Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2020-3, 

as Issuer 
 and 

SANTANDER CONSUMER USA INC., 
 as
Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 Dated as of
September 23, 2020 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
			
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	3	 
			
	 Section 2.01
	 	Engagement; Acceptance	  	 	3	 
			
	 Section 2.02
	 	Eligibility of Asset Representations Reviewer	  	 	3	 
			
	 Section 2.03
	 	Independence of the Asset Representations Reviewer	  	 	3	 
		
	 ARTICLE III. DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	3	 
			
	 Section 3.01
	 	Review Scope	  	 	3	 
			
	 Section 3.02
	 	Review Notices	  	 	4	 
			
	 Section 3.03
	 	Review Materials	  	 	4	 
			
	 Section 3.04
	 	Missing or Incomplete Review Materials	  	 	4	 
			
	 Section 3.05
	 	The Asset Review	  	 	5	 
			
	 Section 3.06
	 	Review Period	  	 	5	 
			
	 Section 3.07
	 	Review Report	  	 	5	 
			
	 Section 3.08
	 	Completion of Review for Certain Subject Receivables	  	 	6	 
			
	 Section 3.09
	 	Termination of Review	  	 	6	 
			
	 Section 3.10
	 	Review and Procedure Limitations	  	 	6	 
			
	 Section 3.11
	 	Review Systems	  	 	6	 
			
	 Section 3.12
	 	Representatives	  	 	7	 
			
	 Section 3.13
	 	Dispute Resolution	  	 	7	 
			
	 Section 3.14
	 	Records Retention	  	 	7	 
			
	 Section 3.15
	 	No Delegation	  	 	7	 
		
	 ARTICLE IV. PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	8	 
			
	 Section 4.01
	 	Annual Fee	  	 	8	 
			
	 Section 4.02
	 	Review Fee	  	 	8	 
			
	 Section 4.03
	 	Dispute Resolution Expenses	  	 	8	 
			
	 Section 4.04
	 	Payment	  	 	9	 
			
	 Section 4.05
	 	Payments by the Issuer	  	 	9	 

  

  

					
		  	-i-	  	Asset Representations Review Agreement (SDART 2020-3)

 TABLE OF CONTENTS 

(continued) 
  

  

							
	 	 	 	  	Page	 
	 ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	9	 
			
	 Section 5.01
	 	Representations and Warranties of the Asset Representations Reviewer	  	 	9	 
			
	 Section 5.02
	 	Limitation of Liability of Asset Representations Reviewer	  	 	10	 
			
	 Section 5.03
	 	Indemnification of Asset Representations Reviewer	  	 	10	 
			
	 Section 5.04
	 	Indemnification by Asset Representations Reviewer	  	 	11	 
		
	 ARTICLE VI. REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER
	  	 	11	 
			
	 Section 6.01
	 	Eligibility Requirements for Asset Representations Reviewer	  	 	11	 
			
	 Section 6.02
	 	Resignation and Removal of Asset Representations Reviewer	  	 	12	 
			
	 Section 6.03
	 	Successor Asset Representations Reviewer	  	 	12	 
			
	 Section 6.04
	 	Merger, Consolidation or Succession	  	 	13	 
		
	 ARTICLE VII. TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	13	 
			
	 Section 7.01
	 	Confidential Information	  	 	13	 
			
	 Section 7.02
	 	Safeguarding Personally Identifiable Information	  	 	15	 
		
	 ARTICLE VIII. OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	16	 
			
	 Section 8.01
	 	Termination of this Agreement	  	 	16	 
			
	 Section 8.02
	 	Limitation of Liability	  	 	16	 
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	17	 
			
	 Section 9.01
	 	Amendment	  	 	17	 
			
	 Section 9.02
	 	Notices, Etc	  	 	18	 
			
	 Section 9.03
	 	Severability Clause	  	 	18	 
			
	 Section 9.04
	 	Governing Law	  	 	18	 
			
	 Section 9.05
	 	Headings	  	 	18	 
			
	 Section 9.06
	 	Counterparts and Electronic Signature	  	 	19	 
			
	 Section 9.07
	 	Waivers	  	 	19	 
			
	 Section 9.08
	 	Entire Agreement	  	 	19	 
			
	 Section 9.09
	 	Severability of Provisions	  	 	19	 
			
	 Section 9.10
	 	Binding Effect	  	 	19	 
			
	 Section 9.11
	 	Cumulative Remedies	  	 	20	 

  

  

					
		  	-ii-	  	Asset Representations Review Agreement (SDART 2020-3)

 TABLE OF CONTENTS 

(continued) 
  

  

							
			
	 	 	 	  	Page	 
	 Section 9.12
	 	Nonpetition Covenant	  	 	20	 
			
	 Section 9.13
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	20	 
			
	 Section 9.14
	 	Third-Party Beneficiaries	  	 	21	 

  

	
	 Exhibit A – Agreed Upon Procedures

  

  

					
		  	-iii-	  	Asset Representations Review Agreement (SDART 2020-3)

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of September 23, 2020 (this “Agreement”), by and
between Santander Drive Auto Receivables Trust 2020-3, a Delaware statutory trust (the “Issuer”), Santander Consumer USA Inc., an Illinois corporation (“SC”, and in its
capacity as sponsor, the “Sponsor”, and in its capacity as servicer, the “Servicer”), and Clayton Fixed Income Services LLC, a Delaware limited liability company (“Clayton”, and in its capacity as
asset representations reviewer, the “Asset Representations Reviewer”). 
 WHEREAS, the Issuer will engage the Asset
Representations Reviewer to perform reviews of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and
Servicing Agreement”) between the Issuer, the Servicer, Santander Drive Auto Receivables LLC and Wells Fargo Bank, National Association, as indenture trustee, which also contains rules as to usage that are applicable herein. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.01. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.05. 
 “Client Records” has the meaning
set forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in
Section 7.01. 
 “Disclosing Party” has the meaning set forth in
Section 7.01. 
 “Eligible Asset Representations Reviewer” means a Person who (i) is not,
and is not Affiliated with, the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any Underwriter to
perform any due diligence on the Receivables prior to the Closing Date. 

  

					
		  	1	  	Asset Representations Review Agreement (SDART 2020-3)

 “Eligibility Representations” shall mean those representations identified
in Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.03. 

“Personally Identifiable Information” or “PII” has the meaning set forth in
Section 7.02. 
 “Privacy Laws” has the meaning set forth in
Section 7.02. 
 “Receiving Party” has the meaning set forth in
Section 7.01. 
 “Representatives” has the meaning set forth in
Section 7.01. 
 “Review Fee” has the meaning set forth in
Section 4.02. 
 “Review Invoice” means, with respect to any Asset Review, a detailed invoice
prepared by the Asset Representations Reviewer setting forth the calculation of the applicable Review Fee for such Asset Review. 

“Review Materials” means the documents, data, and other information required for each “Test” in Exhibit A. 

“Review Period” has the meaning set forth in Section 3.06. 

“Review Report” has the meaning set forth in Section 3.07. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day
Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full by the related obligor after the Review
Satisfaction Date will no longer be a Subject Receivable. 
 “Tests” mean the procedures listed in Exhibit A as applied to
the process described in Section 3.05. 
 “Test Complete” has the meeting set forth in
Section 3.08. 
 “Test Fail” has the meaning set forth in Section 3.05.

 “Test Incomplete” has the meaning set forth in Section 3.05. 

“Test Pass” has the meaning set forth in Section 3.05. 

  

					
		  	2	  	Asset Representations Review Agreement (SDART 2020-3)

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton hereby accepts the engagement and agrees
to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02 Eligibility
of Asset Representations Reviewer. 
 Clayton represents and warrants to the Issuer and the Sponsor that it is an Eligible Asset
Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations
Reviewer. 
 Section 2.03 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture
Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Indenture Trustee or the Owner Trustee, the Asset Representations Reviewer
will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make
the Asset Representations Reviewer and any of the Issuer, 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. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01 Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables 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 and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.05). 

  

					
		  	3	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 3.02 Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the
Indenture and (ii) the Review Materials in accordance with Section 3.03 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to
begin, and may not begin, an Asset Review until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the Asset
Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.02. 
 None
of the Issuer, the Servicer, the Sponsor or the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee properly determined that a Review Notice was required. None or the Issuer, the Sponsor or the Asset Representations
Reviewer is obligated to verify the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.03 Review Materials. 

The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within 60 days of receipt
by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing access
to the Servicer’s receivables system, either remotely or at one or more 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 or more of the properties of the Servicer where the Receivable Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset Representations Reviewer
at the address specified in Section 9.02; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the Review
Materials so long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate and
complete, including any failure that results in the Review Materials being misleading in any material respect. 
 Section 3.04
Missing or Incomplete Review Materials. 
 The Asset Representations Reviewer will complete the Tests for each Eligible Representation
only using documentation that is made available to it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors, including but not
limited to consistently missing or incomplete information in the Review Materials with respect to each Subject Receivable. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been provided in accordance
with Section 3.03, the Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset Representations Reviewer will
request that the Servicer (with a copy to the Sponsor) provide an updated copy of 

  

					
		  	4	  	Asset Representations Review Agreement (SDART 2020-3)

 
such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset Representations Reviewer within 60 days of notification
by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

Section 3.05 The Asset Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). 

If a Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Materials for such Subject Receivable and the Sponsor elects to have such
Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Review. 

Section 3.06 Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.03 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in
Section 3.04, the Review Period will be extended for an additional 30 days. 
 Section 3.07 Review
Report. 
 Within five Business Days following the end of the applicable Review Period described in
Section 3.06, the Asset Representations Reviewer will provide the Issuer, the Sponsor, the Servicer and the Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject
Receivable whether there was a Test Pass, a Test Fail, a Test Incomplete (as contemplated by Section 3.05) or a Test Complete (as contemplated by Section 3.08) for each Test and Subject Receivable
and (ii) the related Review Invoice. The Review Report will include a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form
10-D for the Issuer 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 Personally Identifiable
Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

  

					
		  	5	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 3.08 Completion of Review for Certain Subject Receivables. 

Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On
receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report
will indicate a Test Complete for the Receivables and the related reason. 
 Section 3.09 Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset
Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to
determine whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables
and may rely on the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.03, to obtain missing or insufficient Review
Materials, or (vi) to take any action or to cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility
Representation. 
 The Asset Representations Reviewer shall only be required to perform the testing procedures listed under
“Tests” in Exhibit A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer shall have no
obligation to provide reporting or other information other than the Review Report described in Section 3.07. However, the Asset Representations Reviewer may provide additional information about any Subject Receivable that
it determines in good faith to be material to its performance of an Asset Review. 
 Section 3.11 Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable 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. 

  

					
		  	6	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 3.12 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 
 (b) Asset
Representations Review Representative. The Asset Representations Reviewer will provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or
the Indenture Trustee during the Asset Representations Reviewer’s completion of an Asset Review. The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in
Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or
inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 

Section 3.13 Dispute Resolution. 

If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the subject of a dispute resolution
proceeding under Section 9.24 of the Sale and Servicing Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses and reasonable compensation of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses
of the Requesting Party for the dispute resolution and (subject to Section 4.03) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to
Section 9.24 of the Sale and Servicing Agreement. 
 Section 3.14 Records Retention. 

The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and correspondence
(collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in
electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries concerning any Asset
Review. 
 Section 3.15 No Delegation. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer, the Sponsor and the Servicer. 

  

					
		  	7	  	Asset Representations Review Agreement (SDART 2020-3)

 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.01 Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $5,000 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within 30 days of the date hereof, with respect to the initial Annual ARR Fee, and within 30 days of the annual
anniversary of this Agreement with respect to each subsequent Annual ARR Fee; provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.02, then the Asset
Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which Clayton will no longer act as the Asset Representations Reviewer, assuming for purposes of such
calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.02 Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses incurred in connection with travel to the location at which Review Materials are made available in accordance with Section 3.03 (the “Review
Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the
Asset Review according to Section 3.09. To the extent not paid by the Sponsor and outstanding for at least 90 days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the
Review Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. For the
avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the Sponsor to the Asset Representations Reviewer pursuant to this Section 4.02. 

Section 4.03 Dispute Resolution Expenses. 

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its
reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution
within ninety (90) days of the end of the proceeding, the Sponsor will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

  

					
		  	8	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 4.04 Payment. 

All payments made to the Asset Representations Reviewer shall be made to the account specified by the Asset Representations Reviewer from time
to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 
 Section 4.05 Payments by the Issuer.

 The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including
pursuant to this Article IV or Section 5.03, shall be limited to amounts available to make such payments pursuant to Section 4.4 of the Sale and Servicing Agreement and
Section 5.4(b) of the Indenture, as applicable. 
 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Representations and Warranties of the Asset Representations Reviewer. 

Clayton hereby makes the following representations and warranties as of the date hereof: 

(a) Existence and Power. Clayton is a limited liability company validly existing and in good standing under the laws of its state of
formation and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under this Agreement. Clayton has obtained all
necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Clayton to perform its obligations under this Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by Clayton of the Transaction Documents to which it is a
party have been duly authorized by all necessary limited liability company action on the part of Clayton and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or
(iii) any material indenture or material agreement or instrument to which Clayton is a party or by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents, indentures, agreements or
instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or Clayton’s ability to
perform its obligations under, this Agreement). 
 (c) No Consent Required. No approval or authorization by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by Clayton of this Agreement other than (i) approvals and authorizations that have previously been obtained and filings that have previously been made
and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of Clayton to perform its obligations under this Agreement. 

(d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of Clayton enforceable against Clayton in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights
generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

  

					
		  	9	  	Asset Representations Review Agreement (SDART 2020-3)

 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to
the knowledge of Clayton, threatened against Clayton before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely
affect the performance by Clayton of its obligations under this Agreement. 
 (f) Eligibility. The Asset Representations Reviewer is
an Eligible Asset Representations Reviewer. 
 Section 5.02 Limitation of Liability of Asset Representations Reviewer. 

To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to the Issuer, the
Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to this Agreement,
or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which would otherwise be
imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage
(including loss of 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. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.03 Indemnification of Asset Representations Reviewer. 

(a) The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an
“Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset
Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. To the extent not paid by the Sponsor, any such indemnification amounts shall be paid by the Issuer pursuant to the priority of payments
set forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 

  

					
		  	10	  	Asset Representations Review Agreement (SDART 2020-3)

 (b) The indemnification set forth in this Section 5.03 will
survive the termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 
 (c) If the Sponsor or the
Issuer makes any payment under this Section 5.03 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to the
Sponsor or the Issuer, as applicable. 
 Section 5.04 Indemnification by Asset Representations Reviewer. 

(a) To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each of the Issuer, the Owner
Trustee, the Servicer, the Sponsor and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against any and all liabilities,
obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed on, incurred by, or
asserted at any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in the performance of its
obligations and duties under this Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from
(i) the Indemnified Person’s own willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b) In case any such action, investigation or proceeding will be brought involving an Indemnified Person as contemplated by
Section 5.04(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the Indenture Trustee each
will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset Representations Reviewer. In the
event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.04, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture Trustee’s choice of legal counsel
shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c) The indemnification set forth in this Section 5.04 will survive the termination or assignment of this Agreement
and the resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 
 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.01 Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be an Eligible
Asset Representations Reviewer. 

  

					
		  	11	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 6.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable
law or (iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an undisputed invoice, which failure continues unremedied for a period of
ninety (90) days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset Representations Review shall promptly resign if it is no longer an
Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice of resignation to the Issuer and the Servicer, with a copy to the
Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 
 (b) Removal of Asset Representations
Reviewer. If any of the following events occur, the Indenture Trustee may, or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove
the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset
Representations Reviewer is no longer an Eligible Asset Representations Reviewer; 
 (ii) the Asset Representations Reviewer
breaches any of its representations, warranties, covenants or obligations in this Agreement; or 
 (iii) a Bankruptcy Event
of the Asset Representations Reviewer occurs. 
 (c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner
Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 Section 6.03 Successor
Asset Representations Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the resignation or
removal of the Asset Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the
Indenture Trustee has received conflicting or inconsistent requests from two or more groups of Noteholders, each representing less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders
representing the greater percentage of the Note Balance) and (ii) if the Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer
which is an Eligible Asset Representations Reviewer. 

  

					
		  	12	  	Asset Representations Review Agreement (SDART 2020-3)

 (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 Issuer, the Sponsor 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 Issuer, the Sponsor and the Servicer 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 Issuer and take all actions reasonably requested to assist the Issuer 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 (including the fees and expenses of counsel) 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 Issuer or the successor Asset Representations Reviewer. 

Section 6.04 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 is an Eligible Asset
Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor 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 VII. 

TREATMENT OF CONFIDENTIAL INFORMATION 

Section 7.01 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”), including but not limited to: (i) business or technical processes, formulae, source
codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be
confidential or proprietary to the Disclosing Party; (ii) PII (as defined in Section 7.02 of this Agreement). The foregoing definition of Confidential Information applies to: (i) all such information, whether
tangible or intangible and regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the
Receiving Party or any of its employees, agents, advisors, directors, officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 

  

					
		  	13	  	Asset Representations Review Agreement (SDART 2020-3)

 (b) Use of Confidential Information. Each party acknowledges that during the term of
this Agreement it may be exposed to or acquire Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such
information except to its Representatives who have a need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Receiving Party with confidentiality
restrictions materially equivalent to those contained herein. The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will protect the Disclosing Party’s Confidential
Information using the same degree of care that it uses to protect its own information of like import, but in no event with less than a commercially reasonable standard of care. 

