<PAGE>

                                                                     EXHIBIT 4.2
                                    INDENTURE

                   NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                                    as Issuer

                                       and

                     WELLS FARGO BANK, NATIONAL ASSOCIATION

                              as Indenture Trustee

                         Dated as of September 16, 2004

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
                                                   ARTICLE I
                                  DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01     Definitions..........................................................................      2
SECTION 1.02     Usage of Terms.......................................................................      9
SECTION 1.03     Incorporation by Reference of Trust Indenture Act....................................     10

                                                  ARTICLE II
                                                   THE NOTES

SECTION 2.01     Form.................................................................................     10
SECTION 2.02     Execution, Authentication and Delivery...............................................     10
SECTION 2.03     Temporary Notes......................................................................     11
SECTION 2.04     Registration; Registration of Transfer and Exchange..................................     12
SECTION 2.05     Mutilated, Destroyed, Lost or Stolen Notes...........................................     12
SECTION 2.06     Persons Deemed Owners................................................................     13
SECTION 2.07     Payments of Principal and Interest...................................................     13
SECTION 2.08     Cancellation.........................................................................     14
SECTION 2.09     Release of Collateral................................................................     14
SECTION 2.10     Book-Entry Notes.....................................................................     14
SECTION 2.11     Notices to Clearing Agency...........................................................     15
SECTION 2.12     Definitive Notes.....................................................................     15
SECTION 2.13     Tax Treatment........................................................................     16
SECTION 2.14     The Interest Rate Cap Agreement......................................................     16

                                                  ARTICLE III
                                   COVENANTS, REPRESENTATIONS AND WARRANTIES

SECTION 3.01     Payment of Principal and Interest....................................................     17
SECTION 3.02     Maintenance of Office or Agency......................................................     17
SECTION 3.03     Money for Payments To Be Held in Trust...............................................     17
SECTION 3.04     Existence............................................................................     19
SECTION 3.05     Protection of Trust Estate...........................................................     19
SECTION 3.06     Opinions as to Trust Estate..........................................................     20
SECTION 3.07     Performance of Obligations; Servicing of Receivables.................................     20
SECTION 3.08     Negative Covenants...................................................................     22
SECTION 3.09     Annual Statement as to Compliance....................................................     23
SECTION 3.10     Issuer May Consolidate, etc., Only on Certain Terms..................................     23
SECTION 3.11     Successor or Transferee..............................................................     25
SECTION 3.12     No Other Business....................................................................     25
SECTION 3.13     No Borrowing.........................................................................     25
SECTION 3.14     Servicer's Notice Obligations........................................................     25
SECTION 3.15     Guarantees, Loans, Advances and Other Liabilities....................................     25
SECTION 3.16     Capital Expenditures.................................................................     26
SECTION 3.17     Removal of Administrator.............................................................     26
</TABLE>

                                                       (Nissan 2004-C Indenture)

                                       -i-

<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
SECTION 3.18     Restricted Payments..................................................................     26
SECTION 3.19     Notice of Events of Default..........................................................     26
SECTION 3.20     Further Instruments and Actions......................................................     26
SECTION 3.21     Representations and Warranties.......................................................     27

                                                  ARTICLE IV
                                          SATISFACTION AND DISCHARGE

SECTION 4.01     Satisfaction and Discharge of Indenture..............................................     28
SECTION 4.02     Application of Trust Money...........................................................     28
SECTION 4.03     Repayment of Moneys Held by Paying Agent.............................................     29

                                                   ARTICLE V
                                                   REMEDIES

SECTION 5.01     Events of Default....................................................................     29
SECTION 5.02     Acceleration of Maturity; Rescission and Annulment...................................     30
SECTION 5.03     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee............     31
SECTION 5.04     Remedies; Priorities.................................................................     33
SECTION 5.05     Optional Preservation of the Receivables.............................................     34
SECTION 5.06     Limitation of Suits..................................................................     34
SECTION 5.07     Unconditional Rights of Noteholders To Receive Principal and Interest................     35
SECTION 5.08     Restoration of Rights and Remedies...................................................     35
SECTION 5.09     Rights and Remedies Cumulative.......................................................     36
SECTION 5.10     Delay or Omission Not a Waiver.......................................................     36
SECTION 5.11     Control by Noteholders...............................................................     36
SECTION 5.12     Waiver of Past Defaults..............................................................     36
SECTION 5.13     Undertaking for Costs................................................................     37
SECTION 5.14     Waiver of Stay or Extension Laws.....................................................     37
SECTION 5.15     Action on Notes......................................................................     37
SECTION 5.16     Performance and Enforcement of Certain Obligations...................................     38

