Section 2.01 to the SUBI Certificate
Transfer Agreement.

     “Auction Proceeds” means, with respect to a Collection Period, all amounts received by
the Servicer in connection with the sale or disposition of any vehicle which is sold at auction or
otherwise disposed of by the Servicer during such Collection Period, other than Insurance Proceeds.

(NALT 2011-B Agreement of Definitions)

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     “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on
behalf of the Indenture Trustee to authenticate and deliver the Notes or any Person authorized by
the Owner Trustee to act on behalf of the Owner Trustee to authenticate and deliver the Trust
Certificates, as the context may require.

     “Authorized Newspaper” means a newspaper of general circulation in The City of New
York, printed in the English language and customarily published on each Business Day, whether or
not published on Saturdays, Sundays, and holidays.

     “Authorized Officer” means (a) with respect to the Issuing Entity, (i) any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing
Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to
the Indenture Trustee on the Closing Date and (ii) so long as the Trust Administration Agreement is
in effect, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary, and any Assistant Secretary of the Administrative Agent, and (b) with respect to the
Servicer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary,
and any Assistant Secretary of the Servicer.

     “Automotive Lease Guide” means the publication of such name, which includes residual
factors, or any successor publication.

     “Available Funds” means, for any Payment Date and the related Collection Period, the
sum of the following amounts: (i) SUBI Collections, (ii) Advances and (iii) in the case of an
Optional Purchase, the Optional Purchase Price.

     “Available Funds Shortfall Amount” means, for any Payment Date and the related
Collection Period, the amount, if any, by which Available Funds are less than the sum of (a) the
Servicer Monthly Payment and (b) the amount necessary to make the distributions in clauses
(ii) and (iii) of Section 8.04(a) of the Indenture, except that the Optimal
Principal Distributable Amount rather than the Monthly Principal Distributable Amount shall be used
for purposes of clause (ii).

     “Available Principal Distribution Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the amount of (i) Available Funds remaining after
the Servicer has been paid the Payment Date Advance Reimbursement and the Servicing Fee (together
with any unpaid Servicing Fees in respect of one or more prior Collection Periods) and (ii) the
Reserve Account Draw Amount remaining after accrued interest has been paid on the Notes.

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Section 101 et
seq.

     “Base Residual” means the lowest of (i) the Contract Residual, (ii) the ALG Residual,
and (iii) the MRM Residual.

     “Basic Documents” means the Servicing Agreement, the SUBI Trust Agreement, the Trust
Agreement, the Trust Administration Agreement, the Indenture, the SUBI Certificate Transfer
Agreement, the Trust SUBI Certificate Transfer Agreement, the Control Agreement, the

(NALT 2011-B Agreement of Definitions)

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Underwriting
Agreement, this Agreement of Definitions, the 2011-B SUBI Certificate and the Securities.

     “Basic Servicing Agreement” means the servicing agreement, dated as of March 1, 1999,
as amended by the First Amendment to Servicing Agreement, among the Titling Trust, as UTI
Beneficiary, and the Servicer.

     “Beneficiaries” means, collectively, the Related Beneficiaries of all Sub-Trusts, and
“Beneficiary” means any of such Beneficiaries.

     “Benefit Plan Investor” means (i) an “employee benefit plan” as defined in Section
3(3) of ERISA, that is subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975(e)(1)
of the Code, that is subject to Section 4975 of the Code, or (iii) an entity deemed to hold the
“plan assets” (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of
ERISA) of any of the foregoing.

     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section
2.09 of the Indenture.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in New York, New York, Wilmington, Delaware, Irving, Texas, Franklin, Tennessee, or
the city and state where the Corporate Trust Office is located are authorized or obligated by law,
executive order or government decree to be closed.

     “Calculation Agent” means, with respect to the determination of the Interest Rate of
the Floating Rate Notes, U.S. Bank, acting in such capacity under the Indenture (including any
permitted successor or replacement calculation agent designated from time to time pursuant to the
Indenture).

     “Casualty Termination” as of any date means any Lease that has been terminated prior
to its Maturity Date if the related Leased Vehicle has been lost, stolen or damaged beyond economic
repair.

     “Certificate Balance” means, as of any date, the aggregate principal amount of the
Trust Certificates as of such date.

     “Certificate Distribution Account” means the account established pursuant to
Section 5.01(a) to the Trust Agreement.

     “Certificate Distribution Amount” means, as of any Payment Date, the amount being
distributed to the Trust Certificateholders on such Payment Date.

     “Certificate Factor” means, with respect to the Trust Certificates on any Payment
Date, the seven digit decimal equivalent of a fraction, the numerator of which is the Certificate
Balance on such Payment Date (after giving effect to any payment of principal on such Payment
Date), and the denominator of which is the Certificate Balance on the Closing Date.

(NALT 2011-B Agreement of Definitions)

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     “Certificate of Title” has the meaning set forth in the Titling Trust Agreement.

     “Certificate of Trust” means the Certificate of Trust filed for the Issuing Entity
pursuant to Section 3810(a) of the Statutory Trust Statute.

     “Certificate Register” and “Certificate Registrar” mean the register mentioned
in and the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

     “Claims” means all liabilities, claims and expenses (including reasonable legal and
other professional fees and expenses).

     “Class” means a group of Notes the form of which is identical except for variation in
denomination, principal amount or owner, and references to “each Class” means each of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes.

     “Class A-1 Interest Rate” means 0.34985% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).

     “Class A-1 Note Balance” means, as of any date, the Initial Class A-1 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1 Notes.

     “Class A-1 Noteholder” means, as of any date, the Person in whose name a Class A-1
Note is registered on the Note Register on such date.

     “Class A-1 Notes” has the meaning set forth in Recital H hereof.

     “Class A-2 Interest Rate” means LIBOR + 0.18% per annum (computed on the basis of the
actual number of days elapsed, but assuming a 360-day year).

     “Class A-2 Note Balance” means, as of any date, the Initial Class A-2 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2 Notes.

     “Class A-2 Noteholder” means, as of any date, the Person in whose name a Class A-2
Note is registered on the Note Register on such date.

     “Class A-2 Notes” has the meaning set forth in Recital H hereof.

     “Class A-3 Interest Rate” means 0.92% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-3 Note Balance” means, as of any date, the Initial Class A-3 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-3 Notes.

     “Class A-3 Noteholder” means, as of any date, the Person in whose name a Class A-3
Note is registered on the Note Register on such date.

     “Class A-3 Notes” has the meaning set forth in Recital H hereof.

(NALT 2011-B Agreement of Definitions)

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     “Class A-4 Interest Rate” means 1.10% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-4 Note Balance” means, as of any date, the Initial Class A-4 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-4 Notes.

     “Class A-4 Noteholder” means, as of any date, the Person in whose name a Class A-4
Note is registered on the Note Register on such date.

     “Class A-4 Notes” has the meaning set forth in Recital H hereof.

     “Class Balance” means, as of any date, the Class A-1 Note Balance, the Class A-2 Note
Balance, the Class A-3 Note Balance, or the Class A-4 Note Balance, as applicable.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act and shall initially be DTC.

     “Clearing Agency Participant” means a broker, dealer, bank, or other financial
institution or other Person for which from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means September 28, 2011.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” has the meaning set forth in the Granting Clause of the Indenture.

     “Collection Account” means, with respect to any Sub-Trust, the account created,
designated and maintained as such pursuant to Section 4.02 of the Titling Trust Agreement.

     “Collection Period” has the meaning set forth in the Basic Servicing Agreement.

     “Commission” means the Securities and Exchange Commission.

     “Contingent and Excess Liability Insurance Policy” has the meaning set forth in the
Basic Servicing Agreement.

     “Contract Residual” means, with respect to any Lease, the residual value of the
related Leased Vehicle at the Maturity Date as established or assigned by the Servicer at the time
of origination of such Lease in accordance with its Customary Servicing Practices for the purpose
of determining the Monthly Payment.

     “Control Agreement” means the control agreement, dated as of September 28, 2011, among
the Issuing Entity and U.S. Bank, in its capacities as Securities Intermediary, Indenture Trustee
and Secured Party.

     “Corporate Trust Office” means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the
execution of the Indenture is located at 190 South LaSalle Street, 7th Floor, Chicago, Illinois

(NALT 2011-B Agreement of Definitions)

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60603; or at such other address as the Indenture Trustee may designate from time to time by notice
to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee shall notify the
Noteholders and the Issuing Entity).

     “Co-Trustee” has the meaning set forth in the Basic Servicing Agreement.

     “Credit and Collection Policy” has the meaning set forth in the Basic Servicing
Agreement.

     “Currency Swap Agreement” shall mean any currency swap agreement, including all
schedules and confirmations thereto, entered into by the Issuing Entity and the Currency Swap
Counterparty.

     “Currency Swap Counterparty” shall mean an unaffiliated third party, as currency swap
counterparty, under the Currency Swap Agreement, or any successor or replacement Currency Swap
Counterparty from time to time.

     “Customary Servicing Practices” means the customary practices of the Servicer with
respect to Leased Vehicles and Leases held by the Titling Trust, without regard to whether such
Leased Vehicles and Leases have been identified and allocated into a portfolio of Trust Assets
allocated to the 2011-B SUBI or any Other SUBI, as such practices may be changed from time to time.

     “Cutoff Date” means the close of business on August 31, 2011.

     “Dealer” has the meaning set forth in the Titling Trust Agreement.

     “Default” means any occurrence that is, or with notice or lapse of time or both would
become, an Indenture Default.

     “Defaulted Lease” means any Lease that (a) by its terms, is delinquent more than 120
days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in
accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii)
repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s
failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely
or properly perform any obligation under the Lease, or any other act by the Lessee constituting a
default under applicable law), or (c) the Servicer has received notification that the related
Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

     “Defaulted Vehicle” means the Leased Vehicle related to a Defaulted Lease.

     “Definitive Note” means a definitive fully registered Note.

     “Delaware Trustee” means Wilmington Trust Company, a Delaware corporation, not in its
individual capacity but solely in its capacity as Delaware Trustee of the Titling Trust and NILT
Trust.

(NALT 2011-B Agreement of Definitions)

8

 

     “Deposit Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Depositor” means NALL II.

     “Depositor’s Formation Documents” means the Certificate of Formation of Nissan Auto
Leasing LLC II, dated as of October 24, 2001 and the Limited Liability Company Agreement of Nissan
Auto Leasing LLC II, dated as of October 29, 2001.

     “Depository Agreement” means the agreement among the Issuing Entity, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially in the
form of Exhibit B to the Indenture.

     “Designated LIBOR Page” means the display on Reuters Screen LIBOR01 Page or any
successor service or any page as may replace the designated page on that service or any successor
service that displays London interbank rates of major banks for U.S. dollars.

     “Disposition Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the sale at auction or other disposition of a Leased Vehicle by the
Servicer.

     “Distribution Account” means either the Note Distribution Account or the Certificate
Distribution Account, as the context may require.

     “Distribution Statement” has the meaning set forth in Section 5.02(c) of the
Trust Agreement.

     “DTC” means The Depository Trust Company.

     “Early Termination Charge” means, with respect to any 2011-B Lease that is terminated
prior to its Maturity Date, an amount equal to the difference, if any, between (a) the present
value (discounted at the implicit rate of such 2011-B Lease) of all remaining Monthly Payments and
(b) the difference, if any, between the adjusted 2011-B Lease balance and the related 2011-B
Vehicle’s fair market wholesale value in accordance with accepted practices in the automobile
industry (or by written agreement between the Servicer, on behalf of the Titling Trust, and the
Lessee).

     “Early Termination Purchase Option Price” means, with respect to any 2011-B Lease that
is terminated prior to its Maturity Date, the amount paid by the related Lessee or a Dealer to
purchase the related 2011-B Vehicle.

     “Eligible Account” means an account maintained with a depository institution or trust
company having the Required Deposit Rating.

     “Employee Benefit Plan” means any “employee benefit plan,” as such term is defined in
Section 3(3) of ERISA subject to Title IV of ERISA, maintained or sponsored by the Servicer or any
of its ERISA Affiliates.

(NALT 2011-B Agreement of Definitions)

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     “Entitlement Holder” means, with respect to any financial asset, a Person identified
in the records of the Securities Intermediary as the Person having a Security Entitlement against
the Securities Intermediary with respect to such financial asset.

     “Entitlement Order” means a notification directing the Securities Intermediary to
transfer or redeem a financial asset.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Servicer within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “Excess Amounts” means, as of any Payment Date, the amount remaining in the 2011-B
SUBI Collection Account after the distributions provided for in clauses (i) and
(ii) of Section 8.04(a) of the Indenture have been made.

     “Excess Mileage and Excess Wear and Tear Charges” or “Excess Mileage Fee”
means, with respect to any 2011-B Lease or 2011-B Vehicle, any applicable charge for excess mileage
or excess wear and tear.

     “Exchange Act” means the Securities Exchange Act of 1934.

     “Executive Officer” means, with respect to any (i) corporation or depository
institution, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary, or the Treasurer of such
corporation or depository institution, and (ii) partnership, any general partner thereof.

     “Expenses” means all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses, and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever.

     “Extended Lease” means any Lease that has had its original Maturity Date extended by
the Servicer.

     “Extension Fee” means, with respect to any Extended Lease, any payment required to be
made by the Lessee in connection with the extension of such Lease.

     “Financial Asset” has the meaning set forth in Section 8-102(a)(9) of the New York
UCC.

     “Fitch” means Fitch Ratings, Ltd.

     “Fixed Rate Note” means any Class A-1 Note, Class A-3 Note or Class A-4 Note.

     “Floating Rate Note” means any Class A-2 Note.

(NALT 2011-B Agreement of Definitions)

10

 

     “Force Majeure Event” has the meaning set forth in the Basic Servicing Agreement.

     “Grant” means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create and grant a lien upon and a security interest in and right of
set-off against, deposit, set over and confirm pursuant to the Indenture, and, with respect to the
Collateral or any other agreement or instrument, shall include all rights, powers and options (but
none of the obligations) of the granting party thereunder, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal and interest payments in
respect of the Collateral and all other monies payable thereunder, to give and receive notices and
other communications, to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the granting party or otherwise and generally to do and receive
anything that the granting party is or may be entitled to do or receive thereunder or with respect
thereto.

     “Grantor” has the meaning set forth in the preamble to the Titling Trust Agreement.

     “Holder” has the meaning set forth in the Titling Trust Agreement.

