Document:

EX-10.5

 Exhibit 10.5 
 (Multicurrency—Cross Border) 
 ISDA®

 International Swap Dealers Association, Inc. 

MASTER AGREEMENT 
 dated as of [                    ] 
 [                    ] and Nissan Auto Receivables
20[        ]-[    ] Owner Trust have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement,
which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 

Accordingly, the parties agree as follows: 

1. Interpretation 
 (a)
Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively
referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
 2. Obligations

 (a) General Conditions. 
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

  

					
		  	Copyright © 
1992 by International Swap Dealers Association, Inc.	  	Issuer Master

 (ii) Payments under this Agreement will be made on the due date for value on that date in
the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other
than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or
Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement. 
 (b) Change of Account. Either party may change
its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of
a reasonable objection to such change. 
 (c) Netting. If on any date amounts would otherwise be payable: 

(i) in the same currency; and 
 (ii) in respect of the same Transaction, 
 by each party to the other, then, on such date, each
party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been
payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in
the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not
apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made
separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
 (d) Deduction or Withholding for Tax. 
 (i) Gross-Up.
All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will: 
 (1) promptly
notify the other party (“Y”) of such requirement; 

  

					
		  	2	  	Issuer Master

 (2) pay to the relevant authorities the full amount required to be deducted or withheld
(including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that
such amount has been assessed against Y; 
 (3) promptly forward to Y an official receipt (or a certified copy), or other
documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an Indemnifiable
Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed
against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:

 (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would
not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with
respect to a party to this Agreement) or (II) a Change in Tax Law. 
 (ii) Liability. If: 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2)
X does not so deduct or withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of
such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

(e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the
relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount

  

					
		  	3	  	Issuer Master

 
to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at
the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a
party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

3. Representations 
 Each party
represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of
this Agreement) that: 
 (a) Basic Representations. 
 (i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 

(ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it
is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support
Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable
to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this
Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event
or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 

  

					
		  	4	  	Issuer Master

 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or
any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this
Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this
Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 
 (e)
Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 

4. Agreements 
 Each party agrees with
the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party: 
 (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party
reasonably directs: 
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any
Confirmation; 
 (ii) any other documents specified in the Schedule or any Confirmation; and 

(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to
allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a
reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by
it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

  

					
		  	5	  	Issuer Master

 (c) Comply with Laws. It will comply in all material respects with all applicable laws and
orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied
or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is
acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance
of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
 5. Events
of Default and Termination Events 
 (a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party: 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an
obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
 (iii) Credit Support Default. 
 (1) Failure by the party or any
Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has
elapsed; 

  

					
		  	6	  	Issuer Master

 (2) the expiration or termination of such Credit Support Document or the failing or ceasing
of such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such
Credit Support Document relates without the written consent of the other party; or 
 (3) the party or such Credit Support
Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

(v) Default under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified
Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that
Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a
Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified
Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (vi)
Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect
of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate
amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or
instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an
aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period); 

  

					
		  	7	  	Issuer Master

 (vii) Bankruptcy. The party, any Credit Support Provider of such party
or any applicable Specified Entity of such party: 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or
merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of
its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a
petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of
an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed
for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other
legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;
(8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer: 
 (1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to
the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in
(i) below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to
(iv) below or an Additional Termination Event if the event is specified pursuant to (v) below: 

  

					
		  	8	  	Issuer Master

 (i) Illegality. Due to the adoption of, or any change in, any applicable law
after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date, it becomes
unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party): 
 (1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this
Agreement relating to such Transaction; or 
 (2) to perform, or for any Credit Support Provider of such party to perform, any
contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 
 (ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next
succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of
such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iii) Tax Event Upon
Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an
additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity
(which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 
 (iv)
Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates
or amalgamates with, or merges with or into, or transfers all or substantially all its assets, to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the

  

					
		  	9	  	Issuer Master

 
resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in
such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 
 (v) Additional Termination Event.
If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional
Termination Event in the Schedule or such Confirmation). 
 (c) Event of Default and Illegality. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
 6. Early Termination 
 (a) Right to Terminate Following Event of Default. If
at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in
the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3),
(5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination
Event. 
 (i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware
of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and
there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in
respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

  

					
		  	10	  	Issuer Master

 If the Affected Party is not able to make such a transfer it will give notice to the other party to that
effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other
party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 

(iv) Right to Terminate. If: 
 (1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an
Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event
Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

 (c) Effect of Designation. 
 (i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default
or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no
further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an
Early Termination Date shall be determined pursuant to Section 6(e). 

  

					
		  	11	  	Issuer Master

 (d) Calculations. 
 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by
Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of
the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be
conclusive evidence of the existence and accuracy of such quotation. 
 (ii) Payment Date. An amount calculated as
being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of
Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid
together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid,
at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
 (e)
Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”,
and a payment method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second
Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 

(i) Events of Default. If the Early Termination Date results from an Event of Default: 

(1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay to the
Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts
owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 
 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of
this Agreement. 
 (3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will
be payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid

  

					
		  	12	  	Issuer Master

 
Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the
Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s
Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting
Party. 
 (ii) Termination Events. If the Early Termination Date results from a Termination Event: 

(1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party
and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions. 

(2) Two Affected Parties. If there are two Affected Parties: 

(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount
will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount
(“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being
terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss
(“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of
that amount to Y. 
 (iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs
because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made
by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

  

					
		  	13	  	Issuer Master

 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement
neither party will be entitled to recover any additional damages as a consequence of such losses. 
 7. Transfer 

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that: 
 (a) a party may make such a transfer
of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and

 (b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under
Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 

8. Contractual Currency 
 (a)
Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of
this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party
seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant 

  

					
		  	14	  	Issuer Master

 
to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid
in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable
manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of
exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be
enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums
payable in respect of this Agreement. 
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a
party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
 9. Miscellaneous 

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter
and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or
waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system. 
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the
parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in
this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each
amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 

  

					
		  	15	  	Issuer Master

 (ii) The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of
telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another
effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 
 (f) No Waiver of Rights. A
failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 (g) Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
 10. Offices; Multibranch Parties 
 (a) If Section 10(a) is specified in the Schedule as
applying, each party that enters into a Transaction through an Office other than its head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party,
the obligations of such party are the same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 

(b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party. 
 (c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and
receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation.

 11. Expenses 
 A Defaulting
Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights
under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

  

					
		  	16	  	Issuer Master

 12. Notices 
 (a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5
or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated: 

(i) if in writing and delivered in person or by courier, on the date it is delivered; 

(ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible
form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or 

(v) if sent by electronic messaging system, on the date that electronic message is received, 

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging
system details at which notices or other communications are to be given to it. 
 13. Governing Law and Jurisdiction 

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party
irrevocably: 
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English
law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and 
 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any
such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 

  

					
		  	17	  	Issuer Master

 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction
(outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time
being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any
Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably
consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific
performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings
in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 
 14. Definitions 
 As used in this Agreement: 

“Additional Termination Event” has the meaning specified in Section 5(b). 

“Affected Party” has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the
occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the
person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting
power of the entity or person. 

  

					
		  	18	  	Issuer Master

 “Applicable Rate” means: 
 (a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable, the Default Rate; 
 (c) in respect of all other obligations payable or deliverable (or
which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
 (d) in all other cases, the
Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b). 

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or
in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control
consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

“Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding
the relevant amount plus 1% per annum. 
 “Defaulting Party” has the meaning specified in Section 6(a).

 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

“Illegality” has the meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the
jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having
been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or 

  

					
		  	19	  	Issuer Master

 
having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed,
delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 

“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in
foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or
determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any,
of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a
notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party,
the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction
or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable
condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party
may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference
Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account
any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party
the economic equivalent of any payment or delivery (whether 

  

					
		  	20	  	Issuer Master

 
the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each
Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the
quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the
relevant amount. 
 “Non-defaulting Party” has the meaning specified in Section 6(a). 

“Office” means a branch or office of a party, which may be such party’s head or home office. 

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an
Event of Default. 
 “Reference Market-makers” means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and
(b) to the extent practicable, from among such dealers having an office in the same city. 
 “Relevant Jurisdiction”
means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

  

					
		  	21	  	Issuer Master

 “Set-off” means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such
payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of: 

(a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive or negative and without reference to
any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable
result. 
 “Specified Entity” has the meaning specified in the Schedule. 

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as
principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the
Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation
or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature
(including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

“Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 

  

					
		  	22	  	Issuer Master

 “Terminated Transactions” means with respect to any Early Termination Date
(a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early
Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 

“Termination Currency” has the meaning specified in the Schedule. 
 “Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount
denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other
Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of
the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for
the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under
Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination
Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it
were to fund or of funding such amounts. 
 “Unpaid Amounts” owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii))
required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required
to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or
would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The
fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the
Termination Currency Equivalents of the fair market values reasonably determined by both parties. 

  

					
		  	23	  	Issuer Master

 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with
effect from the date specified on the first page of this document. 
  

											
	[                           
         ]	 		  	NISSAN AUTO RECEIVABLES 20[         ]-[     ] OWNER TRUST
					
	By:	 	 	 		  	By:	  	
[                         
           ],
 not in its individual capacity but solely as Owner
Trustee

	Name:	 	 	 		  		  
	Title:	 	 	 		  		  
	Date:	 	 	 		  		  		  	
		 		 		  		  	By:	  	 
		 		 		  		  	Name:	  	 
		 		 		  		  	Title:	  	 
		 		 		  		  	Date:	  	 

  

  

					
		  	24	  	Issuer Master

 ISDA 
 International Swap Dealers Association, Inc. 
 SCHEDULE 

to the 
 Master
Agreement 
 dated as of
[                    ] 

between 

[                    ] 

(“Party A”) 
 and 
 NISSAN AUTO RECEIVABLES
20[        ]-[    ] OWNER TRUST 
 (“Party B”)

 15. Termination Provisions. 
  

	(a)	The following shall apply: 

  

	 	(i)	Termination by Party A—Events of Default. Notwithstanding the provisions of Section 5(a), the only events which will constitute Events of Default when
they occur in relation to Party B will be those events specified in Sections 5(a)(i) (Failure To Pay Or Deliver) and Section 5(a)(vii) (Bankruptcy); provided that with respect to Party B the provisions of Section 5(a)(vii) clauses
(2), (7) and (9) will not be applicable as an Event of Default; clause (3) will not apply to Party B to the extent it refers to any assignment, arrangement or composition that is effected by or pursuant to the Indenture; clause
(4) will not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates; clause(6) will not apply to Party B to the extent that it refers to (i) any appointment
that is contemplated or effected by the Indenture (as defined herein) or (ii) any appointment that Party B has not become subject to); clause (8) will not apply to Party B to the extent that it applies to Section 5(a)(vii)(2), (4),
(6), and (7) (except to the extent that such provisions are not disapplied with respect to Party B). 

Accordingly, Section 5(a)(ii) (Breach Of Agreement), Section 5(a)(iii) (Credit Support Default), Section 5(a)(iv)
(Misrepresentation), Section 5(a)(v) (Default Under Specified Transaction), Section 5(a)(vi) (Cross Default), and the provisions of Section 5(a)(viii) (Merger Without Assumption) will not apply to Party B as the Defaulting Party.

 Notwithstanding the foregoing, the Credit Support Default provisions of Section 5(a)(iii)(1) will apply to Party B solely
in respect of Party B’s obligations under paragraph 3(b) of the Credit Support Annex. 

  

					
		  		  	

	 	(ii)	Termination by Party A—Termination Events. Notwithstanding the provisions of Section 5(b), and save as otherwise provided herein, the only events which
will constitute Termination Events when they occur in relation to Party A: (x) as the Affected Party, shall be Section 5(b)(i) (Illegality), (y) as Burdened Party, shall be Section 5(b)(iii) (Tax Event Upon Merger);
provided that Party A shall not be entitled to designate an Early Termination Date by reason of a Tax Event Upon Merger in respect of which it is the Affected Party, (z) as the Non-affected Party, shall be Section 5(b)(v)
(Additional Termination Event). Accordingly, Section 5(b)(iv) (Credit Event Upon Merger) will not be a Termination Event with respect to Party B as the Affected Party and Party A may not designate an Early Termination Date related to
Section 5(b)(ii) (Tax Event). 

  

	 	(iii)	Termination by Party B—Events of Default and Termination Events. Save as otherwise provided herein, the provisions of Section 5 will apply with respect
to Party A without amendment. For purposes of Section 5(a)(vi) (Cross Default), the Threshold Amount applicable to Party A shall be 3% of Shareholders equity (excluding deposits). 

 

	(b)	Specified Entity. None specified in relation to either Party A or Party B. 

 

	(c)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

 

	(d)	The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not apply to Party A and will not apply to Party B.

  

	(e)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: 

Market Quotation will apply and the Second Method will apply; provided, however, with respect to an early termination in
which Party A is the Defaulting Party or sole Affected Party in respect of an Additional Termination Event or Tax Event Upon Merger, notwithstanding Section 6 of this Agreement, the following amendment to this Agreement set forth in paragraphs
(i) to (v) below shall apply: 
  

	 	(i)	The definition of “Market Quotation” shall be deleted in its entirety and replaced with the following: 

“ “Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer which is (1) made
by a Reference Market-maker that is an Eligible Replacement with Rated Debt, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration of an agreement
between Party B and such Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the
underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transactions or group of Terminated Transactions that
would, but for the occurrence of the relevant Early Termination Date, have been required after that Date, (3) made on the basis that Unpaid Amounts in 

  

					
		  	2	  	

 
respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have
been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included and (4) made in respect of a Replacement Transaction with commercial terms substantially the same as those of this
Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions).” 
  

