Document:

Execution
Version

 

DIVESTITURE
AGREEMENT

 

This
Divestiture Agreement (the “Agreement”) dated June 15, 2019 is entered into by and between SSLJ.com Limited,
an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Company”), and
B. Vision International Limited, having an address at 33 Mong Kok Road, Bright Way Tower, Unit 4, 7th floor, Kowloon,
Hong Kong (“Purchaser”).

 

WHEREAS,
the Company holds 100% of the outstanding equity interests directly or indirectly, in each of SSLJ Holdings Limited (“SSLJ
BVI”), a company formed under the laws of the British Virgin Islands, SSLJ Technology Information Co. Limited (“SSLJ
Hong Kong”), a company formed under the laws of Hong Kong, Wuhan Shengshi Leju Management Co. Limited, a wholly-foreign
owned enterprise formed under the laws of the People’s Republic of China, Shengshi Leju (Wuhan) Technology Holding Co.,
Ltd., Shengshi Leju (Yadong) Culture Communication Co. Ltd. and Shengshi Leju (Yadong) Intelligent Technology Co. Ltd., each a
limited liability company formed under the laws of the People’s Republic of China (collectively, the “SSLJ Subsidiaries”,
together with the Company, “SSLJ”);

 

WHEREAS,
while maintaining its home furnishing business in Shantou China and the United States, the Company proposes to enter into a new
line of business and in connection therewith to recapitalize itself (the “Recapitalization”);

 

WHEREAS,
in connection with the Recapitalization, the Company is entering into a Share Exchange transaction with Guangdong Yungu Media
Joint Stock Company (“Yungu”), a company formed under the laws of the People’s republic of China (“PRC”)
and controlled by Mr. Xinyu Yang and pursuant to which the shareholders of Yungu will obtain control of the Company;

 

WHEREAS,
as part of the Recapitalization, the Company desires to divest the operations owned or controlled by SSLJ Hong Kong by transferring
and selling all of the equity interest in SSLJ Hong Kong to Purchaser (the “Divestiture”), which shall own
all of SSLJ Hong Kong’s assets, including SSLJ Hong Kong’s direct and indirect ownership interest in some of the SSLJ
Subsidiaries as set forth below, and assume all of the liabilities and debts of SSLJ Hong Kong and its subsidiaries in PRC;

 

WHEREAS,
Purchaser shall purchase all of the equity interest in SSLJ Hong Kong for an amount of $200,000 and a fully paid perpetual license
to use all of the intellectual property of SSLJ Hong Kong and its subsidiaries as additional consideration pursuant to a separate
licensing agreement in the Territories listed on Schedule A hereto;

 

WHEREAS,
the parties to this Agreement intend to effect the Divestiture immediately after the shareholder approval of the Company;

 

    	 

    	 

    

 

NOW,
THEREFORE, the parties hereto, in consideration of the confirmation of the foregoing recitals and the mutual covenants contained
herein, and intending to be legally bound, hereby agree as follows:

 

1.
Purchase and Sale.

 

	 	a.	Subject
    to the terms and conditions provided herein and the payment of the $200,000 (the “Purchase Price”) and
    fully paid perpetual license of all of the intellectual property owned by SSLJ HK Group as defined below pursuant to a licensing
    agreement (the “Licensing Agreement”), that as consideration for the purchase, the Company hereby agrees
    to sell, convey, transfer and deliver to Purchaser, and Purchaser shall purchase, acquire and accept from the Company, all
    of SSLJ Hong Kong’s equity securities issued and outstanding as of the date hereof. As a result, SSLJ Hong Kong shall
    become the wholly owned subsidiary of Purchaser, which shall have the right, title and interest in and to all of the tangible
    and intangible assets, including real, personal and mixed property, owned or held by SSLJ Hong Kong and its subsidiaries and
    controlled entities as set forth on Schedule A (collectively “SSLJ HK Group”) and upon closing of
    the Divestiture (the “Closing”), including but not limited to any assets used or useful in connection with
    the operations of the business as of 11:59 p.m. EST on the date immediately prior to the closing date (the “Closing
    Date”) of Divestiture, excluding the Excluded Assets as set forth on Schedule B (collectively, the “Divested
    Assets”), including but are not limited to:

 

	 	i.	all
    the equity interests in the SSLJ HK Group;
	 	ii.	the
    leasehold interest under the real property lease of SSLJ HK Group;
	 	iii.	all
    equipment and other tangible personal property used or useful in connection with the operation of the business of SSLJ HK
    Group;
	 	iv.	all
    licenses, permits, franchises, authorizations and other similar rights issued by any federal, state or local governmental
    authority;
	 	v.	any
    written or oral legally binding contract, agreement, instrument, commitment or undertaking of any nature (including leases,
    licenses, mortgages, notes, guarantees, sublicenses, subcontracts, letters of intent and purchase orders) of any member of
    SSLJ HK Group (the “Contract”) to which any member of SSLJ HK Group is a party;
	 	vi.	subject
    to any valid and effective licensing agreements, all patents, trade names, trademarks, service marks, domain names, copyrights,
    computer programs, data, trade secrets, business information, customer lists, supplier lists, marketing plans, intellectual
    property rights (whether or not reduced to writing or other tangible form) and other intangible property owned or held by
    SSLJ HK Group and all of the rights associated therewith (including any and all applications, registrations, extensions and
    renewals relating thereto);
	 	vii.	all
    contract rights, accounts and accounts receivable of SSLJ;
	 	viii.	any
    and all cash, bank deposits; and
	 	ix.	all
    employee benefit plans and assets thereof and all employment contracts.

 

	 	b.	For
    the purposes of clarification, the Company shall remain the sole shareholder of its wholly-owned subsidiary SSLJ AI Home,
    Inc., a company formed under the laws of the State of New York. In addition, the variable interest entity agreements between
    Shantou ZhiLeju Technology Co. Ltd., a company formed under the laws of China, and the Company remain valid and effective
    in full force after the closing of the transaction contemplated herein.
	 	 	 
	 	c.	With
    the exception of the obligations and liabilities arising from the instruments to complete the divestiture transaction contemplated
    hereby (the “Transaction Documents”), Purchaser shall assume any liability or obligation of SSLJ HK Group,
    fixed or contingent, disclosed or undisclosed, including without limitation, (i) contractual obligations, (ii) employment
    or consulting contracts or commitments or obligations to employ any employee of SSLJ HK Group, (iii) obligations for pensions,
    vacation pay, severance or other employee benefit plans, programs or practices, (iv) obligations or liabilities for taxes,
    (v) any deferred revenues, and (vi) any other liabilities or claims against SSLJ HK Group of any kind or nature whatsoever,
    no matter when raised. Purchaser at its expense shall defend any suit or claim arising out of any act, event or transaction
    occurring prior to the Closing Date or out of any condition existing prior to the Closing Date, in connection with the ownership
    or operation of the business, including without limitation, any successor or transferee liability.

 

2.
Representation and Covenants.

 

	 	a.	To
    the extent any Contracts of SSLJ HK Group cannot be transferred to Purchaser pursuant to Section 1 for any reason, Purchaser
    shall at its own cost and expense, facilitate SSLJ HK Group to terminate such Contracts (the “Terminated Contracts”)
    prior to the Closing, in each case without any remaining liability of any kind to the Company and SSLJ BVI.
	 	 	 
	 	b.	SSLJ
    HK Group hereby represents that none of the members of SSLJ HK Group had any cash deposits or outstanding insurance policies
    as of the date hereof and does not expect to have any cash deposits or outstanding insurance policies on the Closing Date.
	 	 	 
	 	c.	SSLJ
    HK Group hereby represents that none of the members of SSLJ HK Group has had adopted or plan to adopt any stock incentive
    plan as of the date hereof and the Closing Date.

 

    	 

    	 

    

 

3.
Disputes. Each party submits to the jurisdiction of any state or federal court sitting in New York County in the State
of New York in any dispute or action arising out of or relating to this Agreement and agrees that all claims in respect of such
dispute or action may be heard and determined in any such court. Each party also agrees not to bring any dispute or action arising
out of or relating to this Agreement in any other court. Each party agrees that a final judgment in any dispute or action so brought
will be conclusive and may be enforced by action on the judgment or in any other manner provided at law (common, statutory or
other) or in equity. Each party waives any defense of inconvenient forum to the maintenance of any dispute or action so brought.

 

4.
Indemnity. Purchaser shall indemnify and hold the Company harmless from and against any and all liabilities, claims, suits,
costs (including court costs and attorneys’ fees), and actions of any kind (the “Damages”) arising or
alleged to arise from any business activities of the Company or SSLJ Hong Kong Group on or prior the Closing Date, other than
the Excluded Assets and Excluded Liabilities; with the exception of such Damages resulting from the activities of the Company
after the date hereof.

 

5.
Notice. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered in person, by facsimile or other electronic means, receipt affirmatively confirmed, or on the next
business day when sent by reliable overnight courier to the respective parties at the addresses (or at such other address for
a party as shall be specified by like notice) as set forth in the Loan Confirmation:

 

6.
Severability. If one or more of the provisions hereof shall for any reason be held to be invalid, illegal or unenforceable
in any respect under applicable law, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof,
and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein,
and the remaining provisions hereof shall be given full force and effect.

 

7.
Further Assurance. Purchaser and the Company shall execute and deliver any additional documents and take such further actions
as may reasonably be deemed by the Company’s counsel to be necessary or desirable to carry out the provisions hereof.

 

8.
Miscellaneous.

 

	 	a.	The
    headings and section references contained in this Agreement are for reference purposes only and shall not affect in any way
    the meaning or interpretation of this Agreement.
	 	 	 
	 	b.	This
    Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall
    become effective as to all parties hereto when one or more counterparts have been signed by each of the parties and delivered
    to all the other parties.
	 	 	 
	 	c.	This
    Agreement and the other Transaction Documents constitute the entire agreement, and supersede all prior agreements and understandings,
    both written and oral, among the parties with respect to the subject matter hereof, and this Agreement is not intended to
    confer upon any other person any rights or remedies hereunder.
	 	 	 
	 	d.	This
    Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, regardless of the laws
    that might otherwise govern under applicable principles of conflicts of laws thereof.
	 	 	 
	 	e.	Neither
    this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part,
    by operation of law or otherwise, by any of the parties without the prior written consent of the other parties. Any assignment
    in violation of the foregoing shall be void.
	 	 	 
	 	f.	Except
    as otherwise provided herein, any and all remedies herein conferred upon a party shall be deemed cumulative with and not exclusive
    of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy shall
    not preclude the exercise of any other remedy.
	 	 	 
	 	g.	If
    any term, provision, covenant or restriction herein, or the application thereof to any circumstance, shall, to any extent,
    be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions,
    covenants and restrictions herein and the application thereof to any other circumstances shall remain in full force and effect,
    shall not in any way be affected, impaired or invalidated, and shall be enforced to the fullest extent permitted by law.
	 	 	 
	 	h.	No
    amendment, modification or waiver in respect of this Agreement shall be effective unless executed in writing by all parties
    hereto.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

[SIGNATURE
PAGE TO THE DIVESTITURE AGREEMENT]

 

IN
WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written above.

 

	 	SSLJ.com
    Limited:
	 	 	 
	 	By:	 
	 	Name:	Xinyu
    Yang
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	B.
    Vision International Limited:
	 	 	 
	 	By:	 
	 	Name:	Hui
    Yu
	 	Title:	Legal
    Representative

 

Signature
Page to Divestiture Agreement

 

    	 

    	 

    

 

SCHEDULE
A

 

SSLJ
HK Group

 

	Corporations	 	Jurisdictions
    of Formation
	SSLJ
    Technology Information Co., Limited	 	Hong
    Kong
	Wuhan
    Shengshi Leju Management Co., Ltd.	 	P.R.C.
	Shengshi
    Leju (Wuhan) Technology Holding Co., Ltd. (including its nine branch offices)	 	P.R.C.
	Shengshi
    Leju (Yadong) Culture Communication Co., Ltd.	 	P.R.C.
	Shengshi
    Leju (Yadong) Intelligent Technology Co., Ltd.	 	P.R.C.

 

Schedule
A

 

    	 

    	 

    

 

SCHEDULE
B

 

Terminated
Agreements

 

Not
applicable.

 

Schedule
BEX-4.2

 Exhibit 4.2 

NISSAN MASTER OWNER TRUST RECEIVABLES 

Issuer 
 [U.S. BANK NATIONAL
ASSOCIATION] 
 Indenture Trustee 

SERIES 20[•]-[•] 

INDENTURE SUPPLEMENT 
 Dated as of
[•], 20[•] 
 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 20[•]-[•] 

 TABLE OF CONTENTS 

 

									
		  		  		  	 	Page	 
		
	 ARTICLE I     CREATION OF SERIES 20[•]-[•]
NOTES
	  			
				
		  	Section 1.01.	  	Designation	  	 	2	 
		
	 ARTICLE II    DEFINITIONS
	  			
				
		  	Section 2.01.	  	Definition	  	 	3	 
	          	  	Section 2.02.	  	Other Definitional Provisions	  	 	18	 
		  	Section 2.03.	  	Registration of and Limitations on Transfer and Exchange of Notes	  	 	19	 
		  	Section 2.04.	  	Definitive Notes	  	 	20	 
		
	 ARTICLE III    SERVICING FEE
	  			
				
		  	Section 3.01.	  	Servicing Compensation	  	 	21	 
		
	 ARTICLE IV    RIGHTSOF SERIES 20[•]-[•]
NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS
	  			
				
		  	Section 4.01.	  	Collections and Allocations	  	 	21	 
		  	Section 4.02.	  	Determination of Monthly Interest	  	 	24	 
		  	Section 4.03.	  	Advances	  	 	25	 
		  	Section 4.04.	  	Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of Payment	  	 	26	 
		  	Section 4.05.	  	Investor Charge-Offs	  	 	31	 
		  	Section 4.06.	  	Reallocated Principal Collections	  	 	32	 
		  	Section 4.07.	  	Excess Interest Amounts	  	 	32	 
		  	Section 4.08.	  	Excess Principal Amounts	  	 	32	 
		  	Section 4.09.	  	Series Nominal Liquidation Amount, Overcollateralization Amount and Invested Amount	  	 	33	 
		  	Section 4.10.	  	Establishment of Accumulation Account	  	 	34	 
		  	Section 4.11.	  	Accumulation Period	  	 	35	 
		  	Section 4.12.	  	Establishment of Reserve Account	  	 	36	 
		  	Section 4.13.	  	Determination of LIBOR	  	 	37	 
		  	Section 4.14.	  	Net Remittances	  	 	40	 
		
	 ARTICLE V    DELIVERYOF SERIES 20[•]-[•] NOTES;
DISTRIBUTIONS; REPORTS TO SERIES 20[•]-[•] NOTEHOLDERS
	  			
				
		  	Section 5.01.	  	Delivery and Payment for Series 20[•]-[•] Notes	  	 	40	 
		  	Section 5.02.	  	Distributions	  	 	40	 
		  	Section 5.03.	  	Reports and Statements to Series 20[•]-[•] Noteholders	  	 	41	 
		  	Section 5.04.	  	Tax Treatment	  	 	41	 
		  	Section 5.05.	  	Information to be Provided by the Indenture Trustee	  	 	42	 
		  	Section 5.06.	  	Tax Forms	  	 	42	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	          	  		  		  	 	Page	 
		
	 ARTICLE VI      SERIES 20[•]-[•] EARLY
AMORTIZATION EVENTS
	  			
				
		  	Section 6.01.	  	Series 20[•]-[•] Early Amortization Events	  	 	42	 
		
	 ARTICLE VII     REDEMPTION OF SERIES
20[•]-[•] NOTES; SERIES FINAL MATURITY; FINAL DISTRIBUTIONS
	  			
				
		  	Section 7.01.	  	Redemption of Series 20[•]-[•] Notes	  	 	45	 
		  	Section 7.02.	  	Series Final Maturity	  	 	45	 
		  	Section 7.03.	  	No Defeasance	  	 	46	 
		
	 ARTICLE VIII    MISCELLANEOUS PROVISIONS
	  			
				
		  	Section 8.01.	  	Ratification of Agreement	  	 	46	 
		  	Section 8.02.	  	Form of Delivery of Series 20[•]-[•] Notes	  	 	46	 
		  	Section 8.03.	  	Notices	  	 	46	 
		  	Section 8.04.	  	Amendments and Waivers	  	 	47	 
		  	Section 8.05.	  	Counterparts	  	 	49	 
		  	Section 8.06.	  	Governing Law	  	 	49	 
		  	Section 8.07.	  	Effect of Headings and Table of Contents	  	 	49	 
		  	Section 8.08.	  	Waiver of Jury Trial	  	 	49	 
		  	Section 8.09.	  	Compliance with Regulation AB	  	 	49	 
		  	Section 8.10.	  	Asset Representations Review	  	 	49	 
		  	Section 8.11.	  	Dispute Resolution	  	 	50	 
		  	Section 8.12.	  	Preservation of Information; Communications to Noteholders	  	 	53	 
		  	Section 8.13.	  	No Obligation to Monitor	  	 	54	 

  
 -ii- 

			
	EXHIBIT A	  	 Form of Series 20[•]-[•] Note

	EXHIBIT B	  	 Form of Payment Date Statement

	EXHIBIT C	  	 Form of Authorized Officer Certificate

	EXHIBIT D	  	 Asset Repurchase Demand Activity Report

		
	APPENDIX A	  	 Regulation AB Representations, Warranties And Covenants

 SERIES 20[•]-[•] INDENTURE SUPPLEMENT,
dated as of [•], 20[•] (as amended, supplemented or otherwise modified from time to time, the “Indenture Supplement”), by and between NISSAN MASTER OWNER TRUST RECEIVABLES, a Delaware statutory trust, as issuer (the
“Issuer”), and [U.S. BANK NATIONAL ASSOCIATION], a [national banking association organized and existing under the laws of the United States], as Indenture Trustee (the “Indenture Trustee”). 

RECITALS 
 A. Section 2.12
of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuer of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 20[•]-[•] Notes and specifying the principal terms thereof. 
 In consideration of
the mutual covenants and agreements contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In
addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 20[•]-[•] Notes, all of the Issuer’s right,
title and interest (whether now owned or hereafter acquired) in, to and under: 
 (i) all Collections on the Receivables
allocated to the Holders of the Series 20[•]-[•] Notes; 
 (ii) the
Accumulation Account, the Reserve Account and all amounts on deposit therein from time to time; and 
 (iii) all present and
future claims, demands, causes of action and choses in action regarding the foregoing and all payments on the foregoing and all proceeds of any nature whatsoever regarding the foregoing, including all proceeds of the voluntary or involuntary
conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, general intangibles, goods, checks, deposit accounts, instruments, investment property, money,
insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of the foregoing. 

The foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series
20[•]-[•] Notes equally and ratably without prejudice, priority, or distinction between any Series 20[•]-[•] Note and any other Series 20[•]-[•] Note, (b) the payment of all other sums payable under the Series 20[•]-[•] Notes, the Indenture and this Indenture Supplement and
(c) the compliance with the terms and conditions of the Series 20[•]-[•] Notes, the Indenture and this Indenture Supplement, all as provided herein or therein. 

  
 1 

 The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance
with the provisions hereof and agrees to perform the duties herein required to the end that the interests of Series 20[•]-[•] Noteholders may be adequately protected. 

ARTICLE I 
 CREATION OF SERIES
20[•]-[•] NOTES 
 Section 1.01. Designation. 

