Document:

exv10w3

Exhibit 10.3

EXECUTION COPY

TRICO SHIPPING AS

AND

GUARANTORS

PRIORITY FACILITY AGREEMENT

SENIOR SECURED 117/8% NOTES DUE 2014

WORKING CAPITAL FACILITY AGREEMENT

AMENDED AND RESTATED COLLATERAL AGENCY

AND INTERCREDITOR AGREEMENT

Dated as of September 21, 2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	 	 	3	 
	 
	 	 	 	 
	SECTION 1.1 Defined Terms
	 	 	3	 
	SECTION 1.2 Rules of Construction
	 	 	16	 
	 
	 	 	 	 
	ARTICLE II OBLIGATIONS AND POWERS OF COLLATERAL AGENT; COLLATERAL
	 	 	17	 
	 
	 	 	 	 
	SECTION 2.1 Undertaking of the Collateral Agent
	 	 	17	 
	SECTION 2.2 Collateral
	 	 	19	 
	SECTION 2.3 Certain Letters of Credit
	 	 	21	 
	SECTION 2.4 Release or Subordination of Liens
	 	 	21	 
	SECTION 2.5 Enforcement of Liens
	 	 	21	 
	SECTION 2.6 Priority of Liens; Additional Collateral
	 	 	22	 
	SECTION 2.7 Application of Collateral
	 	 	23	 
	SECTION 2.8 Credit Bid Rights
	 	 	26	 
	SECTION 2.9 Appointment and Powers of the Collateral Agent
	 	 	27	 
	SECTION 2.10 Exclusive Benefit
	 	 	28	 
	 
	 	 	 	 
	ARTICLE III LIEN RELEASES
	 	 	28	 
	 
	 	 	 	 
	SECTION 3.1 Release of Liens on Collateral
	 	 	28	 
	SECTION 3.2 Delivery of Copies to the Priority Facility Agent, Working Capital
Facility Agent and Trustee
	 	 	32	 
	SECTION 3.3 Sufficiency of Release
	 	 	32	 
	SECTION 3.4 Purchaser Protected
	 	 	32	 
	SECTION 3.5 Collateral Agent not Required to Serve, File or Record
	 	 	32	 
	SECTION 3.6 Trustee Notices
	 	 	32	 
	SECTION 3.7 Delivery of Certain Notices to the Collateral Agent
	 	 	33	 
	 
	 	 	 	 
	ARTICLE IV IMMUNITIES OF THE COLLATERAL AGENT
	 	 	33	 
	 
	 	 	 	 
	SECTION 4.1 No Implied Duty
	 	 	33	 
	SECTION 4.2 Appointment of Co-Agents and Sub-Agents
	 	 	33	 
	SECTION 4.3 Other Agreements
	 	 	33	 
	SECTION 4.4 Solicitation of Instructions
	 	 	33	 
	SECTION 4.5 Limitation of Liability
	 	 	34	 
	SECTION 4.6 Documents in Satisfactory Form
	 	 	34	 
	SECTION 4.7 Entitled to Rely
	 	 	34	 
	SECTION 4.8 Defaults and Events of Default
	 	 	34	 
	SECTION 4.9 Actions by Collateral Agent
	 	 	35	 
	SECTION 4.10 Security or Indemnity in favor of the Collateral Agent
	 	 	35	 
	SECTION 4.11 Limitations on Duty of Collateral Agent in Respect of Collateral

	 	 	35	 
	SECTION 4.12 Assumption of Rights, Not Assumption of Duties
	 	 	36	 

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	 	 	Page	 
	SECTION 4.13 No Liability for Clean Up of Hazardous Materials
	 	 	36	 
	SECTION 4.14 Not Responsible for Recitals; Other Matters
	 	 	36	 
	 
	 	 	 	 
	ARTICLE V RESIGNATION AND REMOVAL OF THE COLLATERAL AGENT
	 	 	37	 
	 
	 	 	 	 
	SECTION 5.1 Resignation or Removal of Collateral Agent
	 	 	37	 
	SECTION 5.2 Appointment of Successor Collateral Agent
	 	 	38	 
	SECTION 5.3 Succession
	 	 	38	 
	SECTION 5.4 Merger, Conversion or Consolidation of Collateral Agent
	 	 	38	 
	SECTION 5.5 Limitation
	 	 	39	 
	 
	 	 	 	 
	ARTICLE VI SPECIAL AGREEMENTS REGARDING COLLATERAL
	 	 	39	 
	 
	 	 	 	 
	SECTION 6.1 Control of Actions to be Taken by Collateral Agent
	 	 	39	 
	SECTION 6.2 No Other Lien Enforcement Affected
	 	 	40	 
	SECTION 6.3 No Alteration on Shared Lien Priority
	 	 	41	 
	SECTION 6.4 Notice of Remedial Action
	 	 	41	 
	SECTION 6.5 No Responsibility
	 	 	41	 
	SECTION 6.6 Priority Authorized Representative Right to Direct Commencement of
Exercise of Remedies
	 	 	42	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS PROVISIONS
	 	 	42	 
	 
	 	 	 	 
	SECTION 7.1 Amendment; Joinder Agreements
	 	 	42	 
	SECTION 7.2 Information Regarding Collateral
	 	 	44	 
	SECTION 7.3 Further Assurances
	 	 	45	 
	SECTION 7.4 Successors and Assigns
	 	 	46	 
	SECTION 7.5 Purchase Option
	 	 	47	 
	SECTION 7.6 Modifications of Priority Facility Documents
	 	 	47	 
	SECTION 7.7 Delay and Waiver
	 	 	48	 
	SECTION 7.8 Notices
	 	 	48	 
	SECTION 7.9 Compensation; Expenses
	 	 	50	 
	SECTION 7.10 Indemnity
	 	 	51	 
	SECTION 7.11 Severability
	 	 	52	 
	SECTION 7.12 Headings
	 	 	52	 
	SECTION 7.13 Obligations Secured
	 	 	52	 
	SECTION 7.14 Applicable Law
	 	 	52	 
	SECTION 7.15 Agent for Service; Consent to Jurisdiction; Waiver of Immunities
	 	 	52	 
	SECTION 7.16 Counterparts
	 	 	53	 
	SECTION 7.17 Effectiveness
	 	 	53	 
	SECTION 7.18 Additional Guarantors
	 	 	53	 
	SECTION 7.19 Insolvency
	 	 	54	 
	SECTION 7.20 Rights and Immunities of the Working Capital Facility Agent and the
Trustee
	 	 	54	 
	SECTION 7.21 Conflicting Provisions
	 	 	54	 
	SECTION 7.22 Judgment Currency
	 	 	54	 
	SECTION 7.23 Language of Notices, Etc.
	 	 	55	 

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AMENDED AND RESTATED COLLATERAL AGENCY AND

INTERCREDITOR AGREEMENT

          This AMENDED AND RESTATED COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT, dated as of September
21, 2010 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), is
entered into by and among TRICO SHIPPING AS, a Norwegian limited company (the “Company”), TRICO
SUPPLY AS, a Norwegian limited company (“Holdings”), the SUBSIDIARIES OF HOLDINGS (other than the
Company) from time to time party hereto (each, a “Subsidiary Guarantor” and, collectively, the
“Subsidiary Guarantors”), TRICO MARINE SERVICES, INC., a Delaware corporation and the indirect
parent of the Company (the “Parent”), TRICO MARINE CAYMAN, L.P., a Cayman Islands exempted limited
partnership (“Trico Marine Cayman”), and TRICO HOLDCO LLC, a Delaware limited liability company
(“Trico Holdco” and, with Trico Marine Cayman, the “Intermediate Guarantors” and, together with
Holdings, the Subsidiary Guarantors and the Parent, the “Guarantors”), CANTOR FITZGERALD
SECURITIES, as the administrative agent (together with its successors in such capacity, the
“Priority Facility Agent”) under the Priority Facility Agreement (as herein defined), NORDEA BANK
FINLAND PLC, New York Branch (“Nordea”), as the administrative agent (the “Initial Working Capital
Facility Agent”) under the Initial Working Capital Facility Agreement (as herein defined), DEUTSCHE
BANK NATIONAL TRUST COMPANY (as successor trustee to Wells Fargo Bank, N.A.), as Trustee under the
Indenture (each, as herein defined), and WILMINGTON TRUST FSB, as Collateral Agent (together with
its successors in such capacity pursuant to Article V hereof, the “Collateral Agent”).

RECITALS

          1. The Company and the Guarantors entered into the Credit Agreement originally dated as of
October 30, 2009, as amended through and including June 29, 2010, and as further amended by the
Fourth Amendment to Credit Agreement dated as of July 23, 2010 and the Fifth Amendment to Credit
Agreement dated as of September 21, 2010 (as in effect on the date of this Agreement, without
giving effect to any further amendment, supplement or modification thereto or any consents or
waivers in respect thereof, the “Initial Working Capital Facility Agreement”), by and among the
Company, as borrower, Holdings, the Subsidiary Guarantors, and the Intermediate Guarantors, each as
guarantors, Nordea Bank Finland PLC, New York Branch, and Unicredit Bank AG, as joint lead
arrangers, the lenders from time to time party thereto, and the Working Capital Facility Agent,
pursuant to which, and subject to the terms and conditions thereof, the Company may obtain Working
Capital Loans and Letters of Credit (each, as herein defined) in an outstanding principal amount
not to exceed, together with the principal amount of all Unpaid Drawings (as herein defined),
US$33,000,000 at any one time outstanding. All Working Capital Loans and Unpaid Drawings will be
repaid pursuant to the provisions of the Working Capital Facility Agreement.

 

 

          2. The Company issued US$400,000,000 in principal amount of its Senior Secured
117¤8% Notes due 2014 pursuant to the Indenture dated as of
October 30, 2009, as supplemented by the First Supplemental Indenture dated as of June 25, 2010 and
the Second Supplemental Indenture dated as of September 21, 2010 (as further amended, supplemented
or otherwise modified from time to time, the “Indenture”), by and among the Company, the Guarantors
and Deutsche Bank National Trust Company (as successor trustee to Wells Fargo Bank, N.A.), as
Trustee (together with its successors in such capacity, the “Trustee”).

          3. Simultaneously herewith, the Company, Holdings and the Subsidiary Guarantors are entering
into the Priority Credit Agreement dated as of September 21, 2010 (as amended, supplemented or
otherwise modified from time to time, the “Priority Facility Agreement”) by and among the Company,
Holdings, the Subsidiary Guarantors, various lenders, and the Priority Facility Agent;

          4. Pursuant to the Indenture, the Guarantors guarantee payment of the Notes (as herein
defined) and all other Note Obligations (as herein defined); pursuant to the Working Capital
Facility Agreement, the Guarantors guarantee the Working Capital Facility Obligations (as herein
defined); and pursuant to the Priority Facility Agreement and Subsidiary Guarantee, Holdings and
the Subsidiary Guarantors guarantee the Priority Facility Obligations (as herein defined).

          5. The Priority Facility Agreement, the Working Capital Facility Agreement and the Indenture
require the Company and the Guarantors (or, in the case of the Priority Facility Agreement, the
Company, Holdings and the Subsidiary Guarantors) to secure payment of the Priority Facility Loans,
the Working Capital Loans, the Letter of Credit Outstandings (as herein defined) and the Notes and
other Secured Obligations by Liens in the Collateral (each, as herein defined).

          6. The Priority Facility Agreement, the Working Capital Facility Agreement and the Indenture
further require that such Liens in the Collateral be granted pursuant to the Security Documents to
a collateral agent acting for the benefit of the Priority Facility Agent, the Trustee, the Working
Capital Facility Agent, the Priority Facility Lenders (as herein defined), the Working Capital
Facility Lenders (as herein defined) and the Holders (as herein defined). This Agreement sets
forth the terms on which the Collateral Agent has undertaken to accept, hold and enforce such Liens
and all related rights, interests and powers as agent for, and for the benefit exclusively of, the
Priority Facility Agent, the Trustee, the Working Capital Facility Agent, the Priority Facility
Lenders, the Working Capital Facility Lenders and the present and future Holders.

          NOW THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

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ARTICLE I

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

          SECTION 1.1 Defined Terms.

               (a) Capitalized terms used in this Agreement that are defined in the Indenture and not
otherwise defined herein shall have the meanings set forth in the Indenture.

               (b) All capitalized terms used in this Agreement that are defined in Article 9 of the UCC (as
herein defined), as in effect on the date of this Agreement in the State of New York, and not
otherwise defined herein shall have the meanings therein set forth.

               (c) The following terms shall have the following meanings:

          “Act of the Applicable Authorized Representative” means a direction in writing delivered to
the Collateral Agent by or with the written consent of the Applicable Authorized Representative
accompanied by written confirmation (i) if the Applicable Authorized Representative is the Trustee
and only if the Trustee is acting on behalf or at the direction of the Holders, from the Trustee
(such direction to be in a form reasonably satisfactory to the Trustee and the Collateral Agent) of
the principal of the outstanding Notes registered by the Trustee as outstanding in the name of
Holders on the date of such direction; (ii) if the Applicable Authorized Representative is the
Working Capital Facility Agent, from the Working Capital Facility Agent (such direction to be in a
form reasonably satisfactory to the Working Capital Facility Agent and the Collateral Agent) of,
the aggregate Commitments of the Working Capital Facility Lenders on the date of such direction,
or, if the Commitments have been terminated in full at such time, the sum of the aggregate
principal amount of Working Capital Loans made and the face amount of any undrawn Letters of Credit
issued under the Working Capital Facility Agreement (other than those already cash collateralized
at 105% of face amount) on the date of such direction, or (iii) if the Applicable Authorized
Representative is the Priority Facility Agent, from the Priority Facility Agent (such direction to
be in a form reasonably satisfactory to the Priority Facility Agent and the Collateral Agent)
confirming that the Priority Facility Agent is entitled to act as the Applicable Authorized
Representative at such time with respect to such Collateral.

          “Actionable Event of Default” means, at any time, an Event of Default under, and as defined
in, (i) the Priority Facility Agreement or (ii) the Secured Document for a Series of Secured
Obligations if at such time the Authorized Representative for such Secured Document is the
Applicable Authorized Representative.

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause

3

 

the direction of the management or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise; provided that, for the purposes of this definition,
beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be “control.”
For purposes of this definition, the terms “controlling,” “controlled by” and “under common
control with” have correlative meanings.

          “Agreement” has the meaning assigned to such term in the introductory paragraph hereof.

          “Applicable Authorized Representative” means the Majority Authorized Representative, or upon
the occurrence of (i) as and to the extent specified in Section 6.1(b), a Minority
Authorized Representative Enforcement Date, the Minority Authorized Representative or (ii) as and
to the extent specified in Section 6.1(e), a Residual Authorized Representative Enforcement
Date, the Authorized Representative of the Series of Secured Obligations that first instructs the
Collateral Agent to commence enforcement action with respect to the Collateral; provided that if,
as of the Priority Facility Control Date, the Priority Facility Obligations have not been paid in
full, then the Applicable Authorized Representative shall be the Priority Facility Agent.

          “Authorized Representative” means (i) in the case of the Working Capital Facility Obligations,
the Working Capital Facility Agent acting at the direction of either the Required Revolving Lenders
(as defined in the Working Capital Facility Agreement) or the Required Term Lenders (as defined in
the Working Capital Facility Agreement), provided that in the event that the Working
Capital Facility Agent as Authorized Representative shall determine in its sole discretion that it
has received contradictory instructions from the Required Revolving Lenders and the Required Term
Lenders, the Working Capital Facility Agent shall (x) if the contradiction is with respect to
whether or not the Working Capital Facility Agent should take action, follow the instructions which
require it to take action rather than refrain from taking action and (y) otherwise, follow the
instructions of the Required Revolving Lenders or the Required Term Lenders with the higher amount
of aggregate Commitments and/or outstanding Working Capital Loans or Letters of Credit Outstandings
at such time, (ii) in the case of the Note Obligations, the Trustee, or (iii) in the case of the
Priority Facility Obligations, the Priority Facility Agent.

          “Bankruptcy Law” means Title 11, United States Code, as may be amended from time to time, or
any similar federal or state law, or any similar law of any jurisdiction foreign to the United
States of America, including any political subdivision thereof, in each case for the relief of
debtors.

          “Capital Stock” means:

                    (1) in the case of a corporation, corporate stock;

                    (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock (whether common
or preferred);

4

 

                    (3) in the case of a partnership or limited liability company, partnership interests (whether
general or limited) or membership interests; and

                    (4) any other interest or participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from
all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock.

          “Cash Collateral Account” has the meaning assigned to such term in Section 2.7(e)
hereof.

          “Cash Equivalents” means:

                    (1) United States dollars or, in the case of any Investment by any Person whose principal
place of business is outside the United States, such local currencies in such place of business
(including euros, British pound sterling and Norwegian krone) as are held by it from time to time
in the ordinary course of business and that are readily exchangeable into United States dollars;

                    (2) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality of the United States government (provided that the full
faith and credit of the United States is pledged in support of those securities) or obligations
backed by the full faith and credit of Canada, Norway, the United Kingdom or any member state of
the European Economic Association as of the date of the Indenture, in each case having maturities
of not more than twelve months from the date of acquisition;

                    (3) certificates of deposit, time deposits, demand deposits and eurodollar time deposits with
maturities of twelve months or less from the date of acquisition, bankers’ acceptances with
maturities not exceeding twelve months and overnight bank deposits, in each case, with any bank or
trust company organized or licensed under the laws of the United States or any state thereof,
Canada, the Kingdom of Norway, the United Kingdom or any member state of the European Economic
Association as of the date of the indenture, having capital and surplus in excess of $500.0 million
and a Thomson Bank Watch Rating of “B” or better;

                    (4) repurchase obligations with a term of not more than 30 days for underlying securities of
the types described in clauses (2) and (3) above entered into with any financial institution
meeting the qualifications specified in clause (3) above;

                    (5) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and,
in each case, maturing not more than twelve months after the date of acquisition;

5

 

                    (6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the
kinds described in clauses (1) through (5) of this definition; and

                    (7) in the case of the Company or Holdings or a Subsidiary Guarantor, substantially similar
investments, of comparable credit quality, dominated in the currency of any jurisdiction in which
such Person conducts business.

          “Closing Date” means October 30, 2009.

          “Collateral” means all assets and properties of the Company and the Guarantors subject to
Liens created by the Security Documents including:

                    (1) each of the Original Mortgaged Vessels and all Vessel Assets with respect to each Original
Mortgaged Vessel;

                    (2) all outstanding Capital Stock of the Company and each Guarantor (other than the Parent and
Trico Marine Cayman) owned by the Company or any Guarantor (including the Parent) (subject to
Section 2.2(f));

                    (3) all general intangibles owned or acquired by Holdings, the Company or any Subsidiary
Guarantor, exclusively used for, and in connection with, the ownership, expansion, operation, use,
maintenance or sale or other disposition of any of the Mortgaged Vessels or any Vessel Assets;

                    (4) the rights of Trico Subsea AS (including refund guarantees) under the Existing Newbuild
Construction Contracts and related equipment contracts in respect of each of the Newbuild Vessels;

                    (5) Intercompany Debt owed (i) by the Parent or any Subsidiary thereof (including the Company
and any Guarantor) to the Company or any Guarantor (other than Parent) or (ii) by the Company or
any Guarantor to the Parent;

                    (6) (a) any rights to earnings monies (as defined in the definition of “Vessel Assets”) and
(b) any other rights of Holdings, the Company or any Subsidiary Guarantor (whether as owner or as
charterer) under any lease or charter of Specified Assets from or to the Parent or any Subsidiary
thereof;

                    (7) any Specialized Equipment owned by Holdings, the Company or any Subsidiary Guarantor;

                    (8) the Cash Collateral Account and all deposits therein and interest thereon and investments
thereof, and all property of every type and description in which any proceeds of any Collateral
Disposition are invested or upon which the Collateral Agent is at any time granted, or required to
be granted, a Lien to secure the Secured Obligations as set forth in Section 4.11 of the Indenture;
and

6

 

                    (9) to the extent not otherwise included above, all proceeds of any of the foregoing;

except, solely in the case of clauses (3), (4), (6)(b) and (9) and (to the extent of any Vessel
Asset specified in clause (2)(ii) or (3)(ii) of the definition of “Vessel Assets”) clause (1), any
asset to the extent a Lien therein cannot be created or perfected under applicable law; and further
including all assets and properties subject to Liens created as required by and in accordance with
Section 4.10, Section 4.18, Section 4.19, Section 4.20, Section 4.24 and Section 4.25 and Article
11 of the Indenture and, to the extent not otherwise included above, all proceeds of any of the
foregoing.

Notwithstanding the foregoing, it is understood that, when used in respect of the Priority Facility
Obligations, the term “Collateral” refers to Priority Collateral.

          “Collateral Account” has the meaning assigned to such term in Section 2.7(d) hereof.

          “Collateral Agent” has the meaning assigned to such term in the introductory paragraph hereof.

          “Collateral Disposition” means any Asset Sale of assets or other rights or property that
constitute Collateral under the Security Documents. The sale or issuance of Equity Interests in a
Subsidiary Guarantor that owns Collateral such that, as a consequence, such Person no longer is a
Subsidiary Guarantor, shall be deemed a Collateral Disposition of the Collateral owned by such
Subsidiary Guarantor.

          “Commitment” means, at any time, the commitment of each Working Capital Facility Lender to
make Working Capital Loans and issue Letters of Credit at such time under the Working Capital
Facility Agreement.

          “Company” has the meaning assigned to such term in the introductory paragraph hereof.

          “Default” means a “Default” as defined in the Working Capital Facility Agreement, a “Default”
as defined in the Indenture, or a “Default” as defined in the Priority Facility Agreement.

          “Discharge” means, with respect to the Collateral, the date on which each Series of Secured
Obligations is no longer secured by such Collateral. “Discharged” has a correlative meaning.

          “Enforcement Action” means, as to any Secured Obligations, the initiation of any legal
proceedings, or the taking of any other action to pursue or exercise rights or remedies (as secured
party or otherwise), with respect to such Secured Obligations that is authorized herein or in any
Security Document to be taken by the Collateral Agent.

7

 

          “Enforcement Action Participation Request” means, with respect to any Enforcement Action as to
any Secured Obligations, a written notice delivered by the Collateral Agent to the Holders of such
Secured Obligations:

                    (1) describing such Enforcement Action and the time and the place at which and method and
manner by which such Enforcement Action is proposed to be taken;

                    (2) stating that, based on an Opinion of Counsel of the jurisdiction in which such Enforcement
Action is so proposed to be taken, under the laws of such jurisdiction, such Enforcement Action is
authorized or permitted so to be taken with respect to such Secured Obligations only if such
Holders join with the Collateral Agent in so taking, or take directly (if such joinder is not so
authorized or permitted), such Enforcement Action; and

                    (3) requesting such Holders so to join with the Collateral Agent in so taking, or (if as
aforesaid) take directly, such Enforcement Action at the time and place and by the method and
manner so specified.

          “Event of Default” means an “Event of Default” as defined in the Working Capital Facility
Agreement, an “Event of Default” as defined in the Indenture, or an “Event of Default” as defined
in the Priority Facility Agreement.

          “Guarantee” means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including by way
of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof,
of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to
maintain financial statement conditions or otherwise).

          “Guarantors” has the meaning assigned to such term in the introductory paragraph hereof.

          “Holders” means the Person in whose name a Note is registered.

          “Holdings” has the meaning assigned such term in the introductory paragraph hereof.

          “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent:

                    (1) in respect of borrowed money;

                    (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof);

8

 

                    (3) in respect of banker’s acceptances;

                    (4) representing Capital Lease Obligations or Attributable Debt in respect of sale and
leaseback transactions;

                    (5) representing the balance deferred and unpaid of the purchase price of any property or
services due more than six months after such property is acquired or such services are completed;
or

                    (6) representing any Hedging Obligations,

if and to the extent any of the preceding items (other than letters of credit, Attributable Debt
and Hedging Obligations) would appear as a liability or an intercompany payable upon a balance
sheet of the specified Person prepared in accordance with GAAP. The amount of a specified Person’s
Indebtedness shall be calculated without duplication of the preceding items. In addition, the term
“Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified
Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person.

          “Indemnified Liabilities” means any and all other liabilities (including all environmental
liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes,
expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Agreement or any of the other Transaction
Documents or any other document in connection herewith or therewith, including any of the foregoing
relating to the use of proceeds of the Working Capital Loans, the Letters of Credit, or the Notes
or the violation of, noncompliance with or liability under, any law (including environmental laws)
applicable to or enforceable against the Company, any of the Subsidiary Guarantors, Holdings, the
Parent, Trico Marine Cayman or Trico Holdco, or any of the Collateral and all reasonable fees,
costs and expenses (including reasonable fees and expenses of legal counsel) incurred by any
Indemnitee in connection with any claim, action or proceeding in any respect relating to any of the
foregoing, whether or not suit is brought.

          “Indemnitee” has the meaning assigned to such term in Section 7.10(a) hereof.

          “Indenture” has the meaning assigned to such term in paragraph 2 of the Recitals hereof.

          “Initial Working Capital Facility Agent” has the meaning assigned such term in the
introductory paragraph hereof.

          “Initial Working Capital Facility Agreement” has the meaning assigned to such term in
paragraph 1 of the Recitals hereof.

9

 

          “Insolvency or Liquidation Proceeding” means:

                    (1) any case commenced by or against the Company or any other Guarantor under any Bankruptcy
Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of
the assets or liabilities of the Company or any other Guarantor, any receivership or assignment for
the benefit of creditors relating to the Company or any other Guarantor or any similar case or
proceeding relative to the Company or any other Guarantor or its creditors, as such, in each case
whether or not voluntary;

                    (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of
or relating to the Company or any other Guarantor, in each case whether or not voluntary and
whether or not involving bankruptcy or insolvency; or

                    (3) any other proceeding of any type or nature in which substantially all claims of creditors
of the Company or any other Guarantor are determined and any payment or distribution is or may be
made on account of such claims.

          “Intermediate Guarantor” has the meaning assigned to such term in the introductory paragraph
hereof.

          “Intervening Creditor” has the meaning assigned to such term in Section 2.7(b) hereof.

          “Joinder Agreement” means an agreement substantially in the form of Exhibit A.

          “Letter of Credit” means any letter of credit issued pursuant to the Working Capital Facility
Agreement.

          “Letter of Credit Outstandings” means, at any time, the sum of (i) the aggregate maximum
amount to be drawn under all outstanding Letters of Credit and (ii) the amount of all Unpaid
Drawings under the Working Capital Facility Agreement.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the UCC (or equivalent
statutes) of any jurisdiction.

          “Majority Authorized Representative” means the Authorized Representative of the Series of
Secured Obligations that constitutes the larger amount of the then outstanding Series of Secured
Obligations.

          “Minority Authorized Representative” means the Authorized Representative of the Series of
Secured Obligations (other than the Priority Facility

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Obligations) that constitutes the smaller amount of the then outstanding Series of Secured
Obligations.

          “Minority Authorized Representative Enforcement Date” means with respect to a Series of
Secured Obligations other than the Priority Facility Obligations, the date (the “Enforcement Shift
Trigger Date”) that is 120 days (throughout which 120-day period the Minority Authorized
Representative was the Authorized Representative of such Series of Secured Obligations) after the
occurrence of each of (i) both (x) an Event of Default with respect to such Series of Secured
Obligations has occurred and is continuing and (y) such Series of Secured Obligations is currently
due and payable (or, in the case of any Letter of Credit obligations, required to be
cash-collateralized) in full (whether as a result of acceleration thereof or otherwise) in
accordance with the Secured Document for that Series of Secured Obligations, and (ii) the receipt
by the Collateral Agent and the Majority Authorized Representative of written notice from the
Authorized Representative of such Series of Secured Obligations certifying as to the matters in
(i)(x) and (y); provided that the Minority Authorized Representative Enforcement Date shall be
stayed and shall not occur and shall be deemed not to have occurred if:

                    (1) prior to the Enforcement Shift Trigger Date the Collateral Agent commenced (or was
instructed by the Majority Authorized Representative in accordance with this Agreement to commence)
enforcement action with respect to the Collateral, at any time thereafter so long as the Collateral
Agent is diligently pursuing (or has been instructed by the Majority Authorized Representative to
diligently pursue) enforcement action with respect to the Collateral; and

                    (2) with respect to the Collateral in which at any time the Company or a Guarantor that has
granted a security interest, at any time the Company or any Guarantor, as applicable, is then a
debtor under or with respect to any Insolvency or Liquidation Proceeding; and

provided, further, that if the Majority Authorized Representative has failed to give any
instruction to the Collateral Agent to commence enforcement action with respect to the Collateral
as of the date that would otherwise be the Minority Authorized Representative Enforcement Date,
then the Majority Authorized Representative shall have an additional ten (10) business days to give
such instruction (which instruction, for clarity, shall stay the Minority Authorized Representative
Enforcement Date).

          “Non-Priority Collateral” means any Collateral pledged by the Parent or any Intermediate
Guarantor to secure the Secured Obligations (other than the Priority Facility Obligations).

          “Nordea” has the meaning assigned to such term in the introductory paragraph hereof.

          “Note Guarantee” means the joint and several guarantee pursuant to Article 10 of the Indenture
by a Guarantor of the Obligations of the Company under the Indenture, the Notes and the Security
Documents.

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          “Note Obligations” means Obligations under the Notes, the Note Guarantees, the Indenture or,
to the extent relating to any of the foregoing, any Security Document.

          “Notes” means the Notes as defined in the Indenture.

