Document:

Trust Agreement

 Exhibit 4.3 
 EXECUTION COPY 
  

 
  

TRUST AGREEMENT 

between 
 WORLD
OMNI AUTO RECEIVABLES LLC, 
 as Depositor, 
 and 
 DEUTSCHE BANK TRUST COMPANY DELAWARE, 

as Owner Trustee 

Dated October 24, 2012 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		 	 Section 1.01
	 	Capitalized Terms	  	 	1	  
		
	 ARTICLE II Organization
	  	 	1	  
		 	 Section 2.01
	 	Name	  	 	1	  
		 	 Section 2.02
	 	Office	  	 	1	  
		 	 Section 2.03
	 	Purposes and Powers	  	 	1	  
		 	 Section 2.04
	 	Appointment of Owner Trustee	  	 	2	  
		 	 Section 2.05
	 	Initial Capital Contribution of Owner Trust Estate	  	 	2	  
		 	 Section 2.06
	 	Declaration of Trust	  	 	2	  
		 	 Section 2.07
	 	Liability of the Depositor and the Certificateholders	  	 	3	  
		 	 Section 2.08
	 	Title to Trust Property	  	 	3	  
		 	 Section 2.09
	 	Situs of Trust	  	 	3	  
		 	 Section 2.10
	 	Representations and Warranties of the Depositor	  	 	4	  
		 	 Section 2.11
	 	Financing Statements	  	 	5	  
		 	 Section 2.12
	 	Amended and Restated Trust Agreement	  	 	5	  
		
	 ARTICLE III Trust Certificates and Transfer of Interests
	  	 	5	  
		 	 Section 3.01
	 	[Reserved]	  	 	5	  
		 	 Section 3.02
	 	The Trust Certificates	  	 	5	  
		 	 Section 3.03
	 	Authentication of Trust Certificates	  	 	5	  
		 	 Section 3.04
	 	Registration of Transfer and Exchange of Trust Certificates	  	 	6	  
		 	 Section 3.05
	 	Mutilated, Destroyed, Lost or Stolen Trust Certificates	  	 	8	  
		 	 Section 3.06
	 	Persons Deemed Owners	  	 	8	  
		 	 Section 3.07
	 	Access to List of Certificateholders’ Names and Addresses	  	 	8	  
		 	 Section 3.08
	 	Maintenance of Office or Agency	  	 	9	  
		 	 Section 3.09
	 	Appointment of Paying Agent	  	 	9	  
		
	 ARTICLE IV Actions by Owner Trustee
	  	 	10	  
		 	 Section 4.01
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	10	  
		 	 Section 4.02
	 	Action by Certificateholders with Respect to Certain Matters	  	 	10	  
		 	 Section 4.03
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	10	  
		 	 Section 4.04
	 	Restrictions on Certificateholders’ Power	  	 	11	  
		 	 Section 4.05
	 	Majority Control	  	 	11	  
		
	 ARTICLE V Application of Trust Funds; Certain Duties
	  	 	11	  
		 	 Section 5.01
	 	[Reserved]	  	 	11	  
		 	 Section 5.02
	 	Application of Trust Funds	  	 	11	  
		 	 Section 5.03
	 	Method of Payment	  	 	12	  
		 	 Section 5.04
	 	No Segregation of Monies; No Interest	  	 	12	  
		 	 Section 5.05
	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	 	12	  
		 	 Section 5.06
	 	Signature on Returns	  	 	13	  

  
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	 ARTICLE VI Authority and Duties of Owner Trustee
	  	 	13	  
		 	 Section 6.01
	 	General Authority	  	 	13	  
		 	 Section 6.02
	 	General Duties	  	 	13	  
		 	 Section 6.03
	 	Action upon Instruction	  	 	14	  
		 	 Section 6.04
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	15	  
		 	 Section 6.05
	 	No Action Except Under Specified Documents or Instructions	  	 	15	  
		 	 Section 6.06
	 	Restrictions	  	 	15	  
		 	 Section 6.07
	 	Execution of Notes	  	 	15	  
		 	 Section 6.08
	 	Doing Business in Other Jurisdictions	  	 	15	  
		
	 ARTICLE VII Concerning the Owner Trustee
	  	 	16	  
		 	 Section 7.01
	 	Acceptance of Trusts and Duties	  	 	16	  
		 	 Section 7.02
	 	Furnishing of Documents	  	 	17	  
		 	 Section 7.03
	 	Representations and Warranties of the Owner Trustee	  	 	18	  
		 	 Section 7.04
	 	[Reserved]	  	 	18	  
		 	 Section 7.05
	 	Reliance; Advice of Counsel	  	 	18	  
		 	 Section 7.06
	 	Not Acting in Individual Capacity	  	 	19	  
		 	 Section 7.07
	 	Owner Trustee Not Liable for Trust Certificates or Receivables	  	 	19	  
		 	 Section 7.08
	 	Owner Trustee May Own Trust Certificates and Notes	  	 	19	  
		 	 Section 7.09
	 	Legal Proceedings	  	 	20	  
		 	 Section 7.10
	 	Communications Regarding Demands to Repurchase Receivables	  	 	20	  
		
	 ARTICLE VIII Compensation of Owner Trustee
	  	 	21	  
		 	 Section 8.01
	 	Owner Trustee’s Fees and Expenses	  	 	21	  
		 	 Section 8.02
	 	Indemnification	  	 	21	  
		 	 Section 8.03
	 	Payments to the Owner Trustee	  	 	21	  
		
	 ARTICLE IX Termination of Trust Agreement
	  	 	22	  
		 	 Section 9.01
	 	Termination of Trust Agreement	  	 	22	  
		
	 ARTICLE X Successor Owner Trustees and Additional Owner Trustees
	  	 	23	  
		 	 Section 10.01
	 	Eligibility Requirements for Owner Trustee	  	 	23	  
		 	 Section 10.02
	 	Resignation or Removal of Owner Trustee	  	 	23	  
		 	 Section 10.03
	 	Successor Owner Trustee	  	 	24	  
		 	 Section 10.04
	 	Merger or Consolidation of the Owner Trustee	  	 	24	  
		 	 Section 10.05
	 	Appointment of Co-Trustee or Separate Trustee	  	 	25	  
		
	 ARTICLE XI Miscellaneous
	  	 	26	  
		 	 Section 11.01
	 	Supplements and Amendments	  	 	26	  
		 	 Section 11.02
	 	No Legal Title to Owner Trust Estate in Certificateholders	  	 	27	  
		 	 Section 11.03
	 	Limitations on Rights of Others	  	 	27	  
		 	 Section 11.04
	 	Notices	  	 	27	  
		 	 Section 11.05
	 	Severability	  	 	28	  
		 	 Section 11.06
	 	Separate Counterparts	  	 	28	  
		 	 Section 11.07
	 	Successors and Assigns	  	 	28	  

  
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		 	 Section 11.08
	 	Covenants of the Depositor	  	 	28	  
		 	 Section 11.09
	 	No Petition	  	 	29	  
		 	 Section 11.10
	 	No Recourse	  	 	29	  
		 	 Section 11.11
	 	Headings	  	 	29	  
		 	 Section 11.12
	 	GOVERNING LAW	  	 	29	  
		 	 Section 11.13
	 	Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations	  	 	30	  
		
	 ARTICLE XII COMPLIANCE WITH REGULATION AB
	  	 	30	  
		 	 Section 12.01
	 	Intent of the Parties; Reasonableness	  	 	30	  
		 	 Section 12.02
	 	Information to Be Provided by the Owner Trustee	  	 	31	  

  

			
	EXHIBIT A        	  	Form of Trust Certificate
	EXHIBIT B	  	Form of Certificate of Trust
	EXHIBIT C	  	Form of Transferor Certificate
	EXHIBIT D	  	Form of Investment Letter
	EXHIBIT E	  	Form of Receivables

  
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 TRUST AGREEMENT 

This TRUST AGREEMENT is dated October 24, 2012, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as
depositor, and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation, as owner trustee. 
 ARTICLE I

 DEFINITIONS 
 Section 1.01 Capitalized Terms. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in Part I of Appendix A to the Sale and Servicing
Agreement of even date herewith. All references herein to “the Agreement” or “this Agreement” are to this Trust Agreement as it may be amended and supplemented from time to time, the Exhibits hereto and the
capitalized terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The rules of
construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II

 ORGANIZATION 
 Section 2.01 Name. The Trust shall be known as “World Omni Auto Receivables Trust 2012-B” in which name the Owner Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall obtain and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact business in the State of Alabama,
the Trust may adopt the fictitious name of “World Omni Auto Receivables Trust 2012-B (Inc.)” and may conduct the business of the Trust in the State of Alabama under such fictitious name. 

Section 2.02 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
 Section 2.03
Purposes and Powers. (a) The purpose of the Trust is to engage in the following activities and the Trust shall have the power and authority: 
 (i) to issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to transfer the Notes and the Trust Certificates to the Depositor;

 (ii) with the proceeds of the sale of the Notes, to purchase the Receivables, to make deposits into and
withdrawals from the Reserve Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, and to pay the organizational, start-up and transactional expenses of the Trust; 

 (iii) to assign, grant, transfer, pledge, mortgage and convey the Owner
Trust Estate pursuant to the Indenture (including the filing of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the
Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
 (iv) to
enter into and perform its obligations under the Basic Documents to which it is to be a party; 
 (v) to engage
in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, including entering into interest rate swaps and caps and other
derivative instruments; 
 (vi) to give the Issuing Entity Order to the Indenture Trustee to authenticate and
deliver the Notes; and 
 (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the Basic Documents. 
 Section 2.04 Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and under the Statutory Trust Act. 

Section 2.05 Initial Capital Contribution of Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets
over to the Owner Trustee, the sum of $1 previously delivered. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the initial Owner Trust Estate.
Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the
Owner Trustee. 
 Section 2.06 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust
Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust
constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the
Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall
be disregarded as a 

  
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separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables
and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will
be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that,
unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing
characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect
to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any
other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified. 
 Section 2.07
Liability of the Depositor and the Certificateholders. (a) The Depositor shall be liable directly to and will indemnify any injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the
extent not paid out of the Owner Trust Estate) to the extent that the Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner;
provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Trust Certificates, or by a Noteholder in the capacity of an investor in the
Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this
Section 2.07. 
 (a) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any
personal liability for any liability or obligation of the Trust. 
 Section 2.08 Title to Trust Property. Legal title to
all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
 Section
2.09 Situs of Trust. The Trust will be located in the State of Delaware and administered in the State of Illinois. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware, Illinois,
New York or Minnesota. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without
the State of Delaware. Payments will be received by the Trust only in Delaware, Illinois, New York or Minnesota, and payments will be made by the Trust only from Delaware, Illinois, New York or Minnesota. The only office of the Trust shall be the
principal corporate trust office of the Owner Trustee located at 1011 Centre Road, Suite 200, Wilmington, Delaware 19805. 

  
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 Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that: 
 (a) The Depositor is duly organized and validly existing as a limited
liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

(b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary
material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses or
approvals would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 

(c) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full
power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery
and performance of this Agreement have been duly authorized by the Depositor by all necessary action. 
 (d) The consummation of
the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default
under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture,
agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties, except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens
or violations that would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
 (e) To the Depositor’s best knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic Documents, (ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the
transactions contemplated by this Agreement or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the

  
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performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents or (iv) involving the Depositor and which
might materially and adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
 Section 2.11 Financing Statements. The Trust hereby authorizes the filing of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the
granting clause of the Indenture. In addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof. 
 Section 2.12 Amended and Restated Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement dated as of August 28, 2012, between the
Depositor and the Owner Trustee (the “Initial Trust Agreement”). This Trust Agreement amends and restates in its entirety the Initial Trust Agreement. 
 ARTICLE III 
 TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 Section 3.01 [Reserved]. 
 Section 3.02 The Trust Certificates. The Trust Certificates shall represent in the aggregate a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the
sole Certificateholder of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance, in the name of the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by
manual or facsimile signature of an Authorized Officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust
Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. 
 A transferee
of a Trust Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such
transferee’s name pursuant to Section 3.04. 
 Section 3.03 Authentication of Trust Certificates. On the
Closing Date, the Owner Trustee shall cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor signed by the Depositor’s president, any vice president,
secretary, treasurer or any assistant treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit under this Agreement or be valid for any purpose unless there shall appear on
such Trust Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Certificate Registrar, as its authenticating agent, by manual signature; such authentication
shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication. 

  
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 Section 3.04 Registration of Transfer and Exchange of Trust Certificates. The
certificate registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a certificate register (the “Certificate Register”) in
which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust Certificates and of transfers and exchanges of Trust Certificates as herein provided. U.S. Bank National
Association shall be the initial Certificate Registrar. 
 The Trust Certificates have not been and will not be registered under
the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities
laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to
assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder’s prospective transferee shall each certify to the Owner Trustee and the Depositor in writing the facts
surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”) and Exhibit D (the “Investment Letter”). Except in the case of a transfer as to which the
proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Certificate Registrar, the Owner Trustee and the Depositor an opinion of counsel that such transfer may be made
pursuant to an exemption from the Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Certificate Registrar, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom
such opinion is to be obtained) or of the Depositor or World Omni; provided that such opinion of counsel in respect of the applicable state securities laws may be a memorandum of law rather than an opinion if such counsel is not licensed in
the applicable jurisdiction. The Depositor shall provide to any Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates and the Receivables and such other information as shall
be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each
Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Certificate Registrar, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any
liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws. 

No transfer of a Trust Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in
the form of paragraph 3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is not acting on behalf of (i) an employee benefit plan subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the
entity or (iv) any plan that is subject to any federal, state or local law that is, to 

  
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a material extent, similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (B) an
opinion of counsel satisfactory to the Owner Trustee, the Certificate Registrar and the Depositor to the effect that (i) the purchase and holding of such Trust Certificate will not constitute or result in the assets of the Issuing Entity being
deemed to be “plan assets” subject to the prohibited transactions provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Servicer or
the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation and delivery of
the certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any
attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee. 
 No transfer of a Trust Certificate shall be made to any Person unless the Depositor, the Owner Trustee and the Certificate Registrar has received (A) a certificate in the form of paragraph 4 to the
Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is a United States Person within the meaning of Section 7701(a)(30) of the Code and (B) the Depositor, the Certificate Registrar, the
Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes and such transferee or assignee shall agree to take positions for tax purposes consistent with the tax positions set forth in Section 2.06 of this Agreement as agreed
to be taken by the Certificateholder. 
 The Certificate Registrar shall cause each Certificate to contain a legend stating that
transfer of the Certificates is subject to certain restrictions and referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions. 

Upon surrender for registration of transfer of any Trust Certificate at the office or agency maintained pursuant to
Section 3.08, the Owner Trustee shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of authorized
denominations of a like aggregate amount upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. No Certificate (other than the Certificates issued to and held by the
Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Trust (or such other amount as the Depositor may determine in
order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust). 

  
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 Every Trust Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Trust
Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Owner Trustee in accordance with its customary practice. 

No service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Certificates. 

The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not
register transfers or exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust Certificates. 
 Section 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates. If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to
save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or
the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 
 Section 3.06 Persons Deemed Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent may treat the
Person in whose name any Trust Certificate is registered in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and
none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

Section 3.07 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to
be furnished to the Owner Trustee, the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Owner Trustee, the Servicer or the Depositor, a list, in such form as the Owner
Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Certificateholders of Trust Certificates
evidencing not less than a 25% Percentage 

  
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Interest of the Certificates apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the
receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any
of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

Section 3.08 Maintenance of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where
notices and demands to or upon the Owner Trustee in respect of the Basic Documents may be served, and the Certificate Registrar shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Trust Certificates and Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust Office as its office for such
purposes and the Indenture Trustee, as Certificate Registrar, initially designates its Corporate Trust Office as its office for such purposes. Each of the Owner Trustee and the Certificate Registrar shall give prompt written notice to the Depositor
and to the Certificateholders of any change in the location of any such office or agency. 
 Section 3.09 Appointment of
Paying Agent. The Paying Agent shall make distributions to Certificateholders pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to
withdraw funds from the Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Depositor shall
appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Depositor shall cause such successor Paying Agent or any additional Paying Agent appointed by the Depositor to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

  
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 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 Section 4.01 Prior Notice to
Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided
alternative direction: 
 (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in
connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); 

(b) the election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit
B (unless such amendment is required to be filed under the Statutory Trust Act); 
 (c) the amendment of the Indenture by a
supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (d) the amendment of the Indenture by
a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment would materially adversely affect the interests of the Certificateholders; or 

(e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any
provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders. 

Section 4.02 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon
the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator under the Administration Agreement
pursuant to Section 8 thereof, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof, (d) except as expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture or (e) appoint, pursuant to the Indenture, a successor Note Registrar, Paying Agent or Indenture Trustee or, pursuant to this Agreement, a successor Certificate Registrar, or consent to the assignment by the Note
Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders. 
 Section 4.03 Action by Certificateholders with Respect to Bankruptcy.
To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of
bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of 

  
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the Trust or a substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit in writing its
inability to pay its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”). So long as the
Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust. 

Section 4.04 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or
to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.03 or contrary to
applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 Section 4.05 Majority
Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates evidencing in the aggregate not less than a 50% Percentage
Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust Certificates evidencing in the aggregate not less than a 50%
Percentage Interest at the time of the delivery of such notice. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 Section 5.01 [Reserved]. 
 Section 5.02 Application of Trust Funds. 

(a) On each Payment Date, subject to Section 5.02(b) hereof, the Paying Agent shall distribute to Certificateholders, on a
pro rata basis, amounts pursuant to Section 5.06(ii)(I) or (iii)(H), or Section 5.07(d) of the Sale and Servicing Agreement with respect to such Payment Date. 

The Certificateholders of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole
discretion, to instruct the Indenture Trustee in writing on or before 11:00 a.m. New York City time on the related Payment Determination Date to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to
Section 5.06(ii)(I) or (iii)(H), or Section 5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this election, these amounts will be treated as collections during the then-current Collection
Period and the Certificateholders will have no claim to such amounts (unless distributed on a subsequent Payment Date pursuant to Section 5.06(ii)(I) of the Sale and Servicing Agreement). 