(a) There is hereby created a Series of Notes to be issued by the Issuer on the Series 20[•]-[•] Issuance Date pursuant to the
Indenture and this Indenture Supplement to be known as the “Nissan Master Owner Trust Receivables, Series 20[•]-[•] Notes” or the “Series 20[•]-[•] Notes.” The Series 20[•]-[•] Notes will be due and
payable on the Series 20[•]-[•] Final Maturity Date. [The Series 20[•]-[•] Notes shall be issued in one Class, known as the “Class A Notes,” which shall be issued in two tranches. The first shall be known as the
“Series 20[•]-[•] Floating Rate Notes, Class A-1” or the “Class A-1 Notes,” and the second shall be the known as the “Series
20[•]-[•] Fixed Rate Notes, Class A-2” or the “Class A-2 Notes.”] 

(b) The Series 20[•]-[•] Notes will be included in Excess Interest Sharing Group [•] and in Excess Principal Sharing Group
[•]. The Series 20[•]-[•] Notes shall not be subordinated to any other Series. 
 (c) The first Payment Date with respect to
the Series 20[•]-[•] Notes shall be [•], 20[•]. [The first payment period will consist of [•] days, and interest will be calculated on the basis of the [actual number of days elapsed][30 days] in such period and a year of
[360][365] days.] [Interest on the Class A-1 Notes will be calculated on the basis of the actual number of days in the related Interest Period and a year of [360][365] days. Interest on the Class A-2 Notes (including for the first Interest Period) will be calculated on the basis of a 360-day year consisting of twelve
30-day months.] 
 (d) The Series 20[•]-[•] Notes are “Notes” and this Indenture
Supplement is an “Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 20[•]-[•] Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the
provisions of the Series 20[•]-[•] Notes or this Indenture Supplement, as the case may be, control. 
 (e) Each term defined in
Section 2.01 of this Indenture Supplement relates only to Series 20[•]-[•] and this Indenture Supplement and to no other Series or Indenture Supplement. 

  
 2 

 ARTICLE II 

DEFINITIONS 
 Section 2.01.
Definition. 
 Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the
definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

“Accumulation Account” has the meaning specified in Section 4.10(a). 

“Accumulation Period” means, unless an Early Amortization Period shall have occurred prior thereto, the period commencing on
the Accumulation Period Commencement Date and terminating on the earlier of (i) the close of business on the day immediately preceding the date on which an Early Amortization Period commences and (ii) the last day of the Collection Period
preceding the Payment Date on which the Series 20[•]-[•] Outstanding Principal Amount is expected to be paid in full. 

“Accumulation Period Commencement Date” means, the close of business on [•] or such later date as is determined in
accordance with Section 4.11. 
 “Accumulation Period Length” has the meaning specified in Section 4.11. 

“Accumulation Shortfall” means (i) on the first Payment Date with respect to the Accumulation Period, zero and
(ii) thereafter, on each Payment Date with respect to the Accumulation Period, the excess, if any of the Controlled Deposit Amount for the preceding Payment Date over all amounts deposited in the Accumulation Account pursuant to
Section 4.04(d)(i) on such Payment Date. 
 “Additional Interest” has the meaning set forth in Section [4.02(c)]. 

“Adjusted Pool Balance” means, as of any day in a Collection Period, the sum of the Pool Balance and amounts on deposit in
the Excess Funding Account (determined after giving effect to amounts transferred to the Issuer on that date) on such day. 

“Advance” has the meaning set forth in Section 4.03. 

“Administrator” means Nissan Motor Acceptance Corporation, as administrator, and its successors and assigns. 

[“Alternate Rate Event” has the meaning specified in Section 4.13(a).] 

[“Alternative Rate Trigger” means the occurrence of any of the following events: 

(i) the Sponsor determines in its sole discretion that LIBOR has been discontinued or is no longer being published; 

  
 3 

 (ii) a public statement is made by or on behalf of IBA, including by the
regulatory authority having authority over IBA, announcing that (x) IBA will cease to provide the LIBOR benchmark, (y) the number of submissions for compiling LIBOR has fallen below the number required by IBA’s internal policy or
(z) LIBOR may no longer be representative or may no longer be used; or 
 (iii) the Sponsor discontinues originating
automobile floorplan loans that are indexed to a LIBOR rate or otherwise determines in its sole discretion that LIBOR is no longer an appropriate or reliable benchmark for the 20[•]-[•] Notes or the underlying Receivables; or 

(iv) LIBOR is not published on the Designated LIBOR Page (or such other page as may replace the page on that service for the
purpose of displaying the London interbank offered rate for one-month or three-month United States dollar deposits) for five consecutive London Business Days.] 

“Annex of Definitions” shall mean the Annex of Definitions attached to the Transfer and Servicing Agreement, as amended,
supplemented or otherwise modified from time to time. 
 “Asset Review” shall have the meaning assigned to such term in the
Asset Representations Review Agreement. 
 “Asset Representation Review Agreement” means the Asset Representations Review
Agreement among the Issuer, Nissan Motor Acceptance Corporation, as Sponsor and Servicer, and [•], as Asset Representations Reviewer, dated as of [•], 20[•]. 

“Asset Representations Reviewer” means [•], or any successor Asset Representations Reviewer under the Asset
Representations Review Agreement. 
 “Benefit Plan Investor” means an “employee benefit plan” as defined in
Section 3(3) of ERISA that is subject to Title I of ERISA, a “plan” as defined in and subject to Section 4975 of the Code, or any entity or account deemed to hold the “plan assets” of any of the foregoing pursuant to
Section 3(42) of ERISA and 29 C.F.R. Section 2510.3-101. 
 [“Calculation
Agent” means, initially, the Indenture Trustee and, thereafter, any other Person designated by the Indenture Trustee to act in such capacity.] 

[“Cap Provider” means [•], as the Cap Provider under the Interest Rate Cap Agreement.] 

“Cash Management Account” means one or more deposit, demand deposit or similar accounts or any securities account
administered by NMAC, into which a Dealer may, from time to time, pursuant to a cash management agreement between NMAC and such Dealer, deposit funds for the purpose of reducing the balance on which interest accrues under the Floorplan Financing
Agreement between NMAC and such Dealer. 
 [“Class A-1 Initial
Principal Amount” means $[•].] 

  
 4 

 [“Class A-1
Monthly Interest” shall have the meaning set forth in Section 4.02(a).] 

[“Class A-1 Note Rate” means, with respect to any Interest
Period, a per annum rate equal to LIBOR as determined on the related Interest Determination Date plus [•]%; provided, however, if the sum of LIBOR as determined on the related Interest Determination Date plus [•]% is less
than 0.00% for any Interest Period, then the Class A-1 Note Rate for such Interest Period will be deemed to be 0.00%. ] 

[“Class A-1 Noteholders” means the Holders of Class A-1 Notes.] 

[“Class A-1 Outstanding Principal Amount” means, with
respect to any date, an amount equal to (a) the Class A-1 Initial Principal Amount minus (b) the aggregate amount of any principal payments made to the
Class A-1 Noteholders before such date.] 
 [“Class A-2 Initial Principal Amount” means $[•].] 
 [“Class A-2 Monthly Interest” shall have the meaning set forth in Section 4.02(b).] 

[“Class A-2 Note Rate” means a per annum rate equal
[•]%.] 
 [“Class A-2 Noteholders” means the Holders
of Class A-2 Notes.] 
 [“Class A-2 Outstanding Principal Amount” means, with respect to any date, an amount equal to (a) the Class A-2 Initial Principal Amount minus
(b) the aggregate amount of any principal payments made to the Class A-2 Noteholders before such date.] 

“Cash Management Account Balance” means, at any time, the aggregate of all amounts on deposit in the Cash Management Account
pursuant to the applicable cash management agreement between NMAC and a Dealer. 
 “Clearstream” means Clearstream Banking.

 “Code” means the Internal Revenue Code of 1986. 

“Collection Period” means, (i) with respect to the [•] Payment Date, the period commencing on (and including)
[•] and ending on (and including) [•] and (ii) with respect to any other Payment Date, the calendar month preceding the month in which that Payment Date occurs. 

“Controlled Accumulation Amount” means, for any Payment Date with respect to the Accumulation Period, $[•];
provided, however, that if the Accumulation Period Length is determined to be less than [•] months pursuant to Section 4.11, the Controlled Accumulation Amount for each Payment Date with respect to the Accumulation Period
shall be equal to the quotient obtained by dividing (i) the Series 20[•]-[•] Initial Invested Amount by (ii) the Accumulation Period Length. 

  
 5 

 “Controlled Deposit Amount” means, for any Payment Date with respect to the
Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such Payment Date and any Accumulation Shortfall existing on such Payment Date. 

“Corporate Trust Office” means the office of the Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of the execution of the Indenture is located at: (i) for note transfer or surrender purposes, [U.S. Bank National Association, 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention:
Bondholder Services], and (ii) for all other purposes, [190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603]; or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the
Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee shall notify the Noteholders and the Issuer). 

“Covered Amount” means, for any day on which amounts are on deposit in the Accumulation Account, an amount equal to the
product of (i) a fraction, the numerator of which is 1 and the denominator of which is 360, (ii) the [Weighted Average] Note Interest Rate with respect to the Interest Period in which such day occurs and (iii) the sum of (x) the
aggregate amount on deposit in the Accumulation Account, if any, on such day, and (y) the Series 20[•]-[•] Allocation Percentage of amounts on deposit in the Excess Funding Account on such day, if any, in each case, after giving
effect to any deposit thereto on such day. 
 “Currency Swap Agreement” shall mean any currency swap agreement, entered
into pursuant to Section 2.03 of the Trust Agreement and Section 5.08 of the Transfer and Servicing Agreement, including all schedules and confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty, as the same
may be amended, supplemented, renewed, extended or replaced from time to time. 
 “Currency Swap Counterparty” shall mean
an unaffiliated third party, as currency swap counterparty under the Currency Swap Agreement, or any successor or replacement swap counterparty from time to time under the Currency Swap Agreement. 

“Dealer Overconcentrations” means, for any Payment Date, with respect to the following Dealers or groups of affiliated
Dealers, the sum of the following: 
 (A) the amount by which the aggregate balance of Principal Receivables due from the largest Dealer or
group of Dealers which are Affiliates, less any amounts in the Cash Management Account relating to such Receivables, exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment
Date; 
 (B) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to
such Receivables, due from the second largest Dealer or group of Dealers which are Affiliates exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

(C) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the third largest Dealer or group of Dealers which are Affiliates exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

  
 6 

 (D) the amount by which the aggregate balance of Principal Receivables, less any amounts in
the Cash Management Account relating to such Receivables, due from the fourth largest Dealer or group of Dealers which are Affiliates exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding
such Payment Date; 
 (E) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management
Account relating to such Receivables, due from the fifth largest Dealer or group of Dealers which are Affiliates exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date;
and 
 (F) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to
such Receivables, due from any other Dealer or group of Dealers which are Affiliates exceeds [•]% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date. 

“Defaulted Amount” means, for any day in a Collection Period, an amount (which shall not be less than zero) equal to
(a) the principal balance of Receivables (net of any amounts on deposit in the Cash Management Account with respect to such Receivables) that became Defaulted Receivables on such day, minus (b) the principal amount of any such
Defaulted Receivables which are subject to reassignment to the Transferor in accordance with the terms of the Transfer and Servicing Agreement (except that if an Insolvency Event occurs with respect to the Transferor, the amount of such Defaulted
Receivables that are subject to reassignment to the Transferor shall be zero); minus (c) the principal amount of any such Defaulted Receivables which are to be purchased by the Servicer in accordance with the terms of the Transfer and
Servicing Agreement (except that if an Insolvency Event occurs with respect to the Servicer, the amount of such Defaulted Receivables that are subject to purchase by the Servicer shall be zero). 

“Depository” means The Depository Trust Company or any successor appointed by the Issuer. 

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

“Designated Standard” means generally accepted accounting principles or international financial reporting standards, as
selected by NMAC. 
 “Determination Date” means, for any Payment Date, the day that is two Business Days before such
Payment Date and is the date on which payments to Series 20[•]-[•] Noteholders are determined. 
 “Early Amortization
Event” means any event deemed to be an Early Amortization Event pursuant to Section 6.01. 

  
 7 

 “Early Amortization Period” means a period beginning on the day on which an
Early Amortization Event occurs and terminating on the earliest of (i) the last day of the Collection Period preceding the Payment Date on which the Series 20[•]-[•] Outstanding Principal Amount is to be paid in full, (ii) if the
Early Amortization Period has commenced before the commencement of the Accumulation Period, the day on which the Revolving Period recommences under the circumstances described in the Indenture and in Section 6.01 and (iii) the Trust
Termination Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“Excess Interest Amounts” means, with respect to Series 20[•]-[•], for any Payment Date, the excess (if any) of
(i) the Series 20[•]-[•] Investor Available Interest Amounts for such Payment Date over (ii) the full amount required to be paid, without duplication, pursuant to clauses (i) through (vi) of Section 4.04(a) on such
Payment Date. 
 “Excess Interest Sharing Group [•]” means Series 20[•]-[•] and each other
Series specified in the related Indenture Supplement to be included in Excess Interest Sharing Group [•] from which, or to which, Excess Interest Amounts (and comparable amounts with respect to each such other Series) may be allocated to cover
shortfalls in payments or deposits of the other Series in Excess Interest Sharing Group [•]. 
 “Excess Principal
Amounts” means, with respect to Series 20[•]-[•], for any Payment Date, (i) during the Revolving Period, the Series 20[•]-[•] Investor Available Principal Amounts for the Collection Period related to such Payment
Date remaining after application of Series 20[•]-[•] Investor Available Principal Amounts pursuant to clause (i) of Section 4.04(c), and (ii) during the Accumulation Period or the Early Amortization Period, the excess, if
any, of (a) the Series 20[•]-[•] Investor Available Principal Amounts for the Collection Period related to such Payment Date over (b) the full amount required to be paid or deposited, without duplication, pursuant to clause
(i) of Section 4.04(d) or clause (i) of Section 4.04(e) on such Payment Date. 
 “Excess Principal Sharing Group
[•]” means Series 20[•]-[•] and each other Series specified in the related Indenture Supplement to be included in Excess Principal Sharing Group [•] from which, or to which, Excess Principal Amounts (and
comparable amounts with respect to each such other Series) may be allocated to cover shortfalls in payments or deposits of the other Series in Excess Principal Sharing Group [•]. 

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

“FATCA” means Sections 1471 through 1474 of the Code, as of the date hereof (or any amended or successor provisions that are
substantially similar), any current or future regulations or official interpretations thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental
agreement entered into in connection with the implementation the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

  
 8 

 “FATCA Withholding Tax” means any withholding or deduction required
pursuant to FATCA. 
 “Hired Rating Agency” means any nationally recognized statistical rating organization that is hired
by the Sponsor to assign ratings on the Series 20[•]-[•] Notes and is then rating the Series 20[•]-[•] Notes. 

[“IBA” means ICE Benchmark Administration Limited.] 

“Incremental Overcollateralization Amount” means, on any Payment Date, the product obtained by multiplying (i) a
fraction, the numerator of which is the Series 20[•]-[•] Invested Amount on such Payment Date before giving effect to distributions on such date, and the denominator of which is the Pool Balance as of the last day of the preceding
Collection Period by (ii) the sum of: 
 (A) the aggregate principal amount of Ineligible Receivables, other than Ineligible Receivables
that (I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; 

(B) the Dealer Overconcentrations, other than the aggregate balance of Principal Receivables which comprise the Dealer Overconcentrations that
(I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; and 

(C) the amount by which the aggregate balance of Principal Receivables relating to Used Vehicles and
Pre-Owned Vehicles less any amounts in the Cash Management Account relating to such Receivables exceeds [•]% of the Pool Balance; 

minus the reductions, and plus the reinstatements, in the Incremental Overcollateralization Amount as provided in Section 4.09. Each of clauses (A), (B)
and (C) above shall be calculated on each Determination Date using balances and amounts as of the last day of the Collection Period preceding such Determination Date. 

“Indenture” means the Indenture, dated as of July 24, 2003, between the Issuer and the Indenture Trustee, as amended and
restated as of October 15, 2003 and as the same may be further amended, supplemented or otherwise modified from time to time. 

“Instituting Noteholders” has the meaning specified in Section [8.10]. 

“Interest Deficiency” has the meaning specified in Section [4.02(c)]. 

“Interest Determination Date” means, with respect to any Interest Period, the day that is two London Business Days prior to
the first day of such Interest Period (or if such day is not a Business Day, the next Business Day). 

  
 9 

 “Interest Period” means, with respect to any Payment Date, [(i) with
respect to the Class A-1 Notes,] the period from and including the Payment Date immediately preceding such Payment Date to but excluding such Payment Date (or, in the case of the first Payment Date,
from and including the Series 20[•]-[•] Issuance Date to but excluding such Payment Date) [and (ii) with respect to the Class A-2 Notes, the period from and including the [•] day
of the preceding calendar month to but excluding the [•] day of the month in which such Payment Date occurs (or, in the case of the first Payment Date, from and including the Series 20[•]-[•] Issuance Date to but excluding [•]
[•], 20[•])]. 
 [“Interest Rate [Cap][Swap] Agreement” means the interest rate [cap][swap] agreement for a
Class of Notes, dated as of [•], 20[•], executed between the Issuer and the [Cap Provider][Swap Counterparty], consisting of an ISDA Master Agreement, the schedule thereto, the credit support annex thereto, if applicable, and the
relevant confirmation for such Class of Notes, as the same may be amended or supplemented from time to time in accordance with the terms thereof.] 

“Interest Shortfall” means, with respect to Series 20[•]-[•] for any Payment Date, the excess, if any, of
(a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (iv) of Section 4.04(a) on such Payment Date over (b) the Series 20[•]-[•] Investor Available Interest Amounts for such
Payment Date. 
 “Investor Charge-Offs” has the meaning specified in
Section 4.05. 
 “LIBOR” has the meaning specified in Section 4.13. 

“London Business Day” means any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank
market. 
 “Managed Portfolio” means NMAC’s U.S. managed portfolio of Dealer accounts. 

“Monthly Interest” [has the meaning specified in Section 4.02(a)][means, with respect to any Payment Date, the sum of
the Class A-1 Monthly Interest and the Class A-2 Monthly Interest]. 

“Monthly Payment Rate” means, with respect to any Collection Period, the percentage equivalent of a fraction, the numerator
of which is the Principal Collections with respect to such Collection Period and the denominator of which is the average of the Pool Balance on the first and last day of such Collection Period. 

“Monthly Servicing Fee” means, for any Payment Date, an amount equal to one-twelfth
of the product of (a) the Servicing Fee Rate and (b) the arithmetic average of the Series 20[•]-[•] Nominal Liquidation Amount as of each day during the preceding Collection Period. 

“Nonrecoverable Advance” means any Outstanding Advance with respect to (i) any Defaulted Receivable or (ii) any
Receivable as to which the Servicer reasonably believes that any recovery from payments made on or with respect to such Receivable will not equal or exceed the amount of such Advance. 

  
 10 

 “Note Interest Rate” means, [with respect to any Interest Period, a per
annum rate equal to LIBOR as determined on the related Interest Determination Date plus [•]% per annum; provided, however, if the sum of LIBOR as determined on the related Interest Determination Date plus [•]% is less than
0.00% for any Interest Period, then the Note Interest Rate for such Interest Period will be deemed to be 0.00%][for any Interest Period, (i) with respect to the Class A-1 notes, the Class A-1 Note Rate and (ii) with respect to the Class A-2 notes, the Class A-2 Note Rate]. 

“Noteholder Direction” has the meaning specified in Section [8.10]. 

“Outstanding Advances” means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances
made as of or prior to such date, minus all payments or collections as of or prior to such date that are specified in Sections 4.03(c) and 4.03(d) as applied to reimburse all unpaid Advances with respect to such Receivable. 

“Owner Trustee” means [Wilmington Trust Company], as owner trustee, and its successors and assigns. 

“Payment Date” means [•], 20[•] and the [•]th day of each calendar month thereafter, or if such [•]th day
is not a Business Day, the next succeeding Business Day. 
 “Plan” means an “employee benefit plan” as defined in
Section 3(3) of ERISA whether or not subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, or any other plan, entity or account deemed to hold the “plan assets” of any of the foregoing. 