          “Notice of Event of Default” means written notice given to the Collateral Agent by the
Priority Facility Agent, the Working Capital Facility Agent or the Trustee, stating that an Event
of Default has occurred and is continuing.

          “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any
Indebtedness.

          “Officer’s Certificate” has the meaning assigned to such term in the Indenture and shall be
for the benefit of the Collateral Agent, the Priority Facility Agent, the Working Capital Facility
Agent and the Trustee.

          “Opinion of Counsel” means a written opinion from legal counsel addressed to the Collateral
Agent, the Priority Facility Agent, the Working Capital Facility Agent and the Trustee who is
reasonably acceptable to the Collateral Agent that meets the requirements of Section 13.05 of the
Indenture. The opinion may include exceptions and qualifications consistent with customary
practice for written third party legal opinions relating to the subject matter of the opinion.

          “Parent” has the meaning assigned to such term in the introductory paragraph hereof.

          “Person” means an individual, corporation, limited liability company, partnership or other
entity.

          “Priority Collateral” means all Collateral pledged to secure the Priority Facility
Obligations; provided that, for the avoidance of doubt, Priority Collateral does not
include Collateral pledged by the Parent or any Intermediate Guarantor.

          “Priority Facility Agent” has the meaning assigned to such term in the introductory paragraph
hereof.

          “Priority Facility Agreement” has the meaning assigned to such term in paragraph 3 of the
Recitals hereof.

          “Priority Facility Authorized Representative” means the Authorized Representative of the
Priority Facility Obligations, as described in clause (iii) of the definition of “Authorized
Representative”.

          “Priority Facility Control Date” means the date that is 180 days after the Priority Facility
Agent has delivered instructions to the Applicable Authorized

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Representative to commence an Enforcement Action in accordance with the terms of Section
6.1(b) hereof.

          “Priority Facility Lenders” means any lender party to the Priority Facility Agreement.

          “Priority Facility Loans” means any loan made under the Priority Facility Agreement.

          “Priority Facility Obligations” means Obligations under the Priority Facility Agreement and,
to the extent related thereto, any Security Document.

          “Priority Standstill Period” means the period commencing upon the occurrence of each of (a)
both (i) an Event of Default has occurred and is continuing under another Series of Secured
Obligations and (ii) such Series of Secured Obligations is currently due and payable (or, in the
case of any Letter of Credit obligations, required to be cash-collateralized) in full (whether as a
result of acceleration thereof or otherwise) in accordance with the Secured Document for such
Series of Secured Obligations, and (b) the receipt by the Priority Facility Agent of written notice
from the Authorized Representative with respect to such Series of Secured Obligations certifying as
to the matters in (a)(ii) and (iii) and ending 120 days after such occurrence.

          “Realization Proceeds” includes any and all cash, securities and other property received or
realized from foreclosure, sale, collection suit or other means of realization of the Liens upon
any Collateral (including distributions of Collateral in satisfaction of any Secured Obligations)
or distributed in any Insolvency or Liquidation Proceeding in respect of any claim upon any Secured
Obligation that is allowed or enforceable therein as a claim secured by any Collateral pursuant to
the Security Documents.

          “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease,
amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other
Indebtedness or enter alternative financing arrangements, in exchange or replacement for such
indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents,
borrowers and/or guarantors, and including in each case, but not limited to, after the original
instrument giving rise to such Indebtedness has been terminated and including, in each case,
through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have
correlative meanings.

          “Residual Authorized Representative Enforcement Date” is the date (the “Residual Enforcement
Shift Trigger Date”) that is 120 days after the occurrence of the Minority Authorized
Representative Enforcement Date; provided that the Residual Authorized Representative Enforcement
Date shall be stayed and shall not occur and shall be deemed not to have occurred if prior to the
Residual Enforcement Shift Trigger Date the Collateral Agent commenced (or was instructed by the
Minority Authorized Representative in accordance with this agreement to commence) enforcement
action with respect to the Collateral, at any time thereafter so long as the Collateral Agent is

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diligently pursuing (or has been instructed by the Minority Authorized Representative to
diligently pursue) enforcement action with respect to the Collateral.

          “SEC” means the U.S. Securities and Exchange Commission.

          “Secured Documents” means, collectively, (a) the Working Capital Facility Agreement, (b) the
Indenture and (c) the Priority Facility Agreement.

          “Secured Obligations” means, collectively, (a) the Working Capital Facility Obligations, (b)
the Note Obligations and (c) the Priority Facility Obligations.

          “Secured Parties” means (a) the Collateral Agent, (b) the Working Capital Facility Agent and
the Working Capital Facility Lenders under the Working Capital Facility Agreement, (c) the Trustee
and the Holders of the Notes and (d) the Priority Facility Agent and the Priority Facility Lenders
under the Priority Facility Agreement.

          “Security Documents” means this Agreement and one or more ship mortgages, charges, floating
charges, deeds of charge, security agreements, factoring agreements, pledge agreements, collateral
assignments, debentures, mortgages, deeds of covenants, collateral agency agreements, deeds of
trust or other grants or transfers for security (including any Mortgages and Equipment Pledges)
executed and delivered by the Company or any Guarantor creating (or purporting to create) a Lien in
favor of the Collateral Agent upon the Priority Collateral or the Non-Priority Collateral, as the
case may be, for purposes of securing the Secured Obligations or any other Obligations of the
Company or any Guarantor under the Secured Documents or the Security Documents, in each case, as
amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms and the terms of the Secured Documents.

          “Series of Secured Obligations” means (i) collectively, the Working Capital Facility
Obligations, (ii) collectively, the Note Obligations or (iii) collectively, the Priority Facility
Obligations.

          “Subsidiary Guarantee Agreement” means that certain Subsidiaries Guaranty, dated as of
September 21, 2010, among each of the guarantors party thereto, in favor of Cantor Fitzgerald
Securities, as administrative agent for the benefit of the Secured Creditors (as defined therein).

          “Subsidiary Guarantor” has the meaning assigned to such term in the introductory paragraph
hereof.

          “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa—77bbbb) and the rules and
regulations thereunder, as in effect on the date on which the Indenture is qualified under the TIA.

          “Transaction Documents” means collectively the Secured Documents and the Security Documents.

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          “Trico Holdco” has the meaning assigned to such term in the introductory paragraph hereof.

          “Trico Marine Cayman” has the meaning assigned to such term in the introductory paragraph
hereof.

          “Trustee” has the meaning assigned to such term in paragraph 2 of the Recitals hereof.

          “UCC” means the Uniform Commercial Code as in effect in the State of New York or any other
applicable jurisdiction.

          “Unpaid Drawings” means, with respect to any payment or disbursement made by a Working Capital
Facility Lender under any Letter of Credit issued by it, the amount so paid until reimbursed.

          “US$” means United States dollars.

          “Vessel” means a multi-purpose service vessel, platform supply vessel, subsea platform supply
vessel, supply vessel, trenching and protection support vessel, anchor handling, towing and supply
vessel, crew boat, line handling vessel, tanker, bulk carrier, barge, container vessel, reefer
vessel, tug boat, push boat, off shore supply vessel, floating storage production unit, barge and
in general any floating craft whose purpose may be partially or wholly to (i) deploy, procure,
process, transport, load, discharge, transfer or store lawful cargo, drilling products, water or
fuel, (ii) transport crew, personnel or passengers or (iii) support construction, repair,
maintenance and subsea work, and all related spares, stores, equipment, additions and improvement
equipment related to such work whether it is attached to such vessel or not, in each case used in a
Permitted Business.

          “Working Capital Facility Agent” means (i) the Initial Working Capital Facility Agent and (ii)
any subsequent Working Capital Facility Agent (x) designated in writing to the Collateral Agent
(with a copy to the Trustee and the Company specifying the name of such agent and its address) as
the “Working Capital Facility Agent” by Working Capital Facility Lenders holding a majority in
principal amount of Working Capital Loans made and face amount of all Letters of Credit issued
under the Working Capital Facility Agreement and (y) that has executed a joinder agreement to this
Agreement (which need only be signed by such Working Capital Facility Agent) agreeing to be bound
by the terms and provisions of this Agreement and accepting the obligations of the Working Capital
Facility Agent in such capacity hereunder. Such Person shall succeed to and become vested with all
the rights, powers, privileges and duties of the predecessor Working Capital Facility Agent, and
the predecessor Working Capital Facility Agent shall be discharged from its duties and obligations
hereunder.

          “Working Capital Facility Agreement” means the Initial Working Capital Facility Agreement
including any related notes, guarantees, collateral documents, instruments and agreements executed
in connection therewith, and in each case as

15

 

amended, restated, modified, renewed, refunded, replaced or Refinanced from time to time so as
to provide for an aggregate principal amount of borrowings and/or face amount of letters of credit
of up to $65,000,000 (such amendment, restatement, modification, renewal, refunding, replacement or
refinancing, a “Working Capital Facility Refinancing”), regardless of whether such Working Capital
Facility Refinancing is with the same financial institutions or otherwise. Notwithstanding anything
to the contrary herein or in the Indenture, nothing herein or therein shall be deemed to prohibit
or otherwise restrict the ability of the Company to effect a Working Capital Facility Refinancing
in an amount greater than the Indebtedness so amended, restated, modified, renewed, refunded,
replaced or Refinanced, provided that only such portion of the aggregate principal amount of
borrowings and/or face amount of Letters of Credit incurred under such Working Capital Facility
Refinancing that does not exceed $65,000,000 at any one time outstanding shall be deemed to be
Indebtedness incurred under the Working Capital Facility Agreement.

          “Working Capital Facility Lenders” means any lender party to the Working Capital Facility
Agreement (including any banking affiliate of any such lender which has agreed to issue Letters of
Credit pursuant to the Working Capital Facility Agreement).

          “Working Capital Loans” means any loan made under the Working Capital Facility Agreement.

          “Working Capital Facility Obligations” means (i) the principal of any Working Capital Loans
and the amount of reimbursement obligations in respect of any Letters of Credit (in a maximum
aggregate outstanding principal amount of $65,000,000) and (ii) all other Obligations under the
Working Capital Facility Agreement and, to the extent related to such Obligations, the Security
Documents.

          SECTION 1.2 Rules of Construction. Unless the context otherwise requires:

               (a) a term has the meaning assigned to it;

               (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP;

               (c) “including” means “including without limitation,” “including but not limited to” or words
of similar import;

               (d) the word “will” shall be construed to have the same meaning and effect as the word
“shall”;

               (e) words in the singular include the plural, and in the plural include the singular;

               (f) provisions apply to successive events and transactions;

16

 

               (g) references to sections of or rules under the Securities Act shall be deemed to include
substitute, replacement of successor sections or rules adopted by the SEC from time to time;

               (h) references to “Sections,” “clauses,” “Articles,” “Exhibits” and “Schedules” shall be to
Sections, clauses, Articles, Exhibits and Schedules, respectively, of this Agreement unless
otherwise specifically provided;

               (i) the use in this Agreement of the words “herein,” “hereof” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof;

               (j) for purposes of the definitions of Majority Authorized Representative and Minority
Authorized Representative, at any time, (i) the outstanding amount of the Series of Secured
Obligations constituting the Note Obligations will be the principal amount of the Notes outstanding
at such time, (ii) the outstanding amount of the Series of Secured Obligations constituting the
Working Capital Facility Obligations will be the aggregate of the Commitments of all Working
Capital Facility Lenders at such time (or, if the Commitments have been terminated in full at such
time, the sum of the aggregate principal amount of Working Capital Loans made and the face amount
of any undrawn Letters of Credit issued under the Working Capital Facility Agreement (other than
those already cash collateralized at 105% of face amount) outstanding at such time) and (iii) the
outstanding amount of the Series of Secured Obligations constituting the Priority Facility
Obligations will be the sum of the aggregate principal amount of Priority Facility Loans made under
the Priority Facility Agreement outstanding at such time; and

               (k) for purposes of the definitions of “Working Capital Facility Agreement” and “Working
Capital Facility Obligations,” the maximum aggregate outstanding amount of principal and
reimbursement obligations under the Working Capital Facility that may constitute “Working Capital
Facility Obligations,” or be deemed Indebtedness incurred under the Working Capital Facility
Agreement, shall, during any period in which an Actionable Event of Default has occurred and is
continuing, be reduced by any Realization Proceeds that have previously been applied during such
period pursuant to Section 2.7 to the payment (or, in the case of any Letter of Credit
Obligations, cash collateralization) of Working Capital Facility Obligations.

ARTICLE II

OBLIGATIONS AND POWERS OF COLLATERAL AGENT; COLLATERAL

          SECTION 2.1 Undertaking of the Collateral Agent.

               (a) The Collateral Agent hereby irrevocably undertakes and agrees, on the terms and conditions
set forth in this Agreement, to act as agent and as representative for the benefit solely and
exclusively of the Priority Facility Agent, the Trustee, the Working Capital Facility Agent and the
present and future Priority Facility Lenders, Working Capital Facility Lenders and Holders, and in
such capacity shall:

17

 

                    (i) accept, enter into, hold, administer, maintain and enforce all Security Documents,
including all Collateral subject thereto, and all Liens created or granted to it thereunder,
perform its obligations thereunder and protect, exercise and enforce the interests, rights, powers
and remedies granted or available to it under or pursuant to or in connection with the Security
Documents or applicable laws;

                    (ii) take all lawful and commercially reasonable actions that it may deem necessary or
advisable to protect or preserve its interests, rights, powers and remedies in the Collateral and
such interests, rights, powers and remedies, including, instituting and maintaining such suits and
proceedings as it may deem expedient to prevent the impairment of, or to preserve or protect, its
interests, rights, powers and remedies in the Collateral, subject to the terms of the Security
Documents;

                    (iii) deliver and receive notices pursuant to the Security Documents;

                    (iv) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect
to, or otherwise exercise or enforce the rights and remedies of a secured party (including as
mortgagee, vessel mortgagee, marine mortgagee, stock pledgee, share pledgee, trust deed beneficiary
and insurance beneficiary or loss payee) with respect to the Collateral and its other interests,
rights, powers and remedies, subject to the terms of the Security Documents;

                    (v) remit to the Priority Facility Agent, the Trustee or the Working Capital Facility Agent,
as provided in Section 2.7, all cash proceeds received by the Collateral Agent from the
collection, foreclosure or enforcement of its interest in the Collateral under the Security
Documents or any of its other interests, rights, powers or remedies;

                    (vi) direct the disbursement of funds as expressly provided for in this Agreement;

                    (vii) take any actions required to be taken under the Security Documents subject to the
provisions of this Agreement; and

                    (viii) provide instructions from time to time as required by the terms of the Security
Documents, subject to the terms of this Agreement;

provided, however, except as directed by the Applicable Authorized Representative, the Collateral
Agent shall not be obligated to act upon directions purported to be delivered to it by any other
Person or to foreclose upon or otherwise enforce or take any action with respect to any Lien or
other remedy at law, equity or otherwise, or pursuant to any Security Document.

               (b) Each party to this Agreement acknowledges and consents to the undertaking of the
Collateral Agent set forth in Section 2.1(a) and agrees to each of the other provisions of
this Agreement applicable to the Collateral Agent.

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               (c) Upon receipt of any Act of the Applicable Authorized Representative, given in accordance
with the terms of this Agreement, with indemnities satisfactory to the Collateral Agent as provided
in Section 4.14(d), the Collateral Agent shall take, or direct the taking of, any action
provided for in such direction. Such action may include, (x) the giving of any release, notice,
approval, consent or waiver which may be called for hereunder or under the Security Documents that
the Collateral Agent is expressly authorized to give, (y) the requiring of the execution and
delivery of additional Security Documents, or (z) employing agents or directing trustees in order
to accomplish the actions requested.

               (d) Notwithstanding the preceding, nothing shall impair the ability of the Trustee or the
Collateral Agent to take any action necessary to comply with any obligations imposed under any
applicable law, including the TIA.

               (e) Subject in all respects to the provisions of this Agreement, upon the direction of the
Applicable Authorized Representative, the Collateral Agent shall take the actions specified to be
taken by the Collateral Agent in the Priority Facility Agreement, the Indenture and the Working
Capital Facility Agreement, as the case may be, and shall have all the rights and immunities
specified as those of the Collateral Agent in each of the Secured Documents.

          SECTION 2.2 Collateral.

               (a) The Collateral will secure, in accordance with the priorities set forth in Section 2.7
hereof, the Secured Obligations and will be pledged by the Company and the Guarantors to the
Collateral Agent for the benefit of the Secured Parties. The Collateral pledged by the Company
will secure, in accordance with the priorities set forth in Section 2.7 hereof, the Priority
Facility Loans made under the Priority Facility Agreement, the Notes issued under the Indenture and
the Working Capital Loans made and the Letters of Credit issued under the Working Capital Facility
Agreement and the Company’s Obligations under the Security Documents; and the Collateral pledged by
any Guarantor will secure, in accordance with the priorities set forth in Section 2.7 hereof, the
guarantee by such Guarantor made under the Subsidiary Guarantee Agreement of the Priority Facility
Loans, the Note Guarantee of such Guarantor and the guarantee by such Guarantor of the Working
Capital Loans made and the Letters of Credit issued under the Working Capital Facility Agreement
and such Guarantor’s Obligations under the Security Documents. Only the Collateral Agent will be
entitled to enforce the Liens granted under the Security Documents.

               (b) No Indebtedness (other than the Secured Obligations) incurred by the Company or any
Guarantor may share in Liens in the Collateral.

               (c) Subject to the terms of the Secured Documents, the Company and the Guarantors shall be
permitted to incur additional Indebtedness in the future under the Working Capital Facility
Agreement which could share in the Collateral. Any Indebtedness incurred under the Working Capital
Facility Agreement is, and will be required at all times to be, subject to this Agreement. No
collateral will secure any

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Indebtedness under the Working Capital Facility Agreement unless such collateral is Collateral
that also secures the Notes in accordance with this Agreement. The principal amount of Indebtedness
outstanding at any time under the Working Capital Facility Agreement that is secured by the
Collateral will be limited by Section 4.07 and Section 4.14 of (and clause (i) of the definition of
“Permitted Liens” in) the Indenture and by Section 10.01 and Section 10.04 of the Initial Working
Capital Facility Agreement and Section 10.01 and Section 10.04 of the Priority Facility Agreement.

               (d) Subject to the terms of the Secured Documents, the aggregate principal amount of
Indebtedness outstanding at any time that is secured by the Collateral will be limited to
$487,000,000, which shall consist of $400,000,000 in the case of the Indenture, $22,000,000 in the
case of the Priority Facility Agreement and $65,000,000 in the case of the Working Capital Facility
Agreement.

               (e) Subject to the terms of the Security Documents, the Company and the Guarantors will have
the right to remain in possession and retain exclusive control of the Collateral securing the
Secured Obligations (other than any cash, securities, obligations and Cash Equivalents constituting
part of the Collateral that may be deposited with the Collateral Agent in accordance with the
provisions of the Security Documents and other than as set forth in the Security Documents), to
freely operate or otherwise use the Collateral and to collect, invest and dispose of any income
therefrom unless an Actionable Event of Default has occurred. Upon such an Actionable Event of
Default, the Collateral Agent will be entitled to foreclose upon and sell the Collateral or any
part thereof as provided in the Security Documents.

               (f) The Capital Stock and other securities of the Company or any Guarantor constitute
Collateral only to the extent that such Capital Stock and other securities can secure the notes or
the Note Guarantees without Rule 3-10 or Rule 3-16 of Regulation S-X under the Securities Act (or
any other law, rule or regulation) requiring separate financial statements of such Person to be
filed with the SEC (or any other governmental agency). In the event that Rule 3-10 or Rule 3-16 of
Regulation S-X under the Securities Act requires or is amended, modified or interpreted by the SEC
to require (or is replaced with another rule or regulation, or any other law, rule or regulation is
adopted, which would require) the filing with the SEC (or any other governmental agency) of
separate financial statements of any Person due to the fact that such Person’s Capital Stock and
other securities secure the Notes or the Note Guarantees, then such portion (and only such portion)
of the Capital Stock and other securities of such Person as shall constitute the minimum amount
necessary to avoid having such Person be subject to such requirement shall automatically be
released and deemed not to be part of the Collateral. In such event, each Secured Document and any
Security Document may be amended or modified, without the consent of any holder of any Secured
Obligation, to the extent necessary to release the first-priority security interests on such
portion of the shares of Capital Stock and other securities that are so deemed to no longer
constitute part of the Collateral.

          In the event that Rule 3-10 or Rule 3-16 of Regulation S-X under the Securities Act is
amended, modified or interpreted by the SEC to permit (or is replaced

20

 

with another rule or regulation, or any other law, rule or regulations adopted, which would
permit) such Capital Stock and other securities to secure the Notes or the Note Guarantees in
excess of the portion then pledged without the filing with the SEC (or any other governmental
agency) of separate financial statements of such Person, then such additional portion of the
Capital Stock and other securities of such Person as shall constitute the maximum additional amount
possible without having such Person be subject to such requirement shall automatically be deemed to
be a part of the Collateral. In such event, each Secured Document or any Security Document may be
amended or modified, without the consent of any holder of any Secured Obligation, to the extent
necessary to subject such additional Capital Stock and other securities to the Liens under the
Security Documents.

          SECTION 2.3 Certain Letters of Credit. Notwithstanding anything to the contrary contained
herein (including, without limitation, Section 2.6(b)), the parties hereto hereby acknowledge and
agree that to the extent that any letter of credit (other than any Letter of Credit issued under
the Working Capital Facility outstanding on September 21, 2010) issued by Nordea is cash
collateralized and the related obligations are not otherwise secured, no Secured Party shall have a
Lien on the amounts deposited in a deposit account or securities account to cash collateralize such
letter of credit and no such deposited amounts shall form part of the Collateral, in each case so
long as such letter of credit or any related obligations remains outstanding.

          SECTION 2.4 Release or Subordination of Liens. The Collateral Agent will not release or
subordinate any Lien created or granted by any Security Document, or consent to the release or
subordination of any Lien created or granted by any Security Document, except (i) as required by
Article III; and (ii) as ordered pursuant to applicable law under a final and nonappealable
order of a court of competent jurisdiction.

          SECTION 2.5 Enforcement of Liens.

               (a) If the Collateral Agent at any time receives a written notice of the occurrence and
continuance (as of the date of such notice) of any Event of Default, it will promptly deliver
written notice thereof to the Priority Facility Agent, the Working Capital Facility Agent and the
Trustee.

               (b) Upon the occurrence and continuance of any Actionable Event of Default, subject to
Article IV and Article VI, the Collateral Agent shall act, or decline to act, as
directed by an Act of the Applicable Authorized Representative, in the exercise and enforcement of
the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under
the Security Documents or applicable law and, following the initiation of such exercise of
remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such
exercise of remedies as directed by an Act of the Applicable Authorized Representative. Unless it
has been directed to the contrary by an Act of the Applicable Authorized Representative, the
Collateral Agent may (but shall not be obligated to) take or refrain from taking such action with
respect to

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such Actionable Event of Default as the Collateral Agent may deem advisable and in the best
interest of the holders of Secured Obligations.

          SECTION 2.6 Priority of Liens; Additional Collateral. (a) Notwithstanding (i) anything to the
contrary contained in the Secured Documents, (ii) the time, order or method of attachment of the
Collateral Agent’s Liens, (iii) the time or order of filing or recording of financing statements,
vessel mortgage, marine mortgage or other documents filed or recorded to create or perfect any Lien
upon any Collateral, (iv) the time of taking possession or control over any Collateral or (v) the
rules for determining priority under the UCC or any other law governing relative priorities of
secured creditors, all Liens at any time granted to secure any Secured Obligations will secure all
of the Secured Obligations in accordance with the priorities set forth in Section 2.7.

               (b) The Priority Facility Agent, on behalf of the Priority Facility Lenders, the Working
Capital Facility Agent, on behalf of the Working Capital Facility Lenders, and the Trustee, on
behalf of the Holders, hereby agree that, subject to Section 2.6(c), if any such Secured
Party takes any additional Collateral in respect of any Obligations, such Secured Party shall take
or cause to be taken by the Company or any other appropriate Person any and all action necessary to
create and perfect (i) first priority Liens for the benefit of the Priority Facility Obligations
and second priority Liens on an equal and ratable basis for the benefit of the Note Obligations and
the Working Capital Facility Obligations in the Priority Collateral and (ii) first priority Liens
for the benefit of the Note Obligations and the Working Capital Facility Obligations in the
Non-Priority Collateral, subject to the payment priorities as provided in this Agreement, including
executing and delivering mortgages, security agreements, financing statements, amendments to
financing statements, and any other agreements, documents, certificates or instruments necessary to
accomplish the foregoing.

               (c) Subject to Section 6.1(e), the Priority Facility Agent, on behalf of the Priority
Facility Lenders, the Working Capital Facility Agent, on behalf of the Working Capital Facility
Lenders, and the Trustee, on behalf of the Holders, hereby agree to take or cause to be taken by
the Company or any other appropriate Person any and all action necessary to cause the Collateral
Agent to be designated as the sole secured party in respect of any Lien on any Collateral securing
the Secured Obligations, including executing and delivering mortgages, security agreements,
financing statements, amendments to financing statements, and any other agreements, documents,
certificates or instruments evidencing or required or permitted to be filed to create or perfect a
Lien on any Collateral.

               (d) The Collateral Agent may from time to time direct the Company and each Guarantor to: (i)
execute, either alone or with the Collateral Agent, the Company or any Guarantor, financing
statements, security agreements, documents, certificates or instruments pertaining to the
Collateral or any part thereof or (ii) execute and deliver any agreements, documents, certificates
or instruments as may be necessary to perfect a Lien on any Collateral. The Priority Facility
Agent, the Working Capital Facility Agent, the Trustee, the Company and each Guarantor hereby
authorizes the

22

 

Collateral Agent to file such documents and take all further action that may be necessary or
desirable, to confirm, perfect, preserve and protect the security interests intended to be granted
under the Security Documents. Each of the Priority Facility Agent, the Working Capital Facility
Agent, the Trustee, the Company and each Guarantor hereby authorizes the Collateral Agent to
execute and deliver on behalf of such Person and to file such other financing statements and
similar notices without the signature of such Person either in the Collateral Agent’s name or in
the name of such Person and as agent and attorney in fact for such Person. Subject to the terms of
Section 7.20, the Priority Facility Agent, the Working Capital Facility Agent, the Trustee,
the Company and each Guarantor shall do all such additional and further acts or things, give such
assurances and execute such agreements, documents, certificates or instruments as the Collateral
Agent may reasonably request to vest more completely in and assure to the Collateral Agent and the
Secured Parties their rights under this Agreement (including this Section 2.6) with respect
to the Security Documents.

          SECTION 2.7 Application of Collateral.

               (a) If an Actionable Event of Default has occurred and is continuing and the Collateral Agent
takes action to enforce rights in respect of any Collateral, or any distribution is made with
respect to any Collateral in any case of the Company or any Guarantor under any Bankruptcy Law, any
Realization Proceeds (subject to Section 2.7(b)) shall be applied, after payment of all
amounts owing to the Collateral Agent, (x) in the case of Priority Collateral, first, to
the payment in full of all Priority Facility Obligations, and second, to the payment (or,
in the case of any Letter of Credit Obligation constituting a Working Capital Facility Obligation
not already cash collateralized at 105% of face amount, cash collateralization at 105% of the face
amount thereof) in full of the remaining Secured Obligations on a ratable basis and (y) in the case
of Non-Priority Collateral, among the Secured Obligations to the payment (or, in the case of any
Letter of Credit Obligation constituting a Working Capital Facility Obligation not already cash
collateralized at 105% of face amount, cash collateralization at 105% of the face amount thereof)
in full of the Secured Obligations (other than the Priority Facility Obligations) on an equal and
ratable basis. If any Secured Party obtains possession of any Collateral or realizes any
Realization Proceeds in respect thereof, at any time prior to the Discharge of all of the Secured
Obligations, then such Secured Party shall hold such Collateral and Realization Proceeds in trust
for the other Secured Parties (except in the case of any Non-Priority Collateral held by Secured
Parties listed in clauses (a), (b) or (c) of the definition thereof, which does not need to be held
in trust by the Secured Party listed in clause (d) of the definition thereof), and promptly
transfer such Collateral and Realization Proceeds to the Collateral Agent to be distributed in
accordance with this Agreement.

               (b) Notwithstanding the foregoing, with respect to any Collateral for which a Person (other
than a Secured Party) has a lien or security interest that is junior in priority to the security
interest of any Series of Secured Obligations but senior (as determined by appropriate legal
proceedings in the case of any dispute) to the security interest of any other Series of Secured
Obligations (such third party, an “Intervening Creditor”), the value of any Collateral or proceeds
which are allocated to

23

 

such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or
proceeds to be distributed in respect of the Series of Secured Obligations with respect to which
such Impairment exists.

               (c) This Section 2.7 sets forth certain relative rights of the Collateral Agent, the
Priority Facility Agent, the Trustee and the Working Capital Facility Agent. Nothing in this
Agreement will:

                    (1) impair, as between the Company, any Guarantor and the holders of the Secured Obligations,
the obligation of the Company, which is absolute and unconditional, to pay the Secured Obligations
of the Company, and the obligation of each Guarantor, which is absolute and unconditional, to pay
the Secured Obligations of such Guarantor, in each case, in accordance with their respective terms
or to perform any other obligation of the Company or any Guarantor under the Priority Facility
Agreement, the Indenture or the Working Capital Facility Agreement; or

                    (2) affect the relative rights of holders of Secured Obligations and other creditors of the
Company or any of the Guarantors.

This Section 2.7 is intended for the benefit of, and will be enforceable as a third party
beneficiary by, each present and future holder of Secured Obligations.