(b) On each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture Trustee by the
Servicer pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date on its 

  
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internet website promptly following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s internet website shall initially be located at https://usbank.com/abs.
Assistance in using the website can be obtained by calling the Paying Agent’s customer service desk at (800) 934-6802. The Paying Agent may change the way the statements and information are posted or distributed in order to make such
distribution more convenient and/or accessible for such Certificateholders, and the Paying Agent shall provide on the website timely and adequate notification to all parties regarding any such change. 

Section 5.03 Method of Payment. Subject to Section 9.01(c), distributions required to be made to Certificateholders on
any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either (x) by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions no later than the Record Date prior to such Payment Date, or (y) if such Certificateholder does not qualify under
clause (x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion withhold such amounts in accordance with this Section 5.03. If a Certificateholder wishes to apply for a refund of any such withholding
tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

Section 5.04 No Segregation of Monies; No Interest. Subject to Section 5.02, monies received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any
interest thereon. The Owner Trustee may establish accounts and receive, maintain and disburse funds in accordance with the terms hereof and the Basic Documents. 
 Section 5.05 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations, or as may be requested by such Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income tax returns. Consistent with the
Trust’s characterization for tax purposes as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either (i) the Owner
Trustee shall be provided with an Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the
Internal Revenue Service shall determine that the Trust is required to file such a return. In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event,
(x) the Administrator shall prepare or shall cause to be prepared federal and, if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed by the Trust and shall remit such
returns to the Depositor (or if the Depositor no longer owns any Certificates, the Certificateholder designated for such purpose 

  
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by the Depositor to the Owner Trustee in writing) at least (5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for each
Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the
Trust and contributions to, and distributions from, the Trust. The Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to the Administrator and such returns shall be
filed by the Administrator with the appropriate tax authorities. In the event that a “tax matters partner” (within the meaning of Code Section 6231(a)(7)) is required to be appointed with respect to the Trust, the Depositor or its
designee is hereby designated as tax matters partner or, if the Depositor is not a Certificateholder, the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as tax matters partner. In no
event shall the Certificateholder or the Depositor (or such designee Certificateholder, as applicable) be liable for any liabilities, costs or expenses of the Trust or the Noteholders arising out of the application of any tax law, including federal,
state, foreign or local income or excise taxes or any other tax imposed on or measured by income (or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith) except for any such liability, cost or expense
attributable to any negligent act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder, as applicable), as the case may be, in breach of its obligations under this Agreement. 

Section 5.06 Signature on Returns. 
 The Depositor (or, if the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to Section 5.05) or the Administrator shall sign the tax
returns of the Trust on behalf of the Trust, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee, as required by applicable law. 

ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.01 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a party, the Notes and each certificate or other
document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the presentation of such documents for
execution to the Owner Trustee by the Depositor or its counsel. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee
is further authorized from time to time, but shall not be obligated, to take such action as the Administrator directs in writing with respect to the Basic Documents. 
 Section 6.02 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer
the Trust in the interest of the Certificateholders, subject to the 

  
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Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner Trustee shall not be held liable
for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
 Section 6.03
Action upon Instruction. 
 (a) Subject to Article IV and in accordance with the terms of the Basic
Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

 (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms
of this Agreement or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and
to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or
refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person for such action or inaction. 

(d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction
and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee
shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person for such action or inaction. 

  
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 Section 6.04 No Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.03; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in
any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing, including any Securities and Exchange Commission filing for the Trust or to
record this Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or claims against,
the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate. 
 Section 6.05 No
Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and
the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents or (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03. 
 Section 6.06 Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.06. 
 Section 6.07 Execution of Notes. The Owner Trustee is hereby authorized and directed on behalf of the Trust to execute the Notes pursuant to the Indenture. 

Section 6.08 Doing Business in Other Jurisdictions. Notwithstanding anything contained herein or in any other Basic Document to
the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than any state in which it is qualified to do business (any such state, a “State of Qualification”) if the taking of such action may
(i) require the consent, approval, authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other
than a State of Qualification; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof, other than a State of Qualification, becoming
payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than a State of Qualification for causes of action arising from acts unrelated to the consummation of the transactions by the
Owner Trustee, as the case may be, contemplated hereby or in any other Transaction Document. In the event that the Owner Trustee does not take any action because such action may result in the consequences described in the preceding sentence, it will
appoint an additional trustee pursuant to Section 10.05 to proceed with such action. 

  
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 ARTICLE VII 
 CONCERNING THE OWNER TRUSTEE 
 Section 7.01
Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The
Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document
under any circumstances, except (i) for its own willful misconduct or negligence (including where such willful misconduct or negligence results in non-compliance with any covenant or agreement of the Owner Trustee herein), (ii) for
liabilities arising from the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.04 hereof, (iii) in the case of the inaccuracy of any representation or warranty contained
in Section 7.03 expressly made by the Owner Trustee or (iv) for federal or state taxes, fees or other charges, based on or measured by any fees, commissions or compensation received by the Owner Trustee in connection with any of the
transactions contemplated by this Agreement or any of the Basic Documents. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) The Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee; 

(b) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by them in accordance with the
instructions of the Administrator or any Certificateholder (provided that the instructions have been given by the requisite Percentage Interest of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable); 

(c) No provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of their rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to them; 
 (d) Under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 

(e) The Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of
authentication on the Trust Certificates, and the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein; 

  
 16 

 (f) The Owner Trustee shall not be liable for the default or misconduct of the
Administrator, the Depositor, the Indenture Trustee or the Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform the obligations of the Trust under this Agreement or the
Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and Servicing Agreement; 

(g) The Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in them by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to
it reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred by it therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than their negligence or willful misconduct in the performance of any such act; 

(h) The Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without
limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities or communications services; 

(i) In no event shall the Owner Trustee be personally liable (i) for special, consequential or punitive damages, (ii) for the
acts or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts or omissions of brokers or dealers; 
 (j) Notwithstanding anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person, any filings,
certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002; and 
 (k) The Owner Trustee has not
provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial or investment implications and consequences of the formation, funding and ongoing administration of the Issuing Entity. The Owner Trustee has no
duties to the Depositor, any Certificateholder, the Issuing Entity or any other parties with respect to these matters. 

Section 7.02 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. The Owner Trustee shall have no 

responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the
Owner Trustee. 

  
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 Section 7.03 Representations and Warranties of the Owner Trustee. The Owner Trustee
hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a banking
corporation duly formed and validly existing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it,
(ii) constitute any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound or
(iv) result in the creation or imposition of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee which are unrelated to this Agreement or the other Basic Documents. 

(d) It has the power and authority to execute and deliver this Agreement and, on behalf of the Trust, the other Basic Documents to which
the Trust is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement by it and the other Basic Documents to which the Trust is a party have been duly authorized by all necessary corporate
action. 
 (e) This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or at law. 
 Section 7.04 [Reserved]. 

Section 7.05 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed by it to be genuine and believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed 

  
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herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by its president or any vice president or by the treasurer or other Authorized Officers, as to such fact or
matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with it, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good
faith which it believes to be authorized or within its rights or powers, in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not to its knowledge contrary to this Agreement or any Basic Document.

 Section 7.06 Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the
trusts hereby created, Deutsche Bank Trust Company Delaware acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this
Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 Section 7.07
Owner Trustee Not Liable for Trust Certificates or Receivables. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Trust Certificates (other than the signature and
countersignature of the Owner Trustee on the Trust Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall not at any time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed
Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any
such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 
 Section 7.08 Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may
deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 

  
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 Section 7.09 Legal Proceedings. As required by Regulation AB, the Owner Trustee will
promptly as practicable notify the Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable, the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, and any such
proceedings known to be contemplated by governmental authorities, in each case, that is material to the Holders of any Notes. In addition, the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the
necessary disclosure describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange Act. 
 Section 7.10 Communications Regarding Demands to Repurchase Receivables. The Owner Trustee shall provide notice to World Omni and the Depositor as soon as practicable of all demands communicated to
a Reporting Officer of the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such Receivable. Subject to this Section 7.10, the Owner Trustee shall have no
obligation to take any other action with respect to a demand. However, the Owner Trustee shall, upon written request of either World Omni or the Depositor, provide notification to World Omni and the Depositor with respect to any actions taken by the
Owner Trustee with respect to any such demand communicated to a Reporting Officer of the Owner Trustee in respect of any Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business
Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni,
World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard,
Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The
Owner Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB
(the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations 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 agrees to comply with reasonable requests made by World Omni and the Depositor in good faith for delivery of
information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with World Omni and the Depositor to deliver any and all records and any other information
in its actual possession that are reasonably requested in writing by World Omni or the Depositor and necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the provisions of Repurchase Rules and
Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to
undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or 

  
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responsibilities except as expressly set forth in this Section 7.10. The obligations of the Owner Trustee under the first two sentences of this Section 7.10 to notify the
Depositor and World Omni of any such demand made in non-written form shall not be applicable during such time as the interpretations of the requirements of the Repurchase Rules and Regulations explicitly require reporting by World Omni and the
Depositor solely with respect to demands in written form. 
 ARTICLE VIII 

COMPENSATION OF OWNER TRUSTEE 
 Section 8.01 Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder during the term of this Agreement such fees as have been separately
agreed upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Administrator pursuant to the Administration Agreement for its other reasonable and
documented expenses hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of
its rights and its duties hereunder; provided, that reimbursement for expenses and disbursements of any legal counsel to the Owner Trustee in connection with the initial Closing Date shall be subject to any limitations separately
agreed upon before the date hereof between the Depositor (or any Affiliate thereof) and the Owner Trustee. The provisions of this Section 8.01 shall survive the resignation or removal of the Owner Trustee and the termination of this
Agreement. 
 Section 8.02 Indemnification. Pursuant to the Administration Agreement, the Administrator shall be liable
as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable and documented costs, expenses and disbursements (including reasonable and documented legal fees and expenses) of any kind and nature whatsoever
(collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the
administration of the Owner Trust Estate or the action or inaction of any Indemnified Party hereunder, except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01. The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee or
the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity is sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which
approval shall not be unreasonably withheld or delayed. 
 Section 8.03 Payments to the Owner Trustee. Any amounts paid
to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate simultaneously with such payment. 

  
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 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 Section 9.01 Termination of
Trust Agreement. (a) The Trust shall be dissolved immediately prior to the final distribution by the Owner Trustee or Paying Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture, the Sale and Servicing Agreement, the Interest Rate Swaps, if any, and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or
the Trust or (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate or
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in
Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust. 
 (c) Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Paying Agent by letter to Certificateholders mailed within five Business Days of receipt of actual notice of such termination from the Servicer given pursuant to Section 9.01(b) of the Sale and
Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, and, as a result, payments will be made only upon presentation and surrender of the Trust
Certificates by Certificateholders at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate Registrar (if other than the Indenture Trustee) and the Owner Trustee at the time such notice is given
to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02. 

In the event that all of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Trust Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Owner Trust
Estate after exhaustion of such remedies shall be distributed by the Paying Agent to the Depositor subject to applicable escheat laws. 

  
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 (d) Upon the winding up of the Trust and receipt of written instruction from the
Administrator, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation (as provided to it) with the Secretary of State of the State of Delaware in accordance with the provisions of
Section 3810 of the Statutory Trust Act and thereupon the Trust and this Trust Agreement (other than Article VIII) shall terminate and be of no further force or effect. 

ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

Section 10.01 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity
satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, subject to supervision or
examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If
such entity shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner
Trustee shall resign promptly in the manner and with the effect specified in Section 10.02. 
 Section 10.02
Resignation or Removal of Owner Trustee. (a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable, may petition (at the expense
of the Depositor) any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 (b) Subject to
paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Administrator, or if at any
time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the Administrator or the Depositor shall remove the Owner Trustee under the authority of the
immediately preceding sentences, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee and one copy to the Depositor, together with the basis for removal. 

  
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 (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner
Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency. 

Section 10.03 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute,
acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and
such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner
Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor
Owner Trustee shall be eligible pursuant to Section 10.01. 
 Upon written acceptance of appointment by a successor
Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business
Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
 Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware as required by the Statutory Trust Act.

 Section 10.04 Merger or Consolidation of the Owner Trustee. Any corporation or other entity into which the Owner
Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation or other entity
succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor to and assume all obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or any
further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such corporation or other entity shall be eligible pursuant to Section 10.01
and, provided, further, that the Owner Trustee shall mail notice of such merger, conversion or consolidation to the Depositor, who shall promptly deliver such notice to each Rating Agency. 

  
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 Section 10.05 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner
Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 
 Each separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that, under any law of any jurisdiction in which any particular act or
acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof
in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (b) No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 

(c) The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee without notice to any Rating Agency or any other Person. 
 Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the
conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 

  
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 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate
trustee. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01 Supplements and Amendments.
This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement or for the purpose of
adding any provision to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments require: (i) satisfaction of the
Rating Agency Condition and (ii) an Officer’s Certificate of the Depositor stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder. 

This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least 50%
of the Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the
Indenture Trustee and the Owner Trustee by the Depositor and (iii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing not less than a 50% Percentage Interest of the Trust Certificates (unless
(i) the interests of the Certificateholders are not affected materially and adversely and (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the Owner Trustee by the Depositor), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment
shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest in the Trust Certificates required to consent to any such amendment, without the consent of the
holders of all the Outstanding Notes and Certificates affected thereby. 
 Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each Rating Agency.

 It shall not be necessary for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this
Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance 

  
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thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Administrator may prescribe. 
 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State of the State of Delaware. 

In connection with the execution of any amendment to this Agreement or any amendment to any other agreement to which the Issuing Entity
is a party, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by this Agreement or, as applicable such other agreement, and that all
conditions precedent to the execution and delivery thereof by the Issuing Entity or the Owner Trustee, as the case may be, have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the
Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 Notwithstanding any other provision
of this Agreement, if the consent of the Swap Counterparty, if any, is required pursuant to the Swap Counterparty Rights Agreement to amend this Agreement, any such purported amendment shall be null and void ab initio unless the Swap Counterparty,
if any, consents in writing to such amendment. 
 Section 11.02 No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in
accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 Section 11.03 Limitations on Rights of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Administrator, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether express or implied,
shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 11.04 Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of written confirmation of receipt of facsimile, if delivered by facsimile
(except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, if to the Depositor, addressed to World Omni Auto Receivables LLC, 190
Jim Moran Boulevard, 

  
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Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile: (954) 429-2685, Attention: Treasurer; or, as to each party, at such other address as shall be designated by such
party in a written notice to each other party. 
 (b) Any notice required or permitted to be given to a Certificateholder shall
be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given,
whether or not the Certificateholder receives such notice. 
 Section 11.05 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 11.06 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 11.07 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner
Trustee and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors
and assigns of such Certificateholder. 
 Section 11.08 Covenants of the Depositor. In the event that any
Certificateholder commences any litigation with claims in excess of $1,000,000 to which the Depositor is a party which in the judgment of counsel to the Depositor who may be an employee of the Depositor, shall be reasonably likely to result in a
material judgment against the Depositor that the Depositor will not be able to satisfy, during the period beginning nine months following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated
(and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay any dividend to World Omni, or make any distribution to World Omni, or repay the principal amount of any
indebtedness of the Depositor held by World Omni, unless (i) after giving effect to such dividend, distribution or repayment, the Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation that
are reasonably likely to equal the amount of the judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall have been satisfied with respect to any such dividend, distribution or repayment. The Depositor will not at any
time institute against the Trust any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic
Documents. 

  
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 Section 11.09 No Petition. To the fullest extent permitted by applicable law, the
Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust 
 Certificate, and the Indenture Trustee and each
Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any involuntary
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes,
this Agreement or any of the Basic Documents. 
 Section 11.10 No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which such
parties are a party. 
 In the event that a Certificateholder (other than the Depositor) is deemed, under applicable law by any
court or other authority of competent jurisdiction, to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other assets”), the parties to this Agreement and
the Certificateholders acknowledge and agree that: (i) such Certifcateholder’s Certificate represents an undivided beneficial interest in the assets of the Trust and the Trust Estate only, (ii) any such Certificateholder’s claim
against any other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full
of all amounts owing to such entitled Persons, and (iii) the covenant set forth in the preceding clause (ii) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy
Code. 
 Section 11.11 Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 11.12 GOVERNING LAW. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS; provided, however, that there shall not be applicable to the parties hereunder or this Agreement any provision of the laws (common or statutory) of the State of Delaware pertaining to trusts that relate to or
regulate, in a manner inconsistent with the terms hereof, (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees,
officers, agents or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements
relating to the titling, storage or other manner of holding or 

  
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investing trust assets or (g) the establishment of fiduciary or other standards of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations
or authorities and powers of the Owner Trustee hereunder as set forth or referenced in this Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. 

To the fullest extent permitted by applicable law, each of the parties to this agreement and each Certificateholder by its acceptance
thereof, hereby irrevocably and unconditionally consents to submit to the nonexclusive jurisdiction of the courts of the State of Delaware for purposes of any action or proceeding arising out of or in connection with this Agreement, the Certificates
or the transactions contemplated hereby or thereby. 
 EACH OF THE PARTIES HERETO, AND EACH CERTIFICATEHOLDER BY ITS ACCEPTANCE
THEREOF, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CERTIFICATES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. 
 Section 11.13 Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations. In order to
comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Owner Trustee may be required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly each of the parties to this transaction agrees to provide to the Owner Trustee upon its request from time to time such indentifying
information and documentation as may be available for such party in order to enable the Owner Trustee to comply with applicable law. 
 ARTICLE XII 
 COMPLIANCE WITH REGULATION AB 

Section 12.01 Intent of the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of this
Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance
under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering
of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors, if any, to deliver) to the Depositor any
information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its other Exchange Act
reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement (including with respect to any of its successors or predecessors; provided, however, that this parenthetical shall
apply only to the successors or predecessors of the Owner Trustee contemplated by Section 10.04 hereof). The obligations of the Owner Trustee to provide such information shall survive the removal or resignation of the Owner Trustee hereunder.

  
 30 

 Section 12.02 Information to Be Provided by the Owner Trustee. The Owner Trustee shall
(i) on or before the fifth Business Day following a written request of the Depositor, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for the purpose of compliance with Item 1117 of
Regulation AB, and (ii) pursuant to Section 7.09 hereof as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information
necessary for compliance with Item 1117 of Regulation AB. 
 The Owner Trustee shall (i) on or before the fifth
Business Day following a written request of the Depositor in connection with the preparation of any required quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is requested for the purpose of
compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated
information. Such information shall include, at a minimum: 
 (a) the Owner Trustee’s name and form of organization;

 (b) a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving receivables of the same type as the Receivables; 
 (c) a description of any affiliation
between the Owner Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction: 

(i) the sponsor; 
 (ii) any depositor; 
 (iii) the issuing entity; 

(iv) any servicer; 
 (v) any trustee; 
 (vi) any originator; 

(vii) any significant obligor; 
 (viii) any enhancement or support provider, including any swap counterparty; and 
 (ix) any other material transaction party. 