	 	(ii)	The definition of “Settlement Amount” shall be deleted in its entirety and replaced with the following: 

“ “Settlement Amount” means, with respect to any Early Termination Date, an amount (as determined by Party B) equal
to: 
 (a) if, on or prior to such Early Termination Date, a Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by Party B so as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; 

(b) if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is
accepted by Party B so as to become legally binding and one or more Market Quotations have been communicated to Party B and remain capably of becoming legally binding upon acceptance by Party B, the Termination Currency Equivalent of the amount
(whether positive or negative) of the lowest of such Market Quotation; 
 (c) if, on such Early Termination Date, no Market
Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding and no Market Quotations have been communicated to Party B and remain capable of becoming legally binding
upon acceptance by Party B, Party B’s Loss (whether positive or negative and without reference to Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions; and 

(d) At any time on or before such Early Termination Date at which two or more Market Quotations have been communicated to Party B and
remain capable of becoming legally binding upon acceptance by Party B, Party B shall be entitled to accept only the lowest of such Market Quotations (for the avoidance of doubt, (i) a Market Quotation expressed as a negative number is lower
than a Market Quotation expressed as a positive number and (ii) the lower of two Market Quotations expressed as negative numbers is the one with the largest absolute value).” 

 

	 	(iii)	For the purpose of sub-paragraph (4) of the definition of Market Quotation, Party B shall determine in its sole discretion, acting in a commercially reasonable
manner, whether a Firm Offer is made in respect of a Replacement Transaction with commercial terms substantially the same as those of this Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated
Transactions). 

  

					
		  	3	  	

	 	(iv)	If Party B requests Party A in writing to obtain Market Quotations, Party A shall use its reasonable efforts to do so before the Early Termination Date.

  

	 	(v)	If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following:

 “Second Method and Market Quotation. If Second Method and Market Quotation apply,
(1) Party B shall pay to Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to
Party A and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B, provided that, (i) the amounts payable under sub-paragraphs (2) and (3), above, shall be subject to netting in
accordance with Section 2(c) of this Agreement, and (ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under sub-paragraph (3), above, shall not be netted-off against any amount payable by Party B
under sub-paragraph (1), above.” 
  

	(f)	“Termination Currency” means U.S. Dollars. 

  

	(g)	Additional Termination Event will apply. Each of the following events shall constitute an Additional Termination Event hereunder: 

 

	 	(i)	Liquidation of Collateral. The following shall constitute an Additional Termination Event in which Party B shall be the sole Affected Party: Any commencement of
a liquidation of the Collateral (as defined in the Indenture) occurs following an Event of Default under the Indenture. 

  

	 	(ii)	Regulation AB Financial Disclosure. The following shall constitute an Additional Termination Event in which Party A shall be the sole Affected Party: The failure
of Party A to materially comply with or materially perform any agreement or undertaking to be complied with or performed by Party A under Part 5(t) of this Schedule. 

 

	 	(iii)	S&P or Fitch Downgrade of Party A. The failure by Party A to post Eligible Collateral in accordance with the terms of the Credit Support Annex or to obtain
an Eligible Guarantee in accordance with Part 5(q) of this Schedule or to transfer its rights and obligations hereunder to an Eligible Replacement in accordance with Part 5(q) of this Schedule shall constitute an Additional Termination Event for
which Party A shall be the sole Affected Party. 

  

	 	(iv)	 Moody’s First Rating Trigger Collateral. The following shall constitute an Additional Termination Event in which Party A is the sole
Affected Party: Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex from time to

  

					
		  	4	  	

	 	
time entered into between Party A and Party B in relation to this Agreement and either (x) the Moody’s Second Rating Trigger Requirements do not apply or (y) less than 30 Local
Business Days have elapsed since the last time the Moody’s Second Rating Trigger Requirements did not apply. 

  

	 	(v)	Moody’s Second Rating Trigger Replacement. The following shall constitute an Additional Termination Event in which Party A is the sole Affected Party:
(x) The Moody’s Second Rating Trigger Requirements apply and 30 or more Local Business Days have elapsed since the last time the Moody’s Second Rating Trigger Requirements did not apply and (y) (A) at least one Eligible
Replacement has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with Part 5(e) of this Schedule, below, and/or (B) at least one entity with the
Moody’s First Trigger Required Ratings has made a Firm Offer (which remains capable of becoming legally binding upon acceptance by the offeree) to provide an Eligible Guarantee in respect of all of Party A’s present and future obligations
under this Agreement. 

  

	 	(1)	The Moody’s First Rating Trigger Requirements shall apply so long as no Relevant Entity has the Moody’s First Trigger Required Ratings.

 An entity shall have the “Moody’s First Trigger Required Ratings” (x) where such
entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-1” and its long-term, unsecured and unsubordinated debt obligations are rated “A2” or above by Moody’s and (y) where such entity is not
the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated “A1” or above by Moody’s. 
  

	 	(2)	So long as the Moody’s First Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, (x) procure an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided by a guarantor with the Moody’s First Trigger Required Ratings, (y) transfer to
Party B the amount of Eligible Collateral required under the Credit Support Annex or (z) transfer this Agreement in accordance with Part 5(e) below. 

 

	 	(3)	The Moody’s Second Rating Trigger Requirements shall apply so long as no Relevant Entity has the Moody’s Second Trigger Required Ratings.

 An entity shall have the “Moody’s Second Trigger Required Ratings” (x) where such
entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” or above and its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by Moody’s and (y) where such
entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by Moody’s. 

  

					
		  	5	  	

	 	(4)	So long as the Moody’s Second Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, either (x) procure an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided by a guarantor with the Moody’s First Trigger Required Ratings and/or the
Moody’s Second Trigger Required Ratings or (y) transfer this Agreement in accordance with Part 5(e) of this Schedule, below, and in both the case of (x) and (y), transfer to Party B the amount of Eligible Collateral required under the
Credit Support Annex. 

 In the event of an Early Termination Date in respect of a S&P Ratings Downgrade, a
Fitch Required Ratings Downgrade, a Moody’s First Rating Trigger Replacement or a Moody’s Second Rating Trigger Replacement and the entering into by Party B of alternative swap arrangements, Party A shall pay all reasonable out-of-pocket
expenses, including legal fees and stamp taxes, relating to the entering into of such alternative swap arrangements. 
  

	16.	Tax Representations 

  

	(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the following representation and Party B will make the
following representation: 

 It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the
other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement
contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the
agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under
Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position. 
  

	(b)	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will make the representations in (i) and (ii) below.

  

	 	(i)	Party A represents that it is a national banking association organized under the laws of the United States. 

 

	 	(ii)	Party B represents that it is a Delaware statutory trust organized or formed under the laws of the State of Delaware. 

17. Agreement to Deliver Documents. 
 For
the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 

  

					
		  	6	  	

	(a)	Tax forms, documents or certificates to be delivered are: 

 Party A and Party B shall promptly deliver to the other party (or as directed) any form or document accurately completed and in a manner reasonably satisfactory to the other party that may be required or
reasonably requested in order to allow the other party to make a payment under a Transaction without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, promptly upon reasonable demand
by the other party. 
  

	(b)	Other documents to be delivered are: 

  

							
	 Party required to
 deliver document
	  	 Form/Document/
 Certificate
	  	 Date by which to be
 delivered
	  	 Covered by
 Section 3(d)
 Representation of this

Agreement

				
	 Party A and Party B
	  	Evidence of the authority of the signatories of this Agreement including specimen signatures of such signatories.	  	Upon execution of this Agreement.	  	Yes
				
	 Party A
	  	An opinion of counsel addressed to Party B in form and substance reasonably acceptable to Party B.	  	Upon execution of this Agreement.	  	No
				
	 Party B
	  	An opinion of Party B’s counsel addressed to Party A in form and substance reasonably acceptable to Party A.	  	Upon execution of this Agreement.	  	No
				
	 Party B
	  	A duly executed certificate of the secretary or assistant secretary of the Owner Trustee of Party B certifying the name and true signature of each person authorized to execute this
Agreement and enter into Transactions for Party B.	  	Upon execution of this Agreement.	  	Yes
				
	 Party B
	  	Copies of executed Indenture.	  	Upon execution of such Agreements	  	Yes
				
	 Party A
	  	Financial data relating to Party A, as required pursuant to Part 5(t) of this Schedule.	  	As required pursuant to Part 5(t) of this Schedule.	  	Yes

  

					
		  	7	  	

	18.	Miscellaneous. 

  

	(a)	Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 
 Address: [                    ] 

Attention:
[                    ] 
 Facsimile No.: [                    ] 

Telephone No.:
[                    ] 
 Electronic Messaging System Details: [                    ] 

Address for notices or communications to Party B: 
 Address: [                    ] 

Attention:
[                    ] 
 Facsimile No.: [                    ] 

Telephone No.:
[                    ] 

Electronic Messaging System Details:
[                    ] 

With a copy to: 
 [                    ] 

Attention:
[                    ] 
 Telephone: [                    ] 

Facsimile:
[                    ] 

With a copy to the Indenture Trustee at: 
 Address: [                    ] 

Facsimile No.:
[                    ] 
 Telephone No: [                    ] 

 

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 Party A appoints as its Process Agent:                     Not applicable 

Party B appoints as its Process Agent:
                    Not applicable 
  

	(c)	Notices. Section 12(a) of the Agreement is amended by adding the words in the third line thereof after the phrase “messaging system” and before
the “)” the words “; provided, however, any such notice or other communication may be given by facsimile transmission if telex is unavailable, no telex number is supplied by the party providing notice, or if answer back confirmation
is not received from the party to whom the telex is sent.” 

  

	(d)	Offices. The provisions of Section 10(a) of this Agreement will apply to this Agreement. 

  

					
		  	8	  	

	(e)	Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

Party A is not a Multibranch Party. 
 Party B is not a Multibranch Party. 
  

	(f)	Calculation Agent. The Calculation Agent is the Indenture Trustee, as provided in the Indenture, unless otherwise specified in a Confirmation in relation to the
relevant Transaction. 

  

	(g)	Credit Support Document. Details of any Credit Support Document: 

  

			
	With respect to Party A:	  	The Credit Support Annex and any Eligible Guarantee in support of Party A’s obligation under this Agreement
		
	With respect to Party B:	  	Not applicable.

  

	(h)	Credit Support Provider. Credit Support Provider means in relation to 

 

			
	Party A:	  	The guarantor under any Eligible Guarantee in support of Party A’s obligations under this Agreement
		
	Party B:	  	Not applicable.

  

	(i)	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to choice of laws
doctrine except Section 5-1401 and Section 5-1402 of the New York General Obligation Law). 

  

	(j)	Netting of Payments. The limitation set forth in Section 2(c)(ii) of this Agreement will apply and therefore the netting in Section 2(c) of this
Agreement will be limited to the same Transaction. 

  

	(k)	“Affiliate” will have the meaning specified in Section 14 of this Agreement except that, for the purposes of Section 3(c) of this Agreement,
neither party shall be deemed to have any Affiliates. 

  

	(l)	No Gross Up by Party B. 

  

	 	(i)	Section 2(d)(i)(4) is hereby deleted and replaced by the following: 

 “(4)(A) If Party A is the party so required to deduct or withhold, then Party A shall make such additional payment as is necessary to ensure that the net amount actually received by Party B
(free and clear of all Taxes, whether assessed against it or Party B) will equal the full amount Party B would have received had no such deduction or withholding been required; and 

(B) if Party B is the party so required to deduct or withhold, then Party B shall make the relevant payment subject to such deduction
or withholding and Party B will not be required to gross up. 
 For the avoidance of doubt, the fact that any payment is
made by Party B subject to the provisions of (B) above shall at no time affect the obligations of Party A under (A) above.” 

  

					
		  	9	  	

	 	(ii)	Indemnifiable Tax. Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of this Agreement, all Taxes in relation to payments by
Party A shall be Indemnifiable Taxes and in relation to payments by Party B, no Tax shall be an Indemnifiable Tax. 

  

	19.	Other Provisions. 

  

	(a)	ISDA Definitions 

The definitions and provisions contained in the 2006 ISDA Definitions (the “ISDA Definitions”) as published by the
International Swaps and Derivatives Association, Inc., are incorporated by reference into this Agreement. The Agreement and each Transaction will be governed by the ISDA Definitions as they may be officially amended and supplemented from time to
time by ISDA. 
 For the sake of clarity, unless otherwise specified in this Agreement, the following documents shall govern in
the order in which they are listed in the event of any inconsistency between any of the documents: 
  

	 	(i)	the Confirmation pertinent to the applicable Transaction; 

  

	 	(ii)	the Schedule; 

  

	 	(iii)	the ISDA Definitions; and 

  

	 	(iv)	the printed form of ISDA Master Agreement. 

  

	(b)	Relationship Between Parties 

 Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for the Transaction): 
  

	 	(i)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction
is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to
enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. It has not received
from the other party any assurance or guarantee as to the expected results of that Transaction. 

  

	 	(ii)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

  

					
		  	10	  	

	 	(iii)	Status of Parties. Each party is acting as principal and not as agent and the other party is not acting as a fiduciary for or as an advisor to it in respect of
that Transaction. 

  

	 	(iv)	Eligible Contract Participant. It is an “eligible contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7 U.S.C.
Section 1a(12). 

  

	 	(v)	FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. § 1823(e), the necessary action to authorize referred to in the
representation in Section 3(a)(ii) includes all authorizations required under the Federal Deposit Insurance Act as amended, including amendments effected by the Financial Institutions Reform, Recovery and Enforcement Act of 1989, and under any
agreement, writ, decree, or order entered into with such party’s supervisory authorities. At all times during the term of this Agreement, such party will continuously include and maintain as part of its official written books and records this
Agreement, this Schedule and all other exhibits, supplements, and attachments hereto and documents incorporated by reference herein, all Confirmations, and evidence of all necessary authorizations. 

 

	 	(vi)	ERISA. It continuously represents that it is not (i) an employee benefit plan (an “ERISA Plan”) as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, (ii) a person or entity acting on behalf of an ERISA Plan
or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.” It will provide notice to the other party in the event that it is aware that it is in breach of any aspect of this representation or is aware that with
the passing of time, giving of notice or expiry of any applicable grace period, it will breach this representation. 

  

	(c)	Waiver of Jury Trial. Each party hereby irrevocably waives any and all rights to trial by jury with respect to any legal proceeding arising out of or relating to
this Agreement or any Transaction contemplated hereby. 

