Document:

EX-10.3

 Exhibit 10.3 
  

 
  

NISSAN-INFINITI LT, 
 as Titling
Trust, 
 NILT TRUST, 
 as
Grantor and UTI Beneficiary, 
 and 

NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Servicer, 
  

 
 2020-B SUBI 
 SERVICING SUPPLEMENT 

Dated as of September 29, 2020 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE SEVEN     DEFINITIONS	  	 	1	 
			
	 Section 7.01
	  	Definitions	  	 	1	 
	 Section 7.02
	  	Interpretative Provisions	  	 	2	 
		
	ARTICLE EIGHT     SERVICING OF THE 2020-B LEASES AND 2020-B VEHICLES	  	 	2	 
			
	 Section 8.01
	  	Identification of 2020-B Leases and 2020-B Vehicles; Securitization Value	  	 	2	 
	 Section 8.02
	  	Reallocation and Repurchase of 2020-B Leases and 2020-B Vehicles; Purchase of Matured Vehicles; Lease Pull-Forwards	  	 	2	 
	 Section 8.03
	  	Collections and Payment Date Advance Reimbursement	  	 	4	 
	 Section 8.04
	  	Net Deposits	  	 	6	 
	 Section 8.05
	  	Servicing Compensation	  	 	6	 
	 Section 8.06
	  	Advances	  	 	6	 
	 Section 8.07
	  	Third Party Claims	  	 	7	 
	 Section 8.08
	  	Contingent and Excess Liability Insurance Policy	  	 	7	 
	 Section 8.09
	  	Reporting by the Servicer; Delivery of Certain Documentation	  	 	7	 
	 Section 8.10
	  	Accountants’ Attestation	  	 	8	 
	 Section 8.11
	  	Servicer’s Assessment Report; Annual Servicer’s Compliance Statement; Officer’s Certificate; Administrative Agent Compensation	  	 	8	 
	 Section 8.12
	  	Servicer Defaults; Termination of Servicer	  	 	9	 
	 Section 8.13
	  	Servicer Representations and Warranties	  	 	12	 
	 Section 8.14
	  	Compliance with Regulation AB	  	 	12	 
	 Section 8.15
	  	Possession of Lease Documents	  	 	12	 
	 Section 8.16
	  	Option to Purchase the 2020-B SUBI Certificate	  	 	12	 
		
	ARTICLE NINE     MISCELLANEOUS	  	 	12	 
			
	 Section 9.01
	  	Termination of Servicing Supplement	  	 	12	 
	 Section 9.02
	  	Governing Law	  	 	12	 
	 Section 9.03
	  	Amendment	  	 	12	 
	 Section 9.04
	  	Relationship of this 2020-B Servicing Supplement to Other Trust Documents	  	 	14	 
	 Section 9.05
	  	Binding Effect	  	 	14	 
	 Section 9.06
	  	Table of Contents and Headings	  	 	14	 
	 Section 9.07
	  	Counterparts and Electronic Signature	  	 	14	 
	 Section 9.08
	  	Further Assurances	  	 	14	 
	 Section 9.09
	  	Third-Party Beneficiaries	  	 	14	 
	 Section 9.10
	  	No Waiver; Cumulative Remedies	  	 	14	 
	 Section 9.11
	  	No Petition	  	 	15	 
	 Section 9.12
	  	No Recourse	  	 	15	 
	 Section 9.13
	  	Notices	  	 	15	 
	 Section 9.14
	  	Compliance with EU Securitization Rules	  	 	16	 

  
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 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	EXHIBIT	  			
	 Exhibit A – Form of Payment Date Certificate
	  	 	A-1	 
	 Exhibit B – Form of Annual ERISA Certification
	  	 	B-1	 
		
	SCHEDULE	  			
		
	Schedule A – Regulation AB Representations, Warranties and Covenants	  			

  

  
 ii 

 

 2020-B SUBI SERVICING SUPPLEMENT 

This 2020-B SUBI Servicing Supplement, dated as of September 29, 2020 (this “2020-B Servicing Supplement”), is among Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary of
the Titling Trust (in such capacities, the “Grantor” and the “UTI Beneficiary,” respectively), and Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), as servicer (the
“Servicer”). 
 RECITALS 

A.    The Grantor and the UTI Beneficiary, the Servicer, NILT, Inc., as trustee of the Titling Trust (the “Titling
Trustee”), Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), and U.S. Bank National Association (“U.S. Bank”), as trust agent (the
“Trust Agent”), have entered into the Amended and Restated Trust and Servicing Agreement, dated as of August 26, 1998 (the “Titling Trust Agreement”), pursuant to which the Titling Trust was created to, among
other things, take assignments and conveyances of and hold in trust various assets (the “Trust Assets”); 

B.    The parties hereto have entered into the Servicing Agreement, dated as of March 1, 1999 as amended by the First
Amendment to the Servicing Agreement, dated as of January 3, 2001, and the Second Amendment to the Servicing Agreement, dated as of January 27, 2020 (the “Basic Servicing Agreement” and, as supplemented hereby, the
“Servicing Agreement”), which provides for certain servicing obligations with respect to the Trust Assets; and 

C.    The parties acknowledge that in connection with the execution of the 2020-B
SUBI Supplement to the Titling Trust Agreement, dated as of September 29, 2020 (the “2020-B SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI Trust
Agreement”), pursuant to which a special unit of beneficial interest in the Titling Trust (the “2020-B SUBI”) will be created, it is necessary and desirable to enter into a
supplemental agreement to the Basic Servicing Agreement providing for specific servicing obligations in connection with the Trust Assets allocated to the 2020-B SUBI. 

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 SEVEN 

DEFINITIONS 

Section 7.01    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 29, 2020, by and among Nissan Auto Lease Trust 2020-B as issuer (the “Issuing Entity”), NILT
Trust, as Grantor, UTI Beneficiary and Transferor, the Titling Trust, NMAC, in its individual capacity, as Servicer and as administrative agent (in such capacity, the “Administrative Agent”), Nissan Auto Leasing LLC II, a Delaware
limited liability company 

  
 (NALT 2020-B SUBI
Servicing Supplement) 
  

 
(“NALL II”), the Titling Trustee, the Delaware Trustee, Wilmington Trust, National Association, as owner trustee (in such capacity, the “Owner Trustee”), U.S.
Bank, as Trust Agent, and U.S. Bank National Association, as indenture trustee (in such capacity, the “Indenture Trustee”). 

Section 7.02    Interpretative Provisions. For all purposes of this
2020-B Servicing 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 2020-B Servicing Supplement as a whole and not to any particular part, Article or Section
within this 2020-B Servicing Supplement, (iii) references to an Article or Section such as “Article Eight” or “Section 8.01” shall refer to the applicable
Article or Section of this 2020-B Servicing 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
2020-B Servicing Supplement, except that references to the SUBI Trust Agreement include only such items as related to the 2020-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 2020-B Servicing 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.” 

ARTICLE EIGHT 
 SERVICING OF THE 2020-B LEASES AND 2020-B VEHICLES 

Section 8.01    Identification of 2020-B Leases and 2020-B Vehicles; Securitization Value. The Servicer hereby identifies as 2020-B SUBI Assets the Leased Vehicles and the Leases relating to such Leased Vehicles more
particularly described in the Schedule of 2020-B Leases and 2020-B Vehicles (respectively, the “2020-B Vehicles”
and the “2020-B Leases”). The Servicer shall calculate the Securitization Value for each 2020-B Lease as of the Cutoff Date. 

Section 8.02    Reallocation and Repurchase of 2020-B Leases and 2020-B Vehicles; Purchase of Matured Vehicles; Lease Pull-Forwards. 
 (a)    (i)
If the Servicer grants a lease term extension with respect to any 2020-B Lease that extends the lease term beyond the Note Final Scheduled Payment Date for the
Class A-4 Notes (other than any lease term extension that is in accordance with the Servicer’s Customary Servicing Practices made after a default, breach, delinquency or event permitting acceleration
under the terms of the related 2020-B Lease shall have occurred or, in the judgment of the Servicer, is imminent), the Servicer shall, on or before the last day of the second

  
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Collection Period following the Collection Period in which such extension was granted, (A) deposit or cause to be deposited into the 2020-B SUBI
Collection Account an amount equal to the Repurchase Payment and (B) direct the Titling Trustee to either reallocate such 2020-B Lease and the related 2020-B
Vehicle from the 2020-B SUBI to the UTI or an Other SUBI or cause such 2020-B Lease and 2020-B Vehicle to be conveyed to the
Servicer; and (ii) if a Lessee changes the domicile of or title to a 2020-B Vehicle and such change would result in the Titling Trust doing business in a Restricted Jurisdiction, the Servicer, on or
before the last day of the second Collection Period following the Collection Period in which such change in domicile or title occurred, (A) shall deposit or cause to be deposited into the 2020-B SUBI
Collection Account an amount equal to the Repurchase Payment, and (B) shall direct the Titling Trustee to either reallocate such 2020-B Lease and the related 2020-B
Vehicle from the 2020-B SUBI to an Other SUBI or the UTI or cause such 2020-B Lease and 2020-B Vehicle to be conveyed to the
Servicer. 
 (b)    The Servicer hereby represents and warrants that each 2020-B
Lease is an 2020-B Eligible Lease. Upon discovery by the Servicer, the Titling Trustee, the Owner Trustee or the Depositor or upon actual knowledge by a Responsible Officer of the Indenture Trustee of a breach
of any representation or warranty in this Section 8.02(b) that materially adversely affects the interest of the Securityholders in the related 2020-B Lease or 2020-B Vehicle, the entity discovering such breach shall give prompt written notice to the other parties to this Agreement and to the Indenture Trustee. Any such breach will be deemed not to have a material and
adverse effect if such breach does not affect the ability of the Issuing Entity to receive and retain timely payments in full on such 2020-B Lease or receive and retain the proceeds of such 2020-B Leased Vehicle. If the Servicer does not cure any such breach that materially adversely affects the interest of the Securityholders in the related 2020-B Lease or 2020-B Vehicle in all material respects prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects, the end of the first
Collection Period following discovery) after the date that the Servicer discovers such breach (whether pursuant to such notice or otherwise), then the Servicer shall (i) deposit (or cause to be deposited) into the
2020-B SUBI Collection Account an amount equal to the Repurchase Payment on or prior to the Deposit Date following the end of such Collection Period, and (ii) direct the Titling Trustee to either
reallocate such 2020-B Lease and the related 2020-B Vehicle from the 2020-B SUBI to an Other SUBI or the UTI or cause such 2020-B Lease and 2020-B Vehicle to be conveyed to the Servicer on the Deposit Date. 

(c)    The Servicer hereby makes to the other parties hereto and the parties to the SUBI Trust Agreement the
representations and warranties contained in Section 2.06(a) of the Basic Servicing Agreement as to each 2020-B Lease and 2020-B Vehicle as of
the Vehicle Representation Date. The Servicer also hereby represents and warrants that it used no adverse selection procedures in selecting any of the 2020-B Leases or any of the
2020-B Vehicles for allocation to the 2020-B SUBI. 

(d)    [Reserved.] 

(e)    In connection with the purchase by the Servicer of a Matured Vehicle relating to a
2020-B Lease pursuant to Section 2.06(f) of the Basic Servicing Agreement, if (i) no Sales Proceeds Advance has been made, the purchase price of such Matured Vehicle will equal
the Securitization Value of such 2020-B Lease as of the date of expiration and (ii) a Sales 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 
Proceeds Advance has been made, (A) the purchase price will equal the amount of the Sales Proceeds Advance, (B) no additional amounts need be remitted by the Servicer, and (C) the
Servicer shall be deemed to have been reimbursed for such Sales Proceeds Advance. 
 (f)    If any 2020-B Lease and the related 2020-B Vehicle are reallocated to the UTI, until such time thereafter, if ever, as such Lease and Leased Vehicle are allocated to an Other SUBI,
the Servicer shall indemnify, defend and hold harmless the Depositor, the Issuing Entity and the Titling Trust from and against any and all loss or liability with respect to or resulting from such 2020-B Lease
or 2020-B Vehicle (including the reasonable fees and expenses of counsel) except the Servicer shall not be liable for or required to indemnify the Depositor, the Issuing Entity and the Titling Trust from and
against any and all special, indirect, consequential or punitive losses or liabilities. 
 (g)    If the Servicer
permits a Lease Pull-Forward, all Pull-Forward Payments due and payable by the Lessee under the Lease will be paid and deposited in the SUBI Collection Account within the time period required for the Servicer to deposit collections into the SUBI
Collection Account; provided that, if the Servicer waives the Pull-Forward Payment (or any portion thereof) payable by the Lessee during any Collection Period, the Servicer will be required to deposit the waived amount of the Pull-Forward
Payment into the SUBI Collection Account by the next Deposit Date related to such Collection Period. 

Section 8.03    Collections and Payment Date Advance Reimbursement. 

(a)    The Servicer shall, with respect to SUBI Collections and amounts in respect of the
2020-B SUBI Certificate, from time to time, determine the respective amounts and recipients and: 

(i)    during each Collection Period, in addition to the deposits required by
Section 2.07 of the Basic Servicing Agreement, deposit into the 2020-B SUBI Collection Account all Repurchase Payments pursuant to Section 8.02(a) and
Section 8.02(b); 
 (ii)    on, or prior to each Deposit Date, deposit into the
2020-B SUBI Collection Account all Advances, any Residual Value Surplus from the sale of a Matured Vehicle for which the Servicer made a Sales Proceeds Advance and any Net Auction Proceeds from the disposition
of a Matured Vehicle at auction for which the Servicer was reimbursed during the related Collection Period pursuant to Section 8.06; and 

(iii)    on each Payment Date, pursuant to the related Payment Date Certificate, allocate Available Funds
on deposit in the 2020-B SUBI Collection Account with respect to the related Collection Period and instruct the Indenture Trustee to make, no later than 11:00 a.m., New York City time, or such other time as
may be agreed to by the applicable parties, the following deposits and distributions in the following amounts and order of priority: 

(A)    to the Servicer the sum of outstanding (1) Sales Proceeds Advances (x) in respect of 2020-B Vehicles that were sold during the related Collection Period (other than a sale to the Servicer pursuant to Section 8.02(e)(ii)), and (y) that have been outstanding as of the
end of that Collection 

  
 4 

 
 (NALT 2020-B SUBI Servicing Supplement)

 
Period for at least 90 days and (2) Monthly Payment Advances as to which the related Lessee has made all or a portion of the advanced Monthly Payment or that have been outstanding as of the
end of the Collection Period for at least 90 days (collectively, the “Payment Date Advance Reimbursement”); 

(B)    to or on behalf of the Servicer, the Servicing Fee in respect of the related Collection Period,
together with any unpaid Servicing Fees in respect of one or more prior Collection Periods; and 

(C)    to the Note Distribution Account, the Reserve Account and Certificate Distribution Account, as
applicable, such distributions in the amounts and order of priority as set forth in Sections 8.04(a), 8.04(b) and 10.01 of the Indenture. 

(b)    Notwithstanding Section 2.07 of the Basic Servicing Agreement, the Servicer shall remit
into the SUBI Collection Account the amounts provided for in such Section received during a Collection Period, by (subject to Section 8.03(c)) the close of business on the second Business Day after identification. 

(c)    Notwithstanding Sections 8.02(c) or 8.03(b) hereof, the Servicer shall be permitted to retain the
amounts provided for in such subsections received during a Collection Period until the Business Day preceding the Payment Date on which such amounts are required to be disbursed (or such other date as provided in the Public ABS Transaction referred
to below), for so long as no Servicer Default has occurred and is continuing, and the following requirements are met (collectively, the “Monthly Remittance Condition”): 

(i)    (A) NMAC (or its successors pursuant to Section 5.03(b) of the Basic
Servicing Agreement) is the Servicer, and (B) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by Moody’s and
“A-1” by S&P (in each case, so long as Moody’s or S&P is a Rating Agency); 

(ii)    the Servicer obtains a Servicer Letter of Credit or certain other arrangements are made and the
Rating Agency Condition is satisfied; 
 (iii)    the Servicer otherwise satisfies each Rating
Agency’s requirements; or 
 (iv)    if the Outstanding Amount of the Notes is reduced to zero and
100% of the outstanding Trust Certificates are owned by the Trust, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and their respective Affiliates. 

Pending deposit into the 2020-B SUBI Collection Account, SUBI Collections may be employed by the
Servicer at its own risk and for its own benefit and shall not be segregated from its own funds. Notwithstanding anything herein to the contrary, if a subsequent Public ABS Transaction calls for changes in making monthly deposits to the related
collection account, then, if the Rating Agency Condition is satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the
subsequent Public ABS Transaction. 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 (d)    Notwithstanding Sections 2.07(a) and 2.11(a) of the
Basic Servicing Agreement, the Servicer shall use commercially reasonable efforts in accordance with its Customary Servicing Practices to (i) collect all payments required under each Lease and (ii) cause each Lessee to make all payments
required under its Lease, accompanied by an invoice, payment coupon or electronic funds transfer notice bearing the lease number to which such payment relates. 

Section 8.04    Net Deposits. Notwithstanding anything to the contrary contained in this 2020-B Servicing Supplement, NMAC (as Servicer or in any other capacity) shall be permitted to deposit into the 2020-B SUBI Collection Account only the net amount
distributable to the Issuing Entity, as holder of the 2020-B SUBI Certificate on the related Deposit Date and may pay the Optional Purchase Price pursuant to Section 9.03 of the Trust
Agreement net of amounts to be distributed to the Servicer or its Affiliates. The Servicer shall, however, account to the Issuing Entity, the Titling Trustee, the Trust Agent, the Indenture Trustee (or any successor to the duties of the Indenture
Trustee), the Owner Trustee and the Holders of the Securities as if all of the deposits and distributions described herein were made individually. 

Section 8.05    Servicing Compensation. 

(a)    As compensation for the performance of its obligations under the Servicing Agreement, the Servicer shall be
entitled to receive the Servicing Fee. 
 (b)    The Servicer shall also be entitled to additional servicing
compensation with respect to the 2020-B SUBI Assets in the form of (i) interest and earnings on investment of funds in the 2020-B SUBI Trust Accounts, provided that
any losses and investment expenses shall be charged against the funds on deposit in the applicable 2020-B SUBI Trust Account, and (ii) Administrative Charges to the extent not required for the payment of
insurance premiums, taxes, or similar charges allocable to the 2020-B Leases; provided, however, that the Servicer may in its sole discretion waive any Administrative Charges, in whole or in
part, in connection with any delinquent payments due on a Lease. 
 Section 8.06    Advances. 