  
 31 

 In connection with the above-listed parties, a description of whether there is, and if so the general
character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an
unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed securities. 

*  *  *  *  *  * 

  
 32 

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

			
	 WORLD OMNI AUTO RECEIVABLES LLC,
 as Depositor

		
	By:	 	/s/ Charles M. Einhorn
	 Name:  Charles M. Einhorn

Title:    Assistant Treasurer

	
	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee,
		
	By:	 	/s/ Elizabeth B. Ferry
	 Name:  Elizabeth B. Ferry

Title:    Vice President

		
	By:	 	/s/ Donna Mitchell
	 Name:  Donna Mitchell_

Title:    Vice President

 U.S. BANK NATIONAL ASSOCIATION acknowledges and accepts, as of the date first above written, its appointment as
Paying Agent and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Paying Agent and Certificate Registrar. 

 

			
	By:	 	/s/ Patricia M. Child
	 Name:  Patricia M. Child

Title:    Vice President

 EXHIBIT A 
 FORM OF TRUST CERTIFICATE 
 THIS CERTIFICATE IS SUBORDINATED TO THE NOTES, AS AND TO THE
EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT. 
 THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED TO REPRESENT TO THE DEPOSITOR
AND THE OWNER TRUSTEE (i) THAT IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN “ACCREDITED INVESTOR”) AND THAT IT IS ACQUIRING THIS
CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (A “QUALIFIED INSTITUTIONAL BUYER”) AND IS ACQUIRING
SUCH CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS
CERTIFICATE UNDER THE TRUST AGREEMENT. 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE BY ANY PERSON UNLESS EITHER
(i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST AGREEMENT, TO THE
EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY),
(iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED
INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL

  
 Ex. A-1

 
REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION
SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE OWNER TRUSTEE, THE DEPOSITOR AND THE CERTIFICATE REGISTRAR SHALL REQUIRE A
WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS
ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING
AN INVOLUNTARY CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF
THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR. 
 THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR AND THE DEPOSITOR RECEIVE EITHER (1) A CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE
TO THE EFFECT THAT SUCH TRANSFEREE NEITHER IS NOR IS ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR A PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (EACH OF THE FOREGOING, A “PLAN”) OR (2) AN OPINION OF COUNSEL SATISFACTORY TO THE CERTIFICATE
REGISTRAR, THE OWNER TRUSTEE AND THE DEPOSITOR TO THE EFFECT THAT SUCH TRANSFER WILL NOT RESULT IN THE ASSETS OF THE TRUST BEING DEEMED TO BE “PLAN ASSETS” AND WILL NOT SUBJECT THE DEPOSITOR, THE SERVICER, THE CERTIFICATE REGISTRAR, THE
OWNER TRUSTEE OR THE INDENTURE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE ADMINISTRATION AGREEMENT, AND WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION UNDER
ERISA, 

  
 Ex. A-2

 
SECTION 4975 OF THE CODE OR SIMILAR LAW. ANY PURPORTED TRANSFER OF A CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY OF AN OPINION OF COUNSEL REFERRED TO IN CLAUSE (2) ABOVE SHALL
BE VOID AND OF NO EFFECT. 
 THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE CERTIFICATE REGISTRAR RECEIVES (A) A
CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE AND (B) THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR, THE DEPOSITOR AND THE
INDENTURE TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL (WHICH COUNSEL IS INDEPENDENT FROM THE DEPOSITOR AND THE TRUST) THAT SUCH ACTION SHALL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A
CORPORATION FOR FEDERAL INCOME TAX PURPOSES AND SUCH TRANSFEREE OR ASSIGNEE SHALL AGREE TO TAKE POSITIONS FOR TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS SET FORTH IN SECTION 2.06 OF THE TRUST AGREEMENT AS AGREED TO BE TAKEN BY THE
CERTIFICATEHOLDER. 

  
 Ex. A-3

 NO.: 
 WORLD OMNI AUTO RECEIVABLES TRUST 2012-B 
 TRUST CERTIFICATE 

evidencing a fractional undivided beneficial interest in the Trust, as defined below, the property which consists of retail installment sale contracts
for new and used automobiles and light-duty trucks (transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail installment contracts transferred to the Trust on Subsequent Transfer Dates during the
Funding Period, if any, (the “Subsequent Receivables” and, together with the Initial Receivables, the “Receivables”), all monies received on or after the applicable Cutoff Date; any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have
secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to
purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). 

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR
RESPECTIVE AFFILIATES. 
 THIS CERTIFIES THAT             is the
registered owner of             % nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables Trust 2012-B (the “Trust”), formed by
World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”). 
 OWNER TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement. 

 

									
	 DEUTSCHE BANK TRUST COMPANY DELAWARE,
 not in its individual capacity but solely as Owner Trustee
	 		 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee
					
		 		 	OR	 		 	
				
		 		 		 	 By: U.S. BANK NATIONAL ASSOCIATION,
 as Authenticating Agent

					
	By:	 	 	 		 	By:	 	 
		 	 Name:
 Title:
	 		 		 	 Name:

Title:

  
 Ex. A-4

 The Trust was created pursuant to a Trust Agreement dated August 28, 2012 (as amended
and restated on October 24, 2012, and as may be amended, restated or supplemented from time to time, the “Trust Agreement”), between the Depositor and Deutsche Bank Trust Company Delaware, as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement, dated as of October 24, 2012 (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer (the
“Servicer”), as applicable. 
 This Certificate is one of the duly authorized Certificates designated as
“Trust Certificates” (herein called the “Trust Certificates”). Also issued under an Indenture, dated as of October 24, 2012 (the “Indenture”), between the Trust and U.S. Bank National Association, as
indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles
and light-duty trucks transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail installment contracts transferred to the Trust on Subsequent Transfer Dates during the Funding Period, if any, (the
“Subsequent Receivables” and, together with the Initial Receivables, the “Receivables”), all monies received after the applicable Cutoff Date; any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability, theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain
circumstances; the Trust Accounts; the Interest Rate Swaps, if any; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of
the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing Agreement and the Indenture. 

Under the Trust Agreement, there will be distributed on the
15th of each month of each year or, if such day is not a
Business Day, the immediately following Business Day (each, a “Payment Date”), commencing on November 15, 2012, to the Person in whose name this Trust Certificate is registered at the close of business on the Business Day
immediately preceding such Payment Date (the “Record Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders on such Payment Date. No distributions will be made on
any Certificate on any Payment Date until the full amount of interest and principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required amount, if necessary. 

The Certificateholder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust
Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture. 

  
 Ex. A-5

 It is the intention of the Depositor, the Servicer and the Certificateholders that, solely
for Federal, state and local income and franchise tax purposes, (a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time as the Trust has more than one
Certificateholder, the Trust will be treated as a partnership. Neither the Servicer nor the Depositor or any Certificateholder will take any action to the contrary. 
 Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, or join in any institution against
the Depositor of, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to
the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents. 
 Distributions on this Trust Certificate
will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise
provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and
surrender of this Trust Certificate at the office or agency maintained for that purpose by the Owner Trustee. 
 Reference is
hereby made to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual
signature, this Trust Certificate shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-6

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

									
		 		 	WORLD OMNI AUTO RECEIVABLES TRUST 2012-B
				
		 		 	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee
					
	Dated:
                                         
                               	 		 		 	By:	 	 
		 		 		 	 Name:

Title:

  
 Ex. A-7

 [REVERSE OF TRUST CERTIFICATE] 

The Trust Certificates do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any
affiliates of any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and
Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other
places, if any, designated by the Depositor. 
 The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Certificateholders of
not less than a 50% Percentage Interest in the Trust Certificates and holders of not less than 50% of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate shall be conclusive and
binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made
upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholders of any of the Trust Certificates. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is
registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer
in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of
authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is U.S. Bank National Association. 

Except as provided in the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering
the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection
therewith. 

  
 Ex. A-8

 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the
payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Owner Trust Estate. The Servicer may at its option
purchase the Owner Trust Estate at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Notes and the Trust Certificates; however, such
right of purchase is exercisable only as of the last day of any Collection Period as of which the Pool Balance is 10% or less of the Aggregate Starting Principal Balance of all Receivables transferred to the Trust. 

  
 Ex. A-9

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL
SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

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

Dated: 
  

			
		
	  	 	*/
		
	Signature Guaranteed:	 	
		
	  	 	*/

  
  

	*/	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  
 Ex. A-10

 EXHIBIT B 
 CERTIFICATE OF TRUST OF 
 WORLD OMNI AUTO RECEIVABLES TRUST 2012-B

 THIS Certificate of Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2012-B (the “Trust”), is being duly executed
and filed by the undersigned, not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 

1. Name. The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2012-B. 

2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware are Deutsche Bank Trust
Company Delaware, 1011 Centre Road, Suite 200, Wilmington, Delaware 19805. 
 3. Effective Date. This Certificate of
Trust shall be effective upon filing. 
 *  *  *  *  * 

  
 Ex. B-1

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance
with Section 3811(a) of the Act. 
  

			
	 DEUTSCHE BANK TRUST COMPANY
 DELAWARE, not in its individual capacity but
 solely as Owner Trustee

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

  
 Ex. B-2

 EXHIBIT C 
 FORM OF TRANSFEROR CERTIFICATE 
 [DATE] 

World Omni Auto Receivables LLC 
 190 Jim Moran
Boulevard 
 Deerfield Beach, FL 33442 

Deutsche Bank Trust Company Delaware, 
 as Owner
Trustee of World Omni Auto Receivables Trust 2012-B 
 1011 Centre Road, Suite 200 
 Wilmington, Delaware 19805 
 U.S. Bank National Association, 

as Certificate Registrar for World Omni Auto Receivables Trust 2012-B 
 190 South LaSalle Street, 7th floor 
 Chicago, Illinois 60603 

Attention: Corporate Trust Services, WOART 2012-B 
  

	 	Re:	World Omni Auto Receivables Trust 2012-B  

	 	    	Trust Certificates 

 Ladies and
Gentlemen: 
 In connection with our disposition of the above-referenced Trust Certificates (the “Certificates”)
we certify that (a) we understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction that is exempt from the registration
requirements of the Act and (b) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be
deemed, or taken any other action which would result in, a violation of Section 5 of the Act. 
  

			
	 Very truly yours,
  

[NAME OF TRANSFEROR]

		
	By:	 	 
		 	Authorized Officer

  
 Ex. C

 EXHIBIT D 
 FORM OF INVESTMENT LETTER 
 World Omni Auto Receivables LLC 

190 Jim Moran Boulevard 
 Deerfield Beach, FL
33442 
 Deutsche Bank Trust Company Delaware, 
 as Owner Trustee of World Omni Auto Receivables Trust 2012-B 
 1011 Centre Road, Suite 200

 Wilmington, Delaware 19805 
 U.S.
Bank National Association, 
 as Certificate Registrar for World Omni Auto Receivables Trust 2012-B 

190 South LaSalle Street, 7th floor 
 Chicago,
Illinois 60603 
 Attention: Corporate Trust Services, WOART 2012-B 
 Ladies and Gentlemen: 
 In connection with our proposed purchase of Trust
Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2012-B (the “Issuing Entity”), we confirm that: 
 1. We understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and may not be sold except as permitted in the following
sentence. We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a transaction not involving any public offering within the
meaning of the 1933 Act and (y) that such Certificates may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under
the 1933 Act (an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting in its
fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Certificate is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe
after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933
Act, in which case the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in
form and substance satisfactory to the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee shall require that a written opinion of counsel (which will not be at the
expense of the Depositor, any affiliate of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor and the Owner Trustee to the effect that such transfer will not violate

  
 Ex. D-1

 
the 1933 Act, and will be effected in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the Certificates from us of the above
resale restrictions, if then applicable. We further understand that in connection with any transfer of the Certificates by us that the Depositor and the Owner Trustee may request, and if so requested we will furnish, such certificates and other
information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions. 
 2.
[CHECK ONE] 
 (a) We are an Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary
or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Certificates, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time. We are acquiring the Certificates for investment and not with a
view to, or for offer and sale in connection with, a public distribution. 
 (b) We are a “qualified institutional
buyer” as defined under Rule 144A under the 1933 Act and are acquiring the Certificates for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Certificates and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act
provided by Rule 144A. 
 3. We are not and are not acting on behalf of (i) an employee benefit plan subject to Title I of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by reason of a plan’s
investment in the entity (each, a “Plan”) or (iv) a plan subject to any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code. We
hereby acknowledge that no transfer of any Certificate shall be permitted to be made to any person unless the Trustee has received (i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel
satisfactory to the Certificate Registrar and the Depositor to the effect that the purchase and holding of any such Certificate by such person (A) will not constitute or result in the assets of the Issuing Entity being deemed to be “plan
assets” and subject to the prohibited transaction provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Certificate Registrar, the Owner Trustee, the Indenture Trustee, the Servicer or the Depositor to any
obligation in addition to those undertaken in the Basic Documents with respect to the Certificates and (B) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. 

4. We are a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that
unless the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from 

  
 Ex. D-2

 
the Depositor and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes,
no purchase of any Certificate shall be permitted to be made to any Person who is not a United States Person and any such purported purchase or transfer in violation of these restrictions shall be null and void. 

5. We understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us by our purchase of the Certificates, for our own account or for one or more accounts as to each of which
we exercise sole investment discretion, are no longer accurate, we shall promptly notify the Depositor. 
 6. You are entitled to
rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	 Very truly yours,
  

[NAME OF PURCHASER]

		
	By:	 	 
		 	 Name:

Title:
  
 Date:
                                         
                               

  
 Ex. D-3

 EXHIBIT E 
 FORM OF RECEIVABLES 
 Documents on file at: 

Kirkland & Ellis LLP 
 300 North LaSalle Street 
 Chicago, IL 60654 

  
 Ex. EEX-4.1

 Exhibit 4.1 
 EXECUTION VERSION 
  

 
 NISSAN AUTO LEASE TRUST 2012-B

 $107,000,000 
 0.25000% Asset Backed Notes, Class A-1 
 $143,000,000 

0.45% Asset Backed Notes, Class A-2a 
 $196,000,000 
 LIBOR + 0.10% Asset Backed Notes, Class A-2b 

$214,000,000 

0.58% Asset Backed Notes, Class A-3 
 $90,000,000 
 0.74% Asset Backed Notes, Class A-4 

NISSAN AUTO LEASE TRUST 2012-B 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE

 Dated as of October 24, 2012 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE ONE DEFINITIONS
	  	 	1	  
		
	 SECTION 1.01 Capitalized Terms
	  	 	1	  
	 SECTION 1.02 Interpretation
	  	 	2	  
	 SECTION 1.03 Incorporation by Reference Trust Indenture Act
	  	 	2	  
		
	 ARTICLE TWO THE NOTES
	  	 	3	  
		
	 SECTION 2.01 Form
	  	 	3	  
	 SECTION 2.02 Execution, Authentication and Delivery
	  	 	3	  
	 SECTION 2.03 Temporary Notes
	  	 	4	  
	 SECTION 2.04 Registration; Registration of Transfer and Exchange
	  	 	4	  
	 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	  
	 SECTION 2.06 Persons Deemed Owners
	  	 	6	  
	 SECTION 2.07 Cancellation
	  	 	7	  
	 SECTION 2.08 Release of Collateral
	  	 	7	  
	 SECTION 2.09 Book-Entry Notes
	  	 	7	  
	 SECTION 2.10 Notices to Clearing Agency
	  	 	8	  
	 SECTION 2.11 Definitive Notes
	  	 	8	  
	 SECTION 2.12 Authenticating Agents
	  	 	9	  
	 SECTION 2.13 Tax Treatment
	  	 	9	  
	 SECTION 2.14 Calculation Agent
	  	 	10	  
		
	 ARTICLE THREE COVENANTS
	  	 	10	  
		
	 SECTION 3.01 Payments to Noteholders, Trust Certificateholders and Depositor
	  	 	10	  
	 SECTION 3.02 Maintenance of Office or Agency
	  	 	11	  
	 SECTION 3.03 Money for Payments to be Held in Trust
	  	 	11	  
	 SECTION 3.04 Existence
	  	 	12	  
	 SECTION 3.05 Protection of Owner Trust Estate
	  	 	13	  
	 SECTION 3.06 Opinions as to Owner Trust Estate
	  	 	13	  
	 SECTION 3.07 Performance of Obligations; Servicing of the 2012-B SUBI Assets
	  	 	14	  
	 SECTION 3.08 Negative Covenants
	  	 	15	  
	 SECTION 3.09 Annual Statement as to Compliance
	  	 	15	  
	 SECTION 3.10 Restrictions on Certain Other Activities
	  	 	16	  
	 SECTION 3.11 Notice of Defaults
	  	 	16	  
	 SECTION 3.12 Further Instruments and Acts
	  	 	16	  
	 SECTION 3.13 Delivery of the 2012-B SUBI Certificate
	  	 	16	  
	 SECTION 3.14 Compliance with Laws
	  	 	17	  
	 SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms
	  	 	17	  
	 SECTION 3.16 Successor or Transferee
	  	 	19	  
	 SECTION 3.17 Removal of the Administrative Agent
	  	 	19	  
	 SECTION 3.18 Perfection Representations
	  	 	19	  
	 SECTION 3.19 Securities Exchange Act Filings
	  	 	19	  
	 SECTION 3.20 Regulation AB Representations, Warranties and Covenants
	  	 	19	  

  
 i 

					
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	20	  
		
	 SECTION 4.01 Satisfaction and Discharge of Indenture
	  	 	20	  
	 SECTION 4.02 Application of Trust Money
	  	 	21	  
	 SECTION 4.03 Repayment of Monies Held by Paying Agent
	  	 	21	  
		