     “Indemnified Parties” has the meaning set forth in Section 8.01(a) to the
Trust Agreement.

     “Indenture” means the indenture, dated as of September 28, 2011, between the Issuing
Entity and the Indenture Trustee.

     “Indenture Default” has the meaning set forth in Section 5.01 of the
Indenture.

     “Indenture Trustee” means U.S. Bank, as Indenture Trustee under the Indenture.

     “Independent” means, when used with respect to any specified Person, that such Person
(i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the
Administrative Agent and any Affiliate of any of the foregoing Persons, (ii) does not have any
direct financial interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Administrative Agent or any Affiliate of any of the foregoing Persons and
(iii) is not connected with the Issuing Entity, any such other obligor, the Administrative Agent or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director, or Person performing similar functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01(b) of the Indenture, made by an Independent
appraiser or other expert appointed by a Trust Order, and such opinion or certificate shall state
that the signer has read the definition of “Independent” in this Indenture and that the signer is
Independent within the meaning thereof.

     “Independent Manager” means an individual who was not at any time during the preceding
five years (i) a director (other than during his tenure as an Independent Manager of the Depositor
or for one or more affiliates of the Depositor), officer, employee or affiliate of the Depositor or
any of its affiliates (other than any limited purpose or special purpose corporation

(NALT 2011-B Agreement of Definitions)

11

 

or limited
liability company similar to the Depositor), (ii) a person related to any officer or director of
any affiliate of the Depositor (other than any limited purpose or special purpose corporation or
limited liability company similar to the Depositor), (iii) a direct or indirect holder of one or
more than 5% of any voting securities of any affiliate of the Depositor, (iv) a person related to a
direct or indirect holder of 5% or more of the any voting securities of any Affiliate of the
Depositor, (v) a material creditor, material supplier, family member, manager, or contractor of the
Depositor, or (vi) a person who controls (whether directly, indirectly, or otherwise) the Depositor
or its affiliates or any material creditor, material supplier, employee, officer, director (other
than during his tenure as an Independent Manager of the Depositor or for one or more affiliates of
the Depositor), manager or material contractor of the Depositor or its affiliates.

     “Initial Class A-1 Note Balance” means $156,000,000.

     “Initial Class A-2 Note Balance” means $378,000,000.

     “Initial Class A-3 Note Balance” means $351,000,000.

     “Initial Class A-4 Note Balance” means $85,000,000.

     “Initial Class Balance” means the Initial Class A-1 Note Balance, the Initial Class
A-2 Note Balance, the Initial Class A-3 Note Balance or the Initial Class A-4 Note Balance, as
applicable.

     “Initial Deposit Amount” means the Issuing Entity’s deposit to the Reserve Account, on
or before the Closing Date, of $5,843,470.00.

     “Initial Note Balance” means the sum of the Initial Class A-1 Note Balance, the
Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance and the Initial Class A-4 Note
Balance.

     “Initial Securities Balance” means the initial principal amount of the Notes and the
Trust Certificates.

     “Initial Trust Certificate Balance” means $198,693,999.35.

     “Insurance Expenses” with respect to any 2011-B Vehicle, 2011-B Lease or Lessee, means
any Insurance Proceeds (i) applied to the repair of the related Leased Vehicle, (ii) released to
the related Lessee in accordance with applicable law or the Customary Servicing Practices of the
Servicer, or (iii) representing other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses or Disposition Expenses and recoverable by the Servicer under the
SUBI Trust Agreement.

     “Insurance Policy” means any insurance policy (including any self-insurance),
including any residual value insurance policy, guaranteed automobile protection policy,
comprehensive, collision, public liability, physical damage, personal liability, contingent and
excess liability, accident, health, credit, life, or unemployment insurance or any other form of
insurance or self-insurance, to the extent such insurance policy relates to the 2011-B Vehicles or
the ability of a Lessee to make required payments with respect to the related 2011-B Lease.

(NALT 2011-B Agreement of Definitions)

12

 

     “Insurance Proceeds” means, with respect to any 2011-B Vehicle, 2011-B Lease or
Lessee, recoveries paid to the Servicer, the Titling Trust or the Titling Trustee on behalf of the
Titling Trust under an Insurance Policy and any rights thereunder or proceeds therefrom (including
any self-insurance and amounts collected from a Lessee for amounts of deductibles not covered by
Insurance Policies).

     “Interest” means, as of any date, the ownership interest of a Trust Certificateholder
(including the interest of the Depositor as holder of the Trust Certificate) in the Issuing Entity
as of such date, including the right of such Trust Certificateholder to any and all benefits to
which such Trust Certificateholder may be entitled as provided in the Trust Agreement and any other
Basic Document, together with the obligations of such Trust Certificateholder to comply with all
the terms and provisions of the Trust Agreement and the other Basic Documents.

     “Interest Determination Date” means, with respect to any Interest Period with respect
to the Floating Rate Notes, the day that is two London Business Days prior to the related Interest
Reset Date.

     “Interest Period” means the Accrual Period with respect to each Class of Floating Rate
Notes, respectively.

     “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the
Class A-3 Interest Rate, the Class A-4 Interest Rate or the Overdue Interest Rate, as applicable.

     “Interest Reset Date” means, with respect to any Interest Period with respect to the
Floating Rate Notes, the first day of such Interest Period; provided that if any Interest Reset
Date would otherwise be a day that is not a Business Day, that Interest Reset Date will be
postponed to the next succeeding day that is a Business Day, except that if that Business Day falls
in the next succeeding calendar month, such Interest Reset Date will be the immediately preceding
Business Day.

     “Investment Company Act” means the Investment Company Act of 1940.

     “Issuing Entity” means Nissan Auto Lease Trust 2011-B, until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes.

     “Issuing Entity Order” or “Issuing Entity Request” means a written order or
request of the Issuing Entity signed in the name of the Issuing Entity by any one of its Authorized
Officers and delivered to the Indenture Trustee.

     “Lease” means any lease contract for a Leased Vehicle assigned.

     “Lease Documents” has the meaning set forth in the Basic Servicing Agreement; provided
that such definition shall refer only to lease documents related to Leases allocated to the 2011-B
Lease SUBI.

     “Lease Pull-Forward” means, as of any date, any Lease that has been terminated by the
related Lessee before the related Maturity Date under NMAC’s pull-forward program in order to

(NALT 2011-B Agreement of Definitions)

13

 

allow
such Lessee, among other things, (i) to enter into a new lease contract for a new Nissan or
Infiniti vehicle, or (ii) to purchase a new Nissan or Infiniti vehicle, provided that the Lessee is
not in default on any of its obligations under the related Lease and the financing of the related
vehicle is provided by NMAC.

     “Leased Vehicle” means a new or used Nissan or Infiniti automobile, sport utility
vehicle, minivan or light-duty truck, together with all accessories, parts and additions
constituting a part thereof, and all accessions thereto, leased to a Lessee pursuant to a Lease.

     “Lessee” means each Person that is a lessee under a Lease, including any Person that
executes a guarantee on behalf of such lessee; provided that such definition shall refer only to
Lessees of Leases allocated to the 2011-B SUBI.

     “Lessee Initiated Early Termination” as of any date means any Lease that has been
terminated by the related Lessee before the related Maturity Date, provided that the Lessee is not
in default.

     “Lessee Partial Monthly Payment” means, in connection with the payment by a Lessee of
less than 100% of the Monthly Payment due with respect to a 2011-B Lease, the actual amount paid by
the Lessee toward such Monthly Payment.

     “Lessor” means each Person that is a lessor under a Lease or assignee thereof,
including the Issuing Entity.

     “Liability” means any liability or expense, including any indemnification obligation.

     “LIBOR” means, for any Interest Period, the rate for deposits in U.S. Dollars having a
maturity of one month (commencing on the related Interest Reset Date) that appears on the
Designated LIBOR Page as of 11:00 a.m. London time, on the applicable Interest Determination Date.
With respect to an Interest Determination Date on which no rate appears on the Designated LIBOR
Page, LIBOR for the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of at least two quotations obtained by the Calculation
Agent after requesting the principal London offices of each of four major reference banks in the
London interbank market, which may include the Calculation Agent and its affiliates, as selected by
the Calculation Agent, to provide the Calculation Agent with its offered quotations for deposits in
U.S. Dollars for the period of one month, commencing on the second London Business Day immediately
following the applicable Interest Determination Date, to prime banks in the London interbank market
at approximately 11:00 a.m., London time, on such Interest Determination Date and in a principal
amount that is representative of a single transaction in U.S. Dollars in that market at that time.
If at least two such quotations are provided, LIBOR determined on the applicable Interest
Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations
referred to in this paragraph are provided, LIBOR determined on the applicable Interest
Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of
the rates quoted at approximately 11:00 a.m., in New York, New York, on the applicable Interest
Determination Date by three major banks, which may include the Calculation Agent and its
affiliates, in New York, New York selected by the Calculation Agent for loans in U.S. Dollars to
leading European banks in a

(NALT 2011-B Agreement of Definitions)

14

 

principal amount that is representative of a single transaction in U.S.
Dollars in that market at that time. If the banks so selected by the Calculation Agent are not
quoting as mentioned in this paragraph, LIBOR for the applicable Interest Determination Date will
be LIBOR in effect on the applicable Interest Determination Date.

     “Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens, mechanics’ liens, any liens that attach to property by operation of law
and statutory purchase liens to the extent not past due.

     “Liquidated Lease” means a 2011-B Lease that is terminated and charged off by the
Servicer prior to its Maturity Date following a default thereunder.

     “Liquidated Vehicle” means the 2011-B Vehicle related to a Liquidated Lease.

     “Liquidation Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the attempted realization of the full amounts due or to become due
under any Liquidated Lease, including expenses of any collection effort (whether or not resulting
in a lawsuit against the Lessee under such Lease) or other expenses incurred prior to repossession,
recovery or return of the Liquidated Vehicle, expenses incurred in connection with the sale or
other disposition of a Liquidated Vehicle that has been repossessed or recovered or has reached its
Maturity Date, expenses incurred in connection with making claims under any related Insurance
Policy and expenses incurred in connection with making claims for any Liquidation Expenses.

     “Liquidation Proceeds” will mean the gross amount received by the Servicer in
connection with the attempted realization of the full amounts due or to become due under any Lease
and of the Base Residual of the Leased Vehicle, whether from the sale or other disposition of the
related Leased Vehicle (irrespective of whether or not such proceeds exceed the related Base
Residual), the proceeds of any repossession, recovery or collection effort, the proceeds of
recourse or similar payments payable under the related dealer agreement, receipt of insurance
proceeds and application of the related security deposit and the proceeds of any disposition fees
or other related proceeds.

     “London Business Day” means any day on which dealings in deposits in U.S. Dollars are
transacted in the London interbank market.

     “Majority Interest” means Notes, Trust Certificates or Securities, as the case may be,
evidencing a majority of the Outstanding Amount of the related Notes, Trust Certificates or
Securities, except that, except as otherwise provided in the Basic Documents, Securities owned by
the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer)
or any of their respective Affiliates will not be included in such determination for the purpose of
making requests, demands, authorizations, directions, notices, consents or other action under the
Basic Documents.

     “Material Adverse Effect” means, with respect to any Person, a material adverse effect
on (i) the financial condition or operations of such Person and its Affiliates, taken as one
enterprise, (ii) the ability of such Person to perform its material obligations under any of the
Basic Documents to which such Person is a party, (iii) the legality, validity or enforceability of
any

(NALT 2011-B Agreement of Definitions)

15

 

material provision of the Basic Documents to which such Person is a party, (iv) the 2011-B SUBI
Certificate’s beneficial interest in all or any significant portion of the 2011-B SUBI Assets or
the Indenture Trustee’s security interest in the 2011-B SUBI Certificate and all or any significant
portion of the 2011-B SUBI Assets, or (v) the collectibility or the credit worthiness of all or any
significant portion of the 2011-B Leases and the 2011-B Vehicles, other than, in the case of
clauses (i) through (v), such Material Adverse Effect which are the direct result
of actions or omissions of the party seeking relief under any of the Basic Documents in connection
therewith.

     “Matured Vehicle” as of any date means any Leased Vehicle the related Lease of which
has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early
Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty
Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust,
if applicable.

     “Maturity Date” means, with respect to any Lease, the date on which such Lease is
scheduled to terminate as set forth in the such Lease at its date of origination or, in the case of
an Extended Lease, the revised termination date.

     “Monthly Early Termination Sale Proceeds” means, with respect to a Collection Period,
all (i) amounts paid by Lessees or Dealers with respect to Early Termination Purchase Option Price
payments during such Collection Period and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 2011-B Vehicles with respect to which the related 2011-B Lease was
terminated and which were sold in such Collection Period on or after the termination of the related
2011-B Leases prior to their respective Maturity Dates, reduced by amounts required to be remitted
to the related Lessees under applicable law.

     “Monthly Payment Advance” means, with respect to any 2011-B Lease and any Collection
Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial
Monthly Payment.

     “Monthly Payment” means, with respect to any Lease, the amount of each fixed monthly
payment payable to the Lessor in accordance with the terms thereof, net of any portion of such
fixed monthly payment that represents an Administrative Charge.

     “Monthly Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to (a) the lesser of (i) the Principal Distribution Amount and
(ii) the Available Principal Distribution Amount or (b) after the occurrence of an Indenture
Default that results in acceleration of the Notes, unless and until such acceleration has been
rescinded, the aggregate Outstanding Amount of the Notes.

     “Monthly Remittance Condition” has the meaning set forth in Section 8.03(c) of
the 2011-B Servicing Supplement.

     “Monthly Scheduled Termination Sale Proceeds” means, with respect to a Collection
Period, all (i) amounts paid by Lessees or Dealers in the event that either the Lessee or a Dealer
elects to purchase a 2011-B Vehicle for its Contract Residual following a termination of the
related 2011-B Lease at its Maturity Date and (ii) Net Auction Proceeds received by the Servicer

(NALT 2011-B Agreement of Definitions)

16

 

in
such Collection Period for 2011-B Vehicles which matured and were sold in such Collection Period on
or after the termination of the related 2011-B Leases at their respective Maturity Dates plus all
Net Insurance Proceeds, reduced by amounts required to be remitted to the related Lessees under
applicable law.

     “Moody’s” means Moody’s Investors Service, Inc.

