NISSAN MOTOR ACCEPTANCE
CORPORATION,
NISSAN AUTO LEASING LLC
II,
NISSAN AUTO LEASE TRUST
2009-B,
U.S. BANK NATIONAL ASSOCIATION,
as Indenture Trustee
BACK-UP SECURITY
AGREEMENT
Dated as of September 11,
2009
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Page
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DEFINITIONS
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2
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Definitions
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2
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Interpretive
Provisions
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2
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SECURITY
INTEREST
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3
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Grant of
Security Interest
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3
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Certificate of
Title
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3
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Filing of
Financing Statements
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3
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Use of
Collateral
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3
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Further
Description of the Collateral
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4
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Back-Up Rights
of Indenture Trustee
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4
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MISCELLANEOUS
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4
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Amendments
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4
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Governing
Law
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5
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Severability of
Provisions
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5
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Counterparts
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5
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Successors and
Assigns
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5
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Further
Assurances
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5
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Limitation of
Liability of Owner Trustee
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6
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Notices
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6
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No
Petition
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6
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No
Recourse
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6
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-i-
BACK-UP SECURITY
AGREEMENT
This Back-Up
Security Agreement, dated as of September 11, 2009 (as
amended, supplemented or otherwise modified from time to time, this
“ Agreement ”), is among Nissan Motor Acceptance
Corporation, a California corporation (“ NMAC
”), Nissan-Infiniti LT, a Delaware statutory trust (the
“ Titling Trust ”), NILT Trust, a Delaware
statutory trust (“ NILT Trust ”), Nissan Auto
Leasing LLC II, a Delaware limited liability company (“
NALL II ”), Nissan Auto Lease Trust 2009-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 ”) under the Indenture, dated as of
September 11, 2009 (the “ Indenture ”),
between the Issuing Entity and the Indenture Trustee.
WHEREAS, NILT
Trust, as the grantor and the initial beneficiary (in such
capacity, the “Grantor” and the “UTI
Beneficiary”), NMAC, as servicer (the
“Servicer”), Wilmington Trust Company, a Delaware
banking corporation, as Delaware trustee (the “Delaware
Trustee”), NILT, Inc., a Delaware corporation, as trustee to
the Titling Trust (the “Titling Trustee”) and U.S.
Bank, as trust agent (the “Trust Agent”), have entered
into an amended and restated trust and servicing agreement, dated
as of August 26, 1998 (the “ Titling Trust
Agreement ”), pursuant to which the Titling Trust was
created to, among other things, take assignments and conveyances of
and hold in trust various assets (the “ Trust Assets
”);
WHEREAS, the
parties to the Titling Trust Agreement supplemented the Titling
Trust Agreement with the 2009-B SUBI Supplement, dated as of
September 11, 2009 (together with the Titling Trust Agreement,
the “ SUBI Trust Agreement ”), to establish a
special unit of beneficial interest, the “2009-B SUBI”
(“ 2009-B SUBI ”);
WHEREAS, in
connection with the SUBI Trust Agreement a separate portfolio of
leases (the “ 2009-B Leases ”), the vehicles