	 ARTICLE FIVE INDENTURE DEFAULT
	  	 	21	  
		
	 SECTION 5.01 Indenture Defaults
	  	 	21	  
	 SECTION 5.02 Acceleration of Maturity; Waiver of Indenture Default
	  	 	23	  
	 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	23	  
	 SECTION 5.04 Remedies; Priorities
	  	 	25	  
	 SECTION 5.05 Optional Preservation of the Collateral
	  	 	27	  
	 SECTION 5.06 Limitation of Suits
	  	 	27	  
	 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest
	  	 	27	  
	 SECTION 5.08 Restoration of Rights and Remedies
	  	 	28	  
	 SECTION 5.09 Rights and Remedies Cumulative
	  	 	28	  
	 SECTION 5.10 Delay or Omission Not a Waiver
	  	 	28	  
	 SECTION 5.11 Control by Noteholders
	  	 	28	  
	 SECTION 5.12 [Reserved]
	  	 	29	  
	 SECTION 5.13 Undertaking for Costs
	  	 	29	  
	 SECTION 5.14 Waiver of Stay or Extension Laws
	  	 	29	  
	 SECTION 5.15 Action on Notes
	  	 	29	  
	 SECTION 5.16 Performance and Enforcement of Certain Obligations
	  	 	29	  
	 SECTION 5.17 Sale of Collateral
	  	 	30	  
		
	 ARTICLE SIX THE INDENTURE TRUSTEE
	  	 	30	  
		
	 SECTION 6.01 Duties of Indenture Trustee
	  	 	30	  
	 SECTION 6.02 Rights of Indenture Trustee
	  	 	32	  
	 SECTION 6.03 Individual Rights of Indenture Trustee
	  	 	33	  
	 SECTION 6.04 Indenture Trustee’s Disclaimer
	  	 	33	  
	 SECTION 6.05 Notice of Defaults
	  	 	33	  
	 SECTION 6.06 Reports by Indenture Trustee to Noteholders
	  	 	34	  
	 SECTION 6.07 Compensation and Indemnity
	  	 	34	  
	 SECTION 6.08 Replacement of Indenture Trustee
	  	 	35	  
	 SECTION 6.09 Successor Indenture Trustee by Merger
	  	 	36	  
	 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee
	  	 	37	  
	 SECTION 6.11 Eligibility; Disqualification
	  	 	38	  
	 SECTION 6.12 Trustee as Holder of the 2012-B SUBI Certificate
	  	 	38	  
	 SECTION 6.13 Representations and Warranties of Indenture Trustee
	  	 	38	  
	 SECTION 6.14 Furnishing of Documents
	  	 	39	  
	 SECTION 6.15 Preferred Collection of Claims Against Issuing Entity
	  	 	39	  

  
 ii 

					
		
	 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS
	  	 	39	  
		
	 SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses
	  	 	39	  
	 SECTION 7.02 Preservation of Information; Communications to Noteholders
	  	 	40	  
	 SECTION 7.03 Reports by Issuing Entity
	  	 	40	  
	 SECTION 7.04 Reports by Indenture Trustee
	  	 	41	  
	 SECTION 7.05 Indenture Trustee Website
	  	 	41	  
	 SECTION 7.06 Information to be Provided by the Indenture Trustee
	  	 	41	  
		
	 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	41	  
		
	 SECTION 8.01 Collection of Money
	  	 	41	  
	 SECTION 8.02 Accounts
	  	 	42	  
	 SECTION 8.03 Payment Date Certificate
	  	 	43	  
	 SECTION 8.04 Disbursement of Funds
	  	 	44	  
	 SECTION 8.05 General Provisions Regarding Accounts
	  	 	48	  
	 SECTION 8.06 Release of Owner Trust Estate
	  	 	49	  
	 SECTION 8.07 Release of Interest In 2012-B Leases and 2012-B Vehicles Upon Purchase or Reallocation by the
Servicer
	  	 	49	  
	 SECTION 8.08 Opinion of Counsel
	  	 	50	  
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	50	  
		
	 SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	  	 	50	  
	 SECTION 9.02 Supplemental Indentures With Consent of Noteholders
	  	 	52	  
	 SECTION 9.03 Execution of Supplemental Indentures
	  	 	53	  
	 SECTION 9.04 Effect of Supplemental Indenture
	  	 	53	  
	 SECTION 9.05 Reference in Notes to Supplemental Indentures
	  	 	53	  
		
	 ARTICLE TEN REDEMPTION OF NOTES
	  	 	54	  
		
	 SECTION 10.01 Redemption
	  	 	54	  
	 SECTION 10.02 Form of Redemption Notice
	  	 	54	  
	 SECTION 10.03 Notes Payable on Redemption Date
	  	 	55	  
		
	 ARTICLE ELEVEN MISCELLANEOUS
	  	 	55	  
		
	 SECTION 11.01 Compliance Certificates and Opinions
	  	 	55	  
	 SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	  	 	57	  
	 SECTION 11.03 Acts of Noteholders
	  	 	58	  
	 SECTION 11.04 Notices
	  	 	58	  
	 SECTION 11.05 Notices to Noteholders; Waiver
	  	 	59	  
	 SECTION 11.06 Effect of Headings and Table of Contents
	  	 	59	  
	 SECTION 11.07 Successors and Assigns
	  	 	59	  
	 SECTION 11.08 Severability
	  	 	59	  
	 SECTION 11.09 Benefits of Indenture
	  	 	60	  
	 SECTION 11.10 Legal Holidays
	  	 	60	  
	 SECTION 11.11 Governing Law
	  	 	60	  
	 SECTION 11.12 Counterparts
	  	 	60	  
	 SECTION 11.13 Recording of Indenture
	  	 	60	  
	 SECTION 11.14 Trust Obligation
	  	 	60	  
	 SECTION 11.15 No Petition
	  	 	60	  
	 SECTION 11.16 No Recourse
	  	 	61	  
	 SECTION 11.17 Inspection
	  	 	61	  

  
 iii

					
	 SECTION 11.18 Limitation of Liability of Owner Trustee
	  	 	61	  
	 SECTION 11.19 Conflict with Trust Indenture Act
	  	 	62	  
	 SECTION 11.20 Intent of the Parties; Reasonableness
	  	 	62	  

 SCHEDULE 
  

			
	Schedule I	 	 Perfection Representations, Warranties And Covenants

 EXHIBITS 
  

					
	 Exhibit A — Form of Notes
	  	 	A-1	  
	 Exhibit B — Form of Depository Agreement
	  	 	B-1	  
	 Exhibit C — Applicable Servicing Criteria
	  	 	C-1	  

  
 iv 

 Reconciliation and Tie between the Trust Indenture Act 

of 1939 and Indenture 
  

							
	 TIA
Section
	 	 	  	Indenture Section	 
	 310
	 	 (a) (1)
	  	 	6.08, 6.11	  
		 	 (a) (2)
	  	 	6.08, 6.11	  
		 	 (a) (3)
	  	 	6.10	(b)(i) 
		 	 (a) (4)
	  	 	6.12	  
		 	 (a) (5)
	  	 	6.11	  
		 	 (b)
	  	 	6.08, 6.11, 11.05	  
	 311
	 	 (a)
	  	 	6.15	  
		 	 (b)
	  	 	6.15	  
	 312
	 	 (a)
	  	 	7.01	  
		 	 (b)
	  	 	7.01, 7.02	(b) 
		 	 (c)
	  	 	7.02	(c) 
	 313
	 	 (a)
	  	 	7.04	  
		 	 (b) (1)
	  	 	7.04	  
		 	 (b) (2)
	  	 	7.04	  
		 	 (c)
	  	 	7.03, 7.04, 11.05	  
		 	 (d)
	  	 	7.04	  
	 314
	 	 (a)
	  	 	3.09, 7.03, 11.05	  
		 	 (b)
	  	 	11.13	  
		 	 (c) (1)
	  	 	11.01	  
		 	 (c) (2)
	  	 	8.08, 11.01	  
		 	 (c) (3)
	  	 	11.01	  
		 	 (d)
	  	 	11.01	(b) 
		 	 (e)
	  	 	11.01	  
		 	 (f)
	  	 	N.A.	  
	 315
	 	 (a)
	  	 	6.01	(b) 
		 	 (b)
	  	 	6.05	  
		 	 (c)
	  	 	6.01	(a) 
		 	 (d)
	  	 	6.01	(c) 
		 	 (e)
	  	 	5.13	  
	 316
	 	 (a)(1) (A)
	  	 	5.11, 6.01	(c) 
		 	 (a) (1) (B)
	  	 	5.02	  
		 	 (a) (2)
	  	 	N.A.	  
		 	 (b)
	  	 	5.07	  
		 	 (c)
	  	 	N.A.	  
	 317
	 	 (a) (1)
	  	 	5.04	  
		 	 (a) (2)
	  	 	5.03	(d) 
		 	 (b)
	  	 	3.03	  
	 318
	 	 (a)
	  	 	11.19	  

  

	(1)	This reconciliation table and tie shall not, for any purpose be deemed to be part of the Indenture. 

	(2)	N.A. means not applicable. 

  
 -v-

 INDENTURE 
 This Indenture, dated as of October 24, 2012 (this “Indenture”), is between the Nissan Auto Lease Trust 2012-B, a Delaware statutory trust (the “Issuing Entity”),
and U.S. Bank National Association, a national banking association (“U.S. Bank”), as trustee (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other parties and the holders of the Issuing Entity’s Notes: 
 GRANTING CLAUSE 
 The Issuing Entity hereby Grants in trust to the Indenture
Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuing Entity’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the Owner Trust Estate, and (ii) all present and
future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the
conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time constitute all or part of or are included in the proceeds of any of the foregoing
(collectively, the “Collateral”), in each case as such terms are defined herein. 
 The Indenture Trustee, as
trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Noteholders may be adequately and effectively protected. 
 ARTICLE ONE 

DEFINITIONS 

SECTION 1.01 Capitalized Terms. Capitalized terms used herein that are not otherwise defined herein shall have the meanings
ascribed thereto in the Agreement of Definitions, dated as of October 24, 2012, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and
the “UTI Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its individual
capacity, as servicer and as administrative agent (in such capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC II, a Delaware limited liability company (“NALL
II”), NILT, Inc., a Delaware corporation, as trustee to the Titling Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust, National Association, a national banking association with trust powers, as
owner trustee (the “Owner Trustee”) and Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), the Indenture Trustee and U.S. Bank National Association, as
trust agent (in such capacity, the “Trust Agent”). 

  

			
		  	(NALT 2012-B Indenture)

 SECTION 1.02 Interpretation. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the
like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article or Section such as “Article Twelve” or “Section 12.01” shall refer
to the applicable Article or Section of this Indenture, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the term “or” shall include “and/or,”
(vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted successors and assigns, (viii) references to agreements and other contractual instruments
include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture, except that references to the SUBI Trust Agreement
include only such items as related to the 2012-B SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto, (x) references to this
Indenture include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust
Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from
and including” and the words “to” and “until” shall mean “to but excluding.” 
 SECTION 1.03
Incorporation by Reference Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the
following meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 
 “indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

			
	 2
	  	(NALT 2012-B Indenture)

 ARTICLE TWO 
 THE NOTES 
 SECTION 2.01 Form. The Notes, together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such
Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 
 The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture. 
 SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf of the Issuing Entity. The signature of any authorized officer of the Owner Trustee
on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time authorized officers of the Owner Trustee shall bind the Issuing Entity, notwithstanding that any such individuals have
ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate principal amounts of the Notes: (i) $107,000,000 of
Class A-1 Notes, (ii) $143,000,000 of Class A-2a Notes, (iii) $196,000,000 of Class A-2b Notes, (iv) $214,000,000 of Class A-3 Notes, and (v) $90,000,000 of Class A-4 Notes. The aggregate principal amount
of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective amounts, except as provided in Section 2.05. 

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum
denominations of $25,000 and in integral multiples of $1,000 in excess thereof; provided, that the Retained Notes, if any, 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 this Indenture. 
 No Note may be sold, pledged or otherwise transferred to any Person except in accordance with
Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall be null and void. 
 No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by
the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  

			
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	  	(NALT 2012-B Indenture)

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

 SECTION 2.04 Registration; Registration of Transfer and Exchange. 

(a) The Issuing Entity shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The Indenture Trustee is hereby initially appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event, subsequent to the Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note Registrar, the
Issuing Entity shall appoint another bank or trust company, having an office located in the Borough of Manhattan, The City of New York, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to
the Indenture Trustee, to act as successor Note Registrar under this Indenture. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of
Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing
Entity shall give the Indenture Trustee prompt written notice of such appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer as to the names and addresses of the Noteholders and the principal amounts
and number of such Notes. 
 (b) Upon the proper surrender for registration of transfer of any Note at the office or agency of
the Issuing Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee shall authenticate
and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any authorized denominations, of a like aggregate principal amount. 

  

			
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	  	(NALT 2012-B Indenture)

 (c) At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met, the Owner
Trustee shall execute, on behalf of the Issuing Entity, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the Notes that the Noteholder making such exchange is entitled to receive. Every Note
presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the
Issuing Entity and the Indenture Trustee, including appropriate tax documentation, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing. 
 (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt and entitled to the same benefits under this
Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 (e) No service charge shall be made to a
Noteholder for any registration of transfer or exchange of Notes, but the Issuing Entity may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant
to Sections 2.03 or 9.05 not involving any transfer. 
 (f) Each Noteholder shall be deemed to represent,
warrant and covenant (on the date of acquisition of a Note (or any interest therein) and throughout the period of holding such Note (or interest therein)) that either (i) it is not, and is not acting on behalf of, a Plan, or
(ii) (a) the Note is rated at least “investment grade” by a nationally recognized statistical rating agency at the time of acquisition, and (b) the Noteholder’s acquisition, holding and disposition of such Note (or any
interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or a violation of any Similar Law. Benefit Plan Investors may not acquire the Notes at any time that the
rating on the Notes are below “investment grade.” 
 (g) The Tax Retained Notes, if any, will not be transferred (other
than to a Person specified in the definition of Tax Retained Notes) unless a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the effect that, for federal
income tax purposes, 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 preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected
for redemption, or (ii) for a period of 15 days preceding the due date for any payment with respect to such Note. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated
Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may
be required by it to hold the Issuing Entity, the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner Trustee, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
“protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, and upon receipt of an Issuing
Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen
Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such destroyed, lost or stolen Note when
so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected
purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected
purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee
in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuing Entity or the Indenture
Trustee may require the payment by the related Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture
Trustee or the Note Registrar) connected therewith. 
 Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.06 Persons Deemed Owners. Prior to due
presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and their respective agents shall treat the Person in whose name any Note is registered (as of the date of determination) as the owner of such Note for
the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents
shall be affected by notice to the contrary. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 2.07 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the
Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is timely and that such Notes
have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.08 Release of Collateral. Subject to
Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuing Entity Request, accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

 SECTION 2.09 Book-Entry Notes. Unless otherwise specified, the Notes, (other than the Retained Notes, if any), upon
original issuance, will be issued in the form of one or more typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, or a custodian therefor, by, or on behalf of,
the Issuing Entity. For each Class of Book-Entry Notes, one fully registered Note shall be issued with respect to each $500 million in principal amount of each Class of Notes or such lesser amount as necessary. Such Notes shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of
the Retained Notes, if any), except as provided in Section 2.11. Except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11:

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

(b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners; 

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

  

			
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	  	(NALT 2012-B Indenture)

 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall
be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to
Section 2.11, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders
evidencing a specified percentage of the Outstanding Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
 SECTION 2.10 Notices to Clearing Agency. Whenever a notice or other communication to Noteholders is required under this Indenture, except with respect to the Retained Notes, if any, and otherwise,
unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency,
and shall have no obligation to the Note Owners. 
 SECTION 2.11 Definitive Notes. Except with respect to the Retained
Notes, if any (which shall be originally issued as Definitive Notes), if (i) (A) the Depositor, the Owner Trustee or the Administrative Agent advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities as described in the Depository Agreement and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor (and if the Administrative Agent has made such
determination, the Administrative Agent has given written notice thereof to the Indenture Trustee), (ii) the Depositor, the Indenture Trustee or the Administrative Agent, to the extent permitted by applicable law, at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note Owners representing in the aggregate not less than 51% of the Outstanding Amount, voting as a
single class, advise the Indenture Trustee through the Clearing Agency and Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interest of Note
Owners, the Indenture Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon
surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon
shall become Noteholders for all purposes of this Indenture. None of the Issuing Entity, Owner Trustee, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. 

  

			
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	  	(NALT 2012-B Indenture)

 The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable
if the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or
without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders shall be mailed
to their addresses of record in the Note Register as of the relevant Deposit Date. Such notices shall be deemed to have been given as of the date of mailing. 
 If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Owner Trustee shall furnish or cause to be furnished to the Indenture Trustee a list of the names and addresses of
the Noteholders (i) as of each Deposit Date, within five days thereafter and (ii) as of not more than ten days prior to the time such list is furnished, within 30 days after receipt by the Owner Trustee of a written request therefor.