     “MRM Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in August 2011 as a “mark-to-market” value (assuming that the vehicle is
in “average” condition rather than “clean” condition) based on the “Maximum Residualizable MSRP,”
which consists of the MSRP of the typically equipped vehicle and value adding options, giving only
partial credit or no credit for those options that add little or no value to the resale price of
the vehicle.

     “MSRP” means, with respect to any Leased Vehicle, the Manufacturer’s Suggested Retail
Price.

     “NALL II” means Nissan Auto Leasing LLC II, a Delaware limited liability company.

     “Net Auction Proceeds” means Auction Proceeds net of related Disposition Expenses and,
in the case of a Matured Vehicle, any outstanding Sales Proceeds Advance.

     “Net Insurance Proceeds” means Insurance Proceeds net of related Insurance Expenses.

     “Net Liquidation Proceeds” means the Liquidation Proceeds net of related Liquidation
Expenses.

     “NILT, Inc.” means NILT, Inc., a Delaware corporation.

     “NILT Trust” means NILT Trust, a Delaware statutory trust.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

     “Note” or “Notes” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note
or a Class A-4 Note, as the context may require.

     “Note Balance” means the sum of the Class A-1 Note Balance, the Class A-2 Note
Balance, the Class A-3 Note Balance and the Class A-4 Note Balance.

     “Note Distribution Account” means the trust account established by the Depositor, on
behalf of the Issuing Entity pursuant to Section 8.02(c) of the Indenture, into which
amounts released from the 2011-B SUBI Collection Account and the Reserve Account for distribution
to Noteholders shall be deposited and from which all distributions to Noteholders shall be made.

     “Note Distribution Amount” means, as of any Payment Date, the amount being distributed
to the Noteholders on such Payment Date.

(NALT 2011-B Agreement of Definitions)

17

 

     “Note Factor” means, with respect to any Class on any Payment Date, the seven digit
decimal equivalent of a fraction the numerator of which is the Class Balance for such Class on such
Payment Date (after giving effect to any payment of principal on such Payment Date) and the
denominator of which is the related Initial Class Balance.

     “Note Final Scheduled Payment Date” means, with respect to (i) a Class A-1 Note,
October 15, 2012, (ii) a Class A-2 Note, February 17, 2014, (iii) a Class A-3 Note, February 16,
2015, and (iv) a Class A-4 Note, January 16, 2017.

     “Noteholder” means, as of any date, the Person in whose name a Class A-1 Note, Class
A-2 Note, Class A-3 or a Class A-4 Note is registered on the Note Register on such date, as the
context may require.

     “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or a
Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

     “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.04 of the Indenture.

     “Officer’s Certificate” means (a) with respect to the Issuing Entity, a certificate
signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01 of the Indenture,
and delivered to, the Indenture Trustee, and (b) with respect to the Servicer, a certificate signed
by an Authorized Officer or the Servicer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Sections 8.09 and 8.11 of the 2011-B
Servicing Supplement.

     “Opinion of Counsel” in relation to the Trust Agreement, means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Trust Agreement, be
employees of or counsel to the Depositor, the Administrative Agent, or any of their respective
Affiliates, and which opinion shall be addressed to and in form and substance satisfactory to the
Owner Trustee. In relation to the Indenture, “Opinion of Counsel” means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Indenture, be employees
of or counsel to the Issuing Entity or the Administrative Agent, and who shall be satisfactory to
the Indenture Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee,
comply with any applicable requirements of Section 11.01 of the Indenture, and be in form
and substance satisfactory to the Indenture Trustee.

     “Optimal Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the following amounts:

     (i) for each 2011-B Vehicle for which the related 2011-B Lease did not
terminate during such Collection Period, the difference between the Securitization
Value of such 2011-B Lease at the beginning and at the end of such Collection
Period;

(NALT 2011-B Agreement of Definitions)

18

 

     (ii) for each 2011-B Vehicle for which the related 2011-B Lease reached its
Maturity Date during such Collection Period, the Securitization Value of such 2011-B
Lease as of such Maturity Date;

     (iii) for each 2011-B Vehicle purchased by the Servicer before its Maturity
Date during such Collection Period, the Repurchase Payment with respect to the
related 2011-B Lease; and

     (iv) for each 2011-B Lease terminated prior to its Maturity Date that
becomes a Defaulted Lease during such Collection Period or is terminated by the
related Lessee or the Servicer during such Collection Period pursuant to a Lessee
Initiated Early Termination or a Casualty Termination, the Securitization Value of
the related 2011-B Lease as of the effective date of termination of such 2011-B
Lease.

     “Optional Purchase” has the meaning set forth in Section 9.03(a) of the Trust
Agreement.

     “Optional Purchase Price” has the meaning set forth in Section 9.03(a) of the
Trust Agreement.

     “Other SUBI” means any SUBI other than a 2011-B SUBI.

     “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class),
all Trust Certificates or all Securities, as the case may be, theretofore authenticated and
delivered under the Indenture and/or the Trust Agreement, as applicable, except:

     (i) Notes (or Notes of an applicable Class) theretofore cancelled by the
Note Registrar or delivered to the Note Registrar for cancellation or Trust
Certificates theretofore cancelled by the Certificate Registrar or delivered to the
Certificate Registrar for cancellation;

     (ii) Notes (or Notes of an applicable Class) or portions thereof the
payment for which money in the necessary amount has been theretofore deposited with
the Indenture Trustee or any Paying Agent in trust for the related Noteholders
(provided, however, that if such Notes are to be redeemed pursuant
to an Optional Purchase, notice of such redemption has been duly given pursuant to
the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been
made) or Trust Certificates or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee, the
Owner Trustee or any Paying Agent in trust for the related Trust Certificateholders
(provided, however, that if the principal with respect to such Trust
Certificates will be paid pursuant to an Optional Purchase, notice of such payment
has been duly given pursuant to the Trust Agreement or provision therefor,
satisfactory to the Owner Trustee); and

     (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of
other Notes (or Notes of such Class) that have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is

(NALT 2011-B Agreement of Definitions)

19

 

presented that any such Notes are held by a bona fide purchaser or Trust
Certificates in exchange for or in lieu of other Trust Certificates that have been
authenticated and delivered pursuant to the Trust Agreement unless proof
satisfactory to the Owner Trustee is presented that any such Trust Certificates are
held by a bona fide purchaser, to the extent that the Trust Certificates are
transferable;

provided, that, unless otherwise specified in the Indenture, with respect to the Notes, or
the Trust Agreement, with respect to the Trust Certificates, or in another Basic Document, in
determining whether Noteholders or Trust Certificateholders holding the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice, consent, or waiver
hereunder or under any Basic Document, Notes or Trust Certificates owned by the Issuing Entity, the
Depositor, the Servicer (so long as NMAC or an Affiliate thereof is the Servicer) or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding, unless all such Notes
or Trust Certificates Outstanding are owned by the Issuing Entity, the Depositor, the Servicer (so
long as NMAC or an Affiliate thereof is the Servicer), or any of their respective Affiliates;
provided, further, that, in determining whether the Indenture Trustee or the Owner
Trustee, as applicable, shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Notes or Trust Certificates, as applicable, that a
Responsible Officer knows to be so owned shall be so disregarded. Notes or Trust Certificates so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof
establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as the case may be,
such pledgee’s right so to act with respect to such Notes or such Trust Certificates and that such
pledgee is not the Issuing Entity, the Depositor, the Administrative Agent, or any of their
respective Affiliates.

     “Outstanding Amount” means, as of any date, the aggregate principal amount of the
applicable Notes or Certificates Outstanding on the Closing, as applicable, reduced by all payments
of principal made in respect thereof on or prior to such date.

     “Overdue Interest Rate” means, with respect to any Class, the Interest Rate applicable
to such Class.

     “Owner Corporate Trust Office” means the principal office of the Owner Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of the execution of this Agreement of Definitions is located at Wilmington Trust, National
Association, Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890; or at such
other address as the Owner Trustee may designate from time to time by notice to the Trust
Certificateholders and the Indenture Trustee, or the principal corporate trust office of any
successor Owner Trustee (the address of which the successor Owner Trustee shall notify the Trust
Certificateholders and the Indenture Trustee).

     “Owner Trust Estate” means the property of the Issuing Entity, including (i) the
2011-B SUBI Certificate, evidencing a 100% beneficial interest in the 2011-B SUBI Assets, including
the right to payments thereunder after the Cutoff Date from certain amounts in respect of the
2011-B Leases and received from the sale or other disposition of the 2011-B Vehicles, including the
2011-B SUBI Collection Account and amounts on deposit in the 2011-B SUBI Collection

(NALT 2011-B Agreement of Definitions)

20

 

 Account (but
excluding amounts retained by the Servicer in the form of Liquidation Expenses, Disposition
Expenses, Insurance Expenses, and other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses, Disposition Expenses or Insurance Expenses and permitted to be
retained by the Servicer under the Basic Documents), and investment earnings, net of losses and
investment expenses, on amounts on deposit in the 2011-B SUBI Collection Account, (ii) the Reserve
Account and any amounts deposited therein, including investment earnings, net of losses and
investment expenses, on amounts on deposit therein, (iii) the rights of the Issuing Entity to the
funds on deposit from time to time in the Note Distribution Account and any other account or
accounts established pursuant to the Indenture and all cash, investment property and other property
from time to time deposited therein or credited thereto and all proceeds thereof, (iv) the rights
of the Depositor, as transferee, under the SUBI Certificate Transfer Agreement, (v) the rights of
the Issuing Entity, as transferee, under the Trust SUBI Certificate Transfer Agreement, (vi) the
rights of the Issuing Entity as a third-party beneficiary of the Servicing Agreement, to the extent
relating to the 2011-B SUBI Assets, including rights to certain Advances, and the SUBI Trust
Agreement, (vii) the rights of the Issuing Entity under any Currency Swap Agreement, and (viii) all
proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment
property, securities, deposit accounts and other property consisting of, arising from or relating
to the foregoing.

     “Owner Trustee” means Wilmington Trust, National Association, a national banking
association with trust powers, as trustee of the Issuing Entity under the Trust Agreement.

     “Paying Agent” means, (i) under the Indenture, U.S. Bank, as Indenture Trustee, or any
other Person that meets the eligibility standards for the Indenture Trustee set forth in
Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments
to and distributions from the Note Distribution Account, including the payment of principal of or
interest on the Notes on behalf of the Issuing Entity, and (ii) under the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.09 of the of the Trust
Agreement and shall initially be U.S. Bank.

     “Payment Ahead” means any payment of all or a part of one or more Monthly Payments
remitted by a Lessee with respect to a 2011-B Lease in excess of the Monthly Payment due with
respect to such 2011-B Lease, which amount the Lessee has instructed the Servicer to apply to
Monthly Payments due in one or more subsequent Collection Periods, provided,
however, such payment ahead shall exclude Lease Pull-Forward Payments.

     “Payment Date” means the 15th day of each month, or if such day is not a Business Day,
then the next succeeding Business Day, beginning on October 17, 2011.

     “Payment Date Advance Reimbursement” has the meaning set forth in Section
8.03(a)(iii)(A) of the 2011-B Servicing Supplement.

     “Payment Date Certificate” has the meaning set forth in Section 8.03(a) of the
Indenture.

     “Payoff” means amounts paid to the Servicer to purchase a 2011-B Vehicle.

     “Permitted Investments” has the meaning set forth in the Titling Trust Agreement.

(NALT 2011-B Agreement of Definitions)

21

 

     “Person” means any individual, corporation, limited liability company, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization, or government, or any agency or political subdivision
thereof.

     “Plan” means a Benefit Plan Investor, a “governmental plan” (as defined in Section
3(32) of ERISA) or any other employee benefit plan that is subject to Similar Law.

     “Pledgors” means NMAC, the Titling Trust, NILT Trust, the Depositor, and the Issuing
Entity.

     “Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.05 of
the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note.

     “Principal Carryover Shortfall” means, as of the close of business on any Payment
Date, the excess, if any, of the Principal Distribution Amount over the Monthly Principal
Distributable Amount.

     “Principal Distribution Amount” means, for any Payment Date, the aggregate amount of
principal payable on the Securities, equal to the sum of (i) the Optimal Principal Distributable
Amount and (ii) any Principal Carryover Shortfall as of the preceding Payment Date;
provided, however, that on or after the Note Final Scheduled Payment Date for any
Class of Notes and so long as no Indenture Default has been declared, the Principal Distribution
Amount shall equal, until the Class Balance of such Class is reduced to zero, the greater of (i)
such Class Balance and (ii) the sum of (A) the Optimal Principal Distributable Amount and (B) any
Principal Carryover Shortfall as of the preceding Payment Date. Notwithstanding the foregoing, the
Principal Distribution Amount shall not exceed the outstanding Securities Balance and the aggregate
amount of principal paid in respect of a Class shall not exceed the related Initial Class Balance.

     “Proceeding” has the meaning set forth in the Titling Trust Agreement.

     “Prospectus”
means the Prospectus Supplement, dated September 21, 2011, together with
the Ratings Free Writing Prospectus, dated September 16, 2011, and the Prospectus, dated September
16, 2011, relating to the offering of the Notes.

     “Public ABS Transaction” means any publicly registered issuance of securities backed
by (i) a certificate representing the beneficial interest in a pool of vehicle leases originated in
the United States for a lessee with a United States address and the related leased vehicles or (ii)
motor vehicle retail installment contracts originated in the United States and, for both clause
(i) and (ii), for which NALL II, or any United States Affiliate thereof, acts as a
depositor.

     “Pull-Forward Payment” means, with respect to any Lease Pull-Forward, the Monthly
Payments not yet due with respect to that Lease.

     “Rated Securities” has the meaning set forth in the Titling Trust Agreement.

(NALT 2011-B Agreement of Definitions)

22

 

     “Rating Agency” means, with respect to the 2011-B SUBI, as of any date, any of the
nationally recognized statistical rating organizations that has been requested by NMAC or one of
its Affiliates to rate any Class of Notes and that is rating such Class of Notes on such date.

     “Rating Agency Condition” means, with respect to any event or action and each Rating
Agency, either (a) written confirmation (which may be in the form of a letter, a press release or
other publication, of a change in such Rating Agency’s published ratings criteria to this effect)
by such Rating Agency that the occurrence of such event or action will not cause it to downgrade,
qualify or withdraw its rating assigned to the Notes or (b) that such Rating Agency shall have been
given notice of such event or action at least ten (10) days prior to such event (or, if ten (10)
days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating
Agency shall not have issued any written notice that the occurrence of such event will cause it to
downgrade, qualify or withdraw its rating assigned to the Notes. Notwithstanding the foregoing, no
Rating Agency has any duty to review any notice given with respect to any event or action, and it
is understood that such Rating Agency may not actually review notices received by it prior to or
after the expiration of the notice period described in (b) above. Further, each Rating Agency
retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the Notes
at any time in its sole judgment even if the Rating Agency Condition with respect to an event or
action had been previously satisfied pursuant to clause (a) or clause (b) above.

