Common use of Execution, Authentication and Delivery Clause in Contracts

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000254,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000420,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00050,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 470,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000106,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2020-B Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000184,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000271,560,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000110,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 130,000,000, Class A-4 B Notes for original issue in an aggregate principal amount of $132,710,00041,000,000, Class C Notes for original issue in an aggregate principal amount of $56,370,000, Class D Notes for original issue in an aggregate principal amount of $61,030,000 and Class E Notes for original issue in an aggregate principal amount of $18,630,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and the Class A-4 E Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes and Class C Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000, and the Retained Notes shall be issuable in the minimum denominations of $250,000 and integral multiples of $1,000; provided further, that the minimum amounts of any Retained Notes shall also be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $280,000,000 of Class A-1 Notes, (ii) $270,000,000429,000,000 of Class A-2A Notes, the (iii) $184,000,000 of Class A-2a Notes for original issue in an aggregate principal amount A-2B Notes, (iv) $325,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (v) $79,930,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2A Notes, the Class A-2B Notes, Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2016-A Closing Date, one Class A-1 Note, one Class A-2A Note, one Class A-2B Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2A Note Balance, the Initial Class A-2B Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 A‑1 Notes for original issue in an aggregate principal amount of $270,000,000303,000,000, the Class A-2a A‑2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000450,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and 360,000,000, the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000105,800,000 and the Class B Notes for original issue in an aggregate principal amount of $31,200,000. The aggregate principal amount of the Class A-1 A‑1 Notes, the Class A-2 A‑2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit AX-0, Xxxxxxx X-0 or Exhibit A-3, as the case may beapplicable, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000216,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000280,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000133,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 234,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000125,000,000 and Class B Notes for original issue in an aggregate principal amount of $21,160,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes Bonds shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes Bonds may be manual or facsimile. Notes Bonds bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes Bonds or did not hold such offices at the date of such NotesBonds. The Indenture Trustee shall upon Issuer Order Request authenticate and deliver the Class A-1 Notes A-1, Class M-1, Class M-2 and Class B Bonds for original issue in an aggregate initial principal amount of $270,000,000, the 199,003,831. The Class A-2a Notes for original issue A-1 Bonds shall be issued in an aggregate initial principal amount of $200,000,000174,503,831, the Class A-2b Notes for original issue M-1 Bonds shall be issued in an aggregate initial principal amount of $290,000,0009,500,000, the Class A-3 Notes for original issue M-2 Bonds shall be issued in an aggregate initial principal amount of $410,000,000 8,000,000 and the Class A-4 Notes for original issue B Bonds shall be issued in an aggregate initial principal amount of $132,710,0007,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes A-IO Bonds shall be issued as Definitive Notes and the holder in an aggregate initial notional amount of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture$25,000,000. Each Note of the Bonds shall be dated the date of its authentication. The Bonds shall be issuable as registered Bonds and the Bonds shall be issuable in the minimum initial Bond Principal Balances or Notional Amounts of $25,000 and in integral multiples of $1 in excess thereof. No Note Bond shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note Bond a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatories, and such certificate upon any Note Bond shall be conclusive evidence, and the only evidence, that such Note Bond has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000200,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000295,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00075,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 300,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000130,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.. (NAROT 2018-A Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000161,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000272,800,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 272,800,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00071,720,000 and Class B Notes for original issue in an aggregate principal amount of $24,520,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $220,000,000 of Class A-1 Notes, (ii) $270,000,000407,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $315,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $95,160,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2016-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Securities Administrator shall upon Issuer Order Request authenticate and deliver the each Class A-1 of Notes for original issue in an aggregate initial principal amount equal to the Initial Note Principal Balance or Initial Notional Amount, as applicable, for such Class of $270,000,000, Notes. Each of the Class A-2a Notes for original issue in an aggregate principal amount shall be dated the date of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000its authentication. The aggregate principal amount of the Class A-1 Notes, the Notes and Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in book-entry form and the Notes shall be issuable in the minimum denominations initial Note Principal Balances of $25,000 and any in integral multiple multiples of $1,000 1 in excess thereof; provided that any Retained . The Class X-1 Notes shall be issued issuable as Definitive registered Notes in physical form and the holder of such Retained Notes shall be a Note Owner issuable in the minimum initial Notional Amount of $25,000 and a Noteholder for all purposes in integral multiples of this Indenture$1 in excess thereof. Each Note The Class A-3, Class A-4, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes shall be dated issuable as registered Notes in physical form and the date Notes shall be issuable in the minimum initial Note Principal Balances of its authentication$25,000 and in integral multiples of $1 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Securities Administrator by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000180,500,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000368,090,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 368,080,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00096,650,000, Class B Notes for original issue in an aggregate principal amount of $31,920,000 and Class C Notes for original issue in an aggregate principal amount of $15,960,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000244,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000385,010,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 385,010,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000100,230,000, Class B Notes for original issue in an aggregate principal amount of $35,090,000 and Class C Notes for original issue in an aggregate principal amount of $17,550,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000200,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000310,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00050,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 360,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00080,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2018-C Indenture)

Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf of the Issuer Issuing Entity by any of its the Issuing Entity’s Authorized Officers. The signature of any such Authorized Officer of the Issuing Entity 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 Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that any such individuals or any of them 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 shall, upon Issuer Order receipt of an Issuing Entity Order, authenticate and deliver the Class A-1 Notes for original issue in an the following aggregate principal amount amounts of the Notes: (i) $270,000,00096,000,000 of Class A-1 Notes, the (ii) $288,290,000 of Class A-2a Notes for original issue in an aggregate principal amount A-2 Notes, (iii) $288,290,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount Notes, (iv) $107,390,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount and (v) $36,000,000 of $132,710,000Class B Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Notes, Class A-4 Notes outstanding and Class B Notes Outstanding at any time may not exceed such respective amounts amounts, except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.5. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note, one Class A-4 Note and one Class B Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance, the Initial Class A-4 Note Balance and the Initial Class B Note Balance, respectively. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatoriesAuthorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000229,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000247,800,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000106,200,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 266,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00089,920,000, Class B Notes for original issue in an aggregate principal amount of $29,500,000 and Class C Notes for original issue in an aggregate principal amount of $14,750,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000194,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000305,780,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 305,780,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00079,150,000, Class B Notes for original issue in an aggregate principal amount of $27,870,000 and Class C Notes for original issue in an aggregate principal amount of $13,930,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $266,000,000 of Class A-1 Notes, (ii) $270,000,000460,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $460,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $100,253,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2018-A Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000360,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000350,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000205,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 442,500,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000142,500,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2017-C Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000179,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000243,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 343,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00085,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (Nissan 2014-B Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $264,600,000 of Class A-1 Notes, (ii) $270,000,000452,600,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $452,600,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $120,120,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2021-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $200,000,000 of Class A-1 Notes, (ii) $270,000,000530,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $440,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $109,960,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2019-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000263,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000400,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00050,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 450,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00087,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2019-A Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000186,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000160,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000160,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 354,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000107,600,000 and Class B Notes for original issue in an aggregate principal amount of $20,730,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000190,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000309,800,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 257,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000127,670,000 and Class B Notes for original issue in an aggregate principal amount of $18,940,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of the Class A-1 Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000158,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000222,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 336,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00084,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (Nissan 2013-C Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000300,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000227,500,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000225,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 402,500,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00095,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2023-A Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000225,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000346,500,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000129,500,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 426,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00094,750,000 and Class B Notes for original issue in an aggregate principal amount of $34,700,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $234,000,000 of Class A-1 Notes, (ii) $270,000,000345,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $365,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $90,020,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2018-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $157,000,000 of Class A-1 Notes, (ii) $270,000,000420,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $345,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $88,120,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2020-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Securities Administrator shall upon Issuer Order Request authenticate and deliver the each Class A-1 of Notes for original issue in an aggregate initial principal amount equal to the Initial Note Principal Balance or Initial Notional Amount, as applicable, for such Class of $270,000,000Notes. Each of the Notes shall be dated the date of its authentication. The Class A-1, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000A-2, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in book-entry form and the Notes shall be issuable in the minimum denominations initial Note Principal Balances of $25,000 100,000 and any in integral multiple multiples of $1,000 1 in excess thereof; provided that any Retained . The Class X Notes shall be issued issuable as Definitive registered Notes in physical form and the holder of such Retained Notes shall be a Note Owner issuable in the minimum initial Notional Amount of $100,000 and a Noteholder for all purposes in integral multiples of this Indenture$1 in excess thereof. Each Note The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes shall be dated issuable as registered Notes in physical form and the date Notes shall be issuable in the minimum initial Note Principal Balances or Notional Amounts, as applicable, of its authentication$100,000 and in integral multiples of $1 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Securities Administrator by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 540,206,000 and Variable Pay Revolving Notes for original issue in an aggregate initial principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,0002,714,603. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, Notes and the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations have an initial principal amount of $25,000 210,000,000, $158,000,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture172,206,000, respectively. Each Note shall be dated the date of its authentication. The Term Notes shall be issuable as registered Book-Entry Notes and the Variable Pay Revolving Notes shall be issued as Definitive Notes, and each of the Notes shall be issuable in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof. Each Class of the Variable Pay Revolving Notes shall be issued as a single note. Each Class of Variable Pay Revolving Note issued pursuant to Section 2.03 shall be issued with an initial Note Balance equal to the outstanding Note Balance of the related Class of Term Notes as of the related Targeted Final Payment Date. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000195,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000363,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 390,600,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000100,020,000, Class B Notes for original issue in an aggregate principal amount of $33,030,000 and Class C Notes for original issue in an aggregate principal amount of $16,520,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000275,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000371,250,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00060,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 431,250,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000112,500,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2019-C Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $345,000,000 of Class A-1 Notes, (ii) $270,000,000495,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $489,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $101,264,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2012-A Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000175,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000322,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00070,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 351,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00076,260,000, Class B Notes for original issue in an aggregate principal amount of $31,320,000 and Class C Notes for original issue in an aggregate principal amount of $15,650,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes and the Notes, Class A-4 Notes, Class B and Class C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $265,000,000 of Class A-1 Notes, (ii) $270,000,000479,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $479,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $94,110,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2019-A Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000237,320,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000309,240,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00065,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 336,770,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00080,300,000, Class B