Document:

EX-10.7

 Exhibit 10.7 
  

 
 NISSAN AUTO LEASING LLC II, 

as Depositor, 
 and 

NISSAN AUTO LEASE TRUST 2020-B, 

as Transferee 
  

 
 TRUST SUBI
CERTIFICATE 
 TRANSFER AGREEMENT 

Dated as of September 29, 2020 

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE ONE     DEFINITIONS	  	 	2	 
			
	 Section 1.01
	  	Definitions	  	 	2	 
	 Section 1.02
	  	Interpretive Provisions	  	 	2	 
		
	ARTICLE TWO     TRANSFER OF 2020-B SUBI CERTIFICATE	  	 	3	 
			
	 Section 2.01
	  	Transfer of 2020-B SUBI Certificate	  	 	3	 
	 Section 2.02
	  	True Sale	  	 	3	 
	 Section 2.03
	  	Representations and Warranties of the Depositor and the Transferee	  	 	4	 
	 Section 2.04
	  	Financing Statement and Books and Records	  	 	7	 
	 Section 2.05
	  	Acceptance by the Transferee	  	 	7	 
	 Section 2.06
	  	Release of Claims	  	 	7	 
		
	ARTICLE THREE     MISCELLANEOUS	  	 	7	 
			
	 Section 3.01
	  	Amendment	  	 	7	 
	 Section 3.02
	  	GOVERNING LAW	  	 	8	 
	 Section 3.03
	  	Severability	  	 	8	 
	 Section 3.04
	  	Binding Effect	  	 	9	 
	 Section 3.05
	  	Headings	  	 	9	 
	 Section 3.06
	  	Counterparts and Electronic Signature	  	 	9	 
	 Section 3.07
	  	Further Assurances	  	 	9	 
	 Section 3.08
	  	Third-Party Beneficiaries	  	 	9	 
	 Section 3.09
	  	No Petition	  	 	9	 
	 Section 3.10
	  	Limitation of Liability of Owner Trustee	  	 	10	 
	 Section 3.11
	  	Notices	  	 	10	 
			
	SCHEDULE	  		  			
	Schedule I     Perfection Representations, Warranties And Covenants	  			

  

  
  

i 

 TRUST SUBI CERTIFICATE TRANSFER AGREEMENT 

This Trust SUBI Certificate Transfer Agreement, dated as of September 29, 2020 (this “Agreement”), is between Nissan
Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the “Depositor”), and Nissan Auto Lease Trust 2020-B, a Delaware statutory trust (the
“Issuing Entity”), as transferee (in such capacity, the “Transferee”). 
 RECITALS 

A.    Nissan-Infiniti LT (the “Titling Trust”) is a Delaware statutory trust governed by the Amended and
Restated Trust and Servicing Agreement, dated as of August 26, 1998 (the “Titling Trust Agreement”), among NILT Trust, a Delaware statutory trust (“NILT Trust”), as grantor and initial beneficiary (in such
capacity, the “Grantor” and the “UTI Beneficiary”, respectively), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), as servicer (the “Servicer”), Wilmington
Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), NILT, Inc., a Delaware corporation, as trustee (the “Titling Trustee”), and U.S. Bank National Association, a
national banking association (“U.S. Bank”), as trust agent (the “Trust Agent”); 

B.    Pursuant to the Titling Trust Agreement, the purposes of the Titling Trust include taking assignments and
conveyances of and holding in trust various assets (the “Trust Assets”); 
 C.    The Grantor, the UTI
Beneficiary, the Servicer, the Titling Trustee, the Delaware Trustee and the Trust Agent are entering into the 2020-B SUBI Supplement, dated as of September 29, 2020 (the “2020-B SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI Trust Agreement”), to (i) establish a special unit of beneficial interest (the “2020-B SUBI”), and (ii) identify and allocate certain Trust Assets to the 2020-B SUBI; 

D.    Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the
“2020-B Leases”), the vehicles that are leased under the 2020-B Leases (the “2020-B Vehicles”),
and certain other related Trust Assets have been allocated to the 2020-B SUBI; 

E.    The Titling Trust has issued a certificate evidencing a 100% beneficial interest in the 2020-B SUBI (the “2020-B SUBI Certificate”) to NILT Trust; 

F.    NILT Trust has transferred and assigned, without recourse, all of its right, title, and interest in and to the 2020-B SUBI Certificate to the Depositor pursuant to the SUBI Certificate Transfer Agreement, dated as of September 29, 2020 (the “SUBI Certificate Transfer Agreement”), between NILT Trust and
the Depositor; 
 G.    The Issuing Entity was formed pursuant to a trust agreement, dated as of August 31, 2020,
as amended and restated by the amended and restated trust agreement, dated as of September 29, 2020 (the “Trust Agreement”), each, between the Depositor and Wilmington Trust, National Association, a national banking association
with trust powers, as owner trustee (the “Owner Trustee”); 

  
  

 H.    The Depositor and the Transferee desire to provide for the sale,
transfer and assignment by the Depositor to the Transferee, without recourse, of all of the Depositor’s right, title and interest in and to the 2020-B SUBI Certificate; and 

I.    Immediately after the transfer and assignments of the 2020-B SUBI
Certificate to the Transferee, the Transferee shall pledge the 2020-B SUBI Certificate to U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), pursuant to an
indenture, dated as of September 29, 2020 (the “Indenture”), between the Issuing Entity and the Indenture Trustee. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE ONE 

DEFINITIONS 
 Section 1.01
Definitions. Capitalized terms used herein that are not otherwise defined shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated as of September 29, 2020, by and among the Issuing Entity, as issuer,
NILT Trust, as Grantor, UTI Beneficiary and Transferor, the Titling Trust, NMAC, in its individual capacity, as Servicer and as administrative agent (in such capacity, the “Administrative Agent”), NALL II, the Titling Trustee, the
Delaware Trustee, the Owner Trustee, the Trust Agent and the Indenture Trustee. 
 Section 1.02 Interpretive Provisions. For all
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such
as “herein,” “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, Article or Section within this Agreement, (iii) references to an Article or Section such as “Article One”
or “Section 1.01” shall refer to the applicable Article or Section of this Agreement, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the
term “or” shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted successors and assigns, (viii) references
to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement,
except that references to the SUBI Trust Agreement include only such items as related to the 2020-B SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules
and regulations thereunder and any successors thereto, (x) references to this Agreement include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent
required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the
Titling Trust, and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from and including” and the words “to” and “until” shall mean
“to but excluding.” 