  

	(d)	Severability. Any provision of this Agreement which 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 of the Agreement or affecting the validity or enforceability of such provision in any other jurisdiction unless such severance shall substantially impair
the benefits of the remaining portions of this Agreement or changes the reciprocal obligations of the parties. The parties hereto shall endeavor in good faith negotiations to replace the prohibited or unenforceable provision with a valid provision,
the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

  

					
		  	11	  	

	(e)	Transfers. Notwithstanding the provisions of Section 7: 

  

	 	(i)	No transfer by Party A of this Agreement or any interest or obligation in or of Party A under this Agreement shall be effective unless: 

 

	 	(1)	Party B consents to such transferee; 

  

	 	(2)	The Rating Agency Condition shall have been satisfied; 

  

	 	(3)	Party A shall have given Party B, the Servicer and the Indenture Trustee at least twenty days prior written notice of the proposed transfer; and

  

	 	(4)	such transfer otherwise complies with the terms of the Indenture and the other Transaction Agreements. 

 

	 	(ii)	Except to the extent contemplated by the Indenture, neither this Agreement nor any interest in or under this Agreement may be transferred by Party B to any other entity
save with Party A’s prior written consent (such consent not to be unreasonably withheld or delayed). 

  

	 	(iii)	Paragraphs (i) and (ii) above are subject to the following exceptions: 

 

	 	(1)	a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its
assets to, another entity (but without prejudice to any other right or remedy under this Agreement); 

  

	 	(2)	a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e).

  

	 	(iv)	If an Eligible Replacement has made a Firm Offer (which remains an offer that will become legally binding upon acceptance by Party B) to be the transferee pursuant to a
transfer in accordance with this Part 5(e), Party B shall, at Party A’s written request and at Party A’s expense, take any reasonable steps required to be taken by Party B to effect such transfer. 

 

	 	(v)	Upon the effectiveness of any transfer, each of Party A and Party B shall be released (in each case to the extent of the obligations so transferred) from its
obligations as a party to this Agreement without any further notification or other action; provided, however, Party B shall not be released unless and until the Return Amount (pursuant to the Credit Support Annex), if any, is transferred to Party A.

  

	(f)	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby consents to the Permitted Security Interest.

 “Permitted Security Interest” means the pledge and assignment by Party B of the Swap
Collateral to the Indenture Trustee pursuant to the Indenture, and the granting to the Indenture Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 

  

					
		  	12	  	

 “Swap Collateral” means all right, title and interest of Party B in this
Agreement, each Transaction hereunder, and all present and future amounts payable by Party A to Party B under or in connection with this Agreement or any Transaction governed by this Agreement, including, without limitation, any transfer or
termination of any such Transaction. 
 “Indenture Trustee” means
[            ], or any successor, acting as Indenture Trustee pursuant to the Indenture. 
  

	(g)	Absence of Certain Events. Section 3(b) of this Agreement is hereby amended by inserting the parenthetical “(with respect to Party A only)”
immediately after the phrase “No Event of Default or”. 

  

	(h)	Events of Default. Section 5(a)(i) of this Agreement is hereby amended by changing the word “third” to “first” in the phrase “if
such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party”. 

  

	(i)	Payment on Early Termination. If an Early Termination Date occurs in respect of which Party A is the Defaulting Party or the sole Affected Party with
respect to an Additional Termination Event, Party B will not be required to pay any amounts payable to Party A under Section 6(e) in respect of such Early Termination Date, and Party A will not be permitted to set-off in respect of such
amounts, until payment in full of all amounts outstanding under the Notes. 

  

	(j)	No Set-Off. Party A and Party B hereby waive any and all right of set-off with respect to any amounts due under this Agreement or any Transaction, except for
with respect to amounts due under Paragraph 8(a) of the Credit Support Annex, provided that nothing herein shall be construed to waive or otherwise limit the netting provisions contained in Sections 2(c) of this Agreement. 

 

	(k)	Indenture. Party B hereby acknowledges that Party A is a secured party under the Indenture with respect to this Agreement. The Indenture provides, and Party B
agrees, that the Indenture Trustee shall notify the Swap Counterparty of any proposed amendment or supplement to the Indenture. If such proposed amendment or supplement would materially and adversely affect any of the Swap Counterparty’s rights
or obligations under this Agreement, the Indenture Trustee shall obtain the consent of the Swap Counterparty prior to the adoption of such amendment or supplement; provided, that the Swap Counterparty’s consent to any such amendment or
supplement shall not be unreasonably withheld, and provided, further, that the Swap Counterparty’s consent will be deemed to have been given if the Swap Counterparty does not object in writing within 10 days of receipt of a written request for
such consent. 

  

	(l)	No Recourse. The liability of Party B to Party A hereunder is limited in recourse solely to the amounts payable to Party A from the Available Amounts, Advances
made on such Distribution Date and the amounts withdrawn from the Reserve Account in accordance with the priority of payments set forth in Section 8.04 of the Indenture. This section shall survive the termination of this Agreement.

  

					
		  	13	  	

	(m)	No Petition. Party A hereby covenants and agrees that prior to the date which is one year (or, if longer, the applicable preference period) and one day
after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) it shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) it shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. This section shall survive the termination of this Agreement. 

 As used
above, “Bankruptcy Remote Party” means any of Nissan Auto Receivables Corporation II and Party B. 
  

	(n)	Confirmations. Each party acknowledges and agrees that the Confirmations executed as of the date hereof and designated as Ref. Nos.
[                    ] and [                    ]
shall be the only Transactions governed by this Agreement (it being understood that, in the event either such Confirmation shall be amended (in any respect), such amendment shall not constitute (for purposes of this paragraph) a separate Transaction
or a separate Confirmation). Party A and Party B shall not enter into any additional Confirmations or Transactions hereunder. 

  

	(o)	Potential Events of Default. Section 2(a)(iii) of this Agreement is amended by the deletion of the words “or Potential Event of Default”.

  

	(p)	Limitation of Liability. Notwithstanding anything contained herein to the contrary, in executing this Agreement (including the Schedule, Credit Support Annex and
each Confirmation) on behalf of Party B, each of Wilmington Trust Company (the “Owner Trustee”) and the Indenture Trustee is acting solely in its capacity as owner trustee of Party B or indenture trustee, as applicable, and not in
its individual capacity, and in no event shall either the Owner Trustee or the Indenture Trustee, in their respective individual capacities, have any liability for the representations, warranties, covenants, agreements or other obligations of Party
B hereunder, for which recourse shall be had solely to the assets of Party B, except to the extent of the fraud, breach of trust or willful misconduct of the Owner Trustee or the Indenture Trustee, as applicable. 

 

	(q)	 S&P and Fitch Downgrade of Party A. In the event that (i) the Relevant Entity’s short-term unsecured and unsubordinated debt
rating is downgraded below “A-1” by S&P (or if its short-term rating is not available by S&P, in the event that its long-term unsecured and unsubordinated debt rating is downgraded below “A+” by S&P) (a
“S&P Ratings 

  

					
		  	14	  	

 
Downgrade”) or (ii) Fitch assigns to the Relevant Entity a rating lower than the Fitch Approved Ratings (a “Fitch Approved Ratings Downgrade”, and in the event
that either a Fitch Approved Ratings Downgrade or a S&P Ratings Downgrade applies, a “Party A Approved Ratings Downgrade”), Party A shall (A) promptly, but in no event later than two (2) Local
Business Days following the date of such Party A Approved Ratings Downgrade, give Party B, the Servicer and the Indenture Trustee written notice of the occurrence of such Party A Approved Ratings Downgrade (provided, however, that Party A’s
failure to give such notice shall not constitute an independent Event of Default), and (B) within10 Business Days after a S&P Ratings Downgrade or within 30 calendar days after a Fitch Approved Rating Downgrade, either
(i) transfer (at its own cost) Party A’s rights and obligations hereunder to an Eligible Replacement in accordance with and subject to the limitations of Part 5(e) of this Schedule, (ii) post Eligible Collateral in accordance with the
Credit Support Annex or (iii) obtain (at Party A’s expense) an Eligible Guarantee or other similar assurance in respect of Party A’s obligations under this Agreement that satisfies the Rating Agency Condition and (C) within 60
days of the date of the S&P Ratings Downgrade, in addition to posting collateral pursuant to the Credit Support Annex (i) transfer (at its own cost) Party A’s rights and obligations hereunder to an Eligible Replacement in accordance
with and subject to the limitations of Part 5(e) of this Schedule or (ii) obtain (at Party A’s expense) an Eligible Guarantee or other similar assurance in respect of Party A’s obligations under this Agreement that satisfies the
Rating Agency Condition. . 
 If Fitch (x) assigns to the Relevant Entity a rating lower than the Fitch Required Ratings or
(y) withdraws its ratings of the Relevant Entity (each such event, a “Fitch Required Ratings Downgrade”), then Party A shall: (A) within 2 Business Days of such Fitch Required Ratings Downgrade, give notice to Party B of
the occurrence of such downgrade or withdrawal (provided, however, that Party A’s failure to give such notice shall not constitute an independent Event of Default), (B) within 30 calendar days of such Fitch Required Ratings Downgrade
comply with the terms of the Credit Support Annex and (C) within 30 calendar days of such Fitch Required Ratings Downgrade, in addition to posting collateral pursuant to the Credit Support Annex (i) transfer (at its own cost) Party
A’s rights and obligations hereunder to an Eligible Replacement in accordance with and subject to the limitations of Part 5(e) of this Schedule or (ii) obtain (at Party A’s expense) an Eligible Guarantee or other similar assurance in
respect of Party A’s obligations under this Agreement that satisfies the Rating Agency Condition. 
 Once an Eligible
Replacement is in place, Party B shall return any such Eligible Collateral to Party A pursuant to the terms of the Credit Support Annex and to the extent such Eligible Collateral has not already been applied in accordance with this Agreement or the
Credit Support Annex. Party B shall have the right to terminate this Agreement if at any time Party A fails to comply with any of its obligations under this paragraph in full and in a timely manner. 

  

					
		  	16	  	

	(r)	Definitions. 

  

	 	(i)	Reference is made to that certain Indenture dated as of
[                    ] (the “Indenture”) among Party B, as the Issuer thereunder, and
[                    ], as Indenture Trustee. Capitalized terms used but not defined in this Agreement or this Schedule will have the meanings
ascribed to them in the Indenture. 

  

	 	(ii)	As used herein: 

 “Credit
Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party B dated as of [                    ]. 

“Depositor” means Nissan Auto Receivables Corporation II. 

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a guarantor that has Rated Debt
with respect to S&P and with the Moody’s First Trigger Required Ratings as principal debtor rather than surety and is directly enforceable by Party B, the form and substance of which guarantee are subject to the Rating Agency Condition,
where either (A) a law firm has given a legal opinion confirming that none of the guarantor’s payments to Party B under such guarantee will be subject to withholding for tax or (B) such guarantee provides that, in the event that any
of such guarantor’s payments to Party B are subject to withholding for tax, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any withholding
tax) will equal the full amount Party B would have received had no such withholding been required. 
 “Eligible
Replacement” means an entity (A)(i) with the Moody’s First Trigger Required Ratings and that has Rated Debt with respect to S&P and Fitch that is the subject of a legal opinion given by a law firm confirming that none of its
payments to Party B will be subject to withholding for tax or (ii) whose present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor that has Rated Debt with respect to S&P and
Fitch and with the Moody’s First Trigger Required Ratings and (B) could become a party to this Agreement (or party to an agreement in form and substance satisfactory to Party B, the Servicer and the Indenture Trustee) in accordance with
Part 5(e) of this Schedule and pursuant to documentation which would not be less favorable to Party B than this Agreement. 

“Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance. 

“Fitch” means Fitch Ratings or its successor. 
 “Fitch Approved Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least “A” and a short-term unsecured and unsubordinated debt rating from
Fitch of at least “F1”. 

  

					
		  	16	  	

 “Fitch Required Ratings” means a long-term unsecured and unsubordinated
debt rating from Fitch of at least “BBB-”. 
 “Free Writing Prospectus” means any free writing
prospectus prepared in connection with the public offering of the Notes. 
 “Moody’s” means Moody’s
Investors Service, Inc. or its successor. 
 “Moody’s Short-term Rating” means a rating assigned by
Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations. 
 “Notes” mean the asset-backed notes issued by Party B under the Indenture. 
 “Preliminary Prospectus Supplement” means any preliminary prospectus supplement prepared in connection with the public offering and sale of the Notes. 

“Prospectus Supplement” means any preliminary prospectus supplement prepared in connection with the public offering and
sale of the Notes. 
 “Qualified Counterparty” means a counterparty that (a) has Rated Debt and
(b) becomes a party to this Agreement (or party to an agreement in form and substance satisfactory to Party B, the Servicer and the Indenture Trustee) in accordance with Part 5(e) of this Schedule and pursuant to documentation which is not less
favorable to Party B than this Agreement. 
 “Rated Debt” means, with respect to a counterparty, (1) in the
case of S&P, (i) S&P assigns (x) a long-term debt rating equal to or higher than “A” to the counterparty, and (y) assigns a short-term debt rating equal to or higher than “A-1” to the counterparty (if the
counterparty has both long-term and short-term debt ratings), or (ii) S&P assigns a long-term debt rating equal to or higher than “A+” to the counterparty (if the counterparty only has a long-term debt rating), (2) in the
case of Moody’s (i) Moody’s assigns (x) a long-term debt rating equal to or higher than “A2” to the counterparty, and (y) a short-term debt rating equal to or higher than “Prime 1” to the counterparty (if
the counterparty has both long-term and short-term debt ratings), or (ii) Moody’s assigns a long-term debt rating equal to or higher than “A1” to the counterparty (if the counterparty only has a long-term debt rating) and
(3) in the case of Fitch, assigns a long-term unsecured and unsubordinated debt rating from Fitch of at least “A” and a short-term unsecured and unsubordinated debt rating from Fitch of at least “F1”. 

“Rating Agencies” means S&P, Moody’s and Fitch. 

  

					
		  	17	  	

 “Rating Agency Condition” means, with respect to any event or circumstance
and each Rating Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) in the case
of Moody’s only, that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance
notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw its rating assigned to the Notes. 

