0001540639-13-000050.txt : 20130628 0001540639-13-000050.hdr.sgml : 20130628 20130628153513 ACCESSION NUMBER: 0001540639-13-000050 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130628 DATE AS OF CHANGE: 20130628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nissan Auto Lease Trust 2011-A CENTRAL INDEX KEY: 0001524759 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170956-02 FILM NUMBER: 13940764 BUSINESS ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 BUSINESS PHONE: 6157251127 MAIL ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NISSAN AUTO LEASING LLC II CENTRAL INDEX KEY: 0001244832 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 954885574 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-106763 FILM NUMBER: 13940765 BUSINESS ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 BUSINESS PHONE: 6157251127 MAIL ADDRESS: STREET 1: ONE NISSAN WAY, ROOM 5-124 CITY: FRANKLIN STATE: TN ZIP: 37067 10-K 1 bodynalt11a10k033113.htm NALT 2011-A 10-K FOR FYE 03/31/13 bodynalt11a10k033113.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
 
FORM 10-K
 
 
(Mark One)
 
 
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended March 31, 2013
 
or
 
 
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________________ to _________________________
 
333-170956-02
(Commission file number of Issuing Entity)
 
NISSAN AUTO LEASE TRUST 2011-A
(Exact name of issuing entity specified in its charter)
 
333-170956
(Commission file number of Depositor)
 
NISSAN AUTO LEASING LLC II
(Exact name of depositor as specified in its charter)
 
NISSAN MOTOR ACCEPTANCE CORPORATION
(Exact name of sponsor as specified in its charter)
 
DELAWARE
 
38-6992693
(State or other jurisdiction of incorporation or organization of the Issuing Entity)
 
(I.R.S. Employer
Identification No.)
 
One Nissan Way, Franklin, Tennessee                                                                                                                              37067
(Address of principal executive offices)                                                                                                                         (Zip Code)
 
Registrant’s telephone number, including area code                                                                                                           (615) 725-1127
 
Securities registered pursuant to Section 12(b) of the Act:  None
 
Securities registered pursuant to Section 12(g) of the Act:  None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  o No  x
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No  x
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes xNo o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x  No o
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):
 
Large Accelerated Filer:    o                                                                               Accelerated Filer:  o
 
Non-Accelerated Filer:  x                                                                                  Smaller reporting company: o
(Do not check if a smaller reporting company)
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o  No  x
 
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.  Not applicable.
 
DOCUMENTS INCORPORATED BY REFERENCE
 
None
 
PART I
 
The following items have been omitted in accordance with General Instructions J(1) to Form 10-K:
 
(A)  
Item 1.                      Business.
 
(B)  
Item 1A.                    Risk Factors.
 
(C)  
Item 2.                      Properties.
 
(D)  
Item 3.                      Legal Proceedings.
 
(E)  
Item 4.                      Mine Safety Disclosures.
 
  Item 1B.                             Unresolved Staff Comments.
 
Not applicable
 
PART II
 
The following items have been omitted in accordance with General Instructions J(1) to Form 10-K:
 
(A)  
Item 5.                      Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 
(B)  
Item 6.                      Selected Financial Data.
 
(C)  
Item 7.                      Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 
(D)  
Item 7A.                   Quantitative and Qualitative Disclosures About Market Risk.
 
(E)  
Item 8.                      Financial Statements and Supplementary Data.
 
(F)  
Item 9.                      Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
(G)  
Item 9A.                   Controls and Procedures.
 
  Item 9B.
Other Information.
 
  No other information.
 
PART III
 
The following items have been omitted in accordance with General Instructions J(1) to Form 10-K:
 
(A)  
Item 10.                      Directors, Executive Officers and Corporate Governance.
 
(B)  
Item 11.                      Executive Compensation.
 
(C)  
Item 12.                      Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 
(D)  
Item 13.                      Certain Relationships and Related Transactions, and Director Independence.
 
(E)  
Item 14.                      Principal Accountant Fees and Services.
 
SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:
 
Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions
 
Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.
 