 SECTION 2.12 Authenticating Agents. Upon the request of the Issuing Entity, the Indenture Trustee shall, and if the
Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under
Sections 2.02, 2.04, 2.05 and 9.05, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this
Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the Indenture Trustee. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any
Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on
the part of the parties hereto or such Authenticating Agent or such successor corporation. 
 Any Authenticating Agent may at
any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the
Issuing Entity. 
 The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation
for its services and reimbursement for its reasonable expenses relating thereto, and the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to Section 6.07. The provisions of Sections 2.07 and
6.04 shall be applicable to any Authenticating Agent. 
 SECTION 2.13 Tax Treatment. The Issuing Entity has
entered into this Indenture, and the Notes (other than the Tax Retained Notes, if any), will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness.
The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agrees to treat the Notes (other than the Tax Retained
Notes, if any), for federal, state and local income, single business and franchise tax purposes as indebtedness. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 2.14 Calculation Agent. U.S. Bank is hereby designated calculation agent with
respect to each Floating Rate Note (including any successor or replacement calculation agent designated from time to time by agreement of the parties hereto, the “Calculation Agent”), and in such capacity, on each Interest
Determination Date, will (a) calculate the Interest Rate with respect to each Class of the Floating Rate Notes if the Floating Rate Note Balance is greater than zero on such Interest Determination Date and (b) deliver to the Servicer
written notice on such Interest Determination Date of such Interest Rate. All determinations of interest by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Noteholders of the Floating
Rate Notes. All percentages resulting from any calculation on the Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five millionths of a percentage point rounded upwards (e.g., 9.876545% (or
0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Floating Rate Note will be rounded to the nearest cent (with one-half cent being rounded upwards). The Calculation
Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, the Issuing Entity will promptly appoint as a replacement Calculation Agent a leading bank
which is engaged in transactions in Eurodollar deposits and which does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties without a successor having
been duly appointed. 
 ARTICLE THREE 
 COVENANTS 
 SECTION 3.01 Payments to Noteholders, Trust Certificateholders and
Depositor. The Issuing Entity shall duly and punctually (i) pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to
release from the Note Distribution Account all other amounts distributable or payable from the Owner Trust Estate (including distributions to be made to the Trust Certificateholders on any Payment Date) under the Trust Agreement and the Servicing
Agreement. Without limiting the foregoing, subject to Section 8.04, the Issuing Entity shall cause the Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Note Distribution Account on each Payment Date that
have been deposited therein for the benefit of the Notes. Amounts properly withheld under the Code by any Person from a payment to any Noteholder or Trust Certificateholder of interest or principal (or other amounts) shall be considered to have been
paid by the Issuing Entity to such Noteholder or Trust Certificateholder for all purposes of this Indenture. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 3.02 Maintenance of Office or Agency. The Note Registrar, on behalf of the
Issuing Entity, shall maintain at the Corporate Trust Office or at such other location in the Borough of Manhattan, The City of New York, chosen by the Note Registrar, acting for the Issuing Entity, an office or agency where Notes may be surrendered
for registration of transfer or exchange, and where notices to and demands upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuing Entity shall fail to
maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.03 Money for Payments to be
Held in Trust. As provided in Sections 5.04(b) and 8.04, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account or the Reserve Account,
if any, shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity except as provided in this Section. All
payments of amounts due and payable with respect to any Notes or Trust Certificates that are to be made from amounts withdrawn from the Note Distribution Account or Reserve Account pursuant to Sections 3.01, 4.02 and 4.03
shall be made on behalf of the Issuing Entity by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes or Trust Certificates shall be paid over to the Issuing Entity or the Owner Trustee,
except as provided by this Section. 
 On each Payment Date and Redemption Date, the Issuing Entity shall deposit or cause to be
deposited (including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account) into the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the
Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing Entity to
effect such deposit. 
 The Indenture Trustee, as Paying Agent, hereby agrees with the Issuing Entity that it will, and the
Issuing Entity will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree
with the Indenture Trustee, subject to the provisions of this Section, that such Paying Agent shall: 
 (a) hold all sums held by
it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided; 
 (b) give the Indenture Trustee notice of any default by the Issuing Entity of which it has actual knowledge
(or any other obligor upon the Notes, if any) in the making of any payment required to be made with respect to the Notes; 

  

			
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	  	(NALT 2012-B Indenture)

 (c) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and

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

The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining
unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid to Second Harvest Food Bank of Middle Tennessee upon presentation
thereto of an Issuing Entity Order, and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease. If any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final payment described in Section 8.04(e), the Indenture Trustee
will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at
the expense and direction of the Issuing Entity, cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuing Entity, any other reasonable
means of notification of such repayment specified by the Issuing Entity or the Administrative Agent. 
 SECTION 3.04
Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the
laws of any other state or of the United States, in which case the Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Owner Trust Estate.

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 3.05 Protection of Owner Trust Estate. The Issuing Entity intends the
security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other liens in respect of the Owner Trust Estate, and the Issuing Entity shall take all actions necessary to
obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Owner Trust Estate. The Issuing Entity shall from time to time execute and deliver
all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrative Agent and delivered to the Issuing Entity, and shall
take such other action necessary or advisable to: 
 (a) Grant more effectively all or any portion of the Collateral; 

(b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively
the purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 (d) enforce any of the Collateral; 
 (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims of all Persons; or 

(f) pay all taxes or assessments levied or assessed upon the Collateral when due. 

The Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute all financing
statements, continuation statements or other instruments required to be authorized, executed and/or filed pursuant to this Section. 
 SECTION 3.06 Opinions as to Owner Trust Estate. 
 (a) On the Closing Date,
the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions), the provisions of the
Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and upon filing of the applicable financing
statement, the Indenture Trustee’s security interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof will be perfected. 
 (b) On or before June 30 of each calendar year, beginning with June 30, 2013, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of
such counsel, either (i) all financing statements and continuation statements have been executed and filed that are necessary to continue the lien and security interest of the Indenture Trustee in the Collateral and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given or (ii) no such action is necessary to continue such lien and security interest. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 3.07 Performance of Obligations; Servicing of the 2012-B SUBI Assets.

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

(b) The Issuing Entity may contract with other Persons, to assist it in performing its duties under this Indenture, and any performance of
such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrative Agent,
and the Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this Indenture. 
 (c) The
Issuing Entity shall, and, shall cause the Administrative Agent and the Servicer to, punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and the instruments and agreements
included in the Owner Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic Documents in accordance with and within the
time periods provided for herein and therein. The Issuing Entity, as a party to the Basic Documents and as Holder of the 2012-B SUBI Certificate, shall not, and shall cause the Servicer and the Administrative Agent not to, modify, amend, supplement,
waive or terminate any Basic Document or any provision thereof other than in accordance with the applicable amendment provisions set forth in such Basic Document. 
 (d) If the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have knowledge of the occurrence of a Servicer Default, such entity shall promptly notify the other entity and the
Administrative Agent thereof (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement), and shall specify in such notice the action, if any, the
other entity is taking in respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the 2012-B SUBI Assets, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure. Upon the occurrence of a Servicer Default with respect to the 2012-B SUBI or the Trust Assets allocated thereto, the Indenture Trustee may terminate all of the rights and
obligations of the Servicer with respect to the 2012-B SUBI and the Trust Assets allocated thereto only, and a successor Servicer shall be appointed pursuant to the Servicing Agreement. 

(e) Upon any termination of the Servicer’s rights and powers or resignation of the Servicer pursuant to the Servicing Agreement, the
Issuing Entity or the Indenture Trustee shall promptly notify the other entity thereof. As soon as a successor Servicer is appointed pursuant to the Servicing Agreement, the Issuing Entity or the Indenture Trustee shall notify the other entity of
such appointment, specifying in such notice the name and address of such successor Servicer. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuing
Entity shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the 2012-B SUBI
Certificate as contemplated by this Indenture and the other Basic Documents; 
 (b) except as expressly permitted herein and in
the other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those assets included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

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

(d) except as may be permitted expressly hereby (i) permit the validity or effectiveness of this Indenture to be impaired, permit the
lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted hereby, (ii) permit any
lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Owner Trust Estate, any part thereof or any interest therein or
the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any 2012-B SUBI Asset and arising solely as a result of an action or omission of the related Lessee) or
(iii) except as otherwise provided in the Basic Documents, permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Owner Trust
Estate; 
 (e) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Basic
Documents; or 
 (f) except as otherwise permitted by the Basic Documents, dissolve or liquidate in whole or in part. 

SECTION 3.09 Annual Statement as to Compliance. The Issuing Entity will cause the Servicer to deliver to the Indenture Trustee
concurrently with its delivery thereof to the Issuing Entity the annual statement of compliance described in Section 8.11 of the 2012-B Servicing Supplement. In addition, on the same date annually upon which such annual statement of
compliance is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a) a review of the activities of the Issuing Entity during such year and of its performance under this Indenture has been made under such
Authorized Officer’s supervision; and 

  

			
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	  	(NALT 2012-B Indenture)

 (b) to the best of such Authorized Officer’s knowledge, based on such review, the
Issuing Entity has complied with all conditions and covenants under this Indenture in all material respects throughout such year, or, if there has been a default in its compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof. 
 On or before June 15th of each calendar year in
which a Form 10-K is required to be filed on behalf of the Issuing Entity, commencing in 2013, the Indenture Trustee shall deliver to the Issuing Entity and the Servicer a report regarding the Indenture Trustee’s assessment of compliance with
each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding reporting year accompanied by an attestation report by a registered public accounting firm, in each case as required under Rules 13a-18 and 15d-18
of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Issuing Entity and signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on Exhibit
C hereto. 
 SECTION 3.10 Restrictions on Certain Other Activities. Except as otherwise provided in the Basic
Documents, unless and until the Issuing Entity shall have been released from its duties and obligations hereunder, the Issuing Entity shall not: (i) engage in any activities other than financing, acquiring, owning, leasing (subject to the lien
of this Indenture), pledging and managing the 2012-B SUBI Certificate in the manner contemplated by the Basic Documents and activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly,
for any indebtedness; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets
or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.11 Notice of Defaults. The Issuing Entity agrees to give the Indenture Trustee and each Rating Agency prompt written
notice of each Indenture Default hereunder. 
 SECTION 3.12 Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

SECTION 3.13 Delivery of the 2012-B SUBI Certificate. On the Closing Date, the Issuing Entity shall deliver or cause to be
delivered to the Indenture Trustee as security for its obligations hereunder, the 2012-B SUBI Certificate. The Indenture Trustee shall take possession of the 2012-B SUBI Certificate in the Borough of Manhattan in the City of New York and shall at
all times during the period of this Indenture maintain custody of the 2012-B SUBI Certificate in the Borough of Manhattan in the City of New York. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 3.14 Compliance with Laws. The Issuing Entity shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform its obligations under the Notes, this Indenture or any other
Basic Document. 
 SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms. 

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

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to
the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or
observed, all as provided herein; 
 (ii) immediately after giving effect to such transaction, no Default or
Indenture Default shall have occurred and be continuing; 
 (iii) the Issuing Entity shall have provided each
Rating Agency 10 days’ prior written notice thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the
rating then assigned thereby to any Class of Notes; 
 (iv) the Issuing Entity shall have received an Opinion of
Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes (other than the Tax Retained Notes, if any) as debt for federal income tax purposes,
(B) be deemed to cause a taxable exchange of the Notes (other than the Tax Retained Notes, if any) for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or
publicly traded partnership) taxable as a corporation for federal income tax purposes; 
 (v) any action that is
necessary to maintain each lien and security interest created by the Trust Agreement or this Indenture shall have been taken; and 
 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental
indenture complies with this Article III and that all conditions precedent provided in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

  

			
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	  	(NALT 2012-B Indenture)

 (b) The Issuing Entity shall not convey or transfer any of its properties or assets,
including those included in the Owner Trust Estate, to any Person other than pursuant to the terms of the Basic Documents, unless: 
 (i) the Person that acquires by conveyance or transfer such properties and assets of the Issuing Entity shall (A) be a United States citizen or a Person organized and existing under the laws of the
United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due
and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein,
(C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee
determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any state in which the Notes have been sold pursuant to any qualification or exemption under the
securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local taxing authorities of any jurisdiction; 

(ii) immediately after giving effect to such transaction, no Default or Indenture Default shall have occurred and be
continuing; 
 (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written notice
thereof, no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the rating then assigned thereby to any Class of Notes;

 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or
(C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

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

  

			
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	  	(NALT 2012-B Indenture)

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act). 
 SECTION 3.16 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.15(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been
named as the Issuing Entity herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.15(b), Nissan Auto Lease Trust 2012-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with respect to the Notes and the Trust
Certificates immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 2012-B is to be so released. 
 SECTION 3.17 Removal of the Administrative Agent. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrative Agent without cause unless so instructed by the Owner
Trustee or the Indenture Trustee or in accordance with Section 1.09 of the Trust Administration Agreement. 

SECTION 3.18 Perfection Representations. 
 (a) The representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes. 

(b) Notwithstanding any other provision of this Indenture or any other Basic Document, the perfection representations contained in
Schedule I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 

(c) The parties to this Indenture: (i) shall not waive any of the perfection representations contained in Schedule I hereto;
(ii) shall provide the Administrative Agent with prompt written notice of any breach of perfection representations contained in Schedule I hereto (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant
to Section 1.02(k) of the Trust Administration Agreement); and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I hereto. 

SECTION 3.19 Securities Exchange Act Filings. The Issuing Entity hereby authorizes the Servicer and the Depositor, or either of
them, to prepare, sign, certify and file any and all reports, statements and information related to the Issuing Entity or the Notes required to be filed pursuant to the Exchange Act, and the rules and regulations thereunder. 

SECTION 3.20 Regulation AB Representations, Warranties and Covenants. The Issuing Entity agrees to perform all duties and
obligations applicable to or required of the Issuing Entity set forth in Schedule A to the 2012-B Servicing Supplement and makes the representations and warranties therein applicable to it. 

  

			
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	  	(NALT 2012-B Indenture)

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 4.01 Satisfaction and Discharge of
Indenture. This Indenture shall discharge with respect to the Collateral securing the Notes and cease to be of further effect with respect to the Notes, except as to (a) rights of registration of transfer and exchange, (b) substitution
of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon; (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10(i), 3.10(ii)
and 3.15, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under
Sections 3.03 and 4.02) and (f) the rights of the Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of
the Issuing Entity and at the expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 

(i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes that have been mutilated,
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and
thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture
Trustee for cancellation (1) have become due and payable, (2) will become due and payable on the applicable Note Final Scheduled Payment Date within one year or (3) are to be called for redemption within one year under arrangements
satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses (1), (2) or (3) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (that will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest and any fees due and payable to the Owner Trustee or the Indenture Trustee) not theretofore delivered to the Indenture Trustee for
cancellation, when due, to the applicable Note Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be; 

(ii) the Issuing Entity has paid or caused to be paid all other sums payable hereunder by the Issuing Entity; and

 (iii) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of
Counsel (if required by the TIA) and an Independent Certificate from a firm of certified public accountants (if required by the TIA), each 

  

			
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	  	(NALT 2012-B Indenture)

 
meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with and, to the extent the Notes are still outstanding, stating that the Rating Agency Condition has been satisfied. 
 SECTION 4.02 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment or redemption of which such monies have been
deposited with the Indenture Trustee of all sums due and to become due thereon for principal and interest. Such monies need not be segregated from other funds except to the extent required herein or in the Servicing Agreement or as required by law.

 SECTION 4.03 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture
Trustee to be held and applied according to Section 3.03 and such Paying Agent shall thereupon be released from all further liability with respect to such monies. 
 ARTICLE FIVE 
 INDENTURE DEFAULT 

SECTION 5.01 Indenture Defaults. Any one of the following events (whatever the reason for such Indenture Default and whether it
shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture
(each, an “Indenture Default”): 
 (a) default in the payment of any interest on any Note when the same becomes
due and payable, and such default shall continue for a period of five days or more; 
 (b) default in the payment of principal of
any Note on the related Note Final Scheduled Payment Date or the Redemption Date; 
 (c) material default in the observance or
performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material respect as of the time when the same
shall have been made, which default or inaccuracy materially and adversely affects the interests of the Noteholders and such default or inaccuracy shall continue or not be cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was inaccurate shall not have been eliminated or otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as 

  

			
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	  	(NALT 2012-B Indenture)

 
may be reasonably necessary to remedy such failure; provided that (1) such failure is capable of remedy within 90 days or less and (2) a majority of the Outstanding Amount of Notes,
voting as a single class, consent to such longer cure period) after there shall have been given, by registered or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders
representing at least the majority of the Outstanding Amount of Notes, voting as single class, a written notice specifying such default or inaccurate representation or warranty and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; 
 (d) the filing of a petition seeking entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Owner Trust Estate in an involuntary case under any applicable federal or state bankruptcy, liquidation, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Owner Trust Estate, or ordering the winding up or liquidation of the
Issuing Entity’s affairs, and such proceeding shall remain unstayed, undismissed and in effect for a period of 90 consecutive days or immediately upon entry of any such decree or order; or 

(e) the commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the consent by the Issuing Entity to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Owner Trust Estate, the making by the Issuing Entity of any general assignment for the benefit of creditors, the
failure by the Issuing Entity generally to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 
 The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency and each Noteholder, within five Business Days after obtaining actual knowledge of the occurrence thereof, written notice in
the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Indenture Default under clauses (c) or (d), its status and what action the Issuing Entity is taking or proposes to take
with respect thereto. 
 Subject to the provisions herein relating to the duties of the Indenture Trustee, if an Indenture
Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the Indenture Trustee reasonably believes that it
will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations contained herein, Noteholders holding
not less than a Majority Interest of the Notes voting as a single class shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising any trust power conferred
on the Indenture Trustee. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 5.02 Acceleration of Maturity; Waiver of Indenture Default. If an Indenture
Default should occur and be continuing, the Indenture Trustee or Noteholders representing a Majority Interest voting as a single class may declare the principal of the Notes to be immediately due and payable. Upon such declaration, the Indenture
Trustee shall promptly provide written notice to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). Such
declaration may be rescinded by Noteholders holding a Majority Interest voting as a single class before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if (a) the Issuing Entity has deposited with
the Indenture Trustee an amount sufficient to pay (i) all interest on and principal of the Notes and all other amounts that would then be due hereunder as if the Indenture Default giving rise to such declaration had not occurred and
(ii) all amounts advanced by the Indenture Trustee and its costs and expenses; and (b) all Indenture Defaults (other than the nonpayment of principal of the Notes that has become due solely by such acceleration) have been cured or waived.

 Prior to the acceleration of the maturity of the Notes as provided in this Section 5.02, Noteholders holding not
less than a Majority Interest of the Notes voting as a single class may waive any past Indenture Default and its consequences except an Indenture Default (i) in payment of principal of or interest on the Notes or (ii) in respect of a
covenant or provision hereof that cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their former positions and
rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Indenture Default or impair any right consequent thereto. 
 Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Indenture Default arising therefrom shall be deemed to have been cured
and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Indenture Default or impair any right consequent thereto. 

If the Notes have been declared due and payable following an Indenture Default, the Indenture Trustee may institute proceedings to
collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Owner Trust Estate) or elect to maintain the Owner Trust Estate and continue to apply the proceeds from the Owner Trust Estate as if there had been no
declaration of acceleration. Any sale of the Owner Trust Estate by the Indenture Trustee will be subject to the terms and conditions of Section 5.04. 
 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 
 (a) The Issuing Entity covenants that if there is a default in the payment of (i) any interest on the Notes when the same becomes due and payable, and such default continues for a period of five days
or (ii) the principal of any Notes at the related Note Final Scheduled Payment Date or the Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of such Noteholders, the
entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
Overdue Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its
agents, attorneys and counsel. 