“Relevant Entities” means Party A and any guarantor under an Eligible Guarantee in respect of all of Party A’s
present and future obligations under this Agreement. 
 “S&P” means Standard & Poor’s, a
division of The McGraw-Hill Companies, Inc. or its successor. 
 “Servicer” means Nissan Motor Acceptance
Corporation or its successor. 
  

	(s)	Amendments. Section 9(b) of this Agreement is hereby amended by inserting the following at the end thereof: 

“it being a further condition to any such amendment or modification that the Rating Agency Condition shall have been satisfied.”

  

	(t)	Regulation AB Financial Disclosure. 

 Subject to the last two paragraphs of this Part 5 (t) of this Schedule, so long as Party B, the Depositor or any of such parties’ Affiliates (collectively, “Nissan”) shall
file reports in respect of the Notes with the Securities and Exchange Commission (the “SEC”) pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Party A
agrees to Deliver within ten (10) calendar days of receipt of a written request therefor by Party B or the Depositor, such information relating to Party A as may be necessary to enable Nissan to comply with any SEC disclosure requirements,
including without limitation information concerning Party A required by Items 1115 of Regulation AB and Forms 8-K, 10-D and 10-K. To the extent necessary to comply with Regulation AB, Party A shall obtain any necessary auditor’s consents
related to any financial statements of Party A required to be incorporated by reference into any report filed by Nissan with the SEC and promptly to forward to the Depositor any such auditor consents obtained. The information provided, or authorized
to be incorporated by reference, by Party A pursuant to this Part 5(t) is referred to as the “Additional Information.” 

  

					
		  	18	  	

 For the purpose of this Part 5(t): 

“Deliver” includes actual delivery or transmission of information in an EDGAR-compatible format or, in the case of any
financial information required to be delivered pursuant to Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K, making such financial information available in an EDGAR-compatible format for incorporation by reference to the extent
permitted by Regulation AB, together with actual delivery of all necessary auditor’s consents. 
 “EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval system. 
 “Regulation AB” means Subpart
229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the SEC in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or as may be provided by the SEC or its staff from time to time. 

If at any time during a period that reports are being filed with respect to Party B and the Notes in accordance with the Exchange Act and
the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage” of this Agreement for any class of the Notes is 10% or more, Party A shall within five (5) Local Business Days following
receipt of request therefor provide the Additional Information required under Item 1115(b)(1) of Regulation AB for Party A. If Party A is unable to provide such information, Party A shall within five (5) Local Business Days following
receipt of request therefor, at the sole expense of Party A, without any expense or liability to the Depositor or Party B, either (i) post Eligible Collateral, in form, substance and amount satisfactory to the Depositor, or (ii) cause a
Qualified Counterparty (which satisfies the Rating Agency Condition and any other requirements of this Agreement) to replace Party A as party to this Agreement that has agreed to Deliver any information, report, certification or accountants’
consent when and as required under this Part 5(t) hereof.  
 If at any time during a period that reports are being filed
with respect to Party B and the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage” of this Agreement for any class of the Notes is
20% or more, Party A shall within five (5) Local Business Days following receipt of request therefor provide the Additional Information required under Item 1115(b)(2) of Regulation AB for Party A. If Party A is unable to provide such
information, Party A shall within five (5) Local Business Days following receipt of request therefor, at the sole expense of Party A, without any expense or liability to the Depositor or Party B, cause a Qualified Counterparty (which satisfies
the Rating Agency Condition and any other requirements of this Agreement to replace Party A as party to this Agreement that has agreed to Deliver any information, report, certification or accountants’ consent when and as required under this
Part 5(t) hereof.  

  

					
		  	19	  	

 Party A represents and warrants that the statements appearing under the headings,
“Summary — Swap Counterparty” and “The Swap Counterparty”, in each of the Preliminary Prospectus Supplement dated
[                    ] related to the issuance by Party B of the Notes (the “Preliminary Prospectus Supplement”) and the Prospectus
Supplement dated [                    ] related to the issuance by Party B of the Notes (the “Prospectus Supplement”), except for
the final sentence in each of the Preliminary Prospectus Supplement and the Prospectus Supplement under the heading “The Swap Counterparty,” which reads, “based on a reasonable good faith estimate of the maximum probable
exposure, the Depositor has determined that the significance percentage of the Interest Rate Swap Agreement is less than 10%” (collectively, “Prospectus Information”) are true and correct in all material respects and do not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Party A expressly intends and agrees that any broker-dealer acting as an
underwriter, placement agent or initial purchaser of the Notes (each, an “Underwriter”) are intended third-party beneficiaries of (i) the foregoing representation of Party A and (ii) the indemnity provided in the
immediately succeeding paragraph. 
 Party A shall indemnify and hold harmless Nissan, each Underwriter, and each of
Nissan’s and the Underwriters’ respective directors, officers and any person controlling Nissan or any Underwriter within the meaning of the Securities Act of 1933, as amended (collectively, each, an “indemnified party”),
from and against any and all losses, claims, damages and liabilities (including reasonable legal fees and expenses) caused by any untrue statement or alleged untrue statement of a material fact contained in the Prospectus Information or in any
Additional Information or caused by any omission or alleged omission to state in the Prospectus Information or any Additional Information, as applicable, a material fact required to be stated therein or necessary to make the statements therein not
misleading. Promptly after the indemnified party under this Part 5(t) receives notice of the commencement of any such action, the indemnified party will, if a claim in respect thereof is to be made pursuant to this Part 5(t), promptly notify
Party A in writing of the commencement thereof. In case any such action is brought against the indemnified party, and it notifies Party A of the commencement thereof, Party A shall be entitled to appoint counsel of Party A’s choice at Party
A’s expense to represent the indemnified party in any action for which indemnification is sought (in which case Party A shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party
except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding Party A’s election to appoint counsel to represent the indemnified party in an action, the indemnified
party shall have the right to employ separate counsel (including local counsel), and Party A shall bear the reasonable fees, costs and expenses of such separate counsel if (i) such indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party and in the reasonable judgment of such counsel it is advisable for such indemnified party to employ separate
counsel, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party, (iii) Party A shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) Party A shall authorize the indemnified party to employ separate counsel at the expense of Party A. Party A
will not, without the prior written consent of the indemnified party, settle or 

  

					
		  	20	  	

 
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such
claim, action, suit or proceeding. No indemnified party will settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder without the consent of Party A, which consent shall not be unreasonably withheld. 
 [SIGNATURES
CONTINUE ON NEXT PAGE] 

  

					
		  	21	  	

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized officers as of the date
first above written. 
  

					
	NISSAN AUTO RECEIVABLES 20[        ]-[    ] OWNER TRUST
		
	By:	 	[                    ] , not in its individual capacity but
solely as Owner Trustee
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	[                    ]
		
	By: 	 	 
	Name:	 	 
	Title:	 	 

  

					
		  	22	  	

 ISDA® 
 International Swaps and Derivatives
Association, Inc. 
 1. CREDIT SUPPORT ANNEX 
 2. to the Schedule to the 
 ISDA MASTER AGREEMENT 

3. dated as of
[                    ] 

between 
 4.
[                    ] (“Party A”) 
 5. and 
 NISSAN AUTO RECEIVABLES
20[        ]-[    ] OWNER TRUST (“Party B”) 
 This Annex supplements,
forms part of, and is subject to, the ISDA Master Agreement referred to above (this “Agreement”), is part of its Schedule and is a Credit Support Document under this Agreement with respect to Party A. 

Accordingly, the parties agree as follows: 
 Paragraphs 1—12. Incorporation 
 Paragraphs 1 through 12 inclusive of the ISDA Credit Support
Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only) published in 1994 by the International Swaps and Derivatives Association, Inc. are incorporated herein by reference and made a part hereof: 

Paragraph 13. Elections and Variables 

Security Interest for “Obligations”. The term “Obligations” as used in this
Annex includes no additional obligations of Secured Party and, for purposes of the definition of Obligations in Paragraph 12, includes no additional obligations of Pledgor. 
 Credit Support Obligations. 
 “Delivery Amount” has
the meaning specified in Paragraph 3(a) as amended (I) by deleting the words “upon a demand made by the Secured Party on or promptly following a Valuation Date” and inserting in lieu thereof the words “not later than the close of
business on each Valuation Date” and (II) by deleting in its entirety the sentence beginning “Unless otherwise specified in Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all Posted Credit Support held by
the Secured Party.” and inserting in lieu thereof the following: 

  

					
		  		  	

 The “Delivery Amount” applicable to the Pledgor for any Valuation Date will
equal the greatest of the amount by which (a) the S&P Credit Support Amount for such Valuation Date exceeds (b) the S&P Value as of such Valuation Date of all Posted Credit Support held by the Secured Party, 

the amount by which (a) the Moody’s First Trigger Credit Support Amount for such Valuation Date exceeds (b) the Value (as
determined using the Moody’s Valuation Percentages) as of such Valuation Date of all Posted Credit Support held by the Secured Party, 
 the amount by which (a) the Moody’s Second Trigger Credit Support Amount for such Valuation Date exceeds (b) the Value (as determined using the Moody’s Valuation Percentages) as of
such Valuation Date of all Posted Credit Support held by the Secured Party, and 
 the amount by which (a) the Fitch Credit
Support Amount for such Valuation Date exceeds (b) the Value (determined using the Fitch Valuation Percentages) as of that Valuation Date of all Posted Credit Support held by the Secured Party. 

“Return Amount” has the meaning specified in Paragraph 3(b) as amended by deleting in its entirety the sentence beginning
“Unless otherwise specified in Paragraph 13” and ending “(ii) the Credit Support Amount.” and inserting in lieu thereof the following: 
 The “Return Amount” applicable to the Secured Party for any Valuation Date will equal the least of 
  

	 	(i)	the amount by which (a) the S&P Value as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the S&P Credit
Support Amount for such Valuation Date, 

 the amount by which (a) the Value (as determined using the
Moody’s Valuation Percentages) as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the Moody’s First Trigger Credit Support Amount for such Valuation Date, 

the amount by which (a) the Value (as determined using the Moody’s Valuation Percentages) as of such Valuation Date of all
Posted Credit Support held by the Secured Party exceeds (b) the Moody’s Second Trigger Credit Support Amount for such Valuation Date, and 
 the amount by which (a) the Value (determined using the Fitch Valuation Percentages) as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the Fitch Credit
Support Amount for such Valuation Date. 
 “Credit Support Amount” means the greater of the S&P Credit
Support Amount, the Fitch Credit Support Amount or the Moody’s Credit Support Amount, in each case as calculated on a daily basis by the Valuation Agent. The Credit Support Amount shall be calculated by reference to the provisions set forth in
this Annex which would result in Party A transferring the greatest amount of Eligible Credit Support to Party B or, if applicable, which would result in Party B returning the least amount of Posted Credit Support. In circumstances where more
than one of the Ratings Criteria or S&P Ratings Downgrade or Fitch Approved Ratings Downgrade or Fitch Required Ratings 

  

					
		  	2	  	

 
Downgrade apply, the Credit Support Amount shall be calculated by reference to the Ratings Criteria or S&P Ratings Downgrade, Fitch Approved Ratings Downgrade or Fitch Required Ratings
Downgrade which would result in Party A transferring the greatest amount of Eligible Credit Support or, if applicable, which would result in Party B returning the least amount of Posted Credit Support. 

Eligible Collateral. The following items will qualify as “Eligible Collateral”: 

VALUATION PERCENTAGE: 
  

											
	 	  	Moody’s 
First
Ratings
Trigger	  	Moody’s Second
Ratings 
Trigger**	  	S&P Ratings
Downgrade**	  	Fitch **
						
	 (A)
	  	Cash: US Dollars	  		  		  		  	
						
	 (B)
	  	 U.S. Treasury Securities:

negotiable debt obligations issued by the U.S. Treasury Department (“Treasuries”) having a remaining maturity of up to and not more than 1
year.
	  		  		  		  	
						
	 (C)
	  	Treasuries having a remaining maturity of greater than 1 year but not more than 10 years.	  		  		  		  	
						
	 (D)
	  	Treasuries having a remaining maturity of greater than 10 years.	  		  		  		  	
						
	 (E)
	  	Agency Securities: Debenture obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) (collectively, “Agency
Securities”) having a remaining maturity of not more than 1 year.	  		  		  		  	
						
	 (F)
	  	Agency Securities having a remaining maturity of greater than 1 year but not more than 5 years.	  		  		  		  	
						
	 (G)
	  	Agency Securities having a remaining maturity of greater than 5 years but not more than 10 years.	  		  		  		  	

  

					
		  	3	  	

			                  		                  		                  		                  		                  
						
	 (H)
	  	Agency Securities having a remaining maturity of greater than 10 years but not more than 20 years.	  		  		  		  	
						
	 (I)
	  	Agency Securities having a remaining maturity of greater than 20 years but not more than 30 years.	  		  		  		  	
						
	 (J)
	  	FHLMC Certificates. Mortgage participation certificates issued by FHLMC evidencing undivided interests or participations in pools of first lien conventional or FHA/VA residential
mortgages or deeds of trust, guaranteed by FHLMC, and having a remaining maturity of not more than 30 years.	  		  		  		  	
						
	 (K)
	  	FNMA Certificates. Mortgage-backed pass-through certificates issued by FNMA evidencing undivided interests in pools of first lien mortgages or deeds of trust on residential
properties, guaranteed by FNMA, having a remaining maturity of not more than 30 years.	  		  		  		  	
						
	 (L)
	  	GNMA Certificates. Mortgage-backed pass-through certificates issued by private entities, evidencing undivided interests in pools of first lien mortgages or deeds of trust on
single family residences, guaranteed by the Government National Mortgage Association (GNMA) with the full faith and credit of the United States, and having a remaining maturity of not more than 30 years.	  		  		  		  	
						
	 (M)
	  	Other. Other items of Credit Support approved in writing by each applicable rating agency with such valuation percentages as determined by each applicable rating
agency.	  		  		  		  	

  

					
		  	4	  	

	*	The Valuation Percentage shall equal the percentage specified under such Rating Agency’s name above. If Party A is rated by more than one Rating Agency specified
above, the Valuation Percentage shall equal the lowest of the applicable percentages specified above. 