Item 1122 of Regulation AB, Compliance with applicable Servicing Criteria
 
The Servicer and the Indenture Trustee (collectively, the “Servicing Parties”) have each been identified by the Depositor as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity.  Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB applicable to it (each, a “Servicing Assessment Report”), which Servicing Assessment Reports are attached as exhibits to this Form 10-K.  In addition, each of the Servicer and the Indenture Trustee has provided an attestation report (each, an “Attestation Report”) by a registered public accounting firm, which reports are also attached as exhibits to this Form 10-K.  Neither the Indenture Trustee’s Servicing Assessment Report nor the Indenture Trustee’s Attestation Report has identified any material instance of noncompliance with the servicing criteria applicable to the Indenture Trustee.
 
The Servicer has complied, in all material respects, with the Applicable Servicing Criteria, except as described below:
 
The accounts for two of the lease asset-backed securities transaction included in the Platform were not included on the list of reconciliations to be reviewed and approved by a manager in the related department.  The Servicer has since confirmed that the reconciliations were correct and that the securityholders were not impacted.  The Servicer has implemented process changes to ensure that the lapse does not reoccur going forward.
 
Item 1123 of Regulation AB, Servicer Compliance Statement
 
The Servicer has completed a statement of compliance with its activities during the reporting period and of its performance under the applicable servicing agreement (a “Compliance Statement”), signed by an authorized officer of the Servicer.  The Compliance Statement is attached as Exhibit 35.1 to this Form 10-K.
 
PART IV
 
Item 15.
Exhibits and Financial Statement Schedules.
 
 
(a)(1)
Not applicable.
 
 
(a)(2)
Not applicable.
 
 
(a)(3)
The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.
 
 
(b)
The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.
 
 
(c)
Not applicable.
 
Supplemental information to be furnished with Reports Filed Pursuant to Section 15(d) of the Act by Registrants which have not Registered Securities Pursuant to Section 12 of the Act.
 
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to securityholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.
 
SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:
 
Item 1112(b) of Regulation AB, Significant Obligors of Pool Assets (Financial Information).
 
Not applicable.
 
Items 1114(b)(2) of Regulation AB, Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers – Financial Information).
 
Not applicable.
 
Items 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information).
 
Not applicable.
 
Item 1117 of Regulation AB, Legal Proceedings.
 
There are no legal proceedings pending, or any proceedings known to be contemplated by governmental authorities, against Nissan Motor Acceptance Corporation (“NMAC” or the “Servicer” and “Sponsor”), Nissan Auto Leasing LLC II (the “Depositor”), Citibank, N.A. (the “Indenture Trustee”), Wilmington Trust Company (the “Owner Trustee”), Nissan Auto Lease Trust 2011-A (the “Issuing Entity”), or any property thereof, that are or would be material to holders of the asset-backed notes (the “Notes”) or the asset-backed certificates (the “Certificates”).
 

 
 

 

 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
                               NISSAN AUTO LEASE TRUST 2011-A
 
                               By:      Nissan Motor Acceptance Corporation,
                                as servicer
 
 
                               By: /s/ Mark Kaczynski_________________
                               Mark Kaczynski
                               President and Chief Executive Officer
                               (senior officer in charge of the servicing function)
 
Date:                      June 28, 2013

 

 
 

 

EXHIBIT INDEX
 
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference.
 
Exhibit No.
 
