NISSAN AUTO LEASE TRUST 2006-A, NISSAN MOTOR ACCEPTANCE CORPORATION, as Administrative Agent, NISSAN AUTO LEASING LLC II, as Depositor, and U.S. Bank National Association, as Indenture Trustee TRUST ADMINISTRATION AGREEMENT Dated as of November 21, 2006
Exhibit 10.5
NISSAN AUTO LEASE TRUST 2006-A,
NISSAN MOTOR ACCEPTANCE CORPORATION,
as Administrative Agent,
as Administrative Agent,
NISSAN AUTO LEASING LLC II,
as Depositor,
as Depositor,
and
U.S. Bank National Association,
as Indenture Trustee
as Indenture Trustee
Dated as of November 21, 2006
TABLE OF CONTENTS
| Page | ||||||
Section 1.01 |
Capitalized Terms; Interpretive Provisions | 1 | ||||
Section 1.02 |
Duties of the Administrative Agent | 1 | ||||
Section 1.03 |
Records | 6 | ||||
Section 1.04 |
Compensation | 6 | ||||
Section 1.05 |
Additional Information to be Furnished to the Issuing Entity | 6 | ||||
Section 1.06 |
Independence of the Administrative Agent | 6 | ||||
Section 1.07 |
No Joint Venture | 6 | ||||
Section 1.08 |
Other Activities of Administrative Agent | 7 | ||||
Section 1.09 |
Term of Agreement; Resignation and Removal of Administrative Agent | 7 | ||||
Section 1.10 |
Action Upon Termination, Resignation or Removal | 8 | ||||
Section 1.11 |
Notices | 8 | ||||
Section 1.12 |
Amendments | 9 | ||||
Section 1.13 |
Successors and Assigns | 9 | ||||
Section 1.14 |
Governing Law | 9 | ||||
Section 1.15 |
Headings | 10 | ||||
Section 1.16 |
Counterparts | 10 | ||||
Section 1.17 |
Severability | 10 | ||||
Section 1.18 |
Limitation of Liability of Owner Trustee and Indenture Trustee | 10 | ||||
Section 1.19 |
Third-Party Beneficiary | 10 | ||||
Section 1.20 |
No Petition | 10 | ||||
i
This Trust Administration Agreement, dated as of November 21, 2006 (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), is among Nissan Auto Lease
Trust 2006-A, 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 (“▇▇▇▇ II”), as depositor (the “Depositor”), and U.S. Bank National
Association, a national banking association (“U.S. Bank”), as indenture trustee (the
“Indenture Trustee”).
RECITALS
WHEREAS, the Issuing Entity was formed pursuant to a trust agreement, dated as of November 8,
2006, as amended and restated by the amended and restated trust agreement, dated as of November 21,
2006 (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 meanings
ascribed thereto in the Agreement of Definitions, dated as of November 21, 2006, 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”), ▇▇▇▇ 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”.
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. 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 ▇▇▇▇▇▇▇▇-▇▇▇▇▇ 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);
(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, if requested, 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 2006-A 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);
(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 (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 from time to time reasonable compensation for all services
rendered by the Owner Trustee 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); and
(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 negligence or bad faith.
(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 shall be responsible for promptly notifying the Owner Trustee if any
withholding tax is imposed on the Issuing Entity’s payments (or allocations of income) to a Trust
Certificateholder as contemplated in Section 5.02(d) of the Trust Agreement. Any such
notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee
pursuant to such provision.
(e) Notwithstanding anything in this Agreement or the Related Documents to the contrary, the
Administrative Agent shall be responsible for performance of the duties of the Owner Trustee set
forth in Sections 5.03 and 9.01(c) of the Trust Agreement with respect to notifying
the Trust Certificateholders of the Payment Date on which their Trust Certificates will be repaid
and Section 5.04(a) of the Trust Agreement with respect to accounting and reports to Trust
Certificateholders; provided, however, that the Owner Trustee shall retain
responsibility for the distribution of the documentation necessary to enable each Trust
Certificateholder to prepare its federal and state income tax returns.