               (d) Until the date that the Collateral Agent applies all proceeds pursuant to Section
2.7(a), a non-interest bearing segregated trust account (the “Collateral Account”) on behalf of
the Priority Facility Agent, the Trustee and the Working Capital Facility Agent for the benefit of
the respective holders of the Secured Obligations shall be maintained by the Collateral Agent at
its corporate trust department in accordance with the terms of this Agreement. The Collateral
Account shall be, at all times, in the name of and under the control of the Collateral Agent in its
capacity as such. All Realization Proceeds received by the Collateral Agent from any foreclosure,
collection suit or other realization of the Collateral Agent’s Liens upon any Collateral or
distributed in any Insolvency or Liquidation Proceeding shall be deposited in the Collateral
Account and, thereafter, shall be held and applied by the Collateral Agent all in accordance with
the terms of this Agreement.

               (e) The Collateral Agent shall establish, in addition to the Collateral Account provided for
in Section 2.7(d) above, a non-interest bearing segregated trust account on behalf of the
Company in the event of receipt by the Company, Holdings or a Subsidiary Guarantor of (i) any Net
Available Cash attributable to a Sold Mortgaged Vessel or the Capital Stock of a Sold Vessel Owning
Guarantor, (ii) Refund Proceeds, (iii) any Net Event of Loss Proceeds from any Event of Loss, or
(iv) Net Available Cash from a Collateral Disposition. All cash and cash equivalents received by
the Collateral Agent from any such event, shall be deposited in such account (“Cash Collateral
Account”) and thereafter shall be held, applied and/or disbursed by the Collateral Agent in
accordance with the terms of the Secured Documents and this Agreement. Such Cash Collateral
Account shall be maintained by the Collateral Agent at its corporate trust department in accordance
with this Agreement. The Cash

24

 

Collateral Account shall be, at all times, in the name of and under the sole control of the
Collateral Agent in its capacity as such. Proceeds constituting (i) any Realization Proceeds shall
be deposited only in the Collateral Account, and (ii) any Net Available Cash attributable to a Sold
Mortgaged Vessel or the Capital Stock of a Sold Vessel Owning Guarantor, Refund Proceeds, any Net
Event of Loss Proceeds from any Event of Loss and Net Available Cash from a Collateral Disposition
shall be deposited only in the Cash Collateral Account.

               (f) Pending the distribution of funds in the Collateral Account or Cash Collateral Account in
accordance with the provisions of the Secured Documents and this Agreement, such Collateral Account
and Cash Collateral Account will be maintained as provided below:

                    (1) the Collateral Agent shall, subject to the provisions of Article III and
Article VI, and the other provisions of this Article II, from time to time (i)
invest amounts on deposit in the Collateral Account and the Cash Collateral Account in Cash
Equivalents and (ii) invest interest paid on such Cash Equivalents and reinvest other proceeds of
any such Cash Equivalents that may mature or be sold, in additional Cash Equivalents, in each case
at the written direction of the Company so long as the Collateral Agent has not received a Notice
of Event of Default, and in Cash Equivalents described in clause (2) or clause (3) of the
definition of such term after such notice while such Event of Default is continuing, with interest
and proceeds that are not invested or reinvested in Cash Equivalents deposited and held in the
Collateral Account or the Cash Collateral Account, as applicable; notwithstanding the foregoing,
the Company shall to the extent possible, ensure that the Collateral Agent is directed to invest
(and in the case of investments made following the receipt by the Collateral Agent of a Notice of
Event of Default, the Collateral Agent shall, to the extent possible, invest) any funds to be
distributed on a date intended for the distribution of any amounts or proceeds therefrom in Cash
Equivalents that shall mature or become liquid on or prior to such date;

                    (2) all Cash Equivalents in respect of the Collateral Account and the Cash Collateral Account
and all interest and income received thereon and therefrom and the net proceeds realized on the
maturity or sale thereof shall be held in the Collateral Account or the Cash Collateral Account, as
applicable, as a part of the Collateral pursuant to the terms hereof; and

                    (3) the Collateral Account and the Cash Collateral Account shall each be subject to such
applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve
System and of any other appropriate banking or regulatory authority, as are in effect from time to
time.

               (g) In connection with the application of proceeds pursuant to Section 2.7(a), except
as otherwise directed by an Act of the Applicable Authorized Representative, the Collateral Agent
may sell any non-cash proceeds for cash prior to the application of the proceeds thereof.

25

 

               (h) In connection with the application of proceeds pursuant to Section 2.7(a), the
Collateral Agent may be required, and is hereby authorized by the Priority Facility Agent, the
Trustee and the Working Capital Facility Agent, to convert foreign currency proceeds to US$ or US$
proceeds to foreign currency, as may be required to satisfy the respective Secured Obligations in
the currency in which such Secured Obligations are denominated. The Collateral Agent shall make
any such conversion in accordance with its own banking procedures in a timely fashion so as to
allow the distribution of proceeds pursuant to Section 2.7(a) on the date otherwise
specified for such payment.

               (i) Except as provided in Section 2.7(f)(1) in the case where the Collateral Agent has
received a Notice of Event of Default, the Collateral Agent shall have no obligation to invest and
reinvest any cash held in the absence of timely and specific investment direction from the Company.
The Collateral Agent shall have no liability for the selection of investments or for any loss
incurred in connection with any investment or any sale, liquidation or redemption.

               (j) In the event the Collateral Agent receives proceeds of the disposition of any Collateral
in circumstances in which the terms of the Secured Documents or the Security Documents do not
direct the Collateral Agent as to the application of such proceeds, the Collateral Agent may
request that the Applicable Authorized Representative instruct the Collateral Agent as to the
proper application of such proceeds; provided that so long as the Collateral Agent has not received
a Notice of Event of Default, the Collateral Agent shall not act on such instructions from the
Applicable Authorized Representative unless it has also obtained the consent thereto from the
Company. Prior to the receipt of such instructions and, if required as aforesaid such consent
thereto contemplated by the terms of this Section 2.7(j), the Collateral Agent shall
deposit such proceeds in the Cash Collateral Account.

               (k) The Collateral Agent in its capacity as bank and securities intermediary hereby agrees to
comply with any and all entitlement orders (within the meaning of Section 8-102 of the UCC) and/or
instructions (within the meaning of Section 9-104(a)(2) of the UCC) originated by the Collateral
Agent, in its capacity as a Secured Party, directing the disposition of funds or other assets in
the Collateral Account or the Cash Collateral Account, in each case without the consent of Company,
Holdings or any Guarantor.

          SECTION 2.8 Credit Bid Rights.

               (a) If, during the continuance of an Actionable Event of Default, the Collateral Agent
forecloses any of its Liens upon any Collateral, whether by public sale, private sale or judicial
foreclosure or otherwise, and if directed in writing by an Act of the Applicable Authorized
Representative, to exercise its credit bid rights as provided in this Section 2.8(a), the
Collateral Agent, acting for and on behalf of the Priority Facility Lenders, the Holders and the
Working Capital Facility Lenders, shall be entitled (to the fullest extent it may lawfully do so)
to use and apply then matured Secured Obligations as a credit on account of the purchase price
payable by the Collateral

26

 

Agent for any Collateral sold to the Collateral Agent at the corresponding foreclosure sale,
for all purposes related to bidding and making settlement or payment of the purchase price at such
foreclosure sale.

               (b) Each of the Company and the Guarantors hereby grants, confirms and agrees to cooperate
with and permit the exercise and enforcement of the rights set forth in this Section 2.8.

          SECTION 2.9 Appointment and Powers of the Collateral Agent.

               (a) The Collateral Agent is hereby irrevocably appointed as agent and representative of and on
behalf of and for the benefit of the Secured Parties, to secure the payment and performance in full
of the Secured Obligations. The Collateral Agent hereby accepts such appointment. In addition,
the Collateral Agent is hereby irrevocably appointed as security trustee on behalf of and for the
benefit of the Secured Parties with respect to that certain first preferred Vanuatu ship mortgage
over the Vanuatu registered vessel NORTHERN PRINCESS, Official No. 1576, to be entered into
contemporaneously with this Agreement and as the same may be amended, modified or restated from
time to time. The Collateral Agent hereby accepts such appointment. Each of the Priority Facility
Agent, the Trustee and the Working Capital Facility Agent confirms that each Priority Facility
Lender (in the case of the Priority Facility Agent), Holder (in the case of the Trustee) and each
Working Capital Facility Lender (in the case of the Working Capital Facility Agent) has (i)
irrevocably appointed the Collateral Agent, in such capacity, to act as its agent and Collateral
Agent under this Agreement and (ii) irrevocably authorized the Collateral Agent to perform the
duties and exercise the rights, powers and discretions that are specifically given to it under this
Agreement, together with any other incidental rights, powers and discretions.

               (b) The Collateral Agent is irrevocably authorized and empowered to enter into and perform its
obligations and protect, perfect, exercise and enforce its interest, rights, powers and remedies,
in each case pursuant to the Security Documents and applicable law and to act as set forth in this
Article II or as requested in any lawful directions given to it from time to time in
respect of any matter by Act of the Applicable Authorized Representative.

               (c) Subject to Article IV, the Collateral Agent shall take direction only pursuant to
an Act of the Applicable Authorized Representative.

               (d) No direction given to the Collateral Agent (whether given by Act of the Applicable
Authorized Representative or otherwise by any Person) that in the sole judgment of the Collateral
Agent imposes, or purports to impose or might reasonably be expected to impose, upon the Collateral
Agent any obligation or liability not set forth in or arising under this Agreement or any other
Security Document accepted by the Collateral Agent shall be binding upon the Collateral Agent
unless the Collateral Agent elects, at its sole discretion, to accept such direction.

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               (e) Except as specifically provided herein, the Priority Facility Agent, the Working Capital
Facility Agent and the Trustee are party to this Agreement solely to confirm their acknowledgement
of the undertaking of the Collateral Agent set forth in Section 2.1(a) and their acceptance
of the rights granted to them by this Agreement. Neither the Priority Facility Agent, the Working
Capital Facility Agent nor the Trustee nor any Secured Party nor any other holder of Secured
Obligations shall have (i) any obligation or liability under this Agreement (except as specifically
provided herein) or under any Act of the Applicable Authorized Representative, to which it is not a
signatory party, (ii) any responsibility or duty whatsoever in respect of the Collateral or the
Security Documents or any other interest, right, power or remedy granted to or enforceable by the
Collateral Agent, it being understood and agreed by the Collateral Agent and by the Company and the
Guarantors that only the Collateral Agent shall be bound by, or liable for breach of, the
obligations of the Collateral Agent set forth in or arising under the Security Documents, including
all obligations imposed by law upon a secured party relating to the protection, maintenance,
release or enforcement of any security interest in any Collateral or any other interest, right,
power or remedy of the Collateral Agent, or (iii) any liability whatsoever for any act or omission
of the Collateral Agent, whether or not constituting a breach of the Collateral Agent’s undertaking
and obligations under this Agreement or otherwise constituting wrongful conduct.

          SECTION 2.10 Exclusive Benefit. The Collateral Agent will accept, hold, administer and
enforce all Liens on the Collateral, and all Collateral, at any time transferred or delivered to it
and all other interests, rights, powers and remedies at any time granted to or enforceable by the
Collateral Agent and all property included in the Collateral solely and exclusively for the benefit
of the holders of the applicable Secured Obligations, as herein provided, and will distribute all
proceeds received by it in realization thereon or from enforcement thereof solely and exclusively
as provided in Section 2.7.

ARTICLE III

LIEN RELEASES

          SECTION 3.1 Release of Liens on Collateral.

               (a) The Collateral Agent shall release the Liens upon the Collateral:

                    (1) in whole, upon payment (or, in the case of Letters of Credit, cash-collateralization at
105% of face amount) in full of the Priority Facility Loans made under the Priority Facility
Agreement, the Notes, the Working Capital Loans made and Letters of Credit issued under the Working
Capital Facility Agreement and all other Secured Obligations that are outstanding, due and payable
at the time the Priority Facility Loans made under the Priority Facility Agreement, the Notes, the
Working Capital Facility Loans made and Letters of Credit issued under the Working Capital Facility
Agreement and such other Secured Obligations are paid (or, in the case of Letters of Credit,
cash-collateralized) in full, and in connection with such payments under the

28

 

Working Capital Facility Agreement, any Commitments which are in effect at the time thereof
are fully and completely terminated;

                    (2) with respect to the Note Obligations only, upon receipt of written notice from the Trustee
of satisfaction and discharge of the Indenture as set forth in Section 8.09 of the Indenture;

                    (3) with respect to the Note Obligations only, upon receipt of written notice from the Trustee
of a Legal Defeasance as set forth in Section 8.02 of the Indenture;

                    (4) with respect to the Note Obligations only, upon receipt of written notice from the Trustee
of payment in full of the Notes and all other Note Obligations that are outstanding, due and
payable at the time the Notes are paid in full;

                    (5) with respect to the Working Capital Facility Obligations only, upon payment in full of the
Working Capital Facility Loans made (and cash collateralization of all Letters of Credit issued at
105% of face amount) under the Working Capital Facility Agreement and all other Working Capital
Facility Obligations that are outstanding, due and payable at the time the Working Capital Facility
Obligations are paid (or, in the case of Letters of Credit, cash-collateralized at 105% of face
amount) in full, and in connection therewith, any Commitments which are in effect at the time
thereof are fully and completely terminated;

                    (6) with respect to the Priority Facility Obligations only, upon payment in full of the
Priority Facility Loans made under the Priority Facility Agreement and all other Priority Facility
Obligations that are outstanding, due and payable at the time the Priority Facility Obligations are
paid;

                    (7) as to any Collateral that constitutes all or substantially all of the Collateral, with the
consent of all of the Priority Facility Lenders (unless such Collateral is Non-Priority
Collateral), the Holders of 100% in principal amount of the Notes and all of the Working Capital
Facility Lenders (including consents obtained in connection with a tender offer or exchange offer
for, or purchase of, the Notes);

                    (8) subject to the provisions of this Agreement, as to any Collateral which constitutes less
than all or substantially all of the Collateral, with the consent of the holders of a majority in
principal amount of all Priority Facility Loans made under the Priority Facility Agreement then
outstanding (unless such Collateral is Non-Priority Collateral), Holders of a majority in principal
amount of the Notes and holders of a majority in principal amount of all Working Capital Loans made
and the face amount of all Letters of Credit issued under the Working Capital Facility Agreement
then outstanding (or, if no Working Capital Loans or Letters of Credit are then outstanding but the
Commitments remain then in effect, such Commitments), voting together as a single

29

 

class (including consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes);

                    (9) as to any Collateral (i) that is (or is deemed to be) sold or otherwise disposed of by
Holdings, the Company or any Subsidiary Guarantor (to a Person other than Holdings, the Company or
any Subsidiary Guarantor) in a Collateral Disposition or (in the case of any Collateral (other than
the Designated Collateral)) any other transaction, in each case, permitted by the Priority Facility
Agreement (unless such Collateral is Non-Priority Collateral), the Working Capital Facility
Agreement and the Indenture, at the time of such sale or disposition, to the extent of the interest
sold or disposed of in accordance with the terms of the Indenture and so long as all cash proceeds
thereof are deposited in the Cash Collateral Account to the extent required by the Indenture and
the Priority Facility Agreement, (ii) that constitutes a portion of the Cash Collateral Account
that is to be applied (x) to redemption of Notes (and repayment of Priority Facility Loans under
the Priority Facility Agreement and the Working Capital Loans (or cash collateralization of Letters
of Credit) under the Working Capital Facility Agreement), in each case in accordance with Section
2.7 or (y) to purchase Qualified Substitute Collateral as described under Section 4.25 of the
Indenture and to the extent such purchase is permitted by the Priority Facility Agreement, (iii)
that constitutes Collateral Excess Proceeds which have been offered to, but not accepted by, the
Holders (and have not been used to repay Priority Facility Loans under the Priority Facility
Agreement or Working Capital Loans or cash collateralize Letters of Credit under the Working
Capital Facility Agreement) and are released as set forth in Section 4.11 of the Indenture or (iv)
that is owned or at any time acquired by a Subsidiary Guarantor that has been released from its
Note Guarantee and its guarantee of the Working Capital Loans pursuant to the Subsidiary Guarantee
and the Working Capital Facility Agreement, concurrently with the release thereof; or

                    (10) with respect to the Note Obligations, as to any Capital Stock or other securities as and
to the extent specified in the first paragraph of Section 2.2(f).

          To the extent that any proceeds of the Cash Collateral Account are being released pursuant to
clause (9)(ii)(y) of this Section 3.1 in order to allow the Company, Holdings or any
Subsidiary Guarantor to acquire Qualified Substitute Collateral, any Vessel or Specialized
Equipment or Additional Assets, in addition to any other requirements imposed on the Company in
connection with such release under this Agreement or any Security Document, such release is
expressly conditioned upon compliance by the Company with the provisions of Section 4.25 of the
Indenture and the provisions of the Priority Facility Agreement.

               (b) The Collateral Agent agrees for the benefit of the Company and the Guarantors that if the
Collateral Agent at any time receives:

                    (1) an Officer’s Certificate stating that (i) the signing officer has read Article III
of this Agreement and understands the provisions and the definitions relating hereto, (ii) such
officer has made such examination or investigation as

30

 

is necessary to enable him or her to express an informed opinion as to whether or not the
conditions precedent in this Agreement, all other Security Documents, the Priority Facility
Agreement, the Indenture and the Working Capital Facility Agreement, if any, relating to the
release of the Collateral have been complied with, (iii) the Collateral Agent is permitted by the
Priority Facility Agreement, the Working Capital Facility Agreement, the Indenture and this
Agreement to release any property of the Company or a Guarantor described in such Officer’s
Certificate from any Lien granted by a Security Document specified in such Officer’s Certificate,
(iv) if such release is required as a result of a Collateral Disposition, the proceeds thereof will
be applied in accordance with the Priority Facility Agreement, the Working Capital Facility
Agreement and the Indenture, as the case may be, and such sale has been consummated in compliance
with all other applicable requirements of the Priority Facility Agreement, the Working Capital
Facility Agreement and the Indenture, as the case may be, (v) no Default or Event of Default will
result from the release of such Lien, and (vi) in the opinion of such officer, all conditions
precedent (including any required substitution of Collateral), if any, applicable to the foregoing
(as the case may be) have been complied with;

                    (2) the proposed instrument or instruments releasing such Lien as to such property in
recordable form, if applicable;

                    (3) an accompanying Opinion of Counsel for the Company to the effect that the release of such
Lien as to such property is permitted by this Agreement, the Working Capital Facility Agreement and
the Indenture, and that such proposed releasing instrument is effective solely to release such Lien
as to such property, without requiring the Collateral Agent to make any representation or warranty
in respect thereto, without releasing or satisfying any obligation secured by such Lien, and
without imposing any obligation or liability upon the Collateral Agent or any other Person;

then, the Collateral Agent shall execute (with such acknowledgements and notarizations as are
required) and deliver such release to the Company or applicable Guarantor on or before the later of
(x) the date specified in such request for such release and (y) the tenth Business Day after the
date of receipt of the items required by this Section 3.1(b) by the Collateral Agent.

          The release of any Collateral from the terms of the Security Documents shall not be deemed to
impair the security under the Security Documents in contravention of the provisions thereof if and
to the extent the Collateral is released pursuant to this Agreement and the Security Documents. To
the extent applicable, the Company shall cause TIA § 314(d) relating to the release of property
from the Lien of the Security Documents and relating to the substitution therefor of any property
to be subjected to the Lien of the Security Documents to be complied with. Any certificate or
opinion required by TIA § 314(d) may be made by an Officer of the Company, except in cases where
TIA § 314(d) requires that such certificate or opinion be made by an independent Person, which
Person shall be an independent engineer, appraiser or other expert selected by the Company in the
exercise of reasonable care. For purposes of this Section 3.1, a Person is “independent”
if such Person (a) is in fact independent, (b) does not have any direct financial interest or any
material indirect financial interest in the Company or any

31

 

Guarantor and (c) is not an officer, employee, promoter, underwriter, trustee, partner or
director or Person performing similar functions to any of the foregoing for the Company or any
Guarantor. The Collateral Agent and the Trustee shall be entitled to receive and conclusively rely
upon a certificate provided by any such Person confirming that such Person is independent within
the foregoing definition.

          SECTION 3.2 Delivery of Copies to the Priority Facility Agent, Working Capital Facility Agent
and Trustee. The Company shall deliver to the Priority Facility Agent, the Working Capital
Facility Agent and the Trustee a copy of each Officer’s Certificate and Opinion of Counsel
delivered to the Collateral Agent pursuant to Section 3.1, together with copies of all
other opinions and documents delivered to the Collateral Agent with such Officer’s Certificate.
The Priority Facility Agent, the Working Capital Facility Agent and the Trustee shall not be
obligated to take notice thereof or to act thereon.

          SECTION 3.3 Sufficiency of Release. All purchasers and grantees of any property or rights
purporting to be released herefrom shall be entitled to rely upon any release executed by the
Collateral Agent hereunder as sufficient for the purpose of constituting a good and valid release
of the property therein described from the Lien of the Security Documents.

          SECTION 3.4 Purchaser Protected. No purchaser or grantee of any property or rights purporting
to be released herefrom shall be bound to ascertain the authority of the Collateral Agent to
execute the release or to inquire as to the existence of any conditions herein prescribed for the
exercise of such authority; nor shall any purchaser or grantee of any property or rights permitted
by the Security Documents to be sold or otherwise disposed of by the Company or any Guarantor be
under any obligation to ascertain or inquire into the authority of the Company or such Guarantor,
as the case may be, to make such sale or other disposition.

          SECTION 3.5 Collateral Agent not Required to Serve, File or Record. The Collateral Agent is
not required to serve, file, register or record any instrument releasing its Liens in any
Collateral. Anything herein or in the Security Documents to the contrary notwithstanding, except
if otherwise instructed and indemnified in accordance with the terms of this Agreement, the
Collateral Agent shall be under no obligation to file or prepare any financing statement or
continuation statement or to take any action or to execute any further documents or instruments in
order to create, preserve or perfect the security interest granted herein and in the Security
Documents, such obligations being otherwise the obligations of the Company.

          SECTION 3.6 Trustee Notices. In the event that the Company delivers an Officer’s Certificate
to the Trustee certifying that its obligations under the Indenture and the Notes have been
satisfied and discharged by complying with the provisions of Section 8.09 of the Indenture, and
such other documents and/or funds as are required to be delivered or paid pursuant to Section 8.09
of the Indenture have been delivered and paid, the Trustee shall notify the Collateral Agent in
writing that such obligations have been satisfied and discharged in accordance with the terms of
the

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Indenture, and shall take such other actions in connection therewith as may be required or
contemplated by the Security Documents to be taken by the Trustee.

          SECTION 3.7 Delivery of Certain Notices to the Collateral Agent. The Company agrees promptly
to furnish to the Collateral Agent a copy of each notice it delivers to the Priority Facility
Agent, the Working Capital Facility Agent or the Trustee pursuant to the requirements of the TIA.

ARTICLE IV

IMMUNITIES OF THE COLLATERAL AGENT

          SECTION 4.1 No Implied Duty. The Collateral Agent shall not have any duties or
responsibilities except those expressly assumed by it in this Agreement and the other Security
Documents and no implied duties or obligations shall be read into this Agreement or the other
Security Documents against the Collateral Agent. The Collateral Agent shall not be required to
take any action which is contrary to applicable law or any provision of this Agreement or the other
Security Documents. The Collateral Agent makes no representation as to the validity, value,
genuineness or the collectability of any security or other document or other instrument held by or
delivered to the Collateral Agent. Notwithstanding anything to the contrary contained in any other
Transaction Document, the Collateral Agent shall not be called upon to advise any party as to the
wisdom in taking or refraining to take any action with respect to the Collateral or be a trustee
for or have any fiduciary obligation to any party.

          SECTION 4.2 Appointment of Co-Agents and Sub-Agents. The Collateral Agent may employ agents
and appoint sub-agents, attorneys, custodians, nominees or co-collateral agents as it determines
appropriate in the performance of its duties hereunder. The Collateral Agent will exercise
reasonable care in selecting any such agent, sub-agent, attorney, custodian, nominee or
co-collateral agent and in supervising the performance of any duties delegated to any such agent,
sub-agent, attorney, custodian, nominee or co-collateral agent but shall not otherwise be
responsible or liable for any act or omission of any such agent, sub-agent or co-collateral agent.

          SECTION 4.3 Other Agreements. The Collateral Agent has accepted and is bound by each of the
Security Documents delivered to it as of the date of this Agreement and, subject to this Agreement,
shall accept and be bound by all Security Documents delivered to it at any time after the date of
this Agreement. The Collateral Agent shall not otherwise be bound by, or obligated to take
cognizance of the provisions of, any agreement to which it is not a party, including the Priority
Facility Agreement, the Working Capital Facility Agreement or the Indenture, except as otherwise
expressly provided herein.

          SECTION 4.4 Solicitation of Instructions. The Collateral Agent may at any time solicit (i) an
Act of the Applicable Authorized Representative; (ii) written direction of the Priority Facility
Agent, the Working Capital Facility Agent or the Trustee; (iii) solely as expressly provided in
Section 5.2, written direction of the

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Company or (iv) in any case, an order of a court of competent jurisdiction, as to any action
that it may be requested or required to take, or which it may propose to take, in the performance
of any of its obligations under this Agreement or the other Security Documents and shall be fully
justified in failing or refusing to act whether under this Agreement or any other Security Document
until it shall have received such requisite direction or order, and any such direction shall in any
event be subject to Section 2.9(d).

          SECTION 4.5 Limitation of Liability. The Collateral Agent shall not be responsible or liable
for any action taken or omitted to be taken by it hereunder or under any Security Document, except
for its own gross negligence, bad faith or willful misconduct.

          SECTION 4.6 Documents in Satisfactory Form. The Collateral Agent shall be entitled to require
that all agreements, certificates, opinions, instruments and other documents at any time submitted
to it, including those expressly provided for in this Agreement, be delivered to it in a form and
upon substantive provisions reasonably satisfactory to it.

          SECTION 4.7 Entitled to Rely. The Collateral Agent may rely conclusively upon any
certificate, notice or other document (including any teletransmission) reasonably believed by it to
be genuine and correct and to have been signed or sent by or on behalf of the proper Person or
Persons and need not investigate any fact or matter stated in any such document. The Collateral
Agent may seek and rely upon any judicial order or judgment, upon any advice, opinion or statement
of legal counsel, independent consultants and other experts selected by it in good faith and upon
any certification, instruction, notice or other writing delivered to it by the Company or any of
the Guarantors in compliance with the provisions of this Agreement or delivered to it by the
Priority Facility Agent, the Working Capital Facility Agent or the Trustee as an Act of the
Applicable Authorized Representative, without being required to determine the authenticity thereof
or the correctness of any fact stated therein or the propriety or validity of service thereof. The
Collateral Agent may act in reliance upon any instrument comporting, in all material respects, with
the provisions of this Agreement or any signature reasonably believed by it to be genuine and may
assume that any Person purporting to give notice or receipt or advice or make any statement or
execute any document in connection with the provisions hereof has been duly authorized to do so.
To the extent an Officer’s Certificate or an Opinion of Counsel is required or permitted under this
Agreement to be delivered to the Collateral Agent in respect of any matter, the Collateral Agent
may rely conclusively on such Officer’s Certificate or Opinion of Counsel as to such matter in the
absence of bad faith on the part of the Collateral Agent.

          SECTION 4.8 Defaults and Events of Default. The Collateral Agent shall not be required to
inquire as to the occurrence or absence of any Default or Event of Default and shall not be
affected by or required to act upon any notice or knowledge as to the occurrence of any Default or
Event of Default unless and until it receives a Notice of Event of Default, or except as otherwise
expressly provided herein.

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          SECTION 4.9 Actions by Collateral Agent. Subject to Section 4.4, Section 7.21
and any other express provision hereof, as to any matter not expressly provided for by this
Agreement or any other Security Document, the Collateral Agent will act or refrain from acting as
directed by an Act of the Applicable Authorized Representative, and will be fully protected and
indemnified by the holders of the Secured Obligations (other than the Holders of the Notes)
relating to such Act of the Applicable Authorized Representative in doing so (except to the extent
of the Collateral Agent’s gross negligence, bad faith or willful misconduct), and any action taken,
suffered or omitted pursuant hereto or thereto shall be binding on all holders of the Secured
Obligations.

          SECTION 4.10 Security or Indemnity in favor of the Collateral Agent. The Collateral Agent
shall not be required to advance or expend any funds or otherwise incur any liability, financial or
otherwise, in the performance of its duties or the exercise of its powers or rights hereunder
unless it has been provided with security or indemnity which it, in its discretion, deems
sufficient against any and all liability or expense which may be incurred by it by reason of taking
or continuing to take such action.

          SECTION 4.11 Limitations on Duty of Collateral Agent in Respect of Collateral.

               (a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the
Collateral Agent will have no duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or any income thereon or as to preservation of rights
against prior parties or any other rights pertaining thereto and the Collateral Agent will not be
responsible for filing any financing or continuation statements or recording any documents or
instruments in any public office at any time or times or otherwise perfecting or maintaining the
perfection of any Liens on the Collateral. The Collateral Agent will be deemed to have exercised
reasonable care in the custody of the Collateral in its possession if the Collateral is accorded
treatment substantially equal to that which it accords similar property, and the Collateral Agent
will not be liable or responsible for any loss or diminution in the value of any of the Collateral
by reason of the act or omission of any carrier, forwarding agency or other agent or bailee
selected by the Collateral Agent in good faith or as selected by any other Person.