  

			
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	  	(NALT 2012-B Indenture)

 (b) In case the Issuing Entity shall fail forthwith to pay amounts described in
Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged
or decreed to be payable. 
 (c) If an Indenture Default occurs and is continuing, the Indenture Trustee may, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

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

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by
applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

  

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

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee and, if the Indenture
Trustee shall consent to the making of payments directly to such Noteholders to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith, and any
other amounts due the Indenture Trustee under Section 6.07. 
 (e) Nothing herein contained shall be deemed to
authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to vote
in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the
expenses, advances, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of which such judgment
has been recovered. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such
Proceedings. 
 SECTION 5.04 Remedies; Priorities. 

(a) If an Indenture Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to
Sections 5.02 and 5.05): 
 (i) institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor
upon such Notes monies adjudged due; 

  

			
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 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any remedies of a secured party
under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, and, if applicable, giving effect to any direction of the
Holder of the 2012-B SUBI Certificate (acting in accordance with instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2012-B SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to
Section 5.02, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Collateral following an Indenture Default, other than an Indenture Default described in Section 5.01(a) or (b), unless (A) Noteholders holding 100% of the Outstanding Amount of
Notes consent thereto, (B) the proceeds of such sale are sufficient to discharge in full all amounts then due and unpaid upon all outstanding Notes, (C) the Indenture Trustee determines that the Owner Trust Estate will not continue to
provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than 66 2/3% of the Outstanding Amount of Notes, voting together as a single class or (D) the Servicer elects to exercise its right to purchase the 2012-B SUBI Certificate pursuant to
Section 9.03(a) of the Trust Agreement; and provided further, that the Indenture Trustee may not sell the Collateral, other than a sale resulting from the bankruptcy, insolvency or termination of the Issuing Entity, unless it shall first
have obtained an Opinion of Counsel that such sale will not cause the Titling Trust or an interest therein or portion thereof to be classified as an association (or a publicly traded partnership) taxable as a corporation for federal income tax
purposes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. 

(b) After an acceleration of the maturity of the Notes pursuant to Section 5.02, the Indenture Trustee shall pay out money or
property held as Collateral (including available monies on deposit in the Reserve Account and any money or property collected pursuant to this Article Five upon sale of all or part of the Collateral) and deposited in the Note Distribution Account in
accordance with Section 8.04(b). 
 (c) The Indenture Trustee may fix a record date and payment date for any payment
to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

  

			
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 SECTION 5.05 Optional Preservation of the Collateral. If the Notes have been declared
to be due and payable under Section 5.02 following an Indenture Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the
Collateral and continue to apply the proceeds thereof in accordance with Sections 3.01 and 8.04. It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal
and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee
may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Collateral for such purpose. 
 SECTION 5.06 Limitation of Suits. 

(i) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing Indenture Default, (ii) Noteholders
holding not less than 25% of the Outstanding Amount of Notes, voting together as a single class, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Indenture Default in its own name as Indenture
Trustee, (iii) such Noteholder has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60 days after receipt of
such notice failed to institute such Proceedings and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by Noteholders holding at least a Majority Interest, voting together
as a single class. 
 No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right under this Indenture, except
in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a Majority Interest of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of
this Indenture. 
 (ii) No Noteholder shall have any right to vote except as provided pursuant to this Indenture
and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuing Entity. 
 SECTION
5.07 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right to receive payment of the principal of and interest on, if any, such Note on or after the
respective due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Noteholder. 

  

			
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	  	(NALT 2012-B Indenture)

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

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

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

SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.04, 5.06, 6.02(d) and
6.02(e), Noteholders holding at least a Majority Interest voting as a single class shall have the right to direct the time, method and place of conducting any Proceeding or any remedy available to the Indenture Trustee with respect to the
Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that: 
 (a) such
direction shall not be in conflict with any rule of law or this Indenture; 
 (b) subject to Section 5.04, any
direction to the Indenture Trustee to, sell or liquidate the Collateral shall be made by Noteholders holding not less than 100% of the Outstanding Amount; 
 (c) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Collateral pursuant to such Section, then any direction to the Indenture
Trustee by Noteholders holding less than 100% of the Outstanding Amount to sell or liquidate the Collateral shall be of no force and effect; and 
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

  

			
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	  	(NALT 2012-B Indenture)

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

 SECTION 5.12 [Reserved]. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in
each case holding Notes evidencing more than 10% of the Outstanding Amount of Notes, voting together as a single class or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or
after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, and the Issuing Entity (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 SECTION 5.15 Action on Notes. The Indenture
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor
any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the
Owner Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so, the Issuing Entity shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Servicing Agreement, in

  

			
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accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with each such agreement to
the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Servicer of its obligations under the Servicing Agreement. 
 (b) If an Indenture Default has occurred and is
continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Noteholders holding not less than a Majority Interest of the Notes voting as a single
class, shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor, the Titling Trustee and the Servicer under or in connection with the Servicing Agreement, including the right or power to take
any action to compel or secure performance or observance by the Servicer of its obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, and any
right of the Issuing Entity to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture
Trustee acts to sell the Collateral or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall effect such a sale at one or more public or private sales called and conducted in any manner permitted by law in a
commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Unless otherwise prohibited by applicable law from any such action, the Indenture Trustee shall sell the Collateral or any
part thereof, in such manner to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale. The Indenture Trustee shall give notice to the Depositor and Servicer of any proposed sale, and
the Depositor and Servicer shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuing Entity that the terms and manner of
any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.04 and this Section shall not be exhausted by any one or more sales as to any portion of the Collateral
remaining unsold, but shall continue unimpaired until the entire Collateral shall has been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee shall cause the proceeds of any such sale to be deposited into the 2012-B
SUBI Collection Account. 
 ARTICLE SIX 
 THE INDENTURE TRUSTEE 
 SECTION 6.01 Duties of Indenture Trustee.

 (a) If an Indenture Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by this Indenture and in the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

  

			
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	  	(NALT 2012-B Indenture)

 (b) Except during the continuance of an Indenture Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture and the other Basic Documents to which the Indenture Trustee is a party. 
 (c) The Indenture Trustee shall not be
relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b); 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii)
the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c).

 (e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may
agree in writing with the Issuing Entity. 
 (f) Money held in trust by the Indenture Trustee need not be segregated from other
funds except to the extent required by law or the terms of this Indenture or the Servicing Agreement. 
 (g) No provision of this
Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section. 

(i) The Indenture Trustee shall not be deemed to have knowledge of any Indenture Default or other event unless a Responsible Officer has
actual knowledge thereof or has received written notice thereof in accordance with the provisions of this Indenture. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 6.02 Rights of Indenture Trustee. 

(a) Except as provided by the second succeeding sentence, the Indenture Trustee may conclusively rely and shall be protected in acting
upon or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, note, direction, demand, election or other paper or document believed by it to be genuine and to have been
signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to
form to the requirements of this Indenture. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an
Officer’s Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or
Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrative Agent, any
co-trustee or separate trustee appointed in accordance with the provisions of Section 6.10 or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d) The Indenture Trustee will be liable for any loss, liability or expense incurred by it through its own willful misconduct, negligence
or bad faith, except that the Indenture Trustee shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action
it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture or (iii) interest on any money received by it except as the Indenture Trustee and the
Issuing Entity may agree in writing. 
 (e) The Indenture Trustee may consult with counsel, and the advice of such counsel or any
Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 
 (f) The Indenture Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture
unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in
compliance with such request or direction; provided, however, that the Indenture Trustee shall, upon the occurrence of an Indenture Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with
reasonable care and skill. 

  

			
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	  	(NALT 2012-B Indenture)

 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the holders of Notes evidencing not less than
25% of the Outstanding Amount of Notes voting together as a single class; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable indemnity against
such cost, expense or liability as a condition to so proceeding. The reasonable expense of each such investigation shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making such
request upon demand. 
 (h) Any request or direction of the Issuing Entity mentioned herein shall be sufficiently evidenced by an
Issuing Entity Request. 
 (i) The Indenture Trustee shall, for so long as any Notes are outstanding, be entitled to exercise all
of the rights and powers of a Beneficiary under the Basic Documents. 
 SECTION 6.03 Individual Rights of Indenture
Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee.
Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. The Indenture Trustee must, however, comply with Section 6.11. 

SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture, the Owner Trust Estate or the Notes (other than the certificate of authentication on the Notes), shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes and shall
not be responsible for any statement in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuing Entity, other than the Indenture Trustee’s
certificate of authentication. 
 SECTION 6.05 Notice of Defaults. If a Default occurs and is continuing, and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of such Indenture Default within 60 days after it occurs to each Noteholder and to the Administrative Agent (and the Administrative Agent will provide
each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). Except in the case of a Default with respect to payment of principal of or interest on any Note (including payments pursuant to
the redemption of Notes), the Indenture Trustee may withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding such notice is in the interests of the Noteholders; provided,
however, that in the case of any Indenture Default of the character specified in Section 5.01(d), no such notice shall be given until at least 30 days after the occurrence thereof. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at
the expense of the Issuing Entity, shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may be reasonably requested (and reasonably available to the Indenture Trustee) to enable such holder to
prepare its federal and state income tax returns. The Indenture Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report relating to its eligibility and qualification to continue as Indenture Trustee under
this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity date of certain indebtedness owed by the Trust to the Indenture Trustee, in its individual capacity, the property and funds physically held by
the Indenture Trustee in its capacity as such, and any action taken by it that materially affects the Notes and that has not been previously reported. 
 SECTION 6.07 Compensation and Indemnity. The Administrative Agent shall pay to the Indenture Trustee from time to time reasonable compensation for its services as have been separately agreed upon
between the Administrative Agent and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrative Agent shall indemnify the Indenture Trustee
for, and hold it harmless against, any and all Expenses incurred by it in connection with the performance of its duties. The Indenture Trustee shall notify the Issuing Entity and the Administrative Agent promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrative Agent shall not relieve the Issuing Entity or the Administrative Agent of its obligations hereunder. The Administrative Agent shall defend any such
claim, and the Indenture Trustee may have separate counsel and the fees and expenses of such counsel shall be paid as provided above. The Indenture Trustee shall not be indemnified by the Issuing Entity or the Administrative Agent against any loss,
liability or expense incurred by it (a) through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable (i) for any error of judgment made by it in good faith unless it is proved that the
Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this
Indenture and (iii) for interest on any money received by it except as the Indenture Trustee and the Issuing Entity may agree in writing; (b) relating to any income or similar taxes on any fees payable to the Indenture Trustee;
(c) arising from the breach by the Indenture Trustee of any of its representations or warranties set forth in the Basic Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties of a successor
servicer under the Servicing Agreement. The Indenture Trustee shall not be deemed to have knowledge of any event unless an officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof. To the extent not paid
by the Administrative Agent and outstanding for at least 60 days, such fees and indemnities shall be paid by the Issuing Entity pursuant to Sections 8.04(a) or 8.04(b), provided, that prior to such payment pursuant to the
Indenture, the Indenture Trustee shall notify the Administrative Agent in writing that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or 8.04(b),
the Administrative Agent shall reimburse the Issuing Entity in full for such payments. 

  

			
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	  	(NALT 2012-B Indenture)

 The Administrative Agent’s payment obligations to the Indenture Trustee pursuant to
this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Indenture Default set forth in Section 5.01(d) or (e) with respect to the Issuing Entity, the
expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.08 Replacement of Indenture Trustee. Noteholders holding not less than a Majority Interest of the Notes, voting together as a single class, may remove the Indenture Trustee without cause
by so notifying the Indenture Trustee and the Issuing Entity, and following such removal may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written notice to each Rating Agency of such removal. The Indenture Trustee may
resign at any time by so notifying the Issuing Entity and the Servicer and the Servicer will thereafter deliver a copy of such notice to each Rating Agency. The Issuing Entity shall remove the Indenture Trustee if: 

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

(ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding
under federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture
Trustee’s affairs, provided any such decree or order shall have continued unstayed and in effect for a period of 30 consecutive days; 
 (iii) the Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee or for any substantial
part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or 

(iv) the Indenture Trustee otherwise becomes incapable of acting. 

Upon the resignation or required removal of the Indenture Trustee, or the failure of the Noteholders to appoint a successor Indenture
Trustee following the removal without cause of the Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall be required promptly to appoint a successor Indenture
Trustee. Any successor Indenture Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA and shall in addition have (a) a combined capital and surplus of at least $50,000,000 (as set forth in its most recent
published annual report of condition) and (b) a long-term debt rating of “Baa3” or its equivalent by each Rating Agency or otherwise satisfy the Rating Agency Condition. 

  

			
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	  	(NALT 2012-B Indenture)

 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture, subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee
shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor
Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or Noteholders holding not less than a Majority Interest of the Notes, voting
together as a single class, may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee. 
 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture
Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture
Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such Person is entitled pursuant to Section 6.07.
The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. 

SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to another corporation or depository institution the resulting, surviving or transferee corporation, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or depository institution shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide prior written notice of any such transaction to the Administrative Agent (and the
Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture, the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated, and in case at that time the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee, and in all such cases such certificates shall have the full
force that it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrative Agent acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to
act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Owner Trust Estate
or any part hereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrative Agent may consider necessary or desirable. If the Administrative Agent shall
not have joined in such appointment within 15 days after it received a request that it so join, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the
terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee
shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the
Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at
the direction of the Indenture Trustee; 
 (ii) no separate trustee or co-trustee hereunder shall be personally
liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee and
the Administrative Agent may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then-separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture and specifically including every provision of this Indenture relating to the conduct of, affecting the liability of
or affording protection to the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrative Agent. 

  

			
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	  	(NALT 2012-B Indenture)

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

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and a long-term debt rating of at least “Baa3” or its
equivalent by the Rating Agencies or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements of Section 310(b) of the TIA, including the optional provision permitted by the second sentence of TIA
Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements
for such exclusions set forth in TIA Section 310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and their respective Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its
Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as Indenture Trustee. 
 SECTION 6.12 Trustee as Holder of the 2012-B SUBI Certificate. So long as any Notes are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2012-B SUBI Certificate,
including rights to distributions and notice, or is entitled to consent to any actions taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee. To the extent that the
Indenture Trustee has rights as a Holder of the 2012-B SUBI Certificate or has the right to consent or withhold consent with respect to actions taken by the Depositor, the Servicer or the Issuing Entity, such rights shall be exercised or consent
granted (or withheld) upon the written direction of Holders not less than a Majority Interest of the Notes voting together as a single class; provided, however, that subject to Section 3.07, any direction to the Indenture
Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66 2/3% of the Outstanding Amount, voting together as a single class, and with respect to
Section 11.15, such direction shall require the written direction of Noteholders holding 100% of the Outstanding Amount. 
 SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the following representations and warranties on which the Issuing Entity and Noteholders shall
rely: 
 (i) the Indenture Trustee is a national banking association duly organized, validly existing and in good
standing under the laws of the United States; and 

  

			
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	  	(NALT 2012-B Indenture)

 (ii) the Indenture Trustee has full power, authority and legal right to
execute, deliver, and, perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 
 SECTION 6.14 Furnishing of Documents. The Indenture Trustee shall furnish to any Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the requesting
Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under the Basic Documents. 

SECTION 6.15 Preferred Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE SEVEN 

NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses. The Note Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the Servicer or the
Administrative Agent, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date. If three or more Noteholders, or one or
more Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such application states that the Applicants desire to
communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose to transmit, then the Indenture Trustee shall,
within five Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders. The Indenture Trustee may elect not to afford the requesting Noteholders access to the
list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and
the Issuing Entity that none of the Indenture Trustee, the Owner Trustee, the Issuing Entity, the Servicer or the Administrative Agent shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Noteholders under this Indenture, regardless of the source from which such information was derived. 
 If the Indenture Trustee
shall cease to be the Note Registrar, then thereafter the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after each Record Date a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any such request, a
list of similar form and content as of a date not more than ten days prior to the time such list is furnished. 

  

			
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	  	(NALT 2012-B Indenture)

 Notwithstanding the foregoing, so long as the Indenture Trustee is the Note Registrar no
such list shall be required to be furnished to the Indenture Trustee, and so long as the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee, Owner Trustee, Servicer or Administrative Agent.

 SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
 (b)
Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 SECTION 7.03 Reports by Issuing Entity. 
 (a) The Issuing Entity shall:

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

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

 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders
described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity otherwise determines, the fiscal year of the
Issuing Entity shall end on March 31 of each year, unless the fiscal year of the Servicer ends on some other date, in which case, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a),
within 60 days after each fiscal year of the Issuing Entity, beginning with the fiscal year ending March 31, 2013, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date
that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of
each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the
Notes are listed on any stock exchange. 
 SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make
available to the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other
information regarding the Notes as the Indenture Trustee may have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in any other form
or manner. Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will
assume no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
www.usbank.com/abs or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture Trustee may
require registration and the acceptance of a disclaimer. 
 SECTION 7.06 Information to be Provided by the Indenture
Trustee. The Indenture Trustee shall provide the Issuing Entity and the Servicer (each, a “Nissan Party,” and collectively, the “Nissan Parties”) with (i) notification, as soon as practicable and in any event within ten
Business Days, of all demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to Section 8.02 of the 2012-B Servicing Supplement, and (ii) promptly upon the
request by a Nissan Party, any other information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no
event shall the 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. 
 ARTICLE EIGHT 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
 SECTION 8.01 Collection of Money.
Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all

  

			
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	  	(NALT 2012-B Indenture)

 
money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this
Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Owner Trust Estate, the Indenture Trustee may take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim an Indenture Default under this Indenture and
any right to proceed thereafter as provided in Article Five. 
 SECTION 8.02 Accounts. 

(a) Pursuant to Section 14.01 of the 2012-B SUBI Supplement, there has been established and there shall be maintained an
Eligible Account (initially at U.S. Bank) in the name of the Indenture Trustee until the outstanding amount of the Notes is zero, and thereafter, in the name of the Issuing Entity, which is designated as the “2012-B SUBI Collection
Account.” The 2012-B SUBI Collection Account shall be held for the benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The 2012-B
Collection Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and thereafter under the sole dominion and control of the Owner Trustee. 

(b) Pursuant to Section 5.01 of the Trust Agreement, there has been established and there shall be maintained an Eligible
Account (initially at U.S. Bank) in the name of the Indenture Trustee until the Outstanding Amount of Notes is reduced to zero, and thereafter, in the name of the Issuing Entity, which is designated as the “Reserve Account.” The
Reserve Account shall be held for the benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The Reserve Account shall be under the sole
dominion and control of the Indenture Trustee until the Outstanding Amount of Notes has been reduced to zero, and thereafter under the sole dominion and control of the Owner Trustee. 

(c) The Issuing Entity shall cause the Depositor, prior to the Closing Date, to establish and maintain an Eligible Account in the name of
the Indenture Trustee on behalf of the Noteholders, which shall be designated as the “Note Distribution Account.” The Note Distribution Account shall be held in trust for the benefit of the Noteholders. The Note Distribution Account
shall be under the sole dominion and control of the Indenture Trustee. 
 (d) All monies deposited from time to time in the
Accounts pursuant to this Indenture or the 2012-B Servicing Supplement shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible Account or if
the Servicer, in its sole discretion, notifies the Indenture Trustee in writing that an Account should be moved, then, the Indenture Trustee, until the Outstanding Amount of Notes has been reduced to zero, and thereafter with respect to the Reserve
Account, the Issuing Entity shall, as necessary, assist the Servicer in causing each Account to be moved to an institution selected by the Servicer at which it shall be an Eligible Account. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 8.03 Payment Date Certificate. 

(a) The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee, the Owner Trustee and
each Paying Agent hereunder or under the Trust Agreement, a certificate (the “Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth calendar day of each month or, if the 10th day is not a Business Day, the next succeeding Business Day,
including, among other things, the following information with respect to the Payment Date in such month and the related Collection Period and Accrual Period: 
 (i) the amount of SUBI Collections allocable to the 2012-B SUBI Certificate; 
 (ii) Available Funds, including amounts with respect to each of items (i) through (iv) of the definition thereof; 

(iii) the amount of interest accrued during such Accrual Period on each Class of the Notes, and, for any Classes of
Floating Rate Notes, the applicable Note Rate for the related Accrual Period for such Payment Date for such classes of Floating Rate Notes, respectively, if any; 

(iv) the Class A-1 Note Balance, the Class A-2a Note Balance, the Class A-2b Note Balance, the
Class A-3 Note Balance, the Class A-4 Note Balance and the Certificate Balance, in each case on the day immediately preceding such Payment Date; 
 (v) (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if any, (C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve Account on
such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (E) the change in such balance from the immediately preceding Payment Date; 

(vi) the Note Distribution Amount for each Class of Notes and the Certificate Distribution Amount; 

(vii) the amount of the Note Distribution Amount allocable to interest on and principal of the Notes and any Principal
Carryover Shortfall for each Class of the Notes; 
 (viii) the amount of any principal paid on, and Principal
Carryover Shortfall for, the Trust Certificates; 
 (ix) the Monthly Principal Distributable Amount and the
Optimal Principal Distributable Amount; 
 (x) the Note Factor for each Class of the Notes and the Certificate
Factor for the Trust Certificates after giving effect to the distribution of the Note Distribution Amount and the Certificate Distribution Amount, respectively; 
 (xi) the aggregate amount of Residual Value Losses and Residual Value Surplus for such Collection Period; 

  

			
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	  	(NALT 2012-B Indenture)

 (xii) the amount of Sales Proceeds Advances and Monthly Payment Advances
included in Available Funds; 
 (xiii) the amount of any Payment Date Advance Reimbursement for such Collection
Period; 
 (xiv) [Reserved]; 

(xv) [Reserved]; 
 (xvi) the Servicing Fee for such Collection Period; 
 (xvii)
delinquency and loss information for the Collection Period; 
 (xviii) any material change in practices with
respect to charge-offs, collection and management of delinquent Leases, and the effect of any grade period, re-aging, re-structure, partial payments or other practices on delinquency and loss experience; 

(xix) any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection
Period; 
 (xx) any material breaches of representations, warranties or covenants contained in the Leases;

 (xxi) any new issuance of notes or other securities backed by the SUBI Assets (if applicable); 

(xxii) any material additions, removals or substitutions of SUBI Assets, repurchases of SUBI Assets; and 

(xxiii) any material change in the underwriting, origination or acquisition of Leases. 

Each amount set forth pursuant to clauses (iii), (iv), (vi), (vii) and (viii) above shall be expressed in the aggregate and as
a dollar amount per $1,000 of original principal balance of a Note or Trust Certificate, as applicable. 
 (b) The Indenture
Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Payment Date Certificate delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee
shall be fully protected in relying upon such Payment Date Certificate. 
 SECTION 8.04 Disbursement of Funds.

 (a) Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the Notes has not been
accelerated pursuant to Section 5.02 or, if the maturity of the Notes has been accelerated and such acceleration has been rescinded), prior to 11:00 a.m., New York City time, or such other time as may be agreed to by the applicable
Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2012-B SUBI Collection Account all Securityholder Available Funds and apply such
amount in accordance with the following priorities: 

  

			
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	  	(NALT 2012-B Indenture)

 (i) [Reserved]; 

(ii) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each class of
Notes, an amount equal to the interest accrued at the applicable Interest Rate for such Class of Notes during the related Accrual Period on the applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with respect to any prior
Accrual Period) for such Class (and, to the extent permitted by applicable law, interest on any overdue interest at the applicable Overdue Interest Rate); 
 (iii) to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each Class of Notes, in the following order of priority: 

 

	 	(A)	to the Class A-1 Notes until the Class A-1 Notes have been paid in full; 

 

	 	(B)	after the principal amount of the Class A-1 Notes is reduced to zero, to the Class A-2 Notes (pro rata among the Class A-2a Notes and the Class A-2b
Notes) until the Class A-2 Notes have been paid in full; 

  

	 	(C)	after the principal amount of the Class A-2 Notes is reduced to zero, to the Class A-3 Notes until the Class A-3 Notes have been paid in full; and

  

	 	(D)	after the principal amount of the Class A-3 Notes is reduced to zero, to the Class A-4 Notes until the Class A-4 Notes have been paid in full;

 (iv) until all Classes of Notes have been paid in full, to the Reserve Account, any remaining
funds, until the Reserve Account Requirement has been satisfied; 
 (v) to the Indenture Trustee, any accrued and
unpaid fees, expenses and indemnity payments 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; 

(vi) 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; 
 (vii) if all Classes of Notes have been paid in full, to the Certificate Distribution Account, any remaining funds for distribution to the Trust Certificateholders until the Certificate Balance is reduced
to zero; and 

  

			
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	  	(NALT 2012-B Indenture)

 (viii) to the Certificate Distribution Account for distribution to the Trust
Certificateholders, as beneficial owners of the Issuing Entity. 
 (b) Notwithstanding the provisions of
Section 8.04(a), and subject to the provisions of Section 5.04(b), after the occurrence of an Indenture Default that results in the acceleration of any Notes and unless and until such acceleration has been rescinded, on each
Payment Date, prior to 11:00 a.m., New York City time, or such other time as may be agreed to by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the
Servicer, transfer from the 2012-B SUBI Collection Account all Available Funds and apply such amount in accordance with the following priorities: 
 (i) pro rata, to the Indenture Trustee, all amounts required to be paid under Section 6.07, and to the Owner Trustee, all amounts required to be paid under Section 8.01 of the
Trust Agreement, as the case may be; 
 (ii) to the Servicer, any Payment Date Advance Reimbursement; 

(iii) to the Servicer, the Servicing Fee and any amounts due in respect of unpaid Servicing Fees; 

(iv) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each class of
Notes, an amount equal to the interest accrued at the applicable Interest Rate for such Class of Notes during the related Accrual Period on the applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with respect to any prior
Accrual Period) for such Class (and, to the extent permitted by applicable law, interest on any overdue interest at the applicable Overdue Interest Rate); 
 (v) to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each Class of Notes, in the following order of priority: 

 

	 	(A)	first, to the Class A-1 Noteholders (until the Class A-1 Notes have been paid in full); and 

 

	 	(B)	second, to the Class A-2 Noteholders (pro rata among the Class A-2a Notes and the Class A-2b Notes), the Class A-3 Notes and the Class A-4
Notes, pro rata (based on the Outstanding Amount of Notes of each such Class on such Payment Date), until all such Notes have been paid in full; 

 (vi) if all Classes of Notes have been paid in full, to the Certificate Distribution Account, any remaining funds for distribution to the Trust Certificateholders until the Certificate Balance is reduced
to zero; and 
 (vii) to the Certificate Distribution Account for distribution to the Trust Certificateholders,
as beneficial owners of the Issuing Entity. 

  

			
	 46
	  	(NALT 2012-B Indenture)

 Notwithstanding the provisions of this Section 8.04(b), in accordance with
Section 5.02, after the occurrence of an Indenture Default that results in the acceleration of any Notes, on and after the date on which such acceleration has been rescinded, on each Payment Date, the Indenture Trustee shall, in
accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2012-B SUBI Collection Account all Securityholder Available Funds and apply such amount in accordance with the provisions of
Section 8.04(a). 
 (c) On each Payment Date, after taking into account amounts to be distributed to Securityholders
from the 2012-B SUBI Collection Account, the Servicer will allocate the Reserve Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related Collection Period and will instruct the Indenture Trustee to make the
following deposits and distributions from the Reserve Account in the following amounts (but not to exceed the Reserve Account Draw Amount) and order of priority: 

(i) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each class of
Notes, any remaining interest due on the outstanding Notes on that Payment Date and, to the extent permitted under applicable law, interest on any overdue interest at the applicable Overdue Interest Rate; and 

(ii) to the Note Distribution Account, to pay any remaining Monthly Principal Distributable Amount of the Notes in the
amounts and order of priority set forth in Section 8.04(a)(iii). 
 (d) If on any Payment Date, after giving effect
to all deposits to and withdrawals from the Reserve Account, the amount on deposit in the Reserve Account exceeds the Reserve Account Requirement, the Indenture Trustee shall distribute any such excess amounts to the Trust Certificateholder. Upon
any such distributions, the Noteholders will have no further rights in, or claims to, such amounts. 
 (e) On each Payment Date
or Redemption Date, from the amounts on deposit in the Note Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of principal and interest on the Notes due and by check mailed to the Person whose name appears as
the registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of (i) the nominee of
DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given the Indenture Trustee appropriate written
instructions at least five (5) Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the related Record Date without requiring that the Note be submitted
for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future holders of any Note issued upon
the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted 

  

			
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	  	(NALT 2012-B Indenture)

 
thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or principal shall be considered to have been paid by the Indenture Trustee to such
Noteholder for purposes of this Indenture. If funds are expected to be available for payment in full of the remaining unpaid principal amount of the Notes on a Payment Date or Redemption Date, then the Issuing Entity or the Administrative Agent
shall give notice thereof to the Indenture Trustee not less than 10 but no more than 30 days prior to such Payment Date or Redemption Date and, within two (2) Business Days following receipt of such notice, the Indenture Trustee, in the name of
and on behalf of the Issuing Entity, will notify each Person who was the registered holder of a Note as of the Record Date preceding the most recent Payment Date or Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The Borough of Manhattan in The City of New York. 

(f) On each Payment Date, the Indenture Trustee shall include with each distribution an unaudited report (which may be based upon the
Payment Date Certificate prepared by the Servicer) to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co. as the nominee of DTC unless Definitive Notes are issued under the
limited circumstances described herein) and the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement) setting forth the
information provided in the Payment Date Certificate to be delivered in accordance with Section 8.03(a), with respect to such Payment Date or the related Record Date or Collection Period, as the case may be. 

SECTION 8.05 General Provisions Regarding Accounts. 
 (a) For so long as no Default or Indenture Default shall have occurred and be continuing, all or a portion of the funds in the 2012-B SUBI Trust Accounts shall be invested and reinvested by the Indenture
Trustee, until the Outstanding Amount of the Notes has been reduced to zero, and thereafter by the Owner Trustee, at the direction of the Administrative Agent in Permitted Investments as set forth in Section 4.02(a) of the Titling Trust
Agreement, which mature no later than the Deposit Date succeeding the date of such investment, including those offered by the Indenture Trustee or an Affiliate thereof. No such investment shall be sold prior to maturity. On each Payment Date,
interest and investment earnings on the 2012-B SUBI Trust Accounts shall be deposited by the Indenture Trustee in the applicable 2012-B SUBI Trust Account and paid to the Servicer as servicing compensation on any Business Day on or after which such
amount is deposited in such account, and any investment expenses and losses resulting from such investment shall be charged to such account. 
 (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in the 2012-B SUBI Trust Account resulting from any loss on any
Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not
as trustee, in accordance with their terms. 

  

			
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	  	(NALT 2012-B Indenture)

 (c) If (i) the Administrative Agent shall have failed to give investment directions for
any funds on deposit in the Reserve Account to the Indenture Trustee by 3:00 p.m., New York City time (or such other time as may be agreed by the Administrative Agent and Indenture Trustee), on any Business Day or (ii) a Default or Indenture
Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an
Indenture Default, amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in investments that are Permitted Investments as set forth in paragraphs (i), (iv), and (vi) of the definition thereof. 
 SECTION 8.06 Release of Owner Trust Estate. 
 (a) Subject to the payment of
its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be
bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee have been paid pursuant to Section 6.07, release any remaining portion of
the Owner Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include delivery to the Issuing
Entity or its designee of the 2012-B SUBI Certificate and delivery to the Securities Intermediary under the Control Agreement of a certificate evidencing the release of the lien of this Indenture and transfer of dominion and control over the Reserve
Account to the Issuing Entity. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of the Officer’s Certificate delivered pursuant to Section 4.01(iii) hereof.

 SECTION 8.07 Release of Interest In 2012-B Leases and 2012-B Vehicles Upon Purchase or Reallocation by the Servicer.

 (a) Upon the reallocation or purchase of any 2012-B Lease and related 2012-B Vehicle by the Servicer pursuant to
Section 8.02 of the Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the lien of this Indenture any and all rights to receive monies due or to become due
with respect to such purchased or reallocated 2012-B Lease and related 2012-B Vehicle and all proceeds thereof and the other property with respect to such 2012-B Lease and related 2012-B Vehicle, and all security and any documents relating thereto,
and such 2012-B Lease and related 2012-B Vehicle and all such related security and documents shall be free of any further obligation to the Issuing Entity, the Indenture Trustee or the Noteholders. 

  

			
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	  	(NALT 2012-B Indenture)

 (b) The Indenture Trustee shall execute such documents and instruments and take such other
actions as shall be reasonably requested by the Servicer to effect the release of such rights with respect to such 2012-B Lease and related 2012-B Vehicle pursuant hereto and the assignment of such 2012-B Lease and 2012-B Vehicle by the Issuing
Entity. 
 SECTION 8.08 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when
requested by the Issuing Entity to take any action pursuant to Section 8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the Indenture Trustee
may also require (and shall require, to the extent required by the TIA), except in connection with any action contemplated by Section 8.06(b), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to
the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Owner Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in
connection with any such action. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 9.01 Supplemental Indentures Without Consent
of Noteholders. 
 (a) Except as provided in Section 9.02, without the consent of any other Person, the Issuing
Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture that materially and adversely
affects the Noteholders shall require the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or supplemental indenture shall not materially and adversely affect
the Noteholders, and (ii) any amendment or supplemental indenture that adversely affects the interests of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the Administrative Agent shall require the prior
consent of the Persons whose interests are adversely affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee or the Administrative Agent, as the case may be, shall be deemed to have been given if the
Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and adversely affect the Noteholders
if (i) the Rating Agency Condition is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such supplement or amendment shall not
materially and adversely affect the Noteholders. 

  

			
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	  	(NALT 2012-B Indenture)

 (b) It shall not be necessary for the consent of any Person pursuant to this Section for
such Person to approve the particular form of any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 
 (c) Notwithstanding anything herein to the contrary, any term or provision of this Indenture may be amended or supplemented by the Issuing Entity and the Indenture Trustee (when so directed by an Issuing
Entity Request) without the consent of any of the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law
or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that (i) the Rating Agency Condition shall have been satisfied, or (ii) the Officer’s Certificate
described in Section 9.01(a) is delivered to the Indenture Trustee. 
 (d) Prior to the execution of any amendment or
supplemental indenture pursuant to this section or Section 9.02, the Issuing Entity shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the
substance of such supplement. No later than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Trust Certificateholder, the
Indenture Trustee and the Owner Trustee. 
 (e) The Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and stipulations as may be therein contained. 
 (f) Prior
to the execution of any amendment or supplemental indenture the Indenture Trustee shall receive an Opinion of Counsel to the effect that such action shall not (A) affect the treatment of the Notes as debt for federal income tax purposes,
(B) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership) taxable as a
corporation for federal income tax purposes. 
 (g) Promptly after the execution by the Issuing Entity and the Indenture Trustee
of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuing Entity) setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

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

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 9.02 Supplemental Indentures With Consent of Noteholders. The Issuing Entity
and the Indenture Trustee, when requested by an Issuing Entity Request, also may, with the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, by Act of such Noteholders delivered to the
Issuing Entity and the Indenture Trustee, enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture, subject to prior notice to the Rating Agencies and provided that no such supplemental indenture entered into in accordance with this Section 9.02 shall, without
the consent of the Noteholder of each Outstanding Note affected thereby: 
 (a) change the Note Final Scheduled Payment Date of
or the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto; 

(b) reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which is required for any such amendment or
supplemental indenture or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Indenture Defaults hereunder and their consequences provided for in this Indenture; 

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

(d) reduce the percentage of the Outstanding Amount required to direct the Indenture Trustee to direct the Issuing Entity to sell the
Owner Trust Estate pursuant to Section 5.04, if the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on the Notes; 

(e) modify any provision of this Section, except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 
 (f) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the
calculation of any of the individual components of such calculation); 
 (g) permit the creation of any lien ranking prior to or
on a parity with the lien of this Indenture with respect to any part of the Owner Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any
Noteholder of the security provided by the lien of this Indenture; or 
 (h) impair the right to institute suit for the
enforcement of payment as provided in Section 5.07. 

  

			
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	  	(NALT 2012-B Indenture)

 Any such amendment or supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel to the same effect as in Section 9.01(f). The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any amendment or supplemental indenture and any such determination shall be
conclusive upon all Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the
Issuing Entity and the Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment or
supplemental indenture. 
 SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may but shall not be obligated to enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or indemnities under this Indenture or otherwise. 
 SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any amendment or supplemental indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and
amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the
Owner Trustee and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and shall
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.05 Reference in
Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such
supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

  

			
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	  	(NALT 2012-B Indenture)

 ARTICLE TEN 
 REDEMPTION OF NOTES 
 SECTION 10.01 Redemption. 