                                                  ARTICLE VI
                                             THE INDENTURE TRUSTEE

SECTION 6.01     Duties of Indenture Trustee..........................................................     38
SECTION 6.02     Rights of Indenture Trustee..........................................................     40
SECTION 6.03     Individual Rights of Indenture Trustee...............................................     41
SECTION 6.04     Indenture Trustee's Disclaimer.......................................................     41
SECTION 6.05     Notice of Defaults...................................................................     41
SECTION 6.06     Reports by Indenture Trustee to Holders..............................................     42
SECTION 6.07     Compensation and Indemnity...........................................................     42
</TABLE>

                                                      (Nissan 2004-C Indenture)

                                       -ii-
<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
SECTION 6.08     Replacement of Indenture Trustee.....................................................     42
SECTION 6.09     Successor Indenture Trustee by Merger................................................     43
SECTION 6.10     Appointment of Co-Indenture Trustee or Separate Indenture Trustee....................     44
SECTION 6.11     Eligibility; Disqualification........................................................     45
SECTION 6.12     Preferential Collection of Claims Against Issuer.....................................     45
SECTION 6.13     Acknowledgement by Indenture Trustee of its Obligations Under the Sale and
                 Servicing Agreement..................................................................     45
SECTION 6.14     Interest Rate Cap Agreement Provisions...............................................     45

                                                  ARTICLE VII
                                        NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.01     Note Registrar To Furnish Names and Addresses of Noteholders.........................     46
SECTION 7.02     Preservation of Information; Communications to Noteholders...........................     47
SECTION 7.03     Reports by Issuer....................................................................     47
SECTION 7.04     Reports by Indenture Trustee.........................................................     48
SECTION 7.05     Indenture Trustee Website............................................................     48

                                                 ARTICLE VIII
                                     ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.01     Collection of Money..................................................................     48
SECTION 8.02     Accounts.............................................................................     49
SECTION 8.03     General Provisions Regarding Accounts................................................     50
SECTION 8.04     Release of Trust Estate..............................................................     51
SECTION 8.05     Release of Receivables Upon Purchase by the Seller or the Servicer...................     52
SECTION 8.06     Opinion of Counsel...................................................................     52

                                                  ARTICLE IX
                                            SUPPLEMENTAL INDENTURES

SECTION 9.01     Supplemental Indentures Without Consent of Noteholders...............................     52
SECTION 9.02     Supplemental Indentures with Consent of Noteholders..................................     53
SECTION 9.03     Execution of Supplemental Indentures.................................................     55
SECTION 9.04     Effect of Supplemental Indenture.....................................................     55
SECTION 9.05     Conformity with Trust Indenture Act..................................................     55
SECTION 9.06     Reference in Notes to Supplemental Indentures........................................     56

                                                   ARTICLE X
                                                    RELEASE

SECTION 10.01    Optional Purchase of All Receivables.................................................     56
</TABLE>

                                                      (Nissan 2004-C Indenture)

                                       -iii-
<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
                                                  ARTICLE XI
                                                 MISCELLANEOUS

SECTION 11.01    Compliance Certificates and Opinions, etc............................................     56
SECTION 11.02    Form of Documents Delivered to Indenture Trustee.....................................     58
SECTION 11.03    Acts of Noteholders..................................................................     59
SECTION 11.04    Notices to Indenture Trustee, Issuer and Rating Agencies.............................     59
SECTION 11.05    Notices to Noteholders; Waiver.......................................................     60
SECTION 11.06    Alternate Payment and Notice Provisions..............................................     60
SECTION 11.07    Conflict with Trust Indenture Act....................................................     60
SECTION 11.08    Effect of Headings and Table of Contents.............................................     61
SECTION 11.09    Successors and Assigns...............................................................     61
SECTION 11.10    Severability.........................................................................     61
SECTION 11.11    Benefits of Indenture................................................................     61
SECTION 11.12    Governing Law........................................................................     61
SECTION 11.13    Counterparts.........................................................................     61
SECTION 11.14    Recording of Indenture...............................................................     61
SECTION 11.15    Trust Obligation.....................................................................     61
SECTION 11.16    No Petition..........................................................................     62
SECTION 11.17    Inspection...........................................................................     62
SECTION 11.18    Assignment of the Interest Rate Cap Agreement........................................     62
</TABLE>

EXHIBIT A        FORM OF CLASS A-1 NOTE, CLASS A-2 NOTE, CLASS A-3 NOTE AND
                 CLASS A-4 NOTE

                                                      (Nissan 2004-C Indenture)