  
  

					
		  	2	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 ARTICLE TWO 

TRANSFER OF 2020-B SUBI CERTIFICATE 

Section 2.01 Transfer of 2020-B SUBI Certificate. In consideration of the
Transferee’s delivery to, or upon the order of, the Depositor of the Notes and the Trust Certificate, the Depositor hereby absolutely sells, transfers, assigns and otherwise conveys to the Transferee, without recourse, and the Transferee does
hereby purchase and acquire, as of the date set forth above, all of the Depositor’s right, title and interest in and to the following (collectively, the “Assets”): 

(i)    the 2020-B SUBI Certificate and the interest in the 2020-B SUBI represented thereby, including all monies due and paid or to become due and paid or payable thereon or in respect thereof after the Cutoff Date; 

(ii)    all of the Depositor’s rights and benefits as holder of the
2020-B SUBI Certificate under the Servicing Agreement and the SUBI Trust Agreement; 

(iii)    the right to realize upon any property that underlies or may be deemed to secure the interest in
the 2020-B SUBI represented by the 2020-B SUBI Certificate, as granted in the 2020-B SUBI Supplement and in the 2020-B SUBI Certificate; 
 (iv)    all general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates of deposit, securities accounts, investment property, financial assets, goods, letters of credit, letters of credit rights, advices of credit and uncertificated securities, and
other property consisting of, arising from, or relating or credited to the foregoing; 
 (v)    all
rights of the Depositor under the SUBI Certificate Transfer Agreement; and 
 (vi)    all cash and non-cash proceeds of all of the foregoing. 
 Section 2.02 True Sale. The parties hereto
intend that the sale, transfer, and assignment of the Assets constitutes a true sale and assignment of the Assets such that any interest in and title to the Assets would not be property of the Depositor’s estate in the event that the Depositor
becomes a debtor in a case under any bankruptcy law. To the extent that the conveyance of the Assets hereunder is characterized by a court or similar governmental authority as a financing (i), it is intended by the Depositor and the Transferee that
the interest conveyed constitutes a grant of a security interest by the Depositor to the Transferee to secure the obligations of the Depositor hereunder, which security interest shall be perfected and of a first priority, (ii) the Depositor
hereby grants to the Transferee a security interest in all of its right, title, and privilege and interest in and to the Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under all applicable laws,
and (iii) the possession by the Transferee or its agent of the 2020-B SUBI Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person
designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction. 

  
  

					
		  	3	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 Section 2.03 Representations and Warranties of the Depositor and the Transferee.

 (a)    The Depositor hereby represents and warrants to the Transferee that: 

(i)    Organization and Good Standing. The Depositor is duly formed, validly existing, and in good
standing under the laws of the state of its formation, and has the power and the authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant
times, and shall have, the power, the authority and the legal right to acquire, own and sell the Assets. 

(ii)    Due Qualification. The Depositor is duly qualified to do business as a foreign entity in
good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such
license, approval, or qualification would not have a Material Adverse Effect on the Depositor. 

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

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

(v)    No Violation. The execution, delivery, and performance by the Depositor of this Agreement,
the consummation of the transactions contemplated by this Agreement, and the fulfillment of the terms hereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time) a default under, the governing documents of the Depositor, (B) conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other
instrument to which the Depositor is a party or by which it may be bound or any of its properties are subject, (C) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any material indenture,
agreement, or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the knowledge of the Depositor, any order, rule or regulation applicable to it or its properties, or (E) contravene, violate, or result
in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or any of its
properties; except, in the case of clauses (B), (C), (D) and (E) of this Section 2.03(a)(v), to the extent it would not reasonably be likely to have a Material Adverse Effect on the Depositor. 

  
  

					
		  	4	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

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

(vii)    Title to 2020-B SUBI Certificate. Immediately prior
to the transfer of the 2020-B SUBI Certificate pursuant to this Agreement, the Depositor (A) is the true and lawful owner of the 2020-B SUBI Certificate and has the
legal right to transfer the 2020-B SUBI Certificate, (B) has good and valid title to the 2020-B SUBI Certificate and the
2020-B SUBI Certificate is on the date hereof free and clear of all Liens, and (C) will convey good, valid, and indefeasible title to the 2020-B SUBI Certificate to
the Transferee under this Agreement. 
 (b)    Perfection Representations. The representations, warranties and
covenants set forth on Schedule I hereto shall be a part of this Agreement for all purposes. Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection representations contained in
Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. The parties to this Agreement: (i) shall not waive any of the
perfection representations contained in Schedule I, (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations contained in Schedule I, and (iii) shall not waive a breach of
any of the perfection representations contained in Schedule I. 
 (c)    The Transferee hereby represents and
warrants to the Depositor that: 
 (i)    Organization and Good Standing. The Transferee is duly
formed, validly existing, and in good standing under the laws of the state of its formation, has the power and the authority to own its properties and to conduct its business as such properties are currently owned and such business is presently
conducted, and had at all relevant times, and shall have, the power, the authority and the legal right to acquire, own and sell the Assets. 

(ii)    Due Qualification. The Transferee is duly qualified to do business as a foreign entity in
good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such
license, approval or qualification would not have a Material Adverse Effect on the Transferee. 

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

  
  

					
		  	5	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

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

(v)    No Violation. The execution, delivery, and performance of this Agreement by the Transferee
and the consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, the Transferee’s governing documents, (B) conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or
other instrument to which the Transferee is a party or by which it may be bound or any of its properties are subject, (C) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any material
indenture, agreement or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the knowledge of the Transferee, any order, rule or regulation applicable to it or its properties, or (E) contravene, violate,
or result in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Transferee
or any of its properties, except, in the case of clauses (B), (C), (D) and (E) of this Section 2.03(c)(v), to the extent it would not reasonably be likely to have a Material Adverse Effect on the Transferee. 

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

(d)    The representations and warranties set forth in this Section shall survive the sale of the Assets by the Depositor
to the Transferee and the pledge and grant of a security interest in the Assets by the Transferee to the Indenture Trustee (for the benefit of the Noteholders) pursuant to the Indenture. Upon discovery by the Depositor or the Transferee or upon a
Responsible Officer of the Indenture Trustee having actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the others. 

  
  

					
		  	6	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 Section 2.04 Financing Statement and Books and Records. 

(a)    In connection with the conveyance of the Assets hereunder, the Depositor agrees that on or prior to the Closing Date
it will deliver to or at the direction of the Transferee, with all requisite endorsements, the 2020-B SUBI Certificate and will file on or within ten days after the Closing Date, at its own expense, one or
more financing statements with respect to the Assets meeting the requirements of applicable state law in such manner as necessary to perfect, preserve, maintain and protect the interest of the Transferee in the Assets (to the extent such security
interest can be perfected by the filing of a financing statement), and the proceeds thereof to the Depositor (and any continuation statements as are required by applicable state law), and to deliver a file-stamped copy of each such financing
statement (or continuation statement) or other evidence of such filings (which may, for purposes of this Section 2.04, consist of telephone confirmation of such filings with the file stamped copy of each such filing to be
provided to the Transferee in due course), as soon as is practicable after receipt by the Depositor thereof. 

(b)    The Depositor further agrees that it will, take no actions inconsistent with the Transferee’s ownership of the
Assets and on or prior to the Closing Date indicate on its books, records and statements that the Assets have been sold to the Transferee. 

Section 2.05 Acceptance by the Transferee. The Transferee agrees to comply with all covenants and restrictions applicable to a
Holder of the 2020-B SUBI Certificate and the interest in the 2020-B SUBI represented thereby, whether set forth in the 2020-B
SUBI Certificate, in the SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities, if any, associated therewith. 

Section 2.06 Release of Claims. Pursuant to Section 3.04(b) of the Titling Trust Agreement (as amended
by Section 12.07 of the 2020-B SUBI Supplement) and Section 12.02(b) of the 2020-B SUBI Supplement, the Transferee
hereby covenants and agrees for the express benefit of each holder from time to time of a UTI Certificate and any other SUBI Certificate that the Transferee shall release all claims to the UTI Assets and the related Other SUBI Assets, respectively,
and, in the event such release is not given effect, to subordinate fully all claims it may be deemed to have against the UTI Assets or such Other SUBI Assets, as the case may be. 

