Common use of General Provisions Regarding Accounts Clause in Contracts

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee (or, at the written direction of the ServicerIndenture Trustee, the Account Bank) subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and Trustee or the Issuer shall cause the Servicer not, Account Bank to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee or the Account Bank to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account and Payahead Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account and Payahead Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Accounteach Payment Date, and any loss resulting from such investments shall be charged to in excess of such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after (against which such amount is deposited in the Reserve Account, and any loss resulting from such investments losses will first be applied) shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts Collection Account or Payahead Account unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuingoccurred, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 7.03 of the Sale Pooling and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 7.03 of the Sale Pooling and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Collection Account and the Note Distribution Account shall be paid to deposited by the Servicer on any Business Day on Indenture Trustee in the Collection Account and the Note Distribution Account, as the case may be. All income or after which such amount is other gain resulting from investment of funds deposited in the Reserve Account, and any Cash Collateral Account shall be retained therein until applied in accordance with the Cash Collateral Account Agreement. Any loss resulting from such investments shall be charged to such accountthe related Trust Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts (other than the Note Distribution Account) shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (other than the Dealer Reserve Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale All income and Servicing Agreement, all income or other gain from investments investment of moneys deposited monies in the Dealer Reserve Account shall (net of any losses and investment expenses) will be paid payable on each Distribution Date to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such accountDepositor. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee (or, at the written direction of the ServicerIndenture Trustee, the Account Bank) subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and Trustee or the Issuer shall cause the Servicer not, Account Bank to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee or the Account Bank to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the ServicerServicer in Permitted Investments as provided in Sections 4.1, subject to the provisions of Section 5.01 4.7 and 5.1 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is monies deposited in the Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Negative Carry Account and any loss resulting the Yield Supplement Account shall be withdrawn by the Indenture Trustee from such investments shall be charged to such account. Subject to accounts and distributed (but only under the provisions circumstances set forth in the Sale and Servicing Agreement in the case of Section 5.07 the Pre-Funding Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account) as provided in Sections 4.1, 4.7 and 5.1 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will shall not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee (or, at the written direction of the ServicerIndenture Trustee, the Account Bank,) subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and Trustee or the Issuer shall cause the Servicer not, Account Bank to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee or the Account Bank to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts and the Swap Collateral Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 5.05 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 5.05 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than the Reserve Fund) shall be deposited by the Indenture Trustee in the Collection Account and all income or other gain from investments of moneys deposited into the Swap Collateral Account shall be paid to deposited into the Servicer on any Business Day on or after which such amount is deposited in the Reserve Swap Collateral Account, and any loss resulting from such investments shall be charged to such accountthe related Trust Account or Swap Collateral Account, as applicable. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on 43 (NAROT 2016-A Indenture) or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3B of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (except for the Capitalized Interest Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Capitalized Interest Account shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. 43 (NAROT 2016-C Indenture)

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will furnish the Servicer with monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Upon the Servicer’s election, such statements will be delivered via the Indenture Trustee’s online service and upon electing such service, paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. 44 (NAROT 2019-A Indenture)

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. 44 (NAROT 2018-C Indenture)