(f) The Administrative Agent shall satisfy its obligations with respect to clauses (d) and (e)
above by retaining, at the expense of the Issuing Entity, payable by the Administrative Agent,
Accountants acceptable to the Owner Trustee, which shall perform the obligations of the
Administrative Agent thereunder.
(g) The Administrative Agent shall perform any duties expressly required to be performed by
the Administrative Agent under the Trust Agreement. The Administrator shall perform all duties and
obligations applicable to or required of the Issuing Entity set forth in Schedule A to the 2006-A
Servicing Supplement in accordance with the terms and conditions thereof.
(h) In carrying out the foregoing duties or any of its other obligations under this Agreement,
the Administrative Agent may enter into transactions or otherwise deal with any of its Affiliates;
provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuing Entity and shall be, in the Administrative
Agent’s opinion, no less favorable to the Issuing Entity than would be available from unaffiliated
parties.
(i) With respect to matters that in the reasonable judgment of the Administrative Agent are
non-ministerial, the Administrative Agent shall not take any action unless within a
reasonable time before the taking of such action the Administrative Agent shall have notified
the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial
matters” shall include:
(i) amendment of or any supplement to the Indenture;
(ii) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of
any action, claim or lawsuit brought by or against the Issuing Entity (other than in
connection with the collection of the Leases);
(iii) the amendment, change or modification of the Related Documents;
(iv) the appointment of successor Note Registrars, successor Paying Agents and
successor Indenture Trustees pursuant to the Indenture or the appointment of successor
Administrative Agents or successor Servicers, or the consent to the assignment by the Note
Registrar, any Paying Agent or Indenture Trustee of its obligations under the Indenture; and
(v) the removal of the Indenture Trustee.
Notwithstanding anything to the contrary in this Agreement, the Administrative Agent shall not
be obligated to, and shall not, (i) make any payments to the Noteholders under the Related
Documents, (ii) sell the Owner Trust Estate pursuant to Section 5.02 of the Indenture,
(iii) take any other action that the Issuing Entity directs the Administrative Agent not to take on
its behalf or (iv) take any other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.
Section 1.03 Records. The Administrative Agent shall maintain appropriate books of
account and records relating to services performed hereunder, which books of account and records
shall be accessible for inspection by the Issuing Entity and the Depositor at any time during
normal business hours.
Section 1.04 Compensation. As compensation for the performance of the Administrative
Agent’s obligations under this Agreement and as reimbursement for its expenses related thereto, the
Administrative Agent shall be entitled to an annual payment of compensation in an amount to be
agreed to between the Administrative Agent and the Servicer which shall be solely an obligation of
the Servicer.
Section 1.05 Additional Information to be Furnished to the Issuing Entity. The
Administrative Agent shall furnish to the Issuing Entity from time to time such additional
information regarding the Collateral as the Issuing Entity shall reasonably request.
Section 1.06 Independence of the Administrative Agent. For all purposes of this
Agreement, the Administrative Agent shall be an independent contractor and shall not be subject to
the supervision of the Issuing Entity or the Owner Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by the
Issuing Entity, the Administrative Agent shall have no authority to act for or represent the
Issuing Entity or the Owner Trustee in any way and shall not otherwise be deemed an agent of
the Issuing Entity or the Owner Trustee.
Section 1.07 No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrative Agent and either of the Issuing Entity or the Owner Trustee as
members of any partnership, joint venture, association, syndicate, unincorporated business or
other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii)
shall be deemed to confer on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.
Section 1.08 Other Activities of Administrative Agent. Nothing herein shall prevent
the Administrative Agent or its Affiliates from engaging in other businesses or, in its sole
discretion, from acting in a similar capacity as an Administrative Agent for any other Person or
entity, even though such person or entity may engage in business activities similar to those of the
Issuing Entity, the Owner Trustee or the Indenture Trustee.
Section 1.09 Term of Agreement; Resignation and Removal of Administrative Agent. This
Agreement shall continue in force until the dissolution of the Issuing Entity, upon which event
this Agreement shall automatically terminate.
(a) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, the
Administrative Agent may resign its duties hereunder by providing the Issuing Entity with at least
60 days’ prior written notice.
(b) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, the Issuing
Entity may remove the Administrative Agent without cause by providing the Administrative Agent with
at least 60 days’ prior written notice.