“Primary Series 20[•]-[•] Overcollateralization Amount” means, as of any Payment Date,
the Series 20[•]-[•] Overcollateralization Percentage of the Series 20[•]-[•] Initial Principal Amount on such date minus the reductions, and plus the reinstatements, in the Primary Series 20[•]-[•]
Overcollateralization Amount as provided in Section 4.09. 
 “Principal Shortfall” means, with respect to Series
20[•]-[•], (a) for any Payment Date with respect to the Revolving Period, zero, (b) for any Payment Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Payment
Date over the amount of Series 20[•]-[•] Investor Available Principal Amounts for such Payment Date and (c) for any Payment Date with respect to the Early Amortization Period, the excess, if any, of the Series 20[•]-[•]
Invested Amount over the amount of Series 20[•]-[•] Investor Available Principal Amounts for such Payment Date. 

“Prospectus” means the final prospectus dated [•], 20[•], relating to the offering of the Series
20[•]-[•] Notes. 
 “Rating Agency” means, with respect to any series of
Notes, any nationally recognized statistical rating organization that is hired by the Sponsor to assign ratings on such series of Notes and is then rating such series of Notes. 

“Reallocated Principal Collections” means, with respect to any Payment Date, the amount of Series 20[•]-[•]
Investor Available Principal Amounts reallocated in accordance with Section 4.06, which amount shall not exceed the Series 20[•]-[•] Overcollateralization Amount for such Payment Date (after giving effect to any changes therein on
such Payment Date). 

  
 11 

 “Reassignment Amount” means, with respect to any Payment Date, after giving
effect to any deposits and distributions otherwise to be made on such Payment Date, the sum of (a) the Series 20[•]-[•] Outstanding Principal Amount on such Payment Date, plus (b) Monthly Interest for such Payment Date and
any Monthly Interest previously due but not distributed to the Series 20[•]-[•] Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any Additional Interest previously due but not distributed to the
Series 20[•]-[•] Noteholders on a prior Payment Date. 
 “Required Federal Income Tax Opinion” means, with
respect to the Issuer as to any action, an opinion of counsel to the effect that, for federal income tax purposes (i) the action will not adversely affect the tax characterization as debt of the notes of any outstanding Series or
Class issued by the Issuer that were characterized as debt at the time of their issuance, (ii) the action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation and
(iii) the action will not cause or constitute an event in which gain or loss would be recognized by any holder of notes of any outstanding Series or Class issued by the Issuer. 

“Required Participation Amount” means the sum of (i) the sum, for each outstanding Series, of (x) the Required
Participation Percentage for such Series multiplied by (y) the respective Invested Amount for such Series and (ii) the sum of the Required Overcollateralization Amounts of all outstanding Series. 

“Required Participation Percentage” means, with respect to Series 20[•]-[•], [•]%; provided, however, that the
Transferor may, in its sole discretion, increase this percentage; provided, however that if the Transferor voluntarily increases the Required Participation Percentage, then it may, in its sole discretion, upon ten days prior notice to the Indenture
Trustee, subsequently decrease the Required Participation Percentage to [•]% or higher, so long as the Rating Agency Condition shall have been satisfied with respect to the Series 20[•]-[•] Notes and
any other outstanding and rated series or class of Notes. 
 “Required Series 20[•]-[•]
Overcollateralization Amount” means, for any Payment Date, the sum of (a) the product of (i) the Series 20[•]-[•] Overcollateralization Percentage on such date and (ii) the Series 20[•]-[•] Initial
Principal Amount and (b) the Incremental Overcollateralization Amount on such date. 
 “Reserve Account” has the
meaning specified in Section 4.12(a). 
 “Reserve Account Initial Deposit” means $[•]. 

[“Retained Notes” means any Series 20[•]-[•] Notes retained in the initial offering thereof by the Transferor or
NMAC or conveyed to an Affiliate.] 
 “Review Notice” means the notice delivered by the Indenture Trustee in accordance
with Section 8.10 to the Asset Representations Reviewer and the Servicer. 
 “Review Report”
shall have the meaning assigned to such term in Section 3.5 of the Asset Representations Review Agreement. 

  
 12 

 “Review Satisfaction Date” means, with respect to any Asset Review, the
first date on which (a) the Status Percentage for any Payment Date exceeds the Status Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred. 

“Revolving Period” means the period beginning on the Series 20[•]-[•] Issuance Date and terminating on the earlier
of (i) the close of business on the day immediately preceding the date on which an Early Amortization Period commences and (ii) the close of business on the day immediately preceding the date on which the Accumulation Period commences;
provided, however, that so long as the Accumulation Period has not commenced, the Revolving Period may recommence if an Early Amortization Event has been terminated as provided in Section 6.01. 

“Series 20[•]-[•]” means the Series of Notes, the terms of which are specified in this
Indenture Supplement. 
 “Series 20[•]-[•] Allocable Defaulted Amounts” means, for
any day in a Collection Period, the product of (a) the Series 20[•]-[•] Allocation Percentage for such day and (b) the Defaulted Amounts processed on such day. 

“Series 20[•]-[•] Allocable Interest Collections” means, for any day in a Collection
Period, the product of (a) the Series 20[•]-[•] Allocation Percentage for such day and (b) Interest Collections as to which such day is the Date of Processing for such Interest Collections. 

“Series 20[•]-[•] Allocable Principal Collections” means, for any day in a Collection
Period, the product of (a) the Series 20[•]-[•] Allocation Percentage for such day and (b) Principal Collections as to which such day is the Date of Processing for such Principal Collections. 

“Series 20[•]-[•] Allocation Percentage” means, for any day in a Collection Period, the
percentage equivalent, which shall never exceed 100%, of a fraction, the numerator of which is the Series 20[•]-[•] Nominal Liquidation Amount for such day (or with respect to any day in the [•] Collection Period, the Series
20[•]-[•] Nominal Liquidation Amount as of the Series 20[•]-[•] Issuance Date) and the denominator of which is the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series
20[•]-[•]) for such day (or with respect to any day in the [•] Collection Period, the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series 20[•]-[•]) as of the Series
20[•]-[•] Issuance Date (after giving effect to the application of proceeds from the issuance of the Series 20[•]-[•] Notes)). Notwithstanding the foregoing, during any day in a Collection Period in which there is an Early
Amortization Event or during the Accumulation Period, the Series 20[•]-[•] Nominal Liquidation Amount and Trust Nominal Liquidation Amount with respect to such Series shall be as of the last day of the preceding Collection Period. 

“Series 20[•]-[•] Cut-off Date” means
[•], 20[•]. 
 “Series 20[•]-[•] Expected Final Payment Date” means the
Payment Date occurring on [•], 20[•]. 

  
 13 

 “Series 20[•]-[•] Final Maturity
Date” means [•], 20[•]. 
 “Series 20[•]-[•] Fixed Allocation
Percentage” means, for any day during a Collection Period or portion thereof occurring after the end of the Revolving Period, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the
Series 20[•]-[•] Nominal Liquidation Amount as of the close of business on the last day of the Revolving Period and the denominator of which is the product of (i) the Series 20[•]-[•] Allocation Percentage for such day
in the Collection Period and (ii) the Pool Balance as of the last day of the proceeding Collection Period. 
 “Series
20[•]-[•] Floating Allocation Percentage” means, for any day during a Collection Period, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the Series
20[•]-[•] Nominal Liquidation Amount for such day (or with respect to any day in the [•] Collection Period, the Series 20[•]-[•] Nominal Liquidation Amount as of the Series 20[•]-[•] Issuance Date) and the
denominator of which is the product of (i) the Series 20[•]-[•] Allocation Percentage for such day and (ii) the Pool Balance as of the last day of the proceeding Collection Period. Notwithstanding the foregoing, during any day in
a Collection Period in which there is an Early Amortization Event or during the Accumulation Period, the Series 20[•]-[•] Nominal Liquidation Amount shall be as of the last day of the preceding Collection Period. 

“Series 20[•]-[•] Initial Invested Amount” means $[•]. 

“Series 20[•]-[•] Initial Principal Amount” means $[•] [the sum of the Class A-1 Initial Principal Amount and the Class A-2 Initial Principal Amount]. 

“Series 20[•]-[•] Invested Amount” means, as of any day during a Collection Period, an
amount equal to the Series 20[•]-[•] Initial Invested Amount minus the reductions, and plus the reinstatements and increases, if any, in the Series 20[•]-[•] Invested Amount as provided in Section 4.09. 

“Series 20[•]-[•] Invested Amount Deficit” means, as of any Payment Date, the amount,
if any, by which (i) the Series 20[•]-[•] Outstanding Principal Amount on such date less the amount (other than investment earnings), if any, on deposit in the Accumulation Account on such date and the Series 20[•]-[•]
Allocation Percentage for such date of amounts (other than investment earnings), if any, on deposit in the Excess Funding Account on such date, exceeds (ii) the Series 20[•]-[•] Invested Amount on such date. 

“Series 20[•]-[•] Investor Available Interest Amounts” means, with respect to any
Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period, the product of the Series 20[•]-[•] Floating Allocation Percentage for such day and the Series 20[•]-[•] Allocable Interest
Collections for such day, plus (b) all net investment earnings on amounts (if any) on deposit in the Accumulation Account and the Reserve Account, plus (c) the sum of, for each day during such Collection Period, the product
of the Series 20[•]-[•] Allocation Percentage for such day and all net investment earnings on amounts (if any) on deposit in the Collection Account and the Excess Funding Account on such day, plus (d) Reallocated Principal
Collections for the Payment Date following such Collection Period, 

  
 14 

 
plus (e) the aggregate amount of funds, if any, which pursuant to the last sentence of Section 4.01(d) are required to be included in Series 20[•]-[•] Investor
Available Interest Amounts with respect to the Payment Date following such Collection Period, plus, (f) the amount, if any, of collections of Interest Receivables as to which the Date of Processing occurs in the Collection Period
following such Collection Period (but prior to the Payment Date following such Collection Period) which the Issuer instructs the Servicer to include in Series 20[•]-[•] Investor Available Interest Amounts for such Collection Period (but in
no event to exceed the product of (i) the Series 20[•]-[•] Series Allocation Percentage, (ii) the Series 20[•]-[•] Floating Allocation Percentage and (iii) the amount of such collections of Interest Receivables),
plus (g) all Advances made by the Servicer pursuant to Section 4.03, minus (h) the amount, if any, which the Issuer instructed the Servicer pursuant to preceding clause (f) to include in Series 20[•]-[•]
Investor Available Interest Amounts with respect to the Collection Period immediately preceding such Collection Period. 
 “Series
20[•]-[•] Investor Available Principal Amounts” means, with respect to any Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period, the product of the
Series 20[•]-[•] Allocable Principal Collections on such day and (i) during the Revolving Period, the Series 20[•]-[•] Floating Allocation Percentage for such day or (ii) after the Revolving Period, the Series
20[•]-[•] Fixed Allocation Percentage for such day, plus (b) the amount of Series 20[•]-[•] Investor Available Interest Amounts treated as Series 20[•]-[•] Investor Available Principal Amounts on the Payment
Date following such Collection Period to cover Series 20[•]-[•] Investor Defaulted Amounts and to reimburse the Series 20[•]-[•] Nominal Liquidation Amount Deficit, plus (c) the amount of Series 20[•]-[•]
Investor Available Interest Amounts treated as Series 20[•]-[•] Investor Available Principal Amounts on each Payment Date on and after the occurrence of an Event of Default and a declaration that all Series 20[•]-[•] Notes are
immediately due and payable pursuant to Section 5.03(a) of the Indenture, minus (d) Reallocated Principal Collections for such Collection Period. 

“Series 20[•]-[•] Investor Defaulted Amounts” means, with respect to any Collection
Period, an amount equal to the sum of, for each day during such Collection Period, the product of the Series 20[•]-[•] Floating Allocation Percentage on such day and the Series 20[•]-[•] Allocable Defaulted Amounts on such day.

 “Series 20[•]-[•] Issuance Date” means [•], 20[•]. 

“Series 20[•]-[•] Nominal Liquidation Amount” means, for any day in a Collection
Period, the sum of (i) the Series 20[•]-[•] Invested Amount on such day and (ii) the Series 20[•]-[•] Overcollateralization Amount as of the Payment Date on or preceding such day (but, in no event, less than zero), in
each case, after giving effect to the allocations, distributions, withdrawals and deposits to be made on such day. 
 “Series
20[•]-[•] Nominal Liquidation Amount Deficit” means as of any Payment Date, the sum of (i) the Series 20[•]-[•] Invested Amount Deficit and (ii) the Series 20[•]-[•]
Overcollateralization Amount Deficit. 
 “Series 20[•]-[•] Noteholder” means the
Person in whose name a Series 20[•]-[•] Note is registered in the Note Register. 

  
 15 

 “Series 20[•]-[•] Noteholders’
Collateral” means the Noteholders’ Collateral for Series 20[•]-[•]. 
 “Series
20[•]-[•] Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Series 20[•]-[•] 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). 
 “Series 20[•]-[•] Outstanding
Principal Amount” means, [with respect to any date, an amount equal to (a) the Series 20[•]-[•] Initial Principal Amount, minus (b) the aggregate amount of any principal payments made to the Series
20[•]-[•] Noteholders before such date][with respect to any date, the sum of the Class A-1 Outstanding Principal Amount and the Class A-2 Outstanding
Principal Amount, in each case, as of such date]. 
 “Series 20[•]-[•] Overcollateralization
Amount” means the sum of (i) the Primary Series 20[•]-[•] Overcollateralization Amount and (ii) the Incremental Overcollateralization Amount. 

“Series 20[•]-[•] Overcollateralization Amount Deficit” means, as of any Payment Date,
the amount, if any, by which (x) the aggregate amount of reductions of the Series 20[•]-[•] Overcollateralization Amount due to Investor Charge-Offs Reallocated Principal Collections as provided
in Section 4.09(b) through such date exceeds (y) the aggregate amount of reimbursements of such reallocations and reductions as provided in Section 4.09(c) through such date. 

“Series 20[•]-[•] Overcollateralization Percentage” means [•]%, provided, however,
that (i) the Transferor may, in its sole discretion, increase this percentage, provided, however, that if the Transferor voluntarily increases the Series 20[•]-[•] Overcollateralization Percentage, then it may, in its sole discretion,
upon ten days prior notice to the Indenture Trustee, subsequently decrease the Series 20[•]-[•] Overcollateralization Percentage to [•]% or higher so long as the Rating Agency Condition shall have been satisfied with respect to the
Series 20[•]-[•] Notes and any other outstanding and rated series or class of Notes, and (ii) this percentage will increase to [•]% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less
than [•]% and this percentage will further increase to [•]% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [•]% provided, further, however, that if this overcollateralization
percentage is increased pursuant to this clause, and the average of the Monthly Payment Rates for the three preceding Collection Periods subsequently increases to more than [•]%, but less than [•]%, then the overcollateralization
percentage shall decrease to [•]%, and if this overcollateralization percentage is further increased pursuant to this clause, and the average of the Monthly Payment Rates for the three preceding Collection Periods further increases to more than
[•]%, then the overcollateralization percentage shall decrease to [•]%. 

  
 16 

 “Servicer” means Nissan Motor Acceptance Corporation, as servicer, and its
successors and assigns. 
 “Servicing Fee Rate” means [•]% per annum or such lesser percentage as may be specified by
the Servicer in an Officer’s Certificate delivered to the Indenture Trustee stating that, in the reasonable belief of the Servicer, such change in percentage will not result in a Significant Adverse Effect. 

“Shared Excess Interest Amounts” means, for any Payment Date, for each Series in Excess Interest Sharing Group [•], the
sum of the Excess Interest Amounts for each of those Series. 
 “Shared Excess Principal Amounts” means, for any Payment
Date, for each Series in Excess Principal Sharing Group [•], the sum of the Excess Principal Amounts for each of those Series. 

“Similar Law” means any law that is similar to the fiduciary and prohibited transaction provisions of ERISA or
Section 4975 of the Code. 
 “Specified Reserve Account Balance” means with respect to any Payment Date, an amount
equal to the product of [•]% and the Series 20[•]-[•] Initial Invested Amount. 
 “Sponsor” means Nissan
Motor Acceptance Corporation, as sponsor. 
 “Status Percentage” means, with respect to each Payment Date and the related
Collection Period, an amount equal to the ratio (expressed as a percentage) of (i) the aggregate principal balance of Status Receivables in the Managed Portfolio as of the last day of that Collection Period to (ii) the aggregate principal
balance of all Receivables in the Managed Portfolio as of the last day of that Collection Period. 
 “Status Receivables”
means, as of any date of determination, all Receivables owing under Accounts related to Dealers that the Servicer has classified as “Status” in accordance with the Floorplan Financing Guidelines, as reflected on the Servicer’s records
as of such date of determination. 
 “Status Trigger” means, for any Determination Date and the related Collection Period,
[•]%. 
 “Subject Assets” means, with respect to any Asset Review, all Status Receivables owned by the Issuing Entity
as of the end of the Collection Period immediately preceding the related Review Satisfaction Date. 
 [“Swap Counterparty”
means [•], as the Swap Counterparty under the Interest Rate Swap Agreement.] 
 “Tax Information” means information
and/or properly completed and signed tax certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding Tax. 

  
 17 

 “Tax Retained Notes” if any, means any Notes while held by the Issuer for
federal income tax purposes or an entity which for federal income tax purposes is considered the same Person as the Issuer. 

“Trust Agreement” means the Trust Agreement, dated as of May 13, 2003 between the Transferor and the Owner Trustee,
pursuant to which the Issuer was formed, as amended and restated as of July 24, 2003, as further amended and restated as of October 15, 2003, and as the same may be further amended, supplemented or otherwise modified from time to time.

 “Underwriters” is defined in the Underwriting Agreement. 

“Underwriting Agreement” means that certain underwriting agreement, dated [•], 20[•], among the Issuer, NMAC, the
Transferor and the representative of the several Underwriters party thereto. 
 “Verification Documents” means, with
respect to any Series 20[•]-[•] Note Owner, a certification from such Note Owner certifying that such Person is in fact, a Series 20[•]-[•] Note Owner, as well as an additional piece of documentation reasonably satisfactory to
the recipient, such as a trade confirmation, account statement, letter from a broker or dealer or other similar document. 

[“Weighted Average Note Interest Rate” means, with respect to any Interest Period, the weighted average of the Class A-1 Note Rate and the Class A-2 Note Rate (weighted on the basis of the outstanding principal balance of the
Class A-1 Notes and the Class A-2 Notes as of the close of business on the preceding Payment Date after giving effect to all payments made on such Payment
Date).] 
 Section 2.02. Other Definitional Provisions. 

(a) All terms used herein and not otherwise defined herein have meanings ascribed to them in the Annex of Definitions. 

(b) All terms defined in this Indenture Supplement have the same defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Indenture Supplement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not defined in this Indenture Supplement or in any such certificate or other document, and accounting terms partly defined in this Indenture Supplement or in any such
certificate or other document to the extent not defined, have the respective meanings given to them under Designated Standards or regulatory accounting principles, as applicable and as in effect on the date of this Indenture Supplement, provided,
however, if NMAC selects international financial reporting standards, such accounting terms will have the respective meanings given to them at that time. To the extent that the definitions of accounting terms in this Indenture Supplement or in any
such certificate or other document are inconsistent with the meanings of such terms under Designated Standards or regulatory accounting principles in the United States, the definitions contained in this Indenture Supplement or in any such
certificate or other document control. 