ARTICLE THREE 
 MISCELLANEOUS 

Section 3.01 Amendment. 

(a)    Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other
Person; provided that (i) either (A) any amendment that materially and adversely affects the Noteholders shall require the consent of Noteholders evidencing not less than a Majority Interest of the Notes voting together as a
single class, or (B) such amendment shall not materially and adversely affect the Noteholders, and (ii) any amendment that adversely affects the interests of the Trust Certificateholder, the Indenture Trustee or the Owner Trustee shall
require the prior written consent of each Person whose 

  
  

					
		  	7	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 
interests are adversely affected. An amendment shall be deemed not to materially and adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such
amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such amendment shall not materially and adversely affect the Noteholders. The consent of the Trust Certificateholder or the Owner
Trustee shall be deemed to have been given if the Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. The Indenture Trustee may, but shall not be
obligated to, enter into or consent to any such amendment that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Agreement or otherwise. 

(b)    Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or principal amount of any
Note, or change the due date of any installment of principal of or interest in any Note, or the Redemption Price with respect thereto, without the consent of the Holder of such Note, or (ii) reduce the Outstanding Amount, the Holders of which
are required to consent to any matter without the consent of the Holders of at least a Majority Interest of the Notes which were required to consent to such matter before giving effect to such amendment. 

(c)    It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the
particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 

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

(e)    The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been
satisfied with respect to any amendment. When the Rating Agency Condition is satisfied with respect to such amendment, the Depositor shall cause to be delivered to a Responsible Officer of 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. 

Section 3.02 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 3.03 Severability. If one or more of the covenants, agreements, or provisions of this Agreement shall be for any reason
whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements, and provisions of this 

  
  

					
		  	8	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 
Agreement, and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties
hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Agreement invalid or unenforceable in any respect. 

Section 3.04 Binding Effect. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their permitted successors and assigns. 
 The Depositor acknowledges and agrees that (a) the Transferee may, pursuant to the
Indenture, pledge and grant a security interest in the 2020-B SUBI and the 2020-B SUBI Assets represented thereby and assign its rights under this Agreement to the
Indenture Trustee (for the benefit of the holders of the Notes), and (b) the representation, warranties and covenants contained in this Agreement and the rights of the Transferee under this Agreement are intended to benefit the Indenture
Trustee (for the benefit of the holders of the Notes). The Depositor hereby consents to all such pledges and grants. 
 Section 3.05
Headings. The Article and Section headings are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 3.06 Counterparts and Electronic Signature. This Agreement may be executed in any number of counterparts, each of which so
executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. Each party agrees that this Agreement and any other documents to be delivered in connection herewith
may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents shall have the same effect as manual signatures for the purpose of validity, enforceability and admissibility. 

Section 3.07 Further Assurances. Each party hereto shall do such acts, and execute and deliver to the other party such additional
documents or instruments as may be reasonably requested, in order to effect the purposes of this Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder. 

Section 3.08 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
each Holder of the 2020-B SUBI Certificate and each Registered Pledgee, who shall be considered third-party beneficiaries hereof. Except as otherwise provided in this Agreement, no other Person shall have any
right or obligation hereunder. 
 Section 3.09 No Petition. Each of the parties hereto covenants and agrees that prior to the
date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not institute against, or join any other Person in instituting against the Grantor, the Depositor, the
Titling Trustee, the Titling Trust, the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state
bankruptcy or similar law. 

  
  

					
		  	9	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 This Section shall survive the complete or partial termination of this Agreement, the
resignation or removal of the Titling Trustee and the complete or partial resignation or removal of the Servicer. 
 Section 3.10
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 Agreement, 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. 

Section 3.11 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
Transferee c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140) (email: DCostello@wilmingtontrust.com), 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) 332-7493) (email: brian.kozack@usbank.com), Attention: Nissan Auto
Lease Trust 2020-B; (iii) if to the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140) (email:
DCostello@wilmingtontrust.com), Attention: Corporate Trust Administration; (iv) if to the Transferor, at One Nissan Way, Franklin, Tennessee, 37067 (e-mail:
doug.gwin@nissan-usa.com), Attention: Treasurer; (v) 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) (email: ServicerReports@Moodys.com), Attention: ABS Monitoring Department; (vi) if to S&P, to S&P Global Ratings, 55 Water Street, New York, New York, 10041 (email:
servicer_reports@spglobal.com); or (vii) 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 Agreement to any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a
commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

[Signature Page to Follow] 

  
  

					
		  	10	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

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

			
	NISSAN AUTO LEASING LLC II,
	as Depositor
		
	By:	 	  

	Name:	 	  

	Title:	 	  

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

	Name:	 	  

	Title:	 	  

  
  

					
		  	S-1	  	(NALT 2020-B Trust SUBI Certificate Transfer Agreement)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Trust SUBI Certificate Transfer Agreement, the Depositor hereby
represents, warrants, and covenants to the Transferee as follows on the Closing Date: 
 1.    The Trust SUBI Certificate Transfer
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the 2020-B SUBI Certificate in favor of the Transferee, which security interest is prior to all other Liens and
is enforceable as such as against creditors of and purchasers from the Depositor. 
 2.    The
2020-B SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated security” or “tangible chattel paper,” within the meaning of the applicable UCC.

 3.    Immediately prior to the transfer thereof to the Transferee, the Depositor owns and has good and marketable title to the 2020-B SUBI Certificate 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 Lien attaches is not impaired during the pendency of such proceeding. 

4.    The Depositor has received all consents and approvals to the sale of the 2020-B SUBI
Certificate under the Trust SUBI Certificate Transfer Agreement to the Transferee required by the terms of the 2020-B SUBI Certificate to the extent that it constitutes an instrument or a payment intangible.

 5.    The Depositor has received all consents and approvals required by the terms of the
2020-B SUBI Certificate, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Transferee of its interest and rights in the 2020-B SUBI Certificate under the Trust SUBI Certificate Transfer Agreement. 
 6.    The Depositor
has caused or will have caused, within ten days after the effective date of the Trust SUBI Certificate Transfer Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the sale of the 2020-B SUBI Certificate from the Depositor to the Transferee and the security interest in the 2020-B SUBI Certificate
(to the extent such security interest can be perfected by the filing of a financing statement) granted to the Transferee under the Trust SUBI Certificate Transfer Agreement. 

7.    To the extent that the 2020-B SUBI Certificate constitutes an instrument or tangible chattel
paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Transferee or its assignee. 