(c) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, at the sole
option of the Issuing Entity, the Administrative Agent may be removed immediately upon written
notice of termination from the Issuing Entity to the Administrative Agent if any of the following
events shall occur:
(i) the Administrative Agent shall default in the performance of any of its duties
under this Agreement and, after notice of such default, shall not cure such default within
ten days (or, if such default cannot be cured in such time, shall not give within ten days
such assurance of cure as shall be reasonably satisfactory to the Issuing Entity);
(ii) the existence of any proceeding or action, or the entry of a decree or order for
relief by a court or regulatory authority having jurisdiction over the Administrative Agent
in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Administrative Agent or of any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Administrative Agent and the
continuance of any such action, proceeding, decree or order unstayed and, in the case of any
such order or decree, in effect for a period of 90 consecutive days; or
(iii) the commencement by the Administrative Agent of a voluntary case under the
federal bankruptcy laws, as now or hereafter in effect, or the consent by the Administrative
Agent to the appointment of or taking of possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Administrative Agent or of
any substantial part of its property or the making by the Administrative Agent of an
assignment for the benefit of creditors or the failure by the Administrative Agent generally
to pay its debts as such debts become due or the taking of corporate action by the
Administrative Agent in furtherance of any of the foregoing.
The Administrative Agent agrees that if any of the events specified in clauses (ii) or (iii)
above shall occur, it shall give written notice thereof to the Issuing Entity and the Indenture
Trustee within seven days after the occurrence of such event.
(d) No resignation or removal of the Administrative Agent pursuant to this Section shall be
effective until (i) a successor Administrative Agent shall have been appointed by the Issuing
Entity and (ii) such successor Administrative Agent shall have agreed in writing to be bound by the
terms of this Agreement in the same manner as the Administrative Agent is bound hereunder.
(e) The appointment of any successor Administrative Agent shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed appointment.
(f) Subject to Sections 1.09(d) and 1.09(e), the Administrative Agent
acknowledges that upon the appointment of a successor Servicer pursuant to the Servicing Agreement,
the Administrative Agent shall immediately resign and such successor Servicer shall automatically
become the Administrative Agent under this Agreement; provided, however, that this
paragraph shall not apply at such times as the Titling Trustee shall be the successor Servicer.
Section 1.10 Action Upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to the first sentence of Section
1.09 or the resignation or removal of the Administrative Agent pursuant to Section
1.09(a), (b) or (c), respectively, the Administrative Agent shall be entitled
to be paid all fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrative Agent shall forthwith upon such termination pursuant to
the first sentence of Section 1.09 deliver to the Issuing Entity all property and documents
representing or relating to the Collateral then in the custody of the Administrative Agent. In the
event of the resignation or removal of the Administrative Agent pursuant to Section
1.09(a), (b) or (c), respectively, the Administrative Agent shall cooperate
with the Issuing Entity and take all reasonable steps requested to assist the Issuing Entity in
making an orderly transfer of the duties of the Administrative Agent.
Section 1.11 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each
case as follows: (i) if to the Issuing Entity or the Administrative Agent, at BellSouth Tower, ▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ (telecopier no.
(▇▇▇) ▇▇▇-▇▇▇▇), Attention: Treasurer; (ii) if to the Owner Trustee, at Wilmington Trust Company,
▇▇▇▇▇▇ Square North, ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (telecopier no. (▇▇▇)
▇▇▇-▇▇▇▇), Attention: Corporate Trust Administration; (iii) if to the Indenture Trustee, at U.S.