(a) Pursuant to Section 9.03 of the Trust Agreement, the Servicer shall be permitted at its option to purchase the 2012-B SUBI
Certificate from the Issuing Entity on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, (a) the Securities Balance is less than or equal to 10% of the Initial
Securities Balance, or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent thereto. In connection with the exercise of an Optional Purchase, the Servicer will deposit,
subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the 2012-B SUBI Collection Account on the Deposit Date relating to the Redemption Date. In connection with an Optional Purchase, all outstanding Notes
shall be redeemed on the related Payment Date in whole, but not in part, for the Redemption Price and the 2012-B SUBI Certificate shall be delivered to or upon the order of the Servicer. 

(b) In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to 11:00 a.m., New York City time, the
Indenture Trustee shall apply the Optional Purchase Price as part of the Available Funds from the 2012-B SUBI Collection Account as follows: (i) to the Note Distribution Account, the Redemption Price, (ii) to the Servicer, unpaid portions
of any outstanding Sales Proceeds Advances and Monthly Payment Advances, and the Servicing Fee in respect of the related Collection Period, together with any unpaid Servicing Fees in respect of one or more prior Collection Periods; and
(iii) any remaining funds to the Certificate Distribution Account. 
 (c) If Notes are to be redeemed pursuant to this
Section, the Administrative Agent or the Issuing Entity shall provide at least 10 days’ prior notice (or such longer time period as required by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee and the Owner
Trustee, and the Indenture Trustee shall provide at least 10 days’ (but no more than 30 days’) notice thereof to the Noteholders. 
 SECTION 10.02 Form of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of
Notes as of the close of business on the Record Date of the month preceding the month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In addition, the Administrative Agent shall notify each Rating
Agency upon the redemption of the Notes, pursuant to the Trust Administration Agreement. 
 All notices of redemption shall
state: 
 (a) the Redemption Date; 
 (b) the Redemption Price; 

  

			
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	  	(NALT 2012-B Indenture)

 (c) the place where the Notes to be redeemed are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuing Entity to be maintained as provided in Section 3.02); and 
 (d) that on the Redemption Date, the Redemption Price will become due and payable upon each such Note and that interest thereon shall cease to accrue from and after the Redemption Date. 

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure
to give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 
 SECTION 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by Section 10.02, become due and payable on the Redemption
Date at the Redemption Price and (unless the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price. 
 ARTICLE ELEVEN 
 MISCELLANEOUS 
 SECTION 11.01 Compliance Certificates and Opinions.

 (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of
this Indenture, the Issuing Entity shall furnish to the Indenture Trustee and each Rating Agency (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action
have been complied with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) if required by the TIA, an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

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

  

			
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	  	(NALT 2012-B Indenture)

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

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

 (b) In addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture: 

(i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made
the basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (if so requested by the Indenture Trustee or required by the TIA) an Officer’s Certificate
certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above if such an Officer’s Certificate had been required by the Indenture Trustee or required by the TIA, regardless of whether such an
Officer’s Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all other
such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuing Entity, as set forth in the Officer’s Certificate delivered pursuant to clause (i) above, is 10% or
more of the Outstanding Amount; provided, however, such Independent Certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 
 (iii) Other than
with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture
Trustee (if so requested by the Indenture Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property
or securities proposed to be released and stating that in the opinion of such Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

(iv) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above if such an Officer’s Certificate had been required by the Indenture Trustee or required by the TIA, regardless of whether such an
Officer’s Certificate was so requested or required, the Issuing Entity shall furnish to the 

  

			
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	  	(NALT 2012-B Indenture)

 
Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property, or securities (other than property described in
clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the Officer’s Certificates required by clause (iii) above
and this clause, equals 10% or more of the Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 
 (v) Notwithstanding
Section 2.08 or any other provision of this Section, the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or required by the Basic Documents and (B) make cash
payments out of the Accounts as and to the extent permitted or required by the Basic Documents. 
 SECTION 11.02 Form of
Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized
Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate
or opinion of or representations by an officer or officers of the Administrative Agent, the Depositor or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrative Agent, the
Depositor or the Issuing Entity, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this
Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing
Entity’s compliance with any terms hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the
Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 11.03 Acts of Noteholders. 

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

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

SECTION 11.04 Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by
registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by telecopier or electronically by email (if an email address is provided), and addressed in each case as follows: (i) if to the
Issuing Entity c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140), Attention: Corporate Trust Administration with a copy to the Administrative Agent, at One Nissan
Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer; (ii) if to the Indenture Trustee, at 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no.
(312) 332-7996) (email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2012-B; (iii) if to Moody’s, to Moody’s Investors Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007
(telecopier no. (212) 553-7820), Attention: ABS Monitoring Department; (iv) if to Fitch, to Fitch Ratings, Ltd., One State Street Plaza, New York, New York 10004 (email: abs.surveillance@fitchratings.com), Attention: ABS Surveillance; or
(v) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt
or reported tender of such communication by an officer of the intended recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, any demand, notice or communication to
be delivered pursuant to this Indenture to any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating
to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

  

			
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	  	(NALT 2012-B Indenture)

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

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this
Indenture provides for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Indenture Default. 

SECTION 11.06 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.07 Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so express or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.08 Severability. If any one or more of the covenants, agreement, provisions or terms of this Indenture shall be for any
reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements provisions or terms of this Indenture and shall in no way
affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Trust Certificates or the rights of the Holders thereof. 

  

			
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	  	(NALT 2012-B Indenture)

 SECTION 11.09 Benefits of Indenture. Nothing in this Indenture or the Notes, express
or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders (and, with respect to Sections 8.03 and 8.04, the Trust Certificateholders), any other party secured hereunder, and any
other Person with an ownership interest in any part of the Owner Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.10 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

 SECTION 11.11 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 SECTION 11.12 Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.13 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity accompanied by an
Opinion of Counsel (who may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.14 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing
Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner
Trustee in its individual capacity, any Trust Certificateholder, the Owner Trustee or of the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.15 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note or in the case of a Note Owner, a beneficial interest in a
Note, hereby covenant and agree that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have 

  

			
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	  	(NALT 2012-B Indenture)

 
been paid in full, they will not (and, to the fullest extent permitted by applicable law, the Indenture Trustee shall not have the power to) institute against, or join any other Person in
instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or
other Proceeding under any federal or state bankruptcy or similar law. 
 SECTION 11.16 No Recourse. Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner
Trustee, the Titling Trustee, the Trust Agent or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee, the Titling Trustee, the Trust
Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Titling
Trustee, the Trust Agent or the Owner Trustee in its individual capacity or any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent or the Indenture Trustee or of any successor or assign of
the Indenture Trustee, the Titling Trustee, the Trust Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.17 Inspection. The Issuing Entity agrees that on reasonable prior notice it will permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business
hours, to examine all the books of account, records, reports and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants and to discuss the Issuing
Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and
shall cause its representatives to hold in confidence all such information, except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent the Indenture
Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
 SECTION 11.18
Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as
Owner Trustee of the Issuing Entity and in no event shall Wilmington Trust, National Association in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Ten of the Trust Agreement. 

  

			
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 SECTION 11.19 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

SECTION 11.20 Intent of the Parties; Reasonableness. The Indenture Trustee and Issuing Entity acknowledge and agree that the
purpose of Section 3.09 and this Section 11.20 is to facilitate compliance by the Issuing Entity and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. 

Neither the Issuing Entity nor the Administrative Agent (acting on behalf of the Issuing Entity) shall exercise its right to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. Each of the
parties hereto agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder will be supplemented and modified as
necessary to be consistent with any such amendments, interpretive advice or guidance from the Securities and Exchange Commission, convention or consensus among active participants in the asset-backed securities markets, or otherwise in respect of
the requirements of Regulation AB as they may be applied by the Securities and Exchange Commission to the Issuing Entity in connection with the Notes and (c) the parties shall comply with reasonable requests made by or on behalf of the Issuing
Entity or the Indenture Trustee for delivery of additional or different information, to the extent such information is available, as the person requesting such information may determine in good faith is necessary for it to comply with the provisions
of Regulation AB. 
 The Issuing Entity (or the Administrative Agent, acting on behalf of the Issuing Entity) shall cooperate
with the Indenture Trustee by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuing Entity to comply with Regulation AB.

 [Signature Page to Follow] 

  

			
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	  	(NALT 2012-B Indenture)

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

			
	NISSAN AUTO LEASE TRUST 2012-B
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity, but solely as
		 	Owner Trustee
		
	By	 	 /s/ Dorri Costello

	Name:	 	 Dorri Costello

	Title:	 	 Assistant Vice President

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Indenture Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	 Patricia M. Child

	Title:	 	 Vice President

  

			
	 S-1
	  	(NALT 2012-B Indenture)

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the Indenture Trustee as follows on the Closing Date: 
 (1) The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is prior to all other
Liens and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 
 (2) The 2012-B SUBI Certificate constitutes a
“general intangible,” “instrument,” “certificated security” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts
or securities accounts. 
 (3) All of the Collateral that constitutes securities entitlements (other than the 2012-B SUBI Certificate to the
extent the 2012-B SUBI Certificate constitutes a certificated security) has been or will have been credited to one of the Accounts. The securities intermediary for each Account has agreed to treat all assets credited to the Accounts as
“financial assets” within the meaning of the applicable UCC. 
 (4) The Issuing Entity owns and has good and marketable title to the
Collateral free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to
which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not
imminent and the use and value of the property to which the Liens attaches is not impaired during the pendency of such proceeding. 
 (5) The
Issuing Entity has received all consents and approvals to the grant of the security interest in the Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles.

 (6) The Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities
entitlements, certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder. 
 (7) The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral (to the extent such security interest can be perfected by the filing of a financing statement) granted to the Indenture Trustee hereunder.

  

			
		  	(NALT 2012-B Indenture)

 (8) With respect to Collateral that constitutes an instrument or tangible chattel paper, either: 

a. All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or

 b. Such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a
written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 

c. A custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written
acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 
 (9) With respect to Collateral that
constitutes electronic chattel paper, the Servicer, as an agent of the Issuing Entity, and to the extent allowed by law: 
 b.
Maintains “control,” as defined in Section 9-105 of the UCC, of all electronic chattel paper. 
  

	(10)	With respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either: 

a. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit
accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent by the Issuing Entity; or 

b. The Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become the account holder of the Accounts.

 (11) With respect to Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

 a. The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of
all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Collateral to the Indenture Trustee; or 

b. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has
agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuing Entity; or 
 c. The Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities
intermediary in the Accounts. 
 (12) With respect to Collateral that constitutes certificated securities (other than securities entitlements),
all original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by
an effective endorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. 

  

			
		  	(NALT 2012-B Indenture)

 Other than the transfer of the 2012-B SUBI and the 2012-B SUBI Certificate from NILT Trust to the Depositor
under the SUBI Certificate Transfer Agreement, the transfer of the 2012-B SUBI and the 2012-B SUBI Certificate from the Depositor to the Issuing Entity under the Trust SUBI Certificate Transfer Agreement and the security interest in the Collateral
granted to the Indenture Trustee pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any
subaccounts thereof. The Issuing Entity has not authorized the filing of, or is aware of any financing statements against the Issuing Entity that include a description of collateral covering the Collateral or the Accounts or any subaccount thereof
other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. 

(13) None of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
 (14) Neither the
Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee. The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any
person other than the Indenture Trustee. 
 As used in this Schedule I, “Collateral” has the meaning set forth
in the Granting Clause of the Indenture. 

  

			
		  	(NALT 2012-B Indenture)

 EXHIBIT A 
 FORM OF CLASS [A-1] [A-2a] [A-2b] [A-3] [A-4] NOTE 
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE. 

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT FOR UNITED STATES FEDERAL, STATE AND
LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES. 
 THIS NOTE IS SOLELY AN OBLIGATION OF THE ISSUING ENTITY AND IS NOT
AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO LEASING LLC II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES.

 BY ITS ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL BE DEEMED TO REPRESENT, WARRANT
AND COVENANT (ON THE DATE OF ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS NOTE (OR ANY INTEREST HEREIN)) THAT EITHER (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, (I) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA) OF ANY OF THE 

  

			
	 A-1
	  	(NALT 2012-B Indenture)

 
FOREGOING (EACH, A “BENEFIT PLAN INVESTOR”) OR (IV) A “GOVERNMENTAL PLAN” (AS DEFINED IN SECTION 3(32) OF ERISA) OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY
STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) (I) THIS NOTE IS RATED AT LEAST “INVESTMENT GRADE” BY A NATIONALLY RECOGNIZED STATISTICAL RATING
AGENCY AT THE TIME OF ACQUISITION, AND (II) THE PURCHASER AND TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. BENEFIT PLAN INVESTORS MAY NOT ACQUIRE THE NOTES AT ANY TIME THAT THE RATING ON THE NOTES ARE BELOW “INVESTMENT GRADE.” 

  

			
	 A-2
	  	(NALT 2012-B Indenture)

 NISSAN AUTO LEASE TRUST 2012-B 

[LIBOR +] [            ]% ASSET BACKED NOTE, 

CLASS [A-1] [A-2a] [A-2b] [A-3] [A-4] 
  

			
	 REGISTERED
 No. R-
        
	 	
$                    

CUSIP
NO.                    

 Nissan Auto Lease Trust 2012-B, a statutory trust organized and existing under the
laws of the State of Delaware (including any permitted successors and assigns, the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
            ($            ) in monthly installments on the 15th day of each month, or if such day is not a Business Day, on
the immediately succeeding Business Day, commencing on November 15, 2012 (each, a “Payment Date”), until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the
Outstanding Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or
if no interest has yet been paid, [for the Class [A-1] and [A-2b] Notes, during the period from and including the previous Payment Date on which interest was paid, or as of the Closing Date if no interest has yet been paid, to but excluding the
current Payment Date] [for the Class [A-2a] [A-3] and [A-4] Notes, during the period from and including the
15th day of the preceding calendar month, or as of the
Closing Date if no interest has yet been paid, to but excluding the 15th day of the month in which such Payment Date occurs] at the rate [per annum shown above] [of one month LIBOR plus [    ]%] (the “Interest Rate”), in each case as and
to the extent described below; provided, however, that the entire Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Note Balance shall be due and payable on the earlier of [            ,
20    ] (the “Note Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. The Issuing Entity shall pay interest on overdue installments of interest
at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by
the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

			
	 A-3
	  	(NALT 2012-B Indenture)

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
by facsimile, by its Authorized Officer as of the date set forth below. 
 Dated:
                    , 2012 
  

			
	NISSAN AUTO LEASE TRUST 2012-B,
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee
		
		 	By:                             
                                         
                 
		 	 Name:

		 	 Title:

  

			
	 A-4
	  	(NALT 2012-B Indenture)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Dated:                     , 2012 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:	 	                             
                                         
                         
		 	Name:
		 	Title:

  

			
	 A-5
	  	(NALT 2012-B Indenture)

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its “[LIBOR +] [            ]% Asset Backed
Notes, Class [A-1] [A-2a] [A-2b] [A-3] [A-4]” (herein called the “Notes”) issued under an Indenture, dated as of October 24, 2012 (such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuing Entity and U.S. Bank National Association, as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. However, to the extent provided in the Indenture, each Class will receive principal payment sequentially so that, except as otherwise provided in the
Indenture, no principal payments shall be made in respect of (i) the Class A-2 Notes until the Class A-1 Notes have been paid in full, (ii) the Class A-3 Notes until the Class A-2 Notes have been paid in full and
(iii) the Class A-4 Notes until the Class A-3 Notes have been paid in full. 
 Principal payable on the Notes
will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Note Final Scheduled Payment Date and the Redemption Date, if any,
selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall be due and payable following the occurrence and continuance of an Indenture Default, as described
in the Indenture. In such an event, first, principal payments on the Class A-1 Notes shall be made, and second, principal payments on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be made pro rata to the
Noteholders entitled thereto. 
 Payments of principal and interest on this Note due and payable on each Payment Date or
Redemption Date shall be made by check mailed to the Person whose name appears as the registered holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with
respect to Notes registered on the Deposit Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations
aggregating at least $1 million and has given the Indenture Trustee appropriate written instructions at least five Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates
thereafter), payments will be made by wire transfer in immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the related Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment
Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued 

  

			
	 A-6
	  	(NALT 2012-B Indenture)

 
upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, pursuant to the notice delivered to the
Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
registered holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date or Redemption Date (or such longer time period as required by the Depository Agreement) and the amount
then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of
New York. 
 Pursuant to Section 9.03(a) of the Trust Agreement, the Servicer will be permitted at its option to
purchase the 2012-B SUBI Certificate from the Issuing Entity on any Payment Date if the conditions set forth therein are satisfied. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer
at the office or agency designated by the Issuing Entity pursuant to the Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder or Note Owner, by acceptance of this Note or, in the case of this Note Owner, a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing
Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 The Notes represent obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of
the Depositor, the UTI Beneficiary or any of their respective Affiliates. 
 Each Noteholder by acceptance of this Note, or in
the case of this Note Owner, by acceptance of a beneficial interest in the Notes, hereby covenants and agrees that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been
paid in full, it will not institute against, or join any other Person in instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and any other Special Purpose Affiliate, any member of any Special
Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

  

			
	 A-7
	  	(NALT 2012-B Indenture)

 Prior to the due presentment for registration of transfer of this Note, the Issuing Entity,
the Indenture Trustee and their respective agents may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes
whatsoever, whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders representing not less than a Majority Interest of the Notes. The Indenture also contains
provisions permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of all Noteholders, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past Defaults under the
Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Noteholders. 
 The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing
Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or currency herein prescribed. 

  

			
	 A-8
	  	(NALT 2012-B Indenture)

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
  

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

	
	  
	   

	  
	   

	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution in the premises. 
 Dated: 

Signature Guaranteed: 
  

					
	  
 	 	  	 	  

  

			
	 A-9
	  	(NALT 2012-B Indenture)

 EXHIBIT B 
 FORM OF DEPOSITORY AGREEMENT 

  

			
	 B-1
	  	(NALT 2012-B Indenture)

 EXHIBIT C 
 Servicing Criteria To Be Addressed In Assessment Of Compliance 
 The assessment of
compliance to be delivered by the Indenture Trustee, shall address, and be limited to, the criteria identified below as “Applicable Servicing Criteria”: 
  

			
	Reference	  	Criteria
		
		  	Cash Collection and Administration
		
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
		
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.
		
		  	Investor Remittances and Reporting
		
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
		
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.
		
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

  

			
	 C-1
	  	(NALT 2012-B Indenture)

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