	**	A parenthetical in the form of (a-b yr) means a security having a remaining maturity greater than or equal to a years and less than b years.

	+ 	 Subject to Rating Agency Condition with respect to S&P. 

There shall be no “Other Eligible Support” for Party A for purposes of this Annex. 

Thresholds. 
 “Independent Amount” means with respect to Party A: Not Applicable. 
 “Independent Amount” means with respect to Party B: Not Applicable. 
 “Threshold” means with respect to Party A: Infinity; provided that for (a) so long as the Moody’s First Ratings Trigger Requirements apply and either (i) the
Moody’s First Ratings Trigger Requirements have applied since this Annex was executed or (ii) at least 30 Local Business Days have elapsed since the last time the Moody’s First Ratings Trigger Requirements did not apply, the Threshold
shall be zero; (b) so long as (i) a S&P Ratings Downgrade has occurred and has been continuing for at least 10 Local Business Days or since this Credit Support Annex was executed the Threshold shall be zero; or (c) so long as
(i) a Fitch Approved Ratings Downgrade has occurred and has been continuing for at least 30 calendar days or since this Credit Support Annex was executed or (ii) a Fitch Required Ratings Downgrade has occurred and has been continuing, the
Threshold shall be zero. 
 “Threshold” means with respect to Party B: Not Applicable.

 “Minimum Transfer Amount” means with respect to Party A, $50,000. 

“Minimum Transfer Amount” means with respect to Party B, $50,000. 

Rounding. The Delivery Amount will be rounded up and the Return Amount will be rounded down to the nearest integral multiple of
$10,000.00, respectively. 

  

					
		  	5	  	

 Valuation and Timing. 
 “Valuation Agent” means Party A; provided, however, that if an Event of Default shall have occurred with respect to which Party A is the Defaulting Party, Party B shall
have the right to designate as Valuation Agent an independent party, reasonably acceptable to Party A, the cost for which shall be borne by Party A. All calculations by the Valuation Agent must be made in accordance with standard market
practice, including, in the event of a dispute as to the Value of any Eligible Credit Support or Posted Credit Support, by making reference to quotations received by the Valuation Agent from one or more pricing sources. 

“Valuation Date” means: each Local Business Day on which the Credit Support Amount would be greater than zero.

 “Valuation Time” means the close of business on the Local Business Day before the Valuation Date or date of
calculation, as applicable; 
 provided that the calculations of Value and Exposure will be made as of approximately the same
time on the same date. 
 “Notification Time” means 1:00 p.m., New York time, on a Local Business Day.

 Conditions Precedent. No event, other than the Additional Termination Event listed in Part 1.(g)(iii) of the Schedule (which
shall constitute a “Specified Condition” with respect to Party A), shall constitute a “Specified Condition”. 
 Substitution.

 “Substitution Date” means the Local Business Day in New York on which the Secured Party is able to confirm
irrevocable receipt of the Substitute Credit Support, provided that (x) such receipt is confirmed before 3:00 p.m. (New York time) on such Local Business Day in New York and (y) the Secured Party has received, before 1:00 p.m. (New York
time) on the immediately preceding Local Business Day in New York, the notice of substitution described in Paragraph 4(d)(i). 

Consent. The Pledgor is not required to obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d).

 Dispute Resolution. 
 “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which a notice is given that gives rise to a dispute under Paragraph 5. 

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows: for Cash,
the U.S. dollar value thereof (except as modified below), and for each item of Eligible Collateral (except for Cash), an amount in U.S. dollars equal to the product of (i) either (A) the bid price for such security quoted on such day by a
principal market-maker for such security selected in good faith by the Secured Party or (B) the most recent publicly available bid price for such security as reported by a quotation service or in a medium selected in good faith and in a
commercially reasonable manner by Secured Party, multiplied by (ii) the percentage figure listed in Paragraph 13(b)(iii) hereof with respect to such security. 
 Alternative. The provisions of Paragraph 5 will apply. 

  

					
		  	6	  	

 Holding and Using Posted Collateral. 

Eligibility to Hold Posted Collateral; Custodians. Secured Party will not be entitled to hold Posted Collateral itself, and instead
the Secured Party will be entitled to hold Posted Collateral through the Indenture Trustee (the “Custodian”) which Posted Collateral (i) shall not be commingled or used with any other asset held by the Indenture Trustee but shall be
held in a separate trust account for this purpose only and (ii) shall not be transferred to any other person or entity but Party A pursuant to the provisions herein except (x) in any case contemplated by Paragraph 8(a) of this Annex
with respect to Party A or (y) as directed by Party A; provided, however, that if the Custodian does not have a short-term debt rating of at least “A-1” by S&P, then, within 60 days, a third party custodian with a
short-term debt rating of at least “A-1” by S&P must hold such Posted Collateral. 
 Use of Posted
Collateral. The provisions of Paragraph 6(c) will not apply to Secured Party and without prejudice to Secured Party’s rights under Paragraph 8 of the Credit Support Annex, Secured Party will not take any action specified in such
Section 6(c). 
 Distributions and Interest Amount. 
 The “Interest Rate”, with respect to Eligible Collateral in the form of Cash, for any day, will be the lesser of (x) the rate opposite the caption “Federal funds
(effective)” for such day as published by the Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System and (y) the rate of interest actually received on
such Cash. 
 The “Transfer of Interest Amount” will be made within 3 Local Business Days after the last Local
Business Day of each calendar month in an amount not to exceed the interest actually received. 
 Alternative Interest
Amount. The provisions of Paragraph 6(d)(ii) will apply. 
 Additional Representations. None. 

Other Eligible Support and Other Posted Support. Not Applicable. 
 Demands and Notices. All demands, specifications and notices made by a party to this Annex will be made to the following: 

 

	 	Party A:	    As set forth in the Schedule. 

  

	 	Party B:	    As set forth in the Schedule. 

 Addresses for Transfers. 

            Party A:    Cash/Interest Payments: (USD Only):

                         
     Eligible Collateral (other than cash): 

            Party B:    Address: NISSAN AUTO RECEIVABLES
20[        ]-[    ] OWNER TRUST c/o [                    ]

  

					
		  	7	  	

 
             [                   
             ] 
 Attention:
[                        ] 
 Telephone: [                        ] 

Facsimile:
[                        ] 
 Other Provisions. 
 This Credit Support Annex is a Security Agreement
under the New York UCC. 
 Paragraph 1(b) of this Annex is amended by deleting it and restating it in full as follows:

 “(b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and
all references in this Annex to the “Pledgor” mean Party A; provided, however, that if Other Posted Support is held by Party B, all references herein to the Secured Party with respect to that Other Posted Support will be to Party B as the
beneficiary thereof and will not subject that support or Party B as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.” 

Paragraph 2 of this Annex is amended by deleting the first sentence thereof and restating that sentence in full as follows: 

“Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as security for the Pledgor’s Obligations, and grants
to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder.” 

Only Party A makes the representations contained in Paragraph 9 of this Annex. 

Paragraph 12 of this Annex is amended by deleting the definitions of “Pledgor” and “Secured Party” and replacing them
with the following:” 
 “ ‘Secured Party’ means Party B. 

‘Pledgor’ means Party A.” 
 Paragraph 12 is hereby amended by adding, in alphabetical order, the following: 

“ ‘Fitch’ means Fitch Ratings, or any successor to the rating business of such entity.” 

“ ‘Moody’s’ means Moody’s Investor Services, Inc., or any successor to the rating business of such
entity.” 
 “ ‘S&P’ means Standard and Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor to the rating business of such entity.” 
 Notwithstanding anything to the contrary in
Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs and for maintenance involved in any Transfer of Eligible Collateral. 

The provisions of Paragraph 7(iii) shall not apply to Party B. 

  

					
		  	8	  	

 S&P Criteria. 
 “S&P Credit Support Amount” means, if the Threshold is zero for any Valuation Date, (a) if a S&P Ratings Downgrade has occurred and has continued for 10 Local Business Days,
an amount equal to 125% of the Secured Party’s Exposure or (b) if the Threshold is Infinity, zero. 
 “S&P
Ratings Downgrade” means, with respect to a Relevant Entity, its short-term unsecured and unsubordinated debt rating is downgraded below “A-1” by S&P (or if its short-term rating is not available by S&P, its long-term
unsecured and unsubordinated debt rating is downgraded below “A+” by S&P). 
 “S&P Value”
means, on any date and with respect to any Eligible Collateral, the product of (A) the bid price (or face value with respect to Cash) obtained by the Valuation Agent for such Eligible Collateral and (B)(i) if the S&P Ratings Downgrade has
occurred and been continuing for at least 10 Local Business Days or since this Annex was executed, the S&P Ratings Downgrade Valuation Percentage for such Eligible Collateral set forth in Paragraph 13(b)(iii). For purposes here, for Cash:
the amount thereof: multiplied, in the case of the S&P Value, by the S&P Ratings Downgrade Valuation Percentage set forth in paragraph 13(b)(iii) above. 
 Fitch Criteria. 
 “Fitch Approved Ratings” means
Fitch assigns to the Relevant Entity a rating lower than the a long-term unsecured and unsubordinated debt rating from Fitch of at least “A” and a short-term unsecured and unsubordinated debt rating from Fitch of at least “F1”.

 “Fitch Approved Ratings Downgrade” mean Fitch assigns to the Relevant Entity a rating lower than the Fitch
Approved Ratings. 
 “Fitch Credit Support Amount” means, with respect to a Fitch Approved Ratings Downgrade
relating to an action taken by Fitch that has been continuing for at least thirty (30) days, an amount in USD equal to the sum of (a) Party B’s Exposure and (b) the Fitch Volatility Cushion. Fitch Volatility Cushion, as
determined by the Valuation Agent for any date, means the Notional Amount of the Transaction on such date multiplied by the percentage for such date as set out in the table below on such date. 

“Fitch Required Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least
“BBB-”. 
 “Fitch Required Ratings Downgrade” means Fitch (x) assigns to the Relevant Entity a
rating lower than the Fitch Required Ratings or (y) withdraws its ratings of the Relevant Entity (each such event. 

Fitch Volatility Cushion: 
  

																					
	 Fitch Note Rating
	  	Remaining Weighted Average Maturity
(years)
	  	1	  	2	  	3	  	4	  	5	  	6	  	7	  	8	  	9	  	10
	 At least “AA-”
	  		  		  		  		  		  		  		  		  		  	
	 “A+/A”
	  		  		  		  		  		  		  		  		  		  	
	 “A-/BBB+” or lower
	  		  		  		  		  		  		  		  		  		  	

  

					
		  	9	  	

 Moody’s Criteria. 

“Moody’s First Trigger Event” means that no Relevant Entity has credit ratings from Moody’s at least equal to
the Moody’s First Trigger Ratings Threshold. 
 “Moody’s First Trigger Ratings Threshold” means, with
respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or
counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt
rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”. 
 “Moody’s Second Trigger Event” means that no Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold. 

“Moody’s Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor under an Eligible Guarantee
or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated
debt rating or counterparty rating from Moody’s of “A3”. 
 Moody’s Credit Support Amount.* With
respect to a Moody’s First Trigger Event or a Moody’s Second Trigger Event relating to an action taken by Moody’s, the “Credit Support Amount” shall mean with respect to a Pledgor on a Valuation Date the sum of: 

With respect to a Moody’s First Trigger Event: 
 the greater of the Secured Party’s Exposure and $0, plus 
 Notional Amount
times the relevant percentage set out in Table B below. 
 With respect to a Moody’s Second Trigger Event: 

the greater of the Secured Party’s Exposure, $0 or the amount owed by Party A on the next Payment Date (as such term is defined in
the Confirmation for each outstanding Transaction under this Agreement), plus 
 Notional Amount times the relevant percentage
set out in Table B below. 
 * To the extent that more than one of the Moody’s Credit Support Amount, the Fitch Credit
Support Amount and the S&P Credit Support Amount apply, the greater of the three amounts shall be the Credit Support Amount. 

  

					
		  	10	  	

 TABLE B 
  

					
	 Weighted Average

Life of Hedge in
 Years
	 	 Moody’s First Trigger

Event has Occurred
	 	 Moody’s Second Trigger Event

has Occurred

  

					
		  	11	  	

 Accepted and agreed: 

 

			
	
[                  
                                         
             ]
  
 By:
                                         
                                 

Name:
                                         
                             

Title:
                                         
                               

Date:
                                         
                               
	  	 NISSAN AUTO RECEIVABLES 20[        ]-[    ] OWNER TRUST

 

By:   [               
                 ], not in its individual capacity but solely as Owner Trustee
  

        By:
                                         
                       

        Name:
                                         
                   

        Title:
                                         
                     

        Date:
                                         
                     

  

  

					
		  	12	  	

 SWAP TRANSACTION CONFIRMATION 

 

			
		
	 Date:
	  	[                            
]
		
	 To:
	  	 Nissan Motor Acceptance Corporation
                                         
(“Party B”)
 One Nissan Way

Franklin, TN 37067
 Attention:
[                            ]
 Telephone: [                            ]

Facsimile:
[                            ]

		
	 From:
	  	
[                         
   ]
                                         
                               (“Party A”)

Attention:
[                            ]
 Telephone: [                            ]

Facsimile:
[                            ]

		
	 Ref. No.
	  	[                            
]

 Dear Sir or Madam: 
 The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

6. The definitions and provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the
International Swaps and Derivatives Association, Inc, and (ii) the Indenture dated as of [                        ] (the
“Indenture”) between Party B and [                            ], as indenture trustee, relating to
the issuance by Party B of certain debt obligations, are incorporated into this Confirmation. In the event of any inconsistency between the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Indenture. 

7. The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 Transaction Type:
	  	Interest Rate Swap
		
	 Currency for Payments:
	  	U.S. Dollars
		
	 Notional Amount:
	  	For the Initial Calculation Period, the Notional Amount shall be equal to USD
[                            ]. For each subsequent Calculation Period, the Notional Amount shall be equal to
the aggregate Note Balance of the Class A-[ ] Notes on the first day of such Calculation Period. With respect to any Payment Date, the aggregate Note Balance of the Class A-[     ] Notes will be determined using the
Servicer’s Certificate issued on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the Note Balance of the Class A-[ ] Notes reflected in such Servicer’s Certificate).