(a)    If during a Collection Period a Lessee makes a Lessee Partial Monthly Payment, the Servicer shall make, by deposit
into the 2020-B SUBI Collection Account on the related Deposit Date, a Monthly Payment Advance, unless such Advance is not required to be made pursuant to Section 8.06(c). 

(b)    On each Deposit Date, the Servicer shall make, by deposit into the 2020-B
SUBI Collection Account, Sales Proceeds Advances, unless such Advance is not required to be made pursuant to Section 8.06(c). After the Servicer has made a Sales Proceeds Advance with respect to a Matured Vehicle, the
Issuing Entity shall have no claim against or interest in such Matured Vehicle or any Net Auction Proceeds resulting from the sale or other disposition thereof, except with respect to any related Residual Value Surplus. If the Servicer shall sell or
otherwise dispose of a Matured Vehicle after having made a Sales Proceeds Advance, the Issuing Entity may retain all of such Sales Proceeds Advance, and the Servicer shall retain the related Net Auction Proceeds up to the Securitization Value of the
related 2020-B Lease, and shall 

  
 6 

 
 (NALT 2020-B SUBI Servicing Supplement)

 
deposit the Residual Value Surplus, if any, into the 2020-B SUBI Collection Account. If the Net Auction Proceeds are less than the Securitization Value of
the related 2020-B Lease, the Servicer may deduct the difference from SUBI Collections in respect of one or more future Collection Periods and retain such amount as reimbursement for the outstanding portion of
the related Sales Proceeds Advance. If the Servicer has not sold a Matured Vehicle within six calendar months after it has made a Sales Proceeds Advance, it shall be reimbursed for such Sales Proceeds Advance from the
2020-B SUBI Collection Account. Within six months of receiving such reimbursement, if the related 2020-B Vehicle has not been sold, the Servicer shall, if permitted by
applicable law, cause such 2020-B Vehicle to be sold at auction and shall remit the proceeds (less Disposition Expenses and Liquidation Expenses) associated with such auction sale to the 2020-B SUBI Collection Account. 
 (c)    Notwithstanding anything to the contrary in
the Servicing Agreement, the Servicer shall be required to make an Advance only to the extent that it determines that such Advance will be recoverable from future payments on or in respect of the related
2020-B Lease or 2020-B Vehicle. 

Section 8.07    Third Party Claims. In addition to the requirements set forth in
Section 2.14 of the Basic Servicing Agreement, the Servicer shall immediately notify the Depositor (in the event that NMAC is not acting as Servicer) and the Indenture Trustee (or any successor to the duties of the
Indenture Trustee) upon learning of a claim or Lien of whatever kind of a third party that would materially and adversely affect the interests of the Depositor or the Issuing Entity with respect to the 2020-B
SUBI Assets. 
 Section 8.08    Contingent and Excess Liability Insurance Policy. So long as any Securities
are outstanding, the Servicer shall maintain and pay when due all premiums with respect to, and the Servicer may not terminate or cause the termination of, the Contingent and Excess Liability Insurance Policy unless (i) a replacement Insurance
Policy is obtained that provides coverage against third party claims that may be raised against the Titling Trust, the Titling Trustee on behalf of the Titling Trust or the Issuing Entity in an amount at least equal to $1 million combined
single limit per occurrence and excess coverage of at least $15 million combined single limit each occurrence and in the aggregate, without limit on the number of occurrences in any policy period (which Insurance Policy may be a blanket
Insurance Policy covering the Servicer and one or more of its Affiliates) and (ii) each Rating Agency receives prior written notice of such termination and any replacement insurance policy. The obligations of the Servicer pursuant to this
Section shall survive any termination of the Servicer’s other obligations under the Servicing Agreement until such time as claims can no longer be brought that would be covered by such Insurance Policies, whether as a result of the expiration
of relevant statutes of limitations or otherwise. Notwithstanding the foregoing, the Servicer shall only be required to maintain the Contingent and Excess Liability Insurance Policy that is required to be maintained by the Servicer in the most
recent Public ABS Transaction; provided, that if no such Contingent and Excess Liability Insurance Policy is required to be maintained in the most recent Public ABS Transaction, then no such Contingent and Excess Liability Insurance Policy
shall be required hereunder. 
 Section 8.09    Reporting by the Servicer; Delivery of Certain
Documentation. On the tenth calendar day of each month (or, if the 10th day is not a Business Day, the next succeeding 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 
Business Day), the Servicer shall furnish to the Titling Trustee and the Depositor a Payment Date Certificate, substantially in the form as set forth in Exhibit A hereto for the
immediately preceding Collection Period. 
 Section 8.10    Accountants’ Attestation. So
long as the Depositor is filing the attestation report with respect to the Issuing Entity under the Exchange Act, on or before the last day of the third month after the end of each fiscal year of the Servicer, beginning with June 30, 2021, the
Servicer shall cause a firm of independent certified public accountants to furnish an attestation report to the Issuing Entity, Indenture Trustee and each Rating Agency as to the Servicer’s Assessment Report of its compliance with the
applicable servicing criteria set forth under Item 1122 of Regulation AB during the Servicer’s preceding fiscal year (or since the date of the issuance of the Notes in the case of the first such statement), which shall be deemed furnished upon
filing such report with the Commission. The form of attestation report may be deleted or replaced by any similar form using any standards that are now or in the future in use by servicers of comparable assets or which otherwise comply with any note,
regulation, “no action” letter or similar guidelines promulgated by the Commission. 

Section 8.11    Servicer’s Assessment Report; Annual Servicer’s Compliance
Statement; Officer’s Certificate; Administrative Agent Compensation. 
 (a)    The Servicer shall
deliver to the Owner Trustee, the Indenture Trustee and each of the Rating Agencies, which shall be deemed to be delivered upon filing such report with the Commission, on or before the last day of the third month after the end of each fiscal year of
the Servicer, beginning with June 30, 2021, a report assessing the Servicer’s compliance with the servicing criteria set forth in the relevant SEC regulations for asset-backed securities transactions, including Item 1122 of Regulation AB,
as of and for the period ending the end of each fiscal year of the Issuing Entity (the “Servicer’s Assessment Report”) and such Servicer’s Assessment Report will identify any material instance of noncompliance, so long as
the Depositor is filing the Servicer’s Assessment Report with respect to the Issuing Entity under the Exchange Act. The form of Servicer’s Assessment Report may be deleted or replaced by any similar form using any standards that are now or
in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, “no action” letter or similar guidelines promulgated by the Commission. 

(b)    The Servicer shall also deliver to the Owner Trustee, the Indenture Trustee and each of the Rating Agencies, on or
before the last day of the third month after the end of each fiscal year of the Servicer, beginning with June 30, 2021, an Officer’s Certificate with respect to the prior fiscal year of the Servicer (or with respect to the initial
Officer’s Certificate, the period from the date of the initial issuance of the Notes to March 31, 2021), stating that (i) a review of the activities of the Servicer during the preceding 12-month
(or shorter) period and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement throughout such twelve-month (or shorter) period in all material respects, or, if there has been a failure to fulfill any such obligation, specifying each such failure known to such officer and the nature and status thereof.
Copies of such statements, certificates and reports may be obtained by the Noteholders or the Trust Certificateholder by a request in writing addressed to the Indenture Trustee or the Owner Trustee. 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 (c)    On or before the last day of the third month after the end of
each fiscal year of the Servicer, beginning with June 30, 2021, for as long as NMAC continues to act as the Servicer, the Servicer shall deliver an Officer’s Certificate substantially in the form of Exhibit B with respect to the
Employee Benefit Plans to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
 (d)    The Servicer shall
pay the Administrative Agent a monthly payment of compensation in an amount to be agreed to between the Administrative Agent and the Servicer pursuant to Section 1.04 of the Trust Administration Agreement. 

Section 8.12    Servicer Defaults; Termination of Servicer. 

(a)    Each of the following acts or occurrences constitutes a “Servicer Default” under the Servicing
Agreement with respect to the 2020-B SUBIs: 
 (i)    the
Servicer fails to deliver, or cause to be delivered, any required payment to the Indenture Trustee for distribution to the Noteholders or to the Owner Trustee for distribution to the Trust Certificateholders, which failure continues for five
Business Days after discovery of such failure by an officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee, or Noteholders or Trust Certificateholders, as applicable, evidencing at least a Majority
Interest in the applicable Securities (which for this purpose includes Trust Certificates held by the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and their respective Affiliates), voting together as
a single class; provided, however, that a failure under this clause (i) that continues unremedied for a period of ten Business Days or less will not constitute a Servicer Default if such failure was caused by a force majeure or
other similar occurrence, 
 (ii)    the Servicer fails to duly observe or perform in any material
respect any of its covenants or agreements in the Servicing Agreement not otherwise covered in this Section 8.12(a), which failure materially and adversely affects the rights of a Holder of the 2020-B SUBI Certificate, the Noteholders or Trust Certificateholders, as applicable, and which continues unremedied for 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to
remedy such failure; provided that (A) such failure is capable of remedy within 90 days or less and (B) a Majority Interest in the applicable Securities consents to such longer cure period) after receipt by the Servicer of written
notice thereof from the Indenture Trustee or the related holders evidencing at least a Majority Interest in the applicable Securities or such default becomes known to the Servicer (it being understood that the making of a Repurchase Payment and
reallocation of a 2020-B Lease and the related 2020-B Vehicle by the Servicer pursuant to Section 8.02(a) shall be the sole remedy available
with respect to a breach of Section 8.02(a)); provided, however, that a failure under this clause (ii) that continues unremedied for a period of 150 days or less will not constitute a Servicer Default if
such failure was caused by a force majeure or other similar occurrence, 
 (iii)    any representation,
warranty, or statement of the Servicer made in the Servicing Agreement, any other Basic Document to which the Servicer is a party or by 

  
 9 

 
 (NALT 2020-B SUBI Servicing Supplement)

 
which it is bound or any certificate, report or other writing delivered pursuant to the Servicing Agreement that proves to be incorrect in any material respect when made, which failure materially
and adversely affects the rights of a Holder of the 2020-B SUBI Certificate or the holders of the Notes, or the Trust Certificateholders, continues unremedied for 60 days (or for such longer period not in
excess of 90 days as may be reasonably necessary to remedy such failure; provided that (A) such failure is capable of remedy within 90 days or less and (B) a Majority Interest in the applicable Securities consents to such longer
cure period) after receipt by the Servicer of written notice thereof from the Titling Trustee or the related holders evidencing a Majority Interest in the applicable Securities, or such default becomes known to the Servicer (it being understood that
the making of a Repurchase Payment and reallocation of the a 2020-B Lease and the related 2020-B Vehicle by the Servicer pursuant to
Section 8.02(b) shall be the sole remedy available with respect to a breach of the representations and warranties of the Servicer in Section 8.02(b) with respect to such 2020-B Lease); provided, however, that a failure under this clause (iii) that continues unremedied for a period of 150 days or less will not constitute a Servicer Default if such failure was
caused by a force majeure or other similar occurrence, or 
 (iv)    (A) the existence of any Proceeding
in, or the entry of a decree or order for relief by, a court or regulatory authority having jurisdiction over the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, (B) the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official with respect to the Servicer or of any substantial part of its property or (C) the ordering of the winding up or liquidation of the affairs of the
Servicer, and in each case, the continuance of any such Proceeding unstayed and in effect for a period of 90 consecutive days, or immediately upon entry of any decree or order; or 

(v)    the Servicer (A) applies for or consents to the appointment of, or the taking of possession by,
a receiver, custodian, trustee, or liquidator of itself or of all or a substantial part of its property, (B) fails to pay, or is generally unable to pay, its debts as they become due, (C) makes a general assignment for the benefit of
creditors, (D) commences a voluntary case under the federal bankruptcy laws (E) is adjudicated to be bankrupt or insolvent, (F) files a petition seeking to take advantage of any other law providing for the relief of debtors, or
(G) takes any corporate action for the purpose of effecting any of the foregoing, and in each case, the continuance of any such event remains unstayed and in effect for a period of 90 consecutive days; 

provided, however, that notwithstanding any other provision of the Servicing Agreement, (i) for the purpose of determining what constitutes
a Servicer Default with respect to the 2020-B SUBI, the provisions contained in this Section 8.12(a) shall replace in their entirety the provisions contained in
Section 4.01(a) of the Basic Servicing Agreement and (ii) any Servicer Default with respect to the 2020-B SUBI shall not constitute a Servicer Default with respect to any other Sub-Trust and any Servicer Default (as such term is defined in the Basic Servicing Agreement) with respect to any other Sub-Trust shall constitute a Servicer Default (as such
term is defined in the Basic Servicing Agreement) only with respect to such Sub-Trust and not with respect to the 2020-B SUBI. 

  
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 (b)    Upon the occurrence of any Servicer Default, the Servicer, in
addition to complying with the notice requirements of Section 4.01(b) of the Basic Servicing Agreement (except that references therein to Registered Pledgees shall mean each Registered Pledgee of the 2020-B SUBI Certificate), shall provide to the Indenture Trustee and the Owner Trustee prompt notice of any (i) Servicer Default or (ii) event or condition that, with the giving of notice or the passage of
time, or both, would become a Servicer Default, accompanied in each case by a description of the nature of the default and the Servicer’s efforts to remedy the same. 

(c)    In addition to the provisions of Section 4.01(c) of the Basic Servicing Agreement, if a
Servicer Default shall have occurred and is continuing with respect to the 2020-B SUBI, the Titling Trustee, on behalf of the Titling Trust, shall, at the direction of the Required Related Holders, by notice
given to the Servicer, the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement), the Depositor and the holders of
the Rated Securities affected by that Servicer Default, and such notice will terminate the rights and obligations of the Servicer under this 2020-B Servicing Supplement in accordance with such Section. In the
event that the Servicer is removed as servicer with respect to servicing the 2020-B SUBI Assets, subject to the consent of the Titling Trustee, the Required Related Holders shall appoint a successor Servicer.
The successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Titling Trustee. Such successor Servicer shall be approved by the Titling Trustee, such approval not to be unreasonably withheld. Notwithstanding
the provisions of Section 4.01(e) of the Basic Servicing Agreement, with respect to any Servicer Default related to the 2020-B SUBI Assets, the Titling Trustee, acting on the
direction of the Required Related Holders, may waive any default of the Servicer in the performance of its obligations under the Servicing Agreement and its consequences with respect to the 2020-B SUBI and,
upon any such waiver, such default shall cease to exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the Servicing Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereto. For purposes of this Section, so long as the Lien of the Indenture is in place, the Required Related Holders shall be deemed to be the Indenture Trustee (as Registered Pledgee of the 2020-B SUBI Certificate), acting at the direction of the Required Percentage of the Noteholders and thereafter, the Owner Trustee, acting at the direction of the Required Percentage of the Trust Certificateholders
(which for this purpose shall include Trust Certificates owned by the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and any of their respective Affiliates) until the final distribution is made with
respect to the 2020-B SUBI Assets. 
 (d)    If the Servicer is removed with
respect to servicing the 2020-B SUBI Assets, the Servicer shall be entitled to reimbursement for any outstanding Advances made pursuant to this 2020-B Servicing
Supplement, to the extent of the funds available therefor with respect to all Advances made by the Servicer. 

(e)    Notwithstanding anything to the contrary set forth in this 2020-B Servicing
Supplement or in any Lease Document, if the Trust Agent is acting as successor Servicer pursuant to this 2020-B Servicing Supplement, it shall have no duty as Trust Agent, as Titling Trustee or as successor
Servicer to (i) monitor or determine whether a substitute benchmark should or could be selected with respect to any 2020-B Lease, (ii) determine any substitute benchmark with respect to any 2020-B Lease or (iii) exercise any right related to the foregoing on behalf of the Issuing Entity, the Noteholders or any other Person. 

  
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 Section 8.13    Servicer Representations and Warranties.
Effective as of the date hereof, the Servicer hereby reaffirms the representations and warranties set forth in Section 2.06(a) and Section 5.01 of the Basic Servicing Agreement, except that
references to “this Agreement” shall be deemed to refer to the Servicing Agreement, as such term is defined herein. 

Section 8.14    Compliance with Regulation AB. The Servicer agrees to perform all duties and obligations
applicable to or required of the Issuing Entity set forth in Schedule A attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it. 

Section 8.15    Possession of Lease Documents. Notwithstanding anything to the contrary in
Section 2.03 of the Basic Servicing Agreement, the Servicer or its designee may hold the Lease Documents at locations in the continental United States. The Servicer will furnish to the Administrative Agent, as soon as
practicable after receiving a request therefor, a list of all locations where Lease Documents are kept. 

Section 8.16    Option to Purchase the 2020-B SUBI Certificate. The
Servicer shall be a third party beneficiary of its option to purchase, or cause to be purchased, the 2020-B SUBI Certificate from the Issuing Entity in accordance with Section 9.03 of
the Trust Agreement. 
 ARTICLE NINE 

MISCELLANEOUS 

Section 9.01    Termination of Servicing Supplement. This 2020-B
Servicing Supplement shall terminate upon the earlier to occur of (i) the termination of the 2020-B SUBI or (ii) with respect to the Servicer, but not as to the applicable successor Servicer, the
resignation or removal of the Servicer with respect to the 2020-B SUBI in accordance with the terms of the Servicing Agreement. Any such termination hereunder shall effect a termination only with respect to
the 2020-B SUBI Assets and not as to Trust Assets allocated to any other Sub-Trust, and shall not effect a termination of the Basic Servicing Agreement or any other
supplement to the Basic Servicing Agreement. 
 Section 9.02    Governing Law. THIS 2020-B SERVICING SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS. 

Section 9.03    Amendment. 

(a)    Notwithstanding any provision of the Basic Servicing Agreement, the Basic Servicing Agreement, as supplemented by
this 2020-B Servicing Supplement, to the extent that it relates solely to the 2020-B SUBI and the 2020-B SUBI Assets, may be
amended in accordance with this Section 9.03. 