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to 40 (Nissan 2014-B Indenture) sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined by the Issuing Entity (or the Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will furnish the Servicer with monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Upon the Servicer’s election, such statements will be delivered via the Indenture Trustee’s online service and upon electing such service, paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts [and the [Swap][Cap] Collateral Account] shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 5.05 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 5.05 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than the Reserve Fund [and the Risk Retention Reserve Account]) shall be deposited by the Indenture Trustee in the Collection Account [and all income or other gain from investments of moneys deposited into the [Swap][Cap] Collateral Account shall be paid to deposited into the Servicer on any Business Day on or after which such amount is deposited in the Reserve [Swap][Cap] Collateral Account], and any loss resulting from such investments shall be charged to such accountthe related Trust Account [or [Swap][Cap] Collateral Account], as applicable. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of ------------------------------------- Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3B of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (except for the Capitalized Interest Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Capitalized Interest Account shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3(b) of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Account Capitalized Interest Account, if any, shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will furnish the Servicer with monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Upon the Servicer’s election, such statements will be delivered via the Indenture Trustee’s online service and upon electing such service, paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Pre-Funding and Reinvestment Account, the Payahead Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the ServicerServicer in Permitted Investments as provided in Sections 4.1, subject to the provisions of Section 5.01 4.7 and 5.1 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is monies deposited in the Collection Account, the Pre-Funding and any loss resulting Reinvestment Account, the Payahead Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account shall be withdrawn by the Indenture Trustee from such investments shall be charged to such account. Subject to accounts and distributed (but only under the provisions circumstances set forth in the Sale and Servicing Agreement in the case of Section 5.07 the Pre-Funding and Reinvestment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account) as provided in Sections 4.1, 4.7, 4.8, 4.9 and 5.1 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will shall not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, however, that any Insured Payments received by the Indenture Trustee shall be held uninvested. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in applicable sub-account of the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Trust Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee Trustee, the Securities Insurer, the Cap Counterparty, the Cap Provider and the Swap Counterparty an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Supplemental Reserve Account, the Negative Carry Account and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the ServicerServicer in Permitted Investments as provided in Sections 4.1, subject to the provisions of Section 5.01 4.7 and 5.1 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is monies deposited in the Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Supplemental Reserve Account, the Negative Carry Account and any loss resulting the Yield Supplement Account shall be withdrawn by the Indenture Trustee from such investments shall be charged to such account. Subject to accounts and distributed (but only under the provisions circumstances set forth in the Sale and Servicing Agreement in the case of Section 5.07 the Pre-Funding Account, the Reserve Account, the Supplemental Reserve Account, the Negative Carry Account and the Yield Supplement Account) as provided in Sections 4.1, 4.7, 4.8, 4.9 and 5.1 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will shall not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service, and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the ServicerServicer in Permitted Investments as provided in Sections 4.1, subject to the provisions of Section 5.01 4.7 and 5.1 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is monies deposited in the Collection Account, the Pre-Funding Account, the Payahead Account, the Reserve Account, the Negative Carry Account and any loss resulting the Yield Supplement Account shall be withdrawn by the Indenture Trustee from such investments shall be charged to such account. Subject to accounts and distributed (but only under the provisions circumstances set forth in the Sale and Servicing Agreement in the case of Section 5.07 the Pre-Funding Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account) as provided in Sections 4.1, 4.7, 4.11, 4.12 and 5.1 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will shall not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts [and the Swap Collateral Account] shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 5.05 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 5.05 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than the Reserve Fund) shall be deposited by the Indenture Trustee in the Collection Account [and all income or other gain from investments of moneys deposited into the Swap Collateral Account shall be paid to deposited into the Servicer on any Business Day on or after which such amount is deposited in the Reserve Swap Collateral Account], and any loss resulting from such investments shall be charged to such accountthe related Trust Account [or Swap Collateral Account], as applicable. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. 43 (NAROT 2016-B Indenture)

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to 40 (Nissan 2015-A Indenture) sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts [and the [Swap][Cap] Collateral Account] shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 5.05 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 5.05 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than the Reserve Fund) shall be deposited by the Indenture Trustee in the Collection Account [and all income or other gain from investments of moneys deposited into the [Swap][Cap] Collateral Account shall be paid to deposited into the Servicer on any Business Day on or after which such amount is deposited in the Reserve [Swap][Cap] Collateral Account], and any loss resulting from such investments shall be charged to such accountthe related Trust Account [or [Swap][Cap] Collateral Account], as applicable. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the (Nissan 2009-1 Indenture) provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts Collection Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Any funds held in an Account shall be invested by the Trustee in Permitted Investments at the written direction of the Person which made the payment to the Trustee of the funds to be so invested; provided, however, that (i) if an Event of Default shall have occurred and be is continuing and no Policy Event has occurred and is continuing, all or a portion of the such funds in the Accounts shall be invested in Eligible Permitted Investments and reinvested by the Indenture Trustee at the written direction of the ServicerInsurer, subject or (ii) if an Event of Default has occurred and is continuing and a Policy Event has occurred and is continuing, or, if no Permitted Investment has been designated in writing to the provisions of Section 5.01 of Trustee by the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited party having the right to make such designation, such funds shall be invested in the Collection Account shall be deposited by One Group Prime Institutional Fund. If no Event of Default has occurred and continuing, on each Interest Payment Date, Payoff Date and on the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, Stated Maturity Date all income or other gain (net of losses and investment expenses) from investments of moneys monies deposited in the Reserve Account Accounts, shall be withdrawn by the Trustee from such account and remitted to the Issuer, the Insurer, the Guarantor or a Purchaser, whichever made the payment to the Trustee of the funds so deposited in the Accounts, pursuant to clause (ix) of the Priority of Payments, to the extent of the funds on deposit in the relevant Account after the payments required to be made pursuant to clauses (i) through (viii) of the Priority of Payments are made. If any investment of funds in an Account results in a loss such that the amount remaining on deposit will not be sufficient to pay in full, when due, the amounts for which the deposit of such funds was made, the Person which made the payment to the Trustee of the funds shall immediately pay to the Trustee an amount sufficient to pay in full, when due, such amounts for which the deposit was made, and if such additional amount is paid to the Servicer on Trustee prior to the due date of the payment to be made with such funds, the existence of such deficiency shall not constitute an Event of Default notwithstanding any Business Day on or after which such amount is deposited provision in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction Construction Loan Documents to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effectcontrary.