3.1
Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form 10-K, dated June 28, 2012, and filed with the SEC on June 28, 2012, File No. 333-170956-02)
3.2
Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form 10-K, dated June 28, 2012, and filed with the SEC on June 28, 2012, File No. 333-170956-02)
4.1
Indenture, dated as of July 25, 2011, by and between the Issuing Entity, and the Indenture Trustee (incorporated by reference to Exhibit 4.1 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.1
Agreement of Definitions, dated as of July 25, 2011, by and among the Issuing Entity, NILT Trust, as grantor and UTI Beneficiary, the Titling Trust, NMAC, in its individual capacity, as servicer and administrative agent, NALL II, NILT, Inc., as trustee, Wilmington Trust Company (“Wilmington Trust”), as owner trustee and Delaware trustee, U.S. Bank National Association (“U.S. Bank”), as trust agent, and Citibank, N.A. (“Citibank”), as Indenture Trustee and Secured Party (incorporated by reference to Exhibit 10.1 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.2
2011-A SUBI Supplement, dated as of July 25, 2011, by and among NILT Trust, as grantor and UTI Beneficiary, NMAC, as servicer, NILT, Inc., as trustee, Wilmington Trust, as Delaware trustee, and U.S. Bank, as trust agent (incorporated by reference to Exhibit 10.2 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.3
2011-A SUBI Servicing Supplement, dated as of July 25, 2011, by and among the Titling Trust, NILT Trust, as UTI beneficiary, and NMAC, as servicer (incorporated by reference to Exhibit 10.3 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.4
Amended and Restated Trust Agreement for the Issuing Entity, dated as of July 25, 2011, by and between NALL II, as transferor (the “Transferor”) and the Owner Trustee (incorporated by reference to Exhibit 10.4 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.5
Trust Administration Agreement, dated as of July 25, 2011, by and among the Issuing Entity, NMAC, as administrative agent, the Transferor, and the Indenture Trustee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.6
Control Agreement, dated as of July 25, 2011, by and among the Issuing Entity, Citibank, as indenture trustee and secured party, and Citibank, as securities intermediary (incorporated by reference to Exhibit 10.6 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.7
SUBI Certificate Transfer Agreement, dated as of July 25, 2011, by and between NILT Trust, as transferor, and NALL II, as transferee (incorporated by reference to Exhibit 10.7 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
10.8
Trust SUBI Certificate Transfer Agreement, dated as of July 25, 2011, by and between NALL II, as transferor and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.8 of Form 8-K, dated July 27, 2011, File No. 333-170956-02)
31.1
Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d)
33.1
Report on Assessment of Compliance With Applicable Servicing Criteria for Asset-Backed Securities of Nissan Motor Acceptance Corporation
33.2
Management’s Assertion on Compliance With Regulation AB (Citibank, N.A.)
34.1
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP)
34.2
Report of Independent Registered Public Accounting Firm (KPMG LLP)
35.1
Servicer Compliance Statement of Nissan Motor Acceptance Corporation
99.1
Annual Servicer’s Certificate Provided by Nissan Motor Acceptance Corporation to Holders of Notes and Certificates

 
 

 

EX-31.1 2 nalt11a10kex31_1.htm CERTIFICATION OF SENIOR OFFICER IN CHARGE OF THE SERVICING FUNCTION OF THE SERVICER PURSUANT TO RULE 15D-14(D) nalt11a10kex31_1.htm
Exhibit 31.1
 
Certification of Senior Officer in Charge of the Servicing Function
of the Servicer Pursuant to Rule 15d-14(d)
 




 
SERVICER CERTIFICATION
 
 
I, Mark Kaczynski, certify that:
 
1.           I have reviewed this annual report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Nissan Auto Lease Trust 2011-A (the “Exchange Act Periodic Reports”);
 
2.           Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.           Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;
 
4.           I am responsible for reviewing the activities performed by the servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and
 
5.           All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report.  Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.
 
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party:  Citibank, N.A.
 
Date:                      June 27, 2013
 
                               By: /s/ Mark Kaczynski                                                              
                               Mark Kaczynski
                               President and Chief Executive Officer of
                               Nissan Motor Acceptance Corporation
                               (senior officer in charge of the
                               servicing function)

 
 

 

EX-33.1 3 nalt11a10kex33_1.htm REPORT ON ASSESSMENT OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA FOR ASSET-BACKED SECURITIES OF NISSAN MOTOR ACCEPTANCE CORPORATION nalt11a10kex33_1.htm
Exhibit 33.1
 
Report on Assessment of Compliance With Applicable Servicing Criteria
for Asset-Backed Securities of Nissan Motor Acceptance Corporation
 



 
Certification Regarding Compliance with Applicable Servicing Criteria
 
1.
Nissan Motor Acceptance Corporation (“NMAC”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ended March 31, 2013 (the “Reporting Period”).  The transactions covered by this report include asset-backed securities transactions involving motor vehicle retail installment sale contracts and lease contracts included in public securitizations sponsored by NMAC starting in 2006 and serviced by NMAC and its subsidiaries (the "Platform");
 
2.
NMAC has engaged certain vendors (the “Vendors”) to perform specific, limited or scripted activities, and NMAC elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities and NMAC represents that such Vendors are not servicers as defined in paragraph (j) of Item 1101 of Regulation AB;
 
3.
Presented in Appendix A hereto are the servicing criteria (and portions thereof) impacted by the Vendors’ activities and for which NMAC is assuming responsibility;
 
4.
Except as set forth in paragraphs 5 and 6 below, NMAC used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the applicable servicing criteria;
 
5.
NMAC has determined that criteria 1122(d)(1)(iii), (d)(1)(iv), (d)(2)(vi), (d)(4)(ix), (d)(4)(x) and (d)(4)(xv) are not applicable to NMAC based on the activities it performs, directly or through its Vendors or subsidiaries, with respect to the Platform;
 
6.
NMAC has determined that criteria 1122(d)(2)(ii) and (d)(3)(ii)-(iii) pertaining to the actual disbursement or remittance of funds to investors and criteria 1122(d)(2)(iv) and (d)(3)(iv) do not apply to NMAC since performing such activities in connection with these criteria are the responsibility of the applicable indenture trustee;
 
7.
NMAC has complied, in all material respects, with the applicable servicing criteria as of March 31, 2013 and for the Reporting Period with respect to the Platform taken as a whole, except for certain instances of non-compliance described in Appendix B hereto;
 
8.
NMAC has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of March 31, 2013 and for the Reporting Period with respect to the Platform taken as a whole;
 
9.
NMAC has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria as of March 31, 2013 and for the Reporting Period with respect to the Platform taken as a whole; and
 

 
 

 

10.
Ernst & Young LLP (“E&Y”), a registered public accounting firm, has issued an attestation report on NMAC’s assessment of compliance with the applicable servicing criteria for the Reporting Period.
 
June 27, 2013
 
 
NISSAN MOTOR ACCEPTANCE CORPORATION
 
       
       
       
 
By:
/s/  Mark Kaczynski              
    Name:  Mark Kaczynski  
   
Title:    President and 
    Chief Executive Officer
 
       
 
 
 
 
                                                       

 
 

 


 
APPENDIX A
 
Reference
Servicing Criteria
 
Cash Collection and Administration
1122(d)(2)(i)
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
1122(d)(2)(vii)
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
 
Pool Asset Administration
1122(d)(4)(i)
Collateral or security on pool assets is maintained as required by the transaction agreements or related mortgage loan documents.
1122(d)(4)(ii)
Pool asset and related documents are safeguarded as required by the transaction agreements.


 
 

 

 
APPENDIX B
 
Reference
Servicing Criteria
1122(d)(2)(vii)
“[…] Reconciliations shall be prepared by the Servicer on a monthly basis for the Collection Account, the Reserve Account and the Principal Distribution Account... Such reconciliations shall be reviewed and approved by someone other than the person who prepared the reconciliation. […]”
Discussion of Non-Compliance
The accounts for two of the lease asset-backed securities transactions included in the Platform were not included on the list of reconciliations to be reviewed and approved by a manager in the related department.  NMAC has since confirmed that the reconciliations were correct and that the securityholders were not impacted.  NMAC has implemented process changes to ensure that the lapse does not reoccur going forward.

 
 

 

EX-33.2 4 nalt11a10kex33_2.htm MANAGEMENT?S ASSERTION ON COMPLIANCE WITH REGULATION AB (CITIBANK, N.A.) nalt11a10kex33_2.htm
Exhibit 33.2
 
Management’s Assertion on Compliance with Regulation AB
(Citibank, N.A.)
 

 
 
Management's Assertion of Compliance
 
 
Management of the Agency and Trust division of Citibank, N.A. (or “Company”) is responsible for assessing compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission.
 

 
Management has determined that the servicing criteria in Item 1122(d) of Regulation AB are applicable in regard to the servicing platform as of and for the period as follows:
 

 
Platform:  Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) automobile loan or lease-backed securities serviced by Nissan Motor Acceptance Corporation issued on or after January 1, 2006 for which the Company provides trustee and paying agent services (the “Platform”).
 

 
Applicable Servicing Criteria:  All servicing criteria set forth in Item 1122(d), to the extent required by Item 1122(d) servicing criteria in regards to the activities performed by the Company with respect to the Platform as to any transaction, except for the following criteria: 1122(d)(1)(i)-1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(v)-1122(d)(2)(vii), 1122(d)(3)(i) and 1122(d)(4)(i)-1122(d)(4)(xv), which management has determined are not applicable to the activities the Company performs with respect to the Platform (the “Applicable Servicing Criteria”).  With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to remittances.
 
Period:  Twelve months ended March 31, 2013 (the “Period”).
 

 
With respect to the Platform as of and for the Period, the Company’s management provides the following assertion of compliance with respect to the Applicable Servicing Criteria:
 
·  
The Company’s management is responsible for assessing the Company’s compliance with the Applicable Servicing Criteria.
 
·  
The Company’s management has assessed the Company’s compliance with the Applicable Servicing Criteria.  In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.
 
·  
Based on such assessment, the Company has complied, in all material respects, with the Applicable Servicing Criteria.
 
KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to management’s assertion of compliance with the Applicable Servicing Criteria as of and for the Period.
 
                     CITIBANK, N.A.
 

 
                     By: /s/ Karen Montbach                                                      
 
                     Its: Managing Director
 
Dated: May 24, 2013

 
 

 

EX-34.1 5 nalt11a10kex34_1.htm REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (ERNST & YOUNG LLP) nalt11a10kex34_1.htm
Exhibit 34.1
 
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP)
 


 
Report of Independent Registered Public Accounting Firm
 
Board of Directors and Stockholder
Nissan Motor Acceptance Corporation
 
We have examined management’s assertion, included in the accompanying Certification Regarding Compliance With Applicable Servicing Criteria for Asset-Backed Securities dated June 27, 2013 that Nissan Motor Acceptance Corporation (the “Company”) complied with the servicing criteria set forth in Item 1122 (d) of the Securities and Exchange Commission’s Regulation AB for asset-backed securities transactions involving motor vehicle retail installment sale contracts and lease contracts included in public securitizations sponsored by the Company starting in 2006 and serviced by the Company and its subsidiaries (the “Platform”) as of and for the year ended March 31, 2013, except for, 1122 (d)(1)(iii), 1122 (d)(1)(iv), 1122 (d)(2)(ii), 1122 (d)(2)(iv), 1122 (d)(2)(vi), 1122 (d)(3)(ii), 1122 (d)(3)(iii), 1122 (d)(3)(iv), 1122 (d)(4)(ix), 1122 (d)(4)(x) and 1122 (d)(4)(xv), which the Company has determined are not applicable to the activities performed by them with respect to the Platform covered by this report. Management is responsible for the Company’s compliance with those servicing criteria. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance with the servicing criteria based on our examination.
 
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances.  Our examination included testing of less than all of the individual asset backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria and as permitted by the Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”).  Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions.  We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.
 
As described in management’s assertion, for servicing criteria 1122 (d)(2)(i), 1122 (d)(2)(vii), 1122 (d)(4)(i) and 1122 (d)(4)(ii), the Company has engaged various vendors to perform the activities required by these servicing criteria. The Company has determined that these vendors are not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the applicable servicing criteria applicable to each vendor as permitted by Interpretation 17.06. As permitted by Interpretation 17.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with servicing criteria applicable to each vendor.  The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Company’s eligibility to apply Interpretation 17.06.
 
Our examination disclosed the following material noncompliance with servicing criteria 1122(d)(2)(vii) applicable to the Company for the year ended March 31, 2013:
 
1122(d)(2)(vii)(c) – Certain bank reconciliations were not reviewed and approved by someone other than the person who prepared the reconciliation.
 
The information in Appendix B of management’s Certification Regarding Compliance with Applicable Servicing Criteria dated June 27, 2013 titled “Discussion of Non-compliance” is presented by the Company for informational purposes.  Such information has not been subjected to the procedures applied in our examination of management’s assertion as described above and accordingly, we express no opinion on it.
 
In our opinion, except for the material noncompliance described in the fourth paragraph, management’s assertion that the Company complied with the aforementioned servicing criteria, including servicing criteria 1122 (d)(2)(i), 1122 (d)(4)(i) and 1122 (d)(4)(ii) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the year ended March 31, 2013 for the Platform, is fairly stated, in all material respects.
 
/s/ Ernst & Young LLP
 
June 27, 2013

 
 

 

EX-34.2 6 nalt11a10kex34_2.htm REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (KPMG LLP) nalt11a10kex34_2.htm
Exhibit 34.2
 
Report of Independent Registered Public Accounting Firm (KPMG LLP)
 



 
Report of Independent Registered Public Accounting Firm
 
 
The Board of Directors
Citibank, N.A.:
 
We have examined management’s assertion, included in the accompanying Management’s Assertion of Compliance, that the Agency and Trust division of Citibank, N.A. (the “Company”) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) automobile loan or lease-backed securities serviced by Nissan Motor Acceptance Corporation issued on or after January 1, 2006 for which the Company provides trustee and paying agent services (the “Platform”), except for servicing criteria 1122(d)(1)(i)-1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(v)-1122(d)(2)(vii), 1122(d)(3)(i) and 1122(d)(4)(i)-1122(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Platform, as of and for the twelve months ended March 31, 2013.  With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to remittances.  Management is responsible for the Company’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance based on our examination.

 
Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances.  Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria.  Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report.  Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion.  Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.
 

In our opinion, management’s assertion that the Company complied with the aforementioned servicing criteria as of and for the twelve months ended March 31, 2012 is fairly stated, in all material respects.

 
/s/ KPMG LLP
 
 
Chicago, Illinois
May 24, 2013

 
 

 

EX-35.1 7 nalt11a10kex35_1.htm SERVICER COMPLIANCE STATEMENT OF NISSAN MOTOR ACCEPTANCE CORPORATION nalt11a10kex35_1.htm
Exhibit 35.1
 
Servicer Compliance Statement of Nissan Motor Acceptance Corporation
 


 
NISSAN MOTOR ACCEPTANCE CORPORATION
 
OFFICER'S CERTIFICATE
 
The undersigned, Mark Kaczynski, President and Chief Executive Officer of NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the “Company”), does hereby certify, in his capacity as such corporate officer, as follows:
 
(1)           The undersigned has caused a review of the activities of the Company, in its capacity as Servicer, during the 12-month period ended March 31, 2013 (the “Reporting Period”), and of its performance pursuant to the Servicing Agreement, dated as of March 1, 1999, as amended and as supplemented by the 2011-A SUBI Servicing Supplement, dated as of July 25, 2011 (as supplemented, the “Agreement”), by and among Nissan-Infiniti LT, as titling trust, NILT Trust, as UTI beneficiary, and the Company, as servicer, to be conducted under his supervision; and
 
(2)           To the best of the undersigned’s knowledge, based upon such review, the Company has fulfilled all of its obligations under the Agreement in all material respects throughout the Reporting Period.
 
This Officer’s Certificate is being furnished pursuant to Item 1123 of the Securities and Exchange Commission’s Regulation AB for publicly-issued asset-backed securities.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.
 
IN WITNESS WHEREOF, I have set my hand effective as of the 27th day of June, 2013.
 
                          /s/ Mark Kaczynski_________________
                         Mark Kaczynski
                         President and Chief Executive Officer

 
 

 

EX-99.1 8 nalt11a10kex99_1.htm ANNUAL SERVICER?S CERTIFICATE PROVIDED BY NISSAN MOTOR ACCEPTANCE CORPORATION TO HOLDERS OF NOTES AND CERTIFICATES nalt11a10kex99_1.htm
Exhibit 99.1
 
Annual Servicer’s Certificate
Provided by Nissan Motor Acceptance Corporation
to Holders of Notes and Certificates
 


 
NISSAN MOTOR ACCEPTANCE CORPORATION
 
OFFICER'S CERTIFICATE
 
The undersigned, Michael J. McConnell, Vice-President of NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the “Company”), does hereby certify, in his capacity as an Authorized Officer of the Company:
 
 
(1)           The undersigned has caused a review, under his supervision, to be made of:  i) the activities; and ii) the performance under the Agreement, of the Company during the 12-month period ended March 31, 2013 (the “Reporting Period”); and
 
 
(2)           To the best of the undersigned’s knowledge, based upon such review, i) the Company has fulfilled all its obligations under the Agreement in all material respects during the Reporting Period; and ii) no Servicer Default has occurred.
 
 
This Officer’s Certificate is being furnished pursuant to (i) Section 3.01(c) of the Servicing Agreement, as amended, dated as of March 1, 1999, by and among Nissan-Infiniti LT, NILT Trust, as UTI Beneficiary, and the Company, as Servicer; and (ii) Section 8.11(b) of the 2011-A SUBI Servicing Supplement, dated as of July 25, 2011, by and among Nissan-Infiniti LT, as Titling Trust, NILT Trust, as Grantor and UTI Beneficiary, and the Company, as Servicer (the “Agreement”).
 
 
Capitalized terms not otherwise defined herein have the meaning assigned to them in the Agreement.
 
IN WITNESS WHEREOF, I have set my hand effective as of the 24th day of June, 2013.
 
                          /s/ Michael J. McConnell________________
                         Michael J. McConnell
                         Vice President