  
 18 

 (d) Unless otherwise specified, references to any dollar amount as on deposit or outstanding
on any particular date means such amount at the close of business on such day. 
 (e) The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Indenture Supplement refer to this Indenture Supplement as a whole and not to any particular provision of this Indenture Supplement. References to any subsection, Section, Schedule
or Exhibit are references to subsections, Sections, Schedules and Exhibits in or to this Indenture Supplement, unless otherwise specified. The term “including” means “including without limitation” and the term “or” is
not exclusive. References to “writing” include printing, typing, lithography and other means of 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 Agreement; references to Persons include their permitted successors and assigns; and references to laws
include their amendments and supplements, the rules and regulations thereunder and any successors thereto. 
 Section 2.03.
Registration of and Limitations on Transfer and Exchange of Notes. 
 (a) By acquiring a Series 20[•]-[•] Note (or interest
therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) is deemed (a) to represent and warrant that either (i) it is not acquiring and will not hold the Series 20[•]-[•] Note (or
interest therein) with the assets of a Plan; or (ii) the acquisition and holding of the Series 20[•]-[•] Note (or interest therein) will not, in the case of a Benefit Plan Investor, give rise to a nonexempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or, in the case of a Plan that is subject to Similar Law, result in a violation of Similar Law and (b) acknowledge and agree that a Series 20[•]-[•] Note (or interest
therein) is not eligible for acquisition by Benefit Plan Investors or Plans that are subject to Similar Law at any time that such Series 20[•]-[•] Note is not rated investment grade by a nationally recognized statistical rating
organization or has been characterized as other than indebtedness for applicable local law purposes. 
 (b) Any Tax Retained Notes (or
interest therein) will not be transferred by a holder thereof for federal income tax purposes unless a written opinion of counsel, is delivered to the Indenture Trustee to the effect that, for federal income tax purposes, (i) such transfer will
not result in the Issuer becoming an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes or (ii) such Notes after such transfer will be treated as debt and, if there are other Notes of the same
Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, for such purposes such Notes will be fungible with such other Notes of the same Class; provided, however that fungibility need not take into account
whether Notes are, or are not, Definitive Notes. The Issuer hereby agrees to ensure compliance with the preceding sentences. Any purported transfer of a Note not in accordance with this Section 2.03(b) shall be null and void ab initio and shall
not be given effect for any purpose hereunder. 

  
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 Section 2.04. Definitive Notes. 

[Except for Retained Notes, if any (which shall be originally issued as Definitive Notes),] if any of the following events occurs: 

(i) (1) the Transferor or the Administrator advises the Indenture Trustee in writing that the Clearing Agency or Foreign
Clearing Agency is no longer willing or able to properly discharge its responsibilities as Clearing Agency or Foreign Clearing Agency with respect to the Book-Entry Notes for Series 20[•]-[•] and
(2) the Transferor, the Indenture Trustee or the Administrator is unable to locate and reach an agreement on satisfactory terms with a qualified successor; or 

(ii) the Transferor, the Indenture Trustee or the Administrator, as applicable, at its option and to the extent permitted by
law, elects to terminate the book-entry system through the Clearing Agency or Foreign Clearing Agency with respect to the Series 20[•]-[•] Notes; or 

(iii) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners of at least a majority of the Series
20[•]-[•] Outstanding Principal Amount of the Series 20[•]-[•] Notes advise the Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through the applicable Clearing Agency Participants in writing that
the continuation of a book-entry system through the appropriate Clearing Agency or Foreign Clearing Agency is no longer in the best interests of the Beneficial Owners of the Series 20[•]-[•] Notes;

 then, the Indenture Trustee will, through the appropriate Clearing Agency or Foreign Clearing Agency, notify all Beneficial Owners of the Series
20[•]-[•] Notes of the occurrence of such event and of the availability of Definitive Notes to Beneficial Owners of the Series 20[•]-[•] Notes. Upon surrender to the Indenture Trustee at the Corporate Trust Office of the
certificates representing the Series 20[•]-[•] Notes, accompanied by registration instructions from the applicable Clearing Agency, the Issuer will execute and the Indenture Trustee will authenticate Definitive Notes for Series
20[•]-[•] and will recognize the registered holders of such Definitive Notes as Noteholders under the Indenture. Neither the Issuer nor the Indenture Trustee will be liable for any delay in delivery of such instructions, and the Issuer and
the Indenture Trustee may conclusively rely on, and will be protected in relying on, such instructions. Upon the issuance of Definitive Notes for Series 20[•]-[•] , all references herein to obligations imposed upon or to be performed by
the applicable Clearing Agency or Foreign Clearing Agency will be deemed to be imposed upon and performed by the Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and the Indenture Trustee will recognize the
registered holders of the Definitive Notes for Series 20[•]-[•] as Noteholders of such Series under the Indenture. Definitive Notes will be transferable and exchangeable at the offices of the Transfer Agent and Registrar which initially is
the Corporate Trust Office of the Indenture Trustee. No service charge will be imposed for any registration of transfer or exchange, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
imposed in connection therewith. 

  
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 ARTICLE III 

SERVICING FEE 
 Section 3.01.
Servicing Compensation. 
 The share of the Servicing Fee allocable to the Series 20[•]-[•] Noteholders with respect to any
Payment Date is equal to the Monthly Servicing Fee. The portion of the Servicing Fee that is not allocable to the Series 20[•]-[•] Noteholders will be paid by the holders of the Transferor Interest or the Noteholders of other Series (as
provided in the related Indenture Supplements) and in no event will the Issuer, the Indenture Trustee or the Series 20[•]-[•] Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the Transferor Interest or
the Noteholders of any other Series. The Servicer may, by prior written notice to the Indenture Trustee, elect to waive the Monthly Servicing Fee for any Collection Period. Such waived Monthly Servicing Fee will be reimbursed on the Payment Date
related to the subsequent Collection Period pursuant to Section 4.04(a). 
 ARTICLE IV 

RIGHTS OF SERIES 20[•]-[•] NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a) Allocations. Interest Collections, Principal Collections and the Defaulted Amount allocated to Series 20[•]-[•] pursuant
to Article VIII of the Indenture and Section 4.01(b) shall be allocated between the Series 20[•]-[•] Noteholders and the holders of the Transferor Interest pursuant to Section 4.01(c) and (d) and then distributed as set
forth in this Article IV. 
 (b) Series Allocations. Prior to the close of business on each day during a Collection Period, the
Servicer will (i) determine the Series 20[•]-[•] Allocation Percentage for such day and (ii) allocate Interest Collections, Principal Collections and the Defaulted Amount to Series 20[•]-[•] based on the Series
20[•]-[•] Allocation Percentage on such day. All Principal Collections for the related Collection Period with respect to each Receivable (including any payoff) shall be posted to the Servicer’s Dealer records in accordance with
the Servicer’s customary servicing practices. 
 (c) Allocations to Series 20[•]-[•]
Noteholders. The Servicer shall, prior to the close of business on each day during a Collection Period, allocate to the Series 20[•]-[•] Noteholders the following amounts as set forth below: 

(i) Allocations of Interest Collections. The Servicer shall allocate to the Series 20[•]-[•] Noteholders and
deposit in the Collection Account for application as provided herein, an amount equal to the product of (A) the Series 20[•]-[•] Floating Allocation Percentage for such day and (B) the Series 20[•]-[•] Allocable
Interest Collections as to which such day is the Date of Processing for such Collections; provided, that, so long as the conditions set forth in Section 

  
 21 

 
8.04(b) of the Indenture are satisfied and the Servicer is permitted to commingle Collections during a Collection Period, the Servicer shall not be required to deposit such allocated amounts into
the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period. 

(ii) Allocations of Principal Collections. The Servicer shall allocate to the Series 20[•]-[•] Noteholders the
following amounts as set forth below: 
 (A) Allocations During the Revolving Period. During the Revolving Period,
the Servicer shall allocate to the Series 20[•]-[•] Noteholders, an amount equal to the product of (I) the Series 20[•]-[•] Floating Allocation Percentage for such day and (II) the Series 20[•]-[•] Allocable
Principal Collections for such day. If the conditions set forth in Section 8.04(b) of the Indenture are satisfied and the Servicer is permitted to commingle Collections during a Collection Period, (x) the Servicer shall not be required to
deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period and (y) the Servicer, in its sole discretion, may distribute any amounts owed to the
holders of the Transferor Interest directly to such holders in lieu of depositing such amounts into the Collection Account. If the conditions set forth in Section 8.04(b) of the Indenture are not satisfied and the Servicer is not permitted to
commingle Collections during a Collection Period and (x) the Pool Balance as of the close of business on any day during a Collection Period has increased since the close of business on the previous day, the Servicer may, in its sole discretion,
distribute such allocated amounts to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor pursuant to the Transfer and Servicing Agreement or
(y) the Pool Balance as of the close of business on any day during a Collection Period has decreased since the close of business on the previous day, such allocated amounts shall be deposited in the Collection Account for application as
provided herein. 
 (B) Allocations During the Accumulation Period and the Early Amortization Period. During the
Accumulation Period and the Early Amortization Period, the Servicer shall allocate to the Series 20[•]-[•] Noteholders and deposit in the Collection Account for application as provided herein, an amount equal to the product of (I) the
Series 20[•]-[•] Fixed Allocation Percentage for such day and (II) the Series 20[•]-[•] Allocable Principal Collections for such day. If the conditions set forth in Section 8.04(b) of the Indenture are satisfied and the
Servicer is permitted to commingle Collections during a Collection Period, (x) the Servicer shall not be required to deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month
following such Collection Period and (y) the Servicer, in its sole discretion, may distribute any amounts owed to the holders of the 

  
 22 

 
Transferor Interest directly to such holders in lieu of depositing such amounts into the Collection Account. Notwithstanding the foregoing and in lieu of the allocations and deposits described in
the preceding two sentences, during the Accumulation Period, the Servicer, in its sole discretion, may deposit an amount not less than the Controlled Deposit Amount in the Collection Account (x) to the extent that the conditions set forth in
Section 8.04(b) are satisfied and the Servicer is permitted to commingle Collections during a Collection Period, on the Business Day preceding the Payment Date in the month following such Collection Period and (y) to the extent that the
conditions set forth in Section 8.04(b) are not satisfied and the Servicer is not permitted to commingle Collections during a Collection Period, on the first day of such Collection Period. 

(iii) Allocations of Defaulted Amounts. The Servicer shall allocate to the Series 20[•]-[•] Noteholders the
product of (A) the Series 20[•]-[•] Floating Allocation Percentage for such day and (B) the Series 20[•]-[•] Allocable Defaulted Amounts on such day. 

(d) Allocation to Holders of the Transferor Interest. Prior to the close of business, on each day during a Collection Period, the
Servicer shall allocate and, in the case of clauses (i) and (ii) below (except as set forth in the provisos following clause (iii) below), distribute to the holders of the Transferor Interest in accordance with the Trust Agreement the
following amounts: 
 (i) the portion of the Series 20[•]-[•] Allocable Interest Collections not allocated to the
Series 20[•]-[•] Noteholders pursuant to Section 4.01(c)(i) above; 
 (ii) the portion of the Series
20[•]-[•] Allocable Principal Collections not allocated to the Series 20[•]-[•] Noteholders pursuant to Section 4.01(c)(ii) above; and 

(iii) the portion of the Series 20[•]-[•] Allocable Defaulted Amounts not allocated to the Series 20[•]-[•]
Noteholders pursuant to Section 4.01(c)(iii) above; 
 provided, however, that the Servicer will not distribute to the holders of the
Transferor Interest their allocation of Series 20[•]-[•] Allocable Interest Collections and Series 20[•]-[•] Allocable Principal Collections if and to the extent that the Adjusted Pool Balance does not equal or exceed the
Required Participation Amount as of such day. Subject to the immediately succeeding sentence, any amount not distributed to the holders of the Transferor Interest in accordance with the proviso to the preceding sentence shall be deposited by the
Servicer (on the date not so distributed) into the Excess Funding Account. Notwithstanding the foregoing, before distributing to the holders of the Transferor Interest any portion of their allocation of Series 20[•]-[•] Allocable Interest
Collections or Series 20[•]-[•] Allocable Principal Collections or depositing any portion of their allocation of Series 20[•]-[•] Allocable Interest Collections or 

  
 23 

 
Series 20[•]-[•] Principal Collections into the Excess Funding Account, on any day on which amounts are on deposit in the Accumulation Account, the Servicer shall first deduct therefrom
the excess, if any, of the Covered Amount for such day over the sum of all net investment earnings for such day on (i) amounts on deposit in the Accumulation Account and the Reserve Account and (ii) the Series 20[•]-[•]
Allocation Percentage of amounts (if any) on deposit in the Excess Funding Account and the Collection Account, and treat such amounts as Series 20[•]-[•] Investor Available Interest Amounts. 

Section 4.02. Determination of Monthly Interest. 

(a) The amount of monthly interest (the “[Class A-1] Monthly Interest”)
distributable from the Collection Account with respect to the Series 20[•]-[•] [Class A-1] Notes on any Payment Date will be an amount equal to the product of (i) a fraction, the numerator of
which is the [actual number of days][30 days] in the related Interest Period and the denominator of which is [360][365], (ii) the [Class A-1] Note Interest Rate with respect to the related Interest Period
and (iii) the Series 20[•]-[•] [Class A-1] Outstanding Principal Amount as of the first day of the related Interest Period, after giving effect to any deposits and distributions to be made on
such date (or, with respect to the first Payment Date following the Series 20[•]-[•] Issuance Date, the Series 20[•]-[•][Class A-1] Initial Principal Amount). 

(b) [The amount of monthly interest (the “Class A-2 Monthly
Interest”) distributable from the Collection Account with respect to the Class A-2 Notes on any Payment Date will be an amount equal to the product of (i) a fraction, the numerator of which
is [actual number of days][30 days] (or, with respect to the first Payment Date following the Series 20[•]-[•] Issuance Date, the actual number of days in the related Interest Period (assuming 30-day
calendar months)) and the denominator of which is [360][365], (ii) the Class A-2 Note Rate with respect to the related Interest Period and (iii) the
Class A-2 Outstanding Principal Amount as of the first day of the related Interest Period, after giving effect to any deposits and distributions to be made on such date (or, with respect to the first
Payment Date following the Series 20[•]-[•] Issuance Date, the Class A-2 Initial Principal Amount).] 

(c) On the Determination Date immediately preceding each Payment Date, the Servicer will determine[, with respect to each of the Class A-1 Notes and the Class A-2 Notes,] the excess, if any (such excess, the “Interest Deficiency”), of (x) the Monthly Interest [with
respect to such notes] for such Payment Date over (y) the aggregate amount of funds allocated and available to pay [the][such] Monthly Interest [for such Notes] on such Payment Date. If the Interest Deficiency with respect [the Class A-1 Notes or the Class A-2 Notes for] to any Payment Date is greater than zero, on each subsequent Payment Date until such Interest Deficiency is fully
paid, an additional amount (the “Additional Interest”) equal to the product of (i)(A) [with respect to the Class A-1 Notes,] a fraction, the numerator of which is the [actual number
of days][30 days] in the related Interest Period and the denominator of which is [360][365], times (B) [with respect to the Class A-2 Notes, one-twelfth,
(ii) the applicable] the Note Interest Rate with respect to the related Interest Period and [(ii)][(iii)] such Interest Deficiency (or the portion thereof which has not been paid to the Series 20[•]-[•] Noteholders) will be
payable as provided herein with respect to the [Series 20[•]-[•]][related] Notes. Notwithstanding anything to the contrary herein, the Additional Interest will be payable or distributed to the Series 20[•]-[•] Noteholders only to
the extent permitted by applicable law. 

  
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 Section 4.03. Advances. 

(a) The Servicer shall have the right but not the obligation to make a payment (each, an “Advance”) with respect to each
Receivable (other than a Receivable arising in connection with a Redesignated Account on or after the Redesignation Date or a Receivable reassigned to or repurchased (or, at its option, the Account related to such Receivable redesignated and all
Receivables under such Account reassigned to or repurchased) by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement) in an amount equal to the lesser of (a) any
shortfall in the amounts available to make the payments pursuant to Section 4.04(a)(iii) and (iv) (before taking into account any Reallocated Principal Collections applied by the Indenture Trustee as Series 20[•]-[•] Investor
Available Interest Amounts for the related Payment Date pursuant to Section 4.04(a)(iv)), and (b) the product of (1) the Series 20[•]-[•] Floating Allocation Percentage and (2) the excess, if any, of (x) interest
owed by the related Dealer during the related Collection Period, over (y) the interest actually received by the Servicer with respect to such Receivable from such Dealer or from payments made by the Servicer pursuant to Section 2.03(c),
2.04(c) or 3.03(c) of the Transfer and Servicing Agreement, as the case may be, during such Collection Period. 
 (b) The Servicer shall not
make an Advance in respect of a Receivable to the extent that the Servicer, in its sole discretion, shall determine that the Advance constitutes a Nonrecoverable Advance. The Servicer also shall not make Advances on any Receivables arising from an
Account if a previous Advance on any Receivable arising from such Account shall have become a Nonrecoverable Advance. With respect to each Receivable, the Advance shall increase the Outstanding Advances. No Advances will be made with respect to the
principal balance of the Receivables. The Servicer shall deposit all such Advances into the Collection Account in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day immediately preceding the related Payment
Date. 
 (c) The Servicer shall be entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from
the following sources with respect to such Receivable pursuant to Section 4.04(a)(i): (i) subsequent payments made by or on behalf of the related Dealer (ii) all amounts received, including any insurance proceeds, by the Transferor or the
Servicer (including all recoveries), and (iii) payments made by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement. 

(d) To the extent that the Servicer has determined that any Outstanding Advance is a Nonrecoverable Advance, the Servicer may provide to the
Owner Trustee and the Indenture Trustee an officer’s certificate setting forth the amount of such Nonrecoverable Advance, and on the related Payment Date, the Indenture Trustee shall remit to the Servicer from funds on deposit in the Collection
Account an amount equal to the amount of such Nonrecoverable Advance pursuant to Section 4.04(a)(ii). 
 (e) Notwithstanding anything
to the contrary in this Indenture Supplement, for so long as NMAC is the Servicer, in lieu of causing the Servicer first to deposit and then the Indenture Trustee to remit to the Servicer the amounts described in clauses (i) through (iii) in
Section 4.03(c) reimbursable in respect on Outstanding Advances, or the amounts described in Section 4.03(d) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such amounts from deposits otherwise to be made into the
Collection Account. 