  
  

 8.    Other than the transfer of the 2020-B SUBI
Certificate from NILT Trust to the Depositor under the SUBI Certificate Transfer Agreement and from the Depositor to the Transferee under the Trust SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 2020-B SUBI Certificate. The Depositor has not authorized the filing of, nor
is aware of, any financing statements against the Depositor that include a description of collateral covering the 2020-B SUBI Certificate other than any financing statement relating to any security interest
granted pursuant to the Basic Documents or that has been terminated. 
 9.    No instrument or tangible chattel paper that constitutes
or evidences the 2020-B SUBI Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.EX-10.8

 Exhibit 10.8 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 NISSAN AUTO LEASE TRUST 2020-B, 
 as Issuing Entity 

NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 

Dated as of September 29, 2020 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 	USAGE AND DEFINITIONS	  	 	1	 
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	 
			
	 Section 1.2.
	 	 Additional Definitions
	  	 	2	 
			
	ARTICLE II	 	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  	 	3	 
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	3	 
			
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	3	 
			
	ARTICLE III	 	ASSET REPRESENTATIONS REVIEW PROCESS	  	 	3	 
			
	 Section 3.1.
	 	 Review Notices
	  	 	3	 
			
	 Section 3.2.
	 	 Identification of Subject Leases
	  	 	3	 
			
	 Section 3.3.
	 	 Review Materials
	  	 	3	 
			
	 Section 3.4.
	 	 Performance of Reviews
	  	 	4	 
			
	 Section 3.5.
	 	 Review Reports
	  	 	4	 
			
	 Section 3.6.
	 	 Dispute Resolution
	  	 	5	 
			
	 Section 3.7.
	 	 Limitations on Review Obligations
	  	 	5	 
			
	ARTICLE IV	 	ASSET REPRESENTATIONS REVIEWER	  	 	6	 
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	6	 
			
	 Section 4.2.
	 	 Covenants
	  	 	7	 
			
	 Section 4.3.
	 	 Fees, Expenses and Indemnities
	  	 	7	 
			
	 Section 4.4.
	 	 Limitation on Liability
	  	 	8	 
			
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	8	 
			
	 Section 4.6.
	 	 Inspections of Asset Representations Reviewer
	  	 	9	 
			
	 Section 4.7.
	 	 Delegation of Obligations
	  	 	9	 
			
	 Section 4.8.
	 	 Confidential Information
	  	 	9	 
			
	 Section 4.9.
	 	 Personally Identifiable Information
	  	 	11	 
			
	ARTICLE V	 	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	  	 	13	 
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	13	 
			
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	 
			
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	14	 
			
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE VI	 	OTHER AGREEMENTS	  	 	14	 
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	14	 
			
	 Section 6.2.
	 	 No Petition
	  	 	15	 
			
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	15	 
			
	 Section 6.4.
	 	 Termination of Agreement
	  	 	15	 
			
	ARTICLE VII	 	MISCELLANEOUS PROVISIONS	  	 	15	 
			
	 Section 7.1.
	 	 Amendments
	  	 	15	 
			
	 Section 7.2.
	 	 Notices
	  	 	16	 
			
	 Section 7.3.
	 	 Limitations on Rights of Others
	  	 	17	 
			
	 Section 7.4.
	 	 Severability
	  	 	17	 
			
	 Section 7.5.
	 	 Separate Counterparts and Electronic Signature
	  	 	17	 
			
	 Section 7.6.
	 	 Headings
	  	 	17	 
			
	 Section 7.7.
	 	 Governing Law
	  	 	17	 
			
	 Section 7.8.
	 	 Waivers
	  	 	18	 
			
	 Schedule A
	 	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 29, 2020 (this
“Agreement”), among NISSAN AUTO LEASE TRUST 2020-B, a Delaware statutory trust, as Issuing Entity (the “Issuing Entity”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California
Corporation (“NMAC”), as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 WHEREAS, in the
regular course of business, motor vehicle dealers in the NMAC network of dealers assign certain retail closed-end motor vehicle lease contracts to Nissan-Infiniti LT, as titling trust (the “Titling
Trust”). 
 WHEREAS, in connection with a securitization transaction sponsored by NMAC, the Titling Trust established a special
unit of beneficial interest (the “SUBI”) and allocated to the SUBI certain leases and related leased vehicles owned by the Titling Trust, which are represented by a SUBI certificate representing a beneficial interest in that SUBI
(the “SUBI Certificate”). 
 WHEREAS, the Titling Trust issued the 2020-B SUBI
Certificate to NILT Trust, as UTI Beneficiary, and NILT Trust sold the 2020-B SUBI Certificate to Nissan Auto Leasing LLC II (the “Depositor”), which in turn transferred the SUBI Certificate
to the Issuing Entity pursuant to a Trust SUBI Certificate Transfer Agreement, in exchange for the notes and certificates issued by the Issuing Entity. 

WHEREAS, the Issuing Entity has granted a security interest in the 2020-B SUBI Certificate to the
Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the Issuing Entity under the Indenture. 

WHEREAS, the Issuing Entity desires to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the
representations and warranties made by NMAC about the Leases in the pool after certain conditions precedent to such review are satisfied. 

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained
herein, the parties hereto agree as follows. 
 ARTICLE I 

USAGE AND DEFINITIONS 

Section 1.1.    Usage and Definitions. Except as otherwise specified herein or if the context may otherwise
require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Agreement of Definitions, dated as of the date hereof (the “Agreement of Definitions”), by and among
NMAC, the Titling Trust, NILT, Inc., as titling trustee (the “Titling Trustee”), NILT Trust, as grantor (the “Grantor”), UTI Beneficiary and Transferor, the Depositor, the Issuing Entity, Wilmington Trust, National
Association, as owner trustee (the “Owner Trustee”), the Delaware Trustee, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”) and as trust agent (the “Trust Agent”).

 With respect to all terms in this Agreement, the singular includes the plural and the plural
the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 
 Section 1.2.    Additional Definitions. The following terms have
the meanings given below: 
 “Asset Review” means the performance by the Asset Representations Reviewer of the testing
procedures for each Test and each Subject Lease according to Section 3.4. 
 “Confidential
Information” has the meaning stated in Section 4.8(b). 
 “Information Recipients” has
the meaning stated in Section 4.8(a). 
 “Issuing Entity PII” has the meaning stated in
Section 4.9(a). 
 “Personally Identifiable Information” or “PII” has the
meaning stated in Section 4.9(a). 
 “Review Fee” has the meaning stated in
Section 4.3(b). 
 “Review Materials” means, for an Asset Review and a Subject Lease , the
documents and other materials for each Test listed under “Review Materials” in Schedule A. 
 “Review
Report” means, for an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5. 

“Test” has the meaning stated in Section 3.4(a). 

“Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

“Underwriter” means, any of BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., SG Americas Securities, LLC,
BNP Paribas Securities Corp., Mizuho Securities USA LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc., in its capacity as underwriter or representative of the underwriters pursuant to the underwriting agreement, dated as of
September 22, 2020, among BofA Securities, Inc., NMAC and the Depositor. 

  
 2 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1.    Engagement; Acceptance. The Issuing Entity engages Clayton Fixed Income Services LLC to act as
the Asset Representations Reviewer for the Issuing Entity. Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement. 

Section 2.2.    Confirmation of Scope. The parties confirm that the Asset Representations Reviewer is not
responsible for (a) reviewing the Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or
warranties constitutes a breach of the Transaction Documents. 
 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1.    Review Notices. On receipt of a Review Notice from the Indenture Trustee according to
Section 7.08 of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review until a Review Notice is received. 

Section 3.2.    Identification of Subject Leases. Within ten (10) Business Days after receipt of a Review
Notice, the Servicer will deliver to the Asset Representations Reviewer, with a copy to the Indenture Trustee, a list of the Subject Leases . 