  
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 (b)    Any term or provision of this
2020-B Servicing 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
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 materially and adversely affect the Noteholders, and (ii) any
amendment that materially and adversely affects the interests of the Trust Certificateholder, Titling Trustee, the Delaware Trustee, the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests
are adversely affected; provided, further that an opinion of counsel is delivered to the Titling Trustee to the effect that after such amendment, for U.S. federal income tax purposes, the Titling Trust will not be treated as an
association (or a publicly traded partnership) taxable as a corporation and Notes (other than Tax Retained Notes) will properly be characterized as indebtedness that is secured by the assets of the Issuing Entity. An amendment shall be deemed not to
materially and adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such amendment, or (ii) the Servicer delivers an Officer’s Certificate to the Indenture Trustee stating that such
amendment shall not materially and adversely affect the Noteholders. The consent of the Trust Certificateholder, the Delaware Trustee 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 Titling Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment that affects the Titling
Trustee’s or 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. 

(d)    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. 

(e)    Prior to the execution of any amendment to this 2020-B SUBI Servicing
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 2020-B SUBI Servicing Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Trust Certificateholder, Titling Trustee, the Delaware
Trustee, the Indenture Trustee and the Owner Trustee. 
 (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. When the Rating Agency Condition is satisfied with respect to such amendment,
the Servicer shall deliver to a Responsible Officer of U.S. Bank, NILT, Inc. and the Indenture Trustee an Officer’s Certificate to that effect, 

  
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and U.S. Bank. NILT, Inc. 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 9.04    Relationship of this 2020-B Servicing
Supplement to Other Trust Documents. Unless the context otherwise requires, this 2020-B Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions
hereof and thereof. In the event of any actual conflict between the provisions of this 2020-B Servicing Supplement and (i) the Titling Trust Agreement, with respect to the servicing of any Trust Assets,
the provisions of this 2020-B Servicing Supplement shall prevail and (ii) the Basic Servicing Agreement, the provisions of this 2020-B Servicing Supplement shall
control. 
 Section 9.05    Binding Effect. The provisions of this
2020-B Servicing Supplement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns, and all such provisions shall inure to the benefit of the Owner
Trustee on behalf of the Issuing Entity. 
 Section 9.06    Table of Contents and Headings. The Table of
Contents and Article and Section headings herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 9.07    Counterparts and Electronic Signature. This 2020-B
Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. Each party agrees
that this 2020-B Servicing Supplement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this 2020-B Servicing Supplement or such other documents shall have the same effect as manual signatures for the purpose of validity, enforceability and admissibility. 

Section 9.08    Further Assurances. Each party will do such acts, and execute and deliver to any other party
such additional documents or instruments, as may be reasonably requested in order to effect the purposes of this 2020-B Servicing Supplement and to better assure and confirm unto the requesting party its
rights, powers, and remedies hereunder. 
 Section 9.09    Third-Party Beneficiaries. The Issuing Entity,
each Holder of the 2020-B SUBI, the Depositor, and each Registered Pledgee shall be third-party beneficiaries of the Servicing Agreement. Except as otherwise provided in the Servicing Agreement, no other
Person shall have any rights hereunder. For purposes of the Servicing Agreement, this Section replaces Section 6.12 of the Basic Servicing Agreement in its entirety. 

Section 9.10    No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part
of any party hereto, any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers, and privileges provided at law, in equity or otherwise.

  
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 Section 9.11    No Petition. Each of the parties hereto, by
entering into this 2020-B Servicing Supplement, in addition to provisions of Section 6.14 of the Basic Servicing Agreement, hereby 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 other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar
law. This Section shall survive the complete or partial termination of this 2020-B Servicing Supplement and the complete or partial resignation or removal of the Servicer under the SUBI Trust Agreement, the
Basic Servicing Agreement or this 2020-B Servicing Supplement. 

Section 9.12    No Recourse. 

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

(b)    It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered
by NILT, Inc., not individually or personally, but solely as Titling Trustee of Nissan-Infiniti LT, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings, and agreements herein
made on the part of Nissan-Infiniti LT, is made and intended not as personal representations, undertakings, and agreements by NILT, Inc., but is made and intended for the purpose of binding only Nissan-Infiniti LT, (iii) nothing herein
contained shall be construed as creating any liability on NILT, Inc., individually or personally, to perform any covenant, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by
any Person claiming by, through or under the parties hereto, and (iv) under no circumstances shall NILT, Inc. be personally liable for the payment of any indebtedness or expenses of Nissan-Infiniti LT under this Agreement or any other related
documents. 
 Section 9.13    Notices. The notice provisions of Section 6.05 of
the Basic Servicing Agreement shall apply equally to this 2020-B Servicing Supplement. A copy of each notice or other writing required to be delivered to the Servicer pursuant to the Servicing Agreement also
shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been 

  
 15 

 
 (NALT 2020-B SUBI Servicing Supplement)

 
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, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140)
(email: DCostello@wilmingtontrust.com), Attention: Corporate Trust Administration; (ii) the Servicer at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@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: brian.kozack@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 Servicing 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 9.14    Compliance with EU Securitization Rules. NMAC represents, warrants and agrees, solely for the
benefit of those holders of beneficial interests in any Notes which are institutional investors to which any of the EU Securitization Rules applies, with reference to the EU Securitization Rules, as in effect and applicable on the date of this 2020-B Servicing Supplement, that: 
 (a)    NMAC, as “originator” for the
purposes of those EU Securitization Rules, will retain, upon issuance of the Notes and on an ongoing basis, a material net economic interest that is not less than 5% of the nominal value of the securitized exposures (the “EU Retained
Interest”), in the form of retention of the first loss tranche in accordance with the text of option (d) of each of Article 6(3) of the EU Securitization Regulation (as supplemented by Article 8 of Regulation (EU) No. 625/2014; in
effect on the Closing Date, NMAC holds the EU Retained Interest by holding all the membership interest in the Depositor (or one or more other wholly-owned special purpose subsidiaries of NMAC), which in turn will retain a portion of the Trust
Certificates to be issued by the Issuing Entity, such portion representing at least 5% of the nominal value of the securitized exposures;  

(b)    NMAC will not (and will not permit the Depositor or any of its other Affiliates to) hedge or otherwise mitigate its
credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest, except to the extent permitted in accordance with those
EU Securitization Rules; 
 (c)    NMAC will not change the mode of retention or method of calculating the EU Retained
Interest while any Notes are Outstanding, except to the extent permitted in accordance with those EU Securitization Rules; and 

(d)    NMAC will provide ongoing confirmation of its continued compliance with its obligations in the foregoing clauses
(a), (b) and (c) in or concurrently with the delivery of each Payment Date Certificate. 

  
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 For purposes of the foregoing, the “nominal value of the securitized exposures”
shall be treated as equal to the aggregate Securitization Value of the leases and leased vehicles allocated to the 2020-B SUBI, and the amount of the EU Retained Interest shall be treated as equal to the
excess of that aggregate Securitization Value over the aggregate Outstanding Amount of the Notes. 
 [Signature Pages to Follow] 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 IN WITNESS WHEREOF, the parties hereto have caused this
2020-B Servicing Supplement to be duly executed by their respective officers duly authorized as of the day and year first above written. 

 

			
	NISSAN-INFINITI LT,
	as Titling Trust
		
	By:	 	NILT, INC.,
		 	as Titling Trustee
		
	By:	 	 /s/ Christopher J. Nuxoll

	Name:	 	Christopher J. Nuxoll
	Title:	 	Vice President
	
	NILT TRUST,
	as Grantor and UTI Beneficiary
		
	By:	 	U.S. BANK NATIONAL ASSOCIATION,
		 	as Trustee
		
	By:	 	 /s/ Brian W. Kozack

	Name:	 	Brian W. Kozack
	Title:	 	Vice President
	
	NISSAN MOTOR ACCEPTANCE
	CORPORATION, as Servicer
		
	By:	 	 /s/ Kevin J. Cullum

	Name:	 	 Kevin J. Cullum

	Title:	 	President

  
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 EXHIBIT A 

FORM OF PAYMENT DATE CERTIFICATE 

(On file with the Servicer) 

  
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 (NALT 2020-B SUBI Servicing Supplement)

 EXHIBIT B 

FORM OF ANNUAL ERISA CERTIFICATION 

(As required to be delivered on or before June 30 of each 

calendar year beginning with June 30, 2021, pursuant to 

Section 8.11 of the 2020-B Servicing Supplement) 

NISSAN MOTOR ACCEPTANCE CORPORATION 
  

 
 NISSAN AUTO
LEASE TRUST 2020-B 
  

 
 The
undersigned, duly authorized representative of Nissan Motor Acceptance Corporation (“NMAC”), as Servicer, pursuant to the 2020-B SUBI Servicing Supplement to the Basic Servicing Agreement
dated as of March 1, 1999 (as amended and supplemented, or otherwise modified and in effect from time to time, the “2020-B Servicing Supplement”), by and among NISSAN-INFINITI LT, NMAC,
as Servicer, and NILT TRUST, does hereby certify that: 
 1.    The undersigned is an Authorized Officer
of NMAC. 
 2.    As of the end of NMAC’s preceding fiscal year, with respect to Employee Benefit
Plans: 
 (a)    [Employee Benefit Plan assets exceed the present value of accrued benefits][The present value of the
accrued benefits exceeds plan assets] under each of the Employee Benefit Plans as of the close of the most recent Employee Benefit Plan year, as required to be reported in the financial statements for such Employee Benefit Plan filed with the most
recent Form 5500 for such Employee Benefit Plan (the “Most Recent Plan Financial Statements”). 
 [Select from the
following statements] 
 (b)    [Neither NMAC nor any of its ERISA Affiliates (i) anticipates that the value of the
assets of any Employee Benefit Plan it maintains would not be sufficient to cover any Funding Target; or (ii) is contemplating benefit improvements with respect to any Employee Benefit Plan then maintained by any such entity or the
establishment of any new Employee Benefit Plan, either of which would cause any such entity to maintain an Employee Benefit Plan with a Funding Target in excess of plan assets. The term “Funding Target” has the meaning set forth in section
430(d) of the Internal Revenue Code.][Describe any failure of the certifications in clauses (i) and (ii) to be true.] 

  
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 (c)    [If all of the Employee Benefit Plans were terminated
(disregarding any Employee Benefit Plans with surpluses), the unfunded liabilities at such date with respect to such Employee Benefit Plans, their participants or beneficiaries, and the Pension Benefit Guaranty Corporation, would not have exceeded
[5%] of the consolidated net worth of Nissan Motor Co., Ltd. or [25%] of the consolidated net worth of Nissan North America, Inc. at such date.] 

(d)    [There are no unpaid minimum required contributions with respect to any Employee Benefit Plan as disclosed on the
Most Recent Plan Financial Statements.] 
 (e)    [Describe any facts that would cause the statements in clauses (b),
(c) or (d) to be incorrect.] 
 Capitalized terms used but not defined herein are used as defined in the
2020-B Servicing Supplement, and if not defined therein, as defined in the Agreement of Definitions, dated as of September 29, 2020, among Nissan Auto Lease Trust
2020-B, NILT Trust, as grantor and UTI beneficiary, Nissan-Infiniti LT, as the titling trust, NMAC, in its individual capacity, as Servicer and as administrative agent, Nissan Auto Leasing LLC II, NILT, Inc.,
as the titling trustee, Wilmington Trust, National Association, as owner trustee, Wilmington Trust Company, as Delaware trustee, U.S. Bank, as trust agent, and U.S. Bank, as indenture trustee. 

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

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  
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 (NALT 2020-B SUBI Servicing Supplement)

 SCHEDULE A 

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS 

PART I 
 DEFINED TERMS

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

“Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as has been provided by the Commission, including without limitation in the
adopting releases Asset-Backed Securities, Securities Act Release No. 33-8518, Securities Exchange Act Release No. 34-50905, 70 Fed. Reg. 1,506, 1,531 (January
7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, Securities Exchange Act Release No. 34-72982, 79 Fed.
Reg. 57184 (September 24, 2014) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time. 

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

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

Each of the Issuing Entity, the Indenture Trustee, the NILT Trust, NILT and the Servicer acknowledges and agrees that the purpose of Part II
of this Schedule A is to facilitate compliance by the Issuing Entity and the Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. 

Each of the Issuing Entity, the Indenture Trustee, the NILT Trust, NILT and the Servicer acknowledge that their respective obligations
hereunder may be supplemented and modified as reasonably necessary to be consistent with any amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, in respect of the
requirements of Regulation AB. In addition, each of the Issuing Entity, the Indenture Trustee, the NILT Trust, NILT and the Servicer shall comply with reasonable requests made by the Issuing Entity for delivery of additional or different information
as the Issuing Entity may determine in good faith is necessary to comply with the provisions of Regulation AB, provided that such information is available to such party without unreasonable effort or expense and within such timeframe as may be
reasonably requested. 

  
 Sch. A- 1 

 
 (NALT 2020-B SUBI Servicing Supplement)EX-10.4

 Exhibit 10.4 
  

 
  

NISSAN AUTO LEASING LLC II, 
 as
Depositor, 
 and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Owner Trustee 
  

 
 AMENDED AND
RESTATED 
 TRUST AGREEMENT 

Dated as of September 29, 2020 
  

 
  

 
  

  
   

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE ONE
	  	 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	  	 Definitions
	  	 	1	 
	 Section 1.02
	  	 Interpretive Provisions
	  	 	1	 
			
	ARTICLE TWO	  	ORGANIZATION	  	 	2	 
			
	 Section 2.01
	  	 Name and Status
	  	 	2	 
	 Section 2.02
	  	 Office
	  	 	2	 
	 Section 2.03
	  	 Purposes and Powers
	  	 	2	 
	 Section 2.04
	  	 Appointment of Owner Trustee
	  	 	3	 
	 Section 2.05
	  	 Liability of the Trust Certificateholders
	  	 	3	 
	 Section 2.06
	  	 Initial Capital Contribution of Owner Trust Estate
	  	 	3	 
	 Section 2.07
	  	 Declaration of Trust
	  	 	3	 
	 Section 2.08
	  	 Title to Issuing Entity Property
	  	 	4	 
	 Section 2.09
	  	 Situs of Issuing Entity
	  	 	4	 
	 Section 2.10
	  	 Representations and Warranties of the Depositor
	  	 	4	 
	 Section 2.11
	  	 Power of Attorney
	  	 	5	 
			
	ARTICLE THREE	  	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	  	 	5	 
			
	 Section 3.01
	  	 Initial Ownership
	  	 	5	 
	 Section 3.02
	  	 The Trust Certificates
	  	 	5	 
	 Section 3.03
	  	 Authentication and Delivery of Trust Certificates
	  	 	6	 
	 Section 3.04
	  	 Registration of Transfer and Exchange
	  	 	6	 
	 Section 3.05
	  	 Mutilated, Destroyed, Lost or Stolen Trust Certificates
	  	 	10	 
	 Section 3.06
	  	 Persons Deemed Trust Certificateholders
	  	 	11	 
	 Section 3.07
	  	 Access to List of Trust Certificateholders’ Names and Addresses
	  	 	11	 
	 Section 3.08
	  	 Maintenance of Office or Agency
	  	 	11	 
	 Section 3.09
	  	 Appointment of Paying Agent
	  	 	11	 
	 Section 3.10
	  	 Ownership by the Depositor of Trust Certificates
	  	 	12	 
			
	ARTICLE FOUR	  	ACTIONS BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS	  	 	12	 
			
	 Section 4.01
	  	 Prior Notice to Trust Certificateholders With Respect to Certain Matters
	  	 	12	 
	 Section 4.02
	  	 Action by Trust Certificateholders With Respect to Certain Matters
	  	 	13	 
	 Section 4.03
	  	 Action by Owner Trustee With Respect to Bankruptcy
	  	 	13	 
	 Section 4.04
	  	 Restrictions on Trust Certificateholders’ Power
	  	 	13	 
	 Section 4.05
	  	 Majority Control
	  	 	13	 
			
	ARTICLE FIVE	  	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	14	 
			
	 Section 5.01
	  	 Establishment of Certificate Distribution Account and Reserve Account
	  	 	14	 

  
 -i- 

 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 5.02
	  	 Application of Issuing Entity Funds
	  	 	15	 
	 Section 5.03
	  	 Method of Payment
	  	 	16	 
	 Section 5.04
	  	 Duties of Depositor on Behalf of Issuing Entity
	  	 	16	 
			
	ARTICLE SIX	  	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	17	 
			
	 Section 6.01
	  	 General Authority
	  	 	17	 
	 Section 6.02
	  	 General Duties
	  	 	17	 
	 Section 6.03
	  	 Action Upon Instruction
	  	 	17	 
	 Section 6.04
	  	 No Duties Except as Specified
	  	 	18	 
	 Section 6.05
	  	 No Action Unless Specifically Authorized
	  	 	19	 
	 Section 6.06
	  	 Restrictions
	  	 	19	 
	 Section 6.07
	  	 Information to be Provided by the Owner Trustee
	  	 	20	 
			
	ARTICLE SEVEN	  	CONCERNING THE OWNER TRUSTEE	  	 	20	 
			
	 Section 7.01
	  	 Acceptance of Trusts and Duties
	  	 	20	 
	 Section 7.02
	  	 Furnishing of Documents
	  	 	22	 
	 Section 7.03
	  	 Representations and Warranties
	  	 	22	 
	 Section 7.04
	  	 Reliance; Advice of Counsel
	  	 	23	 
	 Section 7.05
	  	 Not Acting in Individual Capacity
	  	 	23	 
	 Section 7.06
	  	 Owner Trustee Not Liable for Trust Certificates
	  	 	23	 
	 Section 7.07
	  	 Owner Trustee May Own Trust Certificates and Notes
	  	 	24	 
			
	ARTICLE EIGHT	  	COMPENSATION OF OWNER TRUSTEE	  	 	24	 
			
	 Section 8.01
	  	 Owner Trustee’s Compensation and Indemnification
	  	 	24	 
			
	ARTICLE NINE	  	TERMINATION OF TRUST AGREEMENT	  	 	25	 
			
	 Section 9.01
	  	 Termination of Trust Agreement
	  	 	25	 
	 Section 9.02
	  	 [Reserved]
	  	 	26	 
	 Section 9.03
	  	 Purchase of the 2020-B SUBI Certificate; Repayment of the Trust
Certificates
	  	 	26	 
			