     “Rating Event” means the qualification, reduction or withdrawal by any Rating Agency
of its then-current rating of any Class of Notes.

     “Reallocation Payment” means the proceeds allocated from the UTI to the 2011-B SUBI in
connection with any reallocation of a Matured Vehicle or a Defaulted Vehicle from the 2011-B SUBI
to the UTI pursuant to Section 8.02(c) of the 2011-B Servicing Supplement in an amount
equal to the Net Liquidation Proceeds for such Matured Vehicle or Defaulted Vehicle.

     “Record Date” means, with respect to any Payment Date, the close of business on the
day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Recoveries” means, with respect to a Collection Period, the sum of all amounts
received (net of taxes) with respect to all 2011-B Leases which (i) became Liquidated Leases before
such Collection Period and (ii) have reached or were terminated prior to their respective Maturity
Dates before such Collection Period and with respect to which the proceeds from the sale of the
related 2011-B Vehicles were received before such Collection Period, minus any amounts remitted to
the related Lessees as required by law.

     “Redemption Date” means in the case of a redemption of the Notes pursuant to
Section 10.01 of the Indenture, the Payment Date specified by the Administrative Agent or
the Issuing Entity pursuant to Section 10.01 of the Indenture.

     “Redemption Price” means an amount equal to the Note Balance plus accrued and unpaid
interest thereon at the applicable Interest Rate for the Notes being so redeemed (including, to the
extent allowed by law, interest on overdue interest, if applicable), up to but excluding the
Redemption Date.

(NALT 2011-B Agreement of Definitions)

23

 

     “Registered Pledgee” has the meaning set forth in the Titling Trust Agreement.

     “Registered Holder” means the Person in whose name a Note is registered on the Note
Register on the related Record Date.

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

     “Related Beneficiary” means each of NILT Trust and NALL II.

     “Related Documents” shall mean all of the Basic Documents to which the Issuing Entity
or the Owner Trustee is a party.

     “Remaining Net Auction Proceeds” means Net Auction Proceeds, less amounts included in
Monthly Scheduled Termination Sale Proceeds, Monthly Early Termination Sale Proceeds and
Liquidation Proceeds.

     “Remaining Payoffs” means Payoffs, less amounts included in Monthly Scheduled
Termination Sale Proceeds and Monthly Early Termination Sale Proceeds.

     “Repurchase Payment” means, with respect to a 2011-B Lease and the related 2011-B
Vehicle required to be purchased by the Servicer pursuant to Section 8.02(a) and
Section 8.02(b) of the 2011-B Servicing Supplement, the sum of (i) the Securitization Value
of the 2011-B Lease as of the end of the Collection Period preceding the Collection Period in which
the Servicer granted an extension with respect to such 2011-B Lease or discovers or receives notice
of the change in domicile with respect to Section 8.02(a) of the 2011-B Servicing
Supplement or discovers a breach of representations or warranties pursuant to Section
8.02(b) of the 2011-B Servicing Supplement and (ii) any delinquent Monthly Payments which have
not been paid by the related Lessee by the end of the Collection Period relating to the Deposit
Date on which the Repurchase Payment will be made.

     “Required Deposit Rating” has the meaning set forth in the Titling Trust Agreement.

     “Required Percentage” means the holders of not less than 66?% of the (i) Outstanding
Amount in the case of the Notes or (ii) Certificate Balance in the case of the Trust Certificates.

     “Required Related Holders” has the meaning set forth in the Basic Servicing Agreement.

     “Reserve Account”
means the account established pursuant to Section 5.01(b) of
the Trust Agreement, which shall be account number 150062001 in the name “U.S. Bank National Association,
as Indenture Trustee, Nissan Auto Lease Trust 2011-B Reserve Account” established with the
Securities Intermediary pursuant to the Trust Agreement, together with any successor accounts
established pursuant to the Indenture, or after release of the lien of the Indenture, the Trust
Agreement.

(NALT 2011-B Agreement of Definitions)

24

 

     “Reserve Account Deposit Amount” means, (i) on the Closing Date, the Initial Deposit
Amount and (ii) thereafter, for any Payment Date and the related Collection Period to the extent
the amounts on deposit in the Reserve Account are less than the Reserve Account Requirement, an
amount equal to the sum of (a) any Excess Amounts with respect to the related Collection Period and
(b) net income realized on the investment of funds on deposit in the 2011-B SUBI Collection Account
and the Reserve Account in respect of such Collection Period.

     “Reserve Account Draw Amount” means, for any Payment Date, the amount withdrawn from
the Reserve Account, equal to (i) the lesser of (a) the Available Funds Shortfall Amount, if any,
or (b) the amount on deposit in the Reserve Account after giving effect to all deposits thereto on
the related Deposit Date or such Payment Date or (ii) after the occurrence of an Indenture Default
that results in the acceleration of any Notes, unless and until the date on which such acceleration
has been rescinded, the entire amount on deposit in the Reserve Account. In addition, except in the
circumstances described in clause (ii) of this definition, the sum of the amounts in the
Reserve Account and the remaining Available Funds after the payments under clauses (ii) and
(iii) of Section 8.04(a) of the Indenture would be sufficient to pay in full the
aggregate unpaid Note Balance of all of the outstanding Notes, then the Reserve Account Draw Amount
will, if so specified by the Servicer in the Payment Date Certificate, include such additional
amounts as may be necessary to pay all Outstanding Notes in full.

     “Reserve Account Property” means the Reserve Account and all cash, investment property
and other property from time to time deposited or credited to the Reserve Account and all proceeds
thereof, including, without limitation, the Initial Deposit.

     “Reserve Account Requirement” means on any Payment Date, an amount equal to
$17,530,409.99; provided, however, that on any Payment Date (after taking into
account all distributions from the 2011-B SUBI Collection Account on such date) on which the Note
Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

     “Residual Value Loss” means, with respect to any Matured Vehicle or Defaulted Vehicle,
the positive difference, if any, between (a) the Base Residual of the related 2011-B Vehicle, and
(b) the sum of (without duplication) all related Net Auction Proceeds or Net Liquidation Proceeds,
as the case may be, and all Net Insurance Proceeds.

     “Residual Value Surplus” means, with respect to any Matured Vehicle or Defaulted
Vehicle, the positive difference, if any, between (i) the sum (without duplication) of all related
Net Auction Proceeds and Net Insurance Proceeds, and (ii) the Securitization Value of the related
2011-B Vehicle at (a) the Maturity Date of the related 2011-B Lease, or (b) the date the related
2011-B Lease was terminated by the Lessee.

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Department (or any successor group of the Indenture Trustee), including any
Vice President, Assistant Secretary, or other officer or assistant officer of the Indenture Trustee
customarily performing functions similar to those performed by the people who at such time shall be
officers, or to whom any corporate trust matter is referred within Corporate Trust Department
because of his knowledge of and familiarity with the particular subject.

(NALT 2011-B Agreement of Definitions)

25

 

     “Restricted Jurisdiction” means any jurisdiction in which the Titling Trust is not
qualified and licensed to do business, other than any jurisdiction where the failure to be so
qualified and licensed will not have a material adverse effect on the Issuing Entity.

     “Retained Notes” if any, means any Notes retained in the initial offering thereof by
the Depositor or NMAC or conveyed to an Affiliate.

     “Rule 144A” means Rule 144A promulgated by the Commission under the Securities Act.

     “Rule 144A Information” means information requested of the Depositor, in connection
with the proposed transfer of a Trust Certificate, to satisfy the requirements of paragraph (d)(4)
of Rule 144A.

     “Sales Proceeds Advance” means the amount advanced by the Servicer to the Issuing
Entity on a Deposit Date equal to the Securitization Value of each 2011-B Lease relating to a
2011-B Vehicle that terminated early (but was not a Lease in default) and the amount equal to the
Base Residual of each 2011-B Lease relating to a 2011-B Vehicle that matured on its scheduled
termination date.

     “Schedule of 2011-B Leases and 2011-B Vehicles” means the schedule of 2011-B Leases
and 2011-B Vehicles on file with the Indenture Trustee, as it may be amended from time to time
(which may be supplied in CD-Rom form) which shall set forth as to each 2011-B Lease or 2011-B
Vehicle, as the case may be, (i) the identification number of the 2011-B Lease, (ii) the
identification number of the 2011-B Vehicle, (iii) the related Maturity Date and (iv) the value of
the 2011-B Lease and the related 2011-B Vehicle on the Servicer’s books as of the Cutoff Date.

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Secured Party” has the meaning set forth in the preamble to the Control Agreement.

     “Securities” means the Trust Certificates and the Notes, collectively.

     “Securities Act” means the Securities Act of 1933.

     “Securities Balance” means, as of any date, the unpaid principal amount of the
Securities as of such date.

     “Securities Intermediary” means U.S. Bank.

     “Securitization Rate” means, with respect to a 2011-B Lease, an annualized rate that
is equal to 7.00%.

     “Securitization Value” means, with respect to any 2011-B Lease, the value calculated
by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date
other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate,
of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.

(NALT 2011-B Agreement of Definitions)

26

 

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

     “Security” means either a Note or a Trust Certificate, as the context may require.

     “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the New
York UCC.

     “Securityholder” means each registered holder of a Note or a Trust Certificate.

     “Securityholder Available Funds” means, for any Payment Date, all remaining Available
Funds after giving effect to the payment to the Servicer of the Servicer Monthly Payment, if any.

     “Servicer” means NMAC, as Servicer under the Servicing Agreement.

     “Servicer Default” has the meaning set forth in Section 4.01 to the Basic
Servicing Agreement and under Section 8.12 of the 2011-B Servicing Supplement.

     “Servicer Letter of Credit” means a letter of credit, surety bond or insurance policy
issued by a depository institution, insurance company, or financial institution having a short-term
credit rating at least equal to the Required Deposit Rating and providing that the Indenture
Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies
the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2011-B SUBI
Collection Account by the related Deposit Date.

     “Servicer Monthly Payment” means, with respect to a Payment Date and the related
Collection Period, the amount to be paid to the Servicer pursuant to Section 8.03(a)(iii)
of the 2011-B Servicing Supplement in respect of (i) the Payment Date Advance Reimbursement and
(ii) the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior
Collection Periods.

     “Servicing Agreement” means the Basic Servicing Agreement, as supplemented by the
2011-B Servicing Supplement.

     “Servicing Fee” means, with respect to the 2011-B SUBI Assets, the fee payable on each
Payment Date equal to, for the related Collection Period, one-twelfth of the product of (i) 1.00%
and (ii) the aggregate Securitization Value of all 2011-B Leases as of the first day of such
Collection Period.

     “Settlement Statement” means a statement substantially in the form of Exhibit
A to the 2011-B Servicing Supplement.

     “Similar Law” means any state, local or other law that is similar to Section 406 of
ERISA or Section 4975 of the Code.

     “Special Purpose Affiliate” means a special purpose entity that is an Affiliate of a
Beneficiary and was created for the purposes of one or more Securitized Financings.

     “State” means any state of the United Sates, Puerto Rico, or the District of Columbia.

(NALT 2011-B Agreement of Definitions)

27

 

     “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. Section 3801 et seq.

     “SUBI” has the meaning set forth in the Recitals to the 2011-B SUBI Supplement.

     “SUBI Certificate” has the meaning set forth in Section 3.02(a) of the Titling
Trust Agreement.

     “SUBI Certificate Transfer Agreement” means the SUBI Certificate Transfer Agreement,
dated as of September 28, 2011, between NILT Trust, as transferor, and NALL II, as transferee.

     “SUBI Collection Account” means, with respect to a SUBI, the related Collection
Account created, designated and maintained as such pursuant Section 4.02(a) of the Titling
Trust Agreement.

     “SUBI Collections” means, with respect to any Collection Period, the net amount
collected or received by the Servicer in respect of the 2011-B SUBI Assets during the Collection
Period, including: (i) Monthly Payments (including Payments Ahead and Pull-Forward Payments, when
received), Payoffs, and any other payments under the 2011-B Leases (excluding any Administrative
Charges); (ii) Reallocation Payments and Repurchase Payments made by the Servicer; (iii) Monthly
Scheduled Termination Sale Proceeds; (iv) Monthly Early Termination Sale Proceeds (which includes
Early Termination Charges); (v) Net Liquidation Proceeds; (vi) Net Insurance Proceeds; (vii)
Remaining Net Auctions Proceeds; (viii) Remaining Payoffs; (ix) Excess Mileage and Excess Wear and
Tear Charges; (x) Recoveries; and (xi) Residual Value Surplus; in each case to the extent not
duplicative with any other clause of this definition.

     “SUBI Trust Agreement” means the Titling Trust Agreement, as supplemented by a 2011-B
SUBI Supplement.

     “Sub-Trust” has the meaning set forth in Section 3.01(b) of the Titling Trust
Agreement.

     “Tax Retained Notes” if any, means any Retained Notes retained by the issuer of the
Notes for federal income tax purposes or an entity which for U.S. federal income tax purposes is
considered the same Person as such issuer, until such time as such Notes are the subject of an
opinion pursuant to Section 2.04(g) of the Indenture.

     “Titling Trust” means Nissan-Infiniti LT, a Delaware statutory trust.

     “Titling Trust Agreement” means the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998, among NILT Trust, as the Grantor and the UTI Beneficiary,
the Servicer, the Delaware Trustee, the Titling Trustee and the Trust Agent.

     “Titling Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “TIA” means the Trust Indenture Act of 1939.

(NALT 2011-B Agreement of Definitions)

28

 

     “Transfer Price” has the meaning set forth in Section 2.01 to the SUBI
Certificate Transfer Agreement and the Trust SUBI Certificate Transfer Agreement, as the context
may require.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust Account” has the meaning set forth in the Titling Trust Agreement.

     “Trust Administration Agreement” means the Trust Administration Agreement, dated as of
September 28, 2011, among the Administrative Agent, the Issuing Entity, the Depositor and the
Indenture Trustee.

     “Trust Agent” means U.S. Bank, as Trust Agent under the Titling Trust Agreement.