Section 3.3.    Review Materials. 

(a)    Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations
Reviewer to facilitate the Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Leases within ten (10) days after receipt of the Review Notice in one or more of the
following ways in the Servicer’s reasonable discretion: (i) by providing access to the Servicer’s lease systems, either remotely or at one of the properties of the Servicer, (ii) by electronic posting of Review Materials to a
password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at one of the properties of the Servicer where the Lease Documents are located or (iv) in another manner agreed
by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review
remains intact and unchanged. 
 (b)    Missing or Insufficient Review Materials. If any of the Review Materials
are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review, and the Servicer will
have 15 days to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or 

  
 3 

 
information to correct the insufficiency. If the missing or insufficient Review Materials have not been provided by the Servicer within 15 days, the parties agree that the Subject Lease will have
a Test Fail for the related Test(s) and the Test(s) will be considered a Test Complete and the Review Report will indicate the reason for the Test Fail. 

Section 3.4.    Performance of Reviews. 

(a)    Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Lease
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Lease,
the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b)    Review Period. The Asset Representations Reviewer will complete the Review of all of the Subject Leases
within sixty (60) days after receiving access to the Review Materials under Section 3.3(a). However, if additional Review Materials are provided to the Asset Representations Reviewer under
Section 3.3(b), the Review period will be extended for an additional thirty (30) days. 

(c)    Completion of Review for Certain Subject Leases. Following the delivery of the list of the Subject Leases
and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Lease is pre-paid in full by the Obligor or
reallocated from the SUBI by the Servicer according to the Basic Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Leases and the Review of such Leases will be considered complete (a
“Test Complete”). In this case, the Review Report will indicate a Test Complete for the Leases and the related reason. 

(d)    Previously Reviewed Lease. If any Subject Lease was included in a prior Asset Review (the “Prior
Review”), the Asset Representations Reviewer will perform Tests on such Subject Lease only if the Asset Representations Reviewer has reason to believe that the Prior Review was conducted in a manner that would not have ascertained
compliance with one or more of the representations and warranties set forth on Schedule A hereto; otherwise, the Asset Representations Reviewer will include in the Review Report for the Asset Review the results of the Tests with respect to
such Subject Lease from the Prior Review. 
 (e)    Termination of Review. If an Asset Review is in process and
the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date. On receipt of notice, the Asset Representations
Reviewer will terminate the Asset Review immediately and will have no obligation to deliver a Review Report. 

Section 3.5.    Review Reports. (a) Within five (5) days after the end of the Asset Review period
under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuing Entity, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Lease whether there was a Test Pass or a Test
Fail for each Test, or whether the Subject 

  
 4 

 
Lease was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset
Review to be included in the Issuing Entity’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report
does not contain any Issuing Entity PII. 
 (b)    Questions About Review. The Asset Representations Reviewer
will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) payment in full of the Notes and
(ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Indenture Trustee or the
Servicer and will direct such Persons to submit written questions or requests to the Servicer. 

Section 3.6.    Dispute Resolution. If a Lease that was reviewed by the Asset Representations Reviewer is the
subject of a dispute resolution proceeding under Section 7.07 of the Indenture, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The
reasonable out-of-pocket expenses of the Asset Representations Reviewer together with reasonable compensation for the time it incurs in connection with its participation
in any dispute resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution
according to Section 7.07 of the Indenture. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuing Entity according to Section 4.3(a). 

Section 3.7.    Limitations on Review Obligations. 

(a)    Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i)    to determine whether a Delinquency Trigger has occurred or whether the required percentage of
Noteholders has voted to direct an Asset Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii)    to determine which Leases are subject to an Asset Review, and may rely on the lists of Subject
Leases provided by the Servicer; 
 (iii)    to obtain or confirm the validity of the Review Materials
and no liability for any errors in the Review Materials and may rely on the accuracy and completeness of the Review Materials; 

(iv)    to obtain missing or insufficient Review Materials from any party or any other source; 

(v)    to take any action or cause any other party to take any action under any of the Basic Documents or
otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Leases; or 

  
 5 

 (vi)    to establish cause, materiality or recourse for
any failed Test. 
 (b)    Testing Procedure Limitations. The Asset Representations Reviewer will only be
required to perform the testing procedures listed under “Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Lease or to provide any information other than a Review Report indicating for
each Subject Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Lease was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information about any Subject
Lease that it determines in good faith to be material to the Review. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1.    Representations and Warranties. The Asset Representations Reviewer represents and warrants to
the Issuing Entity as of the Closing Date: 
 (a)    Organization and Qualification. The Asset Representations
Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or
approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(b)    Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to
execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset
Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable
principles. 
 (c)    No Conflicts and No Violation. The completion of the transactions contemplated by this
Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or similar agreement or instrument
under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, agreement, guarantee or similar
agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation of a federal or State
court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to
have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

  
 6 

 (d)    No Proceedings. To the Asset Representations
Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset
Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would
reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e)    Eligibility. The Asset Representations Reviewer meets the eligibility requirements in
Section 5.1. 
 Section 4.2.    Covenants. The Asset Representations Reviewer
covenants and agrees that: 
 (a)    Eligibility. It will notify the Issuing Entity and the Servicer promptly if
it no longer meets the eligibility requirements in Section 5.1. 
 (b)    Review Systems;
Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained
to conduct Asset Reviews as required by this Agreement. 
 (c)    Maintenance of Review Materials. It will
maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two (2) years after the termination of this Agreement. 

Section 4.3.    Fees, Expenses and Indemnities. 

(a)    Annual Fee. The Sponsor shall pay to the Asset Representations Reviewer, as reasonable compensation for its
services, an annual fee in the amount of $5,000 (the “Annual Fee”). The Annual Fee shall be payable on the Closing Date and on each anniversary thereof until this Agreement is terminated in accordance with
Section 6.4. The Sponsor shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it,
in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 

(b)    Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee of the
Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor and the Servicer of a detailed invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of
$200 for each Subject Lease for which the Asset Review was started (the “Review Fee”). However, no Review Fee will be charged for any Subject Lease which was included in a prior Asset Review or for which no Tests were

  
 7 

 
completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). To the extent not paid by the
Sponsor and outstanding for at least 60 days, the Review Fee shall be paid by the Issuing Entity pursuant to Section 8.04 of the Indenture. 

(c)    Indemnification. The Sponsor shall indemnify the Asset Representations Reviewer against any and all loss,
liability or expense (including reasonable attorneys’ fees) incurred by the Asset Representations Reviewer in connection with the administration of this Agreement and the performance of its duties hereunder. The Asset Representations Reviewer
shall notify the Sponsor promptly of any claim for which it may seek indemnity. Failure by the Asset Representations Reviewer to so notify the Sponsor shall not relieve the Sponsor of its obligations hereunder. The Sponsor shall defend any such
claim, and the Asset Representations Reviewer may have separate counsel and the Sponsor shall pay the fees and expenses of such counsel. The Sponsor shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the
Asset Representations Reviewer through the Asset Representations Reviewer’s own bad faith, willful misfeasance, negligence in performing its obligations under this Agreement or breach of this Agreement. The indemnification provided in this
Section 4.3(c) shall survive the termination of this Agreement, the termination of the Issuing Entity and the resignation or removal of the Asset Representations Reviewer. The Sponsor acknowledges and agrees that amounts
owing to the Asset Representations Reviewer in respect of the indemnification provided hereunder shall not be limited to or reduced by the amount of Available Amounts on deposit in the Collection Account, except to the extent that such Available
Amounts have been allocated to make a payment to the Asset Representations Reviewer on the next-occurring Payment Date pursuant to Section 8.04 of the Indenture. 