Notes for original issue in an aggregate principal amount of $32,400,000 and Class C Notes for original issue in an aggregate principal amount of $16,200,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000296,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000330,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000100,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 428,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00096,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2016-C Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $245,000,000 of Class A-1 Notes, (ii) $270,000,000490,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $428,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $110,860,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2021-A Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000210,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000467,740,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 416,710,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000104,620,000, Class B Notes for original issue in an aggregate principal amount of $37,770,000 and Class C Notes for original issue in an aggregate principal amount of $18,900,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000219,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000330,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 351,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000100,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (Nissan 2014-A Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000233,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000266,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00080,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 332,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00089,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015NAROT 2017-B A Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000181,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000366,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 270,050,000, Class A-4 B Notes for original issue in an aggregate principal amount of $132,710,00061,020,000, Class C Notes for original issue in an aggregate principal amount of $61,020,000, Class D Notes for original issue in an aggregate principal amount of $47,750,000 and Class E Notes for original issue in an aggregate principal amount of $21,220,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and the Class A-4 E Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000, and the Class E Notes shall be issuable in the minimum denominations of $250,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000216,550,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000258,240,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000110,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 279,880,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00097,610,000, Class B Notes for original issue in an aggregate principal amount of $30,230,000 and Class C Notes for original issue in an aggregate principal amount of $15,120,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000, and the Class C Notes shall be issuable in the minimum denominations of $250,000 and integral multiples of $1,000; provided further, that the minimum amounts of any Retained Notes shall also be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000252,100,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000382,100,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 304,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000261,890,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes retained by NARC II or NMAC or conveyed to an Affiliate of NARC II or NMAC 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000220,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000210,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000175,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 305,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00090,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2016-A Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000118,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000125,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000125,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 229,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00052,030,000 and Class B Notes for original issue in an aggregate principal amount of $11,650,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officersthe Owner Trustee, as provided in the Trust Agreement. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 shall, upon receipt of an Issuer Order Order, authenticate and deliver the Class A-1 Notes for original issue Notes in an aggregate principal the amount of $270,000,000the Initial Class A-1 Note Balance, the Initial Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000A-2 Note Balance, the Initial Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000A-3 Note Balance, the Initial Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 A-4 Note Balance and the Initial Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000B Note Balance. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts amounts, except as otherwise provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof, except that one Note of each Class may be issued in a different denomination. 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 included provided for in Exhibit A, the forms of Notes attached as the case may be, exhibits to this Indenture executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 A‑1 Notes for original issue in an aggregate principal amount of $270,000,000310,000,000, the Class A-2a A‑2a Notes for original issue in an aggregate principal amount of $200,000,000312,300,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000312,300,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and 554,400,000, the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00071,000,000 and the Class B Notes for original issue in an aggregate principal amount of $40,000,000. The aggregate principal amount of the Class A-1 A‑1 Notes, the Class A-2 A-2a Notes, the Class A‑2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Class A Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit AA-1, Exhibit A-2 or Exhibit A-3, as the case may beapplicable, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000169,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000231,800,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00050,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 281,800,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00076,830,000, Class B Notes for original issue in an aggregate principal amount of $25,500,000 and Class C Notes for original issue in an aggregate principal amount of $12,750,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000186,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000369,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 326,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00089,060,000 and Class B Notes for original issue in an aggregate principal amount of $30,560,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000352,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000219,500,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000219,500,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 376,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00083,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 (NAROT 2023-B Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000225,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000272,500,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00075,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 347,500,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00080,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.. (NAROT 2018-B Indenture)

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000200,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000387,400,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 387,400,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000121,600,000, Class B Notes for original issue in an aggregate principal amount of $34,530,000 and Class C Notes for original issue in an aggregate principal amount of $17,270,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000141,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000131,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000131,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 204,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00084,410,000 and Class B Notes for original issue in an aggregate principal amount of $14,810,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000225,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000185,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 235,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000113,000,000, Class B Notes for original issue in an aggregate principal amount of $22,000,000 and Class C Notes for original issue in an aggregate principal amount of $20,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any in integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000196,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000216,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 331,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000157,000,000 and Class B Notes for original issue in an aggregate principal amount of $41,362,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes Each Note shall be executed by manual or facsimile signature on behalf of the Issuer by any of its Authorized Officers. The signature of any such an Authorized Officer on of the Notes may be manual or facsimileIssuer. Notes bearing the manual or facsimile signature of individuals an individual who were was, at any the time Authorized Officers when such signature was affixed, authorized to sign on behalf of the Issuer shall bind the Issuernot be rendered invalid, notwithstanding the fact that such individuals or any of them have individual ceased to hold such offices be so authorized prior to the authentication and delivery of such Notes or did does not hold such offices office at the date of issuance of such Notes. The On the Closing Date, the Indenture Trustee shall shall, upon Issuer Order Order, authenticate and deliver the Class A-1 A Notes for original issue in an aggregate principal amount of $270,000,000875,000,000, the Class A-2a B Notes for original issue in an aggregate principal amount of $200,000,000118,430,000, the Class A-2b C Notes for original issue in an aggregate principal amount of $290,000,000, the 69,080,000 and Class A-3 D Notes for original issue in an aggregate principal amount of $410,000,000 121,710,000. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication and delivery, and the Class A-4 Indenture Trustee, upon Issuer Order, shall authenticate and deliver such Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 this Indenture and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authenticationnot otherwise. 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 authentication, substantially in the form included in Exhibit A, as the case may beprovided for herein, executed by or on behalf of the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its a duly authorized signatoriessignatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000229,500,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000230,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 321,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000266,235,000, Class B Notes for original issue in an aggregate principal amount of $47,200,000 and Class C Notes for original issue in an aggregate principal amount of $16,659,100. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any in integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 11 (2015-B Indenture) Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000232,000,000, the Class A-2a A-2-A Notes for original issue in an aggregate principal amount of $200,000,000186,000,000, the Class A-2b A-2-B Notes for original issue in an aggregate principal amount of $290,000,000230,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 388,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00075,520,000, Class B Notes for original issue in an aggregate principal amount of $21,580,000 and Class C Notes for original issue in an aggregate principal amount of $35,970,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class A-4 Notes, the Class A-3 B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any in integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes shall thereof (except for one Note of each class which may be issued as Definitive Notes and the holder in a denomination other than an integral multiple of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its authentication$1,000). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them shall 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue issuance in their Initial Class Note Balance or Notional Amount as of the Cut-Off Date and Variable Funding Notes for original issuance in an aggregate initial principal amount of $270,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000zero. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time Variable Funding Balance may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture25,000,000.00. Each Note shall be dated the date of its authentication. The Notes other than the Class A-IO Notes shall be issuable as registered Notes in minimum initial Note Balances of $1,000 and in integral multiples of $1 in excess thereof. The Class A-IO Notes shall be issuable as registered Notes in minimum percentage interests of 5% and in integral multiples of 5% in excess thereof. Each Variable Funding Note shall be initially issued with a Variable Funding Balance of $0 or, if applicable, with a Variable Funding Balance in an amount equal to the sum of the Additional Balance Differential for the Collection Period relating to the Payment Date following the date of issuance of such Variable Funding Note pursuant to Section 4.01. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its the Authorized OfficersOfficers of the Owner Trustee. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 the Issuer Order authenticate and deliver the Class A-1 A Notes for original issue in an aggregate principal amount of $270,000,000214,700,000, the Class A-2a B Notes for original issue in an the aggregate principal amount of $200,000,000, the 66,338,000 and Class A-2b C Notes for original issue in an the aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00019,194,000. The aggregate principal amount of the Class A-1 A Notes, the Class A-2 Notes, the Class A-3 B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indentureamounts. Each Note shall be dated the date of its authentication. No Note The Class A Notes, the Class B Notes and the Class C Notes shall be entitled issuable as registered Notes in the minimum denomination of $250,000 and integral multiples of $1,000 thereafter. It is intended that the Class A Notes, the Class B Notes and the Class C Notes be registered so as to any benefit under this Indenture or participate in a book-entry system with the Clearing Agency as set forth herein. The Class A Notes, the Class B Notes and the Class C Notes shall each be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially initially issued in the form included of a single fully-registered note for Qualified Institutional Buyers and a single fully-registered note for Institutional Accredited Investors, if any, with a denomination in Exhibit Athe aggregate equal to the original principal balance of such class of Notes. Upon initial issuance, the ownership of such Notes shall be registered in the Note Register in the name of Cede & Co., or any successor thereto, as nominee for the case may be, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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 hereunderClearing Agency.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 300,000,000 and Variable Funding Notes for original issue in an aggregate initial principal amount of $200,000,0000. The Class A-1, the Class A-2b A-2 and Class A-3 Term Notes for original issue in shall have an aggregate initial principal amount of $290,000,000225,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 25,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00050,000,000, respectively. The Variable Funding Balance of any Class of Variable Funding Notes in the aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed the Maximum Variable Funding Balance for such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 IndentureClass. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes, and the Term Notes shall be issuable in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Each Class of the Variable Funding Notes shall be initially issued with a Variable Funding Balance of $0 or, if applicable, with a Variable Funding Balance in an amount equal to the Balance Differential for the related Loan Group and the Collection Period related to the Payment Date following the date of issuance of such Variable Funding Note pursuant to Section 4.01(b). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000380,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $375,000,000, Class A-2a A-3 Notes for original issue in the aggregate principal amount of $480,000,000, Class A-4 Notes for original issue in the aggregate principal amount of $220,000,000 and Class B Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00045,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be -------------------------------------- executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000211,098,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,00055,567,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 108,129,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00066,207,000, Class A-5 Notes for original issue in an aggregate principal amount of $53,999,000, Class B Notes for original issue in an aggregate principal amount of $33,000,000, and Class C Notes for original issue in an aggregate principal amount of $22,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class A-5 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatoriesofficers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Notes for original issue in an aggregate initial principal amount of $270,000,000224,099,000. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class M-1, Class M-2 and Class B Notes shall have initial principal amounts of the Initial Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000A-1 Note Balance, the Initial Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000A-2 Note Balance, the Initial Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Note Balance, Initial Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of the Note Balance, Initial Class A-1 NotesA-5 Note Balance, the Initial Class A-2 NotesA-6 Note Balance, the Initial Class A-3 Notes M-1 Note Balance, Initial Class M-2 Note Balance and the Initial Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a B Note Owner and a Noteholder for all purposes of this IndentureBalance, respectively. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes, and the Notes shall be issuable in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000402,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $620,000,000, Class A-2a A-3 Notes for original issue in the aggregate principal amount of $680,000,000, Class A-4 Notes for original issue in the aggregate principal amount of $240,000,000 and Class B Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00060,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes Bonds shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes Bonds may be manual or facsimile. Notes Bonds bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes Bonds or did not hold such offices at the date of such NotesBonds. The Indenture Trustee shall upon Issuer Order Request authenticate and deliver the Class A-1 Notes A-1, Class M-1 and Class M-2 Bonds for original issue in an aggregate initial principal amount of $270,000,000, the 199,000,000. The Class A-2a Notes for original issue A-1 Bonds shall be issued in an aggregate initial principal amount of $200,000,000181,000,000, the Class A-2b Notes for original issue M-1 Bonds shall be issued in an aggregate initial principal amount of $290,000,000, 10,000,000 and the Class A-3 Notes for original issue M-2 Bonds shall be issued in an aggregate initial principal amount of $410,000,000 and the 8,000,000. The Class A-4 Notes for original issue A-IO Bonds shall be issued in an aggregate principal initial notional amount of $132,710,00020,000,000. The aggregate principal amount Each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note Bonds shall be dated the date of its authentication. The Bonds shall be issuable as registered Bonds and the Bonds shall be issuable in the minimum initial Bond Principal Balances or Notional Amounts of $25,000 and in integral multiples of $1 in excess thereof. No Note Bond shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note Bond a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatories, and such certificate upon any Note Bond shall be conclusive evidence, and the only evidence, that such Note Bond has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000150,000,000, Class A-2 Notes for original issue in the Class A-2a aggregate principal amount of $433,650,000 and Subordinate Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00021,350,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Subordinate Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. The Senior Notes shall be issuable as registered Book-Entry Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof. The Subordinated Notes shall be issuable as registered, certificated Notes in the minimum denomination of $250,000 and in integral multiples of $1,000 in excess thereof except for one Note in the amount of $215,000 issued to Secondary Market Company, Inc. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 10 (2013-B Indenture) Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000348,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000455,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 431,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000167,690,000, Class B Notes for original issue in an aggregate principal amount of $27,270,000, Class C Notes for original issue in an aggregate principal amount of $40,890,000 and Class D Notes for original issue in an aggregate principal amount of $33,310,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class A-3 B Notes, the Class C Notes and the Class A-4 D Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any in integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes shall thereof (except for one Note of each class which may be issued as Definitive Notes and the holder in a denomination other than an integral multiple of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its authentication$1,000). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 10 (2013-C Indenture) Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000250,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000410,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 419,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000118,630,000, Class B Notes for original issue in an aggregate principal amount of $23,290,000, Class C Notes for original issue in an aggregate principal amount of $34,940,000 and Class D Notes for original issue in an aggregate principal amount of $28,470,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class A-3 B Notes, the Class C Notes and the Class A-4 D Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any in integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes shall thereof (except for one Note of each class which may be issued as Definitive Notes and the holder in a denomination other than an integral multiple of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its authentication$1,000). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 an Issuer Order authenticate and deliver the Class A-1 Notes for original issue in (i) an aggregate principal amount of $270,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of 189,000,000 with respect to the Class A-1 Notes, $342,100,000 with respect to the Class A-2 Notes, $105,000,000 with respect to the Class A-3 Notes and Notes, $75,000,000 with respect to the Class A-4 Notes, $39,500,000 with respect to the Class B-1 Notes, and $39,500,000 with respect to the Class B-2 Notes, and (ii) an aggregate Notional Amount of $75,000,000 with respect to the Class A-IO-1 Notes outstanding at any time may not exceed such respective amounts and an aggregate Notional Amount of $75,000,000 with respect to the Class A-IO-2 Notes, except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations As of $25,000 and any integral multiple date of $1,000 in excess thereof; provided that any Retained Notes shall be issued as Definitive determination, the aggregate Notional Amount of the Class A-IO-1 Notes and the holder of such Retained Class A-IO-2 Notes shall be a Note Owner and a Noteholder for all purposes each equal the aggregate principal amount then outstanding of this Indenturethe Class A-4 Notes; PROVIDED, HOWEVER after the Quarterly Distribution Date occurring in June 2010, the Notional Amount of the Class A-IO-1 Notes shall equal $0. Each Note shall be dated the date of its authentication. The Class A Notes shall be issuable as registered Notes in the minimum denomination of $50,000 principal amount and in integral multiples of $1,000 in excess thereof. The Class B Notes shall be issuable as registered Notes in the minimum denomination of $50,000 principal amount and in integral multiples of $50,000 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Senior Notes shall be executed by the Owner Trustee on behalf of the Issuer by any of its Authorized OfficersIssuer. The signature of any such Authorized Officer authorized officer of the Owner Trustee on the Senior Notes may be manual or by facsimile. Senior Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers authorized officers of the Issuer Owner Trustee shall bind the Issuer, notwithstanding that any such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Senior Notes or did not hold such offices at the date of such Senior Notes. The Indenture Trustee shall shall, upon Issuer Order Order, authenticate and deliver the Class A-1 Notes for original issue in an the following aggregate principal amount amounts of the Senior Notes: (i) $270,000,000180,000,000 of Class A-1 Notes, the (ii) $600,000,000 of Class A-2a Notes for original issue in an aggregate principal amount A-2 Notes, (iii) $300,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $390,160,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts amounts, except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Senior Note shall be dated the date of its authentication. The Senior Notes shall be issuable as registered notes in book-entry form in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance and the Initial Class A-4 Note Balance, respectively (each, a "Residual Note"). No Senior Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Senior Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatories, and such certificate upon any Senior Note shall be conclusive evidence, and the only evidence, that such Senior Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf of the Issuer by any of its Authorized OfficersIssuer. The signature of any such Authorized Officer 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 authorized officers of the Issuer Owner Trustee shall bind the Issuer, notwithstanding that any such individuals or any of them 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 shall, upon receipt of a Issuer Order Order, authenticate and deliver the Class A-1 Notes for original issue in an the following aggregate principal amount amounts of the Notes: (i) $270,000,000_________ of Class A-1 Notes, the (ii) $_________ of Class A-2a A-2 Notes, (iii) $_________ of Class A-3a Notes for original issue in an aggregate principal amount and (iv) $_________ of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000A-3b Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 A-3a Notes and the Class A-4 A-3b Notes outstanding at any time may not exceed such respective amounts amounts, except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. 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 $100,000 and in integral multiples of $1,000 in excess thereof. No Note may be sold, pledged or otherwise transferred to any Person except in accordance with Section 2.03 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, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.. Indenture