General Provisions Regarding Accounts. (a) So ------------------------------------- long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3B of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (except for the Capitalized Interest Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Capitalized Interest Account shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Payahead Account and the Class A Reserve Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is monies deposited in the Collection Account, the Payahead Account and the Reserve Accounts shall be withdrawn by the Indenture Trustee or any loss resulting Paying Agent, as the case may be, from such investments shall be charged to such account. Subject to accounts and deposited or distributed (but only under the provisions circumstances set forth in the Sale and Servicing Agreement in the case of Section 5.07 the Reserve Accounts), as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will shall not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee or any Paying Agent to make any investment of any funds or to sell any investment held in any of the Trust Accounts or the Reserve Accounts unless the security interest Granted interests 39 45 granted and perfected in such account accounts will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee Trustee, to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. (b) Subject to Section 6.1(c), neither the Indenture Trustee, any Paying Agent nor the Owner Trustee shall in any way be held liable by reason of any insufficiency in any of the Trust Accounts or the Reserve Accounts, resulting from any loss on any Permitted Investment included therein, except for losses attributable to the failure by the Indenture Trustee, any Paying Agent or the Owner Trustee, as the case may be, to make payments on such Permitted Investments issued by the Indenture Trustee, any Paying Agent or the Owner Trustee, as applicable, in their respective commercial capacities as principal obligors and not as trustees, in accordance with their terms. The Indenture Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of written investment direction. SECTION 8.4