	ARTICLE TEN	  	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	27	 
			
	 Section 10.01
	  	 Eligibility Requirements for Owner Trustee
	  	 	27	 
	 Section 10.02
	  	 Resignation or Removal of Owner Trustee
	  	 	27	 
	 Section 10.03
	  	 Successor Owner Trustee
	  	 	28	 
	 Section 10.04
	  	 Merger or Consolidation of Owner Trustee
	  	 	28	 
	 Section 10.05
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	28	 
			
	ARTICLE ELEVEN	  	TAX MATTERS	  	 	30	 
			
	 Section 11.01
	  	 Tax and Accounting Characterization
	  	 	30	 
	 Section 11.02
	  	 Signature on Returns; Partnership Representative
	  	 	30	 
	 Section 11.03
	  	 Tax Reporting
	  	 	31	 

  
 -ii- 

 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	ARTICLE TWELVE	  	MISCELLANEOUS	  	 	31	 
			
	 Section 12.01
	  	 Supplements and Amendments
	  	 	31	 
	 Section 12.02
	  	 No Legal Title to Owner Trust Estate
	  	 	33	 
	 Section 12.03
	  	 Limitations on Rights of Others
	  	 	33	 
	 Section 12.04
	  	 Notices
	  	 	33	 
	 Section 12.05
	  	 Severability and Entire Agreement
	  	 	34	 
	 Section 12.06
	  	 Counterparts and Electronic Signature
	  	 	34	 
	 Section 12.07
	  	 Successors and Assigns
	  	 	34	 
	 Section 12.08
	  	 No Petition
	  	 	34	 
	 Section 12.09
	  	 No Recourse
	  	 	35	 
	 Section 12.10
	  	 Headings
	  	 	35	 
	 Section 12.11
	  	 GOVERNING LAW
	  	 	35	 
	 Section 12.12
	  	 WAIVER OF JURY TRIAL
	  	 	35	 
	 Section 12.13
	  	 Trust Certificates Nonassessable and Fully Paid
	  	 	35	 
	 Section 12.14
	  	 Furnishing of Basic Documents
	  	 	35	 
	 Section 12.15
	  	 USA PATRIOT Act Compliance
	  	 	35	 
			
	EXHIBITS	  		  			
		
	Exhibit A – Form of Trust Certificate	  			
	 Exhibit B – Form of Transferee Representation Letter
	  			

  

  
 -iii- 

 

 AMENDED AND RESTATED TRUST AGREEMENT 

This Amended and Restated Trust Agreement (this “Agreement”), dated as of September 29, 2020, is between Nissan Auto
Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association with trust powers (“Wilmington
Trust”), as trustee (the “Owner Trustee”). 
 WHEREAS, the parties hereto entered into a trust agreement, dated as
of August 31, 2020 (the “Initial Trust Agreement”) pursuant to which the Nissan Auto Lease Trust 2020-B (the “Issuing Entity”) was created; and 

WHEREAS, in connection with the issuance of the Notes, the parties hereto are entering into this Agreement pursuant to which, among other
things, the Initial Trust Agreement will be amended and restated, and the Trust Certificates will be issued. 
 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 ONE 

DEFINITIONS 

Section 1.01    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 29, 2020, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the
“Grantor” and the “UTI Beneficiary,” respectively) and as transferor, 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), NALL II, NILT, Inc., a
Delaware corporation, as trustee to the Titling Trust (the “Titling Trustee”), Wilmington Trust, as Owner Trustee, Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (in such capacity, 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, as indenture trustee (in such
capacity, the “Indenture Trustee”). 
 Section 1.02    Interpretive Provisions. For all
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such
as “herein,” “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, Article or Section within this Agreement, (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 Agreement, (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

  

					
	 	 	1	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
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, except that references to the SUBI Trust Agreement include only such items as related to the 2020-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 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.” 

ARTICLE TWO 

ORGANIZATION 

Section 2.01    Name and Status. The trust created hereby shall be known as “Nissan Auto Lease Trust 2020-B,” in which name the Issuing Entity may engage in activities as permitted by the Basic Documents, make and execute contracts and other instruments and sue and be sued, to the extent provided herein. It is
the intention of the parties hereto that the Issuing Entity shall be a statutory trust under the Statutory Trust Statute, and that this Agreement shall constitute the governing instrument of that statutory trust. 

Section 2.02    Office. The chief executive office and principal place of business of the Issuing Entity shall
be in care of the Owner Trustee, initially at the Owner Corporate Trust Office and thereafter at such other address as the Owner Trustee may designate by written notice to the Trust Certificateholders and the Depositor. 

Section 2.03    Purposes and Powers. 

(a)    The purpose of the Issuing Entity is, and the Issuing Entity shall have the power and authority and is authorized,
to engage in the following activities: 
 (i)    to issue the Notes pursuant to the Indenture and the
Trust Certificates pursuant to this Agreement; 
 (ii)    to acquire the
2020-B SUBI Certificate from the Depositor and the other property of the Owner Trust Estate in exchange for (A) the issuance of the Notes to the Depositor, (B) certain capital contributions from the
Depositor and (C) the issuance of the Trust Certificate to the Depositor; 
 (iii)    to pay
interest on and principal of the Notes; 
 (iv)    to assign, grant, transfer, pledge mortgage and convey
the Owner Trust Estate pursuant to the Indenture to the Indenture Trustee as security for the Notes and to hold, manage and distribute to the Trust Certificateholders pursuant to the terms of this Agreement any portion of the Owner Trust Estate
released from the Lien of, and remitted to the Issuing Entity pursuant to, the Indenture; 

  

					
	 	 	2	 	(NALT 2020-B Amended and Restated Trust Agreement)

 (v)    to enter into and perform its obligations under
the Basic Documents to which the Issuing Entity is a party; 
 (vi)    to engage in other transactions,
including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or that are incidental thereto or connected therewith; and 

(vii)    subject to compliance with the Basic Documents, to engage in such other activities as may be
required in connection with conservation of the Owner Trust Estate and the making of distributions to the Trust Certificateholders and the Noteholders and in respect of amounts to be released to the Servicer, and the Administrative Agent and third
parties, if any. 
 (b)    The Issuing Entity shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. 

Section 2.04    Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of
the Issuing Entity effective as of the date hereof, to have all the rights, powers and duties set forth herein, and the Owner Trustee hereby accepts such appointment. 

Section 2.05    Liability of the Trust Certificateholders. No Trust Certificateholder shall have any personal
liability for any liability or obligation of the Issuing Entity, solely by reason of it being a Trust Certificateholder. 

Section 2.06    Initial Capital Contribution of Owner Trust Estate. The Owner Trustee hereby acknowledges
receipt from the Depositor in connection with the Initial Trust Agreement of the sum of $1.00, which constituted the initial Owner Trust Estate and shall be deposited in the Certificate Distribution Account. The Depositor shall pay organizational
expenses of the Issuing Entity as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.07    Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust
Estate in trust upon and subject to the conditions set forth herein for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Trust Certificateholders, who
are intended to be “beneficial owners” within the meaning of the Statutory Trust Statute, subject to the Lien of the Indenture Trustee and the obligations of the Issuing Entity under the Basic Documents.    Consistent
with Section 11.01, it is the intention of the parties hereto that, solely for income and franchise tax purposes, the Issuing Entity shall be treated as a division or branch of the Trust Certificateholder. Effective as of
the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, under the Statutory Trust Statute for the purpose and to the extent necessary to accomplish the purpose of the
Issuing Entity as set forth in Sections 2.03(a) and 2.03(b). At the direction of the Depositor, the Owner 

  

					
	 	 	3	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
Trustee caused to be filed the Certificate of Trust pursuant to the Statutory Trust Statute, and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or
appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions hereof. 

Section 2.08    Title to Issuing Entity Property. Legal title to the Owner Trust Estate shall be vested at all
times in the Issuing Entity as a separate legal entity. 
 Section 2.09    Situs of Issuing Entity. The
Issuing Entity shall be located in the State of Delaware and shall be administered in the States of Delaware or New York. All bank accounts maintained by the Owner Trustee on behalf of the Issuing Entity shall be located in the States of Delaware or
New York. The Issuing Entity shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the state of
Delaware. 
 Section 2.10    Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee as of the Closing Date that: 
 (a)    Organization and Good
Standing. The Depositor is duly formed, validly existing, and in good standing under the laws of the state of its formation, and has the power and the authority to own its properties and to conduct its business as such properties are currently
owned and such business is presently conducted. 
 (b)    Due Qualification. The Depositor is duly qualified to
do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where
the failure to have any such license, approval, or qualification would not have a Material Adverse Effect on the Depositor. 

(c)    Power and Authority. The Depositor has the power and authority to execute and deliver this Agreement and to
carry out its terms, and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(d)    Binding Obligation. This Agreement constitutes a legal, valid, and binding obligation of the Depositor,
enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights
in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

(e)    No Violation. The execution, delivery, and performance by the Depositor of this Agreement, the consummation
of the transactions contemplated by this Agreement, and the fulfillment of the terms hereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default
under, the governing documents of the Depositor, (B) conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to
which the Depositor is a party or by which it may be bound or any of its properties are subject, (C) result in the creation or imposition of any Lien 

  

					
	 	 	4	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
upon any of its properties pursuant to the terms of any material indenture, agreement, or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the
knowledge of the Depositor, any order, rule or regulation applicable to it or its properties, or (E) contravene, violate, or result in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal
or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its properties; except, in the case of clauses (B), (C), (D) and (E) of this
Section 2.10(e), to the extent it would not reasonably be likely to have a Material Adverse Effect on the Depositor. 

(f)    No Proceedings. There are no proceedings in which the Depositor has been served or, to the knowledge of the
Depositor, proceedings or investigations that are pending or threatened, in each case against the Depositor, before any court, regulatory body, administrative agency or other tribunal, or governmental instrumentality (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document or (C) seeking any determination or ruling that, in the reasonable judgment of the
Depositor, would materially and adversely affect the performance by the Depositor of its obligations under this Agreement. 

(g)    Independent Manager. Notwithstanding anything to the contrary in the certificate of formation or limited
liability company agreement of the Depositor, the Depositor shall ensure that at least one manager of the Depositor shall be an Independent Manager. 

Section 2.11    Power of Attorney. Pursuant to the Trust Administration Agreement, the Owner Trustee has
authorized the Administrative Agent to perform certain of its administrative duties hereunder, including duties with respect to the management of the Owner Trust Estate, and in connection therewith hereby grants the Administrative Agent its
revocable power of attorney. Each Trust Certificateholder by such Holder’s acceptance of any Trust Certificate or beneficial interest therein, as the case may be, shall be deemed to have granted power of attorney to the Administrative Agent for
purposes of actions taken or to be taken with respect to the Trust Certificates. 
 ARTICLE THREE 

TRUST CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.01    Initial Ownership. Upon the formation of the Issuing Entity by the contribution by the
Depositor pursuant to Section 2.06 and until the issuance of the Trust Certificates, the Depositor shall be sole beneficiary of the Issuing Entity. 

Section 3.02    The Trust Certificates. 

(a)    The Trust Certificates shall be issued with an initial face amount equal to the Initial Trust Certificate Balance,
substantially in the form set forth in Exhibit A, in minimum denominations of $250,000 and in integral multiples of $1,000 in excess thereof; provided, that the final $251,947,713.40 distributed to the Certificateholders under the Basic
Documents shall be deemed to repay the Certificate Balance in full and reduce the face amount of the Trust Certificates to $0. Except for the issuance of the Trust Certificate to the Depositor, no Trust

  

					
	 	 	5	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
Certificate may be sold, pledged, exchanged or otherwise transferred to any Person except in accordance with Sections 3.04 and 3.10 and any attempted sale, pledge, exchange or
transfer (each referred to hereinafter as a “transfer”) in violation of such Sections shall be null and void. 

(b)    The Trust Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, and may be
executed on behalf of the Issuing Entity by manual or facsimile signature of an Authenticating Agent. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Issuing Entity, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. 

If registration of a transfer of a Trust Certificate is permitted pursuant to Section 3.04 and
Section 3.10, the transferee of such Trust Certificate shall become a Trust Certificateholder and shall be entitled to the rights and subject to the obligations of a Trust Certificateholder hereunder, upon such
transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04. 

Section 3.03    Authentication and Delivery of Trust Certificates. Concurrently with the transfer of the 2020-B SUBI Certificate to the Issuing Entity, the Owner Trustee shall cause to be executed on behalf of the Issuing Entity the Trust Certificate in an aggregate principal amount equal to the Initial Trust
Certificate Balance, authenticated and delivered to or upon the written order of the Depositor, in authorized denominations, evidencing the entire ownership of the Issuing Entity. No Trust Certificate shall entitle its holder to any benefit under
this Agreement, or shall be valid for any purpose, unless there shall appear on such Trust Certificate a certificate of authentication, substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its Authenticating
Agent, by manual or facsimile signature; and such authentication shall constitute conclusive evidence, and the only evidence, that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be
dated the date of their authentication. Upon issuance, execution and delivery pursuant to the terms hereof, the Trust Certificates shall be entitled to the benefits of this Agreement. Wilmington Trust shall be the initial Authenticating Agent of the
Owner Trustee hereunder, and all references herein to authentication by the Owner Trustee shall be deemed to include the Authenticating Agent. 

Section 3.04    Registration of Transfer and Exchange. 

(a)    The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.08, a register (the “Certificate Register”), in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust
Certificates and, if and to the extent transfers are permitted pursuant to Section 3.04(b) and Section 3.10, the registration of transfers of Trust Certificates. No transfer of a Trust Certificate
shall be recognized except upon registration of such transfer. Wilmington Trust is hereby appointed as the initial Certificate Registrar. The Certificate Registrar hereby agrees to notify the Paying Agent in writing of any changes to the Registered
Holders of the Trust Certificates. If the Certificate Registrar shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall give prompt written notice to such effect to

  

					
	 	 	6	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
the Depositor, the Owner Trustee and the Servicer. The Owner Trustee shall promptly appoint a successor, which shall be another trust company or bank, and shall agree to act in accordance with
the provisions of this Agreement applicable to it as successor Certificate Registrar under this Agreement. 

(b)    Each Trust Certificate shall bear a legend regarding transfers to the effect of the legend on the form of Trust
Certificate attached as Exhibit A hereto, unless determined otherwise by the Servicer (as certified to the Certificate Registrar in an Officer’s Certificate) consistent with applicable law. 

If and to the extent transfers are permitted pursuant to Section 3.10, as a condition to the registration of any
transfer of a Trust Certificate, the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar the following (except that any restriction or requirement described below may be
removed or modified if the Depositor has received an opinion from nationally recognized tax counsel (which, for the avoidance of doubt, may rely on reasonable representations of the applicable transferee or other applicable persons) that such
restriction or requirement is not necessary to conclude that any such transfer would not cause any of the tax opinions that were rendered on the Closing Date to be inaccurate if rendered as of the transfer date and will not cause a material adverse
effect on any Noteholder): 
 (i)    It has neither acquired through nor will it transfer any Trust
Certificate it purchases (or any interest therein) through or cause any such Trust Certificates (or any interest therein) to be traded or readily available on or through (A) an “established securities market” within the meaning of
Section 7704(b)(1) of the Code, including, without limitation, an over-the counter-market or an interdealer quotation system that regularly disseminates firm buy or sell quotations, or (B) a
“secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704(b)(2) of the Code. 

(ii)    It either (A) is not, and will not become, a partnership, Subchapter S corporation, grantor
trust or an entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes or (B) is such an entity, but (x) none of the direct or indirect beneficial owners of any of the interests in such transferee
have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership
of Trust Certificates and (y) it is not and will not be a principal purpose of the arrangement involving such entity’s beneficial interest in any Trust Certificates to permit any partnership to satisfy the 100 partner limitation of
Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code. 

(iii)    It understands that no subsequent transfer of the Trust Certificates is permitted unless
(A) such transfer is of a Trust Certificate with a denomination of at least $250,000 and (B) it causes its proposed transferee to provide the Issuing Entity and the Certificate Registrar a letter substantially in the form of Exhibit
B hereto; provided, however, that any attempted transfer that would either cause (1) the aggregate number of 

  

					
	 	 	7	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
registered holders of Trust Certificates and holders of interests in Restricted Notes to exceed 95 or (2) the number of holders of direct or indirect interests in the Titling Trust to exceed
50, shall be a void transfer. 
 (iv)    It understands that no transfer of a Trust Certificate (or
interest therein) is permitted (nor shall a Trust Certificate be so held) if (i) it causes the Issuing Entity to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuing Entity’s ownership interests are
owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner (within the meaning of Treasury Regulation section 1.385-3(g)(12)) which is a
Domestic Corporation and (ii) either (x) a member of such Section 385 Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x),
unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in the Section 385 Controlled Partnership, is a member of the consolidated group (as described in Treasury Regulation
section 1.1502-1(h)) which includes such Domestic Corporation). It understands that no transfer of a Trust Certificate (or interest therein) shall be permitted (nor shall a Trust Certificate be so held) if
(i) it results in the Issuing Entity becoming an entity disregarded as separate from a Domestic Corporation for U.S. federal income tax purposes and (ii) either (x) a member of a Section 385 Expanded Group that includes such Domestic
Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the
Section 385 Expanded Group that is a partner in such Section 385 Controlled Partnership) is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes
such Domestic Corporation). For purposes of determining the Issuing Entity’s ownership interests in this paragraph, any Restricted Notes shall be taken into account either as debt interests or ownership interests based on whichever treatment,
if any, would result in the Issuing Entity being treated as a Section 385 Controlled Partnership or a disregarded entity for purposes of applying this paragraph’s restriction (it being understood that if the Restricted Notes are taken into
account as ownership interests for this purpose then the Restricted Notes are not also considered Notes for the Note ownership restriction of this paragraph). 

(v)    It understands that the Opinion of Counsel to the Issuing Entity that the Issuing Entity is not a
publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the representations in paragraphs (i), (ii), (iii) and (iv) above. 

(vi)    (A) It shall provide to the Administrative Agent on behalf of the Issuing Entity and the Depositor
any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and (B) if it is not the beneficial owner of
a Trust Certificate, such beneficial owner shall provide to the Administrative Agent on behalf of the Issuing Entity and the Depositor any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code,
including Section 6226(a) of the Code (and any corresponding provision of state law) and, to the 

  

					
	 	 	8	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
extent the Issuing Entity determines such appointment necessary for it to make an election under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints
the transferee as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding provision of state law). 

(vii)    It understands that complying with Section 1446(f) of the Code is not the responsibility of
the Issuing Entity, and that a transferor and transferee of a Trust Certificate may be subject to withholding or a withholding obligation, as the case may be, in the event that the Issuing Entity is treated as a partnership for U.S. federal income
tax purposes and there is a failure to comply with Section 1446(f) of the Code. 
 If and to the extent transfers are permitted
pursuant to Section 3.10, as a condition to the registration of any transfer of a Trust Certificate, the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the
Certificate Registrar substantially in the form of Exhibit B to the effect that: (i) such transferee is not a Non-U.S. Person, (ii) such transferee is not, and will not be, acquiring or
holding the Trust Certificate for, on behalf of, or with the assets of a Benefit Plan Investor, and (iii) if such transferee is acquiring or holding the Trust Certificate for, on behalf of, or with the assets of a Plan that is subject to
Similar Law, its acquisition, holding and disposition of the Trust Certificates (or interest therein) will not result in a violation of Similar Law and will not result in the assets of the Issuing Entity being (a) plan assets of such Plan or
(b) subject to Similar Law. A “Non-U.S. Person” means any Person who is not (a) a citizen or resident of the United States who is a natural person, (b) a corporation or partnership (or
an entity treated as a corporation or partnership) created or organized in or under the laws of the United States or any state thereof, including the District of Columbia (unless, in the case of a partnership, Treasury Regulations are adopted that
provide otherwise), (c) an estate, the income of which is subject to U.S. federal income taxation, regardless of its source, (d) a trust, if a court within the United States is able to exercise primary supervision over the administration of the
trust and one or more United States persons (as defined in the Code and Treasury Regulations) have the authority to control all substantial decisions of the trust; or (e) a trust that was in existence prior to August 20, 1996 and that,
under Treasury Regulations, is eligible to elect, and does validly elect, to be treated as a United States person (as defined in the Code and Treasury Regulations) despite not meeting the requirements of clause (d). 

(c)    By acceptance of any Trust Certificate, the related Trust Certificateholder specifically agrees with and represents
to the Depositor, the Issuing Entity and Certificate Registrar that no transfer of such Trust Certificate shall be made unless the registration requirements of the Securities Act and any applicable state securities laws are complied with, or such
transfer is exempt from the registration requirements under the Securities Act. 
 (d)    Upon surrender for
registration of transfer or exchange of any Trust Certificate at the office of the Certificate Registrar and upon compliance with the provisions of this Agreement relating to such transfer or exchange the Owner Trustee shall execute and shall, or
shall cause the Authenticating Agent to, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate face amount dated the date of such
authentication or the Trust Certificates that the Trust Certificateholder making the exchange is entitled to receive, as the case may be. 

  

					
	 	 	9	 	(NALT 2020-B Amended and Restated Trust Agreement)

 The Certificate Registrar shall require that every Trust Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-9 or such other form as may be reasonably required in order to comply
with applicable law, and to establish such transferee’s complete exemption from deduction or withholding (including backup withholding) of U.S. federal income tax in form satisfactory to the Certificate Registrar duly executed by the Trust
Certificateholder or such Person’s attorney duly authorized in writing. 
 No service charge shall be made for any registration of
transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or
exchange of Trust Certificates. 
 The Certificate Registrar shall cancel and retain or destroy, in accordance with the Certificate
Registrar’s retention policy then in effect, all Trust Certificates surrendered for registration of transfer or exchange and shall upon written request certify to the Depositor as to such retention or destruction. No transfer will be
effectuated hereunder unless the Certificate Registrar has received the transfer documentation required hereunder. 

(e)    The provisions of this Section generally are intended, among other things, to prevent the Issuing Entity from being
characterized as a “publicly traded partnership,” within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Section 1.7704-1(e) and (h), and the Depositor shall
take such intent into account in determining whether or not to consent to any proposed transfer of any Trust Certificate. 
 The preceding
provisions of this Section notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register any transfer or exchange of Trust Certificates for a period of 15 days preceding the due date for any payment with respect
to the Trust Certificates. 
 Section 3.05    Mutilated, Destroyed, Lost or Stolen Trust Certificates. If
any mutilated Trust Certificate is surrendered to the Certificate Registrar, or if the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and there is delivered to the Certificate
Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been transferred to a protected purchaser and provided that the
requirements of Section 8-405 of the UCC are met, the Owner Trustee on behalf of the Issuing Entity shall execute and the Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of an
ownership interest in the Issuing Entity, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 

  

					
	 	 	10	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Section 3.06    Persons Deemed Trust Certificateholders.
Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name any Trust Certificate is registered
in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate
Registrar, any Paying Agent or any of their respective agents shall be affected by any notice to the contrary. 

Section 3.07    Access to List of Trust Certificateholders’ Names and Addresses. The
Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer and the Depositor or the Indenture Trustee, as the case may be, within 15 days after its receipt of a request therefor from the Owner Trustee, the
Servicer, the Depositor or the Indenture Trustee in writing, a list, in such form as the requesting party may reasonably request, of the names and addresses of the Trust Certificateholders as of the most recent Record Date. If (i) two or more
Trust Certificateholders or (ii) one or more Trust Certificateholders evidencing not less than 25% of the Certificate Balance apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with
other Trust Certificateholders with respect to their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee
shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Trust Certificateholders. Each Trust Certificateholder, by receiving and holding a Trust
Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Owner Trustee, the Indenture Trustee or the Servicer, as the case may be, accountable by reason of the disclosure of its name and address, regardless of the source
from which such information was derived. 
 Section 3.08    Maintenance of Office or Agency. The Owner
Trustee shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Trust Certificates
and the other Basic Documents to which the Issuing Entity is a party may be served. The Owner Trustee initially designates the Owner Corporate Trust Office as the office for such purposes. The Owner Trustee shall give prompt written notice to the
Depositor and the other Trust Certificateholders of any change in the location of the Certificate Register or any such office or agency. 

Section 3.09    Appointment of Paying Agent. The Paying Agent shall make distributions to the Trust
Certificateholders pursuant to Section 5.02, and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution
Account for the purpose of making the distributions referred to above. The Paying Agent initially shall be U.S. Bank. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the
Paying Agent has failed to perform its obligations under this Agreement in any material respect. Any co-paying agent chosen by the Depositor and acceptable to the Owner Trustee shall also be a Paying Agent.
Each Paying Agent may resign 

  

					
	 	 	11	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
upon 30 days’ written notice to the Owner Trustee. In the event that a Paying Agent may no longer act as Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor
Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for payment to the Trust Certificateholders in trust for
the benefit of the Trust Certificateholders entitled thereto until such sums are paid to the Trust Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall
act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context
requires otherwise. 
 Section 3.10    Ownership by the Depositor of Trust Certificates. The Depositor shall
receive on the Closing Date in accordance with Section 3.02 beneficial and record ownership of Trust Certificates representing 100% of the Certificate Balance. Notwithstanding any other provision of this Agreement to the
contrary, the Depositor may not transfer any Trust Certificate prior to payment in full of the Notes unless the Rating Agency Condition has been satisfied with respect to such transfer. 

ARTICLE FOUR 
 ACTIONS
BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS 
 Section 4.01    Prior Notice to Trust Certificateholders
With Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless (i) the Owner Trustee has notified
the Trust Certificateholders in writing of the proposed action (or such shorter period as shall be agreed to in writing by all Trust Certificateholders) at least 30 days before the taking of such action and (ii) the Owner Trustee has not
received written notification from Trust Certificateholders representing at least 25% of the Certificate Balance prior to the 30th day after such notice is given that such Trust Certificateholders have withheld consent or provided alternative
direction: 
 (a)    the initiation of any claim or lawsuit by the Issuing Entity or the settlement or compromise of any
action, claim or lawsuit involving the Issuing Entity (other than an action brought by the Servicer on behalf of the Titling Trust and Persons having interests in the 2020-B SUBI Certificate to collect amounts
owed under a 2020-B Lease or 2020-B Vehicle); 

(b)    the amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust
Statute); 
 (c)    the amendment of the Indenture in circumstances where the consent of the Trust Certificateholder is
required and such consent has not been granted; 

  

					
	 	 	12	 	(NALT 2020-B Amended and Restated Trust Agreement)

 (d)    the amendment of any Basic Document other than pursuant to, and
in accordance with, the amendment provision set forth in such Basic Document; or 
 (e)    the appointment of a
successor Owner Trustee or successor Indenture Trustee. 
 Section 4.02    Action by Trust Certificateholders
With Respect to Certain Matters. 
 (a)    Except as set forth in Section 4.02(b) and
subject to the provisions and limitations of Section 4.04, to the extent the Issuing Entity is deemed to be the Holder of the 2020-B SUBI Certificate pursuant to the SUBI Trust
Agreement, the Issuing Entity shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 50% of the outstanding Certificate Balance. 

(b)    The Owner Trustee shall not have the power, except upon the direction of the Trust Certificateholders, to
(a) remove the Administrative Agent pursuant to Section 1.09 of the Trust Administration Agreement, (b) appoint a successor Administrative Agent pursuant to Section 1.09 of the Trust
Administration Agreement, (c) remove the Servicer pursuant to Section 8.12(c) of the 2020-B Servicing Supplement or (d) except as expressly provided in the Basic Documents,
sell the 2020-B SUBI Certificate after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized
representative of 100% of the Trust Certificateholders. 
 Section 4.03    Action by Owner Trustee With Respect
to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuing Entity without the unanimous prior approval of all Trust Certificateholders (including the board of managers of
the Depositor (including the Independent Managers, as such term is defined in the Depositor’s limited liability company agreement) and the delivery to the Owner Trustee of a written certification by each Trust Certificateholder that such Trust
Certificateholder reasonably believes that the Issuing Entity is insolvent. 
 Section 4.04    Restrictions on
Trust Certificateholders’ Power. The Trust Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuing Entity or
the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to the purpose of the Issuing Entity as set forth in Section 2.03, or applicable law, nor shall the Owner Trustee be obligated
to follow any such direction, if given. 
 Section 4.05    Majority Control. Except as expressly provided
herein, any action that may be taken by the Trust Certificateholders under this Agreement may be taken by the Trust Certificateholders holding not less than a Majority Interest of the Trust Certificates. Except as expressly provided herein, any
written notice of the Trust Certificateholders delivered pursuant to this Agreement shall be effective if signed by Trust Certificateholders holding not less than a Majority Interest of the Trust Certificates at the time of delivery of such notice.

  

					
	 	 	13	 	(NALT 2020-B Amended and Restated Trust Agreement)

 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.01    Establishment of Certificate Distribution Account and Reserve Account. 

(a)    The Owner Trustee, for the benefit of the Trust Certificateholders, shall establish and maintain, or cause to be
established and maintained, at the direction of the Depositor, an Eligible Account with and in the name of the Owner Trustee which shall be designated the “Certificate Distribution Account.” The Owner Trustee and the Depositor
hereby authorize and direct U.S. Bank to establish the Certificate Distribution Account for the benefit of the Owner Trustee. The Certificate Distribution Account shall be held in trust for the benefit of the Trust Certificateholders and shall bear
a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Certificateholders. 
 The Owner
Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein, the Certificate Distribution Account shall be
under the sole dominion and control of the Owner Trustee for the benefit of the Trust Certificateholders. If at any time the Certificate Distribution Account ceases to be an Eligible Account or if the majority of Trust Certificateholders, in their
sole discretion, notify the Owner Trustee in writing that the Certificate Distribution Account should be moved, then the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the
Owner Trustee or an Affiliate thereof) shall, within ten Business Days following notification of such occurrence (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition is satisfied), establish a new
Certificate Distribution Account as an Eligible Account at a depository institution or trust company selected by a majority of the Trust Certificateholders and shall transfer any cash or investments to such new Certificate Distribution Account. 

(b)    The Servicer, on behalf of the Issuing Entity, shall establish and maintain an Eligible Account (initially at U.S.
Bank) in the name of the Indenture Trustee until the Outstanding Amount is reduced to zero, and thereafter, in the name of the Owner Trustee, which is designated as the “Reserve Account.” The Reserve Account shall be held for the
benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. 

The Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of Notes has been
reduced to zero and thereafter under the sole dominion and control of the Issuing Entity. On the Closing Date, the Depositor will use the net proceeds of the sale of the Notes and the Trust Certificates to make a capital contribution to the Issuing
Entity, which the Issuing Entity shall use to cause the Initial Deposit Amount to be deposited into the Reserve Account. All deposits to and withdrawals from the Reserve Account shall be made only upon the terms and conditions of the Basic
Documents. 
 (c)    The Issuing Entity shall take or cause to be taken such further actions, to execute, deliver and
file or cause to be executed, delivered and filed such further documents and 

  

					
	 	 	14	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
instruments (including, without limitation, any UCC financing statements) as may be determined to be reasonably necessary by the Administrative Agent on behalf of the Issuing Entity, in order to
perfect the interests created by Section 5.01(b) and otherwise fully effectuate the purposes, terms and conditions of this Section. The Issuing Entity (or Administrative Agent on behalf of the Issuing Entity) shall: 

(i)    promptly execute, deliver and file any financing statements, amendments, continuation statements,
assignments, certificates and other documents with respect to such interests and perform all such other acts as may be necessary in order to perfect or to maintain the perfection of its securities interest in the Reserve Account; and 

(ii)    make the necessary filings of financing statements or amendments thereto within five days after the
occurrence of any of the following (and promptly notify the Owner Trustee of each such filing): (A) any change in the Depositor’s corporate name or any trade name, (B) any change in the location of is chief executive office or principal
place of business or (C) any merger or consolidation or other change in its identity or corporate structure. 

Section 5.02    Application of Issuing Entity Funds. 

(a)    On each Payment Date, the Paying Agent (or the Owner Trustee, if there is no Paying Agent) shall distribute, to the
extent of funds available, the amount on deposit in the Certificate Distribution Account (after giving effect to all deposits to the Certificate Distribution Account on such date), (i) first, if all Classes of Notes have been paid in full, for the
payment of principal of the Trust Certificates on such Payment Date, pro rata to the Trust Certificateholders of record at the close of business on the Record Date with respect to such Payment Date until the Certificate Balance is zero and
(ii) second, any remaining amounts to the Trust Certificateholders. 
 (b)    On or after the date on which the
Outstanding Amount of the Notes has been reduced to zero, pursuant to the Indenture, dominion and control over the Reserve Account shall be transferred to the Owner Trustee. On each Payment Date thereafter, all amounts distributable to the Trust
Certificateholders shall be distributed by the Paying Agent in the order and priority set forth in Section 8.04(a) of the Indenture and the Owner Trustee and the Paying Agent shall comply with Sections 8.04(d) and
8.05(a) of the Indenture. 
 On the Payment Date on which the Certificate Balance has been reduced to zero, the Owner Trustee shall
release to the Trust Certificateholder, as beneficial owner of the Issuing Entity, without recourse, representation or warranty (except as set forth in Section 7.03), all of the Issuing Entity’s right, title, and
interest in, to and under the Reserve Account Property and all other remaining assets of the Issuing Entity. 

(c)    If requested by the Trust Certificateholder, for any Payment Date, the Owner Trustee shall send to each Trust
Certificateholder a copy of the Payment Date Certificate delivered pursuant to Section 8.03 of the Indenture. 

(d)    If any withholding tax is imposed on the Issuing Entity’s payment (or, if the Issuing Entity is treated as a
partnership for U.S. federal income tax purposes, allocations of 

  

					
	 	 	15	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
income) to a Trust Certificateholder, such tax shall reduce the amount otherwise distributable to such Trust Certificateholder in accordance with this Section. The Owner Trustee is hereby
authorized and directed to retain from amounts otherwise distributable to such Trust Certificateholders, sufficient funds for the payment of any withholding tax that is legally owed by the Issuing Entity (but such authorization shall not prevent the
Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Trust
Certificateholder shall be treated as cash distributed to such Trust Certificateholders, at the time it is withheld by the Issuing Entity for remittance to the appropriate taxing authority. If the Owner Trustee determines that there is a possibility
that withholding tax is payable with respect to a distribution (such as any distribution to a Person other than a “United States person” (as defined in Section 7701(a)(30) of the Code)), the Owner Trustee may in its sole discretion
withhold such amounts in accordance with this Section. If a Trust Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Trust Certificateholder in making such claim so long
as such Trust Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

(e)    Subject to Section 6.07 of the Indenture and 8.01 hereof, as the case may be,
neither the Indenture Trustee nor the Owner Trustee, as the case may be, shall in any way be held liable by reason of any insufficiency in the Reserve Account resulting from any loss on any Permitted Investment included therein, except for losses
attributable to the Indenture Trustee’s or the Owner Trustee’s, as the case may be, failure to make payments on any such Permitted Investments issued by the Indenture Trustee or the Owner Trustee, as the case may be, in its commercial
capacity as principal obligor and not as trustee, in accordance with their terms. 
 Section 5.03    Method of
Payment. Subject to Section 9.01(c) respecting the final payment upon retirement of the Trust Certificates, distributions required to be made to Trust Certificateholders on any Payment Date shall be made to each Trust
Certificateholder of record on the related Record Date by check mailed to such Trust Certificateholder at the address of such holder appearing on the Certificate Register, except that a Trust Certificateholder having original denominations
aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the Owner Trustee at least five Business Days prior to the Record Date. Notwithstanding the foregoing, the final payment
on the Trust Certificates shall be made only upon presentation and surrender of such Trust Certificates at the office or agency specified in the notice of final payment to the Trust Certificateholders delivered pursuant to
Section 9.01(c). 
 Section 5.04    Duties of Depositor on Behalf of Issuing
Entity. On behalf of the Issuing Entity, the Depositor shall prepare or cause the Servicer to prepare and, after execution by the Issuing Entity, file with the Commission and any applicable state agencies all documents required to be filed by
the Issuing Entity on a periodic basis with the Commission and any applicable state agencies (including any summaries thereof required by rules and regulations prescribed thereby), and transmit such summaries to the Noteholders, pursuant to
Section 7.03 of the Indenture. 