                                      -iv-
<PAGE>

                              CROSS-REFERENCE TABLE
                         (not a part of this Indenture)

<TABLE>
<CAPTION>
       TIA                                                                                                   Indenture
     Section                                                                                                  Section
     -------                                                                                                  --------
<S>                                                                                                          <C>
(Section)310(a) (1)......................................................................................          6.11
      (a) (2) ...........................................................................................          6.11
      (a) (3) ...........................................................................................    6.10(b)(i)
      (a) (4) ...........................................................................................          N.A.
      (a) (5) ...........................................................................................          6.11
      (b) ...............................................................................................          5.04
                                                                                                                   6.08
                                                                                                                   6.11
                                                                                                                  11.04
      (c) ...............................................................................................          N.A.
(Section)311(a) .........................................................................................          6.12
      (b) ...............................................................................................          6.12
      (c) ...............................................................................................          N.A.
(Section)312(a) .........................................................................................          7.01
      (b) ...............................................................................................          7.01
                                                                                                                7.02(b)
      (c) ...............................................................................................       7.02(c)
(Section)313(a) .........................................................................................          7.04
      (b) (1)............................................................................................          N.A.
      (b) (2)............................................................................................          7.04
      (c) ...............................................................................................          7.04
                                                                                                                  11.04
      (d) ...............................................................................................          7.04
(Section)314(a) .........................................................................................          7.03
                                                                                                                   3.09
                                                                                                                  11.04
                                                                                                                   7.04
      (b) ...............................................................................................          3.06
                                                                                                                  11.14
                                                                                                                   7.04
      (c) (1) ...........................................................................................         11.01
                                                                                                                   6.02
                                                                                                                8.05(b)
                                                                                                                   6.02
                                                                                                                  11.01
      (c) (2)............................................................................................         11.01
                                                                                                                   3.06
                                                                                                                   3.10
                                                                                                                   6.02
                                                                                                                8.05(b)
</TABLE>

                                                       (Nissan 2004-C Indenture)

                                               v
<PAGE>

<TABLE>
<CAPTION>
       TIA                                                                                                   Indenture
     Section                                                                                                  Section
     -------                                                                                                 ---------
<S>                                                                                                          <C>
                                                                                                                   8.06
      (c) (3)............................................................................................         11.01
      (d) ...............................................................................................      11.01(c)
      (e) ...............................................................................................         11.01
      (f) ...............................................................................................          N.A.
(Section)315(a) .........................................................................................          6.01
      (b) ...............................................................................................          6.05
      (c) ...............................................................................................          N.A.
      (d) ...............................................................................................       6.01(c)
      (e) ...............................................................................................          5.13
(Section)316(a)(1) (A)...................................................................................          5.11
                                                                                                                6.01(c)
      (a) (1) (B)........................................................................................          5.12
      (a) (2)............................................................................................          N.A.
      (b) ...............................................................................................          5.07
                                                                                                                   9.02
                                                                                                                5.13(c)
      (c) ...............................................................................................          N.A.
(Section)317(a) (1) .....................................................................................          5.04
      (a) (2) ...........................................................................................       5.03(c)
                                                                                                                5.03(d)
                                                                                                                   5.04
      (b) ...............................................................................................          3.03
(Section)318(a) .........................................................................................         11.07
</TABLE>

--------------
N.A. means not applicable.

                                                       (Nissan 2004-C Indenture)

                                              vi
<PAGE>

         INDENTURE (this "Indenture"), dated as of September 16, 2004, between
NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST, a Delaware statutory trust (the
"Issuer"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as trustee and not in its individual capacity (the "Indenture
Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of (i) the Holders of the Issuer's 1.9300% Asset
Backed Notes, Class A-1 (the "Class A-1 Notes"), 2.4300% Asset Backed Notes,
Class A-2 (the "Class A-2 Notes"), 2.8500% Asset Backed Notes, Class A-3 (the
"Class A-3 Notes"), and Floating Rate Asset Backed Notes, Class A-4 (the "Class
A-4 Notes"), and, together with the Class A-1, the Class A-2, and the Class A-3
and the Class A-4 Notes, the "Notes") and (ii) for the purposes of the Granting
Clause below, the Certificateholders:

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Holders of the Notes and
Certificates, the following:

         (i)      all right, title and interest of the Issuer in and to the
Receivables (including all related Receivable Files) and all monies due thereon
or paid thereunder or in respect thereof (including proceeds of the repurchase
of Receivables by the Seller pursuant to Section 3.02 of the Sale and Servicing
Agreement or the purchase of Receivables by the Servicer pursuant to Section
4.06 or 9.01 of the Sale and Servicing Agreement) after the Cutoff Date;