 Retail 20[    ]-[    ] NMAC Back to Back Confirmation

  

					
		  		  	

			
		
	 Initial Calculation Period:
	  	[                        ] to but excluding
[                        ].
		
	 Term:
  

Trade Date:
  

Effective Date:
  

Termination Date:
	  	  

[                        
]
  

[                        
]
  
 The earlier of (i)
[                        ] and (ii) the date on which the note balance of the Class A-[     ] Notes is
reduced to zero.

		
	 Business Day Convention:
	  	Following
		
	 Business Day:
	  	New York, Delaware, Tennessee and Texas
		
	 Fixed Amounts:

 
 Fixed Rate Payer:

 
 Calculation Period End Dates:

 
 Payment Dates:
	  	  
 Party A

 
 Monthly on the 15th of each month, commencing
[                        ], through and including the Termination Date; No Adjustment.

Monthly on the
15th of each month, commencing
[                        ], through and including the Termination Date, subject to adjustment in accordance with the Business Day
Convention.

		
	 Fixed Rate:
	  	[                        ]%
		
	 Fixed Rate Day Count Basis:
	  	30/360
		
	 Floating Amounts:
	  	
		
	 Floating Rate Payer:
  

Calculation Period End Dates:
  

Payment Dates:
	  	 Party B
  
 Monthly on the 15th of each month, commencing [                        ], through and including the
Termination Date, subject to adjustment in accordance with the Business Day Convention.
 Monthly on the 15th of each month, commencing
[                        ], through and including the Termination Date, subject to adjustment in accordance with the Business Day
Convention.

  

					
		  	2	  	

			
		
	 Floating Rate Option:
  

Designated Maturity:
  

Spread:
  

Initial LIBOR Setting:
  

Floating Rate Day Count Fraction:
  

Reset Dates:
  

Compounding:
	  	 USD-LIBOR-BBA
  

1 Month
  
 [                            ]

 
 1 Month USD-LIBOR-BBA

 
 Actual/360

 
 The first day of each Calculation Period.

 
 Inapplicable

 8. The additional provisions of this Confirmation are as follows: 

 

			
		
	 Calculation Agent:
  

Payments to Party A:
	  	 As set forth in the Agreement.
  

[                         
           ]
 [ABA#
                            ]
 [A/C:
                                ]

		
	Payments to Party B:	  	
[                         
           ]
 [ABA:
                                ]
 [A/C:
                                    ]

 9. Documentation 
 This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated as of February 17, 2004 (including the Schedule thereto) as amended and supplemented from time to
time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. Unless otherwise provided in the Agreement, this Confirmation is governed by the laws of the
State of New York. 

  

					
		  	3	  	

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us. 
 Very truly yours, 
 [                                 
           ] 
  

			
		
	By:	 	 
	 Name:
 Title:
	 	

  

			
		
	By:	 	 
	 Name:
 Title:
	 	

 Accepted and confirmed as of the date first above written: 
 NISSAN MOTOR ACCEPTANCE CORPORATION 
  

			
		
	By:	 	 
	 Name:
 Title:
	 	

  

					
		  	4	  	

 SWAP TRANSACTION CONFIRMATION 

 

			
		
	 Date:
	  	[                            
]
		
	 To:
	  	 Nissan Motor Acceptance Corporation
                                         
(“Party B”)
 One Nissan Way

Franklin, TN 37067
 Attention:
[                            ]
 Telephone: [                            ]

Facsimile:
[                            ]

		
	 From:
	  	
[                         
   ]
                                         
                               (“Party A”)

Attention:
[                            ]
 Telephone: [                            ]

Facsimile:
[                            ]

		
	 Ref. No.
	  	[                            
]

 Dear Sir or Madam:  
 The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

10. The definitions and provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the
International Swaps and Derivatives Association, Inc, and (ii) the Indenture dated as of [                    ] (the “Indenture”)
between Party B and [                    ], as indenture trustee, relating to the issuance by Party B of certain debt obligations, are incorporated
into this Confirmation. In the event of any inconsistency between the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Indenture. 
 11. The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	 Transaction Type:
	  	Interest Rate Swap
		
	 Currency for Payments:
	  	U.S. Dollars
		
	 Notional Amount:
	  	As set forth Exhibit I, which is attached hereto and incorporated by reference into this Confirmation.
		
	 Initial Calculation Period:
	  	[                            ] to but
excluding [                            ].

 Retail 20[    ]-[    ] NMAC Balanced Differential Confirmation

  

					
		  		  	

			
		
	 Term:

Trade Date:
  

Effective Date:
  

Termination Date:
	  	  

[                         
   ]
  

[                         
   ]
  

[                         
   ]

		
	 Business Day Convention:
	  	Following
		
	 Business Day:
	  	New York, Delaware, Tennessee and Texas
		
	 Fixed Amounts:
 Fixed Rate Payer:
  
 Calculation Period End Dates:
	  	  
 Party B

 
 Monthly on the 15th of each month, commencing
[                            ], through and including the Termination Date; No
Adjustment.

		
	 Payment Dates:
	  	Monthly on the 15th of each month, commencing [                            ],
through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.
		
	 Fixed Rate:
	  	[                    ]%
		
	 Fixed Rate Day Count Basis:
	  	30/360
		
	Floating Amounts:	  	
		
	 Floating Rate Payer:
  

Calculation Period End Dates:
	  	 Party A
  
 Monthly on the 15th of each month, commencing [                        ], through and including the
Termination Date, subject to adjustment in accordance with the Business Day Convention.

		
	 Payment Dates:
	  	Monthly on the 15th of each month, commencing [                        ], through and including the
Termination Date, subject to adjustment in accordance with the Business Day Convention.
		
	 Floating Rate Option:
  

Designated Maturity:
  

Spread:
  

Initial LIBOR Setting:
  

Floating Rate Day Count Fraction:
  

Reset Dates:
  

Compounding:
  
	  	 USD-LIBOR-BBA
  

1 Month
  
 [                        ]

 
 1 Month USD-LIBOR-BBA

 
 Actual/360

 
 The first day of each Calculation Period.

 
 Inapplicable

  

					
		  	2	  	

 12. The additional provisions of this Confirmation are as follows: 

 

			
		
	 Calculation Agent:
  

Payments to Party A:
	  	 As set forth in the Agreement.
  

[                         
       ]
 [ABA#
                                ]
 [A/C:                                 
   ]

		
	 Payments to Party B:
	  	
[                         
                       ]

[ABA:
                            ]
 [A/C:
                                    ]

 13. Documentation 
 This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated as of February 17, 2004 (including the Schedule thereto) as amended and supplemented from time to
time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. Unless otherwise provided in the Agreement, this Confirmation is governed by the laws of the
State of New York. 

  

					
		  	3	  	

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us. 
 Very truly yours, 
 [                                 
       ] 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	By:	 	 
	Name:	 	
	Title:	 	

 Accepted and confirmed as of the date first above written: 

 

			
	NISSAN MOTOR ACCEPTANCE CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 4 

 EXHIBIT I 
  

					
	 For the Calculation
Periods
	  	 Notional Amounts

in USD

	 From and including:*
	  	 To and excluding:*
	  
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

	**	For Party A, all dates above (with the exception of the Effective Date) are subject to adjustment in accordance with the Following Business Day Convention

  
 5 

 SWAP TRANSACTION CONFIRMATION 

Class A-[        ] Notes 

 

			
	 Date:
	  	[                             
       ]
		
	 To:
	  	 Nissan Auto Receivables 20[         ]-[     ] Owner
Trust             (“Party B”)

[                         
       ]
 Attention: Nissan Auto Receivables 20[        ]-[
    ] Owner Trust
  
 With a copy to:
[                    ]
 Telephone:
[                    ]
 Facsimile:
[                    ]

		
	 From:
	  	
[                    ]     
                                         
                               (“Party A”)

Attention: [                    ]

Telephone: [                    ]

Facsimile: [                    ]

		
	 Ref. No.
	  	[                    ]

 Dear Sir or Madam: 
 The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

14. The definitions and provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the
International Swaps and Derivatives Association, Inc, and (ii) the Indenture dated as of [                    ] (the “Indenture”)
between Party B and [                    ], as indenture trustee, relating to the issuance by Party B of certain debt obligations, are incorporated
into this Confirmation. In the event of any inconsistency between the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Indenture. 
 15. The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	Transaction Type:	  	Interest Rate Swap
		
	Currency for Payments:	  	U.S. Dollars
		
	Notional Amount:	  	For the Initial Calculation Period, the Notional Amount shall be equal to USD
[                        ]. For each subsequent Calculation Period, the Notional Amount shall be

 Issuer Confirmation 

  

			
		
		  	 equal to the aggregate note balance of the Class A-[ ] Notes on the first day of such Calculation Period. With respect to any Payment
Date, the aggregate note balance of the Class A-[ ] Notes will be determined using the Servicer’s Certificate issued on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the note balance of the
Class A-[ ] Notes reflected in such Servicer’s Certificate).

		
	 Initial Calculation Period:
	  	[                        ] to but 
excluding [                        ].
		
	 Term:
 Trade Date:
 Effective Date:

Termination Date:
	  	
[                        
]

[                        
]
 The earlier of (i)
[                        ] and (ii) the date on which the note balance of the Class A-[     ] Notes is
reduced to zero.

		
	 Business Day Convention:
	  	Following
		
	 Business Day:
	  	New York, Delaware, Tennessee and Texas
		
	 Fixed Amounts:

Fixed Rate Payer:
 Calculation Period End Dates: Payment Dates:
	  	 Party B
 Monthly on the
15th of each month, commencing
[                        ], through and including the Termination Date; No Adjustment.

Monthly on the
15th of each month, commencing
[                        ], through and including the Termination Date, subject to adjustment in accordance with the Business Day
Convention.

		
	 Fixed Rate:
	  	[                        ] %
		
	 Fixed Rate Day Count
 Fraction:
	  	30/360

  
 2 

			
	 Floating Amounts:
	  	
		
	 Floating Rate Payer:
  

Calculation Period End Dates:
	  	 Party A
  
 Monthly on the 15th of each month, commencing [                    ], through and including the Termination Date, subject
to adjustment in accordance with the Business Day Convention.

		
	 Payment Dates:
	  	Monthly on the 15th of each month, commencing [                    ], through and including the Termination Date, subject
to adjustment in accordance with the Business Day Convention.
		
	 Floating Rate Option:
	  	USD-LIBOR-BBA
		
	 Designated Maturity:
	  	1 Month
		
	 Spread:
	  	[                    ]
		
	 Initial LIBOR Setting:
	  	1 Month USD-LIBOR-BBA
		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first day of each Calculation Period.
		
	 Compounding:
	  	Inapplicable

  

	16.	The additional provisions of this Confirmation are as follows: 

  

			
	 Calculation Agent:

 
 Payments to Party A:
	  	 As set forth in the Agreement.
  

[                    ]

[ABA#                     ]

[A/C:                     ]

		
	 Payments to Party B:
	  	 NISSAN AUTO RECEIVABLES 20[ ]-[ ] OWNER TRUST
 [                    ]
 [ABA #:                     ]
 [Acct:                     ]
 [Ref: NAROT 20[         ]-[     ] Collection Account – Class A-[    ] Notes]

Attn: [                    ]

Telephone: [                    ]

  

					
		  	3	  	

	17.	Documentation 

 This Confirmation
supplements, forms a part of, and is subject to, the ISDA Master Agreement, dated as of [                        ] (including the
Schedule thereto) as amended and supplemented from time to time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. Unless otherwise provided in the
Agreement, this Confirmation is governed by the laws of the State of New York. 
 The remainder of this page intentionally
left blank. 

  
 4 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing a 
 copy of this Confirmation and returning it to us. 

 

			
	Very truly yours,
	[                        ]
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

 Accepted and confirmed as of the date first above written: 

NISSAN AUTO RECEIVABLES 20[        ]-[     ] OWNER TRUST 

 

					
	
	
By:    [                    ], not
in its
           individual capacity but solely as owner trustee

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 5Deposit Agreement

 Exhibit 4.1 
 EXECUTION VERSION 
 DEPOSIT AGREEMENT 

among 

PENN VIRGINIA CORPORATION 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 
 as Depositary

 and 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED
HEREIN 
 Dated as of October 17, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINED TERMS	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	
	 FORM OF RECEIPTS, DEPOSIT OF SERIES A CONVERTIBLE PREFERRED STOCK, EXECUTION

AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	   

  

			
	 Section 2.1
	 	 Form and Transfer of Receipts
	  	 	3	  
	 Section 2.2
	 	 Deposit of Series A Convertible Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
	 Section 2.3
	 	 Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.4
	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Convertible Preferred
Stock
	  	 	5	  
	 Section 2.5
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
	 Section 2.6
	 	 Lost Receipts, etc.
	  	 	6	  
	 Section 2.7
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.8
	 	 Conversion of Depositary Shares
	  	 	7	  
	 Section 2.9
	 	 Receipts Issuable in Global Registered Form
	  	 	8	  
	
	ARTICLE III	  
	
	 CERTAIN OBLIGATIONS OF HOLDERS OF

RECEIPTS, THE CORPORATION AND THE DEPOSITARY
	   

  

			
	 Section 3.1
	 	 Filing Proofs, Articles of Amendments and Other Information
	  	 	9	  
	 Section 3.2
	 	 Payment of Taxes or Other Governmental Charges
	  	 	9	  
	 Section 3.3
	 	 Warranty as to Series A Convertible Preferred Stock
	  	 	9	  
	 Section 3.4
	 	 Warranty as to Receipts
	  	 	9	  
	 Section 3.5
	 	 Corporate Existence and Authority of the Depositary
	  	 	9	  
	
	ARTICLE IV	  
	
	THE DEPOSITED SECURITIES; NOTICES	  
			
	 Section 4.1
	 	 Cash Distributions
	  	 	10	  
	 Section 4.2
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	10	  
	 Section 4.3
	 	 Subscription Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.4
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	  
	 Section 4.5
	 	 Voting Rights
	  	 	12	  
	 Section 4.6
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	12	  
	 Section 4.7
	 	 Delivery of Reports
	  	 	13	  
	 Section 4.8
	 	 Lists of Receipt Holders
	  	 	13	  

  
 i 

							
	ARTICLE V	  
	
	 THE DEPOSITARY, THE DEPOSITARY’S

AGENTS, THE REGISTRAR AND THE CORPORATION
	   

  