  

					
	 	 	16	 	(NALT 2020-B Amended and Restated Trust Agreement)

 ARTICLE SIX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.01    General Authority. The Owner Trustee shall administer the Issuing Entity in the interest of
the Trust Certificateholders, subject to the Lien of the Indenture Trustee, in accordance with the Basic Documents. Subject to the provisions and limitations of Sections 2.03 and 2.07, the Owner Trustee is authorized and directed to
execute and deliver on behalf of the Issuing Entity the Basic Documents to which the Issuing Entity is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Issuing Entity
is to be a party, in each case in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Agreement, and on behalf of the Issuing Entity, to direct
the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $162,400,000, Class A-2 Notes in the aggregate principal
amount of $537,600,000, Class A-3 Notes in the aggregate principal amount of $479,400,000, and Class A-4 Notes in the aggregate principal amount of
$95,600,000. In addition to the foregoing, the Owner Trustee is authorized to take all actions required of the Issuing Entity pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of
the Issuing Entity as is permitted by the Basic Documents and that the Servicer or the Administrative Agent recommends with respect to the Basic Documents, except to the extent this Agreement expressly requires the consent of the Trust
Certificateholders for such action. 
 Section 6.02    General Duties. Subject to the provisions and
limitations of Sections 2.03 and 2.07, it shall be the duty of the Owner Trustee to discharge or cause to be discharged all of its responsibilities pursuant to the terms of the Basic Documents to which the Issuing Entity is a party and
to administer the Issuing Entity in the interest of the Trust Certificateholders, subject to the Lien of the Indenture Trustee and in accordance with the provisions of the Basic Documents. Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged its duties and responsibilities hereunder and under the other Basic Documents to the extent the Administrative Agent has agreed in the Trust Administration Agreement to perform any act or to discharge any duty of the
Issuing Entity or the Owner Trustee hereunder or under any other Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrative Agent to carry out its obligations under the Trust Administration
Agreement. 
 Section 6.03    Action Upon Instruction. 

(a)    Subject to Article Four and in accordance with the terms of the Basic Documents, the Depositor may by
written instruction direct the Owner Trustee in the administration of the Issuing Entity subject to, and in accordance with, the terms of the Basic Documents. The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the
requirements of this Agreement. 
 (b)    The Owner Trustee shall not be required to take any action hereunder or under
any other Basic Document if the Owner Trustee shall have reasonably determined, or shall have 

  

					
	 	 	17	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
been advised by counsel, that such action is likely to result in liability (unless provided adequate indemnity) on the part of the Owner Trustee, is contrary to the terms hereof or of any other
Basic Document or is otherwise contrary to law or any obligation of the Owner Trustee or the Issuing Entity. 

(c)    Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the
terms of this Agreement or any other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Trust Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of Trust Certificateholders holding not less than a Majority Interest of the Trust Certificates, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice as may be necessary under
the circumstances), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Basic Documents as it shall deem to be in the best interests of the Trust Certificateholders, and
shall have no liability to any Person for such action or inaction. 
 (d)    If the Owner Trustee is unsure as to the
application of any provision of this Agreement or any other Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any
other Basic Document permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such
form as shall be appropriate under the circumstances) to the Trust Certificateholders requesting instruction and, to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received from Trust
Certificateholders holding not less than a Majority Interest of the Trust Certificates and in accordance with Sections 6.04 and 6.05, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Trust Certificateholders, and shall have no liability to any Person for
such action or inaction. 
 (e)    Notwithstanding the foregoing, the right of the Depositor or the Trust
Certificateholders to take any action affecting the Owner Trust Estate shall be subject to the rights of the Indenture Trustee under the Indenture. 

Section 6.04    No Duties Except as Specified. The Owner Trustee shall not be required to perform any of the
obligations of the Issuing Entity under this Agreement or the other Basic Documents that are required to be performed by (i) the Servicer under the Servicing Agreement or the 2020-B SUBI Supplement,
(ii) the Depositor under this Agreement, the Servicing Agreement, the Indenture or the SUBI Certificate Transfer Agreement, (iii) the Administrative Agent under the Trust Administration Agreement, (iv) the Asset Representations
Reviewer under 

  

					
	 	 	18	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
the Asset Representations Review Agreement, or (v) the Indenture Trustee under the Indenture. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect
to, register, record, sell, dispose of or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuing Entity is a party,
except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this
Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of
any ownership or security interest in the Owner Trust Estate or to record this Agreement or any other Basic Document. Notwithstanding anything to the contrary herein or in any Basic Document, neither the Owner Trustee, the Indenture Trustee, the
Titling Trustee nor the Trust Agent shall be required to execute, deliver or certify on behalf of the Issuing Entity or any other person any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the
extent permitted by applicable law. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens (other than the Lien of the Indenture) on any part of the Owner
Trust Estate that result from actions by or claims against the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Owner Trust Estate. The Owner Trustee shall have no duty to monitor or
investigate the accuracy of any of NMAC’s or the Servicer’s representations, warranties or covenants in the Servicing Agreement or the other Basic Documents or to determine whether any breach of NMAC’s or the Servicer’s
representation, warranties or covenants adversely affects any Securityholder. 
 Section 6.05    No Action
Unless Specifically Authorized. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuing Entity or the Owner Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03. In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey the 2020-B SUBI Certificate, except as specifically required or permitted by the
Basic Documents. 
 Section 6.06    Restrictions. The Owner Trustee shall not take any action (i) that
is contrary to the purposes of the Issuing Entity set forth in Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would (a) affect the treatment of the Notes as debt for U.S. federal income
tax purposes, (b) be deemed to result in gain or loss for the Noteholders or Note Owners for U.S. federal income tax purposes or (c) cause the Issuing Entity, the Depositor or the Titling Trust or any portion thereof to be taxable as an
association (or publicly traded partnership) taxable as a corporation for U.S. federal or state income or franchise tax purposes. The Trust Certificateholders and the Depositor shall not direct the Owner Trustee to take action that would violate the
provisions of this Section. Notwithstanding anything herein to the contrary, the Depositor, the Servicer, the Asset Representations Reviewer and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee
and its Affiliates. 

  

					
	 	 	19	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Section 6.07    Information to be Provided by the Owner
Trustee. The Owner Trustee shall provide the Issuing Entity and the Servicer (each, a “Nissan Party” and collectively the “Nissan Parties”) with (i) notification, as soon as practicable and in any event
within ten Business Days, of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 8.02 of the
2020-B Servicing Supplement, and (ii) promptly upon the receipt of a written request by a Nissan Party, any other information in its possession reasonably requested by a Nissan Party to facilitate
compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined
in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

ARTICLE SEVEN 

CONCERNING THE OWNER TRUSTEE 

Section 7.01    Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and
agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of
the Basic Documents to which the Issuing Entity or the Owner Trustee is a party. The Owner Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own willful
misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 made by the Owner Trustee. In addition: 

(a)    the Owner Trustee shall not be liable for any error in judgment of an officer of the Owner Trustee made in good
faith, unless it is proved that such officer was negligent in ascertaining the facts; 
 (b)    the Owner Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of any Trust Certificateholder, the Depositor, the Indenture Trustee, the Administrative Agent, the Asset Representations Reviewer or the
Servicer; 
 (c)    no provision of this Agreement or any other Basic Document shall require the Owner Trustee to expend
or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d)    under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes or the principal of the Trust Certificates; 

  

					
	 	 	20	 	(NALT 2020-B Amended and Restated Trust Agreement)

 (e)    the Owner Trustee shall not be responsible for or in respect of
the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or
sufficiency of the other Basic Documents, other than the execution of and the certificate of authentication on the Trust Certificates, and the Owner Trustee shall in no event be deemed to have assumed or incurred any liability, duty or obligation to
any Securityholder or any third party dealing with the Issuing Entity or the Owner Trust Estate, other than as expressly provided for herein and in the other Basic Documents; 

(f)    the Owner Trustee shall not be liable for the default or misconduct of the Servicer, the Asset Representations
Reviewer, the Administrative Agent, the Depositor or the Indenture Trustee under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuing Entity or the Depositor
under this Agreement or the Basic Documents that are required to be performed by the Servicer under the Servicing Agreement or the SUBI Trust Agreement, the Administrative Agent under the Trust Administration Agreement or the Indenture Trustee under
the Indenture or the Asset Representations Reviewer under the Asset Representations Review Agreement; 
 (g)    the
Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other
Basic Document, at the request, order or direction of any Trust Certificateholder unless such Trust Certificateholder have offered to the Owner Trustee security or indemnity satisfactory to it against the Expenses that may be incurred by the Owner
Trustee therein or thereby; the right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than
its bad faith, negligence or willful misconduct in the performance of any such act; 
 (h)    no provision of the Basic
Documents shall be deemed to impose any duty or obligation on the Owner Trustee to take or omit to take any action, suffer any action to be taken or omitted, in the performance of its duties, or to exercise any right or power hereunder, to the
extent that taking or omitting to take such action or suffering such action to be taken or omitted would, in the judgment of the Owner Trustee, expose it to liability or violate applicable law binding upon it (which determination may be based on an
Opinion of Counsel); 
 (i)    the Owner Trustee shall not be deemed to have knowledge of any breach of any
representation or warranty, or other event unless the Owner Trustee has received written notice thereof in accordance with the provisions of this Agreement; provided that, for the avoidance of doubt, receipt by the Owner Trustee of a Review Report
shall not constitute actual or constructive knowledge of any breach of a representation or warranty; 
 (j)    the Owner
Trustee shall not be personally liable for (x) special, indirect, consequential or punitive damages, however styled, including, without limitation, lost profits, (y) the acts or omissions of any nominee, correspondent, clearing agency or
securities depository through which it holds the Trust’s securities or assets or (z) any losses due to forces beyond the reasonable control of the Owner Trustee, including, without limitation, strikes, work stoppages, acts of war or
terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, 

  

					
	 	 	21	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
epidemic or pandemic, quarantine, shelter-in-place or similar directive, guidance, policy or other action by any
governmental authorities and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; and 

(k)    the Owner Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or NMAC
under the Basic Documents, except as otherwise expressly specified herein and in the other Basic Documents. 

Section 7.02    Furnishing of Documents. The Owner Trustee shall furnish to any Trust Certificateholder
promptly upon receipt of a written request therefor (at the expense of the Trust Certificateholder), duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Owner Trustee under the
Basic Documents; provided, however, that the Owner Trustee may require such Trust Certificateholder to deliver to the Owner Trustee a nondisclosure agreement in a form satisfactory to the Owner Trustee with respect to the information
contained in any such requested document; provided further, however, that no such nondisclosure agreement shall be required for any lists of Trust Certificateholders requested to be furnished pursuant to this Agreement or any documents that are
publicly available. 
 Section 7.03    Representations and Warranties. The Owner Trustee hereby represents
and warrants to the Depositor and the Trust Certificateholders, that: 
 (a)    It is a national banking association
with trust powers duly organized and validly existing in good standing under the laws of the United States of America. It has all requisite power, right and authority to execute, deliver and perform its obligations under this Agreement. 

(b)    It has taken all action necessary to authorize the execution and delivery by it of this Agreement and each other
Basic Document to which it is a party, and this Agreement and each other Basic Document to which it is a party will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement and each other Basic
Document to which it is a party on its behalf. 
 (c)    Neither the execution nor the delivery by it of this Agreement
and each other Basic Document to which it is a party, nor the consummation by it of the transactions contemplated hereby or thereby nor compliance by it with any of the terms or provisions hereof or thereof will contravene any federal or Delaware
law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement
or instrument to which it is a party or by which any of its properties may be bound or result in the creation or imposition of any Lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee
individually that are unrelated to this Agreement or the other Basic Documents. 
 (d)    This Agreement has been duly
executed and delivered by it and constitutes the legal, valid and binding agreement of it, enforceable against the Owner Trustee in accordance with its terms, except as enforceability may be limited by bankruptcy, liquidation, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

  

					
	 	 	22	 	(NALT 2020-B Amended and Restated Trust Agreement)

 (e)    It is authorized to exercise trust powers in the State of
Delaware as and to the extent contemplated herein or has appointed a Delaware trustee that is so authorized and it has a principal place of business in the state of Delaware or has appointed a Delaware trustee that has such a principal place of
business. 
 Section 7.04    Reliance; Advice of Counsel. 

(a)    The Owner Trustee may rely upon, shall be protected in relying upon and shall incur no liability to anyone in
acting or refraining from acting upon, any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Owner Trustee may accept a certified copy of a board resolution or documents of any other governing body of any corporate party as conclusive evidence that such board resolution or other document has been duly adopted by such
body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the
president, any vice president, the treasurer, any assistant treasurer or any other authorized officers of the relevant party as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken
or omitted to be taken by it in good faith in reliance thereon. 
 (b)    In the exercise or administration of the
trusts hereunder and in the performance of its duties and obligations under this Agreement and the other Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of
them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel,
accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such
counsel, accountants or other such Persons and not, to the actual knowledge of the Owner Trustee, contrary to this Agreement or any other Basic Document. 

Section 7.05    Not Acting in Individual Capacity. Except as provided in this Article, in accepting the trusts
hereby created, Wilmington Trust acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document
shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 Section 7.06    Owner Trustee
Not Liable for Trust Certificates. The recitals contained herein and in the Trust Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates and its representations and warranties
in Section 7.03) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency
of this Agreement, any other Basic Document or the Trust Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the Trust 

  

					
	 	 	23	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
Certificates) or the Notes or any offering document relating to either of them. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality,
validity or enforceability of any Basic Document to which the Owner Trustee is to be a party (except for enforceability against the Owner Trustee), or the perfection and priority of any security interest created by or under any Basic Document, or
the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Trust Certificateholders under this Agreement or the Noteholders
under the Indenture, the validity of the transfer of the 2020-B SUBI Certificate, or for the compliance by the Depositor, the Administrative Agent or the Servicer with any warranty or representation made under
any Basic Document or for the accuracy of any such warranty or representation or for any action of the Administrative Agent, the Servicer or the Indenture Trustee taken in the name of the Owner Trustee; provided, however, that the
foregoing shall not relieve the Owner Trustee of its obligation to perform its duties under this Agreement. 

Section 7.07    Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any
other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Servicer, the Administrative Agent, the Indenture Trustee, the Asset Representations Reviewer and their respective Affiliates, in
banking transactions with the same rights as it would have if it were not the Owner Trustee. 
 ARTICLE EIGHT 

COMPENSATION OF OWNER TRUSTEE 

Section 8.01    Owner Trustee’s Compensation and Indemnification. 

(a)    The Owner Trustee, the Certificate Registrar and any Paying Agent shall receive as compensation from Administrative
Agent (without duplication) for its services hereunder such fees as have been separately agreed upon before the date hereof between the Administrative Agent and the Owner Trustee, the Certificate Registrar or the Paying Agent. The Administrative
Agent shall indemnify the Owner Trustee, the Certificate Registrar and any Paying Agent and their respective successors, assigns, agents, servants, officers and employees (collectively, the “Indemnified Parties”) from and against,
any Expenses that may at any time be imposed on, incurred by or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of the Basic Documents (including the costs of defending any claim or bringing
any claim to enforce the indemnification obligations of the Administrative Agent hereunder), the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except that the
Administrative Agent shall not be liable for or required to indemnify any Indemnified Party from and against Expenses arising or resulting from any income or similar taxes on any fees payable to any Indemnified Party, for any willful misconduct, bad
faith or negligence on the part any Indemnified Party, or with respect to the Owner Trustee only, in the case of the inaccuracy of any representation or warranty of the Owner Trustee made in Section 7.03. The indemnities
contained in this Section shall survive the resignation or termination of the Owner Trustee, the Certificate Registrar or any Paying Agent or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will
be sought pursuant to this Section, the Indemnified Party’s choice of legal 

  

					
	 	 	24	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
counsel shall be subject to the approval of the Administrative Agent, which approval shall not be unreasonably withheld. Any amounts due and owing to the Indemnified Parties pursuant to this
Section 8.01 shall constitute an obligation of the Trust and a claim upon the Owner Trust Estate only to the extent such amounts are payable pursuant to the Basic Documents. The Administrative Agent will not be entitled to
make any claim upon the Owner Trust Estate for the reimbursement of any payments made by the Administrative Agent pursuant to this Section 8.01(a). To the extent not paid by the Administrative Agent and outstanding for at
least 60 days, such fees and indemnities shall be paid pursuant to Sections 8.04(a) or 8.04(b) of the Indenture, provided, that prior to such payment pursuant to the Indenture, the Owner Trustee, the Certificate Registrar or the
Paying Agent, as applicable, shall notify the Administrative Agent in writing that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or 8.04(b) of
the Indenture, the Administrative Agent shall reimburse the Issuing Entity in full for such payments. 
 ARTICLE NINE 

TERMINATION OF TRUST AGREEMENT 

Section 9.01    Termination of Trust Agreement. 

(a)    This Agreement (other than Article Eight) shall terminate and the Issuing Entity shall dissolve and be wound up in
accordance with Section 3808 of the Statutory Trust Statute, upon the earlier of (i) the final distribution by the Owner Trustee or the Paying Agent of all funds or other property or proceeds of the Owner Trust Estate in accordance with
the terms of the Indenture and this Agreement and (ii) the election by the Servicer to purchase the 2020-B SUBI Certificate pursuant to Section 9.03 and the payment or
distribution to all securityholders of all amounts required to be paid to them under the Indenture and this Agreement. The Administrative Agent shall notify the Owner Trustee upon the occurrence of either of the events described in clauses
(i) or (ii) above. The bankruptcy, liquidation, dissolution, or termination, death or incapacity of any Trust Certificateholder shall not (x) operate to terminate this Agreement or the Issuing Entity, (y) entitle such Trust
Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuing Entity or Owner Trust Estate nor (z) otherwise
affect the rights, obligations and liabilities of the parties hereto. 
 (b)    Except as provided in
Section 9.01(a), neither the Depositor nor any other Trust Certificateholder shall be entitled to revoke or terminate the Issuing Entity. 