         (ii)     the Collection Account and amounts on deposit in the
Collection Account and the Yield Supplement Account;

         (iii)    the right of the Issuer in the security interests in the
Financed Vehicles granted by the Obligors pursuant to the Receivables and any
related property;

         (iv)     the right of the Issuer in any proceeds from claims on any
physical damage, credit life, credit disability or other insurance policies
covering the Financed Vehicles or the Obligors;

         (v)      the right of the Issuer (through the Seller and NMAC) to
receive payments in respect of any Dealer Recourse with respect to the
Receivables;

         (vi)     the rights of the Issuer under the Sale and Servicing
Agreement, and, through the Seller, under the Purchase Agreement and the
Assignment;

         (vii)    the rights of the Issuer under the Yield Supplement Agreement;

         (viii)   the right of the Issuer to realize upon any property
(including the right to receive future Net Liquidation Proceeds) that shall have
secured a Receivable;

         (ix)     the right of the Issuer in rebates of premiums and other
amounts relating to insurance policies and other items financed under the
Receivables in effect as of the Cutoff Date;

         (x)      the rights of the Issuer under the Interest Rate Cap
Agreement;

                                                       (Nissan 2004-C Indenture)

                                       1
<PAGE>

         (xi)     all other assets comprising the Owner Trust Estate; and

         (xii)    all proceeds of the foregoing.

         The foregoing Grant is made in trust to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction, and to secure
compliance with the provisions of this Indenture, and subject to the subordinate
claims thereon of the Holder of the Certificates, all as provided in this
Indenture.

         The Indenture Trustee, as Indenture Trustee on behalf of the Holders of
the Notes and for the benefit of the Certificateholders, acknowledges such
Grant, accepts the trusts under this Indenture in accordance with the provisions
of this Indenture and agrees to perform its duties required in this Indenture to
the best of its ability to the end that the interests of the Holders of the
Notes may be adequately and effectively protected and the rights of the
Certificateholders secured.

                                   ARTICLE I
                   Definitions and Incorporation by Reference

         SECTION 1.01 Definitions. Except as otherwise specified herein or if
the context may otherwise require, capitalized terms used but not otherwise
defined herein have the meanings ascribed thereto in the Trust Agreement, the
Sale and Servicing Agreement, the Securities Account Control Agreement and the
Interest Rate Cap Agreement, as the case may be, for all purposes of this
Indenture. Except as otherwise provided in this Indenture, whenever used herein
the following words and phrases, unless the context otherwise requires, shall
have the following meanings:

         "Action" has the meaning specified in Section 11.03(a).

         "Administration Agreement" means the Administration Agreement, dated as
of September 16, 2004, among the Administrator, the Issuer, the Owner Trustee
and the Indenture Trustee.

         "Administrator" means NMAC or any successor Administrator under the
Administration Agreement.

         "Applicant" has the meaning specified in Section 7.01.

         "Authorized Officer" means with respect to the Issuer, any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters
relating to the Issuer identified as such on any list of Authorized Officers
delivered by the Owner Trustee to the Indenture Trustee.

         "Book-Entry Notes" means a beneficial interest in the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.10.

                                                       (Nissan 2004-C Indenture)

                                       2
<PAGE>

         "Business Day" means any day except a Saturday, a Sunday or a day on
which banks in New York, New York, Los Angeles, California, Wilmington, Delaware
or Minneapolis, Minnesota are authorized or obligated by law, regulation,
executive order or governmental decree to be closed.

         "Calculation Agent" has the meaning specified in Section 2.14(c).

         "Cap Event of Default" means any event defined as an "Event of Default"
under the Interest Rate Cap Agreement.

         "Cap Payments" means on any Distribution Date the amount, if any, then
payable by the Cap Provider to the Issuer, excluding any Cap Termination
Payments.

         "Cap Provider" means ABN AMRO Bank N.V., as Cap Provider under the
Interest Rate Cap Agreement, or any successor or replacement Cap Provider from
time to time under the Interest Rate Cap Agreement.

         "Cap Termination Event" means any event defined as a "Termination
Event" under the Interest Rate Cap Agreement.

         "Cap Termination Payments" means any termination payment payable by the
Cap Provider to the Issuer under the Interest Rate Cap Agreement.

         "Certificates" means the Certificates of the Issuer issued under the
Trust Agreement.

         "Class" means any one of the classes of the Notes.