(d)    Payment of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed
invoices to the Sponsor for any amounts owed to it under this Agreement. To the extent not paid by the Sponsor and outstanding for at least 60 days, the fees and indemnities provided for in this Section 4.3 shall be paid by
the Issuing Entity pursuant to Section 8.04 of the Indenture; provided, that prior to such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Sponsor in writing that such fees and
indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Section 8.04 of the Indenture, the Sponsor shall reimburse the Issuing Entity in full for such payments. 

Section 4.4.    Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person
for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith, or negligence in performing its obligations under
this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss
or damage and regardless of the form of action. 
 Section 4.5.    Indemnification by Asset Representations
Reviewer. The Asset Representations Reviewer will indemnify each of the Issuing Entity, the Depositor, the Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all
costs, expenses (including reasonable attorneys’ fees and expenses), 

  
 8 

 
losses, damages and liabilities, including legal fees and expenses incurred in connection with the enforcement by such Person of an indemnification or other obligation of the Asset
Representations Reviewer, resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach
of any of its representations or warranties in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuing
Entity and the resignation or removal of the Asset Representations Reviewer. 
 Section 4.6.    Inspections of
Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuing Entity, the Servicer, the Sponsor or the
Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the
performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations
Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuing Entity’s, the Servicer’s, the Sponsor’s or the Administrator’s representatives to make copies and extracts of any of those
documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuing Entity, the Servicer, the Sponsor and the Administrator will, and will cause its authorized representatives to, hold in
confidence the information except if disclosure may be required by law or if the Issuing Entity, the Servicer, the Sponsor or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic
Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement. 

Section 4.7.    Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract
its obligations under this Agreement to any Person without the consent of the Issuing Entity, the Sponsor and the Servicer. 

Section 4.8.    Confidential Information. 

(a)    Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it
under this Agreement in confidence and under the terms and conditions of this Section 4.8, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential
Information will not, without the prior consent of the Issuing Entity, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including
legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Reviews of Subject Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that
it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by NMAC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 

  
 9 

 (b)    Definition. “Confidential Information”
means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement,
including: 
 (i)    lists of Subject Leases and any related Review Materials; 

(ii)    origination and servicing guidelines, policies and procedures and form contracts; and 

(iii)    notes, analyses, compilations, studies or other documents or records prepared by the Sponsor or
the Servicer, which contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives. 
 However, Confidential
Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients
on a non-confidential basis from a Person or entity other than the Issuing Entity, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information
Recipient is not bound by a confidentiality agreement with the Issuing Entity, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information
Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuing Entity, the Sponsor or the Servicer
provides permission to the applicable Information Recipients to release. 
 (c)    Protection. The Asset
Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less
than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.9. 

(d)    Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order
issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if
permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuing Entity, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor’s expense, in the Issuing Entity’s
and the Sponsor’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuing Entity or the Sponsor is unable to obtain a protective order or other proper remedy by the date that the
information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e)    Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a
breach of this Section 4.8 by its Information Recipients. 

  
 10 

 (f)    Violation. The Asset Representations Reviewer agrees that
a violation of this Agreement may cause irreparable injury to the Issuing Entity, the Sponsor and the Servicer and the Issuing Entity, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated
by the Issuing Entity or the Servicer to enforce this Section 4.8, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorney’s fees and expenses, incurred by it for the
enforcement. 
 Section 4.9.    Personally Identifiable Information. 

(a)    Definitions. “Personally Identifiable Information” or “PII” means
information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or
“VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuing Entity
PII” means PII furnished by the Issuing Entity, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations
under this Agreement. 
 (b)    Use of Issuing Entity PII. The Issuing Entity does not grant the Asset
Representations Reviewer any rights to Issuing Entity PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuing Entity PII only to perform its obligations under this Agreement or as specifically directed in
writing by the Issuing Entity and will only reproduce Issuing Entity PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuing Entity PII and the Asset Representations
Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuing Entity PII. The Asset Representations
Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and
systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuing Entity PII, (ii) ensure against anticipated threats or hazards to the security or integrity of
Issuing Entity PII, (iii) protect against unauthorized access to or use of Issuing Entity PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training,
information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c)    Additional Limitations. In addition to the use and protection requirements described in
Section 4.9(b), the Asset Representations Reviewer’s disclosure of Issuing Entity PII is also subject to the following requirements: 

(i)    The Asset Representations Reviewer will not disclose Issuing Entity PII to its personnel or allow
its personnel access to Issuing Entity PII except (A) for the Asset Representations Reviewer personnel who require Issuing Entity PII to perform an Asset Review, (B) with the prior consent of the Issuing Entity or (C) as required by
applicable 

  
 11 

 
law. When permitted, the disclosure of or access to Issuing Entity PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset
Representations Reviewer will inform personnel with access to Issuing Entity PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuing Entity PII on the proper use and protection of Issuing Entity PII.

 (ii)    The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuing Entity
PII with or to any third party without the prior consent of the Issuing Entity. 
 (d)    Notice of Breach. The
Asset Representations Reviewer will notify the Issuing Entity promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of
Issuing Entity PII and, where applicable, immediately take action to prevent any further breach. 
 (e)    Return or
Disposal of Issuing Entity PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuing Entity, all Issuing Entity PII in any medium in the Asset
Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuing Entity, returned to the Issuing Entity without the Asset
Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuing Entity. Where the Asset Representations Reviewer retains Issuing Entity PII, the Asset Representations Reviewer will limit the Asset
Representations Reviewer’s further use or disclosure of Issuing Entity PII to that required by applicable law. 

(f)    Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to
the Issuing Entity regarding the Asset Representations Reviewer’s compliance with this Section 4.9. The Asset Representations Reviewer and the Issuing Entity agree to modify this Section 4.9
as necessary from time to time for either party to comply with applicable law. 
 (g)    Audit of Asset
Representations Reviewer. The Asset Representations Reviewer will permit the Issuing Entity and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.9 during
the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuing Entity agrees
to make reasonable efforts to schedule any audit described in this Section 4.9 with the inspections described in Section 4.6. The Asset Representations Reviewer will also permit the Issuing Entity
and its authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under
this Agreement. 
 (h)    Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII
of the Issuing Entity’s Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary
of this Section 4.9, and this Agreement is 

  
 12 

 
intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section 4.9 against the Asset
Representations Reviewer as if each were a signatory to this Agreement. 
 ARTICLE V 

RESIGNATION AND REMOVAL; 
 SUCCESSOR
ASSET REPRESENTATIONS REVIEWER 
 Section 5.1.    Eligibility Requirements for Asset Representations
Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not
Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date. 

Section 5.2.    Resignation and Removal of Asset Representations Reviewer. 