(c) Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that:

  

	 	(i)	 is or becomes part of the public domain other than by disclosure by a party in violation of this Agreement;

  

	 	(ii)	 was disclosed to a party prior to the effective date of this Agreement without a duty of confidentiality;

  

	 	(iii)	 is independently developed by a party outside of this Agreement and without reference to or reliance on any
Confidential Information of the other party; or 

  

	 	(iv)	 was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality.

 The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as
required or permitted to be disclosed by applicable law, statute, or regulation. 
 (d) Disclosure by Operation of Law. If either
party is requested to disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, such party shall
(i) to the extent permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or
narrow such request and cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order,
stipulation or other reliable assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in
connection with such party’s effort to comply with this section. 

  

					
		  	14	  	Asset Representations Review Agreement (SDART 2020-3)

 (e) Return of Confidential Information. Upon the request of the Disclosing Party, the
Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing Party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its
computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (x) remain
subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained
Confidential Information for any other purpose. 
 (f) Remedies. The parties agree that an actual or threatened breach of this Section
by it or its Representatives may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to restrain any such breach,
threatened or actual, without the necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 

Section 7.02 Safeguarding Personally Identifiable Information. 

(a) Definition. “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), 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, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing Standards
for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset Representations Reviewer
pursuant to this Agreement. 
 (b) Non-Disclosure. To the extent the Asset Representations
Reviewer receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent
necessary to carry out its obligations under the Agreement and for no other purpose; or (ii) as may be required by valid operation of law. 

(c) Safeguards. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the performance of
services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and physical safeguards: (i) to ensure the security and confidentiality of
Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and (iii) to protect against unauthorized acquisition of, access to or use
of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

(d) Information. The Asset Representations Reviewer agrees to provide the Issuer and the Sponsor with information regarding its privacy
and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy Laws
and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable Information. 

  

					
		  	15	  	Asset Representations Review Agreement (SDART 2020-3)

 (e) Breach. In the event of any actual or apparent theft, unauthorized use or
disclosure of any Personally Identifiable Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following discovery of
any such event, provide the Issuer and the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 

ARTICLE VIII. 
 OTHER
MATTERS PERTAINING TO THE ISSUER 
 Section 8.01 Termination of this Agreement. This Agreement will terminate, except for
obligations under Section 5.03, Section 5.04, Section 9.13 and Article VII, 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 Issuer is terminated under the Trust Agreement. 
 Section 8.02
Limitation of Liability. It is expressly understood and agreed by the parties that (a) this document is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the
Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made
and intended not as personal representations, warranties, covenants undertakings and agreements by Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall
be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any person claiming by, through or under the parties hereto, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any
other Person in this Agreement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness, indemnities or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto,
as to all of which recourse shall be had solely to the assets of the Issuer. 

  

					
		  	16	  	Asset Representations Review Agreement (SDART 2020-3)

 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment. 

(a) Any term or provision of this Agreement may be amended by the Sponsor, the Servicer and the Asset Representations Reviewer without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Sponsor or the Servicer delivers an 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 and the Sponsor or the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 9.01(a) 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. 
 (b) This Agreement may also be
amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, 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, provided, that no amendment pursuant to this
Section 9.01(b) 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. It will not be necessary for the consent of
Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the
Depository Agreement. 
 (c) Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and
the Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with
respect to the 144A Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset
Representations Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish
a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

  

					
		  	17	  	Asset Representations Review Agreement (SDART 2020-3)

 (d) Prior to the execution of any amendment or consent pursuant to this
Section 9.01, the Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement,
the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. 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 9.02 Notices, Etc. 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, or by facsimile or by electronic
transmission, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto.
Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

Section 9.03 Severability Clause. 

This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, Servicer, and the Sponsor. All prior
representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 
 If any term or
provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons
or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.05
Headings. The article and section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

  

					
		  	18	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 9.06 Counterparts and Electronic Signature. This Agreement shall be
valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied
manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be
entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the
validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the
foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution
thereof by original manual signature as a condition to the effectiveness thereof. 
 Section 9.07 Waivers. No failure or delay
on the part of the Sponsor, the Servicer, the Asset Representations Reviewer, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the any party hereto in any case shall entitle it to
any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 Section 9.08
Entire Agreement. This Agreement contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

Section 9.09 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, 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 9.10 Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in
full force and effect until such time as the parties hereto shall agree. 

  

					
		  	19	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 9.11 Cumulative Remedies. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law. 
 Section 9.12 Nonpetition Covenant. Each party hereto agrees that, prior to
the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote
Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other
Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

 Section 9.13 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Agreement or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought and maintained in such
courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.02 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

  

					
		  	20	  	Asset Representations Review Agreement (SDART 2020-3)

 Section 9.14 Third-Party Beneficiaries. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and each of the Owner Trustee and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof
as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 
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		  	21	  	Asset Representations Review Agreement (SDART 2020-3)

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	 /s/ Corey Henry

		 	Name: Corey Henry
		 	Title: Vice President
	
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2020-3
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Brandt McCammon

		 	Name: Brandt McCammon
		 	Title: Banking Officer
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	 /s/ Adam D. Nichols

		 	Name: Adam D. Nichols
		 	Title: CAO

  

  

					
		  	S-1	  	Asset Representations Review Agreement (SDART 2020-3)

 EXHIBIT A 
  

 
  
 Santander
Consumer USA Agreed Upon Procedures 
 Representation 
  

	 	a)	 Characteristics of Receivables 

As of the Cut-Off Date (or such other date as may be specifically set forth below), each Receivable: 

(i) has been fully and properly executed or electronically authenticated by the Obligor thereto; 

(ii) either (A) has been originated by a Dealer to finance the retail sale by that Dealer of the related Financed Vehicle and has been
purchased by Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by Santander Consumer or (C) has been acquired by Santander Consumer in accordance with
the terms of a purchase agreement between the applicable originator and Santander Consumer; 
 (iii) as of the Closing Date, is secured by a
first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security interest in the Financed Vehicle in
favor of the Originator, as secured party; 
 (iv) contains customary and enforceable provisions such that the rights and remedies of the
holder thereof are adequate for realization against the collateral of the benefits of the security; 
 (v) provided, at origination, for
level monthly payments which fully amortize the initial Principal Balance over the original term; provided, that the amount of the first or last scheduled payment may be different from the level payment but in no event more than three times the
level monthly payment; 
 (vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck, SUV or van; 

(ix) has a Contract Rate of at least 0.00%; 

  

					
		  	Exh. A - 1	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 (x) had an original term to maturity of not more than 75 months and each Receivable has a
remaining term to maturity, as of the Cut-Off Date, of not more than 75 months and not less than 4 months; 

(xi) has an outstanding Principal Balance of at least $500.00 and no more than $150,000.00; 

(xii) has a final scheduled payment due not later than December 20, 2026; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not identified in the records of the Servicer as being the subject of any pending bankruptcy or insolvency proceeding; 

(xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable; and 

(xvii) provides that a prepayment by the related Obligor will fully pay the Principal Balance and accrued interest through the date of
prepayment based on the Receivable’s Contract Rate. 
 Documents 

Retail Sale Contract 
 Title Documents 

Receivable File 
 Schedule of Receivables 

Servicing System/Data Tape 
 Procedures to be Performed

  

	i)	 Confirm the contract was signed or electronically authenticated by the obligor 

 

	ii)	 Origination of the Receivable 

 

	 	a)	 Review the Retail Sale Contract and confirm that Santander Consumer USA or another Approved Party is listed as
the Assignee within the Assignment Section.1 

  

	iii)	 Security Interest Enforcement 

 

	1 	 “Approved Party” means a party specified as an “Approved Party” on the list of Approved
Parties provided by Santander Consumer to Clayton. 

  

					
		  	Exh. A - 2	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

	 	a)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	 	b)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

	iv)	 Customary and Enforceable Provisions 

 

	 	a)	 Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	v)	 Fully Amortizing Payment Schedule 

 

	 	a)	 Confirm all payments are equivalent with the possible exception that the first and last payments may be
different from the level monthly payment 

  

	 	I)	 If the first and last payments are different from the level monthly payment, confirm that these payments are no
more than three times the level monthly payment amount 

  

	 	b)	 Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of
Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments 

  

	vi)	 Provides for Interest at the Contract Rate 

 

	 	a)	 Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal
Truth in Lending section of the Retail Sale Contract 

  

	vii)	 Origination of the Receivable 

 

	 	a)	 Review the Retail Sale Contract and confirm the Dealer address is in the United States 

 

	 	b)	 Review the Retail Sale Contract and confirm that the amounts stated within the Truth in Lending section are
denominated in US dollars 

  

	viii)	 Condition, Make and Model of Financed Vehicle 

 

	 	a)	 Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be
new or used 

  

	 	b)	 Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm
that the Financed Vehicle constitutes a light-duty truck or van 

  

	ix)	 Contract Annual Percentage Rate 

 

	 	a)	 Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage
Rate is greater than the minimum allowed percentage rate 

  

	x)	 Remaining Maturity Date 

 

	 	a)	 Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract
indicates a number of payments that does not exceed the maximum allowable number of payments 

  

	 	b)	 Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits

  

	xi)	 Outstanding Principal Balance 

 
  

	2 	 “Approved Contract Form List” means a list of Approved Contract Forms provided by Santander Consumer
to Clayton. 

  

					
		  	Exh. A - 3	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

	 	a)	 Review the Data and confirm that the Unpaid Principal Balance as of the Cutoff Date is within the stated
allowable limits 

  

	xii)	 Final Scheduled Payment Date 

 

	 	a)	 Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest
allowable final payment date 

  

	xiii)	 Days Past Due 

  

	 	a)	 Review the data file and confirm the Receivable was not more than 30 days past due as of the Cutoff Date

  

	xiv)	 Bankruptcy 

  

	 	a)	 Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending
bankruptcy or insolvency proceedings 

  

	xv)	 Force Place Insurance 

 

	 	a)	 Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cutoff Date

  

	xvi)	 Simple Interest Receivable 

 

	 	a)	 Confirm the Contract is a Simple Interest Contract 

 

	 	b)	 Review the payment history and confirm the first payment was appropriately applied to principal and interest

  

	xvii)	 Prepayment 

  

	 	a)	 Confirm the contract contains the appropriate Prepayment Disclosures 

 

	xviii)	 If sections i through xvii are confirmed, then Test Pass 

 

  

					
		  	Exh. A - 4	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	b)	 Compliance with Law 

The Receivable complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and
regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the Cut-Off Date or (ii) would not render such Receivable unenforceable or
create liability for the Purchaser or the Issuer, as assignee of such Receivable. 
 Document 

Retail Sale Contract 
 Servicing System/Data Tape 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract Form number and revision date are on the Approved Contract Form List

  

	ii)	 Confirm the Contract is complete 

 

	 	a)	 Confirm that all lines in the contract are filled out appropriately 

 

	 	b)	 Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total
Sale Price are properly filled out 

  

	 	c)	 Confirm all lines on the contract are completed or properly left blank 

 

	iii)	 Confirm the Amount Financed is correctly calculated 

 

	 	a)	 Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s
Behalf 

  

	 	b)	 Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending
section of the Contract 

  

	iv)	 Confirm the Total Sale Price is correctly calculated 

 

	 	a)	 Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in
Lending section and the Total Down Payment as stated within the Itemization of Amount Financed 

  

	 	b)	 Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending
section of the Contract 

  

	v)	 Confirm the Total of Payments is correctly calculated 

 

	 	a)	 Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as
stated within the Truth in Lending section of the Contract 

  

					
		  	Exh. A - 5	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

	 	b)	 Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	 	c)	 Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the
Truth in Lending section of the Contract 

  

	 	d)	 Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	vi)	 Confirm the APR is correctly calculated 

 

	 	a)	 Calculate the APR using information within the Truth in Lending section of the Contract 

 

	 	b)	 Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending
Section of the Contract 

  

	vii)	 Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending
section of the Contract is within an acceptable timeframe of the Contract Date 

  

	viii)	 If Steps i through vii are confirmed, then Test Pass 

  

					
		  	Exh. A - 6	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	c)	 Binding Obligation 

The Receivable constitutes the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance
with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights
generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Contract Form number is on the Approved Contract Form List. 

 

	ii)	 Confirm the borrower and co-borrower (if applicable) signed the
contract 

  

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

  

					
		  	Exh. A - 7	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	d)	 Receivable in Force 

The Receivable has not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle has been
released from the lien of such Receivable in whole or in part. 
 Documents 

Servicing System/Data Tape 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the Receivable exists on the Servicing System as an active Receivable 

 

	ii)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

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

  

					
		  	Exh. A - 8	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	e)	 No Default; No Waiver 

Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records
of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with
notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date and the Seller has not
waived any of the foregoing. 
 Documents 

Receivable File 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm there is no indication of a default, breach, violation or event that would permit acceleration
under the terms of the Receivable except for payment default within 30 days of the Cut-Off Date 

  

	ii)	 Confirm that no continuing condition would constitute a default, breach, violation or event permitting
acceleration under the terms of the Receivable 

  

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

  

					
		  	Exh. A - 9	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	f)	 Insurance 

The Receivable requires that the Obligor thereunder obtain physical damage insurance covering the related Financed Vehicle. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Retail Sale Contract contains language that required the Obligor to obtain and maintain insurance
against physical damage to the Financed Vehicle 

  

	ii)	 If confirmed, then Test Pass 

  

					
		  	Exh. A - 10	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	g)	 No Government Obligor 

The Obligor on the Receivable is not the United States or any state thereof or any local government, or any agency, department, political subdivision or
instrumentality of the United States or any state thereof or any local government. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	 Review the buyer section on the Contract and confirm a person’s or business name is reported

  

	ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm internet
search results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality. 

  

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

  

					
		  	Exh. A - 11	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	h)	 Assignment 

No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, contribution, conveyance or
pledge of such Receivable would be unlawful, void, or voidable. 
 Documents 

Retail Sale Contract 
 Receivable File 

Servicing System 
 Procedures to be Performed 

 

	i)	 Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List

  

	ii)	 If Step (i) is confirmed, then Test Pass 

  

					
		  	Exh. A - 12	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	i)	 Good Title 

As of the Closing Date and immediately prior to the sale and transfer contemplated in the Purchase Agreement and the Sale and Servicing Agreement, Santander
Consumer had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens created by Santander Consumer (except any Lien which will be released prior to assignment of such Receivable thereunder), and,
immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens created by Santander Consumer (other than Permitted Liens). 

Documents 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	ii)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

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

  

					
		  	Exh. A - 13	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	j)	 Characterizations of Receivables 

Each Receivable constitutes either “tangible chattel paper”, “electronic chattel paper”, an “account”, an “instrument”,
or a “general intangible”, each as defined in the UCC. 
 Documents 

Contract 
 Title Documents 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract form number is on the Approved Contract Form List 

 

	ii)	 Confirm the Amount Financed as reported on the Contract is greater than zero 

 

	iii)	 Confirm there is documentation of a lien against the financed vehicle 

 

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

  

					
		  	Exh. A - 14	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	k)	 One Original 

There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC)
related to each Receivable. 
 Documents 

Contract 
 Procedures to be Performed 

 

	i)	 Confirm there is a final version of the Contract available for review 

 

	ii)	 Confirm the Contract was signed by the buyer(s) and the Dealer 

 

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

 

  

					
		  	Exh. A - 15	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	l)	 No Defenses 

The records of the Servicer do not reflect any material facts which have not been remediated or cured which would constitute the basis for any right of
rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	i)	 Review the Receivable File and servicing system and confirm there is no evidence of litigation or other
attorney involvement as of the Cut-Off Date. 

  

	ii)	 If confirmed, then Test Pass. 

  

					
		  	Exh. A - 16	  	Asset Representations Review Agreement (SDART 2020-3)

 

 
  
 Santander
Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	m)	 Early Payments 

The Obligor on the Receivable has made, or will make, the first two monthly payments under such Receivable. 

Documents 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm that there is no indication that the Obligor did not make the first two monthly payments on the
Receivable by verifying that the payments made field in the Data Tape is at least two as of the Review Date. 

  

	ii)	 If Step i is confirmed, then Test Pass. 