         "Class A-1 Notes" means the 1.9300% Asset Backed Notes, Class A-1,
substantially in the form attached hereto as Exhibit A.

         "Class A-1 Rate" means 1.9300% per annum (computed on the basis of
actual number of days in the related Interest Period and a 360-day year).

         "Class A-2 Notes" means the 2.4300% Asset Backed Notes, Class A-2,
substantially in the form attached hereto as Exhibit A.

         "Class A-2 Rate" means 2.4300% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months).

         "Class A-3 Notes" means the 2.8500% Asset Backed Notes, Class A-3,
substantially in the form attached hereto as Exhibit A.

         "Class A-3 Rate" means 2.8500% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months).

         "Class A-4 Notes" means the Floating Rate Asset Backed Notes, Class
A-4, substantially in the form attached hereto as Exhibit A.

                                                       (Nissan 2004-C Indenture)

                                       3
<PAGE>

         "Class A-4 Rate" means LIBOR plus 0.04% per annum (computed on the
basis of actual number of days in the related Interest Period and a 360-day
year).

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

         "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

         "Closing Date" means September 16, 2004.

         "Code" means the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder.

         "Collateral" means the property of the Issuer subject to the Granting
Clause hereof, the Reserve Account, all amounts held from time to time in the
Reserve Account and all investments therein.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Indenture is located
at Wells Fargo Center, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis,
MN 55479, Attn: Asset Backed Securities Department, or at such other address as
the Indenture Trustee may designate from time to time by notice to the
Noteholders, the Issuer and the Administrator, or the principal corporate trust
office of any successor Indenture Trustee at the address designated by such
successor Indenture Trustee by notice to the Noteholders, the Issuer and the
Administrator.

         "Default" means any occurrence that is, or with notice or the lapse of
time or both would become, an Event of Default.

         "Definitive Notes" has the meaning specified in Section 2.10.

         "Designated LIBOR Page" means the display on Bridge Telerate, Inc. or
any successor service or any page as may replace the designated page on that
service or any successor service that displays the London interbank rates on
major banks for U.S. dollars.

         "Event of Default" has the meaning specified in Section 5.01.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

         "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, and grant a lien upon and a
security interest in and right of set-off

                                                       (Nissan 2004-C Indenture)

                                       4
<PAGE>

against, deposit, set over and confirm pursuant to this Indenture. A Grant of
the Collateral or of any other agreement or instrument shall include all rights,
powers and options (but none of the obligations) of the granting party
thereunder, including the immediate and continuing right to claim for, collect,
receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the granting party or
otherwise, and generally to do and receive anything that the granting party is
or may be entitled to do or receive thereunder or with respect thereto.

         "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

         "Indenture Trustee" means Wells Fargo Bank, National Association, a
national banking association, as Indenture Trustee under this Indenture, or any
successor Indenture Trustee under this Indenture.

         "Independent" means, when used with respect to any specified Person,
that the Person is in fact independent of the Seller, the Servicer, the
Administrator, the Issuer or any other obligor on the Notes or any Affiliate of
any of the foregoing Persons because, among other things, such Person (a) is not
an employee, officer or director or otherwise controlled thereby or under common
control therewith, (b) does not have any direct financial interest or any
material indirect financial interest therein (whether as holder of securities
thereof or party to contract therewith or otherwise), and (c) is not and has not
within the preceding twelve months been a promoter, underwriter, trustee,
partner, director or person performing similar functions therefor or otherwise
had legal, contractual or fiduciary or other duties to act on behalf of or for
the benefit thereof.

         "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee, made by an Independent appraiser or other
expert appointed by an Issuer Order and approved by the Indenture Trustee in the
exercise of reasonable care, and such opinion or certificate shall state that
the signer has read the definition of "Independent" in this Indenture and that
the signer is Independent within the meaning thereof.

         "Interest Determination Date" means, with respect to any Interest
Period with respect to the Class A-4 Notes, the day that is two London Business
Days prior to the related Interest Reset Date.

         "Interest Period" means, with respect to any Distribution Date and the
Class A-1 Notes and the Class A-4 Notes, the period from (and including) the
preceding Distribution Date to (but excluding) such Distribution Date, except
that the initial Interest Period will be from (and including) the Closing Date
to (but excluding) October 15, 2004, and, with respect to any Distribution Date
and the Class A-2 Notes and the Class A-3 Notes, the period from (and including)
the 15th day of the preceding calendar month to (but excluding) the 15th day of
the month in which such Distribution Date occurs, except that the initial
Interest Period will be from (and including) the Closing Date to (but excluding)
October 15, 2004.