(c)    Notice of any termination of this Agreement pursuant to Section 9.01(a), specifying the
Payment Date upon which the Trust Certificateholders shall surrender their Trust Certificates to the Paying Agent for final payment and cancellation, shall, if any Trust Certificates are then held by anyone other than the Depositor or its
Affiliates, be given by the Owner Trustee by letter to Trust Certificateholders mailed within five Business Days of receipt of notice of such termination from the Administrative Agent, stating (i) the Payment Date upon or with respect to which
final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such 

  

					
	 	 	25	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
Payment Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall
give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Trust Certificateholders. Upon presentation and surrender of the Trust Certificates (or, in the case of any
Trust Certificates held by Depositor or its Affiliates, presentation of proof of cancellation of such Trust Certificates), the Paying Agent shall cause to be distributed to Trust Certificateholders amounts distributable on such Payment Date pursuant
to Section 5.02. 
 (d)    If one or more of the Trust Certificateholders shall not surrender
their Trust Certificates for cancellation within six months after the date specified in the above-mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Trust Certificateholders to surrender their Trust
Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice, all of the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the remaining Trust Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain
subject to this Agreement. Any funds remaining in the Issuing Entity after exhaustion of such remedies shall be distributed by the Owner Trustee to the Administrative Agent. 

(e)    Upon the winding up of the Issuing Entity and its termination, the Owner Trustee shall cause the Certificate of
Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with Section 3810 of the Statutory Trust Statute. 

Section 9.02    [Reserved]. 

Section 9.03    Purchase of the 2020-B SUBI Certificate; Repayment of the
Trust Certificates. The Servicer shall be permitted at its option to purchase, or cause to be purchased, the 2020-B SUBI Certificate from the Issuing Entity on any Payment Date if, either before or after
giving effect to any payment of principal required to be made on such Payment Date, (a) the aggregate Securitization Value of the 2020-B SUBI Assets is less than or equal to 10% of the initial aggregate
Securitization Value of the 2020-B SUBI Assets as of the Cutoff Date or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent
thereto (the exercise of such option is referred to as an “Optional Purchase”). The purchase price (the “Optional Purchase Price”) shall be equal to the greater of (i) the fair market value of the 2020-B SUBI Assets (which, with the consent of the Servicer and 100% of the Trust Certificateholders, may be deemed to be the aggregate Securitization Value of the 2020-B SUBI
Assets) and (ii) the sum of (A) the Redemption Price, (B) unpaid portions of any outstanding Sales Proceeds Advances and Monthly Payment Advances, and (C) the Servicing Fee in respect of the related Collection Period, together
with any unpaid Servicing Fees in respect of one or more prior Collection Periods, in each case, after giving effect to any distributions of Available Funds required to be made on such Payment Date pursuant to Section 8.04
of the Indenture. If the Servicer exercises the Optional Purchase, the Servicer will deposit, subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the
2020-B SUBI Collection Account on the Deposit Date relating to the related Payment Date. The Servicer shall be a third party beneficiary of this Section 9.03. 

  

					
	 	 	26	 	(NALT 2020-B Amended and Restated Trust Agreement)

 ARTICLE TEN 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

Section 10.01    Eligibility Requirements for Owner Trustee. The Owner Trustee shall (i) at all times be
an entity having a combined capital and surplus of at least $50,000,000, (ii) be subject to supervision or examination by federal or state authorities, and (iii) be an entity authorized to exercise trust powers in the State of Delaware. If such
entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such entity shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section 10.02. 

Section 10.02    Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the
Trust Administration Agreement), the Servicer, the Depositor, the Indenture Trustee and the Trust Certificateholders. If, for any reason, Wilmington Trust or any of its Affiliates should assume the duties of the Indenture Trustee, then from that
time forward Wilmington Trust, in its capacity as Owner Trustee, shall resign as Owner Trustee hereunder if any Event of Default under the Indenture occurs and is necessary to eliminate any conflict of interest under the TIA with the Indenture
Trustee or any other trustee under the Indenture. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning
Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner
Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 or if the Depositor, by unilateral act, decides to remove the Owner Trustee, and the Owner Trustee shall fail to resign after receipt of
written notice thereof from the Depositor or if the Owner Trustee shall fail to resign after written request therefor by the Administrative Agent, the Depositor or Trust Certificateholders holding not less than a Majority Interest of the Trust
Certificates, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or such Trust Certificateholders may remove the Owner Trustee. If the Owner Trustee shall be removed
pursuant to the preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee. 

  

					
	 	 	27	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing
Owner Trustee. 
 Section 10.03    Successor Owner Trustee. Any successor Owner Trustee appointed pursuant
to Section 10.02 shall execute, acknowledge and deliver to the Administrative Agent and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or
removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents and statements and monies held by it under
this Agreement; and the Depositor, the Administrative Agent and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the
successor Owner Trustee all such rights, powers, duties and obligations. The successor Owner Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Owner Trustee’s duties and obligations to
the successor Owner Trustee. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such
acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. 
 Upon acceptance of
appointment by a successor Owner Trustee pursuant to this Section, the Depositor shall mail notice of the successor of such Owner Trustee to all Trust Certificateholders, the Indenture Trustee and each Rating Agency. If the Depositor shall fail to
mail such notice within ten days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. 

Section 10.04    Merger or Consolidation of Owner Trustee. Any Person (i) into which the Owner Trustee
may be merged or converted or with which it may be consolidated, (ii) resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party or (iii) succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, provided, that such Person shall be eligible
pursuant to Section 10.01 anything herein to the contrary notwithstanding. The Owner Trustee shall mail notice of such merger, conversion, or consolidation to the Administrative Agent (and the Administrative Agent will
provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement), the Indenture Trustee and the Trust Certificateholders. 

Section 10.05    Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the

  

					
	 	 	28	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
Depositor and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons to act as
co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuing
Entity, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined
in such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement
shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.03. 
 Each separate trustee and co-trustee shall,
to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (a)    all
rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust
Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(b)    no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and 
 (c)    the Depositor and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing
given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee
or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall
be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrative Agent, the
Servicer and the Depositor. 
 Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  

					
	 	 	29	 	(NALT 2020-B Amended and Restated Trust Agreement)

 ARTICLE ELEVEN 

TAX MATTERS 

Section 11.01    Tax and Accounting Characterization. 

(a)    It is the intent of the parties hereto that, for purposes of U.S. federal income tax, state and local income tax,
any state single business tax and any other income taxes, the Issuing Entity will be treated as a division or branch of the Person holding the beneficial ownership interests in the Issuing Entity for any period during which the beneficial ownership
interests in the Issuing Entity are held by one person for U.S. federal income tax purposes, and will be treated as a partnership, and the Trust Certificateholders will be treated as partners in that partnership, for any period during which the
beneficial ownership interests in the Issuing Entity are held by more than one person for U.S. federal income tax purposes, other than for Tennessee tax purposes, in which case the Issuing Entity will be treated as a corporation notwithstanding
whether the beneficial ownership interests in the Issuing Entity are held by one person or more than one person. For any such period during which the beneficial ownership interests in the Issuing Entity are held by more than one person for U.S.
federal income tax purposes, each Trust Certificateholder, by acceptance of a Trust Certificate or any beneficial interest on a Trust Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Trust Certificates as
partnership interests in the Issuing Entity for such tax purposes (other than Tennessee tax purposes). 
 The Depositor and each Trust
Certificateholder, by acceptance of a Trust Certificate, agree to take no action inconsistent with the foregoing intention, except as may otherwise be required by applicable law. 

(b)    It is the intent of each Trust Certificateholder to treat the Trust Certificates as equity interests in the Issuing
Entity for financial accounting purposes. 
 Section 11.02    Signature on Returns; Partnership
Representative. 
 (a)    If the Issuing Entity shall be required to file U.S. federal or other income tax returns
as a partnership, such returns shall be signed by an authorized signatory for the Depositor or such other Person as shall be required by law to sign such returns of the Issuing Entity. 

(b)    In the event that the Issuing Entity is classified as a partnership for U.S. federal income tax purposes, the
Depositor (or a U.S. Affiliate of the Depositor if the Depositor is ineligible) is hereby designated as the partnership representative under Section 6223(a) of the Code (and any corresponding provision of state law) to the extent allowed under
the law (and as the tax matters partner for any applicable state law purposes), and the Issuing Entity shall take any action necessary to effect such designation (including working with the Depositor to designate any designated individual required
under the law). The Issuing Entity shall or the Depositor or the Administrative Agent shall cause the Issuing Entity to, to the extent eligible, make the election under Section 6221(b) of the Code (and any corresponding provision of state

  

					
	 	 	30	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
law) with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such election. If the election
described in the preceding sentence is not available, to the extent applicable, the Issuing Entity shall or the Depositor or the Administrative Agent shall cause the Issuing Entity to make the election under Section 6226(a) of the Code (and any
corresponding provision of state law) with respect to the alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding
the foregoing, the Issuing Entity, Depositor and Administrative Agent are each authorized, in its sole discretion, to make any available election related to Sections 6221 through 6241 of the Code (and any corresponding provision of state law) and
take any action it deems necessary or appropriate to comply with the requirements of Sections 6221 through 6241 of the Code (and any corresponding provision of state law) and conduct the Issuing Entity’s affairs under Sections 6221 through 6241
of the Code (and any corresponding provision of state law). Each Trust Certificateholder and, if different, each beneficial owner of a Trust Certificate shall promptly provide the Issuing Entity, Depositor and Administrative Agent any requested
information, documentation or material to enable the Issuing Entity to make any of the elections described in this clause (b) and otherwise comply with Sections 6221 through 6241 of the Code (and any corresponding provision of state law). Each
Trust Certificateholder and, if different, each beneficial owner of a Trust Certificate, shall hold the Issuing Entity and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of a Trust Certificate not
properly taking into account or paying its allocated adjustment or liability under Section 6226 of the Code (or any corresponding provision of state law) or (ii) suffered that are attributable to the management or defense of an audit under
Sections 6221 through 6241 of the Code (or any corresponding provision of state law) or otherwise due to actions the Issuing Entity and its affiliates take with respect to and to comply with the rules under Sections 6221 through 6241 of the Code
(and any corresponding provision of state law). 
 Section 11.03    Tax Reporting. Unless otherwise required
by appropriate tax authorities, the Issuing Entity shall not file or cause to be filed annual or other income or franchise tax returns and shall not be required to obtain any taxpayer identification number. 

ARTICLE TWELVE 

MISCELLANEOUS 

Section 12.01    Supplements and Amendments. 

(a)    Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other
Person; provided that (i) either (A) any amendment that materially and adversely affects the 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 materially and adversely affect the Noteholders and (ii) any amendment that materially and adversely affects the interests of the Trust Certificateholders, the Servicer or the Indenture Trustee shall
require the prior written consent of the Persons whose interests are materially and adversely affected, provided, further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the effect that
such amendment or supplement shall not affect the treatment of any outstanding Notes as debt for U.S. federal 

  

					
	 	 	31	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
income tax purposes, or cause the Issuing Entity or the 2020-B SUBI Certificate to be classified as an association (or a publicly traded partnership)
taxable as a corporation for U.S. federal income tax purposes. An amendment shall be deemed not to materially and adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such amendment, or (ii) the
Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such amendment will not materially and adversely affect the Noteholders. The consent of the Servicer and each Trust Certificateholder shall be deemed to have been
given if the Depositor 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)    [Reserved]. 

(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 mater before giving effect to such amendment. 

(d)    Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency, the
Trust Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Depositor shall
furnish a copy of such amendment to each Rating Agency, the Trust Certificateholders, the Indenture Trustee and the Owner Trustee. 

(e)    This Agreement may also be amended or supplemented from time to time, at the request of the holders of no less than
662⁄3% of all Outstanding Trust Certificates, to approve any trust purpose with respect to the Issuing Entity in addition to the purpose authorized pursuant to
Section 2.03(a), upon not less than 90 days’ notice from the Depositor to each Rating Agency and each Noteholder and subject to each of (1) the prior written notice to each Rating Agency of such action, and
(2) the consent of the holders of at least 662⁄3% of all outstanding Notes (including such Notes, if any, owned by the Issuing Entity, the Depositor, the
Servicer (as long as NMAC or an Affiliate is the Servicer) and their respective Affiliates), and provided, further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the effect that such
amendment or supplement shall not affect the treatment of any outstanding Notes as debt for U.S. federal income tax purposes, or cause the Issuing Entity or the 2020-B SUBI Certificate to be classified as an
association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. 

(f)    Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and rely
upon an opinion of counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but
shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

  

					
	 	 	32	 	(NALT 2020-B Amended and Restated Trust Agreement)

 (g)    The Owner Trustee shall be under no obligation to ascertain
whether a Rating Agency Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of the Owner Trustee an
Officer’s Certificate to that effect, and the Owner Trustee may conclusively rely upon the Officer’ Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment. 

Section 12.02    No Legal Title to Owner Trust Estate. The Trust Certificateholders shall not have legal title
to any part of the Owner Trust Estate. The Trust Certificateholders shall be entitled to receive distributions with respect to their Trust Certificates only in accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of
any right, title or interest of the Trust Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Owner Trust Estate. 
 Section 12.03    Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Trust Certificateholders, the Administrative Agent, the Servicer, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein. 
 Section 12.04    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: (i) if to the Owner Trustee, at Wilmington Trust, National Association, Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, (telecopier no. (302) 636-4140)
(email: DCostello@wilmingtontrust.com), Attention: Corporate Trust Administration, (ii) if to the Depositor, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer, (iii) if to Moody’s, at Moody’s Investors Service, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: ABS
Monitoring Group (telecopier no. (212) 553-7820) (email: ServicerReports@Moodys.com), (iv) if to S&P, to S&P Global Ratings, 55 Water Street, New York, New York, 10041 (email:
servicer_reports@spglobal.com), Attention: ABS Surveillance; or (v) at such other address as shall be designated by any of the foregoing in a 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 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 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). 

  

					
	 	 	33	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Any notice required or permitted to be given to a Trust Certificateholder shall be given by
first-class mail, confirmed, facsimile or overnight courier, postage prepaid, at the address of such Trust Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not such Trust Certificateholder receives such notice. 

Section 12.05    Severability and Entire Agreement. Any provision of this Agreement 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. This Agreement and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all
prior agreements and understandings, oral or written. 
 Section 12.06    Counterparts and Electronic
Signature. This Agreement 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.
Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be digitally or electronically signed, and that any digital or electronic signatures (including pdf, facsimile or electronically imaged
signatures provided by a digital signature provider as specified in writing to the Certificate Registrar) appearing on this Agreement or such other documents shall have the same effect as manual signatures for the purpose of validity, enforceability
and admissibility; provided, however, that any documentation with respect to the transfer of Trust Certificates or other securities presented to the Certificate Registrar or any other transfer agent must contain original, manually executed
signatures. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any digital or
electronic signature appearing on this Agreement or any other documents to be delivered in connection herewith and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

Section 12.07    Successors and Assigns. All covenants and agreements contained herein shall be binding upon,
and inure to the benefit of, the Depositor, the Owner Trustee, and each Trust Certificateholder and their respective successors and permitted assigns, all to the extent as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Trust Certificateholder shall bind the successors and assigns of the Depositor or such Trust Certificateholder. 

Section 12.08    No Petition. The Owner Trustee, any Paying Agent, the Depositor and each Trust
Certificateholder by accepting a Trust Certificate, covenant and agree 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, they 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 other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement,
insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

  

					
	 	 	34	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Section 12.09    No Recourse. Each Trust Certificate
entitles the holder thereof to the respective rights and benefits set forth in this Agreement and in the Trust Certificates. The Trust Certificates do not represent interests in or obligations of the Servicer, the Depositor, the Owner Trustee, any
Paying Agent, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the other Basic
Documents. 
 Section 12.10    Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 12.11    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
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 12.12    WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 12.13    Trust Certificates Nonassessable and Fully Paid. Trust Certificateholders shall not be
personally liable for obligations of the Issuing Entity. The interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Issuing Entity or for any reason whatsoever, and, upon authentication thereof
pursuant to Section 3.03, 3.04 and 3.05, the Trust Certificates shall be deemed fully paid. 

Section 12.14    Furnishing of Basic Documents. The Depositor shall furnish to any Trust Certificateholder
promptly upon receipt of a written request by such Trust Certificateholder (at the expense of the requesting Trust Certificateholder) therefor, duplicates or copies of all Basic Documents. 

Section 12.15    USA PATRIOT Act Compliance. To help the government fight the funding of terrorism and money
laundering activities, the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56
(signed into law October 26, 2001) and its implementing regulations (collectively, the “USA PATRIOT Act”), the Financial Crimes Enforcement Network’s Customer Due Diligence Requirements and such other laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions (“Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies
each person who opens an account. Accordingly, in order to comply with Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before closing, and from time to time thereafter, documentation to verify and record
information that identifies each person who opens 

  

					
	 	 	35	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
an account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, the Owner Trustee will ask for documentation
to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity and other relevant
documentation and information (including beneficial owners of such entities). The Owner Trustee may, to the fullest extent permitted by applicable law, including Applicable Anti-Money Laundering Law, conclusively rely on, and shall be fully
protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may
result in the immediate resignation of the Owner Trustee, notwithstanding anything to the contrary in this Agreement. The parties hereto agree for purposes of Applicable Anti-Money Laundering Law, (a) each Trust Certificateholder owning
twenty-five percent (25%) or more of the beneficial interest in the Trust is and shall be deemed to be the beneficial owners of the Trust for purposes of providing the information required under Applicable Anti-Money Laundering Law, and
(b) each such Trust Certificateholder is and shall be deemed to be the party with the power and authority to control the Trust. 