			
	 Section 5.1
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	13	  
	 Section 5.2
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation
	  	 	14	  
	 Section 5.3
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	 	14	  
	 Section 5.4
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	16	  
	 Section 5.5
	 	 Corporate Notices and Reports
	  	 	16	  
	 Section 5.6
	 	 Indemnification
	  	 	17	  
	 Section 5.7
	 	 Charges and Expenses
	  	 	17	  
	 Section 5.8
	 	 Tax Compliance
	  	 	18	  
	
	ARTICLE VI	  
	
	AMENDMENT AND TERMINATION	  
			
	 Section 6.1
	 	 Amendment
	  	 	18	  
	 Section 6.2
	 	 Termination
	  	 	19	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
			
	 Section 7.1
	 	 Counterparts
	  	 	19	  
	 Section 7.2
	 	 Exclusive Benefit of Parties
	  	 	19	  
	 Section 7.3
	 	 Invalidity of Provisions
	  	 	19	  
	 Section 7.4
	 	 Notices
	  	 	19	  
	 Section 7.5
	 	 Depositary’s Agents
	  	 	21	  
	 Section 7.6
	 	 Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series A Convertible Preferred Stock
	  	 	21	  
	 Section 7.7
	 	 Governing Law
	  	 	21	  
	 Section 7.8
	 	 Inspection of Deposit Agreement
	  	 	21	  
	 Section 7.9
	 	 Headings
	  	 	21	  
	 Section 7.10
	 	 Confidentiality
	  	 	21	  
	 Section 7.11
	 	 Further Assurances
	  	 	21	  
	 Section 7.12
	 	 Holders of Receipts Are Parties
	  	 	22	  

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of October 17, 2012, among (i) PENN VIRGINIA CORPORATION, a Virginia corporation, and
(ii) AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, as Depositary (as hereinafter defined) and the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series A Convertible
Preferred Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series A Convertible Preferred
Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in
consideration of the promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINED TERMS 

 

	 	Section 1.1	Definitions. 

 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

“Articles of Amendment” shall mean the relevant Articles of Amendment filed with the Clerk of the State Corporation
Commission of the Commonwealth of Virginia establishing the Series A Convertible Preferred Stock as a series of preferred stock of the Corporation. 
 “Common Stock” means the common stock, par value $.01 per share, of the Corporation. 
 “Corporation” shall mean Penn Virginia Corporation, a Virginia corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time. 
 “Depositary” shall mean American Stock Transfer & Trust Company, LLC and any successor as Depositary hereunder. 

“Depositary Shares” shall mean the depositary shares, each representing 1/100th of a share of the Series A Convertible
Preferred Stock, evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the
Depositary pursuant to Section 7.5. 

 “Depositary’s Office” shall mean the principal office of the
Depositary in 6201 15th Avenue, Brooklyn, New York 11219, at which at any particular time its depositary receipt business shall be administered. 
 “DTC” shall mean the Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the
Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and
(B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued
or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to
this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended. 

“Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a
Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 
 “Officer’s Certificate” shall mean a certificate in substantially the form
set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Articles of Amendment describing the terms and conditions of the Series A Convertible Preferred Stock to be
issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series A Convertible Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Registrar” shall mean the Depositary
or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided, and if a successor Registrar shall be so appointed, references herein to “the
books” of or maintained by the 

  
 2 

 
Depository shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series A Convertible Preferred Stock” shall mean the shares of the Corporation’s 6.00% Convertible Preferred
Stock, Series A, $100.00 par value per share, with a liquidation preference of $10,000.00 per share, designated in the Articles of Amendment. 
 “Underwriting Agreement” shall mean the Underwriting Agreement dated as of October 12, 2012, among the Corporation, Credit Suisse Securities (USA) LLC, as representative of the
several underwriters named in Schedule I thereto, and Capital One Southcoast, Inc., in its capacity as a “qualified independent underwriter.” 
 ARTICLE II 
 FORM OF RECEIPTS, DEPOSIT OF SERIES A CONVERTIBLE PREFERRED
STOCK, EXECUTION 
 AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

 

	 	Section 2.1	Form and Transfer of Receipts. 

 The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter
provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation or any holder of Series A Convertible Preferred Stock, delivered in compliance with Section 2.2, shall execute and deliver
temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and
other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented
by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual or
facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile
signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall
record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any
number of whole Depositary Shares. 

  
 3 

 Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Series A Convertible Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions
to which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or
accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be
registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 The Corporation shall cause to be provided an opinion of counsel on the date hereof, which opinion shall state that: (1) the Depositary Shares have been registered under the Securities Act of 1933,
as amended; and (2) when the Series A Convertible Preferred Stock is issued and delivered against payment therefor as provided in the Underwriting Agreement, such Series A Convertible Preferred Stock will be duly and validly issued, fully paid
and non-assessable. 
  

	 	Section 2.2	Deposit of Series A Convertible Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series A
Convertible Preferred Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of Series A Convertible Preferred Stock to be deposited, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit
Agreement including an executed Officer’s Certificate and (ii) a written order of the Corporation directing the Depositary to execute and deliver to, upon the written request of, the person or persons stated in the Corporation’s order
a Receipt or Receipts for the number of Depositary Shares representing such deposited Series A Convertible Preferred Stock. 

The Series A Convertible Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such
other place or places as the Depositary shall determine. The Depositary shall not lend any Series A Convertible Preferred Stock deposited hereunder. 
 Upon receipt by the Depositary of a certificate or certificates for Series A Convertible Preferred Stock deposited in accordance with the provisions of this Section, together with the other documents
required as above specified, and upon recordation of the Series A Convertible Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver to, upon the written request of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or
Receipts for the number of Depositary Shares representing, in the aggregate, the Series A Convertible Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall

  
 4 

 
execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and
expense of the person requesting such delivery. 
  

	 	Section 2.3	Registration of Transfer of Receipts. 

 Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by
duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced
by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 
  

	 	Section 2.4	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Convertible Preferred Stock.

 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it
may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or
Receipts so surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series A Convertible Preferred Stock and all money and other property, if any, represented thereby by surrendering such
Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons
designated by such Holder as hereinafter provided, the number of whole shares of Series A Convertible Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such
whole shares of Series A Convertible Preferred Stock will not thereafter be entitled to deposit such Series A Convertible Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder
to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series A Convertible Preferred Stock, the Depositary shall at
the same time, in addition to such number of whole shares of Series A Convertible Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt
evidencing such excess number of Depositary Shares. 
 In no event will fractional shares of Series A Convertible Preferred
Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series A Convertible Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of
title and other instruments as the Depositary may deem appropriate in its reasonable judgment. 
 If the Series A Convertible
Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series A Convertible
Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary 

  
 5 

 
may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series A Convertible Preferred Stock be properly endorsed in blank or accompanied by a
properly executed instrument of transfer in blank. 
 Delivery of the Series A Convertible Preferred Stock and the money and
other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the
account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder. 
  

	 	Section 2.5	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 

As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any
Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to
it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and may also require compliance with such regulations, if any, as the Depositary or the Corporation may
establish consistent with the provisions of this Deposit Agreement and/or applicable law. 
 The deposit of the Series A
Convertible Preferred Stock may be refused, the delivery of Receipts against Series A Convertible Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of
outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents
or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

 

	 	Section 2.6	Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence reasonably
satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond
reasonably satisfactory to the Depositary and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary). Applicants for substitute receipts shall also comply with such other reasonable
regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York. 

  
 6 

	 	Section 2.7	Cancellation and Destruction of Surrendered Receipts. 

 All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and
directed to destroy all Receipts so cancelled. 
  

	 	Section 2.8	Conversion of Depositary Shares. 

 (a) The Depositary Shares held by any holder of a Receipt or Receipts may, at the option of such holder, be converted, in whole, or from time to time in part, into shares of Common Stock upon the same
terms and conditions as the Series A Convertible Preferred Stock, except that the number of shares of Common Stock received upon conversion of each Depositary Share will be equal to the number of shares of Common Stock received upon conversion of
one Series A Convertible Preferred Stock share divided by 100. Whenever a holder of a Receipt or Receipts shall elect to convert the Depositary Shares represented by such Receipt or Receipts into shares of Common Stock pursuant to the terms of the
Series A Convertible Preferred Stock, such holder shall deliver to the Depositary or the Depositary’s Agent the Receipt or Receipts evidencing the Depositary Shares to be converted, together with a written notice of conversion and an assignment
of the Receipt or Receipts to the Corporation or in blank, in form reasonably acceptable to the Depositary. In addition, if such holder surrenders such Depositary Shares for conversion during the period from the close of business on any record date
fixed pursuant to Section 4.4 for the payment of dividends until the opening of business of the dividend payment date corresponding to such record date (the “Dividend Payment Date”), such Receipt or Receipts shall be
accompanied by a payment in cash, Common Stock or a combination thereof (depending on the method of payment that the Corporation has chosen to pay the dividend) in an amount equal to the dividend payable on the Dividend Payment Date. Each conversion
of Depositary Shares shall be deemed to have been effected immediately before the close of business on the date on which the requirements specified above shall have been satisfied (the “Conversion Date”). 

(b) If a holder of a Receipt elects to convert less than all of the Depositary Shares evidenced by a Receipt, the Depositary will deliver
to the holder of the Receipt upon its surrender to the Depositary a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not converted, together with a certificate for the shares of Common Stock issued upon conversion.
The foregoing shall further be subject to the terms and conditions of the Series A Convertible Preferred Stock, as set forth in the Articles of Incorporation and the Articles of Amendment. 

(c) No fractional shares of Common Stock shall be issued upon conversion of Depositary Shares. If such conversion would otherwise result
in a fractional share of Common Stock being issued, the number of shares of Common Stock to be issued upon conversion shall be rounded up to the nearest whole share. 
 (d) From and after the Conversion Date, the Depositary Shares being converted shall be deemed no longer to be outstanding, all dividends in respect of the Series A Convertible Preferred Stock converted
shall cease to accrue, all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate, except the right to receive shares of Common Stock into which the Depositary Shares
have been converted and the right to receive any money or other property to which the holders of such Receipts were entitled upon conversion (including all amounts, if any, paid by the Corporation in respect of dividends which, on the Conversion
Date, have accrued on the Series A Convertible Preferred Stock to be converted and have not theretofore been paid). 

  
 7 

	 	Section 2.9	Receipts Issuable in Global Registered Form. 

 If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts, then the
Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such series, which (i) shall represent, and shall be denominated in an
amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered
Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt
Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or
approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the holder of such
Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make
book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and
(2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified
herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with
respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global
Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in
exchange for such Global Registered Receipt. 
 Definitive registered Receipts issued in exchange for a Global Registered
Receipt pursuant to this Section shall be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the
Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with
the terms of any Letter of Representations. 

  
 8 

 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS OF 
 RECEIPTS, THE CORPORATION AND THE
DEPOSITARY 
  

	 	Section 3.1	Filing Proofs, Articles of Amendments and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to
execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of
transfer, of any Receipt or the withdrawal of the Series A Convertible Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the
proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 
  

	 	Section 3.2	Payment of Taxes or Other Governmental Charges. 

 Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of
Series A Convertible Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other
distributions may be withheld or any part of or all the Series A Convertible Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof
(after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of
such Receipt remaining liable for any deficiency. 
  

	 	Section 3.3	Warranty as to Series A Convertible Preferred Stock. 

 The Corporation hereby represents and warrants that the Series A Convertible Preferred Stock, when issued and delivered against payment therefor in accordance with the Underwriting Agreement and the
Articles of Amendment, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Series A Convertible Preferred Stock and the issuance of the related Receipts.

  

	 	Section 3.4	Warranty as to Receipts. 

 The Corporation hereby represents and warrants that the Receipts, when issued against payment therefor in accordance with the Underwriting Agreement and this Deposit Agreement, will be entitled to the
rights hereunder, and the benefits of this Deposit Agreement and will represent legal and valid interests in the Series A Convertible Preferred Stock. Such representation and warranty shall survive the deposit of the Series A Convertible Preferred
Stock and the issuance of the Receipts. 
  

	 	Section 3.5	Corporate Existence and Authority of the Depositary. 

 The Depositary hereby represents and warrants that it (i) has been duly incorporated and is validly existing as a limited liability trust company in good standing under the laws of the jurisdiction
of its 

  
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formation; (ii) has full corporate power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary to enable it to own,
lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iii) has been duly qualified as a foreign entity for the transaction of business and is in good standing under the laws of each other
jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and
(iv) is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $150,000,000. The Depositary hereby agrees to promptly inform the
Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in all material respects. 
 This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against the Depositary in
accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with all applicable laws, rules
and regulations. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1	Cash Distributions. 

 Whenever the Depositary shall receive any cash dividend or other cash distribution on the Series A Convertible Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record
Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by
such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series A Convertible Preferred Stock
an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be
treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed
Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of
any of the distributions to be made hereunder. 
  

	 	Section 4.2	Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series A Convertible
Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the

  
 10 

 
reasonable opinion of the Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including
any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary reasonably deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the prior written
approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in
a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities to the Depositary and the Depositary shall not make any distribution of such securities to the Holders of Receipts
unless the Corporation shall have provided an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered in connection with such distribution. 

 

	 	Section 4.3	Subscription Rights, Preferences or Privileges. 

 If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series A Convertible Preferred Stock is recorded on the books of the Corporation any rights, preferences
or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders
of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the
Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful
or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts
who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such
terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution
received in cash. 
 The Corporation shall notify the Depositary whether registration under the Securities Act of the securities
to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it
will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to
become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of
Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to
the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

  
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 If any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

 

	 	Section 4.4	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to the Series A Convertible Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series A Convertible Preferred Stock are
entitled to vote or of which holders of the Series A Convertible Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date
(which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series A Convertible Preferred Stock) for the determination of the Holders of Receipts who shall be entitled
to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or
for any other appropriate reasons. 
  