General Provisions Regarding Accounts. (a) So long Funds on deposit in the Trust Accounts shall be invested or reinvested by Servicer, as no Default or Event agent of Default shall have occurred and be continuingIssuer in Permitted Investments selected by Issuer. Initially, all or such funds shall be invested in DB Institutional Cash Management Fund 541. All investment instructions relating to the Trust Accounts shall be sent by the Servicer to both the applicable deposit institution and the Indenture Trustee and the Indenture Trustee shall review such instructions to verify that the investments selected by the Servicer are Permitted Investments. All Investment Earnings on funds on deposit in the Trust Accounts (other than any Series Collection Subaccount) shall be deemed to constitute a portion of the funds Trust Available Funds. Funds on deposit in the Collection Account (other than Investment Earnings) shall be invested in Permitted Investments that will mature so that such funds will be available prior to the Payment Date following such investment. Funds on deposit in the other Trust Accounts shall be invested in Eligible Permitted Investments and reinvested by that will mature at such times provided in the related Indenture Trustee Supplement, or if not so specified, so that such funds will be available at the written direction close of business on the Servicer, subject Business Day preceding the following Payment Date. Funds deposited in a Trust Account on the Business Day that precedes a Payment Date upon the maturity of any Permitted Investments are not required to be invested overnight. For purposes of determining the provisions availability of Section 5.01 of funds or the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited balances in the Collection Account or Excess Funding Account for any reason under this Agreement or any Transaction Document, all investment earnings, net of investment expenses and losses on such funds shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will deemed not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment available or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effecton deposit.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2(c) of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Trust Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee Trustee, the Subordinate Note Insurer and the Swap Counterparty an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, the Subordinate Note Insurer and the Swap Counterparty, to such effect. All Eligible Investments shall mature on the Business Day prior to the Monthly Payment Date or Quarterly Payment Date, as applicable, and shall not be sold prior to their maturity.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts Collection Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection (Nissan 2008-B Indenture) 47 with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long ------------------------------------- as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3B of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (except for the Capitalized Interest Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Capitalized Interest Account shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long ------------------------------------- as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Permitted Investments and reinvested by the Indenture Trustee at the specific written direction of the Servicer, subject to Servicer in accordance with the provisions of Section 5.01 Article V of the ----------- Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Trust Accounts, except for the Debt Service Reserve Account and the Capitalized Interest Account, shall be deposited by the Indenture Trustee in into the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to accordance with the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee shall have no liability whatsoever for any loss, fee, tax or other charge in connection with any such investments or the liquidation thereof.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 5.1(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (other than the Payahead Account) shall be deposited (or caused to be deposited) by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys monies deposited in the Reserve Payahead Account shall be paid released by the Trustee to the Servicer on any Business Day on or after which such amount is deposited in the Reserve AccountSeller, and net of any loss resulting from such investments shall be charged to such accountthe Payahead Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account, the Class A Quarterly Interest Funding Account, the Payahead Account and the Accumulation Account shall be invested by the Qualified Institution or the Qualified Trust Institution maintaining such account (which shall initially be the Indenture Trustee) at the direction of the Servicer in Eligible Permitted Investments as provided in Section 4.1 of the Sale and reinvested Servicing Agreement. All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Collection Account, the Payahead Account, the Accumulation Account and the Reserve Account shall be withdrawn by the Indenture Trustee at from such accounts (but only under the written direction circumstances set forth in Sections 4.6(b) and 4.8(c) in the Sale and Servicing Agreement in the case of the Servicer, subject to the provisions of Reserve Account) and distributed as provided in Section 5.01 4.1 and 4.8 of the Sale and Servicing Agreement. All income or other gain from investments of moneys monies deposited in into the Collection Class A Quarterly Interest Funding Account shall be deposited by the Indenture Trustee retained in such account and applied in the Collection Account and paid to manner set forth in Section 8.2(d). The Servicer shall not direct the Servicer as servicing compensation on any Business Day on Qualified Institution or after which such amount is deposited in Qualified Trust Institution maintaining the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Class A Quarterly Interest Funding Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and Payahead Account or the Issuer shall cause the Servicer not, Accumulation Account to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to by the Indenture Trustee Servicer to make any such investment or sale, if requested by the Indenture Trusteeapplicable Qualified Institution or Qualified Trust Institution, the Servicer Issuer shall deliver to the Indenture Trustee such Qualified Institution or Qualified Trust Institution an Opinion of Counsel, reasonably acceptable to the Indenture Trusteesuch Qualified Institution or Qualified Trust Institution, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, however, that any Insured Payments received by the Indenture Trustee shall be held uninvested. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in applicable sub-account of the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Trust Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee Trustee, the Securities Insurer and the Swap Counterparty an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as ------------------------------------- no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicerupon Issuer Order, subject to the provisions of Section 5.01 2.3B of the Sale and Servicing Administration Agreement. All income or other gain from investments of moneys deposited in the Collection Account Trust Accounts (except for the Capitalized Interest Account) shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such accountTrust Account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all All income or other gain from investments of moneys deposited in the Reserve Capitalized Interest Account shall be paid to deposited by the Servicer on any Business Day on or after which such amount is deposited Indenture Trustee in the Reserve Capitalized Interest Account, and any loss resulting from such investments shall be charged to such accountthe Capitalized Interest Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and Trustee or the Issuer shall cause the Servicer not, Account Bank to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee or the Account Bank to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuingoccurred, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to accordance with the provisions of Section 5.01 7.03 of the Sale Pooling and Servicing Agreement. All income or other gain from investments of moneys deposited Except as otherwise provided in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 7.03 of the Sale Pooling and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Collection Account and the Note Distribution Account shall be paid to deposited by the Servicer on any Business Day on Indenture Trustee in the Collection Account and the Note Distribution Account, as the case may be. All income or after which such amount is other gain resulting from investment of funds deposited in the Reserve Cash Collateral Account shall be retained therein until applied in accordance with the Cash Collateral Account Agreement. All income or other gain resulting from investment of funds deposited in the Class A Principal Account shall be deposited in the Collection Account, and any . All income or other gain resulting from investment of funds deposited in the Class A-2a Funding Account shall be deposited in the Collection Account. Any loss resulting from such investments shall be charged to such accountthe related Trust Account. The Servicer Issuer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 5.01(b) of the Sale and Servicing Agreement. All income or other gain from investments of moneys monies deposited in the Collection Account Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer Issuing Entity will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, Trustee to make any investment of any funds or to sell any investment held in the Accounts any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee. 57

General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts Collection Account shall be invested in Eligible Investments (Nissan 2008-C Indenture) and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts Collection Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect.