NISSAN AUTO LEASE TRUST
2009-B,
NISSAN MOTOR ACCEPTANCE
CORPORATION,
as Administrative Agent,
NISSAN AUTO LEASING LLC II,
as Depositor,
U.S. Bank National Association,
as Indenture Trustee
TRUST ADMINISTRATION
AGREEMENT
Dated as of September 11,
2009
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Page
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Capitalized
Terms; Interpretive Provisions
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1
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Duties of the
Administrative Agent
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1
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Records
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6
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Compensation
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6
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Additional
Information to be Furnished to the Issuing Entity
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7
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Independence of
the Administrative Agent
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7
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No Joint
Venture
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7
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Other
Activities of Administrative Agent
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7
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Term of
Agreement; Resignation and Removal of Administrative
Agent
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7
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Action Upon
Termination, Resignation or Removal
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8
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Notices
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9
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Amendments
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9
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Successors and
Assigns
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10
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Governing
Law
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10
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Headings
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10
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Counterparts
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10
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Severability
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10
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Limitation of
Liability of Owner Trustee and Indenture Trustee
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10
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Third-Party
Beneficiary
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11
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No
Petition
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11
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-i-
TRUST ADMINISTRATION
AGREEMENT
This Trust
Administration Agreement, dated as of September 11, 2009 (as
amended, supplemented or otherwise modified from time to time, this
“ Agreement ”), is among Nissan Auto Lease Trust
2009-B, a Delaware statutory trust (the “ Issuing
Entity ”), Nissan Motor Acceptance Corporation, a
California corporation (“ NMAC ”), as
administrative agent (in such capacity, the “
Administrative Agent ”), Nissan Auto Leasing LLC II, a
Delaware limited liability company (“ NALL II
”), as depositor (the “ Depositor ”), and
U.S. Bank National Association, a national banking association
(“ U.S. Bank ”), as indenture trustee (the
“ Indenture Trustee ”).
WHEREAS, the
Issuing Entity was formed pursuant to a trust agreement, dated as
of August 18, 2009, as amended and restated by the amended and
restated trust agreement, dated as of September 11, 2009 (the
“ Trust Agreement ”), between the Depositor and
Wilmington Trust Company, as trustee (the “ Owner
Trustee ”); and
WHEREAS, the
parties desire to enter into this agreement to provide for, among
other things, the Administrative Agent’s provision of certain
services to the Issuing Entity and the Owner Trustee.
NOW, THEREFORE, in
consideration of the mutual agreements herein contained, and of
other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as
follows:
Section 1.01
Capitalized Terms; Interpretive Provisions .
(a) Capitalized
terms used herein that are not otherwise defined shall have the
respective meanings ascribed thereto in the Agreement of
Definitions, dated as of September 11, 2009, by and among the
Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor
and initial beneficiary (in such capacity, the “
Grantor ” and the “ UTI Beneficiary
,” respectively), Nissan-Infiniti LT, a Delaware statutory
trust (the “ Titling Trust ”), NMAC, in its
individual capacity, as Administrative Agent and as servicer (in
such capacity, the “ Servicer ”), NALL II, NILT,
Inc., a Delaware corporation, as trustee to the Titling Trust (the
“ Titling Trustee ”), Wilmington Trust Company,
as Owner Trustee and Delaware trustee (in such capacity, the
“ Delaware Trustee ”), and U.S. Bank, as
Indenture Trustee and trust agent (in such capacity, the “
Trust Agent ”).
(b) For all
purposes of this Agreement, except as otherwise expressly provided
or unless the context otherwise requires, (i) terms used in
this Agreement include, as appropriate, all genders and the plural
as well as the singular, (ii) references to words such as
“herein”, “hereof” and the like shall refer
to this Agreement as a whole and not to any particular part,
Article or Section within this Agreement, (iii) the term
“include” and all variations thereof shall mean
“include without limitation” and (iv) the term
“or” shall include “and/or”.
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Section 1.02
Duties of the Administrative Agent .