  
 25 

 (f) If the Servicer shall determine not to make an Advance related to delinquency or non
payment of any Receivable pursuant to this Section 4.03 because it determines that such Advance would not be recoverable from subsequent collections on such Receivable, such Receivable shall be designated by the Servicer to be a Defaulted
Receivable, provided that such Receivable otherwise meets the definition of a Defaulted Receivable. 
 Section 4.04. Application of
Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of Payment. 
 (a) On each Payment
Date, the Servicer will apply, or cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, Series 20[•]-[•] Investor Available Interest Amounts (excluding Reallocated Principal Collections for such Payment
Date) on deposit in the Collection Account with respect to such Payment Date (together with other amounts specified in this Indenture Supplement) to make the following distributions or deposits in the following priority: 

(i) [to the [Cap Provider][Swap Counterparty], any net amounts due under the Interest Rate [Cap][Swap] Agreement, (ii)] to the
Servicer, any payments in respect of Advances required to be reimbursed and from the sources set forth in Section 4.03(c); 

(ii) to the Servicer, any payments in respect of Nonrecoverable Advances required to be reimbursed and to the extent set forth
in Section 4.03(d); 
 (iii) an amount equal to the Monthly Servicing Fee for such Payment Date, plus the amount of any
Monthly Servicing Fee previously due but not distributed to the Servicer on a prior Payment Date, will be distributed to the Servicer; 

(iv) an amount equal to Monthly Interest for such Payment Date, plus the amount of any Monthly Interest previously due but not
distributed to the Series 20[•]-[•] Noteholders on a prior Payment Date, plus the amount of any Additional Interest for such Payment Date, plus the amount of any Additional Interest previously due but not distributed to the Series
20[•]-[•] Noteholders on a prior Payment Date, will be distributed to the Paying Agent for payment to the Series 20[•]-[•] Noteholders [, pro rata between the Class A-1 Noteholders and
the Class A-2 Noteholders based on amounts due,] on such Payment Date; 
 (v) an
amount equal to the sum of (y) the aggregate Series 20[•]-[•] Investor Defaulted Amounts for the related Collection Period and (z) the Series 20[•]-[•] Nominal Liquidation Amount Deficit, if any, will be applied as
Series 20[•]-[•] Investor Available Principal Amounts for such Payment Date and, in the case of the amounts described in clause (z), will reinstate the Series 20[•]-[•] Nominal Liquidation Amount pursuant to Section 4.09(c);

  
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 (vi) an amount, if any, equal to the excess of the Specified Reserve Account
Balance over all amounts on deposit in the Reserve Account on such Payment Date (after giving effect to the withdrawal of net investment earnings thereon for deposit into the Collection Account pursuant to Section 4.12(b), will be
deposited in the Reserve Account; 
 (vii) on each Payment Date on and after the occurrence of an Event of Default and a
declaration that all Series 20[•]-[•] Notes are immediately due and payable pursuant to Section 5.03(a) of the Indenture, remaining Series 20[•]-[•] Investor Available Interest Amounts for such Payment Date will be treated
as Series 20[•]-[•] Investor Available Principal Amounts and will be distributed pursuant to Section 4.04(e) hereof, unless and until such declaration of acceleration has been rescinded and annulled pursuant to Section 5.03(b) of
the Indenture; 
 (viii) if the Servicer elected to waive the Monthly Servicing Fee for the preceding Collection Period, the
Indenture Trustee will apply any remaining funds to reimburse the Servicer for such waived Monthly Servicing Fee; 
 (ix) an
amount equal to the Interest Shortfalls for other outstanding Series in Excess Interest Sharing Group [•] will be treated as Shared Excess Interest Amounts available from Series 20[•]-[•] and applied to cover the Interest Shortfalls
for other outstanding Series in Excess Interest Sharing Group [•] in accordance with Section 8.05(a) of the Indenture; 

(x) to the Indenture Trustee [and the Calculation Agent, as applicable,] any accrued and unpaid fees, expenses and indemnity
payments[, as applicable,] due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(xi) to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Trust Agreement but
only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 
 (xii) to the
Asset Representations Reviewer, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Asset Representations Review Agreement but only to the extent that such fees, expenses or indemnity payments have been outstanding for
at least 60 days; and 
 (xiii) all remaining Series 20[•]-[•] Investor Available Interest Amounts for such Payment
Date will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.08
of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the Indenture Trustee
shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such deficiency. 

  
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 (b) If Series 20[•]-[•] Investor Available Interest Amounts for the Collection
Period related to any Payment Date (excluding Reallocated Principal Collections for such Payment Date) are insufficient to make all distributions and deposits required under clauses (i) through (vi) of Section 4.04(a), available amounts
from the following sources on such Payment Date will be applied in the following order to make up the Interest Shortfall with respect to Series 20[•]-[•]: (i) from Shared Excess Interest Amounts for such Payment Date available from other
outstanding Series in Excess Interest Sharing Group [•] as provided in Section 4.07, provided that such amounts will be applied only to cover shortfalls in the distributions and deposits required under clauses (i) through (vi) of
Section 4.04(a) and in the order of priorities as set forth in Section 4.04(a), (ii) from amounts on deposit in the Reserve Account on such Payment Date as provided in Section 4.12, provided that such amounts will be applied only to
cover shortfalls in the distributions and deposits required under clauses (iii) through (v) of Section 4.04(a) and in the order of priorities as set forth in Section 4.04(a) and (iii) from Reallocated Principal Collections for
such Payment Date as provided in Section 4.06, provided, that such amounts will be applied only to cover shortfalls in the distributions required under clause (iv) of Section 4.04(a) and only to the extent of the Series
20[•]-[•] Overcollateralization Amount. 
 (c) On each Payment Date with respect to the Revolving Period, the Servicer will apply,
or cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, Series 20[•]-[•] Investor Available Principal Amounts for the Collection Period related to such Payment Date, to make the following distributions or
deposits in the following priority: 
 (i) such Series 20[•]-[•] Investor Available Principal Amounts on deposit in
the Collection Account for the related Collection Period, in an amount equal to the Monthly Interest due but not distributed to the Series 20[•]-[•] Noteholders on such Payment Date in accordance with Section 4.04(a)(iv), will be
distributed to the Paying Agent for payment to the Series 20[•]-[•] Noteholders on such Payment Date; 
 (ii) the
balance of such Series 20[•]-[•] Investor Available Principal Amounts not applied pursuant to clause (i) above, will be treated as Shared Excess Principal Amounts available from Series 20[•]-[•] and applied to cover the
Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [•] in accordance with Section 8.05(b) of the Indenture; 

(iii) the balance of such Series 20[•]-[•] Investor Available Principal Amounts not applied pursuant to clauses
(i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor pursuant to the Transfer and Servicing
Agreement; provided that any such amounts applied under this clause (iii) during a Collection Period shall be rescinded by the Servicer and reallocated for application under clauses (i) and (ii) to the extent necessary to make required
distributions thereunder on the related Payment Date and 

  
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 (iv) the balance of such Series 20[•]-[•] Investor Available
Principal Amounts not applied pursuant to clauses (i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap
Counterparty pursuant to a Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool
Balance is less than the Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such
insufficiency. 
 (d) On each Payment Date with respect to the Accumulation Period, the Servicer will apply, or cause the Indenture Trustee
to apply by written instruction to the Indenture Trustee, the Series 20[•]-[•] Investor Available Principal Amounts for the Collection Period related to such Payment Date (together with other amounts specified in this Indenture Supplement)
to make the following distributions or deposits in the following priority: 
 (i) an amount equal to the lesser of
(x) the Controlled Deposit Amount for such Payment Date and (y) the Series 20[•]-[•] Invested Amount for such Payment Date shall be deposited into the Accumulation Account; 

(ii) the balance of such Series 20[•]-[•] Investor Available Principal Amounts not applied pursuant to preceding
clause (i) will be treated as Shared Excess Principal Amounts available from Series 20[•]-[•] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [•] in accordance with
Section 8.05(b) of the Indenture; 
 (iii) the balance of such Series 20[•]-[•] Investor Available Principal
Amounts not applied pursuant to clauses (i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor
pursuant to the Transfer and Servicing Agreement; provided that any such amounts applied under this clause (iii) during a Collection Period shall be rescinded by the Servicer and reallocated for application under clauses (i) and (ii) to
the extent necessary to make required distributions thereunder on the related Payment Date; and 
 (iv) the balance of such
Series 20[•]-[•] Investor Available Principal Amounts not applied pursuant to clauses (i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent
amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on
such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the
Transferor Interest the amount of such insufficiency. 

  
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 (e) On each Payment Date with respect to the Early Amortization Period, the Servicer
will apply, or cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, the Series 20[•]-[•] Investor Available Principal Amounts for the Collection Period related to such Payment Date, plus all amounts on
deposit in the Accumulation Account (together with other amounts specified in this Indenture Supplement), to make the following distributions or deposits in the following priority: 

(i) an amount equal to the Series 20[•]-[•] Invested Amount (determined without giving effect to any reduction
thereto arising from amounts on deposit in the Accumulation Account) for such Payment Date will be distributed to the Paying Agent for payment to the Series 20[•]-[•] Noteholders[, pro rata between the
Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due,] on such Payment Date and on each subsequent Payment Date until the Series
20[•]-[•] Invested Amount (determined without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) has been paid in full; 

(ii) the balance of such Series 20[•]-[•] Investor Available Principal Amounts will be treated as Shared Excess
Principal Amounts available from Series 20[•]-[•] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [•] in accordance with Section 8.05(b) of the Indenture; and 

(iii) the balance of the Series 20[•]-[•] Investor Available Principal Amounts not applied pursuant to clauses
(i) or (ii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in
Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the
Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(f) On the earlier of (i) the first Payment Date with respect to the Early Amortization Period and (ii) the Payment Date which is
also the Series 20[•]-[•] Expected Final Payment Date, the Servicer shall, or shall cause the Indenture Trustee to, by written notice to the Indenture Trustee, withdraw from the Accumulation Account all amounts then on deposit in the
Accumulation Account and (A) distribute to the Paying Agent for payment to the Series 20[•]-[•] Noteholders on such Payment Date[, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due,] the amount necessary to pay the Series 20[•]-[•] Invested Amount (determined without giving effect to any reduction thereto arising from amounts on deposit
in the Accumulation Account) in full and (B) the balance, if any, of the amounts so withdrawn from the Accumulation Account will (x) first, be treated as Shared Excess 

  
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Principal Amounts available from Series 20[•]-[•] to be applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [•] in accordance with
Section 8.05(b) of the Indenture and (y) second, be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is
less than the Required Participation Amount, then the Indenture Trustee will deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such
insufficiency. 
 (g) If Series 20[•]-[•] Investor Available Principal Amounts for any Payment Date (together with amounts, if
any, available for application on such Payment Date pursuant to Section 4.04(f)) are insufficient to make in full the deposits or distributions required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, then Shared Excess
Principal Amounts for such Payment Date from other outstanding Series in Excess Principal Sharing Group [•] will be so deposited or distributed to cover the Principal Shortfall with respect to Series 20[•]-[•] as provided in
Section 4.08. 
 (h) If Series 20[•]-[•] Investor Available Principal Amounts for any Payment Date (together with amounts, if
any, available for application on such Payment pursuant to Section 4.04(f)) and Shared Excess Principal Amounts for such Payment Date from other outstanding Series in Excess Principal Sharing Group [•] are insufficient to make in full the
deposits and distributions required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, the Indenture Trustee, acting in accordance with written instructions from the Servicer, will withdraw from the Excess Funding Account and
distribute to the Paying Agent for deposit into the Accumulation Account or payment to the Series 20[•]-[•] Noteholders, as applicable, the lesser of (i) the product of the Series 20[•]-[•] Allocation Percentage and the
amount on deposit in the Excess Funding Account and (ii) the amount of such insufficiency. 
 Section 4.05. Investor
Charge-Offs. 
 On the Determination Date immediately preceding each Payment Date, the
Servicer will calculate the aggregate Series 20[•]-[•] Investor Defaulted Amounts, if any, for the related Collection Period. If, on any Determination Date, the aggregate Series 20[•]-[•] Investor Defaulted Amounts for the
preceding Collection Period exceed the sum of: 
 (i) the Series 20[•]-[•] Investor Available Interest Amounts for
the related Payment Date applied to fund such Series 20[•]-[•] Investor Defaulted Amounts pursuant to clause (vi) of Section 4.04(a); and 

(ii) the Shared Excess Interest Amounts available from other outstanding Series in Excess Interest Sharing Group [•]
applied to fund such Series 20[•]-[•] Investor Defaulted Amounts pursuant to clause (vi) of Section 4.04(a) in accordance with clause (i) of Section 4.04(b) and amounts on deposit in the Reserve Account applied to fund
such Series 20[•]-[•] Investor Defaulted Amounts pursuant to clause (vi) of Section 4.04(a) in accordance with clause (ii) of Section 4.04(b) (such excess, collectively, an “Investor Charge-Off”); 

  
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 then, on the related Payment Date, if the Series 20[•]-[•] Overcollateralization Amount is greater
than zero, the Series 20[•]-[•] Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 20[•]-[•] Overcollateralization Amount and (2) the amount of such Investor Charge-Offs, all as provided in Section 4.09. 
 Section 4.06. Reallocated Principal
Collections. 
 On each Determination Date, the Servicer shall determine the amount, if any, by which the Series
20[•]-[•] Investor Available Interest Amounts for the preceding Collection Period (excluding Reallocated Principal Collections for the related Payment Date), together with other amounts specified in Section 4.04(b)(i) and (ii), are
insufficient to pay the amounts due pursuant to Section 4.04(a)(iv) on the related Payment Date and cause the amount of such insufficiency to be reallocated, subject to the limitation in the next succeeding sentence, from the Series
20[•]-[•] Investor Available Principal Amounts for such Collection Period and, to the extent still necessary to pay such insufficiency, from amounts that would constitute Series 20[•]-[•] Investor Available Principal Amounts for
the current Collection Period. On each Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply, Reallocated Principal Collections with respect to the preceding Collection Period (and, if necessary, with respect to the current
Collection Period) in accordance with clause (iii) of Section 4.04(b), in an amount not to exceed the Series 20[•]-[•] Overcollateralization Amount. If, on any Payment Date, Reallocated Principal Collections for such Payment Date
are so applied, then, if the Series 20[•]-[•] Overcollateralization Amount is greater than zero (after giving effect to any reductions thereof pursuant to Section 4.05), the Series 20[•]-[•] Overcollateralization Amount will
be reduced by an amount not to exceed the lesser of (1) the Series 20[•]-[•] Overcollateralization Amount and (2) the amount of such Reallocated Principal Collections, all as provided in Section 4.09. 

Section 4.07. Excess Interest Amounts. 

Subject to Section 8.05(a) of the Indenture, Shared Excess Interest Amounts with respect to other Series in Excess Interest Sharing Group
[•] for any Payment Date will be allocated to Series 20[•]-[•] in an amount equal to the product of (i) the aggregate amount of Shared Excess Interest Amounts with respect to all other outstanding Series in Excess Interest
Sharing Group [•] for such Payment Date and (ii) a fraction, the numerator of which is the Interest Shortfall with respect to Series 20[•]-[•] for such Payment Date and the denominator of which is the aggregate amount of Interest
Shortfalls with respect to all outstanding Series in Excess Interest Sharing Group [•] for such Payment Date. 
 Section 4.08.
Excess Principal Amounts. 
 Subject to Section 8.05(b) of the Indenture, Shared Excess Principal Amounts with respect to other
outstanding Series in Excess Principal Sharing Group [•] for any Payment Date will be allocated to Series 20[•]-[•] in an amount equal to the product of (i) the aggregate amount of Shared Excess Principal Amounts with respect to
all other Series in Excess Principal Sharing Group [•] for such Payment Date and (ii) a fraction, the numerator of which is the Principal Shortfall with respect to Series 20[•]-[•] for such Payment Date and the denominator of
which is the aggregate amount of Principal Shortfalls with respect to all outstanding Series in Excess Principal Sharing Group [•] for such Payment Date. 

  
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 Section 4.09. Series Nominal Liquidation Amount, Overcollateralization Amount and
Invested Amount. 
 (a) On each Determination Date for the related Payment Date, the Servicer will, or will cause the Indenture Trustee,
to calculate the Primary Series 20[•]-[•] Overcollateralization Amount and the Incremental Overcollateralization Amount. On each day during a Collection Period, the Servicer, will, or will cause the Indenture Trustee, to calculate the
Series 20[•]-[•] Invested Amount. 
 (b) The Series 20[•]-[•] Nominal Liquidation Amount will be reduced on any Payment
Date by the following amounts: 
 (i) the amount, if any, of Reallocated Principal Collections (including any Reallocated
Principal Collections from the Collection Period occurring in the same month as the Payment Date) (not to exceed the Series 20[•]-[•] Overcollateralization Amount) used on such Payment Date to pay interest on the Series 20[•]-[•]
Notes pursuant to Section 4.04(b)(iii); and 
 (ii) the amount, if any, of Investor
Charge-Offs for the related Collection Period pursuant to Section 4.05. 
 On each Payment Date, the amount of
any reduction in the Series 20[•]-[•] Nominal Liquidation Amount due to (A) clause (i) or (ii) above will be allocated, first, to reduce the Series 20[•]-[•] Overcollateralization Amount by the amount of such reduction
until the Series 20[•]-[•] Overcollateralization Amount is reduced to zero and (B) clause (ii) above will be allocated, second, to reduce the Series 20[•]-[•] Invested Amount by any remaining amount of such reduction until
the Series 20[•]-[•] Invested Amount is reduced to zero. In addition, the Series 20[•]-[•] Invested Amount will be reduced by amounts deposited into the Accumulation Account and payments of principal of the Series
20[•]-[•] Notes. Each reduction of the Series 20[•]-[•] Overcollateralization Amount will be applied, first, to reduce the Primary Series 20[•]-[•] Overcollateralization Amount and, second, to reduce the Incremental
Overcollateralization Amount. 
 (c) The Series 20[•]-[•] Nominal Liquidation Amount will be reinstated on any Payment Date by the
sum of (i) the amount of Series 20[•]-[•] Investor Available Interest Amounts that are applied on such Payment Date for such purpose pursuant to Section 4.04(a)(v), (ii) the amount of Shared Excess Interest Amounts that are
applied on such Payment Date for such purpose pursuant to Sections 4.04(b)(i) and (iii) the amounts on deposit in the Reserve Account that are applied on such Payment Date for such purpose pursuant to Section 4.04(b)(ii). Each such
reinstatement will be allocated on such Payment Date, first, if the Series 20[•]-[•] Invested Amount has been reduced and not fully reinstated, to the Series 20[•]-[•] Invested Amount until it equals the Series
20[•]-[•] Outstanding Principal Amount and, second, any remaining reinstatement amount will be allocated to the Incremental Overcollateralization Amount until it has been fully reinstated and then to the Primary Series 20[•]-[•]
Overcollateralization Amount until it has been fully reinstated. 

  
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 (d) The Primary Series 20[•]-[•] Overcollateralization Amount and the Series
20[•]-[•] Invested Amount will be increased on any date on which the Issuer issues additional Series 20[•]-[•] Notes in accordance with Section 8.03(b). The amount of any such increase in the Primary Series
20[•]-[•] Overcollateralization Amount and the Series 20[•]-[•] Invested Amount will be in proportion to the increase in the aggregate Series 20[•]-[•] Outstanding Principal Amount resulting from the issuance of such
additional Series 20[•]-[•] Notes. 
 Section 4.10. Establishment of Accumulation Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 20[•]-[•] Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 20[•]-[•] Noteholders (the
“Accumulation Account”). The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other
property from time to time on deposit in or credited to the Accumulation Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any
investment purchased at a discount) solely for the benefit of the Series 20[•]-[•] Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Accumulation Account, and will have sole
dominion and control of the Accumulation Account for the benefit of the Series 20[•]-[•] Noteholders. Except as expressly provided in the Indenture, the Transfer and Servicing Agreement and this Indenture Supplement, the Servicer agrees
that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any
Series Enhancers. If, at any time, either (i) the Servicer, in its sole discretion and for any reason, notifies the Indenture Trustee in writing that there shall be established a new Accumulation Account at the institution selected by the
Servicer or (ii) the Accumulation Account ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency
Condition with respect to the Hired Rating Agencies shall have been satisfied), will establish a new Accumulation Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents,
certificates of deposit and other property to such new Accumulation Account and from the date such new Accumulation Account is established, it will be the “Accumulation Account.” The Indenture Trustee shall assist the Servicer with
establishment of a new Accumulation Account described in the preceding sentence. Pursuant to the authority granted to the Servicer in Section 3.01(a) of the Transfer and Servicing Agreement, the Servicer has the power, revocable by the
Indenture Trustee, to make withdrawals and payments from the Accumulation Account and to instruct the Indenture Trustee to make withdrawals and payments from the Accumulation Account for the purposes of carrying out the Servicer’s or the
Indenture Trustee’s duties under the Transfer and Servicing Agreement, the Indenture and this Indenture Supplement, as applicable. 