                                                       (Nissan 2004-C Indenture)

                                       5
<PAGE>

         "Interest Rate" means the Class A-1 Rate, the Class A-2 Rate, the Class
A-3 Rate, or the Class A-4 Rate as indicated by the context.

         "Interest Rate Cap Agreement" means the 1992 International Swaps and
Derivatives Association, Inc. Master Agreement (Multi Currency-Cross Border)
dated as of September 16, 2004 (the "1992 ISDA Master Agreement"), including all
schedules and confirmations thereto, between the Issuer and the Cap Provider, as
the same may be amended, supplemented, renewed, extended or replaced from time
to time.

         "Interest Reset Date" means, with respect to any Interest Period with
respect to the Class A-4 Notes, the first day of such Interest Period; provided
that if any Interest Reset Date would otherwise be a day that is not a Business
Day, that Interest Reset Date will be postponed to the next succeeding day that
is a Business Day, except that if that Business Day falls in the next succeeding
calendar month, such Interest Reset Date will be the immediately preceding
Business Day.

         "Issuer" means Nissan Auto Receivables 2004-C Owner Trust unless and
until a successor replaces it and, thereafter, means the successor and, for
purposes of any provision contained herein and required by the TIA, each other
obligor on the Notes.

         "Issuer Order" and "Issuer Request" mean a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

         "LIBOR" means, for any Interest Period, the rate for deposits in U.S.
dollars for a one-month period that appears on the Designated LIBOR Page, on the
related Interest Determination Date; provided that, the following procedures
will be followed if LIBOR cannot be determined as described above:

                  (a)      With respect to an Interest Determination Date on
         which no rate appears on the Designated LIBOR Page, LIBOR for the
         applicable Interest Determination Date will be the rate calculated by
         the Calculation Agent as the arithmetic mean of at least two quotations
         obtained by the Calculation Agent after requesting the principal London
         offices of each of four major reference banks in the London interbank
         market, which may include the Calculation Agent and its affiliates, as
         selected by the Calculation Agent, to provide the Calculation Agent
         with its offered quotation for deposits in U.S. dollars for a one-month
         period, commencing on the second London Business Day immediately
         following the applicable Interest Determination Date, to prime banks in
         the London interbank market at approximately 11:00 a.m., London time,
         on such Interest Determination Date and in a principal amount that is
         representative for a single transaction in U.S. dollars in that market
         at that time. If at least two such quotations are provided, LIBOR
         determined on the applicable Interest Determination Date will be the
         arithmetic mean of the quotations.

                  (b)      If fewer than two quotations referred to in clause
         (a) above are provided, LIBOR determined on the applicable Interest
         Determination Date will be the rate calculated by the Calculation Agent
         as the arithmetic mean of the rates quoted at approximately 11:00 a.m.
         in New York on the applicable Interest Determination Date by three
         major banks, which may include the Calculation Agent and its
         affiliates, in New

                                                       (Nissan 2004-C Indenture)

                                       6
<PAGE>

         York, selected by the Calculation Agent for loans in U.S. dollars to
         leading European banks, having a maturity of one-month and in a
         principal amount that is representative for a single transaction in
         U.S. dollars in that market at that time.

                  (c)      If the banks so selected by the Calculation Agent are
         not quoting as mentioned in clause (b) above, LIBOR for the applicable
         Interest Determination Date will be LIBOR in effect on the applicable
         Interest Determination Date.

         "London Business Day" means any day on which dealings with U.S. dollars
are transacted in the London interbank market.

         "NMAC" means Nissan Motor Acceptance Corporation, in its individual
capacity and not as Servicer.

         "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, or a
Class A-4 Note.

         "Note Depository Agreement" means the agreement entitled "Letter of
Representations" dated on or before the Closing Date among the Clearing Agency,
the Issuer and the Indenture Trustee with respect to certain matters relating to
the duties thereof with respect to the Book-Entry Notes.

         "Note Owner" means, with respect to a Book-Entry Note, any Person who
is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency or on the books of a Person maintaining an account with such
Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing Agency).

         "Note Register" means the Register of Noteholders' information
maintained by the Note Registrar pursuant to Section 2.04.

         "Note Registrar" means the Indenture Trustee unless and until a
successor Note Registrar shall have been appointed pursuant to Section 2.04.

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to
the Indenture Trustee.

         "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee of
or counsel to the Issuer, the Seller or the Servicer and which counsel shall be
reasonably satisfactory to the Owner Trustee, the Indenture Trustee or the
Rating Agencies, as the case may be.