(a) The
Administrative Agent agrees to perform all its duties as
Administrative Agent and the duties of the Issuing Entity and the
Owner Trustee under the Related Documents, including the delivery
of information required or requested of the Issuing Entity by the
Federal Reserve Bank of New York (“FRBNY”) in
connection with the Notes being “eligible collateral”
under TALF. In addition, the Administrative Agent shall consult
with the Owner Trustee regarding the duties of the Issuing Entity
or the Owner Trustee under the Related Documents. The
Administrative Agent shall monitor the performance of the Issuing
Entity and shall advise the Owner Trustee when action is necessary
to comply with the respective duties of the Issuing Entity and the
Owner Trustee under the Related Documents. The Administrative Agent
shall prepare for execution by the Issuing Entity, or shall cause
the preparation by other appropriate persons of, all such
documents, reports, notices, filings, instruments, certificates and
opinions that it shall be the duty of the Issuing Entity or the
Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In addition, the Administrative Agent or the Depositor
shall execute and deliver any filings, certificates, affidavits or
other instruments required under the Sarbanes-Oxley Act of 2002, to
the extent permitted by applicable law. In furtherance of the
foregoing, the Administrative Agent shall take (or, in the case of
the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuing Entity or the Owner Trustee is
required to take pursuant to the Indenture, including, without
limitation, such of the foregoing as are required with respect to
the following matters under the Indenture (references are to
Sections of the Indenture):
(i) the
preparation of or obtaining of the documents and instruments
required for execution and authentication of the Notes and delivery
of the same to the Indenture Trustee ( Section 2.02
);
(ii) the
duty to cause the Note Register to be kept and to give the
Indenture Trustee notice of any appointment of a new Note Registrar
and the location, or change in location, of the Note Register (
Section 2.04 );
(iii) preparation
of, obtaining of or filing of all instruments, opinions and
certificates or other documents required for the release of
Collateral ( Section 2.08 );
(iv) the
maintenance of an office in the Borough of Manhattan, The City of
New York, for registration of transfer or exchange of Notes (
Section 3.02 );
(v) the
duty to cause newly appointed Paying Agents, if any, to deliver to
the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust ( Section 3.03 );
(vi) the
direction to the Indenture Trustee to deposit monies with Paying
Agents, if any, other than the Indenture Trustee (
Section 3.03 );
(vii) the
obtaining and preservation of the Issuing Entity’s
qualifications to do business ( Section 3.04
);
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(viii) the
preparation of all supplements and amendments to the Indenture and
all financing statements, continuation statements, instruments of
further assurance and other instruments and the taking of such
other action as are necessary or advisable to protect the Owner
Trust Estate ( Section 3.05 );
(ix) the
delivery of the Opinion of Counsel on the Closing Date and the
annual delivery of Opinions of Counsel, as to the Owner Trust
Estate, and the annual delivery of the Officer’s Certificate
and certain other statements as to compliance with the Indenture (
Sections 3.06 and 3.09 );
(x) the
identification to the Indenture Trustee in an Officer’s
Certificate of any Person with whom the Issuing Entity has
contracted to perform its duties under the Indenture ( Section
3.07(b) );
(xi) the
notification of the Indenture Trustee and each Rating Agency of a
Servicer Default under the Servicing Agreement and, if such
Servicer Default arises from the failure of the Servicer to perform
any of its duties or obligations under the Servicing Agreement with
respect to the 2009-B SUBI Assets, the taking of all reasonable
steps available to remedy such failure (
Section 3.07(d) );
(xii) the
delivery of written notice to the Indenture Trustee and each Rating
Agency of each Indenture Default ( Section 3.11
);
(xiii) the
delivery of prior written notice to each Rating Agency of the
Issuing Entity ‘s consolidation or merger with or into any
other Person ( Section 3.15(a) );
(xiv) the
delivery of prior written notice to each Rating Agency of the
Issuing Entity ‘s conveyance or transfer of any of its
properties or assets to any Person ( Section 3.15(b)
);
(xv) the
preparation and obtaining of documents and instruments required for
the release of the Issuing Entity from its obligations under the
Indenture ( Section 4.01 );
(xvi) the
monitoring of the Issuing Entity’s obligations as to the