  

					
		  	Exh. A - 17	  	Asset Representations Review Agreement (SDART 2020-3)EX-4.1

 Exhibit 4.1 
  

 
 NISSAN AUTO LEASE TRUST 2020-B 
 $162,400,000 

0.18250% Asset Backed Notes, Class A-1 

$537,600,000 
 0.34% Asset Backed
Notes, Class A-2 
 $479,400,000 

0.43% Asset Backed Notes, Class A-3 

$95,600,000 
 0.49% Asset Backed
Notes, Class A-4 
 NISSAN AUTO LEASE TRUST 2020-B 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Indenture Trustee 
  

 
 INDENTURE 

Dated as of September 29, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE ONE	  	DEFINITIONS	  	 	1	 
			
	 SECTION 1.01
	  	 Capitalized Terms
	  	 	1	 
	 SECTION 1.02
	  	 Interpretation
	  	 	2	 
	 SECTION 1.03
	  	 Incorporation by Reference Trust Indenture Act
	  	 	2	 
			
	ARTICLE TWO	  	THE NOTES	  	 	3	 
			
	 SECTION 2.01
	  	 Form
	  	 	3	 
	 SECTION 2.02
	  	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.03
	  	 Temporary Notes
	  	 	4	 
	 SECTION 2.04
	  	 Registration; Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.05
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
	 SECTION 2.06
	  	 Persons Deemed Owners
	  	 	7	 
	 SECTION 2.07
	  	 Cancellation
	  	 	7	 
	 SECTION 2.08
	  	 Release of Collateral
	  	 	7	 
	 SECTION 2.09
	  	 Book-Entry Notes
	  	 	7	 
	 SECTION 2.10
	  	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.11
	  	 Definitive Notes
	  	 	8	 
	 SECTION 2.12
	  	 Authenticating Agents
	  	 	9	 
	 SECTION 2.13
	  	 Tax Treatment
	  	 	10	 
	 SECTION 2.14
	  	 Tax Forms
	  	 	10	 
	 SECTION 2.15
	  	 Retained Notes
	  	 	10	 
			
	ARTICLE THREE	  	COVENANTS	  	 	12	 
			
	 SECTION 3.01
	  	 Payments to Noteholders, Trust Certificateholders and Depositor
	  	 	12	 
	 SECTION 3.02
	  	 Maintenance of Office or Agency
	  	 	12	 
	 SECTION 3.03
	  	 Money for Payments to be Held in Trust
	  	 	13	 
	 SECTION 3.04
	  	 Existence
	  	 	14	 
	 SECTION 3.05
	  	 Protection of Owner Trust Estate
	  	 	14	 
	 SECTION 3.06
	  	 Opinions as to Owner Trust Estate
	  	 	15	 
	 SECTION 3.07
	  	 Performance of Obligations; Servicing of the 2020-B SUBI Assets
	  	 	16	 
	 SECTION 3.08
	  	 Negative Covenants
	  	 	17	 
	 SECTION 3.09
	  	 Annual Statement as to Compliance
	  	 	17	 
	 SECTION 3.10
	  	 Restrictions on Certain Other Activities
	  	 	18	 
	 SECTION 3.11
	  	 Notice of Defaults
	  	 	18	 
	 SECTION 3.12
	  	 Further Instruments and Acts
	  	 	18	 
	 SECTION 3.13
	  	 Delivery of the 2020-B SUBI Certificate
	  	 	18	 
	 SECTION 3.14
	  	 Compliance with Laws
	  	 	19	 
	 SECTION 3.15
	  	 Issuing Entity May Consolidate, etc., Only on Certain Terms
	  	 	19	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 3.16
	  	 Successor or Transferee
	  	 	21	 
	 SECTION 3.17
	  	 Removal of the Administrative Agent
	  	 	21	 
	 SECTION 3.18
	  	 Perfection Representations
	  	 	21	 
	 SECTION 3.19
	  	 Securities Exchange Act Filings
	  	 	21	 
	 SECTION 3.20
	  	 Regulation AB Representations, Warranties and Covenants
	  	 	22	 
			
	ARTICLE FOUR	  	SATISFACTION AND DISCHARGE	  	 	22	 
			
	 SECTION 4.01
	  	 Satisfaction and Discharge of Indenture
	  	 	22	 
	 SECTION 4.02
	  	 Application of Trust Money
	  	 	23	 
	 SECTION 4.03
	  	 Repayment of Monies Held by Paying Agent
	  	 	23	 
			
	ARTICLE FIVE	  	INDENTURE DEFAULT	  	 	23	 
			
	 SECTION 5.01
	  	 Indenture Defaults
	  	 	23	 
	 SECTION 5.02
	  	 Acceleration of Maturity; Waiver of Indenture Default
	  	 	25	 
	 SECTION 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	26	 
	 SECTION 5.04
	  	 Remedies; Priorities
	  	 	28	 
	 SECTION 5.05
	  	 Optional Preservation of the Collateral
	  	 	29	 
	 SECTION 5.06
	  	 Limitation of Suits
	  	 	29	 
	 SECTION 5.07
	  	 Rights of Noteholders to Receive Principal and Interest
	  	 	30	 
	 SECTION 5.08
	  	 Restoration of Rights and Remedies
	  	 	30	 
	 SECTION 5.09
	  	 Rights and Remedies Cumulative
	  	 	30	 
	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	 	30	 
	 SECTION 5.11
	  	 Control by Noteholders
	  	 	31	 
	 SECTION 5.12
	  	 [Reserved]
	  	 	31	 
	 SECTION 5.13
	  	 Undertaking for Costs
	  	 	31	 
	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	 	31	 
	 SECTION 5.15
	  	 Action on Notes
	  	 	32	 
	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	 	32	 
	 SECTION 5.17
	  	 Sale of Collateral
	  	 	32	 
			
	ARTICLE SIX	  	THE INDENTURE TRUSTEE	  	 	33	 
			
	 SECTION 6.01
	  	 Duties of Indenture Trustee
	  	 	33	 
	 SECTION 6.02
	  	 Rights of Indenture Trustee
	  	 	34	 
	 SECTION 6.03
	  	 Individual Rights of Indenture Trustee
	  	 	36	 
	 SECTION 6.04
	  	 Indenture Trustee’s Disclaimer
	  	 	37	 
	 SECTION 6.05
	  	 Notice of Defaults
	  	 	37	 
	 SECTION 6.06
	  	 Reports by Indenture Trustee to Noteholders
	  	 	37	 
	 SECTION 6.07
	  	 Compensation and Indemnity
	  	 	37	 
	 SECTION 6.08
	  	 Replacement of Indenture Trustee
	  	 	38	 
	 SECTION 6.09
	  	 Successor Indenture Trustee by Merger
	  	 	40	 
	 SECTION 6.10
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	40	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	 	41	 
	 SECTION 6.12
	  	 Trustee as Holder of the 2020-B SUBI Certificate
	  	 	42	 
	 SECTION 6.13
	  	 Representations and Warranties of Indenture Trustee
	  	 	42	 
	 SECTION 6.14
	  	 Furnishing of Documents
	  	 	42	 
	 SECTION 6.15
	  	 Preferred Collection of Claims Against Issuing Entity
	  	 	42	 
			
	ARTICLE SEVEN	  	NOTEHOLDERS’ LISTS AND REPORTS	  	 	43	 
			
	 SECTION 7.01
	  	 Note Registrar to Furnish Noteholder Names and Addresses
	  	 	43	 
	 SECTION 7.02
	  	 Preservation of Information; Communications to Noteholders
	  	 	43	 
	 SECTION 7.03
	  	 Reports by Issuing Entity
	  	 	44	 
	 SECTION 7.04
	  	 Reports by Indenture Trustee
	  	 	45	 
	 SECTION 7.05
	  	 Indenture Trustee Website
	  	 	45	 
	 SECTION 7.06
	  	 Information to be Provided by the Indenture Trustee
	  	 	46	 
	 SECTION 7.07
	  	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	46	 
	 SECTION 7.08
	  	 Asset Review Voting
	  	 	47	 
			
	ARTICLE EIGHT	  	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	48	 
			
	 SECTION 8.01
	  	 Collection of Money
	  	 	48	 
	 SECTION 8.02
	  	 Accounts
	  	 	48	 
	 SECTION 8.03
	  	 Payment Date Certificate
	  	 	50	 
	 SECTION 8.04
	  	 Disbursement of Funds
	  	 	52	 
	 SECTION 8.05
	  	 General Provisions Regarding Accounts
	  	 	56	 
	 SECTION 8.06
	  	 Release of Owner Trust Estate
	  	 	57	 
	 SECTION 8.07
	  	 Release of Interest In 2020-B Leases and
2020-B Vehicles Upon Purchase or Reallocation by the Servicer
	  	 	57	 
	 SECTION 8.08
	  	 Opinion of Counsel
	  	 	57	 
			
	ARTICLE NINE	  	SUPPLEMENTAL INDENTURES	  	 	58	 
			
	 SECTION 9.01
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	58	 
	 SECTION 9.02
	  	 Supplemental Indentures With Consent of Noteholders
	  	 	59	 
	 SECTION 9.03
	  	 Execution of Supplemental Indentures
	  	 	60	 
	 SECTION 9.04
	  	 Effect of Supplemental Indenture
	  	 	61	 
	 SECTION 9.05
	  	 Reference in Notes to Supplemental Indentures
	  	 	61	 
			
	ARTICLE TEN	  	REDEMPTION OF NOTES	  	 	61	 
			
	 SECTION 10.01
	  	 Redemption
	  	 	61	 
	 SECTION 10.02
	  	 Form of Redemption Notice
	  	 	62	 
	 SECTION 10.03
	  	 Notes Payable on Redemption Date
	  	 	62	 

  
 iii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	ARTICLE ELEVEN	  	MISCELLANEOUS	  	 	63	 
			
	 SECTION 11.01
	  	 Compliance Certificates and Opinions
	  	 	63	 
	 SECTION 11.02
	  	 Form of Documents Delivered to Indenture Trustee
	  	 	64	 
	 SECTION 11.03
	  	 Acts of Noteholders
	  	 	65	 
	 SECTION 11.04
	  	 Notices
	  	 	66	 
	 SECTION 11.05
	  	 Notices to Noteholders; Waiver
	  	 	66	 
	 SECTION 11.06
	  	 Effect of Headings and Table of Contents
	  	 	67	 
	 SECTION 11.07
	  	 Successors and Assigns
	  	 	67	 
	 SECTION 11.08
	  	 Severability
	  	 	67	 
	 SECTION 11.09
	  	 Benefits of Indenture
	  	 	67	 
	 SECTION 11.10
	  	 Legal Holidays
	  	 	67	 
	 SECTION 11.11
	  	 Governing Law
	  	 	67	 
	 SECTION 11.12
	  	 Counterparts and Electronic Signature
	  	 	68	 
	 SECTION 11.13
	  	 Recording of Indenture
	  	 	68	 
	 SECTION 11.14
	  	 Trust Obligation
	  	 	68	 
	 SECTION 11.15
	  	 No Petition
	  	 	68	 
	 SECTION 11.16
	  	 No Recourse
	  	 	69	 
	 SECTION 11.17
	  	 Inspection
	  	 	69	 
	 SECTION 11.18
	  	 Limitation of Liability of Owner Trustee
	  	 	69	 
	 SECTION 11.19
	  	 Conflict with Trust Indenture Act
	  	 	70	 
	 SECTION 11.20
	  	 Intent of the Parties; Reasonableness
	  	 	70	 
	 SECTION 11.21
	  	 Dispute Resolution
	  	 	70	 

  

							
	SCHEDULE	 		  			
	Schedule I	 	Perfection Representations, Warranties and Covenants	  

			
	EXHIBITS	 		  			
		
	Exhibit A – Form of Notes	  	 	A-1	 
	Exhibit B – [Reserved]	  	 	B-1	 
	Exhibit C – Applicable Servicing Criteria	  	 	C-1	 
	Exhibit D – Asset Repurchase Demand Activity Report	  	 	D-1	 

  
 iv 

 Reconciliation and Tie between the Trust Indenture Act 

of 1939 and Indenture 
  

							
	 TIA
Section
	  	 	  	Indenture
Section	 
	310	  	(a) (1)	  	 	6.08, 6.11	 
		  	(a) (2)	  	 	6.08, 6.11	 
		  	(a) (3)	  	 	6.10(b)(i)	 
		  	(a) (4)	  	 	6.12	 
		  	(a) (5)	  	 	6.11	 
		  	(b)	  	 	6.08, 6.11, 11.05	 
	311	  	(a)	  	 	6.15	 
		  	(b)	  	 	6.15	 
	312	  	(a)	  	 	7.01	 
		  	(b)	  	 	7.01, 7.02(b)	 
		  	(c)	  	 	7.02(c)	 
	313	  	(a)	  	 	7.04	 
		  	(b) (1)	  	 	7.04	 
		  	(b) (2)	  	 	7.04	 
		  	(c)	  	 	7.03, 7.04, 11.05	 
		  	(d)	  	 	7.04	 
	314	  	(a)	  	 	3.09, 7.03, 11.05	 
		  	(b)	  	 	3.06	 
		  	(c) (1)	  	 	11.01	 
		  	(c) (2)	  	 	8.08, 11.01	 
		  	(c) (3)	  	 	11.01	 
		  	(d)	  	 	11.01(b)	 
		  	(e)	  	 	11.01	 
		  	(f)	  	 	N.A.	 
	315	  	(a)	  	 	6.01(b)	 
		  	(b)	  	 	6.05	 
		  	(c)	  	 	6.01(a)	 
		  	(d)	  	 	6.01(c)	 
		  	(e)	  	 	5.13	 
	316	  	(a)(1) (A)	  	 	5.11, 6.01(c)	 
		  	(a) (1) (B)	  	 	5.02	 
		  	(a) (2)	  	 	N.A.	 
		  	(b)	  	 	5.07	 
		  	(c)	  	 	N.A.	 
	317	  	(a) (1)	  	 	5.04	 
		  	(a) (2)	  	 	5.03(d)	 
		  	(b)	  	 	3.03	 
	318	  	(a)	  	 	11.19	 

  

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

	(2)	 N.A. means not applicable. 

  
 v 

 INDENTURE 

This Indenture, dated as of September 29, 2020 (this “Indenture”), is between the Nissan Auto Lease Trust 2020-B, a Delaware statutory trust (the “Issuing Entity”), and U.S. Bank National Association, a national banking association (“U.S. Bank”), as trustee (the “Indenture
Trustee”). 
 Each party agrees as follows for the benefit of the other parties and the holders of the Issuing Entity’s Notes:

 GRANTING CLAUSE 
 The
Issuing Entity hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuing Entity’s right, title and interest, whether now owned or hereafter acquired, in and to
(i) the Owner Trust Estate, and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect
of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time constitute all or part of or are
included in the proceeds of any of the foregoing (collectively, the “Collateral”), in each case as such terms are defined herein. 

The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders may be adequately and effectively protected. 

ARTICLE ONE 
 DEFINITIONS 

SECTION 1.01    Capitalized Terms. Capitalized terms used herein that are not otherwise defined herein shall have
the meanings ascribed thereto in the Agreement of Definitions, dated as of September 29, 2020, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the
“Grantor” and the “UTI Beneficiary,” respectively) and as transferor, Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), in its individual capacity, as servicer and as administrative agent (in such capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC II,
a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware corporation, as trustee to the Titling Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust, National Association, a
national banking association with trust powers, as owner trustee (the “Owner Trustee”) and Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), the
Indenture Trustee and U.S. Bank, as trust agent (in such capacity, the “Trust Agent”). 

  

					
		  		  	(NALT 2020-B Indenture)

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

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

					
		  	2	  	(NALT 2020-B Indenture)

 ARTICLE TWO 

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

 The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture. 

SECTION 2.02    Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf
of the Issuing Entity. The signature of any authorized officer of the Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time authorized officers of the Owner
Trustee shall bind the Issuing Entity, notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate
principal amounts of the Notes: (i) $162,400,000 of Class A-1 Notes, (ii) $537,600,000 of Class A-2 Notes, (iii) $479,400,000 of Class A-3 Notes, and (iv) $95,600,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective amounts,
except as provided in Section 2.05. 
 Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered notes in book-entry form in minimum denominations of $25,000 and in integral multiples of $1,000 in excess thereof; provided, that the Retained Notes, if any, shall be issued as Definitive Notes and the holder of such
Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. 
 No Note may be sold, pledged or otherwise
transferred to any Person except in accordance with Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall be null and void. 

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

  

					
		  	3	  	(NALT 2020-B Indenture)

 SECTION 2.03    Temporary Notes. Pending the preparation of
Definitive Notes, the Owner Trustee may execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten,
mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency of the Issuing Entity to be maintained as provided
in Section 3.02, without charge to the related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Owner Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee
shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
Definitive Notes. 
 SECTION 2.04    Registration; Registration of Transfer and Exchange. 

(a)    The Issuing Entity shall cause to be kept a register (the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The Indenture Trustee is hereby initially appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event, subsequent to the Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note Registrar, the
Issuing Entity shall appoint another bank or trust company, having an office located in St. Paul, Minnesota, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to
act as successor Note Registrar under this Indenture. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

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

 (b)    Upon the proper surrender for registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity,
and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any authorized denominations, of a like aggregate principal amount.

  

					
		  	4	  	(NALT 2020-B Indenture)

 (c)    At the option of the related Noteholder, Notes may be exchanged
for other Notes in any authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the
Notes that the Noteholder making such exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing Entity and the Indenture Trustee, including appropriate tax documentation, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing. 

(d)    All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Issuing Entity, evidencing the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(e)    No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the
Issuing Entity may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.03 or 9.05 not involving
any transfer. 
 (f)    By acquiring a Note (or interest therein), each Noteholder (and if the Noteholder is a Plan, its
fiduciary) is deemed to represent and warrant that either (i) such Noteholder is not acquiring the Note (or interest therein) with the assets of a Benefit Plan Investor or Plan subject to Similar Law or (ii) the acquisition and holding of
the Note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. Benefit Plan Investors and Plans that are subject to Similar
Law may not acquire the Notes at any time that the rating on such Notes is below “investment grade” or such Notes have been characterized as other than indebtedness for applicable local law purposes. 