         "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

         (a) Notes theretofore canceled by the Note Registrar or delivered to
the Note Registrar for cancellation;

                                                       (Nissan 2004-C Indenture)

                                       7
<PAGE>

         (b) Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the Holders of such Notes; and

         (c) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a
protected purchaser;

provided, that in determining whether the Holders of the requisite percentage of
the Outstanding Amount of the Notes, or any Class of Notes, have given any
request, demand, authorization, direction, notice, consent, or waiver hereunder
or under any Basic Document, Notes owned by the Issuer, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent, or waiver, only
Notes that the Indenture Trustee knows to be so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

         "Outstanding Amount" means the aggregate principal amount of all Notes,
or, if indicated by the context, all Notes of any Class, Outstanding at the date
of determination.

         "Owner Trustee" means Wilmington Trust Company, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, or any successor
Owner Trustee under the Trust Agreement.

         "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.11 that has been authorized by the Issuer to make payments to and
distributions from the Collection Account, including payment of principal of or
interest on the Notes on behalf of the Issuer.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

         "Proceeding" means any suit in equity, action at law or other judicial
or administrative proceeding.

         "Rating Event" means the qualification, reduction, or withdrawal by
such Rating Agency of its then-current rating of any Class.

         "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

                                                       (Nissan 2004-C Indenture)

                                       8
<PAGE>

         "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of September 16, 2004, among the Issuer, Nissan Auto Receivables
Corporation II, as Seller, and Nissan Motor Acceptance Corporation, as Servicer,
and as to which the Indenture Trustee is a third party beneficiary of certain
provisions.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Securities Account Control Agreement" shall have the meaning assigned
to such term in the Sale and Servicing Agreement.

         "Seller" shall mean Nissan Auto Receivables Corporation II, in its
capacity as seller under the Sale and Servicing Agreement, and its successor in
interest.

         "Servicer" shall mean Nissan Motor Acceptance Corporation, in its
capacity as servicer under the Sale and Servicing Agreement, and any Successor
Servicer thereunder.

         "Successor Servicer" has the meaning specified in Section 3.07.

         "Trust Estate" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including, without
limitation, all property and interests Granted to the Indenture Trustee pursuant
to the Granting Clause), including all proceeds thereof.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939 as
in force on the date hereof, unless otherwise specifically provided.

         "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction at the relevant time.

         SECTION 1.02 Usage of Terms. With respect to all terms in this
Indenture, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "writing" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
subsequent amendments, amendments and restatements and supplements thereto or
changes therein entered into in accordance with their respective terms and not
prohibited by this Indenture; references to Persons include their permitted
successors and assigns; references to laws include their amendments and
supplements, the rules and regulations thereunder and any successors thereto;
and the term "including" means "including without limitation."

         SECTION 1.03 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made

                                                       (Nissan 2004-C Indenture)

                                       9
<PAGE>

a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

         "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

         All other TIA terms used in this Indenture that are defined in the TIA,
defined in the TIA by reference to another statute or defined by Commission rule
have the meanings so assigned to them.

                                   ARTICLE II
                                    The Notes

         SECTION 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes, and the Class A-4 Notes, in each case together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set
forth in Exhibit A, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution thereof. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

         The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A are part of the terms of this Indenture.

         SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile. Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes. The Indenture Trustee shall upon Issuer
Order authenticate and deliver the Class A-1 Notes for original issue in an
aggregate principal amount of $351,000,000, the Class

                                                       (Nissan 2004-C Indenture)

                                       10
<PAGE>

A-2 Notes for original issue in an aggregate principal amount of $314,000,000,
the Class A-3 Notes for original issue in an aggregate principal amount of
$187,000,000, and the Class A-4 Notes for original issue in an aggregate
principal amount of $318,220,000. The aggregate principal amount of the Class
A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes
outstanding at any time may not exceed such respective amounts except as
provided in Section 2.05. The Notes shall be issuable as registered Notes in
denominations of $1,000 and any integral multiple thereof. Each Note shall be
dated the date of its authentication.

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form included in Exhibit A,
executed by the Indenture Trustee by the manual or facsimile signature of one of
its authorized signatories, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

         SECTION 2.03 Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes. If temporary
Notes are issued, the Issuer will cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary
Notes shall be exchangeable for Definitive Notes upon surrender of the temporary
Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.02, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Notes of any Class, the Issuer shall execute, and the
Indenture Trustee shall authenticate and deliver in exchange therefor, a like
principal amount of Definitive Notes of such Class of authorized denominations.
Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Definitive Notes.