[Signature Page to Follow] 

  

					
	 	 	36	 	(NALT 2020-B Amended and Restated Trust Agreement)

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

			
	 NISSAN AUTO LEASING LLC II,

as Depositor

 
			
		
	By:	 	 /s/ Victor Pausin

	 Name:
	 	 Victor Pausin

	 Title:
	 	 Treasurer

  

					
	 	 	S-1	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
			
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, as Owner Trustee

 
			
		
	By:	 	 /s/ Dorri Costello

	Name:	 	Dorri Costello
	Title:	 	Vice President

  

					
	 	 	S-2	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Acknowledged with respect to Sections 3.09 and 5.01(a): 

 

			
	U.S. BANK NATIONAL ASSOCIATION

			
		
	By:	 	 /s/ Brian W. Kozack

	Name:	 	Brian W. Kozack
	Title:	 	Vice President

  

					
	 	 	S-3	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Each of the Servicer and the Administrative Agent agrees to undertake to perform each of its
duties as Servicer and Administrative Agent, as applicable, including obligations under Section 8.01, as are specifically set forth in this Agreement. 

Accepted and Agreed: 
  

			
	 NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer

	
	By: /s/ Kevin J.
Cullum                                    
	Name: Kevin J. Cullum
	Title:   President
	
	 NISSAN MOTOR ACCEPTANCE CORPORATION,

as Administrative Agent

	
	By: /s/ Kevin J.
Cullum                                     
	Name: Kevin J. Cullum
	Title:   President

  

					
	 	 	S-4	 	(NALT 2020-B Amended and Restated Trust Agreement)

 EXHIBIT A 

FORM OF TRUST CERTIFICATE 
 TRUST
CERTIFICATE 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE IS NON-TRANSFERABLE OTHER THAN AS SET FORTH HEREIN AND IN THE TRUST AGREEMENT (AS
DEFINED BELOW). 
 THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER,
THE ADMINISTRATIVE AGENT, NMAC, NALL II, NISSAN NORTH AMERICA, INC. OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY. 

EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT AND WILL NOT BE ACQUIRING
OR HOLDING THE CERTIFICATE FOR, ON BEHALF OF OR WITH THE ASSETS OF 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 THE TITLE I
OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING AND,
IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO THE FIDUCIARY AND PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), ITS
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE (OR INTEREST THEREIN) WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW AND WILL NOT RESULT IN THE ASSETS OF THE ISSUING ENTITY BEING (I) CONSIDERED PLAN ASSETS OF SUCH PLAN OR
(II) SUBJECT TO SIMILAR LAW. A “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY
DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING. 

  

					
	 	 	A-1	 	(NALT 2020-B Amended and Restated Trust Agreement)

 NISSAN AUTO LEASE TRUST 2020-B 

ASSET BACKED CERTIFICATE 

evidencing a [beneficial interest] in the Issuing Entity, as defined below, the property of which includes, among other things, the 2020-B SUBI Certificate, evidencing a 100% beneficial interest in the 2020-B SUBI. The property of the Issuing Entity has been pledged to the Indenture Trustee pursuant to the
Indenture to secure the payment of the Notes issued thereunder. 
 This Trust Certificate does not represent an interest in or obligation of
the Depositor, Nissan Motor Acceptance Corporation, the Owner Trustee or any of their respective Affiliates, except to the extent described below. 
  

			
	NUMBER	  	$                        
	R-                	  	

 This certifies that
                     is the registered owner of a
                     dollars nonassessable, fully-paid, beneficial ownership interest in the Nissan Auto Lease Trust 2020-B (the “Issuing Entity”) formed by Nissan Auto Leasing LLC II, a Delaware limited liability company (the “Depositor”). 

The Issuing Entity was created pursuant to a trust agreement, as amended and restated as of September 29, 2020 (the “Trust
Agreement”), between the Depositor and Wilmington Trust, National Association, as trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the Agreement of Definitions. 
 This Trust Certificate is one of
the duly authorized Trust Certificates designated as “Asset Backed Certificates” (the “Trust Certificates”). Also issued under an indenture, dated as of September 29, 2020 (the “Indenture”), between
the Issuing Entity and U.S. Bank National Association as trustee (the “Indenture Trustee”), are the 0.18250% Asset Backed Notes, Class A-1, the 0.34% Asset Backed Notes, Class A-2, the 0.43% Asset Backed Notes, Class A-3 and the 0.49% Asset Backed Notes, Class A-4. This Trust Certificate
is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of the acceptance hereof assents and by which such Trust Certificateholder is
bound. The property of the Issuing Entity primarily includes, among other things, (i) the 2020-B SUBI Certificate, evidencing a 100% beneficial interest in the
2020-B SUBI, and (ii) all proceeds of the foregoing. The rights of the Issuing Entity in the foregoing property have been pledged by the Issuing Entity to the Indenture Trustee to secure the payment of
the Notes. 
 The Trust Certificates represent obligations of the Issuing Entity only and do not represent interests in, recourse to or
obligations of the Depositor, the UTI Beneficiary or any of their respective Affiliates. 
 Under the Trust Agreement, there will be
distributed on the 15th day of each month (or, if such day is not a Business Day, the next Business Day), commencing October 15, 2020 (each, a 

  

					
	 	 	A-2	 	(NALT 2020-B Amended and Restated Trust Agreement)

 
“Payment Date”), to the Person in whose name this Trust Certificate is registered at the close of business on the day preceding each Payment Date (each, a “Record
Date”) such Trust Certificateholder’s percentage interest in the amount to be distributed with respect to the Trust Certificates on such Payment Date. 

The holder of this Trust Certificate acknowledges and agrees that its rights to receive payments in respect of this Trust Certificate are
subordinated to the rights of the Noteholders as described in the Indenture. 
 It is the intent of the Depositor and Trust
Certificateholders that for purposes of U.S. federal income tax, state and local income tax, any state single business tax and any other income taxes, the Issuing Entity will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Issuing Entity for any period during which the beneficial ownership interests in the Issuing Entity are held by one person, and will be treated as a partnership, and the Trust Certificateholders will be treated as partners
in that partnership, for any period during which the beneficial ownership interests in the Issuing Entity are held by more than one person, other than for Tennessee tax purposes, in which case the Issuing Entity will be treated as a corporation
notwithstanding whether the beneficial ownership interests in the Issuing Entity are held by one person or more than one person. Each Trust Certificateholder, by acceptance of a Trust Certificate or any beneficial interest on a Trust Certificate,
agrees to treat, and to take no action inconsistent with the foregoing intention, except as may otherwise be required by applicable law (other than Tennessee tax purposes). 

Each Trust Certificateholder by accepting a Trust 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 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. 

Distributions on this Trust Certificate will be made as provided in the Trust Agreement by check mailed to the Trust Certificateholder of
record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. A Trust Certificateholder having original denominations aggregating at least $1 million may request payment
by wire transfer of funds pursuant to written instructions delivered to the Owner Trustee at least five (5) Business Days prior to the Record Date. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
payment on this Trust Certificate will be made after due notice by the Owner Trustee of the pendency of such payment and only upon presentation and surrender of this Trust Certificate at the office or agency specified in the notice of final payment
to the Trust Certificateholders. 
 Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  

					
	 	 	A-3	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or be valid for any purpose. 

THIS TRUST CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE 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. 

  

					
	 	 	A-4	 	(NALT 2020-B Amended and Restated Trust Agreement)

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuing Entity and not in its
individual capacity, has caused this Trust Certificate to be duly executed. 
  

							
	Dated:                     , 2020	 		 	NISSAN AUTO LEASE TRUST 2020-B
				
		 		 	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement. 

 

							
	 WILMINGTON TRUST, NATIONAL
 ASSOCIATION,

as Owner Trustee
	 	Or	 		 	 WILMINGTON TRUST, NATIONAL
 ASSOCIATION,

as Owner Trustee

				
	By:                                     
                                         
      	 		 		 	By:                                     
                                         
      
		 		 		 	                            Authenticating Agent
				
		 		 		 	
By:                  
                                         
                         

  

					
	 	 	A-5	 	(NALT 2020-B Amended and Restated Trust Agreement)

 [Reverse of Trust Certificate] 

The Trust Certificates do not represent an obligation of or an interest in the Depositor, the Servicer, the Owner Trustee or any of their
respective Affiliates, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries and certain other amounts respecting the assets of the Issuing Entity, all as more specifically set forth in the
Indenture. The Depositor will furnish, upon the request of any holder of a Trust Certificate, such information as is specified in paragraph (d)(4) of Rule 144A of the Securities Act of 1933, as amended, with respect to the Issuing Entity. 

The Trust Agreement may be amended by the parties thereto, without the consent of any other Person in the manner set forth in
Section 12.01 of the Trust Agreement. 
 As provided in the Trust Agreement, if and to the extent transfers are
permitted and if the Depositor delivers an Opinion of Counsel that the Trust Certificates are transferable in accordance with the terms set forth therein, which opinion the Depositor has not determined can be given under the Internal Revenue Code
and existing and proposed regulations thereunder, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Trust Certificateholder hereof or such Trust
Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of the same class and in authorized denominations evidencing the same aggregate interest in the Issuing Entity will be issued to the
designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890. 

The Trust Certificates are issuable only as registered Trust Certificates without coupons in minimum denominations of $250,000 and in integral
multiples of $1,000 in excess thereof. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith. 
 The Owner Trustee, the Certificate Registrar, any Paying Agent and any of
their respective agents may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents shall
be affected by any notice to the contrary. 
 The obligations and responsibilities created by the Trust Agreement and the trust created
thereby shall terminate upon the payment to Trust Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all property held as part of the Owner Trust Estate. 

  

					
	 	 	A-6	 	(NALT 2020-B Amended and Restated Trust Agreement)

 Any prospective transferee of a Trust Certificate will be required to deliver a letter to
the Depositor and the Certificate Registrar substantially in the form of Exhibit B to the Trust Agreement, which letter includes a representation that such prospective transferee is not a Benefit Plan Investor. The Trust Certificates may not be
transferred, sold, pledged or otherwise disposed to or for the account of a Benefit Plan Investor. 
 The Trust Certificates may not be
acquired by a Benefit Plan Investor. By accepting and holding this Trust Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan Investor and is not, and will not be, acquiring or holding this
Trust Certificate or an interest therein for the account of a Benefit Plan Investor. If the holder hereof is a Plan that is subject to Similar Law, it shall be deemed to have represented and warranted that its acquisition, holding and disposition of
this Trust Certificate or an interest therein will not result in a violation of Similar Law and will not result in the assets of the Issuing Entity being considered (a) plan assets of such Plan or (b) subject to Similar Law. 

  

					
	 	 	A-7	 	(NALT 2020-B Amended and Restated Trust Agreement)

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 
  
  

 
  

 
 (Please print or type name and
address, including postal zip code, of assignee) 
 the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
attorney to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  

	
	Dated:                                    

	
	 *

	
	Signature Guaranteed:
	
	 *

  

	*	 NOTICE: The signatures(s) on this Assignment must correspond with the name(s) as written on the face of the
within Trust Certificate in every particular without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  

					
	 	 	A-8	 	(NALT 2020-B Amended and Restated Trust Agreement)

 EXHIBIT B 

FORM OF TRANSFEREE REPRESENTATION LETTER 

                    ,
         
 Nissan Auto Leasing LLC II 

One Nissan Way 
 Franklin, Tennessee 37067 

Wilmington Trust, National Association, 
  as Owner Trustee
and Certificate Registrar 
 Rodney Square North 
 1100 N.
Market Street 
 Wilmington, Delaware 19890 
 Ladies and
Gentlemen: 
  

	Attention:      	 Corporate Trust Services — Nissan Auto Lease Trust 2020-B

  

	 	Re:	 Transfer of Nissan Auto Lease Trust 2020-B Certificates, (the
“Certificates”) 

 Ladies and Gentlemen: 

This letter is delivered pursuant to Section 3.04 of the Trust Agreement, dated as of September 29, 2020 (the “Trust
Agreement”), between Nissan Auto Leasing LLC II, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by
                     (the “Seller”) to the undersigned (the “Purchaser”) of $     balance of
the Certificates. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement. 
 In connection
with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows: 
  

	 	☐	 The Purchaser is not a Non-U.S. Person as defined in the Trust
Agreement; 

  

	 	☐	 The Purchaser is not the Depositor and the Purchaser received beneficial and record ownership of Certificates
representing less than 100% of the Certificate Balance, and the transfer restrictions set forth in Section 3.10 of the Trust Agreement do not apply to this transfer of Certificates; and 

 

	 	☐	 The Purchaser is not (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 the Internal Revenue Code of 1986, as amended (the
“Code”), that is subject to Section 4975 of the Code, or (iii) an entity deemed to hold the plan assets of any of the foregoing. 

  

					
	 	 	B-1	 	(NALT 2020-B Amended and Restated Trust Agreement)

	 	☐	 If the Purchaser is an “employee benefit plan” (as defined in Section 3(3) of ERISA), whether or
not subject to ERISA, any “plan” as defined in Section 4975 of the Code or an entity deemed to hold plan assets of the foregoing that is subject to any state, local or other law that is similar to the fiduciary and prohibited
transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”), the Purchaser’s acquisition, holding and disposition of this Certificate (or interest therein) will not result in a a violation of, Similar Law and will
not result in the assets of the Issuing Entity being considered (i) plan assets of such plan or (ii) subject to Similar Law. 

  

	 	☐	 The Purchaser has neither acquired nor will it transfer any Trust Certificate it purchases (or any interest
therein) or cause any such Trust Certificates (or any interest therein) to be traded or readily available on or through (A) an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including,
without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates firm buy or sell quotations, or (B) a “secondary
market” (or the substantial equivalent thereof) within the meaning of Section 7704(b)(2) of the Code. 

  

	 	☐	 The Purchaser either (A) is not, and will not become, a partnership, Subchapter S corporation, grantor
trust or an entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes or (B) is such an entity, but (x) none of the direct or indirect beneficial owners of any of the interests in the Purchaser have
allowed or caused, or will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to the Purchaser’s ownership of Trust
Certificates and (y) it is not and will not be a principal purpose of the arrangement involving the Purchaser’s beneficial interest in any Trust Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury
Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code. 

 

	 	☐	 The Purchaser understands that no subsequent transfer of the Trust Certificates is permitted unless
(A) such transfer is of a Trust Certificate with a denomination of at least $250,000 and (B) it causes its proposed transferee to provide to the Issuing Entity and the Certificate Registrar a letter substantially in the form of Exhibit B
to the Trust Agreement, as applicable; provided, however, that any attempted transfer that would either cause (1) the aggregate number of registered holders of Trust Certificates and holders of interests in Restricted Notes to
exceed 95 or (2) the number of holders of direct or indirect interests in the Titling Trust to exceed 50, shall be a void transfer. 

  

	 	☐	 The Purchaser understands that no transfer of a Trust Certificate (or interest therein) is permitted (nor shall
a Trust Certificate be so held) if (i) it causes the 

  

					
	 	 	B-2	 	(NALT 2020-B Amended and Restated Trust Agreement)

	 	
Issuing Entity to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuing Entity’s ownership interests are owned, directly or indirectly, by one or more
members of a Section 385 Expanded Group) that has an expanded group partner (within the meaning of Treasury Regulation section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a
member of such Section 385 Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y),
unless each member of the Section 385 Expanded group that is a partner in the Section 385 Controlled Partnership, is a member of the consolidated group (as described in Treasury Regulation section
1.1502-1(h)) which includes such Domestic Corporation). For purposes of determining the Issuing Entity’s ownership interests in clause (i) of the first sentence of this paragraph, any Restricted
Notes shall be taken into account either as debt interests or ownership interests based on whichever treatment, if any, would result in the Issuing Entity being treated as a Section 385 Controlled Partnership for purposes of applying this
paragraph’s restriction (it being understood that if the Restricted Notes are taken into account as ownership interests for this purpose then the Restricted Notes are not also considered Notes for the Note ownership restriction of this
paragraph). 

  

	 	☐	 The Purchaser understands that no transfer of a Trust Certificate (or interest therein) shall be permitted (nor
shall a Trust Certificate be so held) if (i) it results in the Issuing Entity becoming an entity disregarded as separate from a Domestic Corporation for U.S. federal income tax purposes and (ii) either (x) a member of a Section 385
Expanded Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of
clause (y), unless each member of the Section 385 Expanded Group that is a partner in such Section 385 Controlled Partnership) is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation). For purposes of determining the Issuing Entity’s ownership interests in clause (i) of the first sentence of this paragraph, any Restricted Notes
shall be taken into account either as debt interests or ownership interests based on whichever treatment, if any, would result in the Issuing Entity being treated as a disregarded entity for purposes of applying this paragraph’s restriction (it
being understood that if the Restricted Notes are taken into account as ownership interests for this purpose then the Restricted Notes are not also considered Notes for the Note ownership restriction of this paragraph). 

 

	 	☐	 The Purchaser understands that if it is acquiring the Trust Certificates as agent or nominee for any other
person(s), such person(s) confirm the representations in the above five paragraphs as such representations apply to such person(s). 

  

	 	☐	 The Purchaser understands that the Opinion of Counsel to the Issuing Entity that the Issuing Entity is not a
publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the representations in the six preceding paragraphs. 

  

					
	 	 	B-3	 	(NALT 2020-B Amended and Restated Trust Agreement)

	 	☐	 (A) The Purchaser shall provide to the Administrative Agent on behalf of the Issuing Entity and the Depositor
any further information required by the Issuing Entity to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and (B) if the Purchaser is not the
beneficial owner of the Trust Certificates, such beneficial owner shall provide to the Administrative Agent on behalf of the Issuing Entity and the Depositor any further information required by the Issuing Entity to comply with Sections 6221 through
6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and, to the extent the Issuing Entity determines such appointment necessary for it to make an election under Section 6226(a) of the Code
(or any corresponding provision of state law), hereby appoints the Purchaser as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding
provision of state law). 

  

	 	☐	 The Purchaser understands that complying with Section 1446(f) of the Code is not the responsibility of the
Issuing Entity, and that a transferor and transferee of a Trust Certificate may be subject to withholding or a withholding obligation, as the case may be, in the event that the Issuing Entity is treated as a partnership for U.S. federal income tax
purposes and there is a failure to comply with Section 1446(f) of the Code. 

 Signature appears on next page

  

					
	 	 	B-4	 	(NALT 2020-B Amended and Restated Trust Agreement)

 IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the
         day of                 . 

 

			
	Very truly yours,
	
	 ,

	The Purchaser
		
	By:	 	  

	Name:

  

					
	 	 	B-5	 	(NALT 2020-B Amended and Restated Trust Agreement)

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