(g)    The Tax Retained Notes, if any, will not be transferred for U.S. federal income tax purposes unless a written
opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee prior to and in connection with such transfer that either (A) such Notes will be debt for U.S. federal income tax
purposes or (B) the transfer of such Notes will not cause (i) the Issuing Entity to be treated as an association or publicly traded partnership taxable as a corporation (ii) any Outstanding Notes (other than any Tax Retained Notes)
that were characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel) to be treated as other than debt for U.S. federal income tax purposes or (iii) an event in which gain or loss would be
recognized by any holder in respect of any Outstanding Notes (other than any Tax Retained Notes) that were characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel). With respect to any
transfer of the Tax Retained Notes (other than to a Person specified in the definition of Tax Retained Notes) for which no written opinion of counsel is provided pursuant to the preceding sentence as described in clause (A), the transfer of such
Notes must be to a 

  

					
		  	5	  	(NALT 2020-B Indenture)

 
“United States person” as defined in Section 7701(a)(30) of the Code unless otherwise provided in a written opinion of nationally recognized tax counsel. If there are other Notes
of the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, such transfer will not be effective unless (i) the Tax Retained Notes are part of the same issue (as described in United States Treasury
Regulation Section 1.1275-2(k)) as the other Notes from the same Class, (ii) neither the Tax Retained Notes nor such other Notes from the same Class will be treated as issued with original issue
discount for U.S. federal income tax purposes or (iii) the Tax Retained Notes and such other Notes from the same Class can be tracked in a manner that will allow each holder of any such Note to identify the information described in United
States Treasury Regulation Section 1.1275-3(b)(1)(i) with respect to each such Note. 
 The
preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption, or (ii) for a period of 15
days preceding the due date for any payment with respect to such Note. 
 SECTION 2.05    Mutilated, Destroyed, Lost
or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity, the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner Trustee, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Owner Trustee
shall execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
provided, however, that if any such destroyed, lost or stolen Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement
Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 
 Upon the issuance of any
replacement Note under this Section, the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 

  

					
		  	6	  	(NALT 2020-B Indenture)

 Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.06    Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the
Issuing Entity, the Indenture Trustee and their respective agents shall treat the Person in whose name any Note is registered (as of the date of determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

SECTION 2.07    Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption
shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.08    Release of Collateral. Subject to
Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuing Entity Request, accompanied by (i) an
Officer’s Certificate, (ii) an Opinion of Counsel and (iii) unless such release is in connection with a redemption of the Notes in accordance with Section 10.01, Independent Certificates in accordance with
TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 

SECTION 2.09    Book-Entry Notes. Unless otherwise specified, the Notes, (other than the Retained Notes, if any),
upon original issuance, will be issued in the form of one or more typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, or a custodian therefor, by, or on behalf
of, the Issuing Entity. For each Class of Book-Entry Notes, one fully registered Note shall be 

  

					
		  	7	  	(NALT 2020-B Indenture)

 
issued with respect to each $500 million in principal amount of each Class of Notes or such lesser amount as necessary. Such Notes shall initially be registered on the Note Register in
the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of the Retained Notes, if any), except
as provided in Section 2.11. Except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11: 

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

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

(c)    to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the
provisions of this Section shall control; 
 (d)    the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are
issued pursuant to Section 2.11, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and 
 (e)    whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.10    Notices to Clearing Agency. Whenever a notice or other communication to Noteholders is required
under this Indenture, except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

SECTION 2.11    Definitive Notes. Except with respect to the Retained Notes, if any (which shall be originally
issued as Definitive Notes), if (i) (A) the Depositor, the Owner Trustee or the Administrative Agent advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as
described in the Depository Agreement and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor (and if the Administrative Agent has made such determination, the Administrative Agent has
given written notice thereof to the Indenture Trustee), (ii) the 

  

					
		  	8	  	(NALT 2020-B Indenture)

 
Depositor, the Indenture Trustee or the Administrative Agent, to the extent permitted by applicable law, at its option advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note Owners representing in the aggregate not less than 51% of the Outstanding Amount, voting as a single class, advise the Indenture Trustee through the
Clearing Agency and Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify
all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee by the Clearing Agency of
the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become
Noteholders for all purposes of this Indenture. None of the Issuing Entity, Owner Trustee, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. 
 The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable if
the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders shall be mailed to their
addresses of record in the Note Register as of the relevant Deposit Date. Such notices shall be deemed to have been given as of the date of mailing. 

If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished
to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Deposit Date, within five days thereafter and (ii) as of not more than ten days prior to the time such list is furnished, within 30 days after
receipt by the Owner Trustee of a written request therefor. 
 SECTION 2.12    Authenticating Agents. Upon the
request of the Issuing Entity, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.04, 2.05 and 9.05, as fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the
Indenture Trustee. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

  

					
		  	9	  	(NALT 2020-B Indenture)

 Any Authenticating Agent may at any time resign by giving written notice of resignation to
the Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuing Entity. Upon receiving such
notice of resignation or upon such termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. 

The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services and reimbursement
for its reasonable expenses relating thereto, and the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to Section 6.07. The provisions of Sections 2.07 and
6.04 shall be applicable to any Authenticating Agent. 
 SECTION 2.13    Tax Treatment. The Issuing Entity
has entered into this Indenture, and the Notes (other than the Tax Retained Notes, if any), will be issued, with the intention that, for U.S. federal, state and local income, single business and franchise tax purposes, the Notes will qualify as
indebtedness. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agrees to treat the Notes (other than the
Tax Retained Notes, if any), for U.S. federal, state and local income, single business and franchise tax purposes as indebtedness. 

Notwithstanding the foregoing, to the extent the Issuing Entity is treated as a partnership for federal, state or local income or franchise
purposes and a Noteholder (or a Note Owner, as applicable) is treated as a partner in such partnership, the Noteholders (and Note Owners, as applicable) agree that any tax, penalty, interest or other obligation imposed under the Code with respect to
the income tax items arising from such partnership shall be the sole obligation of the Noteholder (or Note Owner, as applicable) to whom such items are allocated and not of such partnership. 

SECTION 2.14    Tax Forms. Promptly upon request, each Noteholder and Note Owner shall provide to the Indenture
Trustee, Paying Agent and/or the Issuing Entity (or other person responsible for withholding of taxes) with the Tax Information. Each Note Owner and each Noteholder agrees and understands that if it ceases to satisfy the foregoing requirements or
provide requested documentation or is otherwise subject to withholding under applicable law, payments to it under the Notes may be subject to United States withholding tax (without any
corresponding gross-up).
 SECTION 2.15    Retained Notes. 

(a)    No Retained Note has been or will be registered under the Securities Act or any other applicable securities or
“blue sky” laws of any state or other jurisdiction, and no Retained Note or any interest therein may be resold, assigned, pledged or otherwise transferred except in compliance with the registration requirements of the Securities Act or any
other applicable Securities or “blue sky” laws, pursuant to an exemption therefrom or in a transaction not subject thereto. 

  

					
		  	10	  	(NALT 2020-B Indenture)

 (b)    Each Retained Note will bear a legend to the following effect:

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS
OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS,
PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
 (c)    Prior to any sale or transfer of
any Tax Retained Note (or interest therein) that did not receive the written opinion of counsel described in clause (A) of Section 2.04(g), each prospective transferee of such Tax Retained Note (or interest therein) (except for transfers
to a Person specified in the definition of Tax Retained Notes) (such Note, a “Restricted Note”) shall provide a written representation letter to the Depositor and Indenture Trustee in a form that substantially provides the
representations set forth in this Section 2.15(c) and will hereby be deemed to have represented and agreed as follows: 

(i)    The interests in the Restricted Notes and any interests in the Issuing Entity treated as equity for
U.S. federal income tax purposes together may at no time be held by more than 95 Persons. No transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such transfer would cause the number of direct or indirect
holders of an interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes to exceed a number equal to 95 Persons and any such transfers shall be void ab initio. The Depositor shall
have the duty and obligation to ascertain the number of direct or indirect holders of an interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes. 

(ii)    No holder of a Restricted Note (or interest therein) shall acquire or transfer any Restricted Note
(or any interest therein) or cause any Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

(iii)    Each holder of a Restricted Note (or any interest therein) shall represent and warrant that it
(i) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or a grantor trust (or disregarded entity the single owner of which is any of the foregoing) for U.S. federal income tax purposes, or
(ii) is such an entity and (x) at no time will more than 50% of the value of any interest in such entity (or the single owner in the case of a disregarded entity described above) be attributable to

  

					
		  	11	  	(NALT 2020-B Indenture)

 
such entity’s interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes that it holds or beneficially owns and
(y) it is not and will not be a principal purpose of the arrangement involving such holder’s interest in any Restricted Notes or interests in the Issuing Entity to permit any partnership to satisfy the 100 partner limitation of Treasury
Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code. 

(iv)    The provisions of this Section of the Indenture generally are intended to prevent the Issuing
Entity from being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, and the Indenture Trustee shall take such intent into account in determining whether or not the requirements of this
Section 2.15 have been complied with in connection with any proposed transfer of any Restricted Note (or interest therein). 

(v)    Each holder of a Restricted Note (i) is a “United States person” as defined in
Section 7701(a)(30) of the Code and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or Opinion of Counsel as may be requested in this regard by the Depositor or the Indenture Trustee). 

ARTICLE THREE 
 COVENANTS 

SECTION 3.01    Payments to Noteholders, Trust Certificateholders and Depositor. The Issuing Entity shall duly and
punctually (i) pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to release from the Note Distribution Account all other
amounts distributable or payable from the Owner Trust Estate (including distributions to be made to the Trust Certificateholders on any Payment Date) under the Trust Agreement and the Servicing Agreement. Without limiting the foregoing, subject to
Section 8.04, the Issuing Entity shall cause the Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Note Distribution Account on each Payment Date that have been deposited therein for the
benefit of the Notes. Amounts properly withheld under the Code by any Person from a payment to any Noteholder or Trust Certificateholder of interest or principal (or other amounts) shall be considered to have been paid by the Issuing Entity to such
Noteholder or Trust Certificateholder for all purposes of this Indenture. 
 SECTION 3.02    Maintenance of Office or
Agency. The Note Registrar, on behalf of the Issuing Entity, shall maintain at the Corporate Trust Office or at such other location in St. Paul, Minnesota, chosen by the Note Registrar, acting for the Issuing Entity, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where notices to and demands upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee
as its agent to receive all such 

  

					
		  	12	  	(NALT 2020-B Indenture)

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

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

(b)    give the Indenture Trustee notice of any default by the Issuing Entity of which it has actual knowledge (or any
other obligor upon the Notes, if any) in the making of any payment required to be made with respect to the Notes; 

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

  

					
		  	13	  	(NALT 2020-B Indenture)

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

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

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

Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid
to Second Harvest Food Bank of Middle Tennessee upon presentation thereto of an Issuing Entity Order, and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease. If any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final
payment described in Section 8.04(e), the Indenture Trustee will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after
such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction of the Issuing Entity, cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuing Entity, any other reasonable means of notification of such repayment specified by the Issuing Entity or the Administrative Agent. 

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

SECTION 3.05    Protection of Owner Trust Estate. The Issuing Entity intends the security interest Granted pursuant
to this Indenture in favor of the Indenture Trustee on behalf of 

  

					
		  	14	  	(NALT 2020-B Indenture)

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

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

(e)    preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the
Collateral against the claims of all Persons; or 
 (f)    pay all taxes or assessments levied or assessed upon the
Collateral when due. 
 The Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute all financing statements, continuation statements or other instruments required to be authorized, executed and/or filed pursuant to this Section. 

SECTION 3.06    Opinions as to Owner Trust Estate. 

(a)    On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion
of Counsel to the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions), the provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a
security interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and upon filing of the applicable financing statement, the Indenture Trustee’s security interest in the Issuing Entity’s rights
in the Collateral and in identifiable proceeds thereof will be perfected. 
 (b)    On or before June 30 of each
calendar year, beginning with June 30, 2021, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel stating either (i) that, in the opinion of such counsel, such action has been taken with respect to the recording
and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective
the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

  

					
		  	15	  	(NALT 2020-B Indenture)

 SECTION 3.07    Performance of Obligations; Servicing of the 2020-B SUBI Assets. 
 (a)    The Issuing Entity shall not take any action and
shall use its best efforts not to permit any action to be taken by others, including the Administrative Agent, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included
in the Owner Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic
Documents or such other instrument or agreement. 
 (b)    The Issuing Entity may contract with other Persons, to assist
it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity.
Initially, the Issuing Entity has contracted with the Administrative Agent, and the Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this Indenture. 

(c)    The Issuing Entity shall punctually perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and the instruments and agreements included in the Owner Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this
Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. The Issuing Entity, as a party to the Basic Documents and as Holder of the 2020-B SUBI
Certificate, shall not modify, amend, supplement, waive or terminate any Basic Document or any provision thereof other than in accordance with the applicable amendment provisions set forth in such Basic Document. 

(d)    If a Responsible Officer of the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have actual
knowledge of the occurrence of a Servicer Default, such entity shall promptly notify the other entity and the Administrative Agent thereof (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement), and shall specify in such notice the action, if any, the other entity is taking in respect of such default. If a Servicer Default shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the 2020-B SUBI Assets, the Issuing Entity shall take all reasonable steps available to it to remedy such
failure. Upon the occurrence of a Servicer Default with respect to the 2020-B SUBI or the Trust Assets allocated thereto, the Indenture Trustee may terminate all of the rights and obligations of the Servicer
with respect to the 2020-B SUBI and the Trust Assets allocated thereto only, and a successor Servicer shall be appointed pursuant to the Servicing Agreement. 

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

  

					
		  	16	  	(NALT 2020-B Indenture)

 SECTION 3.08    Negative Covenants. So long as any Notes are
Outstanding, the Issuing Entity shall not: 
 (a)    engage in any activities other than financing, acquiring, owning,
pledging and managing the 2020-B SUBI Certificate as contemplated by this Indenture and the other Basic Documents; 

(b)    except as expressly permitted herein and in the other Basic Documents, sell, transfer, exchange or otherwise
dispose of any of the assets of the Issuing Entity, including those assets included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

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

 (d)    except as may be permitted expressly hereby (i) permit the validity or effectiveness of this Indenture to
be impaired, permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted
hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Owner Trust Estate, any part
thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any 2020-B SUBI Asset and arising solely as
a result of an action or omission of the related Lessee) or (iii) except as otherwise provided in the Basic Documents, permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax,
mechanics’ or other lien) security interest in the Owner Trust Estate; 
 (e)    incur, assume or guarantee any
indebtedness other than indebtedness incurred in accordance with the Basic Documents; or 
 (f)    except as otherwise
permitted by the Basic Documents, dissolve or liquidate in whole or in part. 
 SECTION 3.09    Annual Statement as
to Compliance. The Issuing Entity will cause the Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuing Entity the annual statement of compliance described in Section 8.11 of
the 2020-B Servicing Supplement. In addition, on the same date annually upon which such annual statement of compliance is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture
Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

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

  

					
		  	17	  	(NALT 2020-B Indenture)

 (b)    to the best of such Authorized Officer’s knowledge, based on
such review, the Issuing Entity has complied with all conditions and covenants under this Indenture in all material respects throughout such year, or, if there has been a default in its compliance with any such condition or covenant, specifying each
such default known to such Authorized Officer and the nature and status thereof. 
 On or before June 15th of each calendar year in which a
Form 10-K is required to be filed on behalf of the Issuing Entity, commencing in 2021, the Indenture Trustee shall deliver to the Issuing Entity and the Servicer a report regarding the Indenture Trustee’s
assessment of compliance with each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding reporting year accompanied by an attestation report by a registered public accounting firm, in each case as required
under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Issuing Entity and signed by an authorized
officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on Exhibit C hereto. 
 SECTION
3.10    Restrictions on Certain Other Activities. Except as otherwise provided in the Basic Documents, unless and until the Issuing Entity shall have been released from its duties and obligations hereunder, the Issuing
Entity shall not: (i) engage in any activities other than financing, acquiring, owning, leasing (subject to the lien of this Indenture), pledging and managing the 2020-B SUBI Certificate in the manner
contemplated by the Basic Documents and activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness; (iii) make any loan, advance or credit to, guarantee
(directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any
other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

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

SECTION 3.13    Delivery of the 2020-B SUBI Certificate. On the Closing
Date, the Issuing Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2020-B SUBI Certificate. The Indenture Trustee shall take possession of
the 2020-B SUBI Certificate in the Borough of Manhattan in the City of New York and shall at all times during the period of this Indenture maintain custody of the 2020-B
SUBI Certificate in the Borough of Manhattan in the City of New York. 

  

					
		  	18	  	(NALT 2020-B Indenture)

 SECTION 3.14    Compliance with Laws. The Issuing Entity shall
comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform its
obligations under the Notes, this Indenture or any other Basic Document. 
 SECTION 3.15    Issuing Entity May
Consolidate, etc., Only on Certain Terms. 
 (a)    The Issuing Entity shall not consolidate or merge with or into
any other Person unless: 
 (i)    the Person (if other than the Issuing Entity) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to
the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuing Entity to be performed or observed, all as provided herein; 
 (ii)    immediately
after giving effect to such transaction, no Default or Indenture Default shall have occurred and be continuing; 

(iii)    the Issuing Entity shall have provided each Rating Agency 10 days’ prior written notice
thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the rating then assigned thereby to any Class of
Notes; 
 (iv)    the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes (other than the Tax Retained Notes, if any) as debt for U.S. federal income tax purposes, (B) be deemed to result
in gain or loss for the Noteholders or Note Owners (other than Noteholders or Note Owners of the Tax Retained Notes, if any) for U.S. federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable
as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes; 

(v)    any action that is necessary to maintain each lien and security interest created by the Trust
Agreement or this Indenture shall have been taken; and 
 (vi)    the Issuing Entity shall have delivered
to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions precedent provided in this
Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

  

					
		  	19	  	(NALT 2020-B Indenture)

 (b)    The Issuing Entity shall not convey or transfer any of its
properties or assets, including those included in the Owner Trust Estate, to any Person other than pursuant to the terms of the Basic Documents, unless: 

(i)    the Person that acquires by conveyance or transfer such properties and assets of the Issuing Entity
shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee and the Indenture Trustee against and
from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all
filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any
state in which the Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local
taxing authorities of any jurisdiction; 
 (ii)    immediately after giving effect to such transaction,
no Default or Indenture Default shall have occurred and be continuing; 
 (iii)    the Issuing Entity
shall have provided each Rating Agency 10 days’ prior written notice thereof, no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal
or reduction of the rating then assigned thereby to any Class of Notes; 
 (iv)    the Issuing
Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes as debt for U.S. federal income tax purposes,
(B) be deemed to result in gain or loss for the Noteholders or Note Owners for U.S. federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or publicly traded
partnership) taxable as a corporation for U.S. federal income tax purposes; 
 (v)    any action that is
necessary to maintain each lien and security interest created by the Trust Agreement or this Indenture shall have been taken; and 

  

					
		  	20	  	(NALT 2020-B Indenture)

 (vi)    the Issuing Entity shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Exchange Act). 
 SECTION
3.16    Successor or Transferee. 
 (a)    Upon any consolidation or merger of the Issuing
Entity in accordance with Section 3.15(a), the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the Issuing Entity herein. 

(b)    Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.15(b), Nissan Auto Lease Trust 2020-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with
respect to the Notes and the Trust Certificates immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 2020-B is to be so released. 

SECTION 3.17    Removal of the Administrative Agent. So long as any Notes are Outstanding, the Issuing Entity shall
not remove the Administrative Agent without cause unless so instructed by the Owner Trustee or the Indenture Trustee or in accordance with Section 1.09 of the Trust Administration Agreement. 

SECTION 3.18    Perfection Representations. 

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

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

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

  

					
		  	21	  	(NALT 2020-B Indenture)

 SECTION 3.20    Regulation AB Representations, Warranties and
Covenants. The Issuing Entity agrees to perform all duties and obligations applicable to or required of the Issuing Entity set forth in Schedule A to the 2020-B Servicing Supplement and makes the
representations and warranties therein applicable to it. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

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

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

  

					
		  	22	  	(NALT 2020-B Indenture)

 (iii)    the Issuing Entity has delivered to the
Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and an Independent Certificate from a firm of certified public accountants (if required by the TIA and if such discharge is not related to a redemption of the Notes in accordance
with Section 10.01), each meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with and, to the extent the Notes are still outstanding, stating that the Rating Agency Condition has been satisfied. 

SECTION 4.02    Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine,
to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee of all sums due and to become due thereon for principal and interest. Such monies need not be segregated
from other funds except to the extent required herein or in the Servicing Agreement or as required by law. 
 SECTION
4.03    Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee
under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and such Paying Agent shall
thereupon be released from all further liability with respect to such monies. 
 ARTICLE FIVE 

INDENTURE DEFAULT 
 SECTION
5.01    Indenture Defaults. Any one of the following events (whatever the reason for such Indenture Default and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture (each, an “Indenture Default”): 

(a)    default in the payment of any interest on any Note when the same becomes due and payable, and such default shall
continue for a period of five days or more; 
 (b)    default in the payment of principal of any Note on the related
Note Final Scheduled Payment Date or the Redemption Date; 
 (c)    material default in the observance or performance of
any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty
of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material respect as of the time when the same shall have been made, which

  

					
		  	23	  	(NALT 2020-B Indenture)

 
default or inaccuracy materially and adversely affects the interests of the Noteholders and such default or inaccuracy shall continue or not be cured, or the circumstance or condition in respect
of which such misrepresentation or warranty was inaccurate shall not have been eliminated or otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided
that (1) such failure is capable of remedy within 90 days or less and (2) a majority of the Outstanding Amount of Notes, voting as a single class, consent to such longer cure period) after there shall have been given, by registered or
certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders representing at least the majority of the Outstanding Amount of Notes, voting as single class, a written notice
specifying such default or inaccurate representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

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

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

The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency and each Noteholder, within five Business Days after obtaining
actual knowledge of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Indenture Default under clauses (c) or (d), its status and
what action the Issuing Entity is taking or proposes to take with respect thereto. 
 Subject to the provisions herein relating to the
duties of the Indenture Trustee, if an Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the
Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain
limitations contained herein, Noteholders holding not less than a Majority Interest of the Notes voting as a single class shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture
Trustee or exercising any trust power conferred on the Indenture Trustee. 

  

					
		  	24	  	(NALT 2020-B Indenture)

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

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

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

If the Notes have been declared due and payable following an Indenture Default, the Indenture Trustee may institute proceedings to collect
amounts due, exercise remedies as a secured party (including foreclosure or sale of the Owner Trust Estate) or elect to maintain the Owner Trust Estate and continue to apply the proceeds from the Owner Trust Estate as if there had been no
declaration of acceleration. Any sale of the Owner Trust Estate by the Indenture Trustee will be subject to the terms and conditions of Section 5.04. 

  

					
		  	25	  	(NALT 2020-B Indenture)

 SECTION 5.03    Collection of Indebtedness and Suits for Enforcement
by Indenture Trustee. 
 (a)    The Issuing Entity covenants that if there is a default in the payment of
(i) any interest on the Notes when the same becomes due and payable, and such default continues for a period of five days or (ii) the principal of any Notes at the related Note Final Scheduled Payment Date or the Redemption Date, the
Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of such Noteholders, the entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the Overdue Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents, attorneys and counsel. 

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

 (d)    In case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any
Person having or claiming an ownership interest in the Owner Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings
or otherwise: 
 (i)    to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, 

  

					
		  	26	  	(NALT 2020-B Indenture)

 
and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii)    unless prohibited
by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

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

(iv)    to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to
the Indenture Trustee and, if the Indenture Trustee shall consent to the making of payments directly to such Noteholders to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture Trustee except as
a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.07. 

(e)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f)    All rights of action and
of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of which such judgment has been recovered. 

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

  

					
		  	27	  	(NALT 2020-B Indenture)

 SECTION 5.04    Remedies; Priorities. 

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

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

(iv)    subject to Section 5.17, and, if applicable, giving effect to any
direction of the Holder of the 2020-B SUBI Certificate (acting in accordance with instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2020-B SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to Section 5.02, sell the Collateral or any portion thereof or rights or interest therein, at one or more
public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Indenture Default, other than an Indenture
Default described in Section 5.01(a) or (b), unless (A) Noteholders holding 100% of the Outstanding Amount of Notes consent thereto, (B) the proceeds of such sale or liquidation are sufficient to discharge
in full all amounts then due and unpaid upon all outstanding Notes or (C) the Indenture Trustee determines that the Owner Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as
they would have become due if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than
662⁄3% of the Outstanding Amount of Notes, voting together as a single class; and provided further, that the Indenture Trustee may not sell or
otherwise liquidate the Collateral, other than a sale or liquidation resulting from the bankruptcy, insolvency or termination of the Issuing Entity, unless it shall first have obtained an Opinion of Counsel that such sale or liquidation will not
cause the Titling Trust or an interest therein or portion thereof to be classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. 

  

					
		  	28	  	(NALT 2020-B Indenture)

 (b)    After an acceleration of the maturity of the Notes pursuant to
Section 5.02, the Indenture Trustee shall pay out money or property held as Collateral (including available monies on deposit in the Reserve Account and any money or property collected pursuant to this Article Five upon
sale of all or part of the Collateral) and deposited in the Note Distribution Account in accordance with Section 8.04(b). 

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

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

(i)    Except to the extent expressly set forth in Sections 7.07 or 11.21 of this Indenture,
no Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or the other Basic Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing Indenture Default or a breach of the Basic Documents by a party thereto (an “Action”), (ii) Noteholders holding not less than 25%
of the Outstanding Amount of Notes, voting together as a single class, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Indenture Default or Action, as applicable, in its own name as Indenture
Trustee, (iii) such Noteholder has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60 days after receipt of
such notice failed to institute such Proceedings and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by Noteholders holding at
least a Majority Interest, voting together as a single class. 
 No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right
under this Indenture, except in the manner herein provided. 

  

					
		  	29	  	(NALT 2020-B Indenture)

 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a Majority Interest of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of
this Indenture. 
 (ii)    No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuing Entity. 
 SECTION
5.07    Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right to receive payment of the principal of and interest on, if any,
such Note on or after the respective due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Noteholder. 
 SECTION 5.08    Restoration of Rights and Remedies. If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or
such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

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

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

  

					
		  	30	  	(NALT 2020-B Indenture)

 SECTION 5.11    Control by Noteholders. Subject to the provisions
of Sections 5.04, 5.06, 6.02(d) and 6.02(e), Noteholders holding at least a Majority Interest voting as a single class shall have the right to direct the time, method and place of conducting any
Proceeding or any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that: 

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

(b)    subject to Section 5.04, any direction to the Indenture Trustee to, sell or liquidate the
Collateral shall be made by Noteholders holding not less than 100% of the Outstanding Amount; 
 (c)    if the
conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Collateral pursuant to such Section, then any direction to the Indenture Trustee by Noteholders holding less than 100%
of the Outstanding Amount to sell or liquidate the Collateral shall be of no force and effect; and 
 (d)    the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

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

SECTION 5.12    [Reserved]. 

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

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

  

					
		  	31	  	(NALT 2020-B Indenture)

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

SECTION 5.16    Performance and Enforcement of Certain Obligations. 

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

  

					
		  	32	  	(NALT 2020-B Indenture)

 
commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.04 and this Section shall not be exhausted by any one or
more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall has been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee shall cause the proceeds
of any such sale to be deposited into the 2020-B SUBI Collection Account. 
 ARTICLE SIX 

THE INDENTURE TRUSTEE 
 SECTION
6.01    Duties of Indenture Trustee. 
 (a)    If an Indenture Default has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and in the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b)    Except during the continuance of an Indenture Default: 

(i)    the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, and any permissive right of the Indenture Trustee shall not be construed as a duty; and 

(ii)    in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture and the other Basic Documents to which the Indenture Trustee is a party. 

(c)    The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that: 
 (i)    this paragraph does not limit the effect of
paragraph (b); 
 (ii)    the Indenture Trustee shall not be liable for any error of judgment made in
good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 5.11. 

  

					
		  	33	  	(NALT 2020-B Indenture)

 (d)    Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b) and (c). 
 (e)    The Indenture Trustee shall not be liable for
interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuing Entity. 

(f)    Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required
by law or the terms of this Indenture or the Servicing Agreement. 
 (g)    No provision of this Indenture shall require
the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(h)    Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Indenture Trustee shall be subject to the provisions of this Section. 
 (i)    The Indenture Trustee shall not be
deemed to have knowledge of any Indenture Default, breach of any representation or warranty, or other event unless a Responsible Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this
Indenture. For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge of any breach of a representation or warranty. 

(j)    In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, epidemics or pandemics, and interruptions, loss or malfunctions of utilities, communications systems or services; provided, that the Indenture Trustee shall use reasonable efforts consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 (k)    In no event shall the
Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to a Requesting Party. 

(l)    The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or
NMAC under the Basic Documents, except as otherwise expressly specified herein and in the other Basic Documents. 
 SECTION
6.02    Rights of Indenture Trustee. 
 (a)    Except as provided by the second succeeding
sentence, the Indenture Trustee may conclusively rely and shall be protected in acting upon or refraining from acting upon any 

  

					
		  	34	  	(NALT 2020-B Indenture)

 
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, note, direction, demand, election or other paper or document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they
comply on their face as to form to the requirements of this Indenture. 
 (b)    Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c)    The Indenture Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for
the supervision of, the Administrative Agent, any co-trustee or separate trustee appointed in accordance with the provisions of Section 6.10 or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 
 (d)    The Indenture Trustee will be liable for any
loss, liability or expense incurred by it through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved that the
Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture or
(iii) interest on any money received by it except as the Indenture Trustee and the Issuing Entity may agree in writing. 

(e)    The Indenture Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. The Indenture Trustee may consult with investment banking firms, accountants and other experts with respect to the performance of its duties under this Indenture, and the Indenture Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance on the advice of such investment banking firms, accountants or other experts. 

(f)    Other than in connection with any actions expressly required to be taken by the Indenture Trustee pursuant to
Section 7.08, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation
to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the reasonable costs, expenses,
disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 

  

					
		  	35	  	(NALT 2020-B Indenture)

 (g)    The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the holders of
Notes evidencing not less than 25% of the Outstanding Amount of Notes voting together as a single class; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of each such investigation shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be
reimbursed by the Person making such request upon demand. 
 (h)    Any request or direction of the Issuing Entity
mentioned herein shall be sufficiently evidenced by an Issuing Entity Request. 
 (i)    The Indenture Trustee shall,
for so long as any Notes are outstanding, be entitled to exercise all of the rights and powers of a Beneficiary under the Basic Documents. 

(j)    The Indenture Trustee will not be responsible for special, indirect, punitive or consequential damages. 

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

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

No provision of this Indenture shall be deemed to impose any duty or obligation on the Indenture Trustee or take or omit to take any action,
suffer any action to be taken or omitted, in the performance of its duties, or to exercise any right or power hereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would, in the judgment
of the Indenture Trustee, expose it to liability or violate applicable law binding upon it (which determination may be based on an Opinion of Counsel). 

SECTION 6.03    Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. The Indenture Trustee must,
however, comply with Section 6.11. 

  

					
		  	36	  	(NALT 2020-B Indenture)

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

SECTION 6.07    Compensation and Indemnity. The Administrative Agent shall pay to the Indenture Trustee from time
to time reasonable compensation for its services as have been separately agreed upon between the Administrative Agent and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Administrative Agent shall indemnify the Indenture Trustee for, and hold it harmless against, any and all Expenses incurred by it in connection with the performance of its duties (including the costs of defending any claim
or bringing any claim to enforce the indemnification obligations of the Administrative Agent hereunder). The Indenture Trustee shall notify the Issuing Entity and the Administrative Agent promptly of any claim for which it may seek indemnity.
Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrative Agent shall not relieve the Issuing Entity or the Administrative Agent of its obligations hereunder. The Administrative Agent shall defend any such claim, and
the Indenture Trustee may have separate counsel and the fees and expenses of such counsel shall be paid as provided above. The Indenture Trustee shall not be indemnified by the Issuing Entity or the Administrative Agent against any loss, liability
or expense incurred by it (a) through its own willful misconduct, negligence or bad faith, except that (i) the Indenture Trustee shall not be liable for any error of judgment made by it in good faith unless it is proved that the Indenture

  

					
		  	37	  	(NALT 2020-B Indenture)

 
Trustee was negligent in ascertaining the pertinent facts, (ii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it from the Noteholders in accordance with the terms of this Indenture and (iii) the Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee and the Issuing
Entity may agree in writing; (b) relating to any income or similar taxes on any fees payable to the Indenture Trustee; (c) arising from the breach by the Indenture Trustee of any of its representations or warranties set forth in the Basic
Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties of a successor servicer under the Servicing Agreement. The Indenture Trustee shall not be deemed to have knowledge of any event unless a
Responsible Officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof. To the extent not paid by the Administrative Agent and outstanding for at least 60 days, such fees and indemnities shall be paid by the
Issuing Entity pursuant to Sections 8.04(a) or 8.04(b), provided, that prior to such payment pursuant to the Indenture, the Indenture Trustee shall notify the Administrative Agent in writing that such fees and indemnities have
been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or 8.04(b), the Administrative Agent shall reimburse the Issuing Entity in full for such payments. 

The Administrative Agent’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Indenture Default set forth in Section 5.01(d) or (e) with respect to the
Issuing Entity, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.08    Replacement of Indenture Trustee. Noteholders holding not less than a Majority Interest of the
Notes, voting together as a single class, may remove the Indenture Trustee without cause by so notifying in writing the Indenture Trustee and the Issuing Entity at least 30 days prior to the effective date of such removal, and following such removal
may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written notice to each Rating Agency of such removal. The Indenture Trustee may resign at any time by so notifying in writing the Issuing Entity and the Servicer at
least 30 days prior to the effective date of such resignation. The Servicer will thereafter deliver a copy of such notice to each Rating Agency. The Issuing Entity shall remove the Indenture Trustee with 30 days prior written notice if: 

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

(ii)    a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary
case or proceeding under federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or
appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such decree or order shall have continued unstayed and in effect for a period of 30 consecutive days; 

  

					
		  	38	  	(NALT 2020-B Indenture)

 (iii)    the Indenture Trustee commences a voluntary
case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or
fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or 

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

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

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuing
Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture, subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held
by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or Noteholders holding not less than a Majority Interest of the Notes, voting together as a single class, may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the

  

					
		  	39	  	(NALT 2020-B Indenture)

 
replacement of the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such Person is entitled pursuant to
Section 6.07. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture
Trustee. 
 SECTION 6.09    Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to another corporation or depository institution the resulting, surviving or transferee corporation, without any further act, shall be the
successor Indenture Trustee; provided, that such corporation or depository institution shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide prompt written notice of any such
transaction to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). 

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

SECTION 6.10    Appointment of Co-Trustee or Separate Trustee. 

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

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

  

					
		  	40	  	(NALT 2020-B Indenture)

 (i)    all rights, powers, duties and obligations
conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that
such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)    no separate trustee or co-trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii)    the
Indenture Trustee and the Administrative Agent may at any time accept the resignation of or remove any separate trustee or co-trustee. 

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

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

SECTION 6.11    Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and a long-term debt rating of at least “Baa3” or its
equivalent by the Rating Agencies or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements of Section 310(b) of the TIA, including the optional provision permitted by the second sentence of TIA
Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other 

  

					
		  	41	  	(NALT 2020-B Indenture)

 
securities of the Issuing Entity are outstanding if the requirements for such exclusions set forth in TIA Section 310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and
their respective Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as Indenture Trustee. 

SECTION 6.12    Trustee as Holder of the 2020-B SUBI Certificate. So long
as any Notes are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2020-B SUBI Certificate, including rights to distributions and notice, or is entitled to consent to any actions
taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee. To the extent that the Indenture Trustee has rights as a Holder of the
2020-B SUBI Certificate or has the right to consent or withhold consent with respect to actions taken by the Depositor, the Servicer or the Issuing Entity, such rights shall be exercised or consent granted (or
withheld) upon the written direction of Holders not less than a Majority Interest of the Notes voting together as a single class; provided, however, that subject to Section 3.07, any direction to the Indenture
Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 662⁄3% of the Outstanding Amount, voting
together as a single class, and with respect to Section 11.15, such direction shall require the written direction of Noteholders holding 100% of the Outstanding Amount. 

SECTION 6.13    Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the
following representations and warranties on which the Issuing Entity and Noteholders shall rely: 

(i)    the Indenture Trustee is a national banking association duly organized, validly existing under the
laws of the United States; and 
 (ii)    the Indenture Trustee has full power, authority and legal right
to execute, deliver, and, perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

SECTION 6.14    Furnishing of Documents. The Indenture Trustee shall furnish to any Noteholder promptly upon
receipt of a written request by such Noteholder (at the expense of the requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under
the Basic Documents; provided, however, the Indenture Trustee may require such Noteholder to deliver the Indenture Trustee a nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information contained in any
such requested document; provided further, however, that no such nondisclosure agreement shall be required for any lists of Noteholders requested to be furnished pursuant to Section 7.01 hereof or any documents that are
publicly available. 
 SECTION 6.15    Preferred Collection of Claims Against Issuing Entity. The Indenture
Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

  

					
		  	42	  	(NALT 2020-B Indenture)

 ARTICLE SEVEN 

NOTEHOLDERS’ LISTS AND REPORTS 

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

If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the Issuing Entity shall furnish or cause to be furnished to
the Indenture Trustee (i) not more than five days after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other
times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished. 

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

SECTION 7.02    Preservation of Information; Communications to Noteholders. 

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

  

					
		  	43	  	(NALT 2020-B Indenture)

 (b)    Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c)    The Issuing
Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 (d)    A
Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may send a request to the Depositor at any time notifying the Depositor that such Noteholder or Note Owner, as
applicable, would like to communicate with other Noteholders or Note Owners, as applicable, with respect to an exercise of their rights under the terms of the Basic Documents. If the requesting party is not a Noteholder as reflected on the Note
Register, the Depositor may require that the requesting party provide Verification Documents. Each request must include (i) the name of the requesting Noteholder or Note Owner, and (ii) a description of the method by which other
Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.02 will be deemed to have certified to the Issuing Entity
and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and will not be used for other purposes. In
each monthly distribution report on Form 10-D under the Exchange Act with respect to the Issuing Entity, the Depositor shall include disclosure regarding any request that complies with the requirements of this
Section 7.02 received during the related Collection Period from a Noteholder or Note Owner to communicate with other Noteholders or Note Owners, as applicable, related to the Noteholders or Note Owners exercising their rights under the terms of
the Basic Documents. The disclosure in such Form 10-D regarding the request to communicate shall include (w) the name of the investor making the request, (x) the date the request was received,
(y) a statement to the effect that the Issuing Entity has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders or
Note Owners, as applicable, with regard to the possible exercise of rights under the Basic Documents, and (z) a description of the method other Noteholders or Note Owners, as applicable, may use to contact the requesting Noteholder or Note
Owner. NMAC and the Depositor will be responsible for any expenses incurred in connection with the filing of such disclosure and the reimbursement of any costs incurred by the Indenture Trustee in connection with the preparation thereof. 

SECTION 7.03    Reports by Issuing Entity. 

(a)    The Issuing Entity shall: 

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

  

					
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 (ii)    file with the Indenture Trustee and the
Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and 
 (iii)    supply to
the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses
(i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission. 

(b)    Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on March 31 of
each year, unless the fiscal year of the Servicer ends on some other date, in which case, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer. 

SECTION 7.04    Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each
fiscal year of the Issuing Entity, beginning with the fiscal year ending March 31, 2021, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that sets forth the
information required by TIA Section 313(a), including any change to its eligibility and qualification to continue as Indenture Trustee under this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity
date of certain indebtedness owed by the Issuing Entity to the Indenture Trustee, in its individual capacity, the property and funds physically held by the Indenture Trustee in its capacity as such, and any action taken by it that materially affects
the Notes and that has not been previously reported. The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of each
report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange. 
 SECTION 7.05    Indenture Trustee Website. The Indenture Trustee may make
available to the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other
information regarding the Notes as the Indenture Trustee may have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in
any other form or manner. Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
https://pivot.usbank.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture
Trustee may require registration and the acceptance of a disclaimer. 

  

					
		  	45	  	(NALT 2020-B Indenture)

 SECTION 7.06    Information to be Provided by the Indenture
Trustee. The Indenture Trustee shall provide the Issuing Entity and the Servicer (each, a “Nissan Party” and collectively the “Nissan Parties”) with (i) notification as soon as practicable and in any event
within ten Business Days, of all demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Lease and the Related Vehicle pursuant to Section 8.02 of the 2020-B Servicing Supplement, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning October 12, 2020, a report
substantially in the Form of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) and (iii) promptly
upon receipt of a written request by a Nissan Party, any other information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the
Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any
filing required to be made by a securitizer under the Exchange Act or Regulation AB. 
 SECTION 7.07    Noteholder
Demand for Repurchase; Dispute Resolution. 
 (a)    If an Investor becomes aware of a breach of NMAC’s
representations and warranties in Section 8.02(b) of the Servicing Agreement that would require NMAC to purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement, such Investor (the “Requesting Investor”) may or, by written notice to the Indenture Trustee, may
direct the Indenture Trustee to notify NMAC in writing of such breach and request that NMAC purchase or reallocate to the UTI the related 2020-B Lease and the related
2020-B Vehicle. Any such request, and any related direction to the Indenture Trustee, shall identify the 2020-B Lease and the related
2020-B Vehicle, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by
Verification Documents. Upon receipt of any written notice of a request that complies with the requirements of this Section 7.07(a), the Indenture Trustee shall forward such written notice to NMAC and request that NMAC
purchase or reallocate to the UTI such 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement. For
avoidance of doubt, following delivery of such notice and request to NMAC, the Indenture Trustee shall have no responsibility or liability for the determination by NMAC whether or not to purchase or reallocate to the UTI the related 2020-B Lease and the related 2020-B Vehicle or for monitoring whether or not such purchase or reallocation occurs. 

(b)    If a Requesting Investor requests, or directs the Indenture Trustee to request the purchase or reallocation of a 2020-B Lease and the related 2020-B Vehicle pursuant to clause (a) above, and the request has not been fulfilled or otherwise resolved to the reasonable
satisfaction of such Requesting Investor, within 180 days of the receipt of notice of the request by NMAC, the Requesting Investor may, or by written notice to the Indenture Trustee, may direct the 

  

					
		  	46	  	(NALT 2020-B Indenture)

 
Indenture Trustee to, refer the matter to either mediation or arbitration pursuant to Section 11.21. The Requesting Investor shall instruct the Indenture Trustee as to
the selection of mediation or arbitration as the means of dispute resolution. 
 SECTION 7.08    Asset Review
Voting. 
 If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are
represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Amount as of the filing of the Form 10-D disclosing that the
Delinquency Percentage exceeds the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to
the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any
Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note
Owner. If the Instituting Noteholders initiate a vote as described above, the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry
Notes). The Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote shall be the date of filing of the Form 10-D disclosing that the Delinquency
Percentage exceeds the Delinquency Trigger. The vote will remain open until the 120th day after the filing of the Form 10-D disclosing that the
Delinquency Percentage exceeds the Delinquency Trigger. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset
Review of the Subject Leases by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder
Direction has occurred. Each of NMAC, the Depositor and the Issuing Entity hereby acknowledges and agrees that it shall reasonably cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to terms of this
Section 7.08. 
 Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to NMAC, the
Depositor, the Servicer and the Asset Representations Reviewer. 
 For the avoidance of doubt, the Indenture Trustee shall not be required
to (i) determine whether, or give notice to Noteholders that, a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset Representations Reviewer. 

Notwithstanding the preceding clauses of this Section 7.08, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner
(if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i) notifying (or directing the Indenture Trustee to notify) NMAC of a breach of NMAC’s representations and warranties in
Section 8.02(b) of the Servicing Agreement that would require NMAC to purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle or
(ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 11.21 of this Indenture. 

  

					
		  	47	  	(NALT 2020-B Indenture)

 ARTICLE EIGHT 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

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

SECTION 8.02    Accounts. 

(a)    Pursuant to Section 14.01 of the 2020-B SUBI
Supplement, there has been established and there shall be maintained an Eligible Account (initially at U.S. Bank) in the name of the Indenture Trustee until the Outstanding Amount of the Notes is zero, and thereafter, in the name of the Issuing
Entity, which is designated as the “2020-B SUBI Collection Account.” The 2020-B SUBI Collection Account shall be held for the benefit of the
Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The 2020-B Collection Account shall be under the sole
dominion and control of the Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and thereafter under the sole dominion and control of the Issuing Entity. 

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

(c)    The Issuing Entity shall cause the Depositor, on or prior to the Closing Date, to establish and maintain an
Eligible Account in the name of the Indenture Trustee on behalf of the Noteholders, which shall be designated as the “Note Distribution Account.” The Note Distribution Account shall be held in trust for the benefit of the
Noteholders. The Note Distribution Account shall be under the sole dominion and control of the Indenture Trustee. 

(d)    All monies deposited from time to time in the Accounts pursuant to this Indenture or the 2020-B Servicing Supplement shall be held by the Indenture Trustee as part of the 

  

					
		  	48	  	(NALT 2020-B Indenture)

 
Collateral and shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible Account or if the Servicer, in its sole discretion, notifies the Indenture Trustee in
writing that an Account should be moved, then, the Indenture Trustee, until the Outstanding Amount of Notes has been reduced to zero, and thereafter, the Issuing Entity shall, as necessary, assist the Servicer in causing each Account to be moved to
an institution selected by the Servicer at which it shall be an Eligible Account. 
 (e)    The Securities Intermediary

 (i)    The securities intermediary with respect to the 2020-B
SUBI Collection Account, the Reserve Account and the Note Distribution Account (the “Securities Intermediary”) shall, and U.S. Bank as initial Securities Intermediary does, agree with the parties hereto that the jurisdiction of the
Securities Intermediary with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be the State of New York. The Securities Intermediary shall, and U.S.
Bank as initial Securities Intermediary does, represent and covenant that it is not and will not be (as long as it is the Securities Intermediary hereunder) a party to any agreement that is inconsistent with the provisions of this Indenture. The
Securities Intermediary shall, and U.S. Bank as initial Securities Intermediary does, covenant that it will not take any action inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary shall, and U.S. Bank as
initial Securities Intermediary does, agree that any item of property credited to the 2020-B SUBI Collection Account, the Reserve Account or the Note Distribution Account shall not be subject to any security
interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the Securities Intermediary (other than the Indenture Trustee). 

(ii)    It is the intent of the Indenture Trustee and the Issuing Entity that each of the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be a securities account of the Indenture Trustee and not an account of the Issuing Entity. Nonetheless, the Securities
Intermediary shall agree to comply with entitlement orders with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without
further consent by the Issuing Entity or any other person or entity, and U.S. Bank as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will comply with entitlement orders regarding the
disposition of funds held in or credited to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without further consent by the Issuing
Entity or any other person or entity. The Securities Intermediary shall covenant that it will not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other
than the Indenture Trustee, and U.S. Bank as initial Securities Intermediary hereby covenants that, for so long as it is the Securities Intermediary hereunder, it will not agree with any person or entity other than the Indenture Trustee that it will
comply with entitlement orders originated by any person or entity other than the Indenture Trustee. The Securities Intermediary shall agree to treat all assets credited to the 2020-B SUBI Collection Account,
the Reserve Account and the Note Distribution Account as “financial assets” 

  

					
		  	49	  	(NALT 2020-B Indenture)

 
within the meaning of the UCC, and U.S. Bank as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will treat all assets credited to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account as “financial assets” within the meaning of the UCC. 

(iii)    Nothing herein shall imply or impose upon the Securities Intermediary any duties or obligations
other than those expressly set forth herein and those applicable to a securities intermediary under the UCC (and the Securities Intermediary shall be entitled to all of the protections available to a securities intermediary under the UCC). Without
limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature. 

(iv)    The rights and powers granted herein to the Indenture Trustee, and the covenants and obligations of
the Securities Intermediary hereunder, have been granted in order to perfect the Indenture Trustee’s security interest in the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution
Account, and such rights, powers, covenants and obligations hereunder shall continue in effect with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account until
the Outstanding Amount of the Notes has been reduced to zero. 
 (f)    The Issuing Entity and the Securities
Intermediary agree that, to the extent any agreement covering the 2020-B SUBI Trust Accounts to which the Issuing Entity and the Securities Intermediary are parties is not currently governed by the law of the
state of New York, such agreement is hereby amended so that the law of the state of New York governs the 2020-B SUBI Trust Accounts, including, without limitation, all issues specified in Article 2(1) of the
Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the “Hague Securities Convention”). The Issuing Entity and the Securities Intermediary agree that no such governing law
provision may be amended or modified without the written consent of the Indenture Trustee. To the extent that any 2020-B SUBI Trust Account, or any agreement between the Securities Intermediary and the Issuing
Entity with respect to the 2020-B SUBI Trust Accounts, is at any time governed by laws other than the laws of the state of New York, the parties hereto do not consent to the new governing law for the purposes
of Article 7 of the Hague Securities Convention. 
 SECTION 8.03    Payment Date Certificate. 

(a)    The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee, the Owner Trustee and each
Paying Agent hereunder or under the Trust Agreement, a certificate (the “Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth calendar day of each month or, if the 10th day is not a Business Day, the next succeeding Business Day, including, among other things, the following information with respect to the Payment Date in such month and the related Collection Period
and Accrual Period: 
 (i)    the amount of SUBI Collections allocable to the 2020-B SUBI Certificate; 
 (ii)    Available Funds, including amounts
with respect to each of items (i) through (iv) of the definition thereof; 

  

					
		  	50	  	(NALT 2020-B Indenture)

 (iii)    the amount of interest accrued during such
Accrual Period on each Class of the Notes; 
 (iv)    the
Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the
Class A-4 Note Balance and the Certificate Balance, in each case on the day immediately preceding such Payment Date; 

(v)    (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if any,
(C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (E) the change
in such balance from the immediately preceding Payment Date; 
 (vi)    the Note Distribution Amount for
each Class of Notes and the Certificate Distribution Amount; 
 (vii)    the amount of the Note
Distribution Amount allocable to interest on and principal of the Notes and any Principal Carryover Shortfall for each Class of the Notes; 

(viii)    the amount of any principal paid on, and Principal Carryover Shortfall for, the Trust
Certificates; 
 (ix)    the Monthly Principal Distributable Amount and the Optimal Principal
Distributable Amount; 
 (x)    the Note Factor for each Class of the Notes and the Certificate
Factor for the Trust Certificates after giving effect to the distribution of the Note Distribution Amount and the Certificate Distribution Amount, respectively; 

(xi)    the aggregate Securitization Value of 60-Day Delinquent
Leases and related leased vehicles as of that payment date; 
 (xii)    the Delinquency Percentage; 

(xiii)    the Delinquency Trigger for the related payment date; 

(xiv)    the aggregate amount of Residual Value Losses and Residual Value Surplus for such Collection
Period; 
 (xv)    the amount of Sales Proceeds Advances and Monthly Payment Advances included in
Available Funds; 
 (xvi)    the amount of any Payment Date Advance Reimbursement for such Collection
Period; 
 (xvii)    [Reserved]; 

(xviii)    [Reserved]; 

  

					
		  	51	  	(NALT 2020-B Indenture)

 (xix)    the Servicing Fee for such Collection Period;

 (xx)    delinquency and loss information for the Collection Period; 

(xxi)    any material changes in practices with respect to charge-offs, collection and management of
delinquent Leases, and the effect of any grace period, re-aging, re-structure, partial payments or other practices on delinquency and loss experience; 

(xxii)    any material modifications, extensions or waivers to Lease terms, fees, penalties or payments
during the Collection Period; 
 (xxiii)    any material breaches of representations, warranties or
covenants contained in the Leases; 
 (xxiv)    any new issuance of notes or other securities backed by
the SUBI Assets (if applicable); and 
 (xxv)    any material additions, removals or substitutions of
SUBI Assets, repurchases of SUBI Assets. 
 Each amount set forth pursuant to clauses (iii), (iv), (vi), (vii) and (viii) above shall
be expressed in the aggregate and as a dollar amount per $1,000 of original principal balance of a Note or Trust Certificate, as applicable. 

(b)    The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information
or numbers set forth in the Payment Date Certificate delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in relying upon such Payment Date Certificate. 

SECTION 8.04    Disbursement of Funds. 

(a)    Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the Notes has
not been accelerated pursuant to Section 5.02 or, if the maturity of the Notes has been accelerated and such acceleration has been rescinded), prior to 11:00 a.m., New York City time, or such other time as may be agreed to
by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2020-B SUBI Collection
Account all Securityholder Available Funds and apply such amount in accordance with the following priorities: 

(i)    [Reserved]; 

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

  

					
		  	52	  	(NALT 2020-B Indenture)

 (iii)    to the Note Distribution Account, the Monthly
Principal Distributable Amount distributable to each Class of Notes, in the following order of priority: 

(A)    to the Class A-1 Notes until the Class A-1 Notes have been paid in full; 
 (B)    after the
principal amount of the Class A-1 Notes is reduced to zero, to the Class A-2 Notes until the Class A-2 Notes have
been paid in full; 
 (C)    after the principal amount of the
Class A-2 Notes is reduced to zero, to the Class A-3 Notes until the Class A-3 Notes have been paid in full; and

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

(iv)    until all Classes of Notes have been paid in full, to the Reserve Account, any remaining funds,
until the Reserve Account Requirement has been satisfied; 
 (v)    to the Indenture Trustee, any accrued
and unpaid fees, expenses and indemnity payments due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(vi)    to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to
the Trust Agreement but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(vii)    to the Asset Representations Reviewer, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least sixty (60) days, such amounts to be paid from any remaining Available
Amounts; and 
 (viii)    any remaining funds to the Certificate Distribution Account for distribution to
the Trust Certificateholders, as beneficial owners of the Issuing Entity. 
 (b)    Notwithstanding the provisions of
Section 8.04(a), and subject to the provisions of Section 5.04(b), after the occurrence of an Indenture Default that results in the acceleration of any Notes and unless and until such acceleration
has been rescinded, on each Payment Date, prior to 11:00 a.m., New York City time, or such other time as may be agreed to by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant
to the instructions of the Servicer, transfer from the 2020-B SUBI Collection Account all Securityholder Available Funds and apply such amount in accordance with the following priorities: 

(i)    pro rata, to the Indenture Trustee, all amounts required to be paid under
Section 6.07, and to the Owner Trustee, all amounts required to be paid under Section 8.01 of the Trust Agreement, as the case may be; 

  

					
		  	53	  	(NALT 2020-B Indenture)

 (ii)    to the Asset Representations Reviewer, any
accrued and unpaid fees, expenses and indemnity payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least sixty (60) days, such
amounts to be paid from any remaining Available Amounts; 
 (iii)    [reserved]; 

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

(v)    to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each
Class of Notes, in the following order of priority: 
 (A)    first, to the Class A-1 Noteholders (until the Class A-1 Notes have been paid in full); and 

(B)    second, to the Class A-2 Noteholders, the Class A-3 Notes and the Class A-4 Notes, pro rata (based on the Outstanding Amount of Notes of each such Class on such Payment Date), until all such Notes have
been paid in full; and 
 (vi)    any remaining funds to the Certificate Distribution Account for
distribution to the Trust Certificateholders, as beneficial owners of the Issuing Entity. 
 Notwithstanding the provisions of this
Section 8.04(b), in accordance with Section 5.02, after the occurrence of an Indenture Default that results in the acceleration of any Notes, on and after the date on which such acceleration has
been rescinded, on each Payment Date, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2020-B SUBI
Collection Account all Securityholder Available Funds and apply such amount in accordance with the provisions of Section 8.04(a). 

(c)    On each Payment Date, after taking into account amounts to be distributed to Securityholders from the 2020-B SUBI Collection Account, the Servicer will allocate the Reserve Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related Collection Period and will instruct the
Indenture Trustee to make the following deposits and distributions from the Reserve Account in the following amounts (but not to exceed the Reserve Account Draw Amount) and order of priority: 

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

  

					
		  	54	  	(NALT 2020-B Indenture)

 (ii)    to the Note Distribution Account, to pay any
remaining Monthly Principal Distributable Amount of the Notes in the amounts and order of priority set forth in Section 8.04(a)(iii). 

(d)    If on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount
on deposit in the Reserve Account exceeds the Reserve Account Requirement, the Indenture Trustee shall distribute any such excess amounts to the Certificate Distribution Account for distribution to the Trust Certificateholder. Upon any such
distributions, the Noteholders will have no further rights in, or claims to, such amounts. 
 (e)    On each Payment
Date or Redemption Date, from the amounts on deposit in the Note Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of principal and interest on the Notes due and by check mailed to the Person whose name
appears as the registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of (i) the
nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given the Indenture Trustee
appropriate written instructions at least five (5) Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the related Record Date without
requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or
principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available for payment in full of the remaining unpaid principal amount of the Notes on a Payment
Date or Redemption Date, then the Issuing Entity or the Administrative Agent shall give notice thereof to the Indenture Trustee not less than 10 but no more than 30 days prior to such Payment Date or Redemption Date and, within two (2) Business
Days following receipt of such notice, the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify each Person who was the registered holder of a Note as of the Record Date preceding the most recent Payment Date or
Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The Borough of Manhattan in The City of New York. 
 (f)    On each Payment Date, the Indenture
Trustee shall include with each distribution an unaudited report (which may be based upon the Payment Date Certificate prepared by the Servicer) to each Person that was a Noteholder as of the close of business on the related Record Date (which shall
be Cede & Co. as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and the Servicer and the Administrative Agent 

  

					
		  	55	  	(NALT 2020-B Indenture)

 
(and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement) setting forth the
information provided in the Payment Date Certificate to be delivered in accordance with Section 8.03(a), with respect to such Payment Date or the related Record Date or Collection Period, as the case may be. 

SECTION 8.05    General Provisions Regarding Accounts. 

(a)    For so long as no Default or Indenture Default shall have occurred and be continuing, all or a portion of the funds
in the 2020-B SUBI Trust Accounts shall be invested and reinvested by the Indenture Trustee, until the Outstanding Amount of the Notes has been reduced to zero, and thereafter by the Owner Trustee, at the
direction of the Administrative Agent in Permitted Investments as set forth in Section 4.02(a) of the Titling Trust Agreement, which mature no later than the Deposit Date succeeding the date of such investment, including
those offered by the Indenture Trustee or an Affiliate thereof. No such investment shall be sold prior to maturity. On each Payment Date, interest and investment earnings on the 2020-B SUBI Trust Accounts
shall be deposited by the Indenture Trustee in the applicable 2020-B SUBI Trust Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in such
account, and any investment expenses and losses resulting from such investment shall be charged to such account. 

(b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the 2020-B SUBI Trust Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make
payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c)    If (i) the Administrative Agent shall have failed to give investment directions for any funds on deposit in
the Reserve Account to the Indenture Trustee by 3:00 p.m., New York City time (or such other time as may be agreed by the Administrative Agent and Indenture Trustee), on any Business Day or (ii) a Default or Indenture Default shall have
occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an
Indenture Default, amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in investments that are Permitted Investments as set forth in paragraph (vi) of the definition thereof. 

(d)    Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Administrative Agent
shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and every other power
or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities. 

  

					
		  	56	  	(NALT 2020-B Indenture)

 SECTION 8.06    Release of Owner Trust Estate. 

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that
are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
 (b)    The Indenture Trustee shall,
at such time as there are no Notes Outstanding and all sums due the Indenture Trustee have been paid pursuant to Section 6.07, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of
this Indenture and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include delivery to the Issuing Entity or its designee of the
2020-B SUBI Certificate and transfer of dominion and control over the Reserve Account to the Issuing Entity. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section only upon receipt of the Officer’s Certificate delivered pursuant to Section 4.01(iii) hereof. 

SECTION 8.07    Release of Interest In 2020-B Leases and 2020-B Vehicles Upon Purchase or Reallocation by the Servicer. 
 (a)    Upon the
reallocation or purchase of any 2020-B Lease and related 2020-B Vehicle by the Servicer pursuant to Section 8.02 of the Servicing Agreement,
the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the lien of this Indenture any and all rights to receive monies due or to become due with respect to such purchased or reallocated 2020-B Lease and related 2020-B Vehicle and all proceeds thereof and the other property with respect to such 2020-B Lease and related 2020-B Vehicle, and all security and any documents relating thereto, and such 2020-B Lease and related 2020-B Vehicle and all such
related security and documents shall be free of any further obligation to the Issuing Entity, the Indenture Trustee or the Noteholders. 

(b)    The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be
reasonably requested by the Servicer to effect the release of such rights with respect to such 2020-B Lease and related 2020-B Vehicle pursuant hereto and the assignment
of such 2020-B Lease and 2020-B Vehicle by the Issuing Entity. 

SECTION 8.08    Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when
requested by the Issuing Entity to take any action pursuant to Section 8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the
Indenture Trustee may also require (and shall require, to the extent required by the TIA), except in connection with any action contemplated by Section 8.06(b), as a condition to such action, an Opinion of Counsel, in form
and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with
and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of 

  

					
		  	57	  	(NALT 2020-B Indenture)

 
the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Owner Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE NINE 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.01    Supplemental Indentures Without Consent of Noteholders. 

(a)    Except as provided in Section 9.02, without the consent of any other Person, the Issuing
Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture that materially and adversely
affects the Noteholders shall require the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or supplemental indenture shall not materially and adversely affect
the Noteholders, and (ii) any amendment or supplemental indenture that adversely affects the interests of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the Administrative Agent shall require the prior
consent of the Persons whose interests are adversely affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee or the Administrative Agent, as the case may be, shall be deemed to have been given if the
Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and adversely affect the interests of
the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such supplement or amendment
will not materially and adversely affect the Noteholders. 
 (b)    It shall not be necessary for the consent of any
Person pursuant to this Section for such Person to approve the particular form of any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 

(c)    Prior to the execution of any amendment or supplemental indenture pursuant to this Section or
Section 9.02, the Issuing Entity shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such supplement. No later
than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee. 

  

					
		  	58	  	(NALT 2020-B Indenture)

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

(e)    Prior to the execution of any amendment or supplemental indenture the Indenture Trustee shall receive an Opinion of
Counsel to the effect that such action shall not (A) affect the treatment of the Notes as debt for U.S. federal income tax purposes, (B) be deemed to result in gain or loss for the Noteholders or Note Owners for U.S. federal income tax
purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. 

(f)    Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant
to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental
indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

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

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

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

  

					
		  	59	  	(NALT 2020-B Indenture)

 (c)    modify or alter the provisions of the proviso to the definition
of the term “Outstanding;” 
 (d)    reduce the percentage of the Outstanding Amount required to direct the
Indenture Trustee to direct the Issuing Entity to sell the Owner Trust Estate pursuant to Section 5.04, if the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on
the Notes; 
 (e)    modify any provision of this Section, except to increase any percentage specified herein or to
provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 

(f)    modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation); 

(g)    permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any
part of the Owner Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this
Indenture; or 
 (h)    impair the right to institute suit for the enforcement of payment as provided in
Section 5.07. 
 Any such amendment or supplemental indenture shall be executed only upon delivery of an Opinion
of Counsel to the same effect as in Section 9.01(f). The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any amendment or supplemental indenture and any such determination
shall be conclusive upon all Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuing Entity and the
Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment or supplemental indenture.

 SECTION 9.03    Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be 

  

					
		  	60	  	(NALT 2020-B Indenture)

 
entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and all conditions precedent have been satisfied. The Indenture Trustee may but shall not be obligated to enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or indemnities under this Indenture or otherwise. No amendment of this Indenture which adversely affects the Owner Trustee shall be effective without its prior written consent. 

SECTION 9.04    Effect of Supplemental Indenture. Upon the execution of any amendment or supplemental indenture
pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the Owner Trustee and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and
all the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.05    Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the
Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity
and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE TEN 

REDEMPTION OF NOTES 
 SECTION
10.01    Redemption. 
 (a)    Pursuant to Section 9.03 of the Trust
Agreement, the Servicer shall be permitted at its option to purchase the 2020-B SUBI Certificate from the Issuing Entity on any Payment Date if, either before or after giving effect to any payment of principal
required to be made on such Payment Date, (a) the aggregate Securitization Value of the 2020-B SUBI Assets is less than or equal to 10% of the initial aggregate Securitization Value of the 2020-B SUBI Assets as of the Cutoff Date, or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent thereto. In connection with the
exercise of an Optional Purchase, the Servicer will deposit, subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the 2020-B SUBI Collection Account on
the Deposit Date relating to the Redemption Date. In connection with an Optional Purchase, all outstanding Notes shall be redeemed on the related Payment Date in whole, but not in part, for the Redemption Price and the
2020-B SUBI Certificate shall be delivered to or upon the order of the Servicer. 

  

					
		  	61	  	(NALT 2020-B Indenture)

 (b)    In connection with the exercise of an Optional Purchase, on the
Redemption Date, prior to 11:00 a.m., New York City time, the Indenture Trustee shall apply the Optional Purchase Price as part of the Available Funds from the 2020-B SUBI Collection Account as follows:
(i) to the Note Distribution Account, the Redemption Price, (ii) to the Servicer, unpaid portions of any outstanding Sales Proceeds Advances and Monthly Payment Advances, and the Servicing Fee in respect of the related Collection Period,
together with any unpaid Servicing Fees in respect of one or more prior Collection Periods; and (iii) any remaining funds to the Certificate Distribution Account. 

(c)    If the Notes are to be redeemed pursuant to this Section, the Administrative Agent or the Issuing Entity shall
provide at least 10 days’ prior notice (or such longer time period as required by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide at least 10
days’ (but no more than 30 days’) notice thereof to the Noteholders. 
 SECTION 10.02    Form of Redemption
Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month
preceding the month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In addition, the Administrative Agent shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Trust
Administration Agreement. 
 All notices of redemption shall state: 

(a)    the Redemption Date; 

(b)    the Redemption Price; 

(c)    the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be
the office or agency of the Issuing Entity to be maintained as provided in Section 3.02); and 

(d)    that on the Redemption Date, the Redemption Price will become due and payable upon each such Note and that interest
thereon shall cease to accrue from and after the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 

SECTION 10.03    Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption
as required by Section 10.02, become due and payable on the Redemption Date at the Redemption Price and (unless the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

  

					
		  	62	  	(NALT 2020-B Indenture)

 ARTICLE ELEVEN 

MISCELLANEOUS 
 SECTION
11.01    Compliance Certificates and Opinions. 
 (a)    Upon any application or request by
the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, unless elsewhere specifically provided for herein, the Issuing Entity shall furnish to the Indenture Trustee and each Rating Agency (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) if required by the TIA, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

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

(i)    a statement that each signatory of such certificate or opinion has read such covenant or condition
and the definitions herein relating thereto; 
 (ii)    a brief statement as to the nature and scope of
the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant has
been complied with. 
 (b)    In addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture: 
 (i)    Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (if so requested by the Indenture
Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property
or securities to be so deposited. 