  
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 (b) Funds on deposit in the Accumulation Account will, at the written direction of the
Servicer, be invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the Indenture Trustee solely for the benefit of the
Series 20[•]-[•] Noteholders. The Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the Accumulation Account maintained by the Indenture
Trustee with the Securities Intermediary. Funds on deposit in the Accumulation Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than the close of business on the Business Day next
preceding each Payment Date. On each Payment Date with respect to the Accumulation Period and on the first Payment Date with respect to the Early Amortization Period, all interest and other investment earnings (net of losses and investment expenses)
on funds on deposit in the Accumulation Account will be withdrawn from the Accumulation Account and treated as Series 20[•]-[•] Investor Available Interest Amounts with respect to the related Collection Period for application in accordance
with Section 4.04(a). Net investment earnings on funds on deposit in the Accumulation Account will not be considered principal amounts on deposit therein for purposes of this Indenture Supplement. The Indenture Trustee will bear no
responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary obligor) in accordance with this Section 4.10(b) nor for the selection of Eligible Investments in
accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 
 (c) The Servicer or
the Indenture Trustee, acting at the written direction of the Servicer, shall (i) make withdrawals from the Accumulation Account in the amounts and for the purposes set forth in this Indenture Supplement and (ii) on each Payment Date with
respect to the Accumulation Period, make deposits into the Accumulation Account in the amounts specified in, and otherwise in accordance with, Section 4.04(d), (g) and (h). 

Section 4.11. Accumulation Period. The Accumulation Period is scheduled to begin at the close of business on [•], 20[•];
provided, however, that if the Accumulation Period Length (as described below) is determined to be less than [•] months, the date on which the Accumulation Period actually begins may be delayed to the close of business on the last
day of the month preceding the month that is the number of whole months prior to the month in which the Series 20[•]-[•] Expected Final Payment Date occurs which is at least equal to the Accumulation Period Length (so that the number of
full Collection Periods in the Accumulation Period will at least equal the Accumulation Period Length). On or prior to [•], 20[•] and, thereafter, on or prior to the first Business Day of each Collection Period prior to the Collection
Period in which the Accumulation Period is scheduled to begin, the Issuer, acting directly or through the Administrator, may at its option, elect to delay the start of the Accumulation Period and thereby reduce the number of full Collection Periods
in the Accumulation Period (the “Accumulation Period Length”), provided, that, (i) the Accumulation Period shall start no later than [•], 20[•]; (ii) the Rating Agency Condition shall be satisfied, and
(iii) prior to delaying the start of the Accumulation Period, an Authorized Officer of the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate to the effect that delaying the start of the Accumulation Period is
not expected to delay any payment of principal to the Series 20[•]-[•] Noteholders. Once the Accumulation Period has commenced, the Accumulation Period Length cannot be changed. 

  
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 Section 4.12. Establishment of Reserve Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 20[•]-[•] Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 20[•]-[•] Noteholders (the
“Reserve Account”). The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other property
from time to time on deposit in or credited to the Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment
purchased at a discount) solely for the benefit of the Series 20[•]-[•] Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Reserve Account, and will have sole dominion and
control of the Reserve Account for the benefit of the Series 20[•]-[•] Noteholders. Except as expressly provided in the Indenture and the Transfer and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s
lien against, and no right to otherwise deduct from, any funds and other property held in the Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, either
(i) the Servicer, in its sole discretion and for any reason, notifies the Indenture Trustee in writing that there shall be established a new Reserve Account at the institution selected by the Servicer or (ii) the Reserve Account ceases to
be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition with respect to the Hired Rating Agencies shall
have been satisfied), will establish a new Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Reserve Account
and from the date such new Reserve Account is established, it will be the “Reserve Account.” The Indenture Trustee shall assist the Servicer with establishment of a new Reserve Account described in the preceding sentence. Pursuant to the
authority granted to the Servicer in Section 3.01(a) of the Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee, to make withdrawals and payments from the Reserve Account and to instruct the
Indenture Trustee to make withdrawals and payments from the Reserve Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties under the Transfer and Servicing Agreement, the Indenture and this Indenture
Supplement, as applicable. 
 (b) Funds on deposit in the Reserve Account will, at the written direction of the Servicer, be invested by the
Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the Indenture Trustee solely for the benefit of the Series 20[•]-[•]
Noteholders. The Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the Reserve Account maintained by the Indenture Trustee with the Securities
Intermediary. Funds on deposit in the Reserve Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than the close of business on the Business Day next preceding each Payment Date.
On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Account will be withdrawn from the Reserve Account and treated as Series 20[•]-[•] Investor
Available Interest Amounts with respect to the 

  
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related Collection Period for application in accordance with Section 4.04(a). Net investment earnings on funds on deposit in the Reserve Account will not be considered principal amounts on
deposit therein for purposes of this Indenture Supplement. The Indenture Trustee will bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary obligor) in
accordance with this Section 4.12(b) nor for the selection of Eligible Investments in accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 

(c) The Reserve Account will be funded by the Issuer on the Series 20[•]-[•] Issuance Date in the amount of the Reserve Account
Initial Deposit. 
 (d) On each Payment Date, to the extent that Series 20[•]-[•] Investor Available Interest Amounts on deposit
in the Collection Account with respect to such Payment Date, are insufficient to make all distributions and deposits required under clauses (iii) through (v) of Section 4.04(a), and to the extent that amounts set forth in
Section 4.04(b)(i) are insufficient to make up the Interest Shortfall with respect to Series 20[•]-[•], the Servicer or the Indenture Trustee, acting at the written direction of the Servicer, will withdraw amounts then on deposit in
the Reserve Account, up to the amounts of any such Interest Shortfall, pursuant to clause (ii) of Section 4.04(b) and apply, or cause the Indenture Trustee to apply, such amounts in accordance with clause (ii) of Section 4.04(b).
If the Series 20[•]-[•] Notes are not paid in full on the earlier of (x) the Series 20[•]-[•] Final Maturity Date and (y) the first Payment Date on or after the occurrence of an Event of Default and a declaration that
all of the Series 20[•]-[•] Notes are immediately due and payable as set forth in Section 5.03(a) of the Indenture, any funds remaining in the Reserve Account, after application of amounts therein on such date in accordance with
Section 4.04(a), will be applied pursuant to Section 4.04(e) on such date. Upon the payment in full of the Series 20[•]-[•] Notes under the Indenture and this Indenture Supplement, any funds remaining in the Reserve Account will
be treated as Shared Excess Principal Amounts available from Series 20[•]-[•] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [•] in accordance with Section 8.05(b) of the
Indenture. Upon the payment in full of the Series 20[•]-[•] Notes under the Indenture and this Indenture Supplement and to the extent such amounts are not needed to cover Principal Shortfalls for other outstanding Series in Excess
Principal Sharing Group [•], as directed in writing by the Servicer, the Indenture Trustee shall distribute to the holders of the Transferor Interest, pursuant to the Trust Agreement, any amounts remaining on deposit in the Reserve Account.
Upon any such distribution to the holders of the Transferor Interest as set forth in the preceding sentence, the Issuer, Transferor, Owner Trustee, Indenture Trustee, Series Enhancers and Noteholders will have no further rights in, or claims to,
such amounts. 
 Section 4.13. [Determination of LIBOR. 

(a) Subject to the occurrence of an Alternate Rate Event, on each Interest Determination Date, the Calculation Agent will determine LIBOR
based on the rate displayed on the Designated LIBOR Page on such date. If the Designated LIBOR Page by its terms provides only for a single rate, then LIBOR for the applicable Interest Period will be the rate for deposits in United States
dollars having a maturity of one month (commencing on the first day of such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m. London time on the applicable Interest Determination Date. If at least two offered rates appear,
LIBOR for the applicable Interest Period will be the arithmetic mean of the offered rates for deposits in United States dollars having a maturity of one month (commencing on the first day of such Interest Period) that appears on the Designated LIBOR
Page as of 11:00 a.m. London time, on the applicable Interest Determination Date. 

  
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 With respect to any Interest Determination Date on which no offered rate appears on the
Designated LIBOR Page, and subject to the occurrence of an Alternate Rate Event, LIBOR for the applicable Interest Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of at least two quotations obtained by
the Calculation Agent after requesting the principal London offices of each of four major reference banks in the London interbank market, which may include the Calculation Agent and its affiliates, as selected by the Calculation Agent, after
consultation with the Administrator, to provide the Calculation Agent with its offered quotations for deposits in United States dollars for the period of one month, commencing on the second London Business Day immediately following the applicable
Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on such Interest Determination Date and in a principal amount that is representative of a single transaction in United States
dollars in that market at that time. If at least two such quotations are provided, LIBOR determined on the applicable Interest Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations referred to in this
paragraph are provided, LIBOR determined on the applicable Interest Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York, New York, on the
applicable Interest Determination Date by three major banks, which may include the Calculation Agent and its affiliates, in New York, New York selected by the Calculation Agent, after consultation with the Administrator, for loans in United States
dollars to leading European banks in a principal amount that is representative of a single transaction in United States dollars in that market at that time. If the banks so selected by the Calculation Agent are not quoting as mentioned in this
paragraph, then, subject to the occurrence of an Alternate Rate Event, LIBOR for the applicable Interest Determination Date will be LIBOR in effect on the preceding Interest Determination Date. 

Notwithstanding the preceding paragraphs, if an Alternative Rate Trigger has occurred and the Sponsor determines in its sole discretion that a
reference rate other than LIBOR has been selected by a central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative
action or guidance, as an alternative interest rate benchmark for interbank lending, then the Sponsor may direct the Calculation Agent to use such alternative rate as a substitute for LIBOR for the current Interest Determination Date and for each
future Interest Determination Date unless and until directed otherwise (such determination and direction, an “Alternate Rate Event”). If an Alternative Rate Trigger has occurred but the Sponsor determines in its sole discretion that
no central bank, reserve bank, monetary authority or other institution (including any committee or working group thereof) has identified an alternative reference rate or there is no clear market consensus as to whether any rate has replaced LIBOR in
customary market usage for asset-backed securities or securitization financing transactions, the Sponsor may, but will have no obligation to, direct the Calculation Agent to use an alternative rate as selected by the Sponsor in its sole discretion
after consulting any source the Sponsor deems to be reasonable as a substitute for LIBOR for the current Interest Determination Date and for each future Interest 

  
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Determination Date unless and until directed otherwise. As part of any rate substitution described in this paragraph, the Sponsor may make, or direct the Calculation Agent to make, such
adjustments to such alternative rate or the spread thereon, as well as the day count, business day convention, the definition of business day, interest determination dates and any other related provisions and definitions or any other relevant
methodology for calculating such alternative rate, in each case that, in the Sponsor’s sole discretion, are not inconsistent with accepted market practice for asset-backed securities or securitization financing transactions or applicable
regulatory or legislative action or guidance for the use of such alternative rate for securities such as the Series 20[•]-[•] Notes, as determined by the Sponsor in its sole discretion without the consent of any Series 20[•]-[•]
Noteholders and without satisfying the amendment provisions of the Indenture or any other Transaction Document. If the Sponsor does not provide an alternative base rate for any Interest Period after the occurrence of an Alternative Rate Trigger,
then, for purposes of calculating the Note Interest Rate for such Interest Period, LIBOR will be calculated pursuant to the definition set forth in the paragraph immediately above. 

For the avoidance of doubt, (i) in no event shall the Calculation Agent be responsible for, (A) other than as set forth in the
second preceding paragraph, determining LIBOR or any substitute for LIBOR if such rate does not appear on the Designated LIBOR Page or (B) unless so directed by the Sponsor, making any adjustments to such alternative rate or the spread thereon,
the day count, the business day convention, the definition of business day, interest determination dates and any other related provisions and definitions or any other relevant methodology for calculating such alternative rate, including any
adjustment factor the Sponsor determines is needed to make such alternative rate be consistent with accepted market practice or applicable regulatory or legislative action or guidance for the use of such alternative rate; and (ii) in connection
with any of the matters referenced in clause (i) of this paragraph, the Calculation Agent shall be entitled to conclusively rely on any determinations made by the Sponsor in regards to such matters and shall have no liability for any such
actions taken at the direction of the Sponsor. 
 Notwithstanding anything to the contrary in the Transaction Documents, the Sponsor will
not be liable for any action or inaction taken or refrained from being taken by it with respect to any LIBOR or alternative rate determination or for any determination to cause, or fail to cause, an Alternate Rate Event to occur. By accepting a
Series 20[•]-[•] Note or a beneficial interest therein, each Series 20[•]-[•] Noteholder will be deemed to waive and release any and all claims against the Sponsor relating to any action or inaction taken or refrained from being
taken by the Sponsor with respect to any LIBOR or alternative rate determination or from the Sponsor causing or failing to cause an Alternate Rate Event to occur. 

(b) The Note Interest Rate applicable to the then-current and the immediately preceding Interest
Periods may be obtained by contacting the Indenture Trustee at its Corporate Trust Office or such other contact information as may be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each
Noteholder from time to time. 
 (c) On each Interest Determination Date, the Indenture Trustee will send to the Servicer, the Issuer and
the Administrator by electronic transmission, notification of LIBOR for the following Interest Period. 

  
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 (d) The Issuer agrees to indemnify the Calculation Agent, its officers, directors,
employees, and agents against any loss, liability, expense, damage, or injury suffered or sustained without willful misconduct, negligence or bad faith on its part, arising in connection with the performance of its duties as Calculation Agent,
including the costs and expenses of defending itself against any claim or liability from the exercise or performance of any of its powers or duties under this Indenture Supplement. 

(e) Notwithstanding anything herein to the contrary, any direction to the Calculation Agent pursuant to this Section 4.13 shall be in
writing.] 
 Section 4.14. [Net Remittances. Notwithstanding anything to the contrary in this Indenture Supplement, so long as
NMAC is the Servicer, NMAC (as Servicer or in any other capacity) may make the remittances required pursuant to this Indenture Supplement net of amounts to be distributed to the Servicer or its Affiliates pursuant hereto. Accounts between the
Servicer and such Affiliates will be adjusted accordingly. Nonetheless, the Servicer shall account for all of the above described remittances and distributions in the Payment Date Statement as if the amounts were deposited and/or transferred
separately.] 
 ARTICLE V 

DELIVERY OF SERIES 20[•]-[•] NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 20[•]-[•] NOTEHOLDERS 

Section 5.01. Delivery and Payment for Series 20[•]-[•] Notes. 

The Indenture Trustee will authenticate the Series 20[•]-[•] Notes in accordance with Section 2.03 of the Indenture. The
Indenture Trustee will deliver the Series 20[•]-[•] Notes to or upon the order of the Issuer when so authenticated. 

Section 5.02. Distributions. 

(a) On each Payment Date, the Paying Agent will distribute to each [Series 20[•]-[•]][Class
A-1 Noteholder and Class A-2] Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such [Series
20[•]-[•]][Class A-1 Noteholder’s and Class A-2] Noteholder’s pro rata share (based on amounts due) of the amounts held by the Paying Agent that
are allocated and available on such Payment Date to pay interest on the [Series 20[•]-[•] Notes][Class A-1 Notes or the Class A-2 Notes, as applicable]
pursuant to this Indenture Supplement. 
 (b) On each Payment Date, the Paying Agent will distribute to each [Series
20[•]-[•]][Class A-1 Noteholder and Class A-2] Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the
Indenture) such [Series 20[•]-[•]][Class A-1 Noteholders and Class A-2] Noteholder’s pro rata share (based on amounts due) of the amounts held by the
Paying Agent that are allocated and available on such Payment Date to pay principal on the [Series 20[•]-[•] Notes][Class A-1 Notes or the Class A-2
Notes, as applicable] pursuant to this Indenture Supplement. 

  
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 (c) The distributions to be made pursuant to this Section are subject to the provisions of
Sections 2.03, 6.01 and 7.01 of the Transfer and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this Indenture Supplement. 

(d) Except as provided in Section 11.02 of the Indenture with respect to a final distribution, distributions to Series
20[•]-[•] Noteholders hereunder will be made (i) by wire transfer of immediately available funds to an account designated by the Series 20[•]-[•] Noteholders and (ii) without presentation or surrender of any Series
20[•]-[•] Notes or the making of any notation thereon. 
 Section 5.03. Reports and Statements to Series
20[•]-[•] Noteholders. 
 (a) Not later than the second Business Day preceding each Payment Date,
the Servicer will mail or deliver to the Owner Trustee, the Indenture Trustee, the Paying Agent and each Hired Rating Agency (i) a statement substantially in the form of Exhibit B prepared by the Servicer and (ii) a certificate of an
Authorized Officer substantially in the form of Exhibit C; provided that the Servicer may amend the form of Exhibit B and Exhibit C form time to time. Any statement or certificate delivered pursuant to this paragraph (a) may be delivered
by electronic transmission. 
 (b) On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, will deliver to each Series
20[•]-[•] Noteholder a copy of each statement or certificate delivered pursuant to paragraph (a). 
 (c) On or before
January 31 of each calendar year, beginning with calendar year [•], the Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series
20[•]-[•] Noteholder, a statement prepared by the Servicer containing the information that is required to be contained in the statement to Series 20[•]-[•] Noteholders, as set forth in paragraph (b) above, aggregated for
such calendar year together with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer will be deemed to have been satisfied to the extent that substantially comparable
information is provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect. Any statement delivered pursuant to this paragraph (c) may be delivered by the Indenture Trustee by electronic transmission so
long as the Indenture Trustee shall have provided each Series 20[•]-[•] Noteholder with free and open access (if required) to such statement. 

(d) Solely with respect to the Series 20[•]-[•] Notes, Section 3.06 of the Transfer and Servicing Agreement shall be revised to
read “[Reserved]”. 
 Section 5.04. Tax Treatment. 

Each of the parties to this Indenture Supplement hereby severally covenants and agrees, in each case as to itself individually, to treat the
Series 20[•]-[•] Notes [(other than Tax Retained Notes, if any)] as indebtedness for applicable United States federal, state, and local income and franchise tax law and for purposes of any other tax imposed on, or measured by, income. 

  
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 Section 5.05. Information to be Provided by the Indenture Trustee. 

The Indenture Trustee shall provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the
“Nissan Parties”) with (i) notification pursuant to Sections 2.03(b), 2.04(b) and 3.03(b) of the Transfer and Servicing Agreement and Sections 2.02(b) and 2.03(b) of the Receivables Purchase Agreement, as soon as
practicable and in any event within ten Business Days, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning [•], 20[•], a report
substantially in the form of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) and
(iii) promptly upon the request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the
Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any
filing required to be made by a securitizer under the Exchange Act or Regulation AB. 
 Section 5.06. Tax Forms. 

Promptly upon request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for
withholding of taxes) with the Tax Information. 
 ARTICLE VI 

SERIES 20[•]-[•] EARLY AMORTIZATION EVENTS 

Section 6.01. Series 20[•]-[•] Early Amortization Events. 