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000412,000,000, the Class A-2a A-2 Notes for original issue in an the aggregate principal amount of $200,000,000121,200,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an the aggregate principal amount of $410,000,000 730,200,000 and the Class A-4 B Notes for original issue in an aggregate principal amount the Class B Stated Principal Amount of $132,710,000242,979,952. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000,000 and in integral multiples of $1 in excess thereof. The Class A-2 Notes and Class A-3 Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000187,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of $200,000,00085,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,00085,000,000, the Class A-3 A-3a Notes for original issue in an aggregate principal amount of $410,000,000 and the 250,000,000, Class A-3b Notes for original issue in an aggregate principal amount of $104,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000189,000,000 and Class B Notes for original issue in an aggregate principal amount of $42,631,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 A-2a Notes, the Class A-3 A-2b Notes, Class A-3a Notes, Class A-3b Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000243,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000288,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 236,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000333,000,000 and Class B Notes for original issue in an aggregate principal amount of $31,105,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any Authorized Officer of its Authorized Officersthe Owner Trustee. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Owner Trustee or the Trust Administrator shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Trust Administrator shall, upon Issuer Order Issuing Entity Order, authenticate and deliver the Class A-1 Notes for original issue in an the aggregate principal amount of or notional amounts with respect to each Class as specified below: Class Class Principal Amount 1-A $270,000,000, the Class A-2a Notes for original issue in an aggregate principal amount of [ ] 2-Al $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of [ ] 2-A2 $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of [ ] 2-A3 $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of [ ] Ml $132,710,000. [ ] M2 $[ ] M3 $[ ] M4 $[ ] M5 $[ ] M6 $[ ] M7 $[ ] The aggregate principal amount amounts of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 such Classes of Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05amounts. The Senior Principal Notes shall will be issuable as registered issued in minimum principal amount denominations of $[100,000] and integral multiples of $1 in excess thereof. The Class M Notes will be issued in minimum denominations of $25,000 [100,000] and any integral multiple multiples of $1,000 in excess thereof; provided that any . Any Retained Notes shall will be issued subject to the same restrictions and consequences applicable to the Ownership Certificate as Definitive Notes and set forth in Section 3.03 of the holder Trust Agreement unless either (a) as of the date such Retained Notes shall are sold or transferred to a third party or taxable REIT subsidiary (within the meaning of the Code): (i) the owner of the Ownership Certificate is a Permitted Transferee; (ii) no modifications have been made to the transaction documents as of the date of such sale or transfer; (iii) the respective ratings of the Retained Notes as of the date of such sale or transfer are not lower than the ratings for such Retained Notes as of the Closing Date; and (iv) no adverse changes have been made to (or that would adversely affect the application of) the legal authorities applicable to the Closing Date tax opinions or (b) a tax opinion is delivered from a nationally recognized law firm generally recognized to be qualified to opine concerning the tax aspects of asset securitization that (i) the Retained Notes “will be debt” and (ii) after the sale or transfer, the Trust will continue to qualify as a Note Owner and a Noteholder Qualified REIT Subsidiary for all federal income tax purposes. For purposes of this Indenture. Each Note shall Section 2.02, in determining whether a holder of Retained Notes complies with the provisions of Section 3.03 of the Trust Agreement, such holder will be dated deemed to be the date of its authenticationCertificateholder. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Trust Administrator by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Issuing Entity shall bind the IssuerIssuing Entity, notwithstanding that such individuals or any of them 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 Issuer receipt of an Issuing Entity Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000210,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000404,700,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 252,900,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00098,700,000, Class B Notes for original issue in an aggregate principal amount of $30,350,000 and Class C Notes for original issue in an aggregate principal amount of $15,130,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class A-4 C Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000, and the Class B Notes and Class C Notes shall be issuable in the minimum denominations of $250,000 and integral multiples of $1,000; provided further, that the minimum amounts of any Retained Notes shall also be subject to the restrictions set forth in Section 2.04. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000342,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000416,600,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and 342,200,000, the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000117,950,000 and the Class B Notes for original issue in an aggregate principal amount of $31,251,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 1,000 and any integral multiple multiples of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit AA-0, Xxxxxxx X-0 or Exhibit A-3, as the case may beapplicable, executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes Bonds shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes Bonds may be manual or facsimile. Notes Bonds bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes Bonds or did not hold such offices at the date of such NotesBonds. The Indenture Trustee shall upon Issuer Order Request authenticate and deliver the Class A-1 Notes A-1, Class A-2, Class M-1, Class M-2 and Class B-2 Bonds for original issue in an aggregate initial principal amount of $270,000,000, the 357,843,000. The Class A-2a Notes for original issue A-1 Bonds shall be issued in an aggregate initial principal amount of $200,000,000247,000,000, the Class A-2b Notes for original issue A-2 Bonds shall be issued in an aggregate initial principal amount of $290,000,00044,310,000, the Class A-3 Notes for original issue M-1 Bonds shall be issued in an aggregate initial principal amount of $410,000,000 and 28,771,000, the Class A-4 Notes for original issue M-2 Bonds shall be issued in an aggregate initial principal amount of $132,710,000. The 19,780,000 and the Class B Bonds shall be issued in an aggregate initial principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05$17,982,000. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes Class A-IO Bonds shall be issued as Definitive Notes and the holder in an aggregate initial notional amount of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture$353,963,635. Each Note of the Bonds shall be dated the date of its authentication. The Bonds shall be issuable as registered Bonds and the Bonds shall be issuable in the minimum initial Bond Principal Balances or Notional Amounts of $25,000 and in integral multiples of $1 in excess thereof. No Note Bond shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note Bond a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatories, and such certificate upon any Note Bond shall be conclusive evidence, and the only evidence, that such Note Bond has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000500,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $595,000,000, Class A-2a A-3 Notes for original issue in the aggregate principal amount of $500,000,000, Class A-4 Notes for original issue in the aggregate principal amount of $345,000,000 and Class B Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00060,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its the Authorized OfficersOfficers of the Owner Trustee. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Owner Trustee shall bind the Issuer, notwithstanding that such individuals or any of them 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 the Issuer Order authenticate and deliver the Class A-1 A Notes for original issue in an aggregate principal amount of $270,000,000184,850,000, the Class A-2a B Notes for original issue in an the aggregate principal amount of $200,000,00065,310,000, the Class A-2b C Notes for original issue in an the aggregate principal amount of $290,000,000, the 78,950,000 and Class A-3 D Notes for original issue in an the aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00020,890,000. The aggregate principal amount of the Class A-1 A Notes, the Class A-2 B Notes, the Class A-3 Notes C and the Class A-4 D Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indentureamounts. Each Note shall be dated the date of its authentication. The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes shall be issuable as registered Notes in the minimum denomination of $250,000 and integral multiples of $1,000 thereafter. It is intended that the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes be registered so as to participate in a book-entry system with the Clearing Agency as set forth herein. The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes shall each be initially issued in the form of a single fully-registered note for Qualified Institutional Buyers and a single fully-registered note for Institutional Accredited Investors, if any, with a denomination in the aggregate equal to the original principal balance of such class of Notes. Upon initial issuance, the ownership of such Notes shall be registered in the Note Register in the name of Cede & Co., or any successor thereto, as nominee for the Clearing Agency. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatoriesResponsible Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 952,320,000 and Variable Pay Revolving Notes for original issue in an aggregate initial principal amount of $200,000,00024,960,000. The Class A-1 Notes, the Class A-2b A-2 Notes, Class A-3 Notes, Class A-1 Variable Pay Revolving Notes, Class A-2 Variable Pay Revolving Notes for original issue in and Class A-3 Variable Pay Revolving Notes, shall have an aggregate initial principal amount of $290,000,000430,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 285,000,000, $237,320,000, $24,960,000, $0 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000. The aggregate principal amount of the Class A-1 Notes0, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenturerespectively. Each Note shall be dated the date of its authentication. The Term Notes shall be issuable as registered Book-Entry Notes in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof and the Variable Pay Revolving Notes shall be issued as Definitive Notes in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Each Class of Variable Pay Revolving Notes issued pursuant to Section 2.03 shall be issued with an initial Note Balance equal to the outstanding Note Balance of the related Class of Term Notes as of the related Targeted Final Payment Date, plus, in the case of a substitute Variable Pay Revolving Note issued in connection with an Advance by an existing Holder, the remaining Note Balance of the Variable Pay Revolving Note being so substituted. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Notes for original issue in an aggregate initial principal amount of $270,000,000, 40,439,000 with respect to the Class A-2a Notes for original issue in an aggregate principal amount of A-I-1 Notes, $200,000,000, 15,471,000 with respect to the Class A-2b Notes for original issue in an aggregate principal amount of A-I-2 Notes, $290,000,000, 27,031,000 with respect to the Class A-3 Notes for original issue in an aggregate principal amount of A-I-3 Notes, $410,000,000 and 12,976,000 with respect to the Class A-4 A-I-4 Notes, $16,522,000 with respect to the Class A-I- 5 Notes, $112,439,000 with respect to the Class A-II Notes, $25,327,000 with respect to the Class M-1 Notes, $21,490,000 with respect to the Class M-2 Notes for original issue in an aggregate principal amount of and $132,710,00018,420,000 with respect to the Class M-3 Notes. The aggregate principal amount Notes shall be dated the date of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05their authentication. The Notes shall be issuable as registered Notes. The Class A Notes and the Class M-1 Notes shall be issuable in the minimum denominations initial Note Balances of $25,000 and any in integral multiple multiples of $1,000 1 in excess thereof; provided that any Retained . The Class M-2 Notes and Class M-3 Notes shall be issued as Definitive Notes issuable in the minimum initial Note Balances of $250,000 and the holder in integral multiples of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its authentication$1 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000340,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $460,000,000, Class A-2a A-3 Notes for original issue in the aggregate principal amount of $375,000,000, Class A-4 Notes for original issue in the aggregate principal amount of $280,000,000 and Class B Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00045,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue the Notes in an the following aggregate principal amount amounts: (i) $272,000,000 of Class A-1 Notes, (ii) $270,000,000400,000,000 of Class A-2 Notes, the Class A-2a Notes for original issue in an aggregate principal amount (iii) $535,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $100,805,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. 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 $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2013-B Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 653,250,000 and Variable Funding Notes for original issue in an aggregate initial principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,0000. The aggregate principal amount Security Balance of the Class A-1 Notes, Variable Funding Notes in the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time aggregate may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 IndentureMaximum Variable Funding Balance. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes and the Class A-I Notes (other than the Class A-I-IO Notes), the Class A-II Notes and the Class M-I-1 Notes shall be issuable in the minimum initial Security Balances of $25,000 and in integral multiples of $1 in excess thereof, the Class M-I-2 Notes and the Class M-I-3 Notes shall be issuable in the minimum initial Security Balances of $250,000 and in integral multiples of $1 in excess thereof and the Class A-I-IO Notes shall be issuable in the minimum initial Class A-I-IO Notional Amount of $2,000,000 and in integral multiples of $1 in excess thereof. Each Variable Funding Note shall be initially issued with a Security Balance of $0 or, if applicable, with a Security Balance in the amount equal to the Group II-A Additional Balance Differential, in the case of Class A-II-A Variable Funding Notes and the Group II-B Additional Balance Differential, in the case of Class A-II-B Variable Funding Notes, in each case, for the Collection Period related to the Payment Date following the date of issuance of such Variable Funding Note pursuant to Section 4.01(b). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 shall, upon receipt of an Issuer Order Order, authenticate and deliver the for original issue (i) Class A-1 Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $270,000,000141,000,000, the (ii) Class A-2a A-2 Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $200,000,00090,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the (iii) Class A-3 Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $410,000,000 and the 172,276,000 (iv) Class A-4 B Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $132,710,00016,992,000, (v) Class C Notes in an Aggregate Principal Amount of $16,992,000, and (vi) Class D Notes in an Aggregate Principal Amount of $15,859,654. The aggregate principal amount Aggregate Principal Amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 such Classes of Notes and the Class A-4 Notes outstanding Outstanding at any time may not exceed such respective amounts amounts, except as otherwise provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1 in excess thereof. 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 included in Exhibit A, as the case may be, executed provided for herein by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes Bonds shall be executed in the name of and on behalf of the Issuer by any of its an Authorized OfficersOfficer. The signature of any such Authorized Officer on the Notes Bonds may be manual or facsimile. Notes Bonds bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes Bonds or did not hold such offices at the date of such NotesBonds. The Indenture Trustee shall upon Issuer Order Request cause the Bond Registrar to authenticate and deliver the six classes of Bonds for original issue, Class A-1 Notes for original issue Bonds in an aggregate principal amount of $270,000,000_______________, the Class A-2a Notes for original issue A-2 Bonds in an aggregate principal amount of $200,000,000_________________, the Class A-2b Notes for original issue A-3 Bonds in an aggregate principal amount of $290,000,000______________, the Class A-3 Notes for original issue A-4 Bonds in an aggregate principal amount of $410,000,000 and the _________________, Class A-4 Notes for original issue B Bonds in an aggregate principal amount of $132,710,000. The _________________ and Class IO Bonds in an aggregate principal notional amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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___________________. Each Note Bond shall be dated the date of its authentication. The Bonds shall be issuable as registered Class A-1 Bonds, Class A-2 Bonds, Class A-3 Bonds, Class A-4 Bonds, Class B Bonds and Class IO Bonds and shall be issuable in a minimum initial Bond Principal Balance, or IO Notional Balance, as the case may be, of $25,000 and in integral multiples of $1,000 in excess thereof. No Note Bond shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note Bond a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Bond Registrar by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatories, and such certificate upon any Note Bond shall be conclusive evidence, and the only evidence, that such Note Xxxx has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by the Owner Trustee, as provided in the Owner Trust Agreement by any of its the Owner Trustee's Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer Owner Trustee shall bind the Issuer, notwithstanding that such individuals or any of them 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 shall, upon receipt of an Issuer Order Order, authenticate and deliver the Class A-1 Notes for original issue in an the following aggregate principal amount of Notes: (i) $270,000,000125,000,000 of Class A-1 Notes, the (ii) $314,000,000 of Class A-2a Notes for original issue in an aggregate principal amount A-2 Notes, (iii) $196,000,000 of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount and (iv) $151,800,000 of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000Notes. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts amounts, except as otherwise provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof, except that one Note of each Class may be issued in a different denomination. 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 included provided for in Exhibit A, the forms of Notes attached as the case may be, exhibits to this Indenture executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall -------------------------------------- be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000165,000,000, the Class A-2a A-2 Notes for original issue in an aggregate principal amount of $200,000,000173,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the 185,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000143,541,000 and Class B Notes for original issue in an aggregate principal amount of $43,235,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.052.06. ------------ Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denominations of $25,000 and any integral multiple denomination of $1,000 and in excess integral multiples thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, purpose unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 shall, upon receipt of an Issuer Order Order, authenticate and deliver the for original issue (i) Class A-1 Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $270,000,000197,000,000, the (ii) Class A-2a A-2A Fixed Rate Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $200,000,000105,000,000, the (iii) Class A-2b A-2B Floating Rate Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $290,000,00047,000,000, the (iv) Class A-3 Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $410,000,000 and the 199,035,000, (v) Class A-4 B Notes for original issue in an aggregate principal amount Aggregate Principal Amount of $132,710,00018,676,000, (vi) Class C Notes in an Aggregate Principal Amount of $26,636,000, and (vii) Class D Notes in an Aggregate Principal Amount of $18,982,039. The aggregate principal amount Aggregate Principal Amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 such Classes of Notes and the Class A-4 Notes outstanding Outstanding at any time may not exceed such respective amounts amounts, except as otherwise provided in Section 2.05. The Notes shall be issuable as registered Notes in the minimum denominations of $25,000 and any integral multiple denomination of $1,000 and in integral multiples of $1.00 in excess thereof; provided that any Retained Notes 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. Each Note shall be dated the date of its authentication. 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 included in Exhibit A, as the case may be, executed provided for herein by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile signature of one of its authorized signatoriesResponsible Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Securities Administrator shall upon Issuer Order Request authenticate and deliver the each Class A-1 of Notes for original issue in an aggregate initial principal amount equal to the Initial Note Principal Balance or Initial Notional Amount, as applicable, for such Class of $270,000,000, Notes. Each of the Class A-2a Notes for original issue in an aggregate principal amount shall be dated the date of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000its authentication. The aggregate principal amount of the Class A-1 Notes, the Notes and Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in book-entry form and the Notes shall be issuable in the minimum denominations initial Note Principal Balances of $25,000 100,000 and any in integral multiple multiples of $1,000 1 in excess thereof; provided that any Retained . The Class X Notes shall be issued issuable as Definitive registered Notes in physical form and the holder of such Retained Notes shall be a Note Owner issuable in the minimum initial Notional Amount of $100,000 and a Noteholder for all purposes in integral multiples of this Indenture$1 in excess thereof. Each Note The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes shall be dated issuable as registered Notes in physical form and the date Notes shall be issuable in the minimum initial Note Principal Balances or Notional Amounts, as applicable, of its authentication$100,000 and in integral multiples of $1 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Securities Administrator by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 516,475,000 and Variable Funding Notes for original issue in an aggregate initial principal amount of $200,000,000, the 0. The Class A-2b A-1 Term Notes for original issue in and Class A-2 Term Notes shall have an aggregate initial principal amount of $290,000,000451,475,000 and $65,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000respectively. The Variable Funding Balance of any Class of Variable Funding Notes in the aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed the Maximum Variable Funding Balance for such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 IndentureClass. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes, and the Term Notes shall be issuable in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Each Class of the Variable Funding Notes shall be initially issued with a Variable Funding Balance of $0 or, if applicable, with a Variable Funding Balance in an amount equal to the Balance Differential for the related Loan Group and the Collection Period related to the Payment Date following the date of issuance of such Variable Funding Note pursuant to Section 4.01(b). 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000380,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $427,000,000, Class A-2a A-3 Notes for original issue in the aggregate principal amount of $366,000,000, Class A-4 Notes for original issue in the aggregate principal amount of $282,000,000 and Class B Notes for original issue in an aggregate principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00045,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class A-4 B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture2.06. Each Note shall be dated the date of its authentication. The Class A-1 Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 510,236,000 and Variable Pay Revolving Notes for original issue in an aggregate initial principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00011,794,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, Notes and the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations have an initial principal amount of $25,000 200,000,000, $150,000,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture160,236,000, respectively. Each Note shall be dated the date of its authentication. The Term Notes shall be issuable as registered Book-Entry Notes in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof and the Variable Pay Revolving Notes shall be issued as Definitive Notes in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Each Class of Variable Pay Revolving Note issued pursuant to Section 2.03 shall be issued with an initial Note Balance equal to the outstanding Note Balance of the related Class of Term Notes as of the related Targeted Final Payment Date, plus, in the case of a substitute Variable Pay Revolving Note issued in connection with an Advance by an existing Holder, the remaining Note Balance of the Variable Pay Revolving Note being so substituted. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Securities Administrator shall upon Issuer Order Request authenticate and deliver the each Class A-1 of Notes for original issue in an aggregate initial principal amount equal to the Initial Note Principal Balance or Initial Notional Amount, as applicable, for such Class of $270,000,000, Notes. Each of the Class A-2a Notes for original issue in an aggregate principal amount shall be dated the date of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,000its authentication. The aggregate principal amount of the Class I-A-1, Class I-A-2, Class II-A-1 Notes, the and Class II-A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in book-entry form and the Notes shall be issuable in the minimum denominations initial Note Principal Balances of $25,000 and any in integral multiple multiples of $1,000 1 in excess thereof; provided that any Retained . The Class X Notes shall be issued issuable as Definitive registered Notes in physical form and the holder of such Retained Notes shall be a Note Owner issuable in the minimum initial Notional Amount of $25,000 and a Noteholder for all purposes in integral multiples of this Indenture$1 in excess thereof. Each Note The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Notes shall be dated issuable as registered Notes in physical form and the date Notes shall be issuable in the minimum initial Note Principal Balances or Notional Amounts, as applicable, of its authentication$25,000 and in integral multiples of $1 in excess thereof. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee Securities Administrator by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.

Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 Issuer Order Request authenticate and deliver the Class A-1 Term Notes for original issue in an aggregate initial principal amount of $270,000,000, the Class A-2a 1,259,311,000 and Variable Pay Revolving Notes for original issue in an aggregate initial principal amount of $200,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $290,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $410,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $132,710,00033,006,693. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, Notes and the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations have an initial principal amount of $25,000 595,000,000, $380,000,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes 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 Indenture284,311,000, respectively. Each Note shall be dated the date of its authentication. The Term Notes shall be issuable as registered Book-Entry Notes in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof and the Variable Pay Revolving Notes shall be issued as Definitive Notes in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Each Class of Variable Pay Revolving Note issued pursuant to Section 2.03 shall be issued with an initial Note Balance equal to the outstanding Note Balance of the related Class of Term Notes as of the related Targeted Final Payment Date, plus, in the case of a substitute Variable Pay Revolving Note issued in connection with an Advance by an existing Holder, the remaining Note Balance of the Variable Pay Revolving Note being so substituted. 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 included in Exhibit A, as the case may be, provided for herein executed by the Indenture Trustee by the manual 3 (Nissan 2015-B Indenture) or facsimile 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.