               (b) The Collateral Agent will not be responsible for the existence, genuineness or value of
any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in
any of the Collateral, whether impaired by operation of law or by reason of any action or omission
to act on its part hereunder, except to the extent such action or omission constitutes gross
negligence, bad faith or willful misconduct on the part of the Collateral Agent, for the validity
or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity
of the title of the Company or any Guarantor, as the case may be, to the Collateral, for insuring
the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or
otherwise as to the maintenance of the Collateral. The Collateral Agent

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hereby disclaims any representation or warranty to the present and future holders of the
Secured Obligations concerning the perfection of the Liens granted hereunder or in the value of any
of the Collateral.

          SECTION 4.12 Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the
contrary contained herein, but subject in all respects to Section 7.10 hereof:

                    (1) each of the parties thereto will remain liable under each of the Security Documents (other
than this Agreement) to the extent set forth therein to perform all of their respective duties and
obligations thereunder to the same extent as if this Agreement had not be executed;

                    (2) the exercise by the Collateral Agent of any of its rights, remedies or powers hereunder
will not release such parties from any of their respective duties or obligations under the other
Security Documents; and

                    (3) the Collateral Agent will not be obligated to perform any of the obligations or duties of
any of the parties thereunder other than those of the Collateral Agent.

          SECTION 4.13 No Liability for Clean Up of Hazardous Materials. In the event that the
Collateral Agent is required to acquire title to an asset for any reason, or take any managerial
action of any kind in regard thereto, in order to carry out any obligation for the benefit of
another, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to be
considered an “owner or operator” under any environmental laws or otherwise cause the Collateral
Agent to incur, or be exposed to, any environmental liability or any liability under any other
federal, state or local law, the Collateral Agent reserves the right, instead of taking such
action, either to resign as Collateral Agent or to arrange for the transfer of the title or control
of the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person
for any environmental liability or any environmental claims or contribution actions under any
federal, state or local law, rule or regulation by reason of the Collateral Agent’s actions and
conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or
release or threatened discharge or release of any hazardous materials into the environment.

          SECTION 4.14 Not Responsible for Recitals; Other Matters.

               (a) The recitals contained herein shall be taken as statements of the Company and the
Guarantors, and the Collateral Agent assumes no responsibility for their correctness. The
Collateral Agent makes no representation as to the validity or sufficiency of this Agreement.

               (b) The Collateral Agent shall not be liable for any error of judgment made in good faith by
an officer or officers of the Collateral Agent, unless it

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shall be conclusively determined by a court of competent jurisdiction that the Collateral
Agent was grossly negligent in ascertaining the pertinent facts.

               (c) Whenever in the administration of the provisions of this Agreement or the Security
Documents, the Collateral Agent shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering any action to be taken, such matter may, in the absence of
gross negligence or bad faith on the part of the Collateral Agent, be deemed to be conclusively
proved and established by an Officer’s Certificate or an Opinion of Counsel, which shall be full
warrant to the Collateral Agent for any action taken, suffered or omitted by it under the
provisions of the Agreement or the Security Documents upon the faith thereof.

               (d) The Collateral Agent shall be under no obligation to exercise any of the rights vested in
it by this Agreement or the Security Documents or to enforce any remedy or realize upon any of the
Collateral unless (i) subject to Section 2.9(d), it has been directed to take such action
pursuant to the terms of Section 2.1(c) herein, and (ii) it has been offered security or
indemnity satisfactory to it against the costs, expenses and liabilities (including fees and
expenses of its agents and counsel) that might be incurred by it in compliance with such request or
direction. Neither of the Authorized Representatives shall be required to personally offer such
indemnity or security.

ARTICLE V

RESIGNATION AND REMOVAL OF THE COLLATERAL AGENT

          SECTION 5.1 Resignation or Removal of Collateral Agent. Subject to compliance by the
Collateral Agent with the second sentence and third sentence of Section 5.2 hereof, if
applicable, (i) the Collateral Agent may resign at any time by giving not less than 30 days’ notice
of resignation to the Priority Facility Agent, the Working Capital Facility Agent, the Trustee and
the Company and (ii) the Collateral Agent may be removed at any time, with or without cause, by an
Act of the Applicable Authorized Representative. So long as no Event of Default has occurred and
is continuing, the Company may remove the Collateral Agent if:

                    (i) the Collateral Agent fails to comply with the terms of the second sentence of Section
5.2 hereof;

                    (ii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Collateral Agent under any Bankruptcy Law;

                    (iii) a custodian takes charge of the Collateral Agent or its property; or

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                    (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any
material respect in accordance with the terms of this Agreement.

          SECTION 5.2 Appointment of Successor Collateral Agent. Upon any such resignation or removal,
a successor Collateral Agent may be appointed by the Company acting reasonably; provided such
successor Collateral Agent meets the requirements of a successor Collateral Agent set forth in this
Section 5.2; provided further, that if an Event of Default has occurred and is continuing,
such appointment shall be made by the Priority Facility Agent, the Trustee and the Working Capital
Facility Agent, acting jointly. If no successor Collateral Agent shall have been so appointed and
shall have accepted such appointment within 30 days after the predecessor Collateral Agent gave
notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the
Company), petition a court of competent jurisdiction for appointment of a successor Collateral
Agent, which shall be a bank or trust company (i) authorized to exercise corporate trust powers,
(ii) having a combined capital and surplus of at least US$250,000,000, and (iii) maintaining an
office in New York, New York. The Collateral Agent will fulfill its obligations hereunder until a
successor Collateral Agent meeting the requirements of this Section 5.2 has accepted its
appointment as Collateral Agent and the provisions of Section 5.3 have been satisfied.

          SECTION 5.3 Succession. When the Person so appointed as successor Collateral Agent accepts
such appointment:

                    (i) such Person shall succeed to and become vested with all the rights, powers, privileges and
duties of the predecessor Collateral Agent, and the predecessor Collateral Agent shall be
discharged from its duties and obligations hereunder, and

                    (ii) the predecessor Collateral Agent, upon payment of all amounts owed to it, shall promptly
transfer all Collateral within its possession or control to the possession or control of the
successor Collateral Agent and shall execute and deliver such notices, instructions and assignments
as may be necessary or desirable or reasonably requested by the successor Collateral Agent to
transfer to the successor Collateral Agent all Liens, interests, rights, powers and remedies of the
predecessor Collateral Agent in respect of the Collateral or under the Security Documents.

Thereafter the predecessor Collateral Agent shall remain entitled to enforce the immunities granted
to it in Article IV and the provisions of Section 7.9 and Section 7.10.

          SECTION 5.4 Merger, Conversion or Consolidation of Collateral Agent. Any Person into which
the Collateral Agent may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a
party, or any Person succeeding to the business of the Collateral Agent shall be the successor of
the Collateral Agent pursuant to Section 5.3, provided that (i) no execution or filing of
any paper with any party hereto shall be required or any further act on the part of any of the
parties hereto,

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except where an instrument of transfer or assignment is required by law to effect such
merger, conversion, consolidation or succession; (ii) anything herein to the contrary
notwithstanding, such successor Person shall satisfy the eligibility requirements specified in
clauses (i) through (iii) of Section 5.2 and the provisions of Section 5.5 and
(iii) the Collateral Agent shall notify the Company and each of the Trustee and the Working Capital
Facility Agent in writing of such merger, conversion, consolidation or succession at or prior to
the consummation thereof.

          SECTION 5.5 Limitation. The Collateral Agent shall not be the same Person as, or an Affiliate of, the
Priority Facility Agent, the Working Capital Facility Agent or the Trustee. If the Collateral
Agent at any time becomes an Affiliate of the Priority Facility Agent, the Working Capital Facility
Agent or the Trustee, it shall promptly resign subject to appointment of a successor Collateral
Agent and acceptance of such appointment as provided in this Article V.

ARTICLE VI

SPECIAL AGREEMENTS REGARDING COLLATERAL

          SECTION 6.1 Control of Actions to be Taken by Collateral Agent.

               (a) The Collateral Agent will be subject to such directions as may be given it by the
Applicable Authorized Representative from time to time as required or permitted by this Agreement.
Except as directed by the Applicable Authorized Representative, the Collateral Agent will not be
obligated or permitted:

                    (1) to act upon directions purported to be delivered to it by any other Person; or

                    (2) to foreclose upon or otherwise enforce any Lien or other remedy at law or pursuant to any
Security Document.

               (b) Under this Agreement, the Applicable Authorized Representative has the right, upon an
Actionable Event of Default, to direct the Collateral Agent to foreclose or take other actions with
respect to the Collateral, and no other party to this Agreement or other Secured Party shall have
the right to enforce the Liens granted under the Security Documents or otherwise take any action
with respect to the Collateral, except pursuant to and in accordance with an Enforcement Action
Participation Request. Upon the occurrence of the Minority Authorized Representative Enforcement
Date and subject as provided below, the Majority Authorized Representative will be replaced by the
Minority Authorized Representative as the then Applicable Authorized Representative,
provided that, notwithstanding anything else herein to the contrary, upon the occurrence of
a Priority Facility Control Date, the Priority Authorized Representative shall replace the existing
Authorized Representative as the then Applicable Authorized Representative.

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               (c) Upon the occurrence of the Residual Authorized Representative Enforcement Date and subject
as provided below, the then Applicable Authorized Representative will be replaced with the
Authorized Representative of the Series of Secured Obligations that first instructs the Collateral
Agent to commence enforcement action with respect to the Collateral, subject to replacement at any
time thereafter as Applicable Authorized Representative by the Authorized Representative of the
other Series of Secured Obligations if the Collateral Agent is no longer diligently pursuing (and
has not been instructed by the then Applicable Authorized Representative to diligently pursue)
enforcement action with respect to the Collateral, provided that, notwithstanding anything
else herein to the contrary, upon the occurrence of a Priority Facility Control Date, the Priority
Authorized Representative shall replace the existing Authorized Representative as the then
Applicable Authorized Representative.

               (d) In accordance with this Agreement, (i) the Applicable Authorized Representative shall have
the sole right to instruct the Collateral Agent to act or refrain from acting with respect to the
Collateral, (ii) the Collateral Agent shall not follow any instruction with respect to the
Collateral from any representative of any Secured Party (other than the Applicable Authorized
Representative), and (iii) no Authorized Representative or other Secured Party (other than the
Applicable Authorized Representative) will instruct the Collateral Agent to commence any judicial
or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver,
liquidator or similar official appointed for or over, attempt any action to take possession of,
exercise any right, remedy or power with respect to, or otherwise take any action to enforce its
interests in or realize upon, or take any other action available to it in respect of, the
Collateral.

               (e) Each Authorized Representative agrees that it will not accept any Lien on any Collateral
for the benefit of any Series of Secured Obligations unless the other Series of Secured Obligations
required to be secured by such Collateral is also secured by a Lien on such Collateral (except, to
the extent any Letter of Credit under the Working Capital Facility Agreement was required to be
cash collateralized at 105% thereof in accordance with Section 4.10 or Section 4.11 of the
Indenture, the Lien of the Working Capital Facility Agent on such cash so long as such Letter of
Credit remains outstanding). Each of the Secured Parties also agrees that it will not contest or
support any other person in contesting, in any proceeding (including any Insolvency or Liquidation
Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of
any of the Secured Parties in all or any part of the Collateral, or the provisions of this
Agreement. None of the Secured Parties may institute any suit or assert in any suit, bankruptcy,
insolvency or other proceeding any claim against the Collateral Agent or any other Secured Party
seeking damages from or other relief by way of specific performance, instructions or otherwise with
respect to any Collateral except to enforce this Agreement in accordance with its terms. In
addition, none of the Secured Parties shall seek to have any Collateral or any part thereof
marshaled upon any foreclosure or other disposition of such Collateral.

          SECTION 6.2 No Other Lien Enforcement Affected. The Collateral Agent will act as directed by an Act of
the Applicable Authorized

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Representative in regard to the enforcement of, and realization on, the Liens on, or with
respect to, all Collateral.

          SECTION 6.3 No Alteration on Shared Lien Priority. No provision of this Agreement or any Secured Document
shall alter, modify, prejudice or otherwise adversely affect (i) the first priority Lien for the
benefit of the Priority Facility Obligations and second priority Lien for the benefit of the Note
Obligations and the Working Capital Facility Obligations in the Priority Collateral and (ii) the
first priority Lien for the benefit of the Note Obligations and the Working Capital Facility
Obligations in the Non-Priority Collateral.

          SECTION 6.4 Notice of Remedial Action.

               (a) The Working Capital Facility Agent agrees to provide prompt notice to the Priority
Facility Agent, the Trustee and the Collateral Agent in the event that (i) an Event of Default has
occurred with respect to the Working Capital Facility Obligations; (ii) the Working Capital
Facility Agent has commenced or has been instructed to commence the exercise of any remedies as a
result thereof pursuant to the Working Capital Facility Agreement or (iii) the Working Capital
Facility Obligations have become due and payable (by acceleration or otherwise).

               (b) The Trustee agrees to provide prompt notice to the Priority Facility Agent, the Working
Capital Facility Agent and the Collateral Agent in the event that (i) an Event of Default has
occurred with respect to the Note Obligations; (ii) the Trustee has commenced or has been
instructed to commence the exercise of any remedies as a result thereof pursuant to Article 6 of
the Indenture or (iii) the Note Obligations have become due and payable (by acceleration or
otherwise).

               (c) The Priority Facility Agent agrees to provide prompt notice to the Trustee, the Working
Capital Facility Agent and the Collateral Agent in the event that (i) an Event of Default has
occurred with respect to the Priority Facility Obligations; (ii) the Priority Facility Agent has
commenced or has been instructed to commence the exercise of any remedies as a result thereof
pursuant to the Priority Facility Agreement or (iii) the Priority Facility Obligations have become
due and payable (by acceleration or otherwise).

               (d) The Priority Facility Agent also agrees to provide prompt notice to the Trustee, the
Working Capital Facility Agent and the Collateral Agent of the occurrence of the Priority Facility
Control Date.

          SECTION 6.5 No Responsibility. No Authorized Representative shall owe any responsibility to any of the
other Secured Parties or incur any liability thereto, as a result of any direction given by such
Authorized Representative to the Collateral Agent pursuant to the terms of this Agreement. Neither
Authorized Representative shall be responsible for the misconduct or negligence on the part of the
Collateral Agent.

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          SECTION 6.6 Priority Authorized Representative Right to Direct Commencement of Exercise of Remedies.
Notwithstanding anything herein to the contrary, including Section 6.1, each Authorized
Representative agrees that, prior to and during the Priority Standstill Period, such Authorized
Representative shall not commence (or instruct the Collateral Agent to commence) the exercise of
enforcement actions with respect to the Priority Collateral unless the Priority Facility Agent has
instructed the Authorized Representative to commence such exercise of enforcement actions. Each
Authorized Representative further agrees that, at any time that it is acting as Applicable
Authorized Representative prior to or during the Priority Standstill Period, it will accept
instruction from the Priority Facility Agent (solely with respect to the commencement of
enforcement actions against the Priority Collateral) and upon receipt of such instructions will
direct the Collateral Agent to commence enforcement action.

ARTICLE VII

MISCELLANEOUS PROVISIONS

          SECTION 7.1 Amendment; Joinder Agreements.

               (a) This Agreement may be amended or supplemented from time to time by written agreement of
the Company, the Guarantors, the Authorized Representative of each Series of Secured Obligations,
and the Collateral Agent.

               (b) The Collateral Agent shall not enter into, or consent to, any amendment, modification or
supplement to any of the Security Documents without the consent or direction of the Authorized
Representative of each Series of Secured Obligations; provided that:

                    (i) the Collateral Agent may, at the direction of the Working Capital Facility Agent, amend,
supplement or modify the Security Documents, without obtaining the consent or approval of the
Priority Facility Agent, the Priority Facility Lenders, the Trustee or the Holders, solely to the
extent that such amendments, supplements or modifications (a) only affect the rights of the Working
Capital Facility Lenders, (b) are administrative or ministerial in nature or correct typographical
errors or omissions, (c) have only the effect of preserving, perfecting or establishing the
priority of the Liens on the Collateral as contemplated by the Security Documents or the rights of
the Collateral Agent therein, (d) add or remove parties to the Working Capital Facility Agreement
in respect of any Working Capital Facility Obligations permitted to be incurred under the Priority
Facility Agreement, the Indenture and this Agreement or (e) do not otherwise materially adversely
affect the rights of the Priority Facility Lenders and/or Priority Facility Agent, or the Trustee
and/or Holders; and

                    (ii) the Collateral Agent may, at the direction of the Trustee, amend, supplement or modify
the Security Documents, without obtaining the consent or approval of the Priority Facility Agent,
the Priority Facility Lenders, the Working Capital Facility Agent or Working Capital Facility
Lenders, solely to the extent that such amendments, supplements or modifications (a) only affect
the rights of the

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Holders, (b) are administrative or ministerial in nature or correct typographical errors or
omissions, (c) have only the effect of preserving, perfecting or establishing the priority of the
Liens on the Collateral as contemplated by the Security Documents or the rights of the Collateral
Agent therein or (d) do not otherwise materially adversely affect the rights of the Priority
Facility Lenders and/or Priority Facility Agent, or the Working Capital Facility Lenders and/or the
Working Capital Facility Agent;

                    (iii) the Collateral Agent may, at the direction of the Priority Facility Agent, amend,
supplement or modify the Security Documents, without obtaining the consent or approval of the
Trustee, the Holders, the Working Capital Facility Agent or Working Capital Facility Lenders,
solely to the extent that such amendments, supplements or modifications (a) only affect the rights
of the Priority Facility Lenders, (b) are administrative or ministerial in nature or correct
typographical errors or omissions, (c) have only the effect of preserving, perfecting or
establishing the priority of the Liens on the Collateral as contemplated by the Security Documents
or the rights of the Collateral Agent therein or (d) do not otherwise materially adversely affect
the rights of the Trustee and/or Holders, or the Working Capital Facility Lenders and/or the
Working Capital Facility Agent;

                    (iv) the Collateral Agent may amend or modify any Security Document without obtaining the
consent or approval of the holders of Secured Obligations or the Authorized Representatives to the
extent such amendment or modification is necessary to, pursuant to Section 2.2(f), (a)
release the security interests on such portion of the shares of Capital Stock and other securities
that are deemed to no longer constitute part of the Collateral securing the Note Obligations or (b)
subject additional Capital Stock and other securities to the Liens under the Security Documents;

                    (v) the Collateral Agent may enter into any amendment, modification or supplement to this
Agreement as provided in Section 7.1(a); and

                    (vi) the Collateral Agent may, at the direction of the Working Capital Facility Agent and the
Trustee, amend, supplement or modify the Security Documents insofar as they relate to the
Non-Priority Collateral, without obtaining the consent or approval of the Priority Facility Agent
or the Priority Facility Lenders.

               (c) The Collateral Agent will not enter into any amendment or supplement to any of the
Security Documents unless the Collateral Agent has received an Officer’s Certificate to the effect
that such amendment or supplement will not result in a breach of any provision or covenant
contained in any of the Priority Facility Agreement, the Working Capital Facility Agreement, the
Indenture or any other Security Document. Prior to executing any amendment or supplement to any of
the Security Documents pursuant to this Section 7.1, the Collateral Agent will be entitled
to receive (i) an Officer’s Certificate and an Opinion of Counsel of the Company, each to the
effect that the execution of such document is authorized or permitted hereunder and under the other
Security Documents and each of the Secured Documents and (ii) all opinions, certificates

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and other documents required to be delivered pursuant to each of the Security Documents and
the Secured Documents.

               (d) Any amendment or supplement to any Security Document that imposes any obligation upon the
Collateral Agent or adversely affects the rights of the Collateral Agent in its individual capacity
will become effective only with the prior written consent of the Collateral Agent in its individual
capacity.

               (e) Article 9 of the Indenture requires the written consent of the Collateral Agent to any
amendment or supplement to the Indenture if the amendment or supplement adversely affects the
rights, duties, liabilities or immunities of the Collateral Agent. If any such amended or
supplemented Indenture does adversely affect the rights, duties, liabilities or immunities of the
Collateral Agent, the Collateral Agent may, but need not, consent in writing to such amended or
supplemented Indenture. In consenting to any amended or supplemented Indenture, the Collateral
Agent shall be entitled to receive and (subject to Article IV) shall be fully protected in
relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such consent to such
amended or supplemented Indenture is authorized or permitted by this Agreement and the Indenture.

          SECTION 7.2 Information Regarding Collateral.

               (a) The Company will furnish to the Collateral Agent, with respect to the Company or any
Guarantor, prompt written notice of any change in such Person’s (i) corporate name, (ii)
jurisdiction of organization or formation, (iii) identity or corporate structure or (iv) Federal
taxpayer identification number. The Company will not effect or permit any change referred to in
the preceding sentence unless all filings have been made under the UCC or otherwise that are
required in order for the Collateral Agent to continue at all times following such change to have a
valid, legal and perfected security interest in all the Collateral. The Company will promptly to
notify the Collateral Agent if any material portion of the Collateral is damaged or destroyed.

               (b) Each year, at the time of delivery of the annual financial statements with respect to the
preceding fiscal year, the Company shall deliver to the Collateral Agent a certificate of a
financial officer setting forth the information required pursuant to the perfection certificate
delivered to the Collateral Agent on the Issue Date or confirming that there has been no change in
such information since the date of the prior delivered perfection certificate.

               (c) Upon the receipt by the Company, Holdings or a Subsidiary Guarantor of the Net Available
Cash attributable to a Sold Mortgaged Vessel or the Capital Stock of a Sold Vessel Owning Guarantor
or of the Net Event of Loss Proceeds attributable to a Lost Mortgaged Vessel, (i) the Company shall
notify the Collateral Agent of such receipt and (ii) such amounts shall be deposited with the
Collateral Agent in the Cash Collateral Account and shall constitute Collateral pending application
pursuant to Section 2.7(e).

44

 

               (d) Upon the receipt by Holdings or any of its Restricted Subsidiaries (including the Company)
of (x) any refund or other payment upon termination of any Existing Newbuild Construction Contract
or (y) any Net Event of Loss Proceeds from any Event of Loss, (i) the Company shall notify the
Collateral Agent of such receipt; (ii) such amounts shall be paid in full directly to the
Collateral Agent as Collateral and received by the Collateral Agent free of any Lien (other than
the Lien of the Security Documents); and (iii) the Collateral Agent will deposit any such funds so
received in the Cash Collateral Account for retention therein until disposition thereof in the
manner specified in Section 4.11 of the Indenture.

               (e) Notwithstanding anything to the contrary set forth herein or in any Security Document, (i)
subject to Section 4.19(a) of the Indenture, any cash received constituting (x) any refund
guarantees received by the Company, Holdings or a Subsidiary Guarantor in respect of an Existing
Option Construction Contract in respect of an Option Vessel upon termination of such Existing
Option Construction Contract, (y) Net Available Cash from the sale of any Discontinued Vessel or
(z) Net Available Cash from (after reserves for contingencies) the sale of any Option Vessel or the
Capital Stock of any Unrestricted Subsidiary owning any Option Vessel, and (ii) subject to Section
4.08 of the Indenture, (x) any Existing Option Construction Contract with respect to any Option
Vessel, and (y) any associated buyer-furnished equipment constituting any assets (other than
Designated Collateral) bought and paid for by the Company or the Guarantors prior to the date of
this Agreement in connection with such Existing Option Construction Contract (so long as the
conditions specified in each of the provisos in clauses (7)(a) and (7)(b) of the second paragraph
of Section 4.08 of the Indenture, as the case may be, are satisfied), will not be Collateral and
therefore, in the case of clause (i), subject to Section 4.19(a) of the Indenture, not deposited in
the Cash Collateral Account or any similar collateral account in favor of the Collateral Agent,
and, if so deposited, shall be immediately released to the Company or upon the Company’s
instructions.

          SECTION 7.3 Further Assurances.

               (a) At any time or from time to time, each of the Company and the Guarantors will, at its
expense, promptly execute, acknowledge and deliver such further documents and do such other acts
and things as may be necessary or appropriate, or as the Collateral Agent, the Priority Facility
Agent, the Working Capital Facility Agent or the Trustee may reasonably request, in order to assure
and confirm that each Subsidiary required by the Priority Facility Agreement, the Working Capital
Facility Agreement or the Indenture to guarantee payment of the Secured Obligations has duly
guaranteed payment of all the Secured Obligations and that the Collateral Agent holds, for the
exclusive benefit of all present and future holders of Secured Obligations, duly created,
enforceable and perfected (i) first priority Liens (subject only to Permitted Collateral Liens) for
the benefit of the Priority Facility Obligations and second priority Liens (subject only to
Permitted Collateral Liens) for the benefit of the Note Obligations and the Working Capital
Facility Obligations upon all interest in Priority Collateral, and (ii) first priority Liens
(subject only to Permitted Collateral Liens) for the benefit of the Note Obligations and the
Working Capital Obligations upon all interest in the Non-Priority Collateral, in each case at any
time owned or acquired by the Company or

45

 

the Guarantors or as the Collateral Agent, the Priority Facility Agent, the Working Capital
Facility Agent or the Trustee otherwise may reasonably request in order to carry out and give full
effect to the intents and purposes of the Secured Documents.

               (b) At any time and from time to time, the Company will, and will cause each of the Guarantors
to, promptly execute, acknowledge and deliver such security documents, instruments, certificates,
notices and other documents and take such other actions as shall be required or that the Collateral
Agent may reasonably request to create, perfect, protect, assure or enforce the Liens and benefits
intended to be conferred, as contemplated by the Priority Facility Agreement, the Indenture, the
Working Capital Facility Agreement and the Security Documents, upon the Collateral Agent for the
exclusive benefit of the holders of the Secured Obligations. If the Company or such Guarantor fails
to do so, the Collateral Agent is hereby irrevocably authorized and empowered, with full power of
substitution, to execute, acknowledge and deliver such security documents, instruments,
certificates, notices and other documents and, subject to the provisions of the Secured Documents,
take such other actions in the name, place and stead of the Company or such Guarantor, but the
Collateral Agent will have no obligation to do so and no liability for any action taken or omitted
by it in good faith in connection therewith. Without limitation of the preceding terms of this
Section 7.3, the Company agrees to file or cause to be filed any continuation statements or
similar instruments that may be necessary to maintain the effectiveness of the UCC financing
statements to be filed on or about the Closing Date pursuant to the terms of the Secured Documents,
and each of the Company and the Guarantors authorizes the Collateral Agent to make any such filing
on its behalf, and to execute on its behalf any such instruments and take any other action required
in connection therewith.

          SECTION 7.4 Successors and Assigns.

               (a) This Agreement is legally binding upon and enforceable against the Collateral Agent.
Except as provided in Section 4.2 and Section 5.4, the Person acting as Collateral
Agent may not, in its individual capacity, delegate any of its duties or assign any of its rights
hereunder, and any attempted delegation or assignment of any such duties or rights shall be void.
All obligations of the Collateral Agent hereunder shall inure to the benefit of, and be enforceable
by, the Priority Facility Agent, the Working Capital Facility Agent, the Trustee and each present
and future holder of Secured Obligations, each of whom shall be entitled to enforce this Agreement
as a third party beneficiary hereof, and all of their respective successors and assigns.

               (b) This Agreement is further binding upon each of the Company and the Guarantors and their
respective successors as required by and in accordance with Section 5.01 and Section 10.02 of the
Indenture. Neither the Company nor any Guarantor may delegate any of its duties or assign any of
its rights hereunder, and any attempted delegation or assignment of any such duties or rights shall
be void. All obligations of the Company and the Guarantors hereunder shall inure to the benefit
of, and be enforceable by, the Collateral Agent, the Priority Facility Agent, the Working Capital
Facility Agent, the Trustee and each present and future holder of Secured

46

 

Obligations, each of whom shall be entitled to enforce this Agreement as a third party
beneficiary hereof, and all of their respective successors and assigns.

          SECTION 7.5 Purchase Option.

               (a) Upon the occurrence of the Priority Facility Control Date, any of the Holders or any of
the Working Capital Lenders shall have the option at any time upon five Business Days’ prior
written notice (the “Purchase Notice”) to the Priority Facility Agent to purchase all (but not less
than all) of the Priority Facility Obligations from the Priority Facility Lenders. Such Purchase
Notice shall be irrevocable. If more than one of the Holders or Working Capital Lenders seeks to
exercise its rights to purchase the Priority Facility Obligations under this Section 7.5, then the
Holders and the Working Capital Lenders that have so exercised their right to purchase shall have
the right to purchase the Priority Facility Obligations pro rata based on the outstanding amount of
their Notes and/or Loans and Letters of Credit.

               (b) On the date specified by the Purchase Notice (which shall be not less than five Business
Days, nor more than twenty days, after the receipt by the Priority Facility Agent of the Purchase
Notice) the Holders and/or Working Capital Lenders (as applicable, the “Purchasing Party”) shall
purchase from the Priority Facility Lenders, and the Priority Facility Lenders shall sell to the
Purchasing Party, the Priority Facility Obligations, provided that the Priority Facility
Agent and the Priority Facility Lenders shall retain all rights to be indemnified or held harmless
by the Company and Guarantors.

               (c) Upon the date of such purchase and sale, the Purchasing Party shall pay to the Priority
Facility Agent, for the benefit of the Priority Facility Lenders as the purchase price therefore
the full amount of all the Priority Facility Obligations then outstanding and unpaid (including
principal, interest (including default interest), fees and expenses, including reasonable
attorneys’ fees and legal expenses, any applicable exit fee and any other amounts due thereunder).
Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such
bank account in New York, New York as the Priority Facility Agent, may designate in writing for
such purpose.