If any one of the Early Amortization Events specified in the definition thereof in the Annex of Definitions or any one of the following events
occurs with respect to the Series 20[•]-[•] Notes: 
 (i) failure by the Issuer, the Transferor, the Servicer or
NMAC (if NMAC is no longer the Servicer), as applicable (a) to make any payment or deposit required by the terms of the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement,
including but not limited to any Transferor Deposit Amounts, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made, (b) to deliver a Payment Date Statement on the date required under the
Transfer and Servicing Agreement, or within the applicable grace period which will not exceed five Business Days, (c) to comply with its covenant not to create any Lien on any Receivable, or (d) to observe or perform in any material
respect any other covenants or agreements set forth in the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement which failure (in the case of this clause (d)) continues unremedied for a
period of 60 days after the date on which notice of such failure 

  
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requiring the same to be remedied, has been given to the Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, by the Indenture Trustee, or to the
Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, and the Indenture Trustee by any Holder of a Series 20[•]-[•] Note; 

(ii) any representation or warranty made by (x) NMAC, as seller, in the Receivables Purchase Agreement or
(y) the Transferor in the Transfer and Servicing Agreement, or any information required to be delivered by NMAC or the Transferor to identify the Accounts, proves to have been incorrect in any material respect when made or when delivered, which
continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer, NMAC or the Transferor, as applicable, by the
Indenture Trustee, or to the Issuer, NMAC or the Transferor, as applicable, and the Indenture Trustee by any Holder of a Series 20[•]-[•] Note and as a result the interests of the Series 20[•]-[•] Noteholders are materially and
adversely affected; provided, however, that an Early Amortization Event pursuant to this clause (ii) will not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of
such Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement; 

(iii) the occurrence of an Insolvency Event with respect to the Issuer, the Transferor, NMAC, NNA or NML; 

(iv) a failure by the Transferor to transfer to the Issuer Receivables in Additional Accounts within ten Business Days after
the day on which it is required to convey those Receivables under the Transfer and Servicing Agreement; 
 (v) on any Payment
Date, the Series 20[•]-[•] Overcollateralization Amount is reduced to an amount less than the product of (i) the applicable Series 20[•]-[•] Overcollateralization Percentage and (ii) the Series 20[•]-[•]
Initial Principal Amount; provided, that, for the purpose of determining whether an Early Amortization Event has occurred pursuant to this clause (v), any reduction of the Primary Series 20[•]-[•] Overcollateralization Amount
resulting from Reallocated Principal Collections to pay interest on the Series 20[•]-[•] Notes in the event LIBOR is equal to or greater than the Reference Rate upon which interest on the Receivables is calculated on the applicable
Interest Determination Date will be considered an Early Amortization Event only if LIBOR remains equal to or greater than such Reference Rate for the next 30 consecutive days following such Interest Determination Date; provided, further that, if the
reduction occurs on any Payment Date on which the Series 20[•]-[•] Overcollateralization Percentage is increased because the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [•]% or the
Series 20[•]-[•] Overcollateralization Percentage is further increased because the average of the Monthly Payment Rates for the three preceding Collection Periods 

  
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is less than [•]%, then that reduction shall be an Early Amortization Event if the Series 20[•]-[•] Overcollateralization Amount remains less than the Required Series
20[•]-[•] Overcollateralization Amount for five or more days after the Payment Date on which the Series 20[•]-[•] Overcollateralization Percentage increased; 

(vi) any Servicer Default that adversely affects in any material respect the interests of any noteholder, or NMAC no longer
acts as Servicer under the Transfer and Servicing Agreement; 
 (vii) on any Determination Date, the average of the Monthly
Payment Rates for the three consecutive Collection Periods preceding such Determination Date is less than [•]% for a period of at least 5 days after the date on which written notice of such event has been given to the Issuer, NMAC and the
Transferor; 
 (viii) for three consecutive Determination Dates, the amounts on deposit in the Excess Funding Account on each
such Determination Date exceed [•]% of the sum of the Invested Amounts of all outstanding Series issued by the Issuer; 

(ix) the Series 20[•]-[•] Outstanding Principal Amount is not repaid in full on the Series 20[•]-[•]
Expected Final Payment Date; 
 (x) the Issuer or the Transferor becomes subject to the requirement that it register as an
investment company within the meaning of the Investment Company Act of 1940; or 
 (xi) the occurrence of an Event of Default
with respect to Series 20[•]-[•] Notes and the declaration that the Series 20[•]-[•] Notes are due and payable pursuant to the Indenture. 

then, in the case of any event described in clauses (i), (ii) or (vi) above, an Early Amortization Event with respect to Series 20[•]-[•] will
be deemed to have occurred only if, after the applicable grace period described in those clauses, if any, either the Indenture Trustee or Series 20[•]-[•] Noteholders holding Series 20[•]-[•] Notes evidencing more than [50]% of
the Series 20[•]-[•] Outstanding Principal Amount by written notice to the Transferor, NMAC, the Servicer and the Indenture Trustee (if given by Series 20[•]-[•] Noteholders), declare that an Early Amortization Event has
occurred as of the date of that notice. In the case of any event described in clause (iii), (iv), (v) or clauses (vii) through (xi) above, an Early Amortization Event with respect to Series 20[•]-[•] will be deemed to have occurred
without any notice or other action on the part of the Indenture Trustee or the Series 20[•]-[•] Noteholders immediately upon the occurrence of that event. 

If an Early Amortization Event (other than an Early Amortization Event specified in clause (iii) or (x) above) has occurred and the
Accumulation Period has not commenced, and if the Series 20[•]-[•] Noteholders holding Series 20[•]-[•] Notes evidencing more than [50]% of the Series 20[•]-[•] Outstanding Principal Amount consent to the recommencement
of the Revolving Period and the Rating Agency Condition with respect to the Hired Rating Agencies is satisfied, the related Early Amortization Event shall terminate and the Revolving Period shall recommence. Notwithstanding anything to the contrary
herein, if an Early Amortization Event specified in clause (iii) or (x) above has occurred, the Revolving Period shall not recommence under any circumstances. 

  
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 ARTICLE VII 

REDEMPTION OF SERIES 20[•]-[•] NOTES; 

SERIES FINAL MATURITY; FINAL DISTRIBUTIONS 

Section 7.01. Redemption of Series 20[•]-[•] Notes. 

(a) On any day occurring on or after the date on which the Series 20[•]-[•] Outstanding Principal Amount is reduced to [10% or less]
[$[•] or less] of the Series 20[•]-[•] Initial Principal Amount, the Issuer will have the option to redeem the Series 20[•]-[•] Notes, in whole but not in part, at a redemption price equal to (i) if such day is a
Payment Date, the Reassignment Amount for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 

(b) The Issuer will give the Servicer and the Indenture Trustee reasonable prior written notice of the date on which the Issuer intends to
exercise its option to redeem the Series 20[•]-[•] Notes. Not later than 5:00 P.M., New York City time, on the Business Day prior to the date on which the Issuer is to redeem the Series 20[•]-[•] Notes, the Issuer will deposit
into the Collection Account in immediately available funds an amount equal to the excess of the Reassignment Amount over amounts then on deposit in the Collection Account and available to be applied to the payment of the Reassignment Amount. Such
redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account in accordance with the foregoing, the Series 20[•]-[•] Invested Amount will be reduced to zero and the Series
20[•]-[•] Noteholders will have no further interest in the Receivables. The Reassignment Amount will be distributed in the manner set forth in Section 7.02. 

Section 7.02. Series Final Maturity. 

(a) The amount to be paid by the Transferor with respect to Series 20[•]-[•] in connection with reassignment of the
Noteholders’ Collateral pursuant to Section 2.03 of the Transfer and Servicing Agreement will be the Reassignment Amount for the first Payment Date following the Collection Period in which the reassignment obligation arises under the
Transfer and Servicing Agreement. With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.03 of the Transfer and Servicing Agreement, the Reassignment Amount deposited into the Collection Account
pursuant to Section 7.01 hereof and the proceeds from any Foreclosure Remedy pursuant to Section 5.05 of the Indenture, the Indenture Trustee will, in accordance with the written direction of the Servicer, not later than 12:00 noon, New
York City time, on the related Payment Date, make distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately
available funds: (A) the Series 20[•]-[•] Outstanding Principal Amount on such Payment Date will be distributed 

  
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to the Paying Agent for payment to the Series 20[•]-[•] Noteholders[, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due] and (B) an amount equal to the sum of (1) Monthly Interest for such Payment Date, (2) any Monthly Interest previously due but not distributed to the
Series 20[•]-[•] Noteholders on any prior Payment Date and (3) Additional Interest, if any, for such Payment Date and any Additional Interest previously due but not distributed to the Series 20[•]-[•] Noteholders on any
prior Payment Date will be distributed to the Paying Agent for payment to the Series 20[•]-[•] Noteholders[, pro rata between the Class A-1 Noteholders and the
Class A-2 Noteholders based on amounts due]. 
 (b) Notwithstanding anything to the contrary in
this Indenture Supplement, the Indenture or the Transfer and Servicing Agreement, all amounts distributed to the Paying Agent pursuant to Section 7.02(a) for payment to the Series 20[•]-[•] Noteholders will be deemed distributed in
full to the Series 20[•]-[•] Noteholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and will be deemed to be a final distribution pursuant to Section 11.02 of the Indenture. 

Section 7.03. No Defeasance. 

The Issuer shall not have the option to be discharged from its obligations with respect of the Series 20[•]-[•] Notes as described
in Section 11.04 of the Indenture. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Agreement. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified
and confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 

Section 8.02. Form of Delivery of Series 20[•]-[•] Notes. 

(a) The Series 20[•]-[•] Notes shall be Global Notes and shall be delivered as provided in Section 2.03 of the Indenture;
provided that any Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of the Indenture. 

Section 8.03. Notices. 

All notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies hereunder or under the
Indenture shall be delivered to each Rating Agency then rating the Notes; provided, however, that all notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies hereunder or under the Indenture shall
be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance
with 17 C.F.R. 240 17g-5(a)(3). 

  
 46 

 Section 8.04. Amendments and Waivers. 

(a) Without limiting Section 4.13(a), this Indenture Supplement may be amended by the Transferor, Servicer and the Issuer with the
consent of the Indenture Trustee, but without the consent of any of the Series 20[•]-[•] Noteholders, to cure any ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision herein, or for any
other purpose; provided that (i)(A) the Servicer shall have delivered an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect any
Series 20[•]-[•] Noteholder or (B) the Rating Agency Condition with respect to the Hired Rating Agencies shall have been satisfied with respect to such Amendment and (ii) the Issuer shall have received a Required Federal
Income Tax Opinion and have delivered a copy to the Indenture Trustee. 
 If any proposed amendment or supplement described in this
Section 8.04(a) would materially and adversely affect any of the rights or obligations of any Certificateholder, as determined by the Servicer and set forth in an Officer’s Certificate delivered by the Servicer to the Owner Trustee, the
Owner Trustee shall obtain the consent of each Certificateholder prior to the adoption of such amendment or supplement; provided, that no Certificateholder’s consent to any such amendment or supplement shall be unreasonably withheld or delayed,
and provided, further, that each Certificateholder’s consent will be deemed to have been given if such Certificateholder does not object in writing within 10 days of receipt of a written request for such consent. Upon receipt of the consent, or
deemed consent, of each Certificateholder, the Owner Trustee shall notify the Indenture Trustee of such consent or deemed consent. 
 (b)
Subject to Section 4.13(a), this Indenture Supplement may also be amended from time to time by the Transferor, the Servicer and the Issuer, with the consent of the Indenture Trustee, receipt by the Issuer with a copy to the Indenture Trustee,
of a Required Federal Income Tax Opinion and the consent of: 
 (i) the holders of notes evidencing a majority of the
outstanding Series 20[•]-[•] Notes; or 
 (ii) in the case of any amendment that does not adversely affect the
Indenture Trustee or any Series 20[•]-[•] Noteholders, the Holders of the Certificates evidencing a majority of the outstanding Certificate balance; 

for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture Supplement or of
modifying in any manner the rights of those Series 20[•]-[•] Noteholders or Certificateholders; provided, however, that no amendment shall: 

(x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Series
20[•]-[•] Notes or distributions that are required to be made for the benefit of those Series 20[•]-[•] Noteholders or Certificateholders or change the Note Interest Rate or the Specified Reserve Account Balance (except as
described above under clause (ii) of subsection (a) above) without the consent of each “adversely affected” Series 20[•]-[•] Noteholder or Certificateholder; or 

  
 47 

 (y) reduce the aforesaid percentage of the outstanding Series or
Class of Notes or Certificate Balance of the Certificates which is required to consent to any amendment, without the consent of the holders of all the then outstanding Series 20[•]-[•] Notes or Certificates. 

An amendment referred to above will be deemed not to adversely affect a Series 20[•]-[•] Noteholder if the Rating Agency Condition
with respect to the Hired Rating Agencies with respect to such amendment shall have been satisfied. In connection with any amendment referred to in clause (x) above, the Servicer shall deliver an Officer’s Certificate to the Indenture
Trustee and the Owner Trustee stating that those Noteholders and Certificateholders whose consents were not obtained were not adversely affected by such amendment. 

It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to this Section 8.04 to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
 (c)
Promptly after the execution of any amendment or consent to this Indenture Supplement, the Servicer shall furnish a copy of such amendment or consent to each Hired Rating Agency. 

(d) Prior to the execution of any amendment to this Indenture Supplement, the Owner Trustee and the Indenture Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment
which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Indenture Supplement or otherwise. No amendment to this Indenture Supplement which materially adversely affects
the Owner Trustee shall be effective without the prior written consent of the Owner Trustee 
 (e) If, at any time and from time to time
when the Series 20[•]-[•] Notes are outstanding, the Issuer determines that an amendment to this Indenture Supplement is desirable for the Issuer to issue additional Series 20[•]-[•] Notes, then the Issuer and the Indenture
Trustee may enter into such amendment without obtaining the consent of the Series 20[•]-[•] Noteholders; provided, that (a) the Rating Agency Condition with respect to the Hired Agencies has been satisfied, (b) the Issuer
has delivered to the Indenture Trustee and the Owner Trustee a Required Federal Income Tax Opinion and (c) the Series 20[•]-[•] Invested Amount of the Series 20[•]-[•] Notes and all amounts relating to the Series
20[•]-[•] Overcollateralization Amount shall be adjusted proportionately. 
 (f) If, at any time when the Series
20[•]-[•] Notes are outstanding, and from time to time the Issuer determines that an amendment to the Indenture is desirable to conform to the Prospectus, then the Issuer and the Indenture Trustee may enter into such amendment without
obtaining the consent of the Series 20[•]-[•] Noteholders; provided, that (i) the Issuer has delivered notice of such amendment to the Rating Agencies on the date such amendment becomes effective and (ii) the Rating Agency
Condition has been satisfied. 

  
 48 

 Section 8.05. Counterparts. This Indenture Supplement may be executed in two or
more counterparts, and by different parties on separate counterparts, each of which will be an original, but all of which will constitute one and the same instrument. 

Section 8.06. Governing Law. THIS INDENTURE SUPPLEMENT AND EACH SERIES 20[•]-[•] NOTE ARE TO BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 
 Section 8.07. Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and are not intended to affect the construction hereof. 

Section 8.08. Waiver of Jury Trial. Each of the parties hereto hereby waives, to the fullest extent permitted by applicable law,
any right that it may have to a trial by jury in respect to any legal action or proceeding relating to this agreement. 
 Section 8.09.
Compliance with Regulation AB. So long as the Transferor is required to file any reports with respect to the Issuer under the Exchange Act, the Servicer agrees to perform all duties and obligations applicable to or required of the Issuer set
forth in Appendix A attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it. 

Section 8.10. Asset Representations Review. If the Status Percentage on any Payment Date exceeds the Status Trigger, then Series
20[•]-[•] Noteholders (if the Series 20[•]-[•] Notes are represented by Definitive Notes) or Series 20[•]-[•] Note Owners (if the Series 20[•]-[•] Notes are represented by Book-Entry Notes) holding at least 5%
of the principal balance of the Series 20[•]-[•] Notes as of the filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger (the “Instituting
Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days
after the filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger. If any Instituting Noteholder is not a Series 20[•]-[•] Noteholder as reflected on the Note
Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Series 20[•]-[•] Note Owner. If the Instituting Noteholders initiate a
vote as described above, the Indenture Trustee shall submit the matter to a vote of all Series 20[•]-[•] Noteholders, which shall be through the Clearing Agency if the Series 20[•]-[•] Notes are represented by Book-Entry
Notes. The Record Date for purposes of determining the identity of Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note Owners, as applicable, entitled to vote shall be the date of filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger. The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger. The “Noteholder Direction” shall be deemed to have occurred if Series 20[•]-[•] Noteholders representing at
least a majority of the voting 

  
 49 

 
Series 20[•]-[•] Noteholders vote in favor of directing an Asset Review by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Transferor will disclose whether or not a Noteholder Direction has occurred. Each of NMAC, the Transferor and the Issuing Entity hereby acknowledges and agrees that it shall reasonably cooperate
with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to terms of this Section 8.10. 

Within [5 Business Days] of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to NMAC, the Transferor, the
Servicer and the Asset Representations Reviewer. 
 For the avoidance of doubt, neither the Indenture Trustee nor the Owner Trustee shall be
required to (i) determine whether, or give notice to Series 20[•]-[•] Noteholders that, a Status Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset Representations Reviewer. For the
avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge or discovery of any breach of a representation or warranty. 

Notwithstanding the preceding clauses of this Section 8.10, a Series 20[•]-[•] Noteholder (if the Series
20[•]-[•] Notes are represented by Definitive Notes) or Series 20[•]-[•] Note Owner (if the Series 20[•]-[•] Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to
(i) notifying (or directing the Indenture Trustee to notify) NMAC of a breach of the Transferor’s representations and warranties in Section 2.04(a) of the Transfer and Servicing Agreement that would require the Transferor or NMAC to
accept reassignment, or purchase, of any Account or the related Receivables, or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 8.11 of this Indenture Supplement.

 Section 8.11. Dispute Resolution. 

(a) If the Transferor, Issuing Entity, an Investor or the Indenture Trustee (acting at the direction of an Investor, in which case the
Indenture Trustee shall be entitled to all of the protections of Section 6.03(d) of the Indenture) (the “Requesting Party”) requests that the Transferor or NMAC accept a reassignment, or repurchase, of any Receivables, NMAC will
inform the Requesting Party in writing upon a determination by NMAC that a Receivable will be reassigned or repurchased, as applicable, and the Payment Date Statement with respect to the related Collection Period will include disclosure of such
reassignment or repurchase. If the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Servicer, the Requesting Party will have
the right to refer the matter, at its discretion, to either mediation or arbitration pursuant to this Section 8.11. A failure of NMAC to inform the Requesting Party that a Receivable subject to a request will be reassigned or repurchased within
180 days of the receipt of notice of the request shall be deemed to be a determination by NMAC that no reassignment or repurchase of that Receivable is required. If the Requesting Party is the Indenture Trustee, the Indenture Trustee will follow the
direction of the related Investor or Certificateholder, as applicable, during the mediation or arbitration. Under no circumstances will the Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to the
Requesting Party. 

  
 50 

 (b) The Requesting Party will provide notice in accordance with the provisions of
Section 12.04 of the Indenture of its intention to refer the matter to mediation or arbitration, as applicable, to the Servicer, with a copy to the Issuing Entity, the Owner Trustee and the Indenture Trustee. The Servicer agrees that it will
participate in the resolution method selected by the Requesting Party. The Servicer shall provide notice to the Transferor, Issuing Entity, the Owner Trustee, and the Indenture Trustee that the Servicer has received a request to mediate or arbitrate
a repurchase request. Upon receipt of such notice, the Transferor, the Issuing Entity, the Owner Trustee (acting at the direction of the Certificateholders) and the Indenture Trustee (acting at the direction of Series 20[•]-[•] Noteholders
or Series 20[•]-[•] Note Owners) shall advise the Requesting Party and the Servicer of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. A Requesting Party
may not initiate a mediation or arbitration pursuant to this Section 8.11 with respect to an Account that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting
Party) but will have the right to join an existing mediation or arbitration with respect to that Account if the mediation or arbitration has not yet concluded, subject to a determination by the parties to the existing mediation or arbitration that
such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding. 

(c) If the Requesting Party selects mediation as the resolution method, the following provisions will apply: 

(i) The mediation will be administered by [a nationally recognized arbitration and mediation association] [one of [identify
acceptable options]] selected by [the Requesting Party] pursuant to such association’s mediation procedures in effect at such time. 

(ii) The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. 

(iii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are
relevant to the dispute and will be appointed from a roster of neutrals maintained by the American Arbitration Association (the “AAA”). 

(d) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i) The arbitration will be administered by [a nationally recognized arbitration and mediation association] [one of [identify
acceptable options]] jointly selected by the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

  
 51 

 (ii) The arbitrator will be impartial, knowledgeable about and experienced
with the laws of the State of New York that are relevant to the dispute hereunder and will be appointed from a list of neutrals maintained by AAA. 