	 	Section 4.5	Voting Rights. 

 Subject to the provisions of the Articles of Amendment, upon receipt of notice of any meeting at which the holders of the Series A Convertible Preferred Stock are entitled to vote, the Depositary shall,
as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information
as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series A Convertible
Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and (iii) a brief
statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole shares of Series A Convertible Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The
Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series A Convertible Preferred Stock or cause such Series A Convertible Preferred Stock to be
voted. In the absence of specific instructions from Holders of Receipts, the Depositary will vote the Series A Convertible Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such Holders proportionately with votes cast
pursuant to instructions received from the other Holders. 
  

	 	Section 4.6	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the Series A Convertible Preferred Stock,
subject to the provisions of the Articles of Amendment, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the acknowledgement of
the Depositary, (i) make 

  
 12 

 
such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series A Convertible Preferred Stock as may be necessary
fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series A Convertible Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat
any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series A Convertible Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such
Series A Convertible Preferred Stock. In any such case, the Depositary may, in its discretion and with the written approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be
exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value,
split-up, combination or other reclassification of the Series A Convertible Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or
surrender the Series A Convertible Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series A Convertible Preferred Stock represented by
such Receipts might have been converted or for which such Series A Convertible Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

 

	 	Section 4.7	Delivery of Reports. 

 The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which is received by the Depositary and which the Corporation is required to furnish to the
holders of the Series A Convertible Preferred Stock. In addition, the Depositary will make available for inspection by Receipt Holders at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports
and communications received from the Corporation which are received by the Depositary. 
  

	 	Section 4.8	Lists of Receipt Holders. 

 Reasonably promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary
Shares of all registered Holders of Receipts. The Corporation shall be entitled to receive such list four times annually without charge. 
 ARTICLE V 
 THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE CORPORATION 
  

	 	Section 5.1	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 

  
 13 

 The Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books during normal business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that such
inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time, when deemed expedient by it, as determined in its reasonable judgment, in connection with the performance of its duties hereunder.

 The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the
Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series A Convertible Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the
Depositary will appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the
requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series A Convertible Preferred Stock are listed
on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series
A Convertible Preferred Stock as may be required by law or applicable securities exchange regulation. 
  

	 	Section 5.2	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall incur
any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the
Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Articles of Incorporation (including the Articles of Amendment) or by reason of any act of God or war or other circumstance beyond the
control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of
this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
  

	 	Section 5.3	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to
any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional misconduct, bad faith or fraud. 

  
 14 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation
shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series A Convertible Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in
expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expense and liability be furnished as incurred. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to act by it in good faith reliance upon the written advice of
legal counsel or accountants, or information from any person presenting Series A Convertible Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The
Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document reasonably believed by it to be
genuine and to have been signed or presented by the proper party or parties. 
 The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the shares of Series A Convertible Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. 

The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in
any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or
otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of any of the securities of
the Corporation and its affiliates. 
 The Depositary shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series A Convertible Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except
as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

 In the event the Depositary, in its reasonable judgment, believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable
that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully
protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by an
authorized representative of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. 

  
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	 	Section 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus, along with its affiliates, of at least $150,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the
resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series A Convertible Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of
the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in
its reasonable discretion, notice of its appointment to the Record Holders of Receipts. 
 Any entity into or with which the
Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 
  

	 	Section 5.5	Corporate Notices and Reports. 

 The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded
in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series A Convertible Preferred Stock, the
Depositary Shares or the Receipts are listed or by the Corporation’s Articles of Incorporation (including the Articles of Amendment), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense
and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such
other documents as may be requested by the Corporation. Notwithstanding the foregoing, the Corporation shall have no obligation to transmit any such documents that are actually filed by the Corporation

  
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on the Electronic Data Gathering, Analysis, and Retrieval system of the Securities and Exchange Commission, unless specifically requested by a Holder in writing. 

 

	 	Section 5.6	Indemnification. 

 The Depositary will indemnify the Corporation and hold it harmless from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending itself) which may arise
out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, intentional misconduct, bad faith
or fraud. The indemnification obligations of the Depositary set forth in this Section 5.6 shall survive any termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with
Section 7.2. 
 Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any
Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the reasonable costs and expenses of defending itself) which may arise solely from third-party
claims based directly on acts performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or
documents contemplated hereby, except for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such person or persons. For the avoidance of doubt, such indemnity shall not cover any
consequential, indirect, partial, special and incidental damages. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with
Section 7.2. 
 Promptly following becoming aware of circumstances that might give rise to a claim for indemnification
under this Deposit Agreement, a party seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the relevant claim; provided that failure to so notify
shall not affect the Indemnified Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its own expense, be entitled to control and direct the
investigation and defense of any claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement (i) fully releases the Indemnified Party from any liability and
provides no admission of wrongdoing, and (ii) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such settlement does not meet the requirements of (i) and
(ii) above, then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall provide reasonable assistance to the Indemnifying Party in
connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel of its own choosing at its own cost and expense, unless the Indemnifying Party specifically authorizes the retaining of such
counsel. 
  

	 	Section 5.7	Charges and Expenses. 

 The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its
reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by the Depositary without gross negligence, willful misconduct, bad faith or fraud on its part (or on the part of any agent or Depositary Agent) in
connection with the services rendered by it (or such agent or Depositary Agent) hereunder. Unless otherwise provided herein, the Corporation shall pay all charges of 

  
 17 

 
the Depositary in connection with the initial deposit of the Series A Convertible Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series A
Convertible Preferred Stock by owners of Depositary Shares, and any exchange of the Series A Convertible Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely
from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary
incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a
Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the
Corporation and the Depositary may agree. 
  

	 	Section 5.8	Tax Compliance. 

 The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting and withholding (including “backup” withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer or exercise of rights under
the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its
designated agent. 
 The Depositary shall comply with any direction received from the Corporation with respect to the
application of such requirements to particular payments or holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof.

 The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such
records available on request to the Corporation or to its authorized representatives. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 
  

	 	Section 6.1	Amendment. 

 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have
been approved by the Holders of Receipts representing in the aggregate more than a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6
and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series A Convertible

  
 18 

 
Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any
governmental body, agency or commission, or applicable securities exchange. 
  

	 	Section 6.2	Termination. 

 This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been converted pursuant to Section 2.8,
(ii) there shall have been made a final distribution in respect of the Series A Convertible Preferred Stock in connection with any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation and such
distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, or (iii) upon the consent of the Holders of Receipts representing in the aggregate more than
two-thirds of the Depositary Shares outstanding. 
 Upon the termination of this Deposit Agreement, the Corporation shall be
discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive
the termination of this Deposit Agreement. 
 ARTICLE VII 

MISCELLANEOUS 
  

	 	Section 7.1	Counterparts. 

 This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect and enforceability as an original
signature. 
  

	 	Section 7.2	Exclusive Benefit of Parties. 

 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any
other person whatsoever. 
  

	 	Section 7.3	Invalidity of Provisions. 

 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
  

	 	Section 7.4	Notices. 

 Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight

  
 19 

 
delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at: 

Penn Virginia Corporation 
 Four Radnor Corporate Center, Suite 200 
 100 Matsonford Road 

Radnor, Pennsylvania 19087 
 Attention: Nancy M. Snyder, Executive VP, General Counsel & Chief Administrative Officer 
 Fax: (610) 687-3688 
 Email: nancy.snyder@pennvirginia.com 

or at any other addresses of which the Corporation shall have notified the Depositary in writing, but in any event with a copy, which shall not
constitute notice, to the attention of the General Counsel, at the same address. 
 Any and all notices to be given to the
Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail confirmed
by letter, addressed to the Depositary at: 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 

Brooklyn, New York 11219 
 Attention: Corporate Department 
 Fax.: (718) 765-8726 

Email: IPODepartment@amstock.com 
 With a copy (which shall not constitute notice) to: 
 American Stock
Transfer & Trust Company, LLC 
 6201 15th Avenue 

Brooklyn, New York 11219 
 Attention: General Counsel 
 or at any other addresses of which the Depositary shall have notified
the Corporation in writing. 
 Except as otherwise provided herein, any and all notices to be given to any Record Holder of a
Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such
Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such
request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a
facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a
Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

  
 20 

	 	Section 7.5	Depositary’s Agents. 

 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 

 

	 	Section 7.6	Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series A Convertible Preferred Stock. 

The Corporation hereby also appoints the Depositary as registrar and dividend disbursing agent in respect of the Receipts and the
Depositary hereby accepts such appointment. 
  

	 	Section 7.7	Governing Law. 

 This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the
State of New York without giving effect to applicable conflicts of law principles. 
  

	 	Section 7.8	Inspection of Deposit Agreement. 

 Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the
Depositary by any Holder of a Receipt. 
  

	 	Section 7.9	Headings. 

 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a
part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

	 	Section 7.10	Confidentiality. 

 The Depositary agrees that all books, records, information and data pertaining to the business of the Corporation, including, inter alia, personal, non-public Holder information, which are
exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person by the Depositary, except as may be required by law or legal
process. 
  

	 	Section 7.11	Further Assurances. 

 From time-to-time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts,
documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit Agreement. 

  
 21 

	 	Section 7.12	Holders of Receipts Are Parties. 

 The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof.
Each Holder of Receipts shall become a party hereto upon acceptance by such Holder of Receipt of delivery of one or more Receipts issued in accordance with the terms hereof. 

[Remainder of page intentionally left blank; signature page follows.] 

  
 22 

 The undersigned has executed this Deposit Agreement as of the date first set forth above.

  

					
	
	PENN VIRGINIA CORPORATION
		
	By:	 	 /S/ NANCY M. SNYDER

		 	Name:	 	Nancy M. Snyder
		 	Title:	 	Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary

  

[Signature Page to Deposit Agreement] 

 The undersigned has executed this Deposit Agreement as of the date first set forth above.

  

					
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	 /S/ PAULA CAROPPOLI

		 	Name:	 	Paula Caroppoli
		 	Title: 	 	Senior Vice President

  

[Signature Page to Deposit Agreement] 

 EXHIBIT A 

FORM OF RECEIPT 

[FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Penn Virginia Corporation or its agent for
registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein. 
  

			
	DEPOSITARY SHARES	  	$            

 DEPOSITARY RECEIPT
NO.        FOR        DEPOSITARY SHARES, EACH REPRESENTING 1/100th OF ONE SHARE 
 OF 
 6.00% CONVERTIBLE PREFERRED STOCK, SERIES A 

OF 
 PENN VIRGINIA
CORPORATION 
 INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF VIRGINIA 

CUSIP 707882 205 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning January 15, 2013, each January 15, April 15, July 15 and October 15. 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of DEPOSITARY SHARES
(“Depositary Shares”), each Depositary Share representing 1/100th of one share of 6.00% Convertible Preferred Stock, Series A, liquidation preference $10,000.00 per share, $100.00 par value per share (the “Series A
Convertible Preferred Stock”), of Penn Virginia Corporation, a Virginia corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of
October 17, 2012 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the
Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized
officer thereof. 
  

			
	Dated:
	
	AMERICAN STOCK TRANSFER AND TRUST
	COMPANY, LLC Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

PENN VIRGINIA CORPORATION 
 PENN
VIRGINIA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT OF 6.00% CONVERTIBLE PREFERRED STOCK, SERIES A OF PENN VIRGINIA CORPORATION ANY
SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE 
 The Corporation will furnish without charge to each receiptholder who so
requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or
rights. Such request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

				
	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	 	 Abbreviation
	  	 Equivalent Word
	 	 Abbreviation
	  	 Equivalent Word

						
	ADM	  	Administrator(s), Administratrix	 	EX	  	Executor(s), Executrix	 	PL	  	Public Law
						
	AGMT	  	Agreement	 	FBO	  	For the benefit of	 	TR	  	(As) trustee(s), for, of
						
	ART	  	Article	 	FDN	  	Foundation	 	U	  	Under
						
	CH	  	Chapter	 	GDN	  	Guardian(s)	 	UA	  	Under Agreement
						
	CUST	  	Custodian for	 	GDNSHP	  	Guardianship	 	UW	  	Under will of, Of will of, Under last will & testament
						
	DEC	  	Declaration	 	MIN	  	Minor(s)	 		  	
						
	EST	  	Estate, of Estate of	 	PAR	  	Paragraph	 		  	

 For value received,
                     hereby sell(s), assign(s) and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute
and appoint Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 

  
 A-2

 Dated: 
 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever. 

SIGNATURE GUARANTEED 
 NOTICE: If applicable,
the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934. 

  
 A-3

 EXHIBIT B 

Officer’s Certificate 
 I,                    , [title] of Penn Virginia Corporation (the “Corporation”),
hereby certify that pursuant to the terms of the Articles of Amendment effective October 17, 2012, filed with the Secretary of the Commonwealth of the Commonwealth of Virginia on October 16, 2012 (the “Articles of
Amendment”), and pursuant to resolutions adopted by Board of Directors of the Corporation on October 11, 2012 and the Pricing Committee of the Board of Directors of the Corporation on October 11, 2012, the Corporation has
established the Series A Convertible Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement (the “Deposit Agreement”),
dated October 17, 2012, by and among the Corporation, American Stock Transfer & Trust Company, LLC, and the Holders of Receipts issued thereunder from time to time. In connection therewith, the Board of Directors of the Corporation or
a duly authorized committee thereof has authorized the terms and conditions with respect to the Series A Convertible Preferred Stock as described in the Articles of Amendment attached as Annex A hereto. Any terms of the Series A Convertible
Preferred Stock that are not so described in the Articles of Amendment and any terms of the Receipts representing such Series A Convertible Preferred Stock that are not described in the Deposit Agreement are described below: 

Aggregate Number of shares of Series A Convertible Preferred Stock issued on the day hereof: 11,500 

CUSIP Number for Receipt: 707882 205 
 Denomination of Depositary Share per share of Series A Convertible Preferred Stock (if different than 1/100th ownership interest in a share of Series A Convertible Preferred Stock):
[    ] 
 Depositary: American Stock Transfer & Trust Company, LLC 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

This certificate is dated: 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 B-1

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