satisfaction and discharge of the Indenture and the preparation of
an Officer’s Certificate and the obtaining of the Opinion of
Counsel and the Independent Certificate relating thereto (
Section 4.01 );
(xvii) the
preparation and delivery of notice to the Rating Agencies of the
removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee ( Section 6.08 );
(xviii) the
preparation of any written instruments required to confirm more
fully the authority of any co-trustee or separate trustee and any
written instruments necessary in connection with the resignation or
removal of the Indenture Trustee or any co-trustee or separate
trustee ( Sections 6.08 and 6.10 );
(xix) the
furnishing of the Indenture Trustee with the names and addresses of
Noteholders during any period when the Indenture Trustee is not the
Note Registrar ( Section 7.01 );
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(xx) the
furnishing of certain reports with the Indenture Trustee (
Section 7.03 );
(xxi) the
taking of all other actions necessary with respect to the
investment of funds in the Note Distribution Account (
Sections 8.02 and 8.05 );
(xxii) the
preparation of an Issuing Entity Request for the release of the
Owner Trust Estate ( Section 8.06 );
(xxiii) the
preparation of Issuing Entity Requests and the obtaining of
Opinions of Counsel with respect to the execution of supplemental
indentures, and the mailing of notices to the Noteholders with
respect thereto ( Sections 9.01 and 9.02
);
(xxiv) the
execution of new Notes conforming to any supplemental indenture (
Section 9.05 );
(xxv) the
duty to notify each Rating Agency of redemption of the Notes or to
cause the Indenture Trustee to provide such notification (
Section 10.02 );
(xxvi) the
preparation and delivery of all Officer’s Certificates,
Opinions of Counsel and Independent Certificates with respect to
any requests by the Issuing Entity to the Indenture Trustee to take
any action under the Indenture ( Section 11.01(a) ,
(b) );
(xxvii) the
preparation and delivery of Officer’s Certificates and the
obtaining of Independent Certificates, if necessary, for the
release of property from the Lien of the Indenture (
Section 11.01(b) );
(xxviii) the
notification of each Rating Agency, upon the failure of the Issuing
Entity, the Owner Trustee or the Indenture Trustee to give such
notification, of any information required pursuant to
Section 11.04 of the Indenture (
Section 11.04 ); and
(xxix) the
preparation of Definitive Notes in accordance with the instructions
of the Clearing Agency ( Section 2.11 ).
(b) The
Administrative Agent shall:
(i) pay
the Owner Trustee, the Certificate Registrar and the Paying Agent
from time to time reasonable compensation for all services rendered
by the Owner Trustee, the Certificate Registrar and the Paying
Agent under the Trust Agreement (which compensation shall not be
limited by any provision of law in regard to the compensation for a
trustee of an express trust);
(ii) except
as otherwise expressly provided in the Trust Agreement, reimburse
the Owner Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Owner Trustee in
accordance with any provision of the Trust Agreement (including
reasonable compensation, expenses and disbursements of its agents
and counsel), except any such expense, disbursement or advance as
may be attributable to its willful misconduct, bad faith or
negligence; and
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(iii) indemnify
the Owner Trustee in its individual capacity and as trustee and its
successors, assigns, directors, officers, employees and agents in
accordance with Section 8.01 of the Trust
Agreement.
(c) In
addition to the duties set forth above in
Sections 1.02(a) and (b) , the Administrative
Agent shall perform such calculations and shall prepare or shall
cause the preparation by other appropriate Persons of, and shall
execute on behalf of the Issuing Entity or the Owner Trustee, all
such documents, notices, reports, filings, instruments,
certificates and opinions that the Issuing Entity or the Owner
Trustee is required to prepare, file or deliver pursuant to the
Related Documents, and at the request of the Owner Trustee shall
take all appropriate action that the Issuing Entity or the Owner
Trustee is required to take pursuant to the Related Documents.
Subject to Section 1.06 of this Agreement, and in
accordance with the directions of the Owner Trustee, the
Administrative Agent shall administer, perform or supervise the
performance of such other activities in connection with the
Collateral (including the Related Documents) as are not covered by
any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the
Administrative Agent.
(d) Notwithstanding
anything in this Agreement or the Related Documents to the
contrary, the Administrative Agent shal
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