Bank National Association, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (telecopier
no. (▇▇▇) ▇▇▇-▇▇▇▇); (iv) if to Moody’s, to ▇▇▇▇▇’▇ Investors Service, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (telecopier no. (▇▇▇) ▇▇▇-▇▇▇▇), Attention: ABS Monitoring Group; (iv) if to
Standard & Poor’s, to Standard & Poor’s
| 8 | Trust Administration Agreement |
Ratings Services, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies,
Inc., ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (telecopier no. (▇▇▇) ▇▇▇-▇▇▇▇), Attention: Asset
Backed Surveillance Group; 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 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 1.12 Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the parties hereto, with the written consent of
the Owner Trustee but without the consent of the Securityholders, 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 Securityholders; provided, that such amendment will
not, as evidenced by an Officer’s Certificate of the Administrative Agent or the Depositor
delivered to the Indenture Trustee, materially and adversely affect the interest of any Noteholder
or Trust Certificateholder. This Agreement may also be amended by the parties hereto with the
written consent of the Owner Trustee and the holders of Notes evidencing at least a majority of the
Outstanding Amount and the holders of Trust Certificates evidencing at least a majority of the
Certificate Balance 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
Securityholders; provided, however, that no such amendment may (i) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of payments on the 2006-A Leases
or distributions that are required to be made for the benefit of the Securityholders or (ii) reduce
the aforesaid percentage of the holders of Notes and Trust Certificates which are required to
consent to any such amendment, without the consent of the holders of all outstanding Notes and
Trust Certificates (provided, that if the Depositor and its Affiliates do not hold all of the Trust
Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall not be
deemed Outstanding for purposes of this provision). Notwithstanding the foregoing, the
Administrative Agent may not amend this Agreement without the permission of the Depositor, which
permission shall not be unreasonably withheld.
Section 1.13 Successors and Assigns. This Agreement may not be assigned by the
Administrative Agent unless such assignment is previously consented to in writing by the Issuing
Entity and the Owner Trustee and subject to the satisfaction of the Rating Agency Condition in
respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrative Agent is bound
hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrative
Agent without the consent of the Issuing Entity or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of assets) to the
Administrative Agent; provided, that such successor organization executes and delivers to the
Issuing Entity, the Owner Trustee and the Indenture Trustee an agreement, in form and substance
reasonably satisfactory to the Owner Trustee and the Indenture Trustee, in
which such corporation or other organization agrees to be bound hereunder by the terms of said
assignment in the same manner as the Administrative Agent is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties hereto.
Section 1.14 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the State of New York).
| 9 | Trust Administration Agreement |
Section 1.15 Headings. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.
Section 1.16 Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument.
Section 1.17 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.
Section 1.18 Limitation of Liability of Owner Trustee and Indenture Trustee.
(a) Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by Wilmington Trust Company in its capacity as Owner Trustee of the Issuing Entity
and in no event shall Wilmington Trust Company in its individual capacity or any beneficial owner
of the Issuing Entity have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had
solely to the assets of the Issuing Entity. For all purposes of this Agreement, in the performance
of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject
to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of
the Trust Agreement.
(b) Notwithstanding anything contained herein to the contrary, this Agreement has been
executed by U.S. Bank as Indenture Trustee and in no event shall U.S. Bank have any liability for
the representations, warranties, covenants, agreements or other obligations of the Issuing Entity
hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all
of which recourse shall be had solely to the assets of the Issuing Entity.
Section 1.19 Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary
to this Agreement and is entitled to the rights and benefits hereunder and may enforce the
provisions hereof as if it were a party hereto.
Section 1.20 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Trustee, the Titling Trust, the
Issuing Entity , any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization,
arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state
bankruptcy or similar law.
[Signature Page to Follow]
| 10 | Trust Administration Agreement |
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written.
| NISSAN AUTO LEASE
TRUST 2006-A, as Issuing Entity |
||||||
| By: | WILMINGTON TRUST COMPANY, | |||||
| not in its individual capacity, but solely as Owner Trustee |
||||||
| By: | J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |||||
| Name: | J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |||||
| Title: | Financial Services Officer | |||||
| NISSAN AUTO LEASING LLC II, as Depositor | ||||||
| By: | ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | |||||
| Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: Treasurer |
||||||
| U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee |
||||||
| By: | ▇▇▇▇▇▇▇▇ ▇. Child | |||||
| Name: | ▇▇▇▇▇▇▇▇ ▇. Child | |||||
| Title: | Vice President | |||||
| NISSAN MOTOR ACCEPTANCE CORPORATION, as | ||||||
| Administrative Agent | ||||||
| By: | ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | ||||||
| Title: President | ||||||
| S-1 | Trust Administration Agreement |