  

					
		  	63	  	(NALT 2020-B Indenture)

 (ii)    Whenever the Issuing Entity would be required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above if such an Officer’s Certificate had been required by the Indenture
Trustee or required by the TIA, regardless of whether such an Officer’s Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of
the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuing Entity, as set forth in the Officer’s
Certificate delivered pursuant to clause (i) above, is 10% or more of the Outstanding Amount; provided, however, such Independent Certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 

(iii)    Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee (if so requested by the Indenture Trustee or
required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that
in the opinion of such Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

(iv)    Whenever the Issuing Entity would be required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above if such an Officer’s Certificate had been required by the Indenture Trustee or required by the TIA, regardless of whether
such an Officer’s Certificate was so requested or required, the Issuing Entity shall furnish to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property,
or securities (other than property described in clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the
Officer’s Certificates required by clause (iii) above and this clause, equals 10% or more of the Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of any release of property or securities if the fair
value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 

(v)    Notwithstanding Section 2.08 or any other provision of this Section, the
Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or
required by the Basic Documents. 
 SECTION 11.02    Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only

  

					
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one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate
or opinion of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of or representations by an officer or officers of the Administrative Agent, the Depositor or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the
Administrative Agent, the Depositor or the Issuing Entity, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

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

SECTION 11.03    Acts of Noteholders. 

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

  

					
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 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c)    The ownership
of Notes shall be proved by the Note Register. 
 (d)    Any request, demand, authorization, direction, notice, consent,
waiver or other action by the holder of any Note shall bind the holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION
11.04    Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid
courier service, by telecopier or electronically by email (if an email address is provided), and addressed in each case as follows: (i) if to the Issuing Entity c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington,
Delaware 19890 (telecopier no. (302) 636-4140) (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 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; (iv) if to S&P, to S&P Global Ratings, 55 Water Street, New York, New York, 10041 (email: servicer_reports@spglobal.com); or (v) at such other address as shall be designated by any of the foregoing in a written notice
to the other parties hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication by an officer of the intended recipient entitled to
receive such notices located at the address of such recipient for notices hereunder; provided, however, any demand, notice or communication to be delivered pursuant to this Indenture to any Rating Agency shall be deemed to be delivered
if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240
17g-5(a)(3). 
 SECTION 11.05    Notices to Noteholders; Waiver. Where
this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class, postage prepaid to each Noteholder affected by such event, at
its address as it appears on the Note Register, not later than the latest and not earlier than the earliest date prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given. 

  

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

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

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

SECTION 11.09    Benefits of Indenture. Nothing in this Indenture or the Notes, express or implied, shall give to
any Person, other than the parties hereto, the Owner Trustee and their successors hereunder, the Noteholders (and, with respect to Sections 8.03 and 8.04, the Trust Certificateholders), any other party secured hereunder, and any other
Person with an ownership interest in any part of the Owner Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.10    Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due,
and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.11    Governing
Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW  

  

					
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YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION
11.12    Counterparts and Electronic Signature. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be digitally or electronically signed, and that any digital or electronic signatures (including pdf, facsimile
or electronically imaged signatures provided by a digital signature provider as specified in writing to the Indenture Trustee) appearing on this Indenture or such other documents shall have the same effect as manual signatures for the purpose of
validity, enforceability and admissibility; provided, however, that any documentation with respect to the transfer of Notes or other securities presented to the Indenture Trustee, the Note Registrar or any other transfer agent must contain original,
manually executed signatures. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any
digital or electronic signature appearing on this Indenture or any other documents to be delivered in connection herewith and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

SECTION 11.13    Recording of Indenture. If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuing Entity accompanied by an Opinion of Counsel (who may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.14    Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any Trust Certificateholder, the Owner Trustee or of the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.15    No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note
Owner, by accepting a Note or in the case of a Note 

  

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

  

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

SECTION 11.20    Intent of the Parties; Reasonableness. The Indenture Trustee and Issuing Entity acknowledge and
agree that the purpose of Section 3.09 and this Section 11.20 is to facilitate compliance by the Issuing Entity and the Depositor with the provisions of Regulation AB and related rules and
regulations of the Commission. 
 Neither the Issuing Entity nor the Administrative Agent (acting on behalf of the Issuing Entity) shall
exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the
Commission thereunder. Each of the parties hereto agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder
will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance from the Securities and Exchange Commission, convention or consensus among active participants in the asset-backed securities
markets, or otherwise in respect of the requirements of Regulation AB as they may be applied by the Securities and Exchange Commission to the Issuing Entity in connection with the Notes and (c) the parties shall comply with reasonable requests
made by or on behalf of the Issuing Entity or the Indenture Trustee for delivery of additional or different information, to the extent such information is available, as the person requesting such information may determine in good faith is necessary
for it to comply with the provisions of Regulation AB. 
 The Issuing Entity (or the Administrative Agent, acting on behalf of the Issuing
Entity) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuing Entity to
comply with Regulation AB. 
 SECTION 11.21    Dispute Resolution. 

(a)    If the Depositor, Issuing Entity, an Investor, the Owner Trustee (acting at the direction of a Trust
Certificateholder) or the Indenture Trustee (acting at the direction of an Investor pursuant to Section 7.07) (the “Requesting Party”) requests that the Servicer purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement and the request has not been fulfilled or
otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Servicer, the Requesting Party will have the right to refer the matter, at its discretion, to either mediation
or arbitration pursuant to this Section 11.21. If the Requesting Party is the Indenture Trustee or the Owner Trustee, the Indenture Trustee or the Owner Trustee, as applicable, will follow the direction of the related Investor or Trust
Certificateholder, as 

  

					
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applicable, during the mediation or arbitration. If both the Owner Trustee (on behalf of one or more Trust Certificateholders) and the Indenture Trustee (on behalf of one or more Investors) are
Requesting Parties, then the Indenture Trustee as Requesting Party (at the direction of the Investor that directed the Indenture Trustee to make the request) shall have the right to make the selection of mediation or arbitration. 

(b)    The Requesting Party will provide notice in accordance with the provisions of Section 11.04 of its intention
to refer the matter to mediation or arbitration, as applicable, to the Servicer, with a copy to the Issuing Entity, the Owner Trustee and the Indenture Trustee. The Servicer agrees that it will participate in the resolution method selected by the
Requesting Party. The Servicer shall provide notice to the Depositor, Issuing Entity, the Owner Trustee, and the Indenture Trustee that the Servicer has received a request to mediate or arbitrate a reallocation request. Upon receipt of such notice,
the Depositor, the Issuing Entity, the Owner Trustee (acting at the direction of a Trust Certificateholder) and the Indenture Trustee (acting at the direction of Noteholders or Note Owners pursuant to Section 7.07) shall
advise the Requesting Party and the Servicer of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. A Requesting Party may not initiate a mediation or arbitration
pursuant to this Section 11.21 with respect to a 2020-B Lease that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting
Party) but will have the right to join an existing mediation or arbitration with respect to that 2020-B Lease if the mediation or arbitration has not yet concluded, subject to a determination by the parties to
the existing mediation or arbitration that such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding. 

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

(i)    The mediation will be administered by a nationally recognized arbitration and mediation association
selected by the Requesting Party and conducted pursuant to such association’s mediation procedures in effect at such time. 

(ii)    The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part
of the mediation. 
 (iii)    The mediator will be impartial, knowledgeable about and experienced with
the laws of the State of New York that are relevant to the dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”). 

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

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

  

					
		  	71	  	(NALT 2020-B Indenture)

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

(iii)    The arbitrator will make its final determination no later than 90 days after appointment or as
soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator will not have the power to award punitive damages or
consequential damages in any arbitration conducted by it, and the Servicer shall not be required to pay more than the applicable Repurchase Payment with respect to any 2020-B Lease and the related 2020-B Vehicle which the Servicer is required to purchase or reallocate under the terms of the Servicing Agreement. In its final determination, the arbitrator will determine and award the costs of the arbitration
(including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion. If an Asset Review
was conducted in connection with the 2020-B Leases that are the subject of the arbitration, then the arbitrator will determine the party or parties required to pay the related Asset Reviewer Fee. The
determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent manifest error and may be enforced
in any court of competent jurisdiction. 
 (iv)    By selecting arbitration, the Requesting Party is
waiving the right to sue in court, including the right to a trial by jury. 
 (v)    No person may bring
a putative or certified class action to arbitration. 
 (e)    For the avoidance of doubt, neither the Owner Trustee nor
the Indenture Trustee shall be responsible for evaluating the qualification of any mediator or arbitrator or paying the costs, expenses and fees of any mediation or arbitration initiated by a Requesting Party in accordance with this
Section 11.21. 
 (f)    The following provisions will apply to both mediations and arbitrations: 

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

(iii)    The details and/or existence of any unfulfilled repurchase request, any meetings or discussions
regarding any unfulfilled repurchase request, mediations or arbitration proceedings conducted under this Section 11.21, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’
attempt to resolve an unfulfilled repurchase request, any information exchanged 

  

					
		  	72	  	(NALT 2020-B Indenture)

 
in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and
inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 11.21) other than as required to
be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Servicer, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not
be disclosed or discussed with any third party,, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably
required in connection with any resolution procedure under this Section 11.21, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep the information
confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the
opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of
its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such
Confidential Information that is required to be disclosed. 
 [Signature Page to Follow] 

  

					
		  	73	  	(NALT 2020-B Indenture)

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

			
	NISSAN AUTO LEASE TRUST 2020-B
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity, but solely as
		 	Owner Trustee
		
	By:	 	  

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

	Name:	 	
	Title:	 	

  

					
		  		  	(NALT 2020-B Indenture)

 Acknowledged and agreed for purposes of Section 11.21 hereof: 

 

			
	 NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer

		
	By	 	  

		 	Name:
		 	Title:

  

					
		  		  	(NALT 2020-B Indenture)

 Acknowledged and agreed for purposes of Section 11.21 hereof: 

 

			
	 NISSAN AUTO LEASING LLC II,
 as
Depositor

		
	By	 	  

		 	Name:
		 	Title:

  

					
		  		  	(NALT 2020-B Indenture)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date: 
  

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

 

	(2)	 The 2020-B SUBI Certificate constitutes a “general
intangible,” “instrument,” “certificated security” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or
securities accounts. 

  

	(3)	 All of the Collateral that constitutes securities entitlements (other than the
2020-B SUBI Certificate to the extent the 2020-B SUBI Certificate constitutes a certificated security) has been or will have been credited to one of the Accounts. The
securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC. 

 

	(4)	 The Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Liens, claim
or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not
have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to
which the Liens attaches is not impaired during the pendency of such proceeding. 

  

	(5)	 The Issuing Entity has received all consents and approvals to the grant of the security interest in the
Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles. 

  

	(6)	 The Issuing Entity has received all consents and approvals required by the terms of the Collateral that
constitutes securities entitlements, certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder. 

 

	(7)	 The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture,
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral (to the extent such security interest can be perfected
by the filing of a financing statement) granted to the Indenture Trustee hereunder. 

  

					
		  		  	(NALT 2020-B Indenture)

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

  

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

  

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

 

	 	c.	 A custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee
received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 

  

	(9)	 With respect to Collateral that constitutes electronic chattel paper, the Servicer, as an agent of the Issuing
Entity, and to the extent allowed by law: 

  

	 	a.	 Maintains “control,” as defined in Section 9-105 of the
UCC, of all electronic chattel paper. 

  

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

  

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

 

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

  

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

  

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

  

	 	b.	 The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the
securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuing Entity; or 

  

					
		  		  	(NALT 2020-B Indenture)

	 	c.	 The Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its
records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the Accounts. 

  

	(12)	 With respect to Collateral that constitutes certificated securities (other than securities entitlements), all
original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by an
effective endorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. 

Other than the transfer of the 2020-B SUBI and the 2020-B SUBI
Certificate from NILT Trust to the Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 2020-B SUBI and the 2020-B SUBI Certificate from the
Depositor to the Issuing Entity under the Trust SUBI Certificate Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, or is aware of any financing statements against the
Issuing Entity that include a description of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has
been terminated. 
  

	(13)	 None of the instruments, certificated securities or tangible chattel paper that constitute or evidence the
Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 

  

	(14)	 Neither the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or
the Indenture Trustee. The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than the Indenture Trustee. 

As used in this Schedule I, “Collateral” has the meaning set forth in the Granting Clause of the Indenture. 

  

					
		  		  	(NALT 2020-B Indenture)

 EXHIBIT A 

FORM OF CLASS [A-1] [A-2]
[A-3] [A-4] NOTE 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]1 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 
 THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT FOR UNITED STATES
FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES. 
 THIS NOTE IS SOLELY AN OBLIGATION OF THE ISSUING ENTITY AND
IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO LEASING LLC II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR
AFFILIATES. 
 BY ITS ACQUISITION OF THIS NOTE (OR INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A
PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN (AS DEFINED BELOW) SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY LAW THAT IS SIMILAR TO THE FIDUCIARY AND PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION 
  

 

	1 	 For Book-Entry Notes only. 

  

					
		  	A-1	  	(NALT 2020-B Indenture)

 
AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW. PLANS (AS DEFINED BELOW) THAT ARE SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE, OR SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THE RATINGS ON THIS NOTE IS BELOW INVESTMENT GRADE OR THIS NOTE HAS BEEN CHARACTERIZED AS OTHER
THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. A “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE CODE, OR AN ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING. 
 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.] 

  

					
		  	A-2	  	(NALT 2020-B Indenture)

 NISSAN AUTO LEASE TRUST 2020-B 

[            ]% ASSET BACKED NOTE, 

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

			
	 REGISTERED
 No. R-        
	  	 $                

CUSIP NO.                

 Nissan Auto Lease Trust 2020-B, a statutory trust organized and
existing under the laws of the State of Delaware (including any permitted successors and assigns, the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                         
    ($                        ) in monthly installments on the 15th day of each month, or if such day is
not a Business Day, on the immediately succeeding Business Day, commencing on October 15, 2020 (each, a “Payment Date”), until the principal of this Note is paid or made available for payment, and to pay interest on each
Payment Date on the Outstanding Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the
preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, [for the Class A-1 Notes, during the period from and including the previous Payment Date on which interest was paid, or as of the Closing Date if no interest has yet been paid, to but excluding the current Payment Date]
[for the Class [A-2] [A-3] and [A-4] Notes, during the period from and including the 15th day of the preceding calendar month, or
as of the Closing Date if no interest has yet been paid, to but excluding the 15th day of the month in which such Payment Date occurs] at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent
described below; provided, however, that the entire Class [A-1] [A-2] [A-3]
[A-4] Note Balance shall be due and payable on the earlier of
[                        ], 20[    ] (the “Note Final Scheduled Payment Date”)
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable
in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or
obligatory for any purpose. 

  

					
		  	A-3	  	(NALT 2020-B Indenture)

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
by facsimile, by its Authorized Officer as of the date set forth below. 
 Dated:
                                , 2020 

 

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

		  		 	Name:
		  		 	Title:

  

					
		  	A-4	  	(NALT 2020-B Indenture)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:
                            , 2020 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

					
		  	A-5	  	(NALT 2020-B Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
“[        ]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4]” (herein called the “Notes”) issued under an Indenture, dated as of September 29, 2020 (such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuing Entity and U.S. Bank National Association, as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

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

  

					
		  	A-6	  	(NALT 2020-B Indenture)

 
Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, pursuant to the notice delivered to the Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in
the name of and on behalf of the Issuing Entity, will notify the Person who was the registered holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date or Redemption Date
(or such longer time period as required by the Depository Agreement) and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of
the Indenture Trustee’s agent appointed for such purposes located in The City of New York. 
 Pursuant to
Section 9.03 of the Trust Agreement, the Servicer will be permitted at its option to purchase the 2020-B SUBI Certificate from the Issuing Entity on any Payment Date if the conditions
set forth therein are satisfied. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this
Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by acceptance of this Note or, in the case of this Note Owner, a beneficial interest in this Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 The Notes represent obligations of the
Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the UTI Beneficiary or any of their respective Affiliates. 

Each Noteholder by acceptance of this Note, or in the case of this Note Owner, by acceptance of a beneficial interest in the Notes, hereby
covenants and agrees that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not institute against, or join any other Person in

  

					
		  	A-7	  	(NALT 2020-B Indenture)

 
instituting against the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and any other Special Purpose Affiliate, any member of any Special Purpose Affiliate or
any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and their respective agents
shall treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whatsoever, whether or not this Note be overdue, and
none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity
with the consent of Noteholders representing not less than a Majority Interest of the Notes. The Indenture also contains provisions permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of all Noteholders, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the
Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin
or currency herein prescribed. 

  

					
		  	A-8	  	(NALT 2020-B Indenture)

 ASSIGNMENT 

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

 
  

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

 
  

 
  

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

Dated: 
 Signature Guaranteed:

  
  

  

					
		  	A-9	  	(NALT 2020-B Indenture)

 EXHIBIT B 

[RESERVED] 

  

					
		  	B-1	  	(NALT 2020-B Indenture)

 EXHIBIT C 

Servicing Criteria To Be Addressed In Assessment Of Compliance 

The assessment of compliance to be delivered by the Indenture Trustee, shall address, and be limited to, the criteria identified below as
“Applicable Servicing Criteria”: 
  

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

  

					
		  	C-1	  	(NALT 2020-B Indenture)

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 
  

	☐	 Check here if nothing to report. 

 

									
	 	  	 	  	 Activity During Period

	 Transaction
	  	 Loan No.
	  	 Date of Reputed Demand
	  	 Party Making Reputed
Demand
	  	 Date of Withdrawal of
Reputed Demand

	 NALT 2020-B
	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

					
		  	D-1	  	(NALT 2020-B Indenture)

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