(a)    No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset
Representations Reviewer except (i) if the Asset Representations Reviewer is merged into or becomes an Affiliate of the Sponsor, the Servicer, the Indenture Trustee, the Owner Trustee, (ii) the Asset Representations Reviewer no longer
meets the eligibility requirements in Section 5.1, or (iii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable law and there is no reasonable action that it could take to
make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations Reviewer shall promptly resign and the Sponsor shall appoint a successor Asset
Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuing Entity, the Sponsor and the Servicer, and if the Asset Representation Reviewer resigns pursuant to clause (b) above, an Opinion
of Counsel supporting its determination. 
 (b)    Removal of Asset Representations Reviewer. If any of the
following events occur, the Indenture Trustee, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes, by notice to the Asset Representations Reviewer, shall remove the Asset Representations Reviewer
and terminate its rights and obligations under this Agreement: 
 (i)    the Asset Representations
Reviewer no longer meets the eligibility requirements in Section 5.1; 

(ii)    the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or
obligations in this Agreement; or 
 (iii)    an Insolvency Event of the Asset Representations Reviewer
occurs. 
 (c)    Notice of Resignation or Removal. The Servicer will notify the Issuing Entity, the Owner
Trustee, the Depositor and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. The Depositor will report any resignation or removal of the Asset Representations Reviewer, or any appointment of a successor Asset
Representations Reviewer, in the Issuing Entity’s Form 10-D report related to the Collection Period in which such resignation, removal or appointment took place. 

  
 13 

 Section 5.3.    Successor Asset Representations Reviewer.

 (a)    Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the
Asset Representations Reviewer, the Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

(b)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer
will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuing Entity and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations
Reviewer under this Agreement or entered into a new agreement with the Issuing Entity on substantially the same terms as this Agreement. 

(c)    Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset
Representations Reviewer will cooperate with the Issuing Entity and take all actions reasonably requested to assist the Issuing Entity in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this
Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor
Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuing Entity or the successor Asset Representations Reviewer. 

Section 5.4.    Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations
Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the
eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuing Entity and the Servicer an agreement to assume
the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VI

 OTHER AGREEMENTS 

Section 6.1.    Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an
independent contractor and will not be subject to the supervision of, or deemed to be the agent of, the Issuing Entity, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this
Agreement. None of the Issuing Entity, the Indenture Trustee or the Owner Trustee shall be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer
to perform its obligations hereunder. Unless authorized by the Issuing Entity, the Indenture Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent

  
 14 

 
the Issuing Entity, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuing Entity, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement
will make the Asset Representations Reviewer and either of the Issuing Entity, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

Section 6.2.    No Petition. Each party hereto, by entering into this Agreement, hereby covenants and agrees
that, prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not (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 6.3.    Limitation of Liability of Owner Trustee. This Agreement has been signed on behalf of the
Issuing Entity by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity. In no event will Wilmington Trust, National Association in its individual capacity or a
beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity under this Agreement, as to all of which recourse shall be had solely to the assets of
the Issuing Entity. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. 

Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the obligations under
Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuing Entity is terminated under the Trust Agreement. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1.    Amendments. 

(a)    Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other
Person subject to the satisfaction of one of the following conditions: 
 (i)    the Seller or the
Servicer delivers an Officer’s Certificate or Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 7.1 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person, (which consent shall not be unreasonably withheld or delayed); provided, further, that in the event that any
Certificates are held by anyone other 

  
 15 

 
than the Administrator or any of its Affiliates, this Agreement may only be amended by the parties hereto if, in addition, (i) the Holders of the Certificates evidencing a majority of the
Certificate Balance of the Certificates consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the Owner Trustee, materially and
adversely affect the interests of the Certificateholders. 
 (b)    This Agreement may also be amended by the parties
hereto 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 with the consent of: 

(i)    the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes; and

 (ii)    the Holders of the Certificates evidencing a majority of the Certificate Balance. 

It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. 
 (c)    Promptly after the
execution of any such amendment or consent, the Servicer shall furnish written notification of the substance of such amendment or consent to each Rating Agency. 

(d)    Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such
amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

Section 7.2.    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: (a) in the case of the Seller, to Nissan Leasing LLC II, One Nissan Way, Franklin, Tennessee, 37067 (e-mail: doug.gwin@nissan-usa.com), Attention:
Treasurer, (b) in the case of the Servicer, to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee, 37067 (e-mail: doug.gwin@nissan-usa.com),
Attention: Treasurer, (c) in the case of the Issuing Entity or the Owner Trustee, to Nissan Auto Lease Trust 2020-B, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890 (email: DCostello@wilmingtontrust.com), Attention: Nissan Auto Lease Trust 2020-B, (d) in the case of the Indenture Trustee, to U.S. Bank National Association, 190 South
LaSalle Street, 7th Floor, Chicago, IL 60603 (email: brian.kozack@usbank.com), Attention: NALT 2020-B, (e) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department,
7 World Trade 

  
 16 

 
Center, 250 Greenwich Street, New York, New York 10007 (email: ServicerReports@Moodys.com), (f) in the case of S&P, to S&P Global Ratings, 55 Water Street, New York, New York, 10041
(email: servicer_reports@spglobal.com), (g) in the case of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578 (email: ARRNotices@clayton.com), Attention: SVP, with a copy to
Covius Services, LLC, 720 S. Colorado Blvd., Suite 200, Glendale, CO 80246, Attention: Legal Department (email: legal@covius.com); or, 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 Agreement to any Rating Agency shall be deemed to be delivered if a copy of such
demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

Section 7.3.    Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit
of the Sponsor, the Servicer, the Issuing Entity and the Asset Representations Reviewer. The Indenture Trustee (for the benefit of itself and the Noteholders) will be an express third-party beneficiary of this Agreement and entitled to enforce this
agreement against the parties hereto. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein. 
 Section 7.4.    Severability. If
any one or more of the covenants, agreement, provisions or terms of this Agreement 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 Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 7.5.    Separate Counterparts and Electronic Signature. This Agreement 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. Each party agrees that this Agreement and any other documents to be delivered in
connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents shall have the same effect as manual signatures for the purpose of validity, enforceability and admissibility.

 Section 7.6.    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 7.7.    Governing
Law. THIS AGREEMENT 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

  
 17 

 
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 7.8.    Waivers. No failure or delay on the part of any party hereto in exercising any power, right or
remedy under this Agreement shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any such power, right or
remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy. 
 [Remainder of Page
Left Blank] 

  
 18 

 EXECUTED BY: 
  

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

		 	Name:
		 	Title:
	
	NISSAN MOTOR ACCEPTANCE CORPORATION,
		 	as Servicer
		
	By:	 	  

		 	Name: Kevin J. Cullum
		 	Title:   President
	
	CLAYTON FIXED INCOME SERVICES LLC,
		 	as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 

Representation and Warranty 
 (a)
Such Lease relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport utility vehicle, of a model year of 2017 or later; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lease Agreement indicates the Leased Vehicle is a Nissan or Infinity automobile, light duty truck,
minivan or sport utility vehicle 

  

	 	ii)	 Confirm the Lease Agreement indicates the Leased Vehicle is a model year 2017 or later 

 

	 	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-1 

 Representation and Warranty 

(b) Such Lease is written with respect to a Leased Vehicle that was at the time of the origination of the related Lease a new Nissan or
Infiniti motor vehicle; 
 Review Materials 

Lease Agreement 
 Tests 

 

	 	i)	 Confirm the Leased Vehicle is identified in the Lease Agreement as a new Nissan or Infinity motor vehicle at
the time of origination 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-2 