     “Trust Agreement” means the trust agreement, dated as of August 31, 2011, as amended
and restated by the Amended and Restated Trust Agreement, dated as of September 28, 2011, between
the Depositor and the Owner Trustee.

     “Trust Assets” has the meaning set forth in the Titling Trust Agreement.

     “Trust Certificateholder” means the Person in whose name a Trust Certificate is
registered on the Certificate Register.

     “Trust Certificates” means the asset backed certificates issued pursuant to the Trust
Agreement, substantially in the form of Exhibit A to the Trust Agreement.

     “Trust Documents” has the meaning set forth in the Titling Trust Agreement.

     “Trust SUBI Certificate Transfer Agreement” means the Trust SUBI Certificate Transfer
Agreement, dated as of September 28, 2011, between the Depositor, and the Issuing Entity, as
transferee.

     “Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “2011-B Eligible Lease” means a Lease as to which the following are true as of the
Cutoff Date:

          (a) relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport
utility vehicle, of a model year of 2008 or later;

          (b) is written with respect to a Leased Vehicle that was at the time of the origination of
the related Lease a new Nissan or Infiniti motor vehicle;

          (c) was originated in the United States on or after May 28, 2008 by a Dealer (i) for a
Lessee with a United States address, (ii) in the ordinary course of such Dealer’s

(NALT 2011-B Agreement of Definitions)

29

 

business, (iii)
pursuant to a Dealer agreement that provides for recourse to the dealer in the event of certain
defects in the Lease, but not for default by the Lessee, and (iv) in compliance with procedures set
forth in the Credit and Collection Policy;

          (d) is payable solely in United States dollars;

          (e) is owned, and the related Leased Vehicle is owned by the Titling Trust, free of all
liens (including tax liens, mechanics’ liens, and other liens that arise by operation of law),
other than any lien placed upon a Certificate of Title in connection with the delivery of title
documentation to the Titling Trustee in accordance with Customary Servicing Practices;

          (f) has a remaining term to maturity, as of the Cutoff Date, of not less than 12 months
and not greater than 58 months;

          (g) provides for level payments (exclusive of taxes) that fully amortize the adjusted
capitalized cost of the Lease to the related Contract Residual over the lease term at a rate
implicit in the Lease and corresponding to the disclosed rent charge and, in the event of a Lessee
initiated early termination, provides for payment of the Early Termination Charge;

          (h) was originated in compliance with, and complies in all material respects with, all
material applicable legal requirements, including, to the extent applicable, the Federal Consumer
Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all state
leasing and consumer protection laws and all state and federal usury laws;

          (i) is not more than 29 days past due as of the Cutoff Date;

          (j) (A) is the valid, legal and binding full-recourse payment obligation of the related
Lessee, enforceable against such Lessee in accordance with its terms, except as such enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other
similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general
or (ii) general principles of equity, (B) has not been satisfied, subordinated, rescinded, canceled
or terminated, (C) is a Lease as to which no right of rescission, setoff, counterclaim or defense
shall have been asserted or threatened in writing, (D) is a Lease as to which no default (other
than payment defaults continuing for a period of no more than 29 days as of the Cutoff Date),
breach or violation shall have occurred and no continuing condition that with notice or lapse of
time or both would constitute a default, breach or violation shall have occurred and (E) is a Lease
as to which none of the foregoing shall have been waived (other than deferrals and waivers of late
payment charges or fees permitted under the Servicing Agreement);

          (k) is a Lease which has not been deemed to be uncollectible;

          (l) the related Lessee of which is a person located in one or more of the 50 states of the
United States or the District of Columbia and is not (i) NMAC or any of its Affiliates, or (ii) the
United States or any State or any agency or potential subdivision thereof;

          (m) is a Lease for which there is only one executed original;

(NALT 2011-B Agreement of Definitions)

30

 

          (n) there is only one original executed copy of each tangible “record” constituting or
forming a part of each 2011-B Lease that is tangible chattel paper and a single “authoritative
copy” (as such term is used in Section 9-105 of the UCC) of each electronic “record” constituting
or forming a part of each 2011-B Lease that is electronic chattel paper.

          (o) has an original term of not less than 36 months and not greater than 60 months;

          (p) is a Lease for which the related Lease Documents are located in the United States;

          (q) constitutes either “tangible chattel paper” or “electronic chattel paper,” as defined
in the UCC;

          (r) is not recourse to the Dealer;

          (s) with respect thereto, NMAC, in accordance with its Customary Practices, has determined
at the time of origination of such Lease that the related Lessee has agreed to obtain physical
damage insurance covering the related Leased Vehicle and is required under the terms of such Lease
to maintain such insurance; and

          (t) has a Securitization Value, as of its origination date, of no greater than $94,655.34.

     “2011-B Lease” has the meaning set forth in Section 8.01 of the 2011-B
Servicing Supplement.

     “2011-B Servicing Supplement” means the 2011-B SUBI Servicing Supplement to the Basic
Servicing Agreement, dated as of September 28, 2011, among the parties to the Basic Servicing
Agreement.

     “2011-B SUBI” has the meaning set forth in Section 12.01(a) of the 2011-B SUBI
Supplement.

     “2011-B SUBI Assets” has the meaning set forth in Section 12.01(b) to the
2011-B SUBI Supplement.

     “2011-B SUBI Account” means the 2011-B SUBI Collection Account, and any other Trust
Account established with respect to the 2011-B SUBI, as the context may require.

     “2011-B SUBI Certificate” has the meaning set forth in the recitals of the 2011-B SUBI
Supplement.

     “2011-B SUBI Collection Account” means the trust account established pursuant to
Section 14.01(a) of the 2011-B SUBI Supplement.

     “2011-B SUBI Supplement” means the 2011-B SUBI Supplement to the Titling Trust
Agreement, dated as of September 28, 2011, among the parties to the Titling Trust Agreement.

(NALT 2011-B Agreement of Definitions)

31

 

     “2011-B Vehicle” has the meaning set forth in Section 8.01 to the 2011-B
Servicing Supplement.

     “UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

     “Underwriting Agreement” means the underwriting agreement relating to the Notes dated
September 21, 2011, among Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representative, on behalf of
the several underwriters, NMAC and the Depositor.

     “United States” means the United States of America, its territories and possessions
and areas subject to its jurisdiction.

     “U.S. Bank” mean U.S. Bank National Association, a national banking association.

     “UTI” has the meaning set forth in Section 3.01(a) of the Titling Trust
Agreement.

     “UTI Beneficiary” means NILT Trust, in its capacity as the initial beneficiary of the
Titling Trust.

     “UTI Certificate” has the meaning set forth in Section 3.03 of the Titling
Trust Agreement.

     “Vehicle Representation Date” has the meaning set forth in the Basic Servicing
Agreement.

          Section 1.02 Interpretative Provisions. For all purposes of this Agreement of
Definitions, 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 of
Definitions as a whole and not to any particular part, Recital or Section within this Agreement of
Definitions, (iii) references to a Recital or Section such as “Recital A” or “Section 1.01”
shall refer to the applicable Recital or Section of this Agreement of Definitions, (iv) the term
“include” and all variations thereof shall mean “include without limitation,” (v) the term “or”
shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC, (vii) references to Persons include their permitted successors and assigns, (viii)
references to agreements and other contractual instruments include all subsequent amendments,
amendments and restatements and supplements thereto or changes therein entered into in accordance
with their respective terms and not prohibited by this Agreement of Definitions, except that
references to the SUBI Trust Agreement include only such items as related to the 2011-B SUBI and
the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and
regulations thereunder and any successors thereto, (x) references to this Agreement of Definitions
include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of
similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee
pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on
behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date
to a later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

(NALT 2011-B Agreement of Definitions)

32

 

          Section 1.03 Notices. All demands, notices, and communications hereunder shall be
in writing and shall be delivered, sent electronically by email (if an email address is provided)
or telecopier, or mailed by registered or certified first-class United States mail, postage
prepaid, hand delivery, prepaid courier service, and addressed in each case as follows: the Issuing
Entity, at c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention:
Corporate Trust Administration, with a copy to the Administrative Agent, at One Nissan Way,
Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com),
Attention: Treasurer; NILT Trust, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no.
(615) 725-8530) (email: mike.robinson@nissan-usa.com), Attention: Treasurer; Nissan-Infiniti LT, at
One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email:
mike.robinson@nissan-usa.com), Attention: Treasurer; NMAC, at One Nissan Way, Franklin, Tennessee
37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com), Attention: Treasurer;
the Depositor, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email:
mike.robinson@nissan-usa.com), Attention: Treasurer; NILT, Inc., U.S. Bank National Association,
190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603 (telecopier no. (312) 332-7996)
(email: patricia.child@usbank.com) Attention: NILT Inc.; Wilmington Trust, National Association, as
Owner Trustee, at Wilmington Trust, National Association, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust
Administration; Wilmington Trust Company, as Delaware Trustee, at Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882),
Attention: Corporate Trust Administration; U.S. Bank National Association, as Indenture Trustee, at
190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603 (telecopier no. (312) 332-7996)
(email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2011-B; U.S. Bank, as Trust
Agent, at U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, Illinois
60603 (telecopier no. (312) 332-7996) (email: patricia.child@usbank.com), Attention: Nissan Auto
Lease Trust 2011-B; or at such other address as shall be designated by any of the foregoing in
written notice to the other parties hereto. Delivery shall occur only when delivered by hand or,
in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such
communication by an officer of the intended recipient entitled to receive such notices located at
the address of such recipient for notices hereunder; provided, however, any demand,
notice or communication to be delivered pursuant to this Agreement of Definitions to any Rating
Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been
posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to
the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3).

          Section 1.04 Amendment.

     (a) Any term or provision of this Agreement of Definitions 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 or the Trust
Certificateholders shall require the consent, respectively, of Noteholders evidencing not less than
a Majority Interest of the Notes voting together as a single class, or the Trust Certificateholders
evidencing not less than a Majority Interest of the Trust Certificates voting together as a single
class, as applicable (provided that if the Depositor and its Affiliates do not hold all of
the Trust

(NALT 2011-B Agreement of Definitions)

33

 

Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall
not be deemed Outstanding for purposes of this provision), or (B) such amendment shall not, as
evidenced by an Officer’s Certificate of the Servicer or the Depositor delivered to the Indenture
Trustee (with respect to the Noteholders) or the Trust Certificateholders, as applicable,
materially and adversely affect the interests of the Noteholders or the Trust Certificateholders,
and (ii) any amendment that adversely affects the interests of the Trust, the Certificateholder,
the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Person
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, the Certificateholder 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.

     (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.

     (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) Prior to the execution of any amendment to this Agreement of Definitions, 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 of Definitions, the Servicer
shall furnish a copy of such amendment to each Rating Agency.

     (e) [Reserved]

     (f) None of U.S. Bank, 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. U.S. Bank, as trustee of NILT Trust and as Trust
Agent, NILT, Inc., and the Indenture Trustee may conclusively assume, in the absence of written
notice to the contrary from the Servicer to a Responsible Officer of the Indenture Trustee, that a
Rating Agency Condition has been satisfied with respect to such amendment.

     (g) The Indenture Trustee shall provide notice of any proposed amendment or supplement to
this Agreement of Definitions to the Administrative Agent (and the

(NALT 2011-B Agreement of Definitions)

34

 

Administrative Agent will
provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust
Administration Agreement).

          Section 1.05 Severability of Provisions. Any provision of this Agreement of
Definitions that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

          Section 1.06 Counterparts. This Agreement of Definitions may be executed by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument.

          Section 1.07 Headings. The headings of the various Articles and Sections herein
are for convenience or reference only and shall not define or limit any of the terms or provisions
hereof.

          Section 1.08 Governing Law. THIS AGREEMENT OF DEFINITIONS SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATION LAW).

          Section 1.09 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 Titling Trustee, the Titling Trust,
the Issuing Entity, any 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.

          Section 1.10 No Recourse.

          (a) It is expressly understood and agreed by the parties hereto that with respect to U.S.
Bank’s role as trustee of NILT Trust only, and not with respect to its role as Trust Agent, (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.

(NALT 2011-B Agreement of Definitions)

35

 

          (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, 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 the Titling Trust, 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 the Titling Trust, (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 the Titling Trust under this Agreement or any other related
documents.

          (c) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by Wilmington Trust, National Association., not individually or personally,
but solely as Owner Trustee, 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 the
Issuing Entity, is made and intended not as personal representations, undertakings, and agreements
by Wilmington Trust, National Association., but is made and intended for the purpose of binding
only the Issuing Entity, (iii) nothing herein contained shall be construed as creating any
liability on Wilmington Trust, National Association., 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 Wilmington Trust, National Association be personally
liable for the payment of any indebtedness or expenses of the Issuing Entity under this Agreement
or any other related documents.

