Nissan Auto Leasing LLC Ii 8-K Entry into a Material Definitive Agreement

EXHIBIT 99.4

SWAP TRANSACTION CONFIRMATION
[Class A-2b Notes]

Date:	April 23, 2008
To:	NISSAN AUTO LEASE TRUST 2008-A	(“Party B”)
	c/o Wilmington Trust Company
	Rodney Square North
	1100 North Market Street
	Wilmington, Delaware 19890
	Attention; Dorri Wolhar
	Telephone: 302-636-6194
	Facsimile: 302-636-4140
	With a copy to: Rachel Serina, CTP
	Senior Treasury Manager, Funding
	Nissan North America, Inc.
	333 Commerce Street
	10th Floor, B-10-C Nashville, TN 37201-1800
	Telephone: 615-725-8146
	Facsimile: 615-725-1720
From:	HSBC Bank USA, National Association (“Party A”)
	452 5th Ave
	New York, NY 1018
	Attention: Christian McGreevy
	Telephone: 212-525-8710
	Facsimile: 212-525-5517
Ref. No.	497748HN

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc,and (ii) the Indenture dated as of April 23, 2008 (the “Indenture”) between Party B and U.S. Bank National Association, as indenture trustee, relating to the issuance by Party B of certain debt obligations, are incorporated into this Confirmation. In the event of any inconsistency between

Issuer Confirmation

the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Indenture.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

Transaction Type:		Interest Rate Swap
Currency for Payments:		U.S. Dollars
Notional Amount:		For the Initial Calculation Period, the Notional Amount shall be equal to USD 75,000,000. For each subsequent Calculation Period, the Notional Amount shall be equal to the aggregate note balance of the Class A-2b Notes on the first day of such Calculation Period. With respect to any Payment Date, the aggregate note balance of the Class A-2b Notes will be determined using the Servicer’s Certificate issued on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the note balance of the Class A-2b Notes reflected in such Servicer’s Certificate).
Initial Calculation Period:		April 23, 2008 to but excluding May 15, 2008.
Term:
	Trade Date:	April 17, 2008
	Effective Date:	April 23, 2008
	Termination Date:	The earlier of (i) December 15, 2010 and (ii) the date on which the note balance of the Class A-2b Notes is reduced to zero.
	Business Day Convention:	Following
	Business Day:	New York, Delaware, Illinois, Tennessee, Texas and London
Fixed Amounts:
	Fixed Rate Payer:	Party B
	Calculation Period End Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date; No Adjustment.
	Payment Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.

Issuer Confirmation

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	Fixed Rate:	2.89%
	Fixed Rate Day Count Fraction:	30/360
Floating Amounts:
	Floating Rate Payer:	Party A
	Calculation Period End Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.
	Payment Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.
	Floating Rate Option:	USD-LIBOR-BBA
	Designated Maturity:	1 Month
	Spread:	None
	Initial LIBOR Setting:	1 Month USD-LIBOR-BBA
	Floating Rate Day Count Fraction:	Actual/360
	Reset Dates:	The first day of each Calculation Period.
	Compounding:	Inapplicable
3. The additional provisions of this Confirmation are as follows:
Calculation Agent:		As set forth in the Agreement.
Payments to Party A:		HSBC Bank USA, National Association
		ABA# 021-001-088 For Credit to Department 299 A/C: 000-04929-8 HSBC Derivate Products Group

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Payments to Party B: NISSAN AUTO LEASE TRUST 2008-A
U.S. Bank National Association
ABA #091000022
For credit to: Structured Finance
Acct #173103322058
Ref: NALT 2008-A Collections a/c 122195001)

4. Documentation

This Confirmation supplements, forms a part of, and is subject to, the 2002 ISDA Master Agreement, dated as of April 23, 2008 (including the Schedule thereto) as amended and supplemented from time to time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. Unless otherwise provided in the Agreement, this Confirmation is governed by the laws of the State of New York.

The remainder of this page intentionally left blank.

Issuer Confirmation

4

     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us.

Very truly yours,

HSBC BANK USA, NATIONAL ASSOCIATION

By:

Name:

Title:

By:

Name:

Title:

Accepted and confirmed as of the date first above written:

NISSAN AUTO LEASE TRUST 2008-A

By:	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as owner trustee
	By:
	Name:
	Title:

Issuer Confirmation

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SWAP TRANSACTION CONFIRMATION
[Class A-3b Notes]

Date:	April 23, 2008
To:	NISSAN AUTO LEASE TRUST 2008-A	(“Party B”)
	c/o Wilmington Trust Company
	Rodney Square North
	1100 North Market Street
	Wilmington, Delaware 19890
	Attention: Dorri Wolhar
	Telephone: 302-636-6194
	Facsimile: 302-636-4140
	With a copy to: Rachel Serina, CTP Senior Treasury Manager, Funding Nissan North America, Inc. 333 Commerce Street 10th Floor, B-10-C Nashville, TN 37201-1800 Telephone: 615-725-8146 Facsimile: 615-725-1720
From:	HSBC Bank USA, National Association	(“Party A”)
	452 5th Ave
	New York, NY 1018
	Attention: Christian McGreevy
	Telephone: 212-525-8710
	Facsimile: 212-525-5517
Ref. No.	497751HN

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc, and (ii) the Indenture dated as of April 23, 2008 (the “Indenture”) between Party B and U.S. Bank National Association, as indenture trustee, relating to the issuance by Party B of certain debt obligations, are incorporated into this Confirmation. In the event of any inconsistency between

Issuer Confirmation

the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Indenture.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

Transaction Type:		Interest Rate Swap
Currency for Payments:		U.S. Dollars
Notional Amount:		For the Initial Calculation Period, the Notional Amount shall be equal to USD 70,000,000. For each subsequent Calculation Period, the Notional Amount shall be equal to the aggregate note balance of the Class A-3b Notes on the first day of such Calculation Period. With respect to any Payment Date, the aggregate note balance of the Class A-3b Notes will be determined using the Servicer’s Certificate issued on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the note balance of the Class A-3b Notes reflected in such Servicer’s Certificate).
Initial Calculation Period:		April 23, 2008 to but excluding May 15, 2008.
Term:
	Trade Date:	April 17, 2008
	Effective Date:	April 23, 2008
	Termination Date:	The earlier of (i) July 15, 2011 and (ii) the date on which the note balance of the Class A-3b Notes is reduced to zero.
	Business Day Convention:	Following
	Business Day:	New York, Delaware, Illinois, Tennessee, Texas and London
Fixed Amounts:
	Fixed Rate Payer:	Party B
	Calculation Period End Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date; No Adjustment.
	Payment Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.

Issuer Confirmation

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	Fixed Rate:	3.08%
	Fixed Rate Day Count Fraction:	30/360
Floating Amounts:
	Floating Rate Payer:	Party A
	Calculation Period End Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.
	Payment Dates:	Monthly on the 15th of each month, commencing May 15, 2008, through and including the Termination Date, subject to adjustment in accordance with the Business Day Convention.
	Floating Rate Option:	USD-LIBOR-BBA
	Designated Maturity:	1 Month
	Spread:	None
	Initial LIBOR Setting:	1 Month USD-LIBOR-BBA
	Floating Rate Day Count Fraction:	Actual/360
	Reset Dates:	The first day of each Calculation Period.
	Compounding:	Inapplicable
3. The additional provisions of this Confirmation are as follows:
Calculation Agent:		As set forth in the Agreement.
Payments to Party A:		HSBC Bank USA, National Association
		ABA# 021-001-088
		For Credit to Department 299
		A/C: 000-04929-8
		HSBC Derivative Products Group

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Payments to Party B:	NISSAN AUTO LEASE TRUST 2008-A
	U.S. Bank National Association
	ABA #091000022 For credit to: Structured Finance
	Acct#173103322058 Ref: NALT 2008-A Collections a/c 122195001)

4. Documentation

This Confirmation supplements, forms a part of, and is subject to, the 2002 ISDA Master Agreement, dated as of April 23, 2008 (including the Schedule thereto) as amended and supplemented from time to time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. Unless otherwise provided in the Agreement, this Confirmation is governed by the laws of the State of New York.

The remainder of this page intentionally left blank.

Issuer Confirmation

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Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us.

Very truly yours,

HSBC BANK USA, NATIONAL ASSOCIATION

By:

Name:

Title:

By:

Name:

Title:

Accepted and confirmed as of the date first above written:

NISSAN AUTO LEASE TRUST 2008-A

By:	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as owner trustee
	By:
	Name:
	Title:

Issuer Confirmation

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