 Representation and Warranty 

(c) Such Lease was originated in the United States on or after September 23, 2016, by a Dealer for a Lessee with a United States address;

 Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lease Agreement was executed on or after the oldest allowable date of execution

  

	 	ii)	 Confirm the Lessee’s address as stated on the Lease Agreement is located within the United States

  

	 	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-3 

 Representation and Warranty 

(d) Such Lease is payable solely in United States dollars; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lease Agreement is payable in U.S. Dollars 

 

	 	ii)	 If confirmed, then Test Pass 

  
 A-4 

 Representation and Warranty 

(e) Such Lease and the related Leased Vehicle are owned by the Titling Trust, free of all liens, other than any lien placed upon a Certificate
of Title in connection with the delivery of title documentation to the Titling Trustee in accordance with Customary Servicing Practices in effect at the time of origination; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Vehicle Identification Number (VIN) on the Lease Agreement matches the VIN on the Title Documents

  

	 	ii)	 Confirm the Title Documents designate the Titling Trust as the owner of the Leased Vehicle

  

	 	iii)	 Confirm the Title Documents do not report any additional security parties or liens tied to the Leased Vehicle

  

	 	iv)	 If Steps (i) through (iii) are confirmed, the Test Pass 

  
 A-5 

 Representation and Warranty 

(f) Such Lease has a remaining term to maturity, of not less than 12 months and not greater than 55 months; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	 Confirm the remaining number of payments is within the allowable limits 

 

	 	ii)	 If confirmed, then Test Pass 

  
 A-6 

 Representation and Warranty 

(g) Such Lease provides for level payments (exclusive of taxes) that fully amortize the adjusted capitalized cost of the Lease to the related
Contract Residual over the lease term at a rate implicit in the Lease and corresponding to the disclosed rent charge and, in the event of a Lessee initiated early termination, provides for payment of the Early Termination Charge; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm that all lease payments are equal 

 

	 	ii)	 Confirm the total of the number of payments and amount of payments, with any first and last payment (if
applicable) is equal to the Adjusted Capitalized cost minus the residual value of the Leased Vehicle plus the rent charge 

  

	 	iii)	 Confirm the Lease Agreement requires an Early Termination Charge be paid in the event that the Lessee initiates
early termination of the Lease 

  

	 	iv)	 If Steps (i) through (iii) are confirmed, then Test Pass 

  
 A-7 

 Representation and Warranty 

(h) Such Lease was originated in compliance with, and complies in all material respects with, all material applicable legal requirements; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lease Agreement form number and revision date are on the List of Approved Forms

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-8 

 Representation and Warranty 

(i) Such Lease is not more than 29 days past due; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	 Confirm the Lease was not more than 29 days past due 

 

	 	ii)	 If confirmed, then Test Pass 

  
 A-9 

 Representation and Warranty 

(j) Such Lease (A) is the valid, legal and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee
in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’
rights in general or (ii) general principles of equity; 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	 Confirm the Lease Agreement form number and revision date are on the List of Approved Forms

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-10 

 Representation and Warranty 

(k) the records of the Servicer do not reflect that such Lease has been satisfied, subordinated, rescinded, canceled or terminated 

Review Materials 
 Lease Agreement 

Data Tape 
 Lease File 

Tests 
  

	 	i)	 Confirm there is no indication within the Lease File that the Lease has been subordinated, rescinded, cancelled
or terminated 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-11 

 Representation and Warranty 

(l) the records of the Servicer do not reflect that such Lease is subject to any asserted or threatened right of rescission, setoff,
counterclaim or defense; 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	 Confirm there is no indication within the Lease File that the Lease is subject to any asserted or threatened
right of rescission, setoff counterclaim or defense 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-12 

 Representation and Warranty 

(m) the records of the Servicer reflect that, other than payment defaults continuing for a period of no more than 29 days as of the Cutoff
Date, no default, breach or violation of such Lease occurred 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	 Confirm there is no indication within the Lease File of any past or current default, breach or violation other
than a payment default of no more than 29 days 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-13 

 Representation and Warranty 

(n) the records of the Servicer do not reflect that any default, breach or violation of such Lease has been waived (other than deferrals and
waivers of late payment charges or fees permitted under the Servicing Agreement); 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	 Confirm there is no indication within the Lease File of any waiver or deferrals of any breach or violation of
the Lease other than deferrals and waivers of late payment charges or fee permitted under the Servicing Agreement 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-14 

 Representation and Warranty 

(o) Such Lease is not a Defaulted Lease; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	 Confirm the Lease is not a defaulted Lease 

 

	 	ii)	 If confirmed, then Test Pass 

  
 A-15 

 Representation and Warranty 

(p) the related Lessee with respect to such Lease is a person located in one or more of the 50 states of the United States or the District of
Columbia and is not (i) NMAC or any of its Affiliates, or (ii) the United States or any State or any agency or potential subdivision thereof; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lessee’s physical address is located within the United States 

 

	 	ii)	 Confirm the Lessee is a natural person, and not NMAC or any of its Affiliates, the United States or any State
or any agency or potential subdivision thereof 

  

	 	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-16 

 Representation and Warranty 

(q) such Lease constitutes either “tangible chattel paper” or “electronic chattel paper”, as defined in the UCC; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 If the Lease Agreement is considered tangible chattel paper, confirm there is one original executed copy

  

	 	ii)	 If the Lease Agreement is considered electronic chattel paper, confirm it was completed electronically and is
identified as being held in NMAC’s electronic vault at Dealertrack 

  

	 	iii)	 Confirm the Lease Agreement was manually executed or completed electronically, as applicable, by the Lessee and
Lessor. 

  

	 	iv)	 If Steps (i) or (ii) and (iii) are confirmed, then Test Pass 

  
 A-17 

 Representation and Warranty 

(r) in the case of each 2020-B Lease that constitutes tangible chattel paper, there is only one
original executed copy of each tangible “record” constituting or forming a part of such Lease; and in the case of each 2020-B Lease that constitutes electronic chattel paper, there is only a single
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of each electronic “record” constituting or forming a part of such Lease ; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 If the Lease Agreement is considered tangible chattel paper, confirm there is one original copy

  

	 	ii)	 If the Lease Agreement is considered electronic chattel paper, confirm it was completed electronically and is
identified as being held in NMAC’s electronic vault at Dealertrack 

  

	 	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-18 

 Representation and Warranty 

(s) such Lease has an original term of not less than 24 months and not greater than 60 months; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Number of Payments on the Lease Agreement is within the allowable limits 

 

	 	ii)	 If confirmed, then Test Pass 

  
 A-19 

 Representation and Warranty 

(t) under the terms of such Lease, the related Lessee is required to maintain physical damage insurance covering the related Leased Vehicle;
and 
 Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	 Confirm the Lease Agreement requires the Lessee to obtain and maintain physical damage insurance covering the
related Leased Vehicle 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-20 

 Representation and Warranty 

(u) has a Securitization Value, as of the Cutoff Date, of no greater than $83,772.90. 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	 Confirm the Securitization Value of the Leased Vehicle within the Data Tape is below the maximum allowable
limit 

  

	 	ii)	 If confirmed, then Test Pass 

  
 A-21

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