[Signature Pages to Follow]

(NALT 2011-B Agreement of Definitions)

36

 

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

	 	 	 	 	 
	 	NISSAN MOTOR ACCEPTANCE CORPORATION

Individually, as Servicer, and as Administrative
Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN-INFINITI LT

 	 
	 	By:  	NILT, INC.,
 	 
	 	 	as Titling Trustee for Nissan-Infiniti LT 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NILT TRUST

as UTI Beneficiary, Grantor, and Transferor

 	 
	 	By:  	U.S. BANK NATIONAL ASSOCIATION,
 	 
	 	 	as Trustee for NILT Trust 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NILT, INC.

as Titling Trustee for Nissan-Infiniti LT

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Agreement of Definitions)

S-1

 

	 	 	 	 	 
	 	NISSAN AUTO LEASING LLC II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN AUTO LEASE TRUST 2011-B

 	 
	 	By:  	WILMINGTON TRUST, NATIONAL ASSOCIATION, not
 	 
	 	 	in its individual capacity, but solely as 	 
	 	 	Owner Trustee 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION

as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WILMINGTON TRUST COMPANY

as Delaware Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Agreement of Definitions)

S-2

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

as Trust Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION

as Indenture Trustee and as Secured Party

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Agreement of Definitions)

S-3exv10w2

Exhibit 10.2

 

NILT TRUST,

as Grantor and UTI Beneficiary,

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer,

NILT, INC.,

as Titling Trustee,

WILMINGTON TRUST COMPANY,

as Delaware Trustee,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trust Agent

 

2011-B SUBI

SUPPLEMENT

Dated as of September 28, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ELEVEN DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	Section 11.01 Definitions
	 	 	2	 
	Section 11.02 Interpretive Provisions
	 	 	2	 
	Section 11.03 Rights in Respect of the 2011-B SUBI
	 	 	3	 
	 
	 	 	 	 
	ARTICLE TWELVE CREATION OF THE 2011-B SUBI
	 	 	3	 
	 
	 	 	 	 
	Section 12.01 Creation of 2011-B SUBI Assets and the 2011-B SUBI
	 	 	3	 
	Section 12.02 Transfer of 2011-B SUBI Interests
	 	 	4	 
	Section 12.03 Issuance and Form of 2011-B SUBI Certificate
	 	 	4	 
	Section 12.04 Actions and Filings
	 	 	6	 
	Section 12.05 Termination of the 2011-B SUBI
	 	 	7	 
	Section 12.06 Representations and Warranties of Titling Trustee
	 	 	7	 
	Section 12.07 Transfer and Assignment of Certificates
	 	 	7	 
	 
	 	 	 	 
	ARTICLE THIRTEEN 2011-B SUBI PLEDGE
	 	 	8	 
	 
	 	 	 	 
	Section 13.01 Registration of the 2011-B SUBI Pledge
	 	 	8	 
	 
	 	 	 	 
	ARTICLE FOURTEEN 2011-B SUBI ACCOUNTS
	 	 	8	 
	 
	 	 	 	 
	Section 14.01 2011-B SUBI Collection Account
	 	 	8	 
	Section 14.02 2011-B Reserve Account
	 	 	8	 
	Section 14.03 Investment of Monies in 2011-B SUBI Accounts
	 	 	9	 
	Section 14.04 No Residual Value Surplus Account or Payahead Account
	 	 	9	 
	 
	 	 	 	 
	ARTICLE
FIFTEEN MISCELLANEOUS PROVISIONS
	 	 	9	 
	 
	 	 	 	 
	Section 15.01 Amendment
	 	 	9	 
	Section 15.02 Governing Law
	 	 	10	 
	Section 15.03 Notices
	 	 	10	 
	Section 15.04 Severability of Provisions
	 	 	11	 
	Section 15.05 Effect of Supplement on Titling Trust Agreement
	 	 	11	 
	Section 15.06 No Petition
	 	 	11	 
	Section 15.07 No Recourse
	 	 	12	 
	 
	 	 	 	 
	EXHIBIT
	 	 	 	 
	 
	 	 	 	 
	Exhibit A — Form of 2011-B SUBI Certificate
	 	 	A-1	 

(NALT 2011-B SUBI Supplement)

i

 

2011-B SUBI SUPPLEMENT

     This 2011-B SUBI Supplement, dated as of September 28, 2011 (as amended, supplemented or
otherwise modified from time to time, this “2011-B SUBI Supplement”), is among NILT Trust,
a Delaware statutory trust (“NILT Trust”), as grantor and initial beneficiary (in such
capacity, the “Grantor” and the “UTI Beneficiary,” respectively), Nissan Motor
Acceptance Corporation, a California corporation (“NMAC”), as servicer, (the
“Servicer”), NILT, Inc., a Delaware corporation, as trustee (the “Titling
Trustee”), Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware
trustee (the “Delaware Trustee”), and U.S. Bank National Association, a national banking
association (“U.S. Bank”), as trust agent (the “Trust Agent”).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August
26, 1998 (the “Titling Trust Agreement”), among the parties hereto, Nissan-Infiniti LT, a
Delaware statutory trust (the “Titling Trust”), was formed to take assignments and
conveyances of and hold in trust various assets (the “Trust Assets”);

     B. The UTI Beneficiary, the Servicer and the Titling Trust have entered into the SUBI
Servicing Agreement, dated as of March 1, 1999 as amended by the First Amendment to Servicing
Agreement, dated as of January 3, 2001 (the “Basic Servicing Agreement”), which provides
for, among other things, the servicing of the Trust Assets by the Servicer;

     C. Pursuant to the Titling Trust Agreement, from time to time the Titling Trustee, on
behalf of the Titling Trust and at the direction of the UTI Beneficiary, will identify and allocate
on the books and records of the Titling Trust certain Trust Assets and create and issue one or more
special units of beneficial interest (each, a “SUBI”), the beneficiaries of which generally
will be entitled to the net cash flows arising from the corresponding Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented
by this 2011-B SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the
“2011-B SUBI”);

     E. The parties hereto desire to identify and allocate to the 2011-B SUBI a separate
portfolio of Trust Assets consisting of leases (the “2011-B Leases”), the vehicles that are
leased under the 2011-B Leases (the “2011-B Vehicles”), and certain other related assets;

     F. The parties hereto also desire to issue to NILT Trust a certificate evidencing a 100%
beneficial interest in the 2011-B SUBI (the “2011-B SUBI Certificate”).

     G. NILT Trust will transfer the 2011-B SUBI Certificate to Nissan Auto Leasing LLC II
(“NALL II”) pursuant to the SUBI Certificate Transfer Agreement, dated as of September 28,
2011 (the “SUBI Certificate Transfer Agreement”), between NILT Trust and NALL II. NALL II
will further transfer the 2011-B SUBI Certificate to Nissan Auto Lease Trust 2011-B (the
“Issuing Entity”) pursuant to the Trust SUBI Certificate Transfer Agreement, dated

(NALT 2011-B SUBI Supplement)

1

 

as of September 28, 2011 (the “Trust SUBI Certificate Transfer Agreement”), between
NALL II, as depositor (the “Depositor”) and the Issuing Entity, as transferee.

     H. Pursuant to the Indenture, dated as of September 28, 2011 (the “Indenture”),
between the Issuing Entity, as issuer, and U.S. Bank National Association, as indenture trustee
(the “Indenture Trustee”), the Issuing Entity will (i) issue $156,000,000 aggregate
principal amount of 0.34985% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”),
$378,000,000 aggregate principal amount of LIBOR + 0.18% Asset Backed Notes, Class A-2 (the
“Class A-2 Notes”), $351,000,000 aggregate principal amount of 0.92% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), and $85,000,000 aggregate principal amount of 1.10% Asset
Backed Notes, Class A-4 (the “Class A-4 Notes”) (collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are referred to herein as the
“Notes”); and (ii) pledge the 2011-B SUBI Certificate to the Indenture Trustee for the
benefit of the holders of the Notes.

     I. The parties hereto also desire to register a pledge of the 2011-B SUBI Certificate to
the Indenture Trustee for the benefit of the holders of 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 ELEVEN

DEFINITIONS

     Section 11.01 Definitions. Capitalized terms used herein that are not otherwise
defined shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated
as of September 28, 2011, by and among the Issuing Entity , NILT Trust, as the Grantor and the UTI
Beneficiary, the Titling Trust, NMAC, in its individual capacity, as Servicer and as administrative
agent (in such capacity, the “Administrative Agent”), NALL II, the Titling Trustee,
Wilmington Trust, National Association, a national banking association with trust powers, as owner
trustee (the “Owner Trustee”), the Delaware Trustee, the Trust Agent and the Indenture
Trustee.

     Section 11.02 Interpretive Provisions. For all purposes of this 2011-B SUBI
Supplement, 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
2011-B SUBI Supplement as a whole and not to any particular part, Article or Section within this
2011-B SUBI Supplement, (iii) references to an Article or Section such as “Article Twelve” or
“Section 12.01” shall refer to the applicable Article or Section of this 2011-B SUBI
Supplement, (iv) the term “include” and all variations thereof shall mean “include without
limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have the
meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted
successors and assigns, (viii) references to agreements and other contractual instruments include
all subsequent amendments, amendments and restatements and supplements thereto or changes therein
entered into in accordance with their respective terms and not prohibited by this 2011-B SUBI
Supplement, except that references to the SUBI Trust Agreement include only such items as related
to the

(NALT 2011-B SUBI Supplement)

2

 

2011-B SUBI and the Titling Trust, (ix) references to laws include their amendments and
supplements, the rules and regulations thereunder and any successors thereto, (x) references to
this 2011-B SUBI Supplement include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf
of the Trust,” or words of similar import, shall, to the extent required to effectuate the
appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the
Trustee (or such Co-Trustee) on behalf of the Titling Trust, and (xii) in the computation of a
period of time from a specified date to a later specified date, the word “from” shall mean “from
and including” and the words “to” and “until” shall mean “to but excluding.”

     Section 11.03 Rights in Respect of the 2011-B SUBI. Each Holder and Registered
Pledgee of the 2011-B SUBI Certificate (including the Issuing Entity) is a third-party beneficiary
of the SUBI Trust Agreement insofar as the Titling Trust Agreement and this 2011-B SUBI Supplement
apply to the 2011-B SUBI, the Holders of the 2011-B SUBI Certificate, and the Registered Pledgees
of the 2011-B SUBI Certificate. Therefore, to that extent, references in the SUBI Trust Agreement
to the ability of a “Holder,” “Related Beneficiary,” or a “Registered Pledgee” of a SUBI
Certificate to take any action shall be deemed to refer to the Issuing Entity acting at its own
instigation or upon the instruction of the requisite voting percentage of holders of Securities or
Rated Securities, as specified in the Indenture or the Trust Agreement, as applicable.

ARTICLE TWELVE

CREATION OF THE 2011-B SUBI

     Section 12.01 Creation of 2011-B SUBI Assets and the 2011-B SUBI.

     (a) Pursuant to Section 3.01(a) of the Titling Trust Agreement, the UTI Beneficiary
directs the Titling Trustee to create, and the Titling Trustee hereby creates, one Sub-Trust which
shall be known as the “2011-B SUBI”. The 2011-B SUBI shall represent a special unit of
beneficial interest solely in the 2011-B SUBI Assets.

     (b) Pursuant to Section 3.01(a) of the Titling Trust Agreement, the UTI Beneficiary
hereby directs the Titling Trustee to identify and allocate or to cause to be identified and
allocated to the 2011-B SUBI on the books and records of the Titling Trust a separate Sub-Trust of
Trust Assets consisting of 2011-B Eligible Leases and the related Leased Vehicles and other
associated Trust Assets owned by the Titling Trust and not allocated to any Other SUBI or reserved
for allocation to any Other SUBI (or owned or acquired by the Titling Trustee on behalf of the
Titling Trust but not yet allocated to, or reserved for allocation to, any specific Sub-Trust).
Such Trust Assets (the “2011-B SUBI Assets”) shall be accounted for and held in trust
independently from all other Trust Assets within the Titling Trust. Based upon their identification
and allocation by the Servicer pursuant to the 2011-B Servicing Supplement, the Titling Trustee
hereby identifies and allocates as 2011-B SUBI Assets the 2011-B Leases and 2011-B Vehicles more
particularly described on the Schedule of 2011-B Leases and 2011-B Vehicles and the related Trust
Assets described above, each such 2011-B SUBI Asset to be identified on the books and accounts of
the Titling Trust as being allocated to the 2011-B SUBI.

(NALT 2011-B SUBI Supplement)

3

 

     (c) The Titling Trust is hereby granted the power and authority and is authorized, and the
Titling Trustee is authorized on behalf of the Titling Trust, to execute, deliver and perform its
obligations under the Basic Documents.

     Section 12.02 Transfer of 2011-B SUBI Interests.

     (a) Interests in the 2011-B SUBI may not be transferred or assigned by the UTI Beneficiary,
and any such purported transfer or assignment shall be deemed null, void, and of no effect
herewith; provided, however, that the 2011-B SUBI Certificate and the interests in
the 2011-B SUBI represented thereby may be (i) sold to the Depositor pursuant to the SUBI
Certificate Transfer Agreement, (ii) sold, transferred and assigned by the Depositor absolutely, or
transferred and assigned or a security interest therein granted, in connection with a Securitized
Financing, (iii) transferred to the Indenture Trustee or any subsequent Registered Pledgee to
itself or any other Person following the occurrence of an Event of Default (which has not been
rescinded) or any similar term in any subsequent Securitized Financing secured by the 2011-B SUBI
Certificate or any interest therein and (iv) transferred to each direct or indirect permitted
transferee of the Indenture Trustee or such subsequent Registered Pledgee, in each case in the
circumstances contemplated in, and subject to the conditions set forth in, Section 3.04(b)
of the Titling Trust Agreement. Each such transfer shall be registrable upon surrender of the
2011-B SUBI Certificate to be transferred for registration of the transfer at the corporate trust
office of the Titling Trustee (or the Trust Agent, if applicable), accompanied by a written
instrument of transfer in form satisfactory to the Titling Trustee duly executed by the Holder
thereof or such Holder’s attorney duly authorized in writing, and thereupon a new 2011-B SUBI
Certificate of a like aggregate fractional undivided interest will be issued to the designated
permitted transferee.

     (b) For any transfer of the 2011-B SUBI Certificate or an interest therein to be effective, on
or prior to the date of any absolute sale, transfer, or assignment, the related transferee must
execute and deliver to the Trustee the non-petition covenant and the agreement required pursuant to
Section 3.04(b) of the Titling Trust Agreement.

     (c) The 2011-B SUBI Certificate (or any interest therein) may not be acquired by or on behalf
of any Benefit Plan Investor. The 2011-B SUBI Certificate (or any interest therein) may not be
acquired by or on behalf of a “governmental plan” (as defined in Section 3(32) of
ERISA) or any other employee benefit plan that is subject to Similar Law if the acquisition,
holding and disposition of the 2011-B SUBI Certificate (or any interest therein) would result in a
non-exempt prohibited transaction under, or a violation of, Similar Law or would result in the
assets of the Titling Trust being considered plan assets of such Benefit Plan under Similar Law.

     (d) Notwithstanding any other provision herein, no transfer or assignment of an interest in
the 2011-B SUBI (other than transfer or assignments to the NILT Trust, the Depositor, or the
Issuing Entity) will be valid, and any such purported transfer or assignment shall be deemed null,
void, and of no effect herewith, unless the purported transferee first shall have certified in
writing to the Titling Trustee that, for U.S. federal income tax purposes, the transferee is not a
partnership, S Corporation, or grantor trust having more than one beneficial owner or having a
single beneficial owner that is a partnership or S Corporation.

(NALT 2011-B SUBI Supplement)

4

 

     Section 12.03 Issuance and Form of 2011-B SUBI Certificate.