               (d) Such purchase shall be expressly made without representation or warranty of any kind by
any selling party and without recourse of any kind, except that the selling party shall represent
and warrant (a) the amount of Priority Facility Obligations being purchased from it, (b) that such
selling party will transfer the Priority Facility Obligations free and clear of any Liens or
encumbrances, and (c) that such selling party has the right to assign such Priority Facility
Obligations and the assignment is duly authorized.

          SECTION 7.6 Modifications of Priority Facility Documents. The Priority Facility Lenders may at any time
and from time to time without the consent of or notice to any other Secured Party, without
incurring liability to any other Secured Party and without impairing or releasing the obligations
of any other Secured Party under this

47

 

Agreement, change the manner or place of payment or extend the time of payment of or renew or
alter any of the terms of the Priority Facility Obligations, or amend in any manner any agreement,
note, guaranty or other instrument evidencing or securing or otherwise relating to the Priority
Facility Obligations; provided that the Priority Facility Lenders shall not, without the
prior written consent of the Required Revolving Lenders (as defined in the Working Capital Facility
Agreement) and the Required Term Lenders (as defined in the Working Capital Facility Agreement),
agree to any amendment, modification or supplement to the Priority Facility Agreement or any other
document or agreement entered into in connection with the Priority Facility Agreement, the effect
of which is to, (a) increase the principal amount of the Priority Facility Obligations to an amount
greater than the principal amount thereof on the date of this Agreement; (b) increase the interest
rate margins with respect to the Priority Facility Obligations; (c) add restrictions on the ability
of Borrower or any Guarantor to repay the Working Capital Obligations; or (d) add or increase any
fees with respect to the terms thereof, provided that such fees may be added or increased
in a maximum aggregate amount of $2,000,000 during the term of the Priority Facility Agreement.

          SECTION 7.7 Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise
of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of
the other Security Documents shall impair any such right, power or remedy or operate as a waiver
thereof. No single or partial exercise of any such right, power or remedy shall preclude any other
or future exercise thereof or the exercise of any other right, power or remedy. The remedies
herein are cumulative and are not exclusive of any remedies provided by law.

          SECTION 7.8 Notices. Any communications, including notices and instructions, between the parties hereto
or notices herein to be given may be given to the following addresses:

	 	 	 

	If to the Collateral Agent:
	 	Wilmington Trust FSB,

	 	 	as Collateral Agent

	 	 	50 South Sixth Street, Suite 1290

	 	 	Minneapolis, MN 55402

	 	 	Attn: Peter Finkel

	 	 	Phone: (612) 217-5629

	 	 	Fax: (612) 217-5651

	 	 	 

	with a copy to:
	 	Morgan, Lewis and Bockius LLP

	 	 	101 Park Avenue

	 	 	New York, New York 10178

	 	 	Attn: Martin F. Conniff

	 	 	Phone: (212) 309-6000

	 	 	Fax: (212) 309-6001

48

 

	 	 	 

	If to the Trustee:

	 	Deutsche Bank National Trust
Company, as Trustee
	 

	 	Attn: George Kubin
	 

	 	Trust & Securities Services
	 

	 	222 South Riverside Plaza
	 

	 	Chicago, IL 60606-5808
	 

	 	Telephone: (312) 537-1159
	 

	 	Facsimile: (312) 537-1009
	 
	 	 
	If to the Working Capital Facility Agent:

	 	Nordea Bank Finland PLC, New York Branch,
	 

	 	as the Working Capital Facility Agent
	 

	 	437 Madison Avenue, 21st Floor
	 

	 	New York, New York 10022
	 

	 	Attn: Loan Administration
	 

	 	Phone: (212) 318-9632
	 

	 	Fax: (212) 421-4420
	 
	 	 
	If to the Priority Facility Agent:

	 	Cantor Fitzgerald Securities
	 

	 	900 West Trade Street, Suite 725
	 

	 	Charlotte, North Carolina 28202
	 

	 	Attn: Bobbie Young
	 

	 	Phone: (704) 374-0574
	 

	 	Fax: (646) 390-1764
	 

	 	Email: BankLoansAgency@cantor.com
	 
	 	 
	with a copy to:

	 	Cantor Fitzgerald Securities
	 

	 	110 East 59th Street
	 

	 	New York, NY 10022
	 

	 	Attn: Stephen Ewald
	 

	 	Phone: (212) 829-5406
	 

	 	Fax: (917) 677-8224
	 
	 	 
	If to the Company or any Guarantor:

	 	Trico Shipping AS
	 

	 	c/o Trico Marine Services, Inc.
	 

	 	10001 Woodloch Forest Drive
	 

	 	Suite 610
	 

	 	The Woodlands, Texas 77380
	 

	 	Attn: General Counsel
	 

	 	Phone:(281) 203-5700
	 

	 	Fax: (281) 203-5701

Each notice hereunder shall be in writing and may be personally served, emailed or sent by
facsimile or United States mail or courier service and shall be deemed to have been given when
delivered in person or by courier service and signed for against receipt thereof, upon receipt of
facsimile or email, or three Business Days after depositing it in the United States mail with
postage prepaid and properly addressed. Each party may

49

 

change its address for notice hereunder to any other location within the continental United States
by giving written notice thereof to the other parties as set forth in this Section 7.8.

          SECTION 7.9 Compensation; Expenses. Whether or not the transactions contemplated hereby shall be
consummated, each of the Company and the Guarantors jointly and severally agrees to pay, promptly
upon demand:

               (a) reasonable compensation to the Collateral Agent as agreed to in a separate fee agreement
dated September 24, 2009, between the Company and the Collateral Agent;

               (b) all reasonable costs and expenses incurred in the preparation, execution, delivery,
filing, recordation, administration or enforcement of this Agreement or any other Security Document
or any consent, amendment, waiver or other modification relating thereto;

               (c) all reasonable fees, expenses and disbursements of legal counsel and any auditors,
accountants, consultants or appraisers or other professional advisors and agents engaged by the
Collateral Agent in connection with the negotiation, preparation, closing, administration,
performance or enforcement of this Agreement and the other Security Documents or any consent,
amendment, waiver or other modification relating thereto and any other document or matter requested
by the Company;

               (d) all reasonable costs and expenses of creating, perfecting, releasing or enforcing the
Collateral Agent’s security interests in the Collateral, including filing and recording fees,
expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums;

               (e) all reasonable costs of any Opinion of Counsel required hereby to be delivered to the
Collateral Agent;

               (f) all other reasonable costs and expenses incurred by the Collateral Agent in connection
with the negotiation, preparation and execution of the Security Documents and any consents,
amendments, waivers or other modifications thereto and the transactions contemplated thereby or the
exercise of its rights or performance of its obligations by the Collateral Agent thereunder; and

               (g) after the occurrence and during the continuance of an Event of Default, all reasonable
costs and expenses incurred by the Collateral Agent in connection with the preservation,
collection, foreclosure or enforcement of the Liens granted by the Security Documents or any
interest, right, power or remedy of the Collateral Agent or in connection with the collection or
enforcement of any of the Secured Obligations or the proof, protection, administration or
resolution of any claim based upon the Secured Obligations in any bankruptcy case or Insolvency or
Liquidation Proceedings, including all reasonable fees and disbursements of attorneys, accountants,
auditors, consultants, appraisers and other professionals engaged by the Collateral Agent.

50

 

               (h) The agreements in this Section 7.9 shall survive repayment of the Notes and
Working Capital Facility Obligations and all other amounts payable hereunder and the resignation or
removal of the Collateral Agent.

          SECTION 7.10 Indemnity.

               (a) In addition to the payment of costs and expenses pursuant to Section 7.9, whether
or not the transactions contemplated hereby shall be consummated and notwithstanding any provision
to the contrary in the Security Documents, each of the Company and the Guarantors jointly and
severally agrees to defend (subject to each Indemnitee’s selection of counsel), indemnify, pay and
hold harmless, the Collateral Agent and each of its respective Affiliates and each and all of the
directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their
respective heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”)
from and against any and all Indemnified Liabilities; provided, no Indemnitee shall be entitled to
indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified
Liability is found by a final and nonappealable decision of a court of competent jurisdiction to
have resulted directly and primarily from the gross negligence or willful misconduct of such
Indemnitee.

               (b) All amounts due under Section 7.10(a) shall be payable not later than 10 days
after written demand therefor.

               (c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth
in Section 7.10(a) may be unenforceable in whole or in part because they are violative of
any law or public policy, each of the Company and Guarantors shall contribute the maximum portion
that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all
Indemnified Liabilities incurred by Indemnitees or any of them.

               (d) Neither the Company nor any Guarantor shall ever assert any claim against any Indemnitee,
on any theory of liability, for any lost profits or special, indirect or consequential damages or
(to the fullest extent lawful) any punitive damages arising out of, in connection with, or as a
result of, this Agreement, any Secured Document, or Security Document or any agreement or
instrument or transaction contemplated hereby or relating in any respect to any Indemnified
Liability, and each of the Company and Guarantors hereby forever waives, releases and agrees not to
sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest
extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to
exist in its favor.

               (e) To the extent that the Company or one or more of the Guarantors has not paid an Indemnitee
any of the amounts to be paid to such Indemnitee under Section 7.9, or reimbursed or
indemnified an Indemnitee as provided in Section 7.10(a), (b) and (c), the
Secured Parties (other than the Collateral Agent and the Holders of the Notes) jointly and
severally shall make such payment or reimburse or indemnify

51

 

such Indemnitee for such Indemnified Liability, subject always to the proviso at the end of
Section 7.10(a).

               (f) The agreements in this Section 7.10 shall survive repayment of the Notes and
Working Capital Facility Obligations and all other amounts payable hereunder and the resignation or
renewal of the Collateral Agent.

          SECTION 7.11 Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any
respect or in any jurisdiction, the validity, legality and enforceability of such provision in all
other respects and of all remaining provisions, and of such provision in all other jurisdictions,
shall not in any way be affected or impaired thereby.

          SECTION 7.12 Headings. Section headings herein are included herein for convenience of reference only and
shall not constitute a part hereof for any other purpose or be given any substantive effect.

          SECTION 7.13 Obligations Secured. All obligations of the Company or any Guarantor set forth in or arising
under this Agreement shall be Secured Obligations and are secured by all Liens granted by the
Security Documents.

          SECTION 7.14 Applicable Law. This Agreement and the rights and obligations of the parties hereunder shall
be governed by, and shall be construed and enforced in accordance with, the laws of the State of
New York.

          SECTION 7.15 Agent for Service; Consent to Jurisdiction; Waiver of Immunities. The Company and each
Guarantor hereby irrevocably submit to the nonexclusive jurisdiction of the United States District
Court for the Southern District of New York and of any New York State Court sitting in the Borough
of Manhattan in New York City for purposes of all legal proceedings arising out of or relating to
this Agreement, the Security Documents and the Secured Documents, or the transactions contemplated
hereby or thereby. The Company and each Guarantor irrevocably waive, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying of the venue of
any such proceeding brought in such a court and any claim that any such proceeding brought in such
a court has been brought in an inconvenient forum. The Company and each Guarantor hereby
irrevocably designates and appoints C T Corporation System (“CTC”) as such Person’s authorized
agent to receive and forward on its behalf service of any and all process which may be served in
any such suit, action or proceeding in any such court and agrees that service of process in
accordance with applicable law upon CTC (or any successor) at its office at 111 Eighth Avenue, New
York, New York 10011 (or such other address in the Borough of Manhattan, the City of New York, as
the Company may designate by written notice to the other parties hereto) shall be deemed in every
respect effective service of process upon the Company and, if applicable, such Guarantor in any
such suit, action or proceeding and shall be taken and held to be valid personal service upon the
Company or such Guarantor. Such designation and appointment shall be irrevocable. Nothing in this
Section 7.15 shall affect the right of any party hereto to service process in any manner
permitted by law or limit the right of

52

 

any party hereto to bring proceeding against the Company or any Guarantor in the courts of any
jurisdiction or jurisdictions. As long as this Agreement remains in effect, the Company and the
Guarantors will at all times have an authorized agent in the City of New York, upon whom process
may be served in any legal action or proceeding arising out of or relating to this Agreement, the
Secured Documents or any of the Security Documents. The Company and each Guarantor further agree
to take any and all action, including the execution and filing of any and all such documents and
instruments, as may be necessary to continue such designation and appointment of CTC in full force
and effect so long as this Agreement remains in effect; provided that the Company may and shall (to
the extent CTC ceases to be able to be served on the basis contemplated herein), by written notice
to the Trustee, designate such additional or alternative agent for service of process under this
Section 7.15 that (a) maintains an office located in the Borough of Manhattan, The City of
New York in the State of New York, (b) is either (i) counsel for the Company or (ii) a corporate
service company which acts as agent for service of process for other Persons in the ordinary course
of its business and (c) agrees to act as agent for service of process in accordance with this
Section 7.15. Such notice shall identify the name of such agent for process and the address
of such agent for process in the Borough of Manhattan, The City of New York, State of New York.
Upon the request of any Secured Party, the Collateral Agent shall deliver such information to such
Secured Party. To the extent that the Company or any Guarantor has or hereafter may acquire any
immunity from jurisdiction or any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with
respect to itself or its property, the Company and each Guarantor hereby irrevocably waive such
immunity in respect of its obligations under this Agreement, the Secured Documents and the Security
Documents, as applicable, to the extent permitted by law and any right to which it may be entitled
on account of place of residence or domicile. Each of the Company and the Guarantors will agree
that final judgment in any such suit, action or proceeding brought in such court shall be
conclusive and binding on such Person and may be enforced in any court to the jurisdiction of which
such Person is subject by a suit upon such judgment, provided, that service of process is effected
upon such Person in the manner specified in the third sentence of this paragraph or as otherwise
permitted by applicable law.

          SECTION 7.16 Counterparts. This Agreement may be executed in any number of counterparts, each of which
when so executed and delivered shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument. The delivery of an executed signature page of
this Agreement, or any Joinder Agreement in connection herewith, by facsimile transmission or
electronically by email shall be effective as delivery of a manually executed counterpart hereof.

          SECTION 7.17 Effectiveness. This Agreement shall become effective upon the execution of a counterpart
hereof by each of the parties hereto.

          SECTION 7.18 Additional Guarantors. Holdings will cause each Restricted Subsidiary of Holdings that
becomes a Guarantor or is required to become a party to this Agreement under the Priority Facility
Agreement, the Working Capital

53

 

Facility Agreement or Section 4.22 of the Indenture to become party to this Agreement, for all
purposes of this Agreement on the terms set forth herein applicable to a Guarantor, by causing such
Subsidiary to execute and deliver to the parties hereto a Joinder Agreement, whereupon such
Subsidiary shall be bound by the terms hereof to the same extent as if it had executed and
delivered this Agreement as a Guarantor as of the date hereof. No Joinder Agreement executed in
connection with this Section 7.18 requires the consent of any Secured Party or the
Collateral Agent.

          SECTION 7.19 Insolvency. This Agreement will be applicable both before and after the commencement of any
Insolvency or Liquidation Proceeding by or against the Company or any Guarantor. The relative
rights, as provided for in this Agreement, will continue after the commencement of any such
Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of
any such case, as provided in this Agreement.

          SECTION 7.20 Rights and Immunities of the Working Capital Facility Agent and the Trustee. The Working
Capital Facility Agent will be entitled to all of the rights, protections, immunities and
indemnities set forth in the Working Capital Facility Agreement, and the Trustee will be entitled
to all of the rights, protections, immunities and indemnities set forth in the Indenture. In no
event will the Working Capital Facility Agent or the Trustee be liable for any act or omission on
the part of the Company, any Guarantor or the Collateral Agent hereunder, except as otherwise
provided for herein.

          SECTION 7.21 Conflicting Provisions.

               (a) In the event of any conflict between any terms and provisions set forth in this Agreement
and those set forth in any other Security Document, the terms and provisions of this Agreement
shall supersede and control the terms and provisions of such other Security Document.

               (b) In the event of any conflict between any terms and provisions set forth in this Agreement
and those set forth in any other Secured Document insofar as such terms and provisions relate to
any Collateral, the terms and provisions of this Agreement shall supersede and control the terms
and provisions of such Secured Document.

          SECTION 7.22 Judgment Currency.

               (a) U.S. dollars are the sole currency of account and payment for all sums due and payable by
the Company and the Guarantors under this Agreement, the Secured Documents and the Security
Documents. If, for the purpose of obtaining judgment in any court, it is necessary to convert a
sum due hereunder in United States dollars into another currency, the Company and the Guarantors
agree, to the fullest extent that they may legally and effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the Collateral Agent
determines a Person could purchase United States dollars with such other currency in New York, New

54

 

York, on the business day immediately preceding the day on which final judgment is given.

               (b) The obligation of each of the Company and the Guarantors in respect of any sum due to the
Collateral Agent in United States dollars shall, to the extent permitted by applicable law,
notwithstanding any judgment or order being given or made and expressed and paid in a currency (the
“Judgment Currency”) other than United States dollars, be discharged only to the extent that on the
business day following receipt of any sum adjudged to be due in the Judgment Currency the
Collateral Agent may in accordance with normal banking procedures purchase United States dollars in
the amount originally due to such Person with the Judgment Currency. If the amount of United State
dollars so purchased is less than the sum originally due to the Collateral Agent, each of the
Company and the Guarantors shall, jointly and severally, as a separate obligation and
notwithstanding any such judgment, indemnify the Collateral Agent against the resulting loss; and
if the amount of United States dollars so purchased is greater than the sum originally due to the
Collateral Agent, the Collateral Agent shall, by accepting such amount, be deemed to have agreed to
repay such excess provided that the Collateral Agent shall not have any obligation to pay any such
excess as long as a default by the Company or any Guarantor with respect to any of its Secured
Obligations has occurred and is continuing, in which case such excess may be applied by the
Collateral Agent to such payment obligations.

          SECTION 7.23 Language of Notices, Etc. Any request, demand, authorization, direction, notice, consent,
waiver or Act required or permitted under this Agreement or any of the Security Documents shall be
in the English language, except that any published notice may be in an official language of the
country of publication.

55

 

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

	 	 	 	 	 	 	 

	 	 	COMPANY	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Shipping AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTORS	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Marine Services, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Sr. Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Marine Cayman, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Trico Holdco LLC, General Partner	 	 
	 

	 	By:
	 	Trico Marine Services, Inc., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Sr. Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Holdco LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Trico Marine Services, Inc., its Sole Member	 	 
	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Sr. Vice President	 	 

[Signature Page to A&R Collateral Agency and Intercreditor Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	Trico Supply AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Subsea Holding AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Shipping III AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Shipping II AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Deep Ocean Shipping AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Chairman	 	 

[Signature Page to A&R Collateral Agency and Intercreditor Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	Trico Supply (UK) Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Albyn Marine Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	CTC Marine Projects Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Brasil Servicos Ltda.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tomás Salazar
 

	 	 
	 

	 	 	 	Name: Tomás Salazar	 	 
	 

	 	 	 	Title: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Maritime AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Management AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature Page to A&R Collateral Agency and Intercreditor Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	DeepOcean De Mexico S. De R.L. De C.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	CTC Marine Norway AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	CTC Marine Projects (Guernsey) Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Chairman	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean Subsea Services Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean B.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mads Ragnar Bårdsen
 

	 	 
	 

	 	 	 	Name: Mads Ragnar Bårdsen	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	DeepOcean UK Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature Page to A&R Collateral Agency and Intercreditor Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	Servicios Profesionales De Apoyo 

Especializado, S. De
R.L. De C.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Servicios De Soporte Profesional 

Administrativo, S.
De R.L. De C.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Geoff Jones
 

	 	 
	 

	 	 	 	Name: Geoff Jones	 	 
	 

	 	 	 	Title: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Trico Subsea AS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald A. Gray
 

	 	 
	 

	 	 	 	Name: Gerald A. Gray	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature Page to A&R Collateral Agency and Intercreditor Agreement]

 

 

	 	 	 	 	 
	 	Wilmington Trust FSB,
as Collateral Agent

 	 
	 	By  	/s/
Peter Finkel
 	 
	 	 	Name:  	Peter Finkel 	 
	 	 	Title:  	Vice President 	 
	 
	 	Nordea Bank Finland PLC, New York
 Branch, as Working Capital Facility Agent

 	 
	 	By  	/s/ Martin Lunder
 	 
	 	 	Name:  	Martin Lunder 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 
	 	By  	/s/ Colleen Durkin
 	 
	 	 	Name:  	Colleen Durkin 	 
	 	 	Title:  	First Vice President 	 
	 
	 	Cantor Fitzgerald Securities, as Priority
 Facility Agent

 	 
	 	By  	/s/
James Bond
 	 
	 	 	Name:  	James Bond 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	Deutsche Bank National Trust Company,
 as Trustee
 	 
	 	 	 
	 	By:  	/s/
George F. Kubin
 	 
	 	 	Name:  	George F. Kubin 	 
	 	 	Title:  	Vice President 	 
	 
	 	By:  	/s/
Theresa Jacobson
 	 
	 	 	Name:  	Theresa Jacobson 	 
	 	 	Title:  	Assistant Vice President 	 

[Signature Page]

 

 

Exhibit A

Wilmington Trust FSB,

as Collateral Agent

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Attn: Peter Finkel

Deutsche Bank National Trust Company,

as Trustee

Trust & Securities Services

222 South Riverside Plaza

Chicago, IL 60606-5808

Attn: George Kubin

Cantor Fitzgerald Securities

as Priority Facility Agent

Nordea Bank Finland PLC, New York Branch,

as Working Capital Facility Agent

437 Madison Avenue, 21st Floor

New York, NY 10022

Attn: Loan Administration

JOINDER AGREEMENT

          The undersigned, [INSERT GUARANTOR’S NAME], a [INSERT DESCRIPTION OF GUARANTOR], hereby agrees
to become party to the Amended and Restated Collateral Agency and Intercreditor Agreement dated as
of September 21, 2010, as amended, supplemented or otherwise modified and in effect, by and among
Trico Shipping AS, a limited company organized under the laws of Norway, the subsidiaries of
Holdings party thereto, Nordea Bank Finland PLC, New York Branch, as Working Capital Facility Agent
under the Working Capital Facility Agreement (as defined therein), Deutsche Bank National Trust
Company, as Trustee under the Indenture (as defined therein), Cantor Fitzgerald Securities, as
Priority Facility Agent (as defined therein) and Wilmington Trust FSB, as Collateral Agent, for all
purposes thereof on the terms set forth therein applicable to a “Guarantor,” as defined therein,
and to be bound by the terms of said Amended and Restated Collateral Agency and Intercreditor
Agreement as fully as if the undersigned had executed and delivered said Amended and Restated
Collateral Agency and Intercreditor Agreement as a Guarantor thereunder as of the date thereof.

 

 

          The provisions of Article VII of said Amended and Restated Collateral Agency and Intercreditor
Agreement shall apply with like effect to this Joinder Agreement.

          IN WITNESS WHEREOF, the undersigned has executed and delivered this Joinder Agreement as of
               , 20          .

	 	 	 	 	 
	 	 	 
	 	[	
 	]
	 	 	Name:  	 	 
	 	 	Title:exv4w1

Exhibit 4.1

INDENTURE

NISSAN AUTO RECEIVABLES 2010-A OWNER TRUST,

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

Dated as of September 22, 2010

 

 

     INDENTURE dated as of September 22, 2010 (this “Indenture”), between NISSAN AUTO RECEIVABLES
2010-A OWNER TRUST, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as trustee and not in its individual capacity (the “Indenture
Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of (i) the Holders of the Issuer’s 0.35590% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 0.55% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.87% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), and 1.31% Asset Backed Notes, Class A-4 (the “Class A-4 Notes,”
and collectively with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
“Notes”), and (ii) for the purposes of the Granting Clause below, the Certificateholders:

GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee
for the benefit of the Holders of the Notes and Certificates the following:

     (i) all right, title and interest of the Issuer in and to the Receivables (including all
related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof
(including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 of the
Sale and Servicing Agreement or the purchase of Receivables by the Servicer pursuant to Section
4.06 or 9.01 of the Sale and Servicing Agreement) after the Cut-off Date;

     (ii) the Collection Account and amounts on deposit in the Collection Account;

     (iii) the right of the Issuer in the security interests in the Financed Vehicles granted by
the Obligors pursuant to the Receivables and any related property;

     (iv) the right of the Issuer in any proceeds from claims on any physical damage, credit life,
credit disability or other insurance policies covering the Financed Vehicles or the Obligors;

     (v) the right of the Issuer (through the Seller and NMAC) to receive payments in respect of
any Dealer Recourse with respect to the Receivables;

     (vi) the rights of the Issuer under the Sale and Servicing Agreement, and, through the Seller,
under the Purchase Agreement and the Assignment;

     (vii) the right of the Issuer to realize upon any property (including the right to receive
future Net Liquidation Proceeds) that shall have secured a Receivable;

     (viii) the right of the Issuer in rebates of premiums and other amounts relating to insurance
policies and other items financed under the Receivables in effect as of the Cut-off Date;

     (ix) all other assets comprising the Owner Trust Estate; and

     (x) all proceeds of the foregoing.

1

 

     The foregoing Grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction and to secure compliance with the provisions of this Indenture, and subject
to the subordinate claims thereon of the Holder of the Certificates, all as provided in this
Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes and for the
benefit of the Certificateholders, acknowledges such Grant, accepts the trusts under this Indenture
in accordance with the provisions of this Indenture and agrees to perform its duties required in
this Indenture to the best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected and the rights of the Certificateholders secured.

ARTICLE I

Definitions and Incorporation by Reference

     SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may
otherwise require, capitalized terms used but not otherwise defined herein have the meanings
ascribed thereto in the Trust Agreement, the Sale and Servicing Agreement and the Securities
Account Control Agreement, as the case may be, for all purposes of this Indenture. Except as
otherwise provided in this Indenture, whenever used herein the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

     “Action” has the meaning specified in Section 11.03(a).

     “Administration Agreement” means the Administration Agreement, dated as of the Closing
Date, among the Administrator, the Issuer, the Indenture Trustee and the Owner Trustee.

     “Administrator” means NMAC or any successor Administrator under the Administration
Agreement.

     “Applicant” has the meaning specified in Section 7.01.

     “Authorized Officer” means with respect to the Issuer, any officer of the Owner
Trustee or the Administrator who is authorized to act for the Owner Trustee or the Administrator,
respectively, in matters relating to the Issuer identified as such on any list of Authorized
Officers delivered by the Owner Trustee or the Administrator, respectively, to the Indenture
Trustee.

     “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA,
which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to
Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an
employee benefit plan’s or plan’s investment in the entity, or any other employee benefit plan that
is subject to a law that is similar to the fiduciary responsibility or prohibited transaction
provisions of ERISA or Section 4975 of the Code.

     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

2

 

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

     “Certificates” means the Certificates of the Issuer issued under the Trust Agreement.

     “Class” means any one of the classes of the Notes.

     “Class A-1 Notes” means the “0.35590% Asset Backed Notes, Class A-1,” substantially in
the form attached hereto as Exhibit A.

     “Class A-1 Rate” means 0.35590% per annum (computed on the basis of actual number of
days in the related Interest Period and a 360-day year).

     “Class A-2 Notes” means the “0.55% Asset Backed Notes, Class A-2,” substantially in
the form attached hereto as Exhibit A.

     “Class A-2 Rate” means 0.55% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-3 Notes” means the “0.87% Asset Backed Notes, Class A-3,” substantially in
the form attached hereto as Exhibit A.

     “Class A-3 Rate” means 0.87% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-4 Notes” means the “1.31% Asset Backed Notes, Class A-4,” substantially in
the form attached hereto as Exhibit A.

     “Class A-4 Rate” means 1.31% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

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

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

     “Closing Date” means September 22, 2010.

     “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder.

     “Collateral” means the property of the Issuer subject to the Granting Clause hereof,
the Reserve Account, all amounts held from time to time in the Reserve Account and all investments
therein.

3

 

     “Corporate Trust Office” means the principal office of the Indenture Trustee at which
at any particular time its corporate trust business shall be administered, which office at the date
of execution of this Agreement is located at 209 South LaSalle Street, Suite 300, Chicago, Illinois
60604, Attention: Corporate Trust Services, or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders, the Issuer and the Administrator, or the
principal corporate trust office of any successor Indenture Trustee at the address designated by
such successor Indenture Trustee by notice to the Noteholders, the Issuer and the Administrator.

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

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

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

     “Definitive Notes” has the meaning specified in Section 2.10.

     “Event of Default” has the meaning specified in Section 5.01.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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

     “Fitch” means Fitch Ratings.

     “Fixed Rate Note” means any Class A-1 Note, Class A-2 Note, Class A-3 Note or Class
A-4 Note.

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

4

 

     “Holder” or “Noteholder” means the Person in whose name a Note is registered
on the Note Register.

     “Hybrid Chattel Paper” has the meaning specified in Section 3.21(c).

     “Indenture Trustee” means U.S. Bank National Association, a national banking
association, as Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

     “Independent” means, when used with respect to any specified Person, that the Person
is in fact independent of the Seller, the Servicer, the Administrator, the Issuer or any other
obligor on the Notes or any Affiliate of any of the foregoing Persons because, among other things,
such Person (a) is not an employee, officer or director or otherwise controlled thereby or under
common control therewith, (b) does not have any direct financial interest or any material indirect
financial interest therein (whether as holder of securities thereof or party to contract therewith
or otherwise), and (c) is not and has not within the preceding twelve months been a promoter,
underwriter, trustee, partner, director or person performing similar functions therefor or
otherwise had legal, contractual or fiduciary or other duties to act on behalf of or for the
benefit thereof.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee, made by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of “Independent” in this Indenture
and that the signer is Independent within the meaning thereof.

     “Interest Period” means, with respect to any Distribution Date and the Class A-1
Notes, the period from (and including) the preceding Distribution Date to (but excluding) such
Distribution Date, except that the initial Interest Period will be from (and including) the Closing
Date to (but excluding)October 15, 2010, and, with respect to any Distribution Date and the Fixed
Rate Notes, other than the Class A-1 Notes, the period from (and including) the 15th day of the
preceding calendar month to (but excluding) the 15th day of the month in which such Distribution
Date occurs, except that the initial Interest Period will be from (and including) the Closing Date
to (but excluding) October 15, 2010.

     “Interest Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, or
the Class A-4 Rate, as indicated by the context.

     “Issuer” means Nissan Auto Receivables 2010-A Owner Trust unless and until a successor
replaces it and, thereafter, means the successor and, for purposes of any provision contained
herein and required by the TIA, each other obligor on the Notes.

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

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

5

 

     “NMAC” means Nissan Motor Acceptance Corporation, in its individual capacity and not
as Servicer.

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

     “Note Depository Agreement” means the agreement entitled “Letter of Representations”
dated on or before the Closing Date among the Clearing Agency, the Issuer and the Indenture Trustee
with respect to certain matters relating to the duties thereof with respect to the Book-Entry
Notes.

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

     “Note Register” means the Register of Noteholders’ information maintained by the Note
Registrar pursuant to Section 2.04.

     “Note Registrar” means the Indenture Trustee unless and until a successor Note
Registrar shall have been appointed pursuant to Section 2.04.

     “Notes” has the meaning set forth in the preamble to this Indenture.

     “Officer’s Certificate” means a certificate signed by any Authorized Officer of the
Issuer, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01, and delivered to the Indenture Trustee.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be an employee of or counsel to the Issuer, the
Seller or the Servicer and which counsel shall be reasonably satisfactory to the Owner Trustee, the
Indenture Trustee or the Rating Agencies, as the case may be.

     “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

     (a) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation;

     (b) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of
such Notes; and

     (c) Notes in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a protected purchaser;

6

 

provided, that in determining whether the Holders of the requisite percentage of the
Outstanding Amount of the Notes, or any Class of Notes, have given any request, demand,
authorization, direction, notice, consent, or waiver hereunder or under any Basic Document, Notes
owned by the Issuer, NARC II, NMAC or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, unless all Notes are owned by the Issuer, NARC II,
NMAC or any of their respective Affiliates; provided, further, that, in determining
whether the Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Notes that the Indenture Trustee knows
to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any
other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.

     “Outstanding Amount” means the aggregate principal amount of all Notes, or, if
indicated by the context, all Notes of any Class, Outstanding at the date of determination.

     “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but
solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust
Agreement.

     “Paying Agent” means the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 that has been authorized
by the Issuer to make payments to and distributions from the Collection Account, including payment
of principal of or interest on the Notes on behalf of the Issuer.

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

     “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

     “Rating Agency Condition” means, with respect to any event or action and each Rating
Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or
action will not cause it to downgrade, qualify or withdraw its rating assigned to the Notes or (b)
that such Rating Agency shall have been given notice of such event or action at least ten (10) days
prior to such event or action (or, if ten (10) days’ advance notice is impracticable, as much
advance notice as is practicable) and such Rating Agency shall not have issued any written notice
that the occurrence of such event or action will cause it to downgrade, qualify or withdraw its
rating assigned to the Notes. Notwithstanding the foregoing, no Rating Agency has any duty to
review any notice given with respect to any event or action, and it is understood that such Rating
Agency may not actually review notices received by it prior to or after the expiration of the ten
(10) day period described in (b) above. Further, each Rating Agency retains the right to
downgrade, qualify or withdraw its rating assigned to all or any of the Notes at any time in its

7

 

sole judgment even if the Rating Agency Condition with respect to an event or action had been
previously satisfied pursuant to clause (a) or clause (b) above.

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

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, among the Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor
Acceptance Corporation, as Servicer, and as to which the Indenture Trustee is a third party
beneficiary of certain provisions.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Securities Account Control Agreement” shall have the meaning assigned to such term in
the Sale and Servicing Agreement.

     “Seller” shall mean Nissan Auto Receivables Corporation II, in its capacity as seller
under the Sale and Servicing Agreement, and its successor in interest.

     “Servicer” shall mean Nissan Motor Acceptance Corporation, in its capacity as servicer
under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

     “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc.

     “Successor Servicer” has the meaning specified in Section 3.07.

     “Trust Estate” means all money, instruments, rights and other property that are
subject or intended to be subject to the lien and security interest of this Indenture for the
benefit of the Noteholders (including, without limitation, all property and interests Granted to
the Indenture Trustee pursuant to the Granting Clause), including all proceeds thereof.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in
force on the date hereof, unless otherwise specifically provided.

     “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction at the relevant time.

     SECTION 1.02 Usage of Terms. With respect to all terms in this Indenture, the
singular includes the plural and the plural the singular; words importing any gender include the
other genders; references to “writing” include printing, typing, lithography and other means of

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reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements and supplements thereto
or changes therein entered into in accordance with their respective terms and not prohibited by
this Indenture; references to Persons include their permitted successors and assigns; references to
laws include their amendments and supplements, the rules and regulations thereunder and any
successors thereto; and the term “including” means “including without limitation.”

     SECTION 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:

     “Commission” means the Securities and Exchange Commission.

     “indenture securities” means the Notes.

     “indenture security holder” means a Noteholder.

     “indenture to be qualified” means this Indenture.

     “indenture trustee” or “institutional trustee” means the Indenture Trustee.

     “obligor” on the indenture securities means the Issuer and any other obligor on the
indenture securities.

     All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by
reference to another statute or defined by Commission rule have the meanings so assigned to them.

ARTICLE II

The Notes

     SECTION 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and
the Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note.

     The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.

     Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A are part of the terms of this Indenture.

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     SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on
behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized
Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature
of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the date of such Notes.
The Indenture Trustee shall upon Issuer Order authenticate and deliver the Class A-1 Notes for
original issue in an aggregate principal amount of $396,000,000, the Class A-2 Notes for original
issue in an aggregate principal amount of $350,900,000, the Class A-3 Notes for original issue in
an aggregate principal amount of $419,100,000, and the Class A-4 Notes for original issue in an
aggregate principal amount of $135,450,000. The aggregate principal amount of the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not
exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as
registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess
thereof. Each Note shall be dated the date of its authentication.

     No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the
form included in Exhibit A, as the case may be, executed by the Indenture Trustee by the
manual or facsimile signature of one of its authorized signatories, and such certificate upon any
Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

     SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and
deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise
produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers executing such Notes
may determine, as evidenced by their execution of such Notes. If temporary Notes are issued, the
Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as
provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Notes of any Class, the Issuer shall execute, and the Indenture Trustee shall
authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of such
Class of authorized denominations. Until so exchanged, the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as Definitive Notes.

     SECTION 2.04 Registration; Registration of Transfer and Exchange.

     (a) The Note Registrar shall maintain a Note Register in which, subject to such reasonable
regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and
transfers and exchanges of Notes as provided in this Indenture. The Indenture Trustee is hereby
initially appointed Note Registrar for the purpose of registering Notes and transfers and exchanges
of Notes as provided in this Indenture. In the event that, subsequent to the Closing

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Date, the Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar,
the Issuer shall appoint another bank or trust company, having an office or agency located in the
Borough of Manhattan, The City of New York, agreeing to act in accordance with the provisions of
this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as
successor Note Registrar under this Indenture.

     If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the
Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note
Registrar and of the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Holders of the Notes and the principal amounts and number of such Notes.

     (b) Upon the proper surrender for registration of transfer of any Note at the office or agency
of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the
Indenture Trustee shall authenticate in the name of the designated transferee or transferees, one
or more new Notes of the same Class in authorized denominations of a like aggregate principal
amount.

     (c) At the option of the Holder, Notes may be exchanged for other Notes of the same Class in
any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to
be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the
Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to
receive. Every Note presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and
the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.

     (d) No service charge shall be made for any registration of transfer or exchange of Notes, but
the Indenture Trustee may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of Notes.

     (e) All Notes surrendered for registration of transfer or exchange shall be canceled and
subsequently destroyed by the Indenture Trustee.

     (f) By acquiring a Note, each Note Owner will be deemed to represent, warrant and covenant
that either (i) it is not acquiring the Note (or any interest therein) with the assets of a Benefit
Plan; or (ii) the acquisition, holding and disposition of the Note will not give rise to a
non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any law
that is similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or
Section 4975 of the Code.

     SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the

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Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and
the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall
execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same
Class. In connection with the issuance of any new Note under this Section 2.05, the Issuer may
require payment by the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto.

     If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

     Every replacement Note issued pursuant to this Section 2.05 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes of the same Class duly issued hereunder.

     The provisions of this Section 2.05 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

     SECTION 2.06 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, and none of the Issuer, the
Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice
to the contrary.

     SECTION 2.07 Payments of Principal and Interest.

     (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes
shall accrue interest during each Interest Period at the Class A-1 Rate, the Class A-2 Rate, the
Class A-3 Rate, and the Class A-4 Rate, respectively, and such interest shall be payable on each
related Distribution Date as specified in the applicable Note by applying amounts available
pursuant to Section 5.06 of the Sale and Servicing Agreement and to Section 3.01 of this Indenture.
Any installment of interest or principal payable on any Note that is punctually paid or duly
provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record

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Date by wire transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to such Note on a
Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as
provided below.

     (b) The principal of each Note shall be payable in installments on each Distribution Date by
applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, from and after the date on which the Indenture Trustee or the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding
for such purpose the outstanding principal amount of any Notes held of record or beneficially owned
by the Issuer, NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are
held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), have
declared the Notes to be immediately due and payable in the manner provided in Section 5.02 in
connection with an Event of Default. All principal payments on each Class of Notes shall be made
pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the
Person in whose name a Note is registered at the close of business on the Record Date preceding the
Distribution Date on which the final installment of principal of and interest on such Note will be
paid. Such notice shall be mailed or transmitted by facsimile not less than 15 nor more than 30
days prior to such final Distribution Date, shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment.

     SECTION 2.08 Cancellation. All Notes surrendered for payment, registration of
transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except
as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it;
provided, that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee.

     SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01 and the terms
of the Basic Documents, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the
TIA does not require any such Independent Certificates.

     SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in
the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository
Trust Company, the initial Clearing Agency, or a custodian therefor, by, or on

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behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
thereof will receive a Definitive Note representing such Note Owner’s interest in such Note, except
as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive
Notes”) have been issued to such Note Owners pursuant to Section 2.12:

     (a) the provisions of this Section shall be in full force and effect;

     (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and interest on
the Notes and the giving of instructions or directions hereunder) as the authorized representative
of the Note Owners;

     (c) to the extent that the provisions of this Section conflict with any other provisions of
this Indenture, the provisions of this Section shall control;

     (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency
and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and
until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of
principal of and interest on the Notes to such Clearing Agency Participants; and

     (e) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the
Notes or of the Notes of any Class, the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note Owners
and/or Clearing Agency Participants owning or representing, respectively, such required percentage
of the beneficial interest in the Notes and has delivered such instructions to the Indenture
Trustee.

     SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes to the Clearing
Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency.

     SECTION 2.12 Definitive Notes. If (i) the Seller, the Owner Trustee or the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and
the Seller, the Owner Trustee or the Administrator are unable to locate a qualified successor (and
if the Administrator has made such determination, the Administrator has given written notice
thereof to the Indenture Trustee), (ii) the Seller, the Indenture Trustee or the Administrator, at
its option and to the extent permitted by law, advises each other such party in writing that it
elects to terminate the book-entry system through the Clearing Agency, or (iii) after the
occurrence of an

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Event of Default or a Servicer Default, Note Owners representing beneficial interests
aggregating a majority of the Outstanding Amount of the Notes of all Classes advise the Indenture
Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the
Clearing Agency or a successor thereto is no longer in the best interests of the Note Owners acting
together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture
Trustee of the occurrence of such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer
shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.
The Indenture Trustee, Issuer and Administrator shall not be liable for any inability to locate a
qualified successor Clearing Agency. From and after the date of issuance of Definitive Notes, all
notices to be given to Noteholders will be mailed thereto at their addresses of record in the Note
Register as of the relevant Record Date. Such notices will be deemed to have been given as of the
date of mailing. Interest and principal payments on the Definitive Notes on each Distribution Date
will be made to the holders in whose names the related Definitive Notes, as applicable, were
registered at the close of business on the related Deposit Date. Payments will be made by check
mailed to the address of such holders as they appear on the Note register, except that a Noteholder
having original denominations aggregating at least $1 million may request payment by wire transfer
of funds pursuant to written instructions delivered to the Indenture Trustee at least five Business
Days prior to the Deposit Date. The final payment on any Definitive Notes will be made only upon
presentation and surrender of the Definitive Notes at the office or agency specified in the notice
of final payment to Noteholders. After the Closing Date, if any of the Notes have been issued as
Definitive Notes pursuant to this Section then the Holder of a Definitive Note and the Issuer may
elect for such Note to be issued in the form of a Book-Entry Note (provided the Clearing Agency is
then willing and able to discharge its responsibilities with respect to the Book-Entry Notes). In
connection with such election, the Issuer and the Indenture Trustee shall upon Issuer Order
execute, authenticate and deliver the Book-Entry Note and documents related thereto in accordance
with the terms hereof and the Issuer Order.

     SECTION 2.13 Tax Treatment. The Issuer has entered into this Indenture, and the Notes
will be issued, with the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust
Estate or, for periods during which there is a single beneficial owner of the Certificates,
indebtedness of the Certificateholder issued by the Trust Estate. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal,
state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

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ARTICLE III

Covenants, Representations and Warranties

     SECTION 3.01 Payment of Principal and Interest. In accordance with the terms of this
Indenture, the Issuer will duly and punctually (i) pay the principal of and interest, if any, on
the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer
to direct the Indenture Trustee to release from the Collection Account all other amounts
distributable or payable from the Owner Trust Estate under the Trust Agreement, the Sale and
Servicing Agreement and the Administration Agreement. Without limiting the foregoing and in order
to fulfill such obligations, pursuant to Sections 8.02 and 8.03 hereof, the Issuer will cause the
Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Collection Account
and the Reserve Account on a Distribution Date deposited therein pursuant to the Sale and Servicing
Agreement (i) (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the
benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3
Notes, to the Class A-3 Noteholders, and (d) for the benefit of the Class A-4 Notes, to the Class
A-4 Noteholders, and (ii) for the benefit of the Certificateholders, to or as directed by the Owner
Trustee or the Administrator, as set forth in Section 5.06 and 5.07 of the Sale and Servicing
Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder
of interest and/or principal shall be considered as having been paid by the Issuer to such
Noteholder for all purposes of this Indenture.

     SECTION 3.02 Maintenance of Office or Agency. The Issuer will maintain in the Borough
of Manhattan, The City of New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the Indenture Trustee of the location, and of any change in the location, of any
such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices
and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands.

     SECTION 3.03 Money for Payments To Be Held in Trust. As provided in Sections 8.02 and
8.03, all payments of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Collection Account or the Reserve Account pursuant to Sections 8.02 and
8.03 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no
amounts so withdrawn from such accounts for payments of Notes shall be paid over to the Issuer, the
Owner Trustee or the Administrator except as provided in this Section.

     On or before each Distribution Date, the Issuer shall deposit in the Collection Account or, in
accordance with the Sale and Servicing Agreement, cause to be deposited (including the provision of
instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account and
to deposit such amounts in the Collection Account) an aggregate sum sufficient to pay the amounts
then becoming due under the Notes and the Certificates, such sum to be held in trust for the
benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee)
shall promptly notify the Indenture Trustee of its action or failure so to act.

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     The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the
Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its
acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the
provisions of this Section, that such Paying Agent will:

     (a) hold all sums held by it for the payment of amounts due with respect to the Notes or for
release to the Issuer for payment on the Certificates in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay or release such sums to such Persons as herein provided;

     (b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon
the Notes) of which it has actual knowledge in the making of any payment required to be made with
respect to the Notes or the release of any amounts to the Issuer to be paid to the
Certificateholders;

     (c) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying
Agent;

     (d) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it
ceases to meet the standards required to be met by a Paying Agent at the time of its appointment;
and

     (e) comply with all requirements of the Code with respect to the withholding from any payments
made by it on any Notes or Certificates (or assisting the Issuer to withhold from payment to the
Certificateholders) of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith.

     The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent;
and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed after such amount has become due and payable and after the Indenture Trustee
has taken the steps described in this paragraph shall be discharged from such trust and be paid to
Second Harvest Food Bank of Tennessee upon presentation thereto of an Issuer Request; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease. In the event that any Noteholder shall not surrender its
Notes for retirement within six months after the date specified in the written notice of final
payment described in Section 2.07, the Indenture Trustee will give a

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second written notice to the registered Noteholders that have not surrendered their Notes for
final payment and retirement. If within one year after such second notice any Notes have not been
surrendered, the Indenture Trustee shall, at the expense and direction of the Issuer, cause to be
published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining will be paid to Second
Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt and employ, at the
expense and direction of the Issuer, any other reasonable means of notification of such repayment
specified by the Issuer or the Administrator.

     SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuer hereunder is or becomes, organized under the laws of any other State or of the
United States of America, in which case the Issuer will keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral
and each other instrument or agreement included in the Trust Estate or the Owner Trust Estate.

     SECTION 3.05 Protection of Trust Estate. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and will take such
other action necessary or advisable to:

     (a) maintain or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

     (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this
Indenture;

     (c) enforce any of the Collateral; or

     (d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and
the Noteholders in such Trust Estate against the claims of all persons and parties.

     The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute
any financing statement, continuation statement or other instrument required to be executed
pursuant to this Section 3.05.

     SECTION 3.06 Opinions as to Trust Estate.

     (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture
Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the execution, recording and filing of this Indenture, any indentures
supplemental hereto, any requisite financing statements and continuation statements and any other
requisite documents necessary to perfect and make effective the lien and security

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interest of this Indenture or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective.

     (b) As and when specified in Section 10.02(h) of the Sale and Servicing Agreement, the Issuer
shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to the
execution, recording, filing or re-recording and refiling of this Indenture, any indentures
supplemental hereto, any financing statements and continuation statements and any other requisite
documents necessary to maintain the lien and security interest created by this Indenture or stating
that in the opinion of such counsel no such action is necessary to maintain such lien and security
interest. Such Opinion of Counsel shall also describe the execution, recording, filing or
re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing
statements and continuation statements and any other documents that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this Indenture until the date in
the following calendar year on which such Opinion of Counsel must again be delivered.

     SECTION 3.07 Performance of Obligations; Servicing of Receivables.

     (a) The Issuer will not take any action and will use its best efforts not to permit any action
to be taken by others that would release any Person from any of such Person’s material covenants or
obligations under any instrument or agreement included in the Trust Estate or that would result in
the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except as expressly provided in the Basic
Documents.

     (b) The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee
in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer
in performing its duties under this Indenture.

     (c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in the Basic Documents and in the instruments and agreements included in the Trust
Estate, including but not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of the Trust Agreement, this Indenture
and the Sale and Servicing Agreement in accordance with and within the time periods provided for
herein and therein.

     (d) If an Authorized Officer of the Issuer shall have knowledge of the occurrence of a
Servicer Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if
any, the Issuer is taking with respect of such default. If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing
Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to
it to remedy such failure.

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     (e) As promptly as possible after the giving of notice of termination to the Servicer of the
Servicer’s rights and powers pursuant to Section 8.01 of the Sale and Servicing Agreement, the
Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor
Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed and accepted its
appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee
without further action shall automatically be appointed the Successor Servicer and shall thereafter
be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if
it shall be legally unable so to act, appoint or petition a court of competent jurisdiction to
appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the
predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint,
any established institution having a net worth of not less than $100,000,000 and whose regular
business shall include the servicing of automobile and/or light-duty truck receivables, as the
successor to the Servicer under the Sale and Servicing Agreement. Upon such appointment, the
Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer,
such release effective upon the effective date of the servicing agreement entered into between the
Successor Servicer and the Issuer.

     In connection with any such appointment, the Indenture Trustee may make such arrangements for
the compensation of such successor as it and such Successor Servicer shall agree, subject to the
limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section
8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such
Successor Servicer for the servicing of the Receivables (such agreement to be in form and substance
satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s
duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof
shall be inapplicable to the Indenture Trustee in its duties as Successor Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become the Successor Servicer,
the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates,
provided that the Indenture Trustee, in its capacity as Successor Servicer, shall remain
fully liable for the actions and omissions of such Affiliate.

     (f) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as a
Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee of such appointment,
specifying in such notice the name and address of such Successor Servicer.

     (g) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
(i) that it will not, without the prior written consent of the Indenture Trustee and the Holders of
a majority in Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by the
Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, waiver,
supplement, termination or surrender of, the terms of any Collateral (except to the extent
otherwise provided in the Sale and Servicing Agreement) or the

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Basic Documents, or waive timely performance or observance by the Servicer or the Seller under
the Sale and Servicing Agreement; and (ii) that any such amendment shall not (A) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments on the
Receivables or distributions that are required to be made for the benefit of the Noteholders or
change the Interest Rate or the Specified Reserve Account Balance (except as otherwise provided in
the Basic Documents), in each case without the consent of each of the “adversely affected”
Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any
such amendment, without the consent of the Holders of all the outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or
such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to agree to
such amendment and to execute and deliver, in its own name and at its own expense, such agreements,
instruments, consents and other documents as the Indenture Trustee may deem necessary or
appropriate in the circumstances to implement such amendment and to cause the relevant Basic
Documents, as amended, to be enforceable against the Issuer. For the purposes of clause (ii)
above, an amendment will be deemed not to “adversely affect” a Noteholder of any Class, only if the
Rating Agency Condition with respect to such amendment shall have been satisfied.

     SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not:

     (a) except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise
dispose of any of the properties or assets of the Issuer, including those included in the Trust
Estate, unless directed to do so by the Indenture Trustee;

     (b) claim any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments under the Code) or
assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Trust Estate;

     (c) except as may be expressly permitted hereby, (A) permit the validity or effectiveness of
this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture, (B) permit any lien, charge, excise,
claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to
be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof
or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other
liens that arise by operation of law, in each case on any of the Financed Vehicles and arising
solely as a result of an action or omission of the related Obligor), (C) permit the lien of this
Indenture not to constitute a valid first priority (other than with respect to any such tax,
mechanics’ or other lien) security interest in the Trust Estate, or (D) dissolve or liquidate in
whole or in part; or

     (d) assume or incur any indebtedness other than the Notes or as expressly contemplated by this
Indenture (in connection with the obligation to reimburse Advances from the Trust Estate, or to pay
expenses from the Trust Estate) or by the Basic Documents as in effect on the date hereof.

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     SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause the Servicer to
deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuer the annual
statement of compliance described in Section 4.09 of the Sale and Servicing Agreement. In
addition, on the same date annually upon which such annual statement of compliance is to be
delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s
Certificate,

     (a) stating, as to the Authorized Officer signing such Officer’s Certificate, that a review of
the activities of the Issuer during such year and of its performance under this Indenture has been
made under such Authorized Officer’s supervision; and

     (b) furnishing, to the extent of the Authorized Officer’s knowledge, information regarding the
Issuer’s compliance with all conditions and covenants under this Indenture throughout such year.

     SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person, unless:

     (1) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of
America or any State or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory
to the Indenture Trustee, the duty to make due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of
this Indenture on the part of the Issuer to be performed or observed, all as provided
herein;

     (2) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing;

     (3) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not have
any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder;

     (5) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been
taken; and

     (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such consolidation or merger and any related
supplemental indenture complies with this Article III and that all conditions precedent
provided in this Indenture relating to such transaction have been complied with (including
any filing required by the Exchange Act).

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     (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Trust Estate, to any Person, unless:

     (1) the Person that acquires by conveyance or transfer such properties and assets of
the Issuer shall (A) be a United States citizen or a Person organized and existing under the
laws of the United States of America or any state or the District of Columbia, (B) expressly
assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual
payment of the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein, (C) expressly agrees by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer,
the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense
arising under or related to this Indenture and the Notes, and (E) expressly agrees by means
of such supplemental indenture that such Person (or if a group of Persons, then one
specified Person) shall make all filings that counsel satisfactory to such purchaser or
transferee and the Indenture Trustee determines must be made with (1) the Commission (and
any other appropriate Person) required by the Exchange Act or the appropriate authorities in
any state in which the Notes have been sold pursuant to any qualification or exemption under
the securities or “blue sky” laws of such state, in connection with the Notes or (2) the
Internal Revenue Service or the relevant state or local taxing authorities of any
jurisdiction;

     (2) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing;

     (3) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not have
any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder;

     (5) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been
taken; and

     (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such conveyance or transfer and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act).

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     SECTION 3.11 Successor or Transferee.

     (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such Person had been named as the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Nissan Auto Receivables 2010-A Owner Trust will be released from every covenant
and agreement of this Indenture to be observed or performed on the part of the Issuer with respect
to the Notes and the Certificates immediately upon the delivery of written notice to the Indenture
Trustee stating that Nissan Auto Receivables 2010-A Owner Trust is to be so released.

     SECTION 3.12 No Other Business. Unless and until the Issuer shall have been released
from its duties and obligations hereunder, the Issuer shall not engage in any business other than
financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by
the Basic Documents and activities incidental thereto.

     SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from
its duties and obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes or other
obligations permitted hereunder (including the obligation to reimburse Advances or certain expenses
of the Servicer) or under another Basic Document (including indemnification expenses of the Issuer
and certain fees and expenses of the Administrator).

     SECTION 3.14 Servicer’s Notice Obligations. The Issuer shall cause the Servicer to
comply with all of its duties and obligations with respect to the preparation of reports, the
delivery of Officer’s Certificates and Opinions of Counsel and the giving of instructions and
notices under the Sale and Servicing Agreement (including, but not limited to, under Sections 4.08,
4.09, 4.11, 4.13, 5.09 and Article IX thereof).

     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Unless and until the
Issuer shall have been released from its duties and obligations hereunder, except as contemplated
by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, the Issuer shall
not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of
so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities of, or any other
interest in, or make any capital contribution to, any other Person.

     SECTION 3.16 Capital Expenditures. Unless and until the Issuer shall have been
released from its duties and obligations hereunder, the Issuer shall not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).

     SECTION 3.17 Removal of Administrator. So long as any Notes are Outstanding, the
Issuer shall not remove the Administrator without cause unless so instructed by the Owner

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Trustee or the Indenture Trustee and unless the Rating Agency Condition with respect to such
removal shall have been satisfied.

     SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i)
pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Servicer, the Owner Trustee or any
Certificateholder or otherwise with respect to any ownership or equity interest or security in or
of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made, (x)
distributions to the Servicer, the Owner Trustee and the Certificateholders as contemplated by, and
to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the
Trust Agreement, and (y) payments to the Owner Trustee or the Indenture Trustee pursuant to the
Administration Agreement. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with the Basic Documents.

     SECTION 3.19 Notice of Events of Default. The Issuer shall give the Indenture Trustee
and each Rating Agency prompt written notice of each Event of Default hereunder, each default on
the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement
(including any Servicer Defaults) and each default on the part of NMAC of its obligations under the
Purchase Agreement.

     The Indenture Trustee shall notify each Noteholder of record in writing of any Event of
Default promptly upon a Responsible Officer obtaining actual knowledge thereof. Such notices will
be provided in accordance with Section 2.11.

     SECTION 3.20 Further Instruments and Actions. Upon request of the Indenture Trustee,
the Issuer will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

     SECTION 3.21 Representations and Warranties. The Issuer makes the following
representations and warranties. Such representations and warranties speak as of the execution and
delivery of this Indenture and as of the Closing Date, but shall survive the Closing Date.
Notwithstanding anything to the contrary, the Indenture Trustee shall not waive any breach of
representations or warranties in this Section 3.21 without the written consent of at least a
majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by the
Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates).

     (a) This Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of any purchasers from
the Issuer.

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     (b) The Issuer has taken all steps necessary to perfect its security interest against the
Obligor in the property securing the Receivables.

     (c) The Collateral constitutes “tangible chattel paper” or “electronic chattel paper” within
the meaning of the applicable UCC, or, in the case of Receivables that were originated as
“electronic chattel paper” and modified via tangible “records,” as such term is used in the UCC,
constitutes a combination of electronic “records” and tangible “records,” as such term is used in
the UCC (such Receivables consisting of a combination of electronic “records” and tangible
“records” are herein called “Hybrid Chattel Paper”).

     (d) The Issuer owns and has good and marketable title to the Collateral free and clear of any
Lien, claim or encumbrance of any Person.

     (e) The Issuer has caused or will have caused, within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest in the Collateral granted to the Indenture Trustee
hereunder.

     (f) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of
any financing statements against the Issuer that includes a description of collateral covering the
Collateral other than any financing statement relating to the security interest granted to the
Indenture Trustee hereunder or a financing statement as to which the security interest covering the
Receivables has been released. The Issuer is not aware of any judgment or tax lien filings against
the Issuer.

     (g) The Servicer, as an agent of the Issuer, and to the extent allowed by law, has in its
possession all originals or authoritative copies of the tangible records constituting or forming a
part of the Collateral. The Servicer shall at all times maintain control, as defined in Section
9-105 of the UCC, of all electronic chattel paper and all electronic records included in the Hybrid
Chattel Paper. The Receivable Files that constitute or evidence the Collateral do not have any
marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the
Issuer to any Person other than the Indenture Trustee. All financing statements filed or to be
filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the
Collateral contain a statement to the following effect: “A purchase of or security interest in any
collateral described in this financing statement, except as permitted in the Indenture, will
violate the rights of the Indenture Trustee.”

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     SECTION 3.22 Regulation AB Representations, Warranties and Covenants. So long as the
Seller is required to file any reports with respect to the Issuer under the Exchange Act, the
Issuer and the Indenture Trustee each agree to perform all duties and obligations applicable to or
required of the Issuer and the Indenture Trustee, as applicable, set forth in Appendix A to the
Sale and Servicing Agreement and each makes the covenants and agreements therein applicable to it.

ARTICLE IV

Satisfaction and Discharge

     SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to
be of further effect with respect to the Notes except as to (i) rights of registration of transfer
and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the
obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of the
Noteholders and the Certificateholders as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when:

     (a) either (1) all Notes theretofore authenticated and delivered (other than Notes that have
been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and
Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not
theretofore delivered to the Indenture Trustee for cancellation have become due and payable or will
become due and payable within one year (either because the Final Scheduled Distribution Date for
the Class A-4 Notes is within one year or because the Indenture Trustee has received notice of the
exercise of the option granted pursuant to Section 9.01 of the Sale and Servicing Agreement) and
the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture
Trustee cash or direct obligations of or obligations guaranteed by the United States of America
(which will mature prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Indenture Trustee for cancellation when due;

     (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer;
and

     (c) the Issuer has delivered to the Indenture Trustee, an Officer’s Certificate, (if required
by the TIA or the Indenture Trustee) an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with.

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     SECTION 4.02 Application of Trust Money. All moneys deposited with the Indenture
Trustee pursuant to Section 4.01 hereof shall be held in trust and (a) applied by it in accordance
with the provisions of the Notes and this Indenture to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for
the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due
and to become due thereon for principal and interest or (b) released to the Owner Trustee for
application pursuant to the Trust Agreement or the Sale and Servicing Agreement; but such moneys
need not be segregated from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law.

     SECTION 4.03 Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect
to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.

ARTICLE V

Remedies

     SECTION 5.01 Events of Default. “Event of Default,” wherever used herein, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

     (a) default in the payment of any interest on any Note when the same becomes due and payable,
and such default shall continue for a period of five days;

     (b) default in the payment of the principal on the Note Final Scheduled Distribution Date or
the Distribution Date on which the Servicer exercises the Optional Purchase;

     (c) a material default in the observance or performance of any covenant or agreement of the
Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or
performance of which is elsewhere in this Section specifically dealt with) which shall continue or
not be cured for a period of 90 days after there shall have been given, by registered or certified
mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the
Holders of at least 25% of the Outstanding Amount of the Notes, acting together as a single class,
a written notice specifying such default or incorrect representation or warranty and requiring it
to be remedied and stating that such notice is a notice of Default hereunder;

     (d) any representation or warranty of the Issuer made in this Indenture or in any certificate
or other writing delivered pursuant hereto or in connection herewith shall prove to have been
incorrect in any material respect as of the time when the same shall have been made, and such
default shall continue or not be cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was incorrect shall not have been eliminated or

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otherwise cured, for a period of 30 days after there shall have been given, by registered or
certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee
by the Holders of at least 25% of the Outstanding Amount of the Notes, acting together as a single
Class, a written notice specifying such default or incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default hereunder;

     (e) the filing of a petition seeking entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate
in an involuntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such petition shall
remain unstayed and in effect for a period of 90 consecutive days; or

     (f) the commencement by the Issuer of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of
the Trust Estate, or the making by the Issuer of any general assignment for the benefit of
creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the
taking of any action by the Issuer in furtherance of any of the foregoing.

     The Issuer shall deliver to the Indenture Trustee, within five Business Days after the
occurrence thereof, written notice in the form of an Officer’s Certificate of any Default that with
the giving of notice or the lapse of time would become an Event of Default under clause (d) stating
the status of such Default and any action the Issuer is taking or proposes to take with respect
thereto.

     SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of
Default should occur and be continuing, then and in every such case the Indenture Trustee or the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding
for such purposes the outstanding principal amount of any Notes held of record or beneficially
owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes
are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates)
may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer
(and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid
principal amount of such Notes, together with accrued and unpaid interest thereon through the date
of acceleration, shall become immediately due and payable.

     At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Holders of a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purposes the outstanding principal amount of
any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the

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Issuer, NARC II, NMAC or any of their Affiliates), by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if:

     (a) the Issuer has paid or deposited with the Securities Intermediary in the name of the
Indenture Trustee a sum sufficient to pay:

     (1) all payments of principal of and interest on the Notes and all other amounts that
would then be due hereunder or upon such Notes if the Event of Default giving rise to such
acceleration had not occurred; and

     (2) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel.

     (b) all Events of Default, other than the nonpayment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

     No such rescission shall affect any subsequent default or impair any right consequent thereto.

     SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee.

     (a) The Issuer covenants that if (i) default is made in the payment of any interest on any
Note, so long as any amounts remain unpaid with respect to the Notes, when the same becomes due and
payable, and such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when the same becomes
due and payable, the Issuer will, upon demand of the Indenture Trustee, pay to the Indenture
Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the
Notes for principal and interest, with interest upon the overdue principal and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue installments of
interest at the rate borne by the Notes and in addition thereto such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding
for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer or other obligor upon such Notes and
collect in the manner provided by law out of the property of the Issuer or other obligor upon such
Notes, wherever situated, the moneys adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders and, incidentally thereto, the Certificateholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in

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this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by
law.

     (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes
or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title
11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, then, irrespective of whether the principal of any
Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions
of this Section, the Indenture Trustee shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

     (1) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes, and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee
and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and
of the Noteholders allowed in such Proceedings;

     (2) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes in any election of a trustee, a standby trustee or Person performing
similar functions in any such Proceedings;

     (3) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the
Noteholders and of the Indenture Trustee on their behalf; and

     (4) to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders of Notes
allowed in any judicial proceedings relative to the Issuer, its creditors and its property.

     Any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result
of negligence or bad faith.

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     (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

     (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be
necessary to make any Noteholder a party to any such Proceedings.

     SECTION 5.04 Remedies; Priorities.

     (a) If an Event of Default shall have occurred and be continuing and result in the
acceleration of the Notes, the Indenture Trustee shall make payments on the Notes and to the Owner
Trustee as set forth in Section 5.06(d) of the Sale and Servicing Agreement, rather than pursuant
to Section 5.06(c) thereof.

     (b) If the Indenture Trustee, in compliance with Section 5.04(a), is deemed to have a conflict
of interest under the TIA and is required to resign as Indenture Trustee hereunder, the Issuer
shall, pursuant to Section 6.08, cause the Servicer to appoint a successor Indenture Trustee.

     (c) In accordance with Section 5.04(b), if an Event of Default shall have occurred and be
continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05):

     (1) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect
thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect
from the Issuer and any other obligor upon such Notes moneys adjudged due;

     (2) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate;

     (3) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee
and the Noteholders; and

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     (4) sell the Trust Estate or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by law;
provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event of Default
described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding
Amount of the Notes, voting as a single class, consent thereto (but excluding for purposes
of such vote all Notes held or beneficially owned by NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held or beneficially owned by NMAC,
NARC II and their Affiliates), or (B) the proceeds of such sale or liquidation distributable
to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon
the Notes for principal and interest, or (C) the Indenture Trustee determines that the Trust
Estate may not continue to provide sufficient funds on an ongoing basis to make all payments
of principal of and interest on the Notes as they would have become due if the Notes had not
been declared due and payable, and the Indenture Trustee obtains the consent of Holders of a
66 2/3% of the Outstanding Amount of the Notes, voting as a single class (but excluding for
purposes of such vote all Notes held or beneficially owned by the Issuer, NMAC, NARC II or
any of their Affiliates, unless at such time all of the Notes are held or beneficially owned
by the Issuer, NMAC, NARC II and their Affiliates). In determining such sufficiency or
insufficiency with respect to clause (B) and (C), the Indenture Trustee may, but need not,
obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency
of the Trust Estate for such purpose.

     (d) The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the related record date,
payment date and amount to be paid.

     SECTION 5.05 Optional Preservation of the Receivables. If the Notes have been
declared to be due and payable under Section 5.02 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
unless otherwise directed by the Holders of at least a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding from such action and calculation any Notes held by NMAC,
NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates), but need not, elect to maintain
possession of the Trust Estate and direct the Issuer, Servicer and Administrator not to take steps
to liquidate the Receivables. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes
and the Indenture Trustee shall take such desire into account when determining whether or not to
maintain possession of the Trust Estate. In determining whether to maintain possession of the
Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the feasibility of
such proposed action and as to the sufficiency of the Trust Estate for such purpose.

     SECTION 5.06 Limitation of Suits. No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this Indenture or for the

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appointment of a receiver or trustee, or for any other remedy hereunder unless such Holder has
previously given written notice to the Indenture Trustee of a continuing Event of Default, and:

     (a) the Event of Default arises from the Servicer’s failure to remit payments when due; or

     (b) the Holders of not less than 25% of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates)
have made written request to the Indenture Trustee to institute such Proceeding in respect of such
Event of Default in its own name as Indenture Trustee hereunder and have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
complying with such request, the Indenture Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings, and no direction
inconsistent with that written request has been given to the Indenture Trustee during the 60-day
period by the holders of a majority in principal amount of those outstanding Notes (or relevant
class or classes of Notes).

     It is understood and intended that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Holders of Notes, each representing less than a majority of
the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine
what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

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     SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note and in this
Indenture (in each case with reference to the calculations to be made pursuant to the Sale and
Servicing Agreement), and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

     SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

     SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

     SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture
Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or
Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or
by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be.

     SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding
Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal
amount of any Notes held of record or beneficially owned by the Issuer, NARC II, NMAC or any of
their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by
the Issuer NARC II, NMAC or any of their Affiliates), shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the Indenture Trustee
with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee;
provided that:

     (a) such direction shall not be in conflict with any rule of law or with this Indenture; and

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     (b) any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by
Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of
the Notes set forth in Section 5.04(c)(iv); and

     (c) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction.

     Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action that it determines might involve it in liability or
might materially adversely affect the rights of any Noteholders not consenting to such action.

     SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of
the maturity of the Notes as provided in Section 5.02 or the liquidation or sale of the Trust
Estate pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes,
voting as a single class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC
II, NMAC or any of their Affiliates) may waive any past Default or Event of Default and its
consequences except a Default or Event of Default in (a) the deposit of collections or other
required amounts, (b) any required payment from amounts held in Accounts in respect of amounts due
on the Notes, (c) payment of principal or interest on the Notes, or (d) an Event of Default in
respect of a covenant or provision hereof that cannot be modified or amended without the consent of
the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights hereunder,
respectively.

     Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured
and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right consequent thereto.

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     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Note or Note Owner by such Holder’s acceptance of such Note or beneficial interest
therein, as the case may be, shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any
Noteholder, or a group of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the enforcement
of the payment of principal of or interest on any Note on or after the respective due dates
expressed in such Note and in this Indenture.

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

     SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or
application of any other relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance
with Section 5.04(a).

     SECTION 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Seller and the Servicer, as
applicable, of each of their obligations to the Issuer or to each other under or in connection with
the Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the
Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with each such agreement to the extent and in the
manner directed by the Indenture Trustee, including the transmission of notices of default on the
part of the Seller or the Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the Servicer of each of
their respective obligations under the Sale and Servicing Agreement, the Purchase Agreement.

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     (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at
the direction (which direction shall be in writing or by telephone, confirmed in writing promptly
thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purposes the outstanding principal amount of any Notes held of record or
beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their
Affiliates), shall, exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement,
the Purchase Agreement, or against the Administrator under the Administration Agreement, including
the right or power to take any action to compel or secure performance or observance by the Seller,
the Servicer or the Administrator, of each of their obligations to the Issuer thereunder and to
give any consent, request, notice, direction, approval, extension, or waiver thereunder and any
right of the Issuer to take such action shall be suspended.

ARTICLE VI

The Indenture Trustee

     SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and
after the occurrence of a Servicer Default under the Sale and Servicing Agreement, undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture.

     (a) The Indenture Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that
shall be specifically required to be furnished pursuant to any provision of this Indenture, shall
examine them to determine whether they conform on their face to the requirements of this Indenture.

     (b) No provision of this Indenture shall be construed to relieve the Indenture Trustee from
liability for its own negligent action, its own negligent failure to act, its own bad faith or its
own willful misfeasance; provided, however, that:

     (1) the duties and obligations of the Indenture Trustee shall be determined solely by
the express provisions of this Indenture, the Indenture Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this
Indenture, no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in
this Indenture shall not be construed as a duty and, in the absence of bad faith on the part
of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon any certificates
or opinions furnished to the Indenture Trustee and conforming on their face to the
requirements of this Indenture;

     (2) the Indenture Trustee shall not be personally liable for an error of judgment made
in good faith by a Responsible Officer, unless it shall be proved that the

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Indenture Trustee was negligent in performing its duties in accordance with the terms
of this Indenture; and

     (3) the Indenture Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken in good faith in accordance with the direction of (i)
the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by the Issuer,
NARC II, NMAC or any of their Affiliates), relating to the time, method and place of
conducting any proceeding for any remedy available to the Indenture Trustee, or exercising
any trust or power conferred upon the Indenture Trustee under this Indenture.

     (c) The Indenture Trustee shall not be required to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties under this Indenture, or in the
exercise of any of its rights or powers, if there shall be reasonable grounds for believing that
the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     (d) All information obtained by the Indenture Trustee regarding the Obligors and the
Receivables contained in the Trust, whether upon the exercise of its rights under this Indenture or
otherwise, shall be maintained by the Indenture Trustee in confidence and shall not be disclosed to
any other Person, unless such disclosure is required by any applicable law or regulation or
pursuant to subpoena.

     (e) If (i) pursuant to Section 3.02 of the Sale and Servicing Agreement, a Responsible Officer
of the Indenture Trustee discovers that a representation or warranty with respect to a Receivable
was incorrect as of the time specified with respect to such representation and warranty and such
incorrectness materially and adversely affects such Receivable, or (ii) pursuant to Section 4.06 of
the Sale and Servicing Agreement, a Responsible Officer of the Indenture Trustee discovers that a
covenant of the Servicer has been breached with respect to a Receivable that would materially and
adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the
Servicer and the Owner Trustee of such incorrectness.

     SECTION 6.02 Rights of Indenture Trustee.

     (a) Except as otherwise provided in Section 6.01:

     (1) the Indenture Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, Officer’s Certificate, certificate of an authorized signatory,
certificate of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties,
including, without limitation, provided to it via email or other suitable means of
electronic distribution as permitted in writing by the Indenture Trustee;

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     (2) the Indenture Trustee may consult with counsel and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered or
omitted by it under this Indenture in good faith and in accordance with such Opinion of
Counsel;

     (3) the Indenture Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture or the Sale and Servicing Agreement, or to institute,
conduct or defend any litigation under this Indenture, or in relation to this Indenture or
the Sale and Servicing Agreement, at the request, order or direction of any of the
Noteholders pursuant to the provisions of this Indenture or the Sale and Servicing
Agreement, unless such Noteholders shall have offered to the Indenture Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby;

     (4) the Indenture Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

     (5) the Indenture Trustee shall not be bound to recalculate, reverify, or make any
investigation into the facts of matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by Holders of Notes evidencing not less
than 25% of the aggregate Outstanding Amount of the Notes; provided,
however, that if the payment within a reasonable time to the Indenture Trustee of
the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the
Indenture Trustee by the security afforded to it by the terms of this Indenture, the
Indenture Trustee may require reasonable indemnity against such cost, expense or liability
as a condition to so proceeding; the reasonable expense of every such examination shall be
paid by the Administrator or, if paid by the Indenture Trustee, shall be reimbursed by the
Administrator upon demand; and nothing in this clause shall derogate from the obligation of
the Servicer to observe any applicable law prohibiting disclosure of information regarding
the Obligors;

     (6) the Indenture Trustee may execute any of the trusts or powers under this Indenture
or perform any duties under this Indenture either directly or by or through agents or
attorneys or a custodian;

     (7) in order to comply with laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Law”), the
Indenture Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the Indenture Trustee.
Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable
request from time to time such identifying information and documentation as may be
reasonably available for such party in order to enable the Indenture Trustee to comply with
Applicable Law;

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     (8) the rights, privileges, protections, immunities and benefits given to the Indenture
Trustee herein, including the right to be indemnified, are extended to, and shall be
enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Securities
Intermediary and Secured Party under the Basic Documents; and

     (9) all communications, notices, instruction and other documents to be received by the
Indenture Trustee (with the exception of those for which a non-electronic signature is
expressly requested by the Indenture Trustee) may be provided to it via email with receipt
confirmed via reply email or other suitable means of electronic distribution as permitted in
writing by the Indenture Trustee.

     (b) No Noteholder will have any right to institute any proceeding with respect to this
Indenture except upon satisfying the conditions set forth in Section 5.06.

     SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the Holder, beneficial owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were
not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do
the same with like rights. However, in so doing the Indenture Trustee must comply with Sections
6.11 and 6.12.

     SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no
representations as to the validity or sufficiency of this Indenture or the Notes (other than the
execution by the Indenture Trustee on behalf of the Trust of, and the certificate of authentication
on, the Notes), or of the Certificates. The Indenture Trustee shall have no obligation to perform
any of the duties of the Servicer or the Administrator unless explicitly set forth in this
Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of the Notes or any Receivable, any ownership
interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with
respect to the efficacy of the Trust or its ability to generate the payments to be distributed to
Noteholders under this Indenture, including without limitation the validity of the assignment of
the Receivables to the Trust or of any intervening assignment; the existence, condition, location
and ownership of any Receivable or Financed Vehicle; the existence and enforceability of any
physical damage or credit life or credit disability insurance; the existence and contents of any
retail installment sales contract or any computer or other record thereof; the completeness of any
retail installment sales contract; the performance or enforcement of any retail installment sales
contract; the compliance by the Issuer with any covenant or the breach by the Issuer, Seller or
Servicer of any warranty or representation made under this Indenture or in any Basic Document or
other related document and the accuracy of any such warranty or representation prior to the
Indenture Trustee’s receipt of notice or other discovery of any noncompliance therewith or any
breach thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the
Indenture Trustee taken at the instruction of the Issuer or Servicer, provided,
however, that the foregoing shall not relieve the Indenture Trustee of its obligation to
perform its duties under this Indenture. Except with respect to a claim based on the failure of
the Indenture Trustee to perform its duties under this Indenture or based on the Indenture
Trustee’s willful misconduct, bad faith or negligence, no recourse shall be had for any claim based
on any provision of this Indenture, the Notes or Certificates or assignment thereof against the
institution serving as the

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Indenture Trustee in its individual capacity. The Indenture Trustee shall not have any
personal obligation, liability or duty whatsoever to any Noteholder or any other Person with
respect to any such claim, and any such claim shall be asserted solely against the Trust or any
indemnitor who shall furnish indemnity as provided in this Indenture. The Indenture Trustee shall
not be accountable for the use or application by the Issuer of any of the Notes or of the proceeds
of such Notes, or for the use or application of any funds paid to the Servicer in respect of the
Notes.

     SECTION 6.05 Notice of Defaults. If a Responsible Officer of the Indenture Trustee
knows that a Default has occurred and is continuing, the Indenture Trustee shall mail to each
Noteholder notice of such Default within 10 days of the occurrence thereof. Except in the case of
a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold
such notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

     SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall
deliver or cause to be delivered annually to each Noteholder of record such information as may be
required to enable such Person to prepare its federal and state income tax returns. The Indenture
Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report
relating to its eligibility and qualification to continue as Indenture Trustee under this
Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity
date of certain indebtedness owed by the Trust to such Indenture Trustee, in its individual
capacity, the property and funds physically held by such Indenture Trustee in its capacity as such,
and any action taken by it that materially affects the Notes and that has not been previously
reported.

     SECTION 6.07 Compensation and Indemnity. The Issuer shall cause the Servicer to pay
to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a
fee agreement between NMAC and the Indenture Trustee. The Indenture Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause
the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred
or made by it, including costs of collection and the costs of implementing any Currency Swap
Agreement as contemplated by Section 9.02, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee’s agents, counsel, accountants and experts. The Administrator shall cause the
Servicer to indemnify the Indenture Trustee against any and all loss, liability or expense
(including reasonable attorneys’ fees) incurred by it in connection with the administration of this
Indenture or any of the Basic Documents and the performance of its duties hereunder or thereunder.
The Indenture Trustee shall notify the Administrator and the Servicer promptly of any claim for
which it may seek indemnity. Failure by the Indenture Trustee to so notify the Administrator and
the Servicer shall not relieve the Administrator or the Servicer of its obligations hereunder. The
Administrator shall cause the Servicer to defend any such claim, and the Indenture Trustee may have
separate counsel and the Administrator shall cause the Servicer to pay the fees and expenses of
such counsel. Neither the Administrator nor the Servicer need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through the Indenture
Trustee’s own willful misconduct, negligence or bad faith.

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     The Administrator’s payment obligations to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after
the occurrence of a Default specified in Section 5.01(f) or (g) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or similar law.

     SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign at
any time by providing written notice of its resignation to the Issuer. The Administrator may
remove the Indenture Trustee if:

     (a) the Indenture Trustee fails to comply with Section 6.11;

     (b) the Indenture Trustee is adjudged a bankrupt or insolvent;

     (c) a receiver or other public officer takes charge of the Indenture Trustee or its property;
or

     (d) the Indenture Trustee otherwise becomes legally or practically incapable of fulfilling its
duties hereunder.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee.
No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.08.

     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Servicer and the Administrator. Thereupon the resignation or
removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 30 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Administrator or the
Holders of a majority in Outstanding Amount of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at any time
thereafter petition any court of competent jurisdiction for the removal of the Indenture Trustee
and the appointment of a successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of
the retiring Indenture Trustee.

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     SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another Person, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee if such surviving Person or
transferee corporation or banking shall be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Issuer, the Servicer and the Rating Agencies reasonable
prior written notice of any such transaction.

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located or for the purpose of implementing any Currency Swap Agreement as contemplated by
Section 9.02, the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate,
or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.08 hereof.

     (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

     (1) all rights, powers, duties and obligations conferred or imposed upon such separate
trustee or co-trustee shall be conferred or imposed upon and exercised or performed by the
Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that
such separate trustee or co-trustee is not authorized to act separately without the
Indenture Trustee joining in and/or directing such act), except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed the
Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which
event such rights, powers, duties and obligations (including the holding of title to the
Trust Estate or any portion thereof in any such jurisdiction) shall be

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exercised and performed singly by such separate trustee or co-trustee, but solely at
the direction of the Indenture Trustee;

     (2) no trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder; and

     (3) the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee.

     (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees as effectively as if given to
each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts thereupon conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture, including
every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the
Indenture Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this Indenture on its behalf and in its name. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA Section 310(a). The Indenture Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published annual report
of condition and it or its parent shall have a long-term debt rating of “Baa3” or better by Moody’s
or shall otherwise be acceptable to Moody’s. The Indenture Trustee shall comply with TIA Section
310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA Section
310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if
the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

     SECTION 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee
shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated.

     SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and
Servicing Agreement. The Indenture Trustee hereby agrees and consents to the

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provisions of the Sale and Servicing Agreement applicable to it (including, without
limitation, Sections 5.06, 5.07 and 5.08 thereof) and agrees to be bound by such provisions.

ARTICLE VII

Noteholders’ Lists and Reports

     SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders. The Note
Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the
Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written
request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than
25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in
writing to the Indenture Trustee, and such application states that the Applicants desire to
communicate with other Noteholders with respect to their rights under this Indenture or under the
Notes and such application is accompanied by a copy of the communication that such Applicants
propose to transmit, then the Indenture Trustee shall, within five Business Days after the receipt
of such application, afford such Applicants access, during normal business hours, to the current
list of Noteholders. Such Indenture Trustee may elect not to afford the requesting Noteholders
access to the list of Noteholders if it agrees to mail the desired communication by proxy, on
behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder,
by receiving and holding a Note, agrees with the Indenture Trustee and the Issuer that none of the
Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the Noteholders under this Indenture, regardless of the source from which such information was
derived.

     If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the
Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five
days after the most recent Record Date or at such other times as the Indenture Trustee reasonably
may request in writing, a list, in such form as the Indenture Trustee reasonably may require, of
the names and addresses of the Holders of Notes as of such Record Date.

     SECTION 7.02 Preservation of Information; Communications to Noteholders.

     (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so
furnished.

     (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 3.12(c).

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     SECTION 7.03 Reports by Issuer.

     (a) The Issuer shall:

     (1) file with the Indenture Trustee, within 15 days after the Issuer is required to
file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the Issuer may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

     (2) file with the Indenture Trustee and the Commission in accordance with the rules and
regulations prescribed from time to time by the Commission such additional information,
documents and reports with respect to compliance by the Issuer with the conditions and
covenants of this Indenture as may be required from time to time by such rules and
regulations; and

     (3) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA Section 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and by rules and regulations prescribed from time to time by the
Commission.

     (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on March
31 of each year.

     SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after the end of each Fiscal Year of the Issuer, beginning with March 31, 2011, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report
dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall
comply with TIA Section 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are
listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any
stock exchange.

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     SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to
the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be
provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the
direction of the Servicer, such other information regarding the Notes as the Indenture Trustee may
have in its possession, but only with the use of a password provided by the Indenture Trustee. Any
information that is disseminated in accordance with the provisions of this Section 7.05 shall not
be required to be disseminated in any other form or manner. Except for documents prepared by the
Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will
make no representation or warranties as to the accuracy or completeness of such documents and will
assume no responsibility therefor.

     The Indenture Trustee’s internet website shall be initially located at
http://www.usbank.com/abs or at such other address as shall be specified by the Indenture
Trustee from time to time in writing to the parties hereto. In connection with providing access to
the Trustee’s internet website, the Indenture Trustee may require registration and the acceptance
of a disclaimer.

ARTICLE VIII

Accounts, Disbursements and Releases

     SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except
as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture
and any right to proceed thereafter as provided in Article V.

     SECTION 8.02 Accounts.

     (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and
maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the
extent set forth herein, the Certificateholders, the Collection Account as provided in Section 5.01
of the Sale and Servicing Agreement.

     (b) On or prior to the Closing Date, the Issuer will cause the Seller to, pursuant to the
Securities Account Control Agreement, establish and maintain with the Securities Intermediary in
the name of the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as
provided in Section 5.07 of the Sale and Servicing Agreement.

     (c) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection
Account on the Distribution Date on which the Notes of all Classes have been paid in full (or
substantially all of the Trust Estate is otherwise released from the lien of this Indenture)

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to the Trust Collection Account and shall take all necessary or appropriate actions to
transfer all of its right, title and interest in the Collection Account, all funds or investments
held therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the
Owner Trustee for the benefit of the Certificateholders, subject to the limitations set forth
herein with respect to amounts held for payment to Noteholders that do not promptly deliver a Note
for payment on such Distribution Date.

     SECTION 8.03 General Provisions Regarding Accounts.

     (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Collection Account shall be invested in Eligible Investments and
reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the
provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from
investments of moneys deposited in the Collection Account shall be deposited by the Indenture
Trustee in the Collection Account and paid to the Servicer as servicing compensation on any
Business Day on or after which such amount is deposited in the Collection Account, and any loss
resulting from such investments shall be charged to such account. The Servicer will not direct the
Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds
or to sell any investment held in the Collection Account unless the security interest Granted and
perfected in such account will continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in connection with any
direction to the Indenture Trustee to make any such investment or sale, if requested by the
Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel,
reasonably acceptable to the Indenture Trustee, to such effect.

     (b) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Reserve Account shall be invested in Eligible Investments and
reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the
provisions of Section 5.07 of the Sale and Servicing Agreement and the provisions of the Securities
Account Control Agreement. All income or other gain from investments of moneys deposited in the
Reserve Account shall be paid by the Indenture Trustee to the Seller on any Business Day on or
after which such amount is deposited in the Reserve Account. Subject to the right of the Indenture
Trustee to make withdrawals therefrom, as directed by the Servicer, for the purposes and in the
amounts set forth in Section 5.06 of the Sale and Servicing Agreement, the Reserve Account and all
funds held therein shall be the property of the Seller and not the property of the Trust, the Owner
Trustee or the Indenture Trustee.

     (c) The Seller will grant to the Indenture Trustee, for the benefit of the Noteholders, a
security interest in all funds (including Eligible Investments) in the Reserve Account (including
the Reserve Account Initial Deposit) and the proceeds thereof, and the Indenture Trustee shall have
all of the rights of a secured party under the UCC with respect thereto; provided that all income
from the investment of funds in the Reserve Account, and the right to receive such income are
retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder. The
Servicer will not direct the Indenture Trustee to make any investment of any funds or to sell any
investment held in the Reserve Account unless the security interest granted and perfected in such
account will continue to be perfected in such investment or the proceeds of such sale, in either
case without any further action by any Person, and, in connection with any

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direction to the Indenture Trustee to make any such investment or sale, if requested by the
Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel,
acceptable to the Indenture Trustee, to such effect.

     (d) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the Collection Account or the Reserve Account resulting from any
loss on any Eligible Investment included therein at the direction of the Servicer, except for
losses attributable to the Indenture Trustee’s failure to make payments on such Eligible
Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and
not as trustee, in accordance with the terms thereof.

     (e) If (i) the Servicer shall have failed to give investment directions for any funds on
deposit in the Collection Account or the Reserve Account to the Indenture Trustee by 5:00 p.m.
Eastern Time (or such other time as may be agreed by the Servicer and Indenture Trustee) on any
Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section
5.02 or (iii) if such Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Trust Estate are being applied in accordance with Section
5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Accounts in an Eligible Investment specified
in clause (iv) of the definition of Eligible Investments provided in the Sale and Servicing
Agreement. If the Indenture Trustee invests and reinvests funds in the Reserve Account pursuant to
clause (ii) or clause (iii) above, the Indenture Trustee shall issue a prohibition notice to the
securities intermediary as provided in the Securities Account Control Agreement. If the Default or
Event of Default that caused the Indenture Trustee to assume control over the investment of funds
in the Reserve Account has been waived and the acceleration, if any, of the Notes has been
rescinded, the Indenture Trustee shall issue a rescission of prohibition notice to the securities
intermediary as provided in the Securities Account Control Agreement.

     SECTION 8.04 Release of Trust Estate.

     (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys.

     (b) The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums
due the Indenture Trustee pursuant to Section 6.07 (as certified by an authorized officer of the
Issuer in the officer’s certificate delivered to the Trustee) have been paid, release any remaining
portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to
or to the order of the Issuer, or, in the case of the Reserve Account, to the Seller, any funds
entitled thereto then on deposit in the Collection Account and the Reserve Account, as the

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case may be. The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request accompanied by an Officer’s
Certificate and (if required by the TIA) Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

     SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer.

     (a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 of the Sale and
Servicing Agreement or any purchase of any Receivable by the Servicer pursuant to Section 4.06 or
Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on behalf of the
Noteholders, shall, without further action, be deemed to release from the Lien of this Indenture
such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds
thereof and the other property with respect to such Receivable, and all security and any documents
relating thereto, and the Seller or the Servicer, as applicable, shall thereupon own each such
Receivable, and all such related security and documents, free of any further obligation to the
Issuer, the Indenture Trustee or the Noteholders with respect thereto.

     (b) The Indenture Trustee shall execute such documents and instruments and take such other
actions as shall be reasonably requested by the Seller or the Servicer, as the case may be, to
effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the
Issuer pursuant to Section 9.02 of the Sale and Servicing Agreement.

     SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days notice when requested by the Issuer to take any action pursuant to Section 8.04(a),
accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and
shall require, to extent required by the TIA), except in connection with any action contemplated by
Section 8.04(b), as a condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the provisions of this
Indenture; provided, however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

     SECTION 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Without the consent of the Holders of any Notes but with prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto

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(which shall conform to the provisions of the TIA as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

     (1) to correct or amplify the description of any property at any time subject to the
lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subjected to the lien of this Indenture, or to
subject to the lien of this Indenture additional property;

     (2) to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of
the Issuer contained herein and in the Notes;

     (3) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes,
or to surrender any right or power herein conferred upon the Issuer;

     (4) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

     (5) to cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein or in any
supplemental indenture or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture to the extent such action
shall not adversely affect the interests of the Holders of the Notes;

     (6) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and to add to or change any of the provisions of
this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI; or

     (7) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any
similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA.

     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided, however, that such action
shall not materially and adversely affect the interests of any Noteholder.

     SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the
Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating
Agencies and with the consent of the Holders of a majority of the Outstanding Amount of

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the Notes, voting as a single class (excluding for such purpose the outstanding principal
amount of any Notes held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates), by Action of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Note affected thereby:

     (1) change the due date of any installment of principal of or interest on any Note, or
reduce the principal amount thereof, the Interest Rate thereon or redemption price therefor,
or change any place of payment where, or the coin or currency in which, any Note or the
interest thereon is payable;

     (2) impair the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided in Article V,
to the payment of any such amount due on the Notes on or after the respective due dates
thereof;

     (3) reduce the percentage of the Outstanding Amount of the Notes, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this
Indenture;

     (4) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”;

     (5) reduce the percentage of the Outstanding Amount of the Notes required to direct the
Indenture Trustee to sell or liquidate the Trust Estate if the proceeds of that sale would
be insufficient to pay the principal amount of and accrued but unpaid interest on the Notes
pursuant to Section 5.04(c)(iv);

     (6) reduce any percentage required to amend the sections of the Indenture that specify
the applicable percentage of Outstanding Amount of the Notes necessary to amend the
Indenture; or

     (7) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive the Holder of any Note of the security provided by the
lien of this Indenture.

     The Indenture Trustee may in its discretion determine whether or not any Notes would be
adversely affected by any supplemental indenture and any such determination shall be conclusive
upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered

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hereunder. The Indenture Trustee shall not be liable for any such determination made in good
faith.

     It shall not be necessary for any Action of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Action
shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes to
which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

     Pursuant to the Trust Agreement and the Sale and Servicing Agreement, the Issuer may, from
time to time, at its option, enter into a Currency Swap Agreement with a Currency Swap Counterparty
to swap amounts payable to Certificateholders from U.S. Dollars to Japanese yen; provided, that (1)
at the time the Issuer enters into the Currency Swap Agreement, the rating agencies have confirmed
the then-existing ratings of the Notes, and (2) any payments to the Currency Swap Counterparty
(including termination payments) are payable only from amounts that are otherwise payable to the
Certificateholders. Any payments received by the Issuer from the Currency Swap Counterparty under
such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid
by the Indenture Trustee directly to or to the order of the Certificateholders on the related
Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuer, the
Indenture Trustee, the Owner Trustee, the Seller and the Servicer will enter into a supplement to
this Indenture, subject to this Section 9.02 and subject to the approval of the Owner Trustee and
the Certificateholders, that will specify the creation of any necessary accounts and modifications
of any provisions necessary or appropriate to effectuate the intention of such Currency Swap
Agreement.

     SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the
modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive upon request therefor, and subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of Counsel from external counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise.

     SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and
amended in accordance therewith with respect to the Notes, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,

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and all the terms and conditions of any such supplemental indenture shall be and be deemed to
be part of the terms and conditions of this Indenture for any and all purposes.

     SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall conform to the
requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.

     SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if
required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

ARTICLE X

Release

     SECTION 10.01 Optional Purchase of All Receivables. If the Servicer or any successor
to the Servicer shall notify the Owner Trustee and the Indenture Trustee of its intention to
exercise the option granted to it in Section 9.01 of the Sale and Servicing Agreement to repurchase
the outstanding Receivables primarily comprising the Owner Trust Estate, then the Owner Trustee and
the Indenture Trustee shall give written notice thereof to each Securityholder and the Rating
Agencies as soon as practicable after their receipt of notice from the Servicer. Upon deposit by
the Servicer or any successor to the Servicer of the amount necessary to effect such purchase of
the corpus of the Owner Trust Estate, the Indenture Trustee shall make the final distributions to
the Noteholders and Certificateholders as set forth in Section 5.06 of the Sale and Servicing
Agreement and shall promptly transfer all of its right, title and interest in and to any amounts or
investments remaining on deposit in the Collection Account to the Owner Trustee, and in the Reserve
Account to the Seller (in any event excluding any portion thereof necessary to make distributions
to Noteholders described in Section 3.03), and release from the lien of this Indenture all of the
remaining Collateral. The Indenture Trustee shall execute, deliver and file all agreements,
certificates, instruments or other documents necessary or reasonably requested by the Issuer in
order to effect such release and the transfer to the Issuer of the Collateral.

ARTICLE XI

Miscellaneous

     SECTION 11.01 Compliance Certificates and Opinions, etc.

     (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall, upon written request therefor from the
Indenture Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all

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such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA)
an Independent Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture,
no such written request from the Indenture Trustee need be furnished (and only such expressly
required documents need be delivered in connection therewith).

     (b) Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

     (1) a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such signatory, such signatory has made
such examination or investigation as is necessary to enable such signatory to express an
informed opinion as to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such signatory, such condition or
covenant has been complied with.

     (c) Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the
lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee (if so requested by the Indenture
Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each
person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

     Whenever the Issuer would be required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signatory thereof as to the matters described
in this clause (c) if such an Officer’s Certificate had been requested by the Indenture Trustee or
required by the TIA, regardless of whether such an Officer’s Certificate was so requested or
required, the Issuer shall deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuer of the securities to be so deposited and of all other
such securities made the basis of any such withdrawal or release since the commencement of the
then-current calendar year of the Issuer, as set forth in the certificates delivered pursuant to
clause (c), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not
be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer
as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes.

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     Whenever any property or securities are to be released from the lien of this Indenture, the
Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of
such person the proposed release will not impair the security under this Indenture in contravention
of the provisions hereof.

     Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without
compliance with the requirements of the other provisions of this Section, (i) collect, liquidate,
sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or
required by the Basic Documents, and (ii) make cash payments out of the Accounts as and to the
extent permitted or required by the Basic Documents so long as the Issuer shall deliver to the
Indenture Trustee commencing December 30, 2010, and every six months thereafter, an Officer’s
Certificate of the Issuer stating that all such dispositions of Collateral that occurred during the
preceding six calendar months were in the ordinary course of the Issuer’s business and that the
proceeds thereof were applied in accordance with the Basic Documents.

     SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows,
or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such

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application granted or to the sufficiency of such certificate or report. The foregoing shall
not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided in Article VI.

     SECTION 11.03 Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee,
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Action” of
the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section.

     (b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies. Any request,
demand, authorization, direction, notice, consent, waiver or Action of Noteholders or other
documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Action of Noteholders is to be made upon,
given or furnished to or filed with:

     (a) the Indenture Trustee by any Noteholder or by the Issuer, it shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at
its Corporate Trust Office; or

     (b) the Issuer by the Indenture Trustee or by any Noteholder, it shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to:
Nissan Auto Receivables 2010-A Owner Trust, c/o Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2010-A Owner
Trust, with a copy to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee
37067, Attention: Treasurer, or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any
notice received by it from the Noteholders to the Indenture Trustee.

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     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors
Service, ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York
10007, and (ii) in the case of Fitch, at the following address: Fitch Ratings, One State Street
Plaza, New York, New York 10004, Attention: Asset Backed Securities Group, or as to each of the
foregoing, at such other address as shall be designated by written notice to the other parties.

     SECTION 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for
notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default or Event of Default.

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     SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision
of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with
any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder, that is different from the methods provided for in this Indenture for
such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

     SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.

     The provisions of TIA Sections 310 through 317 that impose duties on any person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.

60

 

     SECTION 11.08 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

     SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.
All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees
and agents.

     SECTION 11.10 Severability. If any one or more of the covenants, agreements,
provisions or terms of this Indenture shall be for any reason whatsoever held invalid or
unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture
and shall in no way affect the validity or enforceability of the other provisions of this Indenture
or of the Notes or the Certificates or the rights of the Holders thereof.

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, the Noteholders, any other party secured hereunder and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     SECTION 11.12 Governing Law. This Indenture shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and
the obligations, rights and remedies of the parties hereunder shall be determined in accordance
with such laws.

     SECTION 11.13 Counterparts. This Indenture may be executed simultaneously in any
number of counterparts, each of which shall be deemed to be an original, and all of which shall
constitute but one and the same instrument.

     SECTION 11.14 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer and at its
expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder or for
the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

     SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or Certificates or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, any Certificateholder or

61

 

other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity. For all purposes of this Indenture, in the
performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII
of the Trust Agreement.

     SECTION 11.16 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time
file, join in any filing of, or cooperate or encourage others to file against the Seller or the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law, in connection with
any obligations relating to the Notes, the Certificates or any of the Basic Documents.

     SECTION 11.17 Inspection. The Issuer agrees that, on reasonable prior notice, it will
permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to
examine all the books of account, records, reports and other papers of the Issuer, to make copies
and extracts therefrom, to cause (at the expense of the requesting party) such books to be audited
by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and
accounts with the Issuer’s officers, employees, and Independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall
and shall cause its representatives to hold in confidence all such information except to the extent
disclosure may be required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

The remainder of this page intentionally left blank.

62

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized and duly attested, all as of the
day and year first above written.

	 	 	 	 	 	 	 	 	 

	 

	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES 2010-A OWNER TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but

solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Jeanne M. Oller 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:  Jeanne M. Oller	 	 
	 

	 	 	 	 	 	Title:    Assistant Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Patricia M. Child 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:  Patricia M. Child	 	 
	 

	 	 	 	 	 	Title:    Vice President	 	 

S-1

 

	 	 	 	 	 

	STATE OF DELAWARE

	 	)	 	 
	 

	 	) ss

	COUNTY OF NEW CASTLE

	 	)	 	 

Sworn to
and subscribed before me this
16th day
of September, 2010, by Jeanne M. Oller.

	 	 	 	 	 
	 	 	 
	 	/s/
Susanne M. Gula
 	 
	 	      Notary Public 	 
	 	 	 
	 	Name:  	Susanne M. Gula
 	 
	 	My Commission
Expires:
Nov. 21, 2011
	 	  	 
	 	 	 	 
	 

Notary Seal

S-2

 

	 	 	 	 	 

	STATE OF ILLINOIS

	 	)	 	 
	 

	 	) ss

	COUNTY
OF COOK

	 	)	 	 

Sworn to
and subscribed before me this
16th day
of September, 2010, by Erika Forshtay.

	 	 	 	 	 
	 	 	 
	 	/s/
Erika Forshtay
 	 
	 	      Notary Public 	 
	 	 	 
	 	Name:  	
 Erika Forshtay 	 
	 
	 	My Commission
Expires: November 6,
2010
	 	  	 
	 	 	 	 
	 

Notary Seal

S-3

 

EXHIBIT A

FORM OF CLASS [A-1] [A-2] [ A-3] [A-4] NOTE

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY NOTE 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

     THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL
AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH
AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND
INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON DEPOSIT IN
THE RESERVE ACCOUNT.

     EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT
THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S
INVESTMENT IN THE ENTITY, OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO A LAW THAT IS
SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL
NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF
THE CODE OR ANY SIMILAR LAW.

4

 

NISSAN AUTO RECEIVABLES 2010-A OWNER TRUST

[____]% ASSET BACKED NOTES,

CLASS [A-1] [A-2] [A-3] [A-4]

	 	 	 

	No. R-___

	 	$_________
	 

	 	CUSIP NO._________
	 

	 	ISIN No.                            

     Nissan Auto Receivables 2010-A Owner Trust, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to                                         , or registered assigns, the principal sum of
                                         DOLLARS ($                    ) payable on each Distribution Date in an aggregate amount, if
any, payable from the Collection Account in respect of the principal on the Class [A-1] [A-2] [A-3]
[A-4] Notes pursuant to Section 3.01 of the Indenture dated as of September 22, 2010 (the
“Indenture”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the
“Indenture Trustee”) and Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as
of September 22, 2010 (the “Sale and Servicing Agreement”), among the Issuer, NARC II, as Seller,
and NMAC, as Servicer (which amounts shall be limited to the portion of Available Amounts specified
in such sections); provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the Distribution Date occurring on                                          (the
“Class [A-1] [A-2] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used but not
defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing
Agreement, as the case may be.

     The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Distribution Date (after giving effect
to all payments of principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note will accrue for each
Distribution Date, {for the Class A-1 Notes} during the period from (and including) the
Distribution Date during the calendar month preceding such Distribution Date (or in the case of the
first Distribution Date, or if no interest has yet been paid, from (and including) the Closing
Date) to (but excluding) such Distribution Date. {for the Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes} during the period from (and including) the 15th day of the preceding calendar
month (or in the case of the first Distribution Date, or if no interest has yet been paid, from
(and including) the Closing Date) to (but excluding) the 15th day of the month in which such
Distribution Date occurs. Interest will be computed on the basis specified in the Indenture for
each Interest Period. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

  The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

  Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

5

 

  Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

6

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.

     Date: September ____, 2010

					
	 	

NISSAN AUTO RECEIVABLES 2010-A

OWNER TRUST

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

					
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

7

 

	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     Date: September ___, 2010

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not in 

its individual capacity but solely as Indenture 

Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

8

 

	 	 	 	 	 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as [____]%
Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4] (herein called the “Class [A-1] [A-2] [A-3] [A-4]
Notes”), all issued under the Indenture, to which Indentures and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class [A-1]
[A-2] [A-3] [A-4] Notes are subject to all terms of the Indenture.

     The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes,
(collectively, the “Notes”) are and, except as otherwise provided in the Indenture and the Sale and
Servicing Agreement, will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class [A-1] [A-2] [A-3] [A-4] Notes will be payable on each Distribution Date
in an amount described in the Indenture. “Distribution Date” means the fifteenth day of each
month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
October 15, 2010.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due
and payable on the date on which an Event of Default shall have occurred and be continuing and the
Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates),
have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture or following the exercise by the Servicer of its option to purchase the Receivables
pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the Indenture.
In case of an unrescinded acceleration upon an Event of Default, all payments of interest and
principal will be made to the Noteholders, as set forth in Section 5.06(d) of the Sale and
Servicing Agreement. In case of the optional purchase of the Receivables, all interest and all
principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made pro rata to the Class
[A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be paid to
the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the
Record Date by wire transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to such Note on a
Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as
provided below. Any reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the

9

 

name of and on behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by
facsimile prior to such Distribution Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate
Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located
in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the Class [A-1] [A-2]
[A-3] [A-4] Rate to the extent lawful.

     As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon
one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) the Seller or any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable,
to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

     The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with
or encourage others to file against the Seller or the Issuer, any bankruptcy,

10

 

reorganization, arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Basic Documents.

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for
federal, state and local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a
Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by
notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer and the Indenture Trustee, when authorized by
an Issuer Order, with prior notice to the Rating Agencies and with the consent of the Holders of a
majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such
purpose the outstanding principal amount of any Notes held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of the Indenture
also contains provisions permitting the Holders of a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any
Notes held of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at
such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of
their Affiliates), on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

11

 

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions (other than Section 5-1401 of the General
Obligations Law of the State of New York), and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.

12

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee:                     

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

      

(name and address of assignee)

     the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_____, attorney, to transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

     Dated:                    */

     Signature Guaranteed:

                                     */

 

	*/	 	 NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in STAMP or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.
	 	 	 

     

13

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions and Incorporation by Reference
	 	 	2	 
	 
	 	 	 	 
	SECTION 1.01 Definitions
	 	 	2	 
	SECTION 1.02 Usage of Terms
	 	 	8	 
	SECTION 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	9	 
	 
	 	 	 	 
	ARTICLE II The Notes
	 	 	9	 
	 
	 	 	 	 
	SECTION 2.01 Form
	 	 	9	 
	SECTION 2.02 Execution, Authentication and Delivery
	 	 	10	 
	SECTION 2.03 Temporary Notes
	 	 	10	 
	SECTION 2.04 Registration; Registration of Transfer and Exchange
	 	 	10	 
	SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	11	 
	SECTION 2.06 Persons Deemed Owners
	 	 	12	 
	SECTION 2.07 Payments of Principal and Interest
	 	 	12	 
	SECTION 2.08 Cancellation
	 	 	13	 
	SECTION 2.09 Release of Collateral
	 	 	13	 
	SECTION 2.10 Book-Entry Notes
	 	 	13	 
	SECTION 2.11 Notices to Clearing Agency
	 	 	14	 
	SECTION 2.12 Definitive Notes
	 	 	14	 
	SECTION 2.13 Tax Treatment
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III Covenants, Representations and Warranties
	 	 	15	 
	 
	 	 	 	 
	SECTION 3.01 Payment of Principal and Interest
	 	 	16	 
	SECTION 3.02 Maintenance of Office or Agency
	 	 	16	 
	SECTION 3.03 Money for Payments To Be Held in Trust
	 	 	16	 
	SECTION 3.04 Existence
	 	 	18	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.05 Protection of Trust Estate
	 	 	18	 
	SECTION 3.06 Opinions as to Trust Estate
	 	 	18	 
	SECTION 3.07 Performance of Obligations; Servicing of Receivables
	 	 	19	 
	SECTION 3.08 Negative Covenants
	 	 	21	 
	SECTION 3.09 Annual Statement as to Compliance
	 	 	22	 
	SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms
	 	 	22	 
	SECTION 3.11 Successor or Transferee
	 	 	24	 
	SECTION 3.12 No Other Business
	 	 	24	 
	SECTION 3.13 No Borrowing
	 	 	24	 
	SECTION 3.14 Servicer’s Notice Obligations
	 	 	24	 
	SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities
	 	 	24	 
	SECTION 3.16 Capital Expenditures
	 	 	24	 
	SECTION 3.17 Removal of Administrator
	 	 	24	 
	SECTION 3.18 Restricted Payments
	 	 	25	 
	SECTION 3.19 Notice of Events of Default
	 	 	25	 
	SECTION 3.20 Further Instruments and Actions
	 	 	25	 
	SECTION 3.21 Representations and Warranties
	 	 	25	 
	SECTION 3.22 Regulation AB Representations, Warranties and Covenants
	 	 	27	 
	 
	 	 	 	 
	ARTICLE IV Satisfaction and Discharge
	 	 	27	 
	 
	 	 	 	 
	SECTION 4.01 Satisfaction and Discharge of Indenture
	 	 	27	 
	SECTION 4.02 Application of Trust Money
	 	 	28	 
	SECTION 4.03 Repayment of Moneys Held by Paying Agent
	 	 	28	 
	 
	 	 	 	 
	ARTICLE V Remedies
	 	 	28	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 5.01 Events of Default
	 	 	28	 
	SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	 	 	29	 
	SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	30	 
	SECTION 5.04 Remedies; Priorities
	 	 	32	 
	SECTION 5.05 Optional Preservation of the Receivables
	 	 	33	 
	SECTION 5.06 Limitation of Suits
	 	 	33	 
	SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 
	 	 	35	 
	SECTION 5.08 Restoration of Rights and Remedies
	 	 	35	 
	SECTION 5.09 Rights and Remedies Cumulative
	 	 	35	 
	SECTION 5.10 Delay or Omission Not a Waiver
	 	 	35	 
	SECTION 5.11 Control by Noteholders
	 	 	35	 
	SECTION 5.12 Waiver of Past Defaults
	 	 	36	 
	SECTION 5.13 Undertaking for Costs
	 	 	37	 
	SECTION 5.14 Waiver of Stay or Extension Laws
	 	 	37	 
	SECTION 5.15 Action on Notes
	 	 	37	 
	SECTION 5.16 Performance and Enforcement of Certain Obligations
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VI The Indenture Trustee
	 	 	38	 
	 
	SECTION 6.01 Duties of Indenture Trustee
	 	 	38	 
	SECTION 6.02 Rights of Indenture Trustee
	 	 	39	 
	SECTION 6.03 Individual Rights of Indenture Trustee
	 	 	41	 
	SECTION 6.04 Indenture Trustee’s Disclaimer
	 	 	41	 
	SECTION 6.05 Notice of Defaults
	 	 	42	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.06 Reports by Indenture Trustee to Holders
	 	 	42	 
	SECTION 6.07 Compensation and Indemnity
	 	 	42	 
	SECTION 6.08 Replacement of Indenture Trustee
	 	 	43	 
	SECTION 6.09 Successor Indenture Trustee by Merger
	 	 	44	 
	SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	44	 
	SECTION 6.11 Eligibility; Disqualification
	 	 	45	 
	SECTION 6.12 Preferential Collection of Claims Against Issuer
	 	 	45	 
	SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and
Servicing Agreement
	 	 	45	 
	 
	 	 	 	 
	ARTICLE VII Noteholders’ Lists and Reports
	 	 	46	 
	 
	 	 	 	 
	SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders
	 	 	46	 
	SECTION 7.02 Preservation of Information; Communications to Noteholders
	 	 	46	 
	SECTION 7.03 Reports by Issuer
	 	 	47	 
	SECTION 7.04 Reports by Indenture Trustee
	 	 	47	 
	SECTION 7.05 Indenture Trustee Website
	 	 	48	 
	 
	 	 	 	 
	ARTICLE VIII Accounts, Disbursements and Releases
	 	 	48	 
	 
	 	 	 	 
	SECTION 8.01 Collection of Money
	 	 	48	 
	SECTION 8.02 Accounts
	 	 	48	 
	SECTION 8.03 General Provisions Regarding Accounts
	 	 	49	 
	SECTION 8.04 Release of Trust Estate
	 	 	50	 
	SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer
	 	 	51	 
	SECTION 8.06 Opinion of Counsel
	 	 	51	 

-iv-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IX Supplemental Indentures
	 	 	51	 
	 
	 	 	 	 
	SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	 	 	51	 
	SECTION 9.02 Supplemental Indentures with Consent of Noteholders
	 	 	52	 
	SECTION 9.03 Execution of Supplemental Indentures
	 	 	54	 
	SECTION 9.04 Effect of Supplemental Indenture
	 	 	54	 
	SECTION 9.05 Conformity with Trust Indenture Act
	 	 	55	 
	SECTION 9.06 Reference in Notes to Supplemental Indentures
	 	 	55	 
	 
	 	 	 	 
	ARTICLE X Release
	 	 	55	 
	 
	 	 	 	 
	SECTION 10.01 Optional Purchase of All Receivables
	 	 	55	 
	 
	 	 	 	 
	ARTICLE XI Miscellaneous
	 	 	55	 
	 
	 	 	 	 
	SECTION 11.01 Compliance Certificates and Opinions, etc.
	 	 	55	 
	SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	 	 	57	 
	SECTION 11.03 Acts of Noteholders
	 	 	58	 
	SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies
	 	 	58	 
	SECTION 11.05 Notices to Noteholders; Waiver
	 	 	59	 
	SECTION 11.06 Alternate Payment and Notice Provisions
	 	 	60	 
	SECTION 11.07 Conflict with Trust Indenture Act
	 	 	60	 
	SECTION 11.08 Effect of Headings and Table of Contents
	 	 	61	 
	SECTION 11.09 Successors and Assigns
	 	 	61	 
	SECTION 11.10 Severability
	 	 	61	 
	SECTION 11.11 Benefits of Indenture
	 	 	61	 
	SECTION 11.12 Governing Law
	 	 	61	 
	SECTION 11.13 Counterparts
	 	 	61	 

-v-

 

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(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.14  Recording of Indenture
	 	 	61	 
	SECTION 11.15  Trust Obligation
	 	 	61	 
	SECTION 11.16  No Petition
	 	 	62	 
	SECTION 11.17  Inspection
	 	 	62	 
	 
	 	 	 	 
	EXHIBIT A  FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE
	 	 	 	 

-vi-

 

	 	 	 

	TIA
Section

	 	Indenture
Section

CROSS-REFERENCE TABLE

(not a part of this Indenture)

	 	 	 	 	 

	(§)310(a) (1)
	 	 	6.11	 
	(a) (2)
	 	 	6.11	 
	(a) (3)
	 	 	6.10	(b)(1)
	(a) (4)
	 	 	N.A.	 
	(a) (5)
	 	 	6.11	 
	(b)
	 	 	5.04	 
	 
	 	 	6.08	 
	 
	 	 	6.11	 
	 
	 	 	11.04	 
	(c)
	 	 	N.A.	 
	(§)311(a)
	 	 	6.12	 
	(b)
	 	 	6.12	 
	(c)
	 	 	N.A.	 
	(§)312(a)
	 	 	7.01	 
	(b)
	 	 	7.01	 
	 
	 	 	7.02	(b)
	(c)
	 	 	7.02	(c)
	(§)313(a)
	 	 	7.04	 
	(b) (1)
	 	 	N.A.	 
	(b) (2)
	 	 	7.04	 
	(c)
	 	 	7.04	 
	 
	 	 	11.04	 
	(d)
	 	 	7.04	 
	(§)314(a)
	 	 	7.03	 
	 
	 	 	3.09	 
	 
	 	 	11.04	 
	 
	 	 	7.04	 
	(b)
	 	 	3.06	 
	 
	 	 	11.14	 
	(c) (1)
	 	 	11.01	 
	 
	 	 	6.02	 
	 
	 	 	8.05	(b)
	(c) (2)
	 	 	11.01	 
	 
	 	 	3.06	 
	 
	 	 	3.10	 
	 
	 	 	6.02	 
	 
	 	 	8.05	(b)
	 
	 	 	8.06	 
	(c) (3)
	 	 	11.01	 
	(d)
	 	 	11.01	(c)
	(e)
	 	 	11.01	 
	(f)
	 	 	N.A.	 

-vii-

 

	 	 	 

	TIA
Section

	 	Indenture
Section

	 	 	 	 	 

	(§)315(a)
	 	 	6.01	 
	(b)
	 	 	6.05	 
	(c)
	 	 	N.A.	 
	(d)
	 	 	6.01	(c)
	(e)
	 	 	5.13	 
	(§)316(a)(1) (A)
	 	 	5.11	 
	 
	 	 	6.01	(b)(3)
	(a) (1) (B)
	 	 	5.12	 
	(a) (2)
	 	 	N.A.	 
	(b)
	 	 	5.07	 
	 
	 	 	9.02	 
	 
	 	 	5.13	(c)
	(c)
	 	 	N.A.	 
	(§)317(a) (1)
	 	 	5.04	 
	(a) (2)
	 	 	5.03	(c)
	 
	 	 	5.03	(d)
	 
	 	 	5.04	 
	(b)
	 	 	3.03	 
	(§)318(a)
	 	 	11.07	 
	 
	 	 	 

 

			
	N.A. means not applicable.

-viii-

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