(iii) The arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable
thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Indenture Supplement, and may not modify or change this Indenture Supplement in any way. The arbitrator will not have the power to award punitive damages or
consequential damages in any arbitration conducted by it[, and the Servicer shall not be required to pay more than the applicable Repurchase Price with respect to any Account and the related Receivables which the Servicer is required to purchase or
reallocate under the terms of the Transfer and Servicing Agreement]. In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the
arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion. [If an Asset Review was conducted in connection with the Account and related Receivables that are
the subject of the arbitration, then the arbitrator will determine the party or parties required to pay the related Asset Reviewer Fee.] The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the
parties. The determination will be final and non-appealable absent manifest error and may be enforced in any court of competent jurisdiction. 

(iv) By selecting arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by
jury. 
 (v) No person may bring a putative or certified class action to arbitration. 

(e) For the avoidance of doubt, neither the Owner Trustee nor the Indenture Trustee shall be responsible for evaluating the qualification of
any mediator or arbitrator or paying the costs, expenses and fees of any mediation or arbitration initiated by a Requesting Party or other liabilities that could be allocated to the Requesting Party, in accordance with this Section 8.11. 

(f) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in [New York, New York] or such other location mutually agreed to by the
Requesting Party and the Requested Parties; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have
the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

  
 52 

 (iii) The details and/or existence of any unfulfilled repurchase request,
any meetings or discussions regarding any unfulfilled repurchase request, mediations or arbitration proceedings conducted under this Section 8.11, including all offers, promises, conduct and statements, whether oral or
written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively,
“Confidential Information”), shall be and remain confidential and inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding
(including any proceeding under this Section 8.11) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Servicer, in its sole
discretion, elects to disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys, experts,
accountants and other agents and representatives (collectively “Representatives”), as reasonably required in connection with any resolution procedure under this Section 8.11, and the Asset Representations
Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and
(c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory
body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies,
consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose
any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be disclosed. 

Section 8.12. Preservation of Information; Communications to Noteholders. 

(a) A Series 20[•]-[•] Noteholder (if the Series 20[•]-[•] Notes are represented by Definitive Notes) or a Series
20[•]-[•] Note Owner (if the Series 20[•]-[•] Notes are represented by Book-Entry Notes) may send a request to the Transferor at any time notifying the Transferor that such Series 20[•]-[•] Noteholder or Series
20[•]-[•] Note Owner, as applicable, would like to communicate with other Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note Owners, as applicable, with respect to an exercise of their rights under the terms of the
Transaction Documents. If the requesting party is not a Series 20[•]-[•] Noteholder as reflected on the Note Register, the Transferor may require that the requesting party provide Verification Documents. Each request must include
(i) the name of the requesting Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner, and (ii) a description of the method by which other Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note
Owners, as applicable, may contact the 

  
 53 

 
requesting Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner. A Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner, as applicable, that
delivers a request under this Section 8.12 will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note
Owners, as applicable, relates solely to a possible exercise of rights under this Indenture Supplement or the other Transaction Documents, and will not be used for other purposes. In each monthly distribution report on Form 10-D under the Exchange Act with respect to the Issuer, the Transferor shall include disclosure regarding any request that complies with the requirements of this Section 8.12 received
during the related Collection Period from a Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner to communicate with other Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note Owners, as applicable,
related to the Series 20[•]-[•] Noteholders or Series 20[•]-[•] Note Owners exercising their rights under the terms of the Transaction Documents. The disclosure in such Form 10-D regarding
the request to communicate shall include (w) the name of the investor making the request, (x) the date the request was received, (y) a statement to the effect that the Issuer has received a request from such Series
20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner, as applicable, stating that such Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner, as applicable, is interested in communicating with other Series
20[•]-[•] Noteholders or Series 20[•]-[•] Note Owners, as applicable, with regard to the possible exercise of rights under the Transaction Documents, and (z) a description of the method other Series 20[•]-[•]
Noteholders or Series 20[•]-[•] Note Owners, as applicable, may use to contact the requesting Series 20[•]-[•] Noteholder or Series 20[•]-[•] Note Owner. 

Section 8.13. No Obligation to Monitor. 

(a) The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Transferor or NMAC under the
Transaction Documents, except as otherwise expressly specified herein. 
 [Signature Page to Follow] 

  
 54 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture
Supplement to be duly executed by their respective authorized officers, all as of the day and year first written above. 
  

							
	NISSAN MASTER OWNER TRUST
	RECEIVABLES, as Issuer
		
	By:	 	[Wilmington Trust Company], not in its individual capacity, but solely as Owner Trustee
			
	      	 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
	
	[U.S. BANK NATIONAL ASSOCIATION], not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	 
		 	Name:	 		 	
		 	Title:	 		 	

 Agreed and accepted as of [•], 20[•] 

 

			
	NISSAN MOTOR ACCEPTANCE CORPORATION,
	as Servicer
		
	By:	 	 
		 	Name:
		 	Title:
	
	SOLELY WITH RESPECT TO SECTION 5.03(d):
	WILMINGTON TRUST COMPANY,
	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 S-1 

 EXHIBIT A 

FORM OF 
 SERIES 20[•]-[•]
[CLASS A-1][CLASS A-2] NOTE 
 [UNLESS THIS SERIES 20[•]-[•]
[CLASS A-1][CLASS A-2] NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE
TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] 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.]1 

THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 20[•]-[•] [CLASS A-1][CLASS
A-2] NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] NOTE
ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS SERIES 20[•]-[•] NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS SERIES
20[•]-[•] [CLASS A-1][CLASS A-2] NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS SERIES 20[•]-[•] NOTE, THE INDENTURE TRUSTEE IS [U.S. BANK
NATIONAL ASSOCIATION]. 
 THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN WHOLESALE
RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. 

THE HOLDER OF THIS SERIES 20[•]-[•] NOTE, BY ACCEPTANCE OF THIS SERIES 20[•]-[•] NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
AGREES TO TREAT THE SERIES 20[•]-[•] NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

 

	1 	 Global Notes only. 

  
 Exhibit A-1 

 BY ACQUIRING THIS SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT AND WARRANT THAT EITHER
(I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS SERIES 20[•]-[•] NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY AND PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION AND HOLDING OF SERIES 201[•]-[•]20[•]-[•] [CLASS A-1][CLASS A-2] NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN THAT
IS SUBJECT TO SIMILAR LAW, RESULT IN A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT THIS SERIES 201[•]-[•]20[•]-[•] [CLASS A-1][CLASS
A-2] NOTE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY BENEFIT PLAN INVESTORS OR PLANS THAT ARE SUBJECT TO SIMILAR LAW AT ANY TIME THAT SUCH SERIES 201[•]-[•]20[•]-[•] [CLASS A-1][CLASS A-2] NOTE IS NOT RATED INVESTMENT GRADE BY A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION OR THIS SERIES 201[•]-[•]20[•]-[•] [CLASS A-1][CLASS A-2] NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE “PLAN ASSETS” OF ANY
OF THE FOREGOING. 

  
 Exhibit A-2 

			
	Registered	  	$[•]

 No. R-[•] 

NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 20[•]-[•] [CLASS A-1] [CLASS A-2] NOTE 

Nissan Master Owner Trust Receivables (herein referred to as the “Issuer”), a Delaware statutory trust formed by a Trust
Agreement dated as of May 13, 2003, as amended and restated by an Amended and Restated Trust Agreement, dated as of October 15, 2003, for value received, hereby promises to pay to [•], or registered assigns, subject to the following
provisions, the principal sum of $[•], or such lesser amount, as determined in accordance with the Indenture (referred to herein) and the Indenture Supplement (referred to herein), on the Series 20[•]-[•] Final Maturity Date, except
as otherwise provided below or in the Indenture Supplement. The Issuer will pay interest on the unpaid principal amount of this Series 20[•]-[•] [Class A-1][Class
A-2] Note at the[Note Interest Rate] [[Class A-1][Class A-2] Note Rate] on each Payment Date until the principal amount of this
Series 20[•]-[•] [Class A-1][Class A-2] Note is paid in full. Interest on this Series 20[•]-[•] [Class
A-1][Class A-2] Note will accrue for each Payment Date [from and including the most recent Payment Date on which interest has been paid to but excluding such Payment
Date or, for the initial Payment Date, from and including the Series 20[•]-[•] Issuance Date to but excluding such Payment Date.2 [from and including the [•] day of the preceding
calendar month to but excluding the [•] day of the month in which such Payment Date occurs or, for the initial Payment Date, from and including the Series 20[•]-[•] Issuant Date to but excluding the [•] day of the month in which
such Payment Date occurs.]3 Interest will be computed as provided in the Indenture Supplement. Principal of this Series 20[•]-[•] [Class
A-1][Class A-2] Note will be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Series 20[•]-[•] [Class A-1][Class A-2] 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. 

Reference is made to the further provisions of this Series 20[•]-[•] [Class A-1][Class A-2] Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Series 20[•]-[•] [Class A-1][Class A-2] Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual signature, this Series 20[•]-[•] [Class A-1][Class A-2] Note will not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 
  

 

	2 	 [For the Class A-1 Notes] 

	3 	 [For the Class A-2 Notes] 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the Issuer has caused this Series 20[•]-[•] [Class A-1][Class A-2] Note to be duly executed. 
  

			
	NISSAN MASTER OWNER TRUST RECEIVABLES, as Issuer
	
	By: [WILMINGTON TRUST COMPANY], not in its individual capacity, but solely as Owner Trustee

 
			
		
	By 	 	 

 
			
	Name:	 	
	Title:	 	

 Dated: [•], 20[•] 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series described therein and referred to in the within-mentioned Indenture. 

 

			
	[U.S. BANK NATIONAL ASSOCIATION], not in its individual capacity, but solely as Indenture Trustee

 
			
		
	By 	 	 

 
			
	Name:	 	
	Title:	 	

  
 Exhibit A-4 

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] NOTE 

Summary of Terms and Conditions 

This Series 20[•]-[•] [Class A-1][Class A-2] Note is
one of a duly authorized issue of Notes of the Issuer, designated as the Nissan Master Owner Trust Receivables, Series 20[•]-[•] [Class A-1][Class A-2] Note
(the “Series 20[•]-[•] [Class A-1][Class A-2] Notes”), issued under the Amended and Restated
Indenture, dated as of October 15, 2003 (the “Indenture”), between the Issuer and [U.S. Bank National Association], as indenture trustee (the “Indenture Trustee”), as supplemented by the Series
20[•]-[•] Indenture Supplement, dated as of [•], 20[•], (the “Indenture Supplement”), between the Issuer and the Indenture Trustee and representing the right to receive certain payments from the Issuer. The term
Indenture, unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement. The Series 20[•]-[•] Notes are subject to all of the terms of the Indenture and the Indenture Supplement. All terms used
in this Series 20[•]-[•] [Class A-1][Class A-2] Note that are defined in the Annex of Definitions relating to the Indenture and the other Transaction Documents
or the Indenture Supplement have the meanings assigned to them in or pursuant thereto, as applicable. In the event of any conflict or inconsistency between the Annex of Definitions or the Indenture Supplement, as applicable, and this Series
20[•]-[•] [Class A-1][Class A-2] Note, the Annex of Definitions or the Indenture Supplement, as applicable, controls. 

The Series 20[•]-[•] [Class A-1][Class A-2]
Noteholder, by its acceptance of this Series 20[•]-[•] [Class A-1][Class A-2] Note, agrees that it will look solely to the property of the Issuer allocated to
the payment of this Series 20[•]-[•] [Class A-1][Class A-2] Note for payment hereunder and that the Indenture Trustee is not liable to the Series
20[•]-[•] [Class A-1][Class A-2] Noteholders for any amount payable under this Series 20[•]-[•] [Class
A-1][Class A-2] Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Series 20[•]-[•] [Class A-1][Class A-2] Note
does not purport to summarize the Indenture and reference is made to the Indenture and the Indenture Supplement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee. 
 The Series 20[•]-[•] [Class A-1][Class A-2] Initial Principal Amount is $[•]. The Series 20[•]-[•] [Class A-1][Class A-2] Outstanding Principal Amount on any
date of determination will be an amount equal to (a) the Series 20[•]-[•] [Class A-1][Class A-2] Initial Principal Amount, minus (b) the aggregate
amount of principal payments made to the Series 20[•]-[•] [Class A-1][Class A-2] Noteholders on or before such date. Payments of principal of the Series
20[•]-[•] [Class A-1][Class A-2] Notes will be made in accordance with the provisions of the Indenture and the Indenture Supplement. 

Subject to the terms and conditions of the Indenture and the Trust Agreement, the Transferor may, from time to time, direct the Owner
Trustee, on behalf of the Issuer, to issue one or more new Series of Notes. The Series 20[•]-[•] Notes are included in Excess Interest Sharing Group [•] and Excess Principal Sharing Group [•]. 

  
 Exhibit A-5 

 On each Payment Date, the Paying Agent will distribute to each Series 20[•]-[•]
[Class A-1][Class A-2] Noteholder of record on the related Record Date (except for the final distribution in respect of this Series 20[•]-[•] [Class A-1][Class A-2] Note) such Series 20[•]-[•] [Class A-1][Class A-2] Noteholder’s
pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Series 20[•]-[•] [Class A-1][Class A-2] Notes pursuant to the Indenture Supplement. Except as provided in the Indenture with respect to a final distribution, distributions to the Series 20[•]-[•] [Class
A-1][Class A-2] Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this Series 20[•]-[•] [Class A-1][Class A-2] Note, in United States dollars and in immediately available funds and (ii) without presentation or surrender of any Series 20[•]-[•] [Class
A-1][Class A-2] Note or the making of any notation thereon. Final payment of this Series 20[•]-[•] [Class A-1][Class A-2] Note will be made only upon presentation and surrender of this Series 20[•]-[•] [Class A-1][Class A-2] Note at the
office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Series 20[•]-[•] [Class A-1][Class A-2] Noteholders in
accordance with the Indenture. 
 On any day occurring on or after the date on which the Series 20[•]-[•] Outstanding Principal
Amount is reduced to [10% or less] [$[•] or less] of the Series 20[•]-[•] Initial Principal Amount, the Issuer will have the option to redeem the Series 20[•]-[•] Notes, at a purchase price equal to (i) if such day is a
Payment Date, the Reassignment Amount for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 

This Series 20[•]-[•] [Class A-1][Class A-2] Note
does not represent an obligation of, or an interest in, the Transferor, Nissan Motor Acceptance Corporation, Nissan Motor Co., Ltd. or any Affiliate of any of them and is not insured or guaranteed by any governmental agency or instrumentality. 

Each Series 20[•]-[•] Noteholder, by accepting a Note, hereby covenants and agrees that it will not at any time institute against
the Issuer or the Transferor, or join in instituting against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy
or similar law. 
 The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, Transferor or the Indenture Trustee will
treat the person in whose name this Series 20[•]-[•] [Class A-1][Class A-2] Note is registered as the owner hereof for all purposes, and none of the Issuer,
the Transferor, the Indenture Trustee or any agent of the Issuer, Transferor or the Indenture Trustee will be affected by notice to the contrary. 

THIS SERIES 20[•]-[•] [CLASS A-1][CLASS A-2] NOTE IS
TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 

  
 Exhibit A-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee ________________________ 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) the within Series
20[•]–[_] [Class A-1][Class A-2] 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: ___________________ _________4 

Signature Guaranteed: 
  

 

	4 	 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 whatsoever. 

  
 Exhibit A-7 

 EXHIBIT B 

FORM OF PAYMENT DATE STATEMENT 

[On file with the Servicer] 

  
 Exhibit B-1 

 EXHIBIT C 

FORM OF AUTHORIZED OFFICER CERTIFICATE 

[Name of Servicer] 
 NISSAN MASTER
OWNER TRUST RECEIVABLES, 
 SERIES 20[•]-[•] 

Pursuant to Section 3.04 of the Amended and Restated Transfer and Servicing Agreement, dated as of October 15, 2003 (as in effect on
the date hereof, the “Transfer and Servicing Agreement”), among Nissan Wholesale Receivables Corporation II, as transferor (the “Transferor”), Nissan Master Owner Trust Receivables, as issuer (the
“Issuer”) and Nissan Motor Acceptance Corporation, as servicer (the “Servicer”) and Section 5.03(a) of the Indenture Supplement, dated as of [•], 20[•] (as in effect on the date hereof, the
“Indenture Supplement”) to the Amended and Restated Indenture, dated as of October 15, 2003 (as in effect on the date hereof, the “Base Indenture”; and together with the Indenture Supplement, the
“Indenture”), each between the Issuer and [U.S. Bank National Association], as indenture trustee (the “Indenture Trustee”), the Servicer is required to prepare a Payment Date Statement. The undersigned, a duly
Authorized Officer of the Servicer, does hereby certify in this Certificate (this “Certificate”): 
 (i)
Capitalized terms used in this Certificate have their respective meanings set forth in the Annex of Definitions attached to the Transfer and Servicing Agreement or the Indenture Supplement, as applicable. 

(ii) This Certificate is being delivered pursuant to Section 5.03(a) of the Indenture Supplement. 

(iii) The undersigned is the Servicer under the Indenture and the Transfer and Servicing Agreement. The undersigned is an
Authorized Officer of the Servicer. 
 (iv) The date of this Certificate is on, or prior to, the Determination Date related
to the Payment Date occurring on                         . 

(v) As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all
its obligations under the Indenture and the Transfer and Servicing Agreement through the Collection Period preceding such Payment Date [or, if there has been a default in the performance of any such obligation, set forth in detail the
(i) nature of such default, (ii) the action taken by the Transferor and Servicer, if any, to remedy such default and (iii) the current status of each such default]. 

(vi) As of the date hereof, no Early Amortization Event or Event of Default has occurred and is continuing under (and as
defined in) the Indenture and, to the best knowledge of the undersigned, no event or condition exists which with notice and/or the passage of time, would constitute an Early Amortization Event or Event of Default. 

  
 Exhibit C-1 

 (vii) The Payment Date Statement with respect to the Payment Date occurring
on ___________________ is true, complete and accurate in all material respects. 
 IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Certificate this __ day of _______. 
  

			
	[                                    
                                         
   ],
as Servicer
		
	By: 	 	 
	      	 	Name:
		 	Title:

  
 Exhibit C-2 

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: ________________________ 

[    ] Check here if nothing to report. 
  

									
	 Transaction
	  	 Loan No.
	  	 Activity During Period

	  	 Date of Reputed Demand
	  	 Party Making Reputed Demand
	  	
Date of Withdrawal of Reputed Demand

 

  
 Exhibit D-1 

 APPENDIX A 

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS 

PART I 
 DEFINED TERMS

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

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

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

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

Each of the Issuer, the Indenture Trustee, the Transferor and the Servicer acknowledges and agrees that the purpose of Part II of this
Appendix A is to facilitate compliance by the Issuer, the Indenture Trustee, the Transferor, and the Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. 

Neither the Issuer nor the Transferor shall exercise its right to request delivery of information, reports or other performance under these
provisions for purposes other than compliance with Regulation AB. Each of the Issuer, the Indenture Trustee, the Transferor and the Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and the Servicer hereby agrees to
reasonably comply with all reasonable requests made by the Issuer (including any of its assignees or designees), the Indenture Trustee or the Transferor, as the case may be, in good faith for delivery of such information or reports, including,
without limitation, any Servicer compliance statements and reports, and assessments of compliance and attestation, as may be required under the then-current interpretations of Regulation AB. 

  
 Appendix A-1 

 Notwithstanding the foregoing, each of the Issuer, the Indenture Trustee,
the Transferor and the Servicer hereby agree to comply with all applicable sections of Regulation AB, including, without limitation, Item 1122 of Regulation AB, which includes the delivery by the Servicer of compliance statements and assessment
and attestation reports, and the Servicer shall obtain from each party participating in the servicing function the reports required by Item 1122 of Regulation AB. 

  
 Appendix A-2

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