     (a) The 2011-B SUBI shall be represented by a 2011-B SUBI Certificate that shall represent a
100% beneficial interest in the 2011-B SUBI and the 2011-B SUBI Assets, as further set forth
herein. The 2011-B SUBI Certificate shall, upon transfer to the Issuing Entity, be registered in
the name of the Issuing Entity, representing the beneficial interest in the 2011-B SUBI Assets
allocated from the UTI. The Titling Trustee shall register a pledge of the 2011-B SUBI Certificate
in favor of the Indenture Trustee (for the benefit of the holders of the Notes), as provided in
Article Thirteen, and shall deliver the 2011-B SUBI Certificate to the Indenture Trustee. The
2011-B SUBI Certificate shall be substantially in the form of Exhibit A attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required by this
2011-B SUBI Supplement and may have such letters, numbers or other marks of identification and such
legends and endorsements placed thereon as may, consistently herewith and with the Titling Trust
Agreement, be directed by the UTI Beneficiary. Any portion of any 2011-B SUBI Certificate may be
set forth on the reverse thereof, in which case the following reference to the portion of the text
on the reverse shall be inserted on the face thereof, in relative proximity to and prior to the
signature of the Titling Trustee executing such 2011-B SUBI Certificate:

     Reference is hereby made to the further provisions of this certificate set forth on the
reverse hereof, which provisions shall for all purposes have the same effect as if set forth at
this place.

     In addition, the 2011-B SUBI Certificate will bear a legend to the following effect:

     THIS 2011-B SUBI CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“THE SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE
HOLDER HEREOF, BY PURCHASING THIS 2011-B SUBI CERTIFICATE, AGREES THAT THIS 2011-B SUBI CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS, INCLUDING PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A
QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTIONS.

     THIS 2011-B SUBI CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR ON BEHALF OF
(I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS
DEFINED IN SECTION 4975(e)(1) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS
SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN
THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF

(NALT 2011-B SUBI Supplement)

5

 

ANY OF THE FOREGOING. IF THIS 2011-B SUBI CERTIFICATE (OR ANY INTEREST HEREIN) IS PURCHASED
OR HELD BY A “GOVERNMENTAL PLAN” WITHIN THE MEANING OF SECTION 3(32) OF ERISA OR ANY OTHER EMPLOYEE
BENEFIT PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), IT SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS 2011-B SUBI CERTIFICATE (OR ANY INTEREST HEREIN)
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF, SIMILAR LAW AND
WILL NOT RESULT IN THE ASSETS OF THE TITLING TRUST BEING CONSIDERED PLAN ASSETS OF SUCH PLAN UNDER
SIMILAR LAW.

     The 2011-B SUBI Certificate shall be printed, lithographed, typewritten, mimeographed,
photocopied, or otherwise produced or may be produced in any other manner as may, consistently
herewith and with the Titling Trust Agreement, be determined by the UTI Beneficiary. The 2011-B
SUBI Certificate and the interest in the 2011-B SUBI evidenced thereby shall constitute a
“security” within the meaning of Section 8-102(a)(15) of the UCC and a “certificated
security” within the meaning of Section 8-102(a)(4) of the UCC.

     (b) If (i) the 2011-B SUBI Certificate is mutilated and surrendered to the Titling Trustee, or
the Titling Trustee receives evidence to its satisfaction of the destruction, loss, or theft of the
2011-B SUBI Certificate and (ii) there is delivered to the Titling Trustee such security or
indemnity as may reasonably be required by it to hold the Issuing Entity and the Titling Trustee,
as applicable, harmless, then the Titling Trustee shall execute and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen 2011-B SUBI Certificate, a replacement 2011-B
SUBI Certificate. Every 2011-B SUBI Certificate issued pursuant to this Section 12.03(b) in
replacement of any mutilated, destroyed, lost, or stolen 2011-B SUBI Certificate shall constitute
an original additional contractual obligation of the Issuing Entity, whether or not the mutilated,
destroyed, lost, or stolen 2011-B SUBI Certificate shall be at any time enforceable by anyone and
shall be entitled to all of the benefits of the SUBI Trust Agreement equally and proportionately
with any and all other 2011-B SUBI Certificates duly issued hereunder. The provisions of this
Section 12.03(b) are exclusive and preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen 2011-B
SUBI Certificates.

     Section 12.04 Actions and Filings. Each of the UTI Beneficiary and the Titling
Trustee shall undertake all other and future actions and activities as may be deemed reasonably
necessary by the Servicer pursuant to the Servicing Agreement to perfect (or evidence) and confirm
the foregoing allocations of Trust Assets to the 2011-B SUBI, including filing or causing to be
filed UCC financing statements and executing and delivering all related filings, documents or
writings as may be deemed reasonably necessary by the Servicer or the Registered Pledgee hereunder
or under any other Basic Document. The UTI Beneficiary hereby irrevocably makes and appoints each
of the Titling Trustee and the Servicer, and any of their respective officers, employees or agents,
as the true and lawful attorney-in-fact of the UTI Beneficiary (which appointment is coupled with
an interest and is irrevocable) with power to sign on behalf of the UTI Beneficiary any financing
statements, continuation statements, security agreements, mortgages, assignments,

(NALT 2011-B SUBI Supplement)

6

 

affidavits, letters of authority, notices or similar documents necessary or appropriate to be
executed or filed pursuant to this Section.

     Section 12.05 Termination of the 2011-B SUBI.

     (a) If all of the 2011-B Leases and 2011-B Vehicles have been liquidated into cash and all of
such cash shall have been distributed in accordance with the Basic Documents, then, at the
direction of the Holder of the 2011-B SUBI Certificate, the 2011-B SUBI shall be terminated and the
2011-B SUBI Certificate shall be returned to the Titling Trustee and canceled thereby.

     (b) Upon a written direction to the Titling Trustee to revoke and terminate the 2011-B SUBI
by the Holder of the 2011-B SUBI Certificate, the Titling Trustee shall (i) revoke the 2011-B SUBI
and (ii) promptly, at the expense of the Holder of the 2011-B SUBI Certificate, either (A)
distribute the 2011-B SUBI Assets to the Holder of the 2011-B SUBI Certificate or (B) allocate the
2011-B SUBI Assets to the UTI or to an Other SUBI, as directed by such Holder; provided, however,
that the 2011-B SUBI shall not be subject to such revocation prior to the earlier of (A) the
acceleration of the Notes under Section 5.2 of the Indenture following an Indenture Default
or (B) payment in full of principal of, and accrued interest on, the Notes.

     Section 12.06 Representations and Warranties of Titling Trustee. The Titling Trustee
hereby reaffirms, as of the Cutoff Date, the representations, warranties and covenants set forth in
Section 5.12 of the Titling Trust Agreement, on which the Grantor and UTI Beneficiary, each
of its permitted assignees, and each Holder or Related Beneficiary of a 2011-B SUBI Certificate
(and beneficial owner of any portion thereof, including the Issuing Entity and the Trust
Certificateholders) may rely. For purposes of this Section, any reference in Section 5.12
of the Titling Trust Agreement to the Titling Trust Agreement shall be deemed to constitute
references to the SUBI Trust Agreement.

     Section 12.07 Transfer and Assignment of Certificates. For purposes of the SUBI Trust
Agreement, the third sentence of Section 3.04(b) of the Titling Trust Agreement is hereby amended
to read as follows:

     “Notwithstanding the foregoing, prior to becoming the Registered Pledgee or Holder of a SUBI
Certificate or otherwise becoming entitled to distributions or any other rights hereunder, the
related transferee, assignee, or pledgee in each case must (i) give a non-petition covenant
substantially similar to that set forth in Section 8.08 of the Titling Trust Agreement, and
(ii) execute an agreement in favor of each Holder from time to time of a UTI Certificate and any
certificate evidencing an Other SUBI to release all Claims to the UTI Assets and the related Other
SUBI Assets, respectively, and, if such release is not given effect, to subordinate fully all
Claims it may be deemed to have against the UTI Assets as defined in the Titling Trust Agreement or
such Other SUBI Assets, as the case may be.”

     For so long as the 2011-B SUBI Certificate remains outstanding, each Supplement shall contain
a similar amendment with respect to such Section.

(NALT 2011-B SUBI Supplement)

7

 

ARTICLE THIRTEEN

2011-B SUBI PLEDGE

     Section 13.01 Registration of the 2011-B SUBI Pledge. The parties hereto hereby
acknowledge the Issuing Entity’s pledge, assignment, and grant to the Indenture Trustee, for the
benefit of the holders of the Notes, under the Indenture of a security interest in the 2011-B SUBI
Certificate together with all rights appurtenant thereto and proceeds thereof, to secure the Notes.
The Titling Trustee hereby acknowledges such pledge, assignment, and grant of security interest,
and the Titling Trustee agrees to cause the Indenture Trustee to be listed in the Certificate
Register as the Registered Pledgee of the 2011-B SUBI Certificate. The Issuing Entity has caused
the Titling Trustee to deliver the 2011-B SUBI Certificate to the Indenture Trustee, as Registered
Pledgee, who shall have the rights with respect thereto described herein and in the Indenture.

ARTICLE FOURTEEN

2011-B SUBI ACCOUNTS

     Section 14.01 2011-B SUBI Collection Account.

     (a) With respect to the 2011-B SUBI, the Servicer, shall on or prior to the Closing Date
establish, in the name of the Indenture Trustee until the Outstanding Amount of the Notes is zero,
and thereafter; in the name of the Issuing Entity, the 2011-B SUBI Collection Account, which
account shall constitute a SUBI Collection Account. The 2011-B SUBI Collection Account initially
shall be established with the Indenture Trustee. If the 2011-B SUBI Collection Account shall cease
to be an Eligible Account or if the Servicer, in its sole discretion, notifies the Indenture
Trustee in writing that the 2011-B SUBI Collection Account should be moved, then the Servicer
shall, with the assistance of the Indenture Trustee, as necessary, cause such 2011-B SUBI
Collection Account to be moved to the institution selected by the Servicer as described in
Section 4.02(a) of the Titling Trust Agreement. The 2011-B SUBI Collection Account shall
relate solely to the 2011-B SUBI and the 2011-B SUBI Assets, and funds therein shall not be
commingled with any other monies, except as otherwise provided for in, or contemplated by, the SUBI
Trust Agreement or in the Servicing Agreement. All deposits into the 2011-B SUBI Collection Account
shall be made as described in the Servicing Agreement.

     (b) On each Deposit Date and Payment Date, pursuant to the instructions from the Servicer, the
Indenture Trustee shall make deposits and withdrawals from the 2011-B SUBI Collection Account as
set forth in the 2011-B Servicing Supplement.

     (c) Any transfer of funds to a Holder of a 2011-B SUBI Certificate shall be made as directed
pursuant to the Basic Documents.

     Section 14.02 2011-B Reserve Account.

     (a) Pursuant to Section 5.01(b) of the Trust Agreement, the Servicer, on behalf of the
Issuing Entity, shall on or prior to the Closing Date establish and maintain the Reserve Account
(i) with the Indenture Trustee, until the Outstanding Amount is reduced to zero, and (ii)
thereafter with the Owner Trustee. Deposits to and withdrawals from the Reserve Account shall be
made as directed pursuant to the Basic Documents, including Section 8.04(c) of the
Indenture,

(NALT 2011-B SUBI Supplement)

8

 

Section 8.03 of the 2011-B Servicing Supplement and Section 14.03 of this 2011-B SUBI
Supplement.

     Section 14.03 Investment of Monies in 2011-B SUBI Accounts. All amounts held in the
2011-B SUBI Collection Account and the Reserve Account shall be invested in Permitted Investments
in accordance with Section 4.02(a) of the Titling Trust Agreement. Any investment earnings
on the 2011-B SUBI Collection Account and the Reserve Account will be taxable to the Depositor.

     Section 14.04 No Residual Value Surplus Account or Payahead Account. The parties
hereby acknowledge that there shall be no Residual Value Surplus Account or Payahead Account (as
defined in the Titling Trust Agreement).

ARTICLE FIFTEEN

MISCELLANEOUS PROVISIONS

     Section 15.01 Amendment.

     (a) Notwithstanding any provision of the Titling Trust Agreement, the Titling Trust Agreement,
as supplemented by this 2011-B SUBI Supplement, to the extent that it relates solely to the 2011-B
SUBI, may be amended in accordance with this Section 15.01.

     (b) Any term or provision of this 2011-B SUBI Supplement 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
delivered to the Indenture Trustee, materially and adversely affect the interests of the
Noteholders, and (ii) any amendment adversely affects the interests of the Trust Certificateholder,
the Indenture Trustee or the Owner Trustee shall require the prior written consent of each 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 Certificateholder 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 obliged 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.

     (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.

(NALT 2011-B SUBI Supplement)

9

 

     (d) Notwithstanding anything herein to the contrary, any term or provision of this 2011-B SUBI
Supplement may be amended by the parties hereto without the consent of any of the Noteholders or
any other Person to add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in effect); it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied and the
Officer’s Certificate described in Section 15.01(b)(i)(B) is delivered to the Indenture
Trustee.

     (e) 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.

     (f) Prior to the execution of any amendment to this 2011-B SUBI Supplement, 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 2011-B SUBI Supplement, the Servicer
shall furnish a copy of such amendment to each Rating Agency, the Issuing Entity, the Trust
Certificateholder, the Indenture Trustee and the Owner Trustee.

     (g) Prior to the execution of any amendment to this 2011-B SUBI Supplement, the Servicer shall
provide an Opinion of Counsel to the Titling Trustee to the effect that after such amendment, for
federal income tax purposes, the Titling Trust will not be treated as an association (or a publicly
traded partnership) taxable as a corporation and the Notes will properly be characterized as
indebtedness that is secured by the assets of the Issuing Entity.

     (h) None of U.S. Bank, 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 U.S. Bank, as
trustee of NILT Trust and as Trust Agent, and the Indenture Trustee an Officer’s Certificate to
that effect, and U.S. Bank, as trustee of NILT Trust and as Trust Agent, and the Indenture Trustee
may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency
Condition has been satisfied with respect to such amendment.

     Section 15.02 Governing Law. This 2011-B SUBI Supplement shall be created under and
governed by and construed under the internal laws of the State of Delaware, without reference to
its conflicts of law provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

     Section 15.03 Notices. The notice provisions of Section 8.03 of the Titling
Trust Agreement shall apply equally to this 2011-B SUBI Supplement. A copy of each notice or other
writing required to be delivered to the Titling Trustee pursuant to the SUBI Trust Agreement also
shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been
duly given or made when delivered by hand or, in the case of mail, email (if an email address is
provided) or facsimile notice, when actually received by the intended recipient, addressed to the
party to be notified, and sent to (i) the Owner Trustee at Wilmington Trust,

(NALT 2011-B SUBI Supplement)

10

 

National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust Administration; (ii) the Servicer
at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email:
mike.robinson@nissan-usa.com), Attention: Treasurer; (iii) the Trust Agent at 190 South LaSalle
Street, 7th Floor, Chicago, Illinois 60603, Attention: NILT, Inc. (telecopier no. (312) 332-7996)
(email: patricia.child@usbank.com); or (iv) at such other address as shall be designated by any of
the foregoing in written notice to the other parties hereto; provided, however, any
demand, notice or communication to be delivered pursuant to the SUBI Trust Agreement to any Rating
Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been
posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to
the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3).

     Section 15.04 Severability of Provisions. If any one or more of the covenants,
agreements, provisions, or terms of this 2011-B SUBI Supplement (including any amendment hereto)
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of
this 2011-B SUBI Supplement, as the same may be amended, and shall in no way affect the validity or
enforceability of the other provisions of the SUBI Trust Agreement or of the 2011-B SUBI
Certificate or the rights of the Registered Pledgees thereof. To the extent permitted by applicable
law, the parties hereto waive any provision of law that renders any covenant, agreement, provision,
or term of this 2011-B SUBI Supplement invalid or unenforceable in any respect.

     Section 15.05 Effect of Supplement on Titling Trust Agreement.

     (a) Except as otherwise specifically provided herein or unless the context otherwise requires,
(i) the parties hereto shall continue to be bound by all provisions of the Titling Trust Agreement,
(ii) all references in the Titling Trust Agreement to the Titling Trust Agreement shall be to the
SUBI Trust Agreement and (iii) the provisions set forth herein shall operate either as additions to
or modifications of the existing obligations of the parties under the Titling Trust Agreement, as
the context may require. In the event of any conflict between this 2011-B SUBI Supplement and the
Titling Trust Agreement in respect of the 2011-B SUBI, the provisions of this 2011-B SUBI
Supplement shall prevail with respect to the 2011-B SUBI only.

     (b) For purposes of determining the obligations of the parties hereto under this 2011-B SUBI
Supplement with respect to the 2011-B SUBI, except as otherwise indicated by the context, general
references in the Titling Trust Agreement to (i) a SUBI Account shall be deemed to refer more
specifically to a 2011-B SUBI Account, (ii) a SUBI shall be deemed to refer more specifically to
the 2011-B SUBI, (iii) a SUBI Collection Account shall be deemed to refer more specifically to the
2011-B SUBI Collection Account, (iv) a SUBI Asset shall be deemed to refer more specifically to a
2011-B SUBI Asset, (v) a SUBI Supplement shall be deemed to refer more specifically to this 2011-B
SUBI Supplement, and (vi) a Servicing Supplement shall be deemed to refer more specifically to the
2011-B Servicing Supplement.

     Section 15.06 No Petition. Each of the parties hereto and each Holder of a 2011-B
SUBI Certificate, and each Registered Pledgee, by acceptance of a 2011-B SUBI Certificate,
covenants and agrees that prior to the date that is one year and one day after the date upon which
all

(NALT 2011-B SUBI Supplement)

11

 

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 Titling
Trustee, the Titling Trust, the Issuing Entity , any Special Purpose Affiliate or any Beneficiary,
any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other
Proceeding under any federal or state bankruptcy or similar law. This Section shall survive the
complete or partial termination of this 2011-B SUBI Supplement, the resignation or removal of the
Titling Trustee under the SUBI Trust Agreement and the complete or partial resignation or removal
of the Servicer under the SUBI Trust Agreement or the Servicing Agreement.

     Section 15.07 No Recourse. It is expressly understood and agreed by the parties
hereto that with respect to U.S. Bank’s role as trustee of NILT Trust only, and not with respect to
its role as Trust Agent (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.

[Signature Pages to Follow]

(NALT 2011-B SUBI Supplement)

12

 

     IN WITNESS WHEREOF, the Grantor and UTI Beneficiary, the Servicer, the Titling Trustee, the
Delaware Trustee and, solely for the limited purposes set forth in Sections 14.01, 14.02, 14.03 and
14.04, the Trust Agent, have caused this 2011-B SUBI Supplement to be duly executed by their
respective officers as of the day and year first above written.

	 	 	 	 	 
	 	NILT TRUST,

as Grantor and UTI Beneficiary

 	 
	 	By:  	U.S. BANK NATIONAL ASSOCIATION, as Trustee
 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NILT, INC.,

as Titling Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WILMINGTON TRUST COMPANY,

as Delaware Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B SUBI Supplement)

S-1

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trust Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B SUBI Supplement)

S-2

 

     Receipt of this original counterpart of this 2011-B SUBI Supplement is hereby acknowledged on
this _____ day of July, 2011.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B SUBI Supplement)

S-3

 

EXHIBIT A

FORM OF 2011-B SUBI CERTIFICATE

     THIS 2011-B SUBI CERTIFICATE MAY NOT BE TRANSFERRED OR ASSIGNED EXCEPT UPON THE TERMS AND
SUBJECT TO THE CONDITIONS SPECIFIED HEREIN

NISSAN — INFINITI LT

2011-B SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

evidencing a fractional undivided interest in the 2011-B SUBI Assets
of Nissan-Infiniti LT, a statutory trust organized pursuant to the
Delaware Statutory Trust Act (the “Titling Trust”).

(This Certificate does not represent any interest in the UTI Assets
or any Other SUBI Assets of the Issuing Entity or an obligation, of,
or interest in, NILT Trust, Nissan Motor Acceptance Corporation,
NILT, Inc. or any of their respective Affiliates.)

THIS 2011-B SUBI CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW. THE HOLDER HEREOF, BY PURCHASING THIS 2011-B SUBI
CERTIFICATE, AGREES THAT THIS 2011-B SUBI CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, INCLUDING PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTIONS.

THIS 2011-B SUBI CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR ON BEHALF OF (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN
SECTION 4975(e)(1) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO
SECTION 4975 OF THE CODE OR (III) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN THE MEANING
OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY OF THE FOREGOING.
IF THIS 2011-B SUBI CERTIFICATE (OR ANY INTEREST

(NALT 2011-B SUBI Supplement)

A-1 

 

HEREIN) IS PURCHASED OR HELD BY A “GOVERNMENTAL PLAN” (WITHIN THE MEANING OF SECTION 3(32) OF
ERISA) OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS
SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), IT SHALL BE DEEMED TO
REPRESENT AND WARRANT THAT ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS 2011-B SUBI CERTIFICATE
(OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A
VIOLATION OF, SIMILAR LAW AND WILL NOT RESULT IN THE ASSETS OF THE TITLING TRUST BEING CONSIDERED
PLAN ASSETS OF SUCH PLAN UNDER VIOLATION OF SIMILAR LAW.

No. R-___

evidencing a 100% interest in all 2011-B SUBI Assets (as defined below).

     This 2011-B Special Unit of Beneficial Interest Certificate does not represent an interest in
or obligation of Nissan Motor Acceptance Corporation, NILT, Inc. or any of their respective
affiliates.

     THIS CERTIFIES THAT ________________
is the registered owner of a nonassessable, fully-paid,
100% beneficial interest in the 2011-B SUBI Assets owned by the Titling Trust.

     The Titling Trust was created pursuant to the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998 as amended, supplemented or otherwise modified from time to
time, (the “Titling Trust Agreement”), among NILT Trust, a Delaware statutory trust, as
grantor and initial beneficiary (in such capacities, the “Grantor” and the “UTI
Beneficiary,” respectively), NILT, Inc., a Delaware corporation, as trustee (the “Titling
Trustee”), Nissan Motor Acceptance Corporation, a California corporation, as servicer (the
“Servicer”), Wilmington Trust Company, a Delaware corporation with trust powers, as
Delaware trustee (the “Delaware Trustee”), and U.S. Bank National Association, a national
banking association, as trust agent (the “Trust Agent”).

     This certificate is a duly authorized 2011-B SUBI Certificate, and is issued under and is
subject to the terms, provisions and conditions of the Titling Trust Agreement and the 2011-B SUBI
Supplement thereto, dated as of September 28, 2011 (the “2011-B SUBI Supplement” and,
together with the Titling Trust Agreement, the “SUBI Trust Agreement”). Capitalized terms
used herein that are not otherwise defined shall have the meanings ascribed thereto in the
Agreement of Definitions, dated as of September 28, 2011, by and among Nissan Auto Lease Trust
2011-B, as issuer, (the “Issuing Entity”) NILT Trust, as the Grantor and the UTI
Beneficiary, the Titling Trust, Nissan Motor Acceptance Corporation, in its individual capacity, as
the Servicer and administrative agent, Nissan Auto Leasing LLC II (the “Depositor”), the
Titling Trustee, Wilmington Trust, National Association, as owner trustee , the Delaware Trustee,
the Trust Agent and U.S. Bank National Association, as indenture trustee ( the “Indenture
Trustee”). By acceptance of this 2011-B SUBI Certificate, the Holder hereof assents to the
terms and conditions of the SUBI Trust Agreement and agrees to be bound thereby. A summary of
certain of the pertinent provisions of the SUBI Trust Agreement is set forth below.

(NALT 2011-B SUBI Supplement)

A-2 

 

     The assets of the Titling Trust allocated to the 2011-B SUBI will generally consist of (i)
cash capital, (ii) the 2011-B Leases (iii) the 2011-B Vehicles, (iv) certain related Trust Assets
and (v) all of the Titling Trust’s rights thereunder, including the right to proceeds arising
therefrom or in connection therewith.

     Under the Titling Trust Agreement, from time to time the UTI Beneficiary may direct the
Trustee to issue to or upon the order of the UTI Beneficiary one or more certificates (each, a
“SUBI Certificate”) representing a beneficial interest in certain specified Leased
Vehicles, Leases and related Trust Assets (such assets, the “SUBI Assets”). Upon the
issuance of the SUBI Certificates relating to the SUBI Assets, the beneficial interest in the
Titling Trust and the Trust Assets represented by the UTI shall be reduced by the amount of the
Trust Assets represented by such SUBI Certificates. This certificate was issued pursuant to the
2011-B SUBI Supplement and represents a 100% beneficial interest in the 2011-B SUBI Assets.

     The UTI and the 2011-B SUBI shall each constitute a separate series of the Titling Trust
pursuant to Section 3806(b)(2) of the Delaware Statutory Trust Act for which separate and distinct
records shall be maintained.

     The 2011-B SUBI Supplement may be amended by the parties thereto upon the terms and subject to
the conditions set forth in the 2011-B SUBI Supplement.

     The Holder, by acceptance of this 2011-B SUBI Certificate, 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 Titling Trustee, the Titling Trust,
the Issuing Entity , any Beneficiary, any Special Purpose Affiliate, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceedings under any
federal or state bankruptcy or similar law. Such covenant shall survive the termination of the SUBI
Trust Agreement, the resignation or removal of the Titling Trustee under the SUBI Trust Agreement
or the complete or partial resignation of the Servicer under the SUBI Trust Agreement or the
Servicing Agreement.

     The Holder hereof hereby (i) expressly waives any claim it may have to any proceeds or assets
of the Titling Trustee and to all of the Trust Assets other than those from time to time included
within the 2011-B SUBI as 2011-B SUBI Assets and those proceeds or assets derived from or earned by
such 2011-B SUBI Assets and (ii) expressly subordinates in favor of the Holder of any certificate
evidencing an Other SUBI or a UTI Certificate any claim to any Other SUBI or UTI Assets that,
notwithstanding the waiver contained in clause (i), may be determined to exist.

     The Titling Trustee shall keep the certificate register with respect to this 2011-B SUBI
Certificate, and the Holder of this 2011-B SUBI Certificate shall notify the Titling Trustee of any
change of address or instructions on the distribution of funds.

     The 2011-B SUBI may only be terminated under the terms and subject to the conditions set forth
in the 2011-B SUBI Supplement. The Titling Trust or the UTI may terminate upon the terms and
subject to the conditions set forth in the SUBI Trust Agreement.

(NALT 2011-B SUBI Supplement)

A-3 

 

     No SUBI or SUBI Certificate shall be transferred or assigned except to the extent specified in
the SUBI Trust Agreement or in any related Supplement and, to the fullest extent permitted by
applicable law, any such purported transfer or assignment other than as so specified shall be
deemed null, void, and of no effect under the SUBI Trust Agreement. Notwithstanding the foregoing,
any SUBI Certificate and the interest in the SUBI evidenced thereby may be (i) transferred,
assigned or pledged to any Special Purpose Affiliate or (ii) transferred, assigned or pledged by
the Related Beneficiary or a Special Purpose Affiliate to or in favor of (A) a trustee for one or
more trusts or (B) one or more other entities, in either case solely for the purpose of securing or
otherwise facilitating one or more Securitized Financings.

     This 2011-B SUBI Certificate shall be governed by and construed under the internal laws of the
State of Delaware, without reference to its conflicts of law provisions.

     Unless this 2011-B SUBI Certificate shall have been executed by an authorized officer of the
Titling Trustee, by manual signature, this 2011-B SUBI Certificate shall not entitle the holder
hereof to any benefit under the SUBI Trust Agreement or be valid for any purpose.

(NALT 2011-B SUBI Supplement)

A-4 

 

     IN WITNESS WHEREOF, NILT, Inc., as trustee of the Titling Trust and not in its individual
capacity, has caused this 2011-B SUBI Certificate to be duly executed.

Dated: ___________, 2011

	 	 	 	 	 
	 	NISSAN-INFINITI LT

 	 
	 	By:  	NILT, INC.,
as Titling Trustee
 	 
	 
	 	 	 
	(SEAL) 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ATTEST:

                                                            

This is the 2011-B SUBI Certificate referred to in the within-mentioned Supplement.

	 	 	 	 	 
	 	NILT, INC., as Titling Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

(NALT 2011-B SUBI Supplement)

A-5 

 

     FOR VALUE RECEIVED, the undersigned hereby sells, transfers and assigns unto ______________
the within 2011-B SUBI Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing _____________ as attorney to transfer said 2011-B SUBI Certificate on the books of the
certificate registrar, with full power of substitution in the premises.

	 	 	 	 	 
	 	NISSAN AUTO LEASE TRUST 2011-B

 	 
	 	By:  	WILMINGTON TRUST, NATIONAL 

ASSOCIATION, not in its individual capacity but solely
as Owner Trustee
 	 
	 
	Date: 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B SUBI Supplement)

A-6

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