that are leased under the 2009-B Leases (the “ 2009-B
Vehicles ”), and certain other related Trust Assets have
been allocated to the 2009-B SUBI;
WHEREAS, the
Titling Trust has issued a certificate evidencing a 100% beneficial
interest in the 2009-B SUBI (the “ 2009-B SUBI
Certificate ”) to NILT Trust;
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 ”), each between NALL II, as
depositor (the “Depositor”), and Wilmington Trust
Company, as owner trustee (the “Owner
Trustee”);
WHEREAS, pursuant
to the SUBI Certificate Transfer Agreement, dated as of
September 11, 2009 (the “ SUBI Certificate Transfer
Agreement ”), between NILT Trust as transferor, and NALL
II, as transferee, NILT Trust has sold, transferred and assigned to
NALL II, without recourse, all of NILT Trust’s right, title
and interest in the 2009-B SUBI Certificate;
1
WHEREAS, pursuant
to the Trust SUBI Certificate Transfer Agreement, dated as of
September 11, 2009 (the “ Trust SUBI Certificate
Transfer Agreement ”), between NALL II, as transferor,
and the Issuing Entity, as transferee, the Depositor has sold,
transferred and assigned to the Issuing Entity, without recourse,
all of the Depositor’s right, title and interest in the
2009-B SUBI Certificate;
WHEREAS, pursuant
to the Indenture, the Issuing Entity has pledged and granted a
security interest in the 2009-B SUBI Certificate to the Indenture
Trustee to secure payment of the Notes;
WHEREAS, the
parties hereto desire to enter into this Agreement to provide that
if, for any reason, the form of any of the transactions
contemplated by the SUBI Trust Agreement, the 2009-B SUBI
Certificate, the Trust Agreement, the SUBI Certificate Transfer
Agreement, the Trust SUBI Certificate Transfer Agreement or the
Indenture (collectively, the “ Transfer Documents
”) is deemed to constitute a loan by any or all of the
Securityholders, secured by a pledge of the 2009-B SUBI Assets or
any interest therein (rather than by the 2009-B SUBI Certificate),
each of NMAC, the Titling Trust, NILT Trust, the Depositor and the
Issuing Entity shall be deemed to have granted to the Indenture
Trustee a first priority security interest in such assets to secure
the Notes.
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:
1.01
Definitions . Capitalized terms used herein that are not
otherwise defined shall have the respective meanings ascribed
thereto in the Agreement of Definitions, dated as of
September 11, 2009, by and among the Issuing Entity, NILT
Trust, the Titling Trust, NMAC, in its individual capacity, as the
Servicer and as administrative agent (in such capacity, the “
Administrative Agent ”), NALL II, the Titling Trustee,
the Owner Trustee, the Delaware Trustee, the Trust Agent and the
Indenture Trustee.
1.02
Interpretive Provisions . For all purposes of this
Agreement, except as otherwise expressly provided or unless the
context otherwise requires, (i) terms used herein include, as
appropriate, all genders and the plural as well as the singular,
(ii) references to words such as “herein”,
“hereof” and the like shall refer to this Agreement as
a whole and not to any particular part, Article or Section herein,
(iii) references to an Article or Section such as
“Article One” or “Section 1.01”
shall refer to the applicable Article or Section of this Agreement,
(iv) the term “include” and all variations thereof
shall mean “include without limitation”, (v) the
term “or” shall include “and/or” and
(vi) the term “proceeds” shall have the meaning
ascribed to such term in the UCC.
2
2.01 Grant of
Security Interest .
(a) Each
of NMAC, the Titling Trust, NILT Trust, the Depositor and the
Issuing Entity hereby grants to the Indenture Trustee a security
interest in all of its present and future right, title and interest
in, to and under (but not, except to the extent required by law,
any obligations with respect to) the following collateral:
(i) a 100% beneficial interest in (A) all rights under
the 2009-B Leases; (B) to the extent permitted by applicable
law, the 2009-B Vehicles; (C) all other 2009-B SUBI Assets,
including the 2009-B SUBI Collection Account; and (D) all
proceeds of the items described in clauses (i) (A), (B) and
(C), including insurance payable by reason of loss or damage to the
2009-B Vehicles to the extent not applied to making repairs to the
related 2009-B Vehicle or otherwise paid by the Servicer to the
Lessee, a third person or governmental authority as required by law
or pursuant to its normal servicing practices; (ii) the
Reserve Account; and (iii) all proceeds, accounts, money,
general intangibles, instruments, chattel paper, goods, investment
property or other property consisting of, arising from or related
to the foregoing (collectively, the “Collateral”). Such
grant is made to secure (i) the payment of all amounts
due
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