         SECTION 2.04 Registration; Registration of Transfer and Exchange.

         (a) The Note Registrar shall maintain a Note Register in which, subject
to such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of Notes and transfers and exchanges of Notes as
provided in this Indenture. The Indenture Trustee is hereby initially appointed
Note Registrar for the purpose of registering Notes and transfers and exchanges
of Notes as provided in this Indenture. In the event that, subsequent to the
Closing Date, the Indenture Trustee notifies the Issuer that it is unable to act
as Note Registrar, the Issuer shall appoint another bank or trust company,
having an office or agency located in the Borough of Manhattan, The City of New
York, agreeing to act in accordance with the provisions of this Indenture
applicable to it, and otherwise acceptable to the Indenture Trustee, to act as
successor Note Registrar under this Indenture.

             If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and

                                                       (Nissan 2004-C Indenture)

                                       11
<PAGE>

the Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

         (b) Upon the proper surrender for registration of transfer of any Note
at the office or agency of the Issuer to be maintained as provided in Section
3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in
the name of the designated transferee or transferees, one or more new Notes of
the same Class in authorized denominations of a like aggregate principal amount.

         (c) At the option of the Holder, Notes may be exchanged for other Notes
of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes which the Noteholder making the exchange
is entitled to receive. Every Note presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Indenture Trustee and the Note Registrar duly executed
by the Holder thereof or his attorney duly authorized in writing.

         (d) No service charge shall be made for any registration of transfer or
exchange of Notes, but the Indenture Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Notes.

         (e) All Notes surrendered for registration of transfer or exchange
shall be canceled and subsequently destroyed by the Indenture Trustee.

         SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a protected purchaser,
the Issuer shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class. In
connection with the issuance of any new Note under this Section 2.05, the Issuer
may require payment by the Holder of such Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto.

         If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note, a protected purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a
protected purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of

                                                       (Nissan 2004-C Indenture)

                                       12
<PAGE>

any loss, damage, cost or expense incurred by the Issuer or the Indenture
Trustee in connection therewith.

         Every replacement Note issued pursuant to this Section 2.05 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes of the same Class duly issued
hereunder.

         The provisions of this Section 2.05 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

         SECTION 2.06 Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any,
on such Note and for all other purposes whatsoever, and none of the Issuer, the
Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.

         SECTION 2.07 Payments of Principal and Interest.

         (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and
the Class A-4 Notes shall accrue interest during each Interest Period at the
Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, and the Class A-4 Rate,
respectively, and such interest shall be payable on each related Distribution
Date as specified in the applicable Note by applying amounts available pursuant
to Section 5.06 of the Sale and Servicing Agreement and to Section 3.01 of this
Indenture. Any installment of interest or principal payable on any Note that is
punctually paid or duly provided for by the Issuer on the applicable
Distribution Date shall be paid to the Person in whose name such Note (or one or
more Predecessor Notes) is registered on the Record Date by wire transfer in
immediately available funds to the account designated by such nominee, except
for the final installment of principal payable with respect to such Note on a
Distribution Date or on the applicable Final Scheduled Distribution Date, which
shall be payable as provided below.

         (b) The principal of each Note shall be payable in installments on each
Distribution Date by applying amounts available pursuant to Section 5.06 of the
Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable, if not previously paid,
from and after the date on which the Indenture Trustee or the Holders of a
majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purpose the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates), have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 in connection
with an Event of Default. All principal payments on each Class of Notes shall be
made pro rata to the Noteholders of such Class entitled thereto. The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record

                                                       (Nissan 2004-C Indenture)

                                       13
<PAGE>

Date preceding the Distribution Date on which the final installment of principal
of and interest on such Note will be paid. Such notice shall be mailed or
transmitted by facsimile not less than 15 nor more than 30 days prior to such
final Distribution Date, shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment.

         SECTION 2.08 Cancellation. All Notes surrendered for payment,
registration of transfer or exchange shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly canceled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly canceled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes canceled
as provided in this Section, except as expressly permitted by this Indenture.
All canceled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided, that such Issuer Order is timely and the Notes have
not been previously disposed of by the Indenture Trustee.

         SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01
and the terms of the Basic Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(l) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates.

         SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company, the initial Clearing Agency, or a
custodian therefor, by, or on behalf of, the Issuer. The Book-Entry Notes shall
be registered initially on the Note Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Note Owner thereof will receive a
Definitive Note representing such Note Owner's interest in such Note, except as
provided in Section 2.12. Unless and until definitive, fully registered Notes
(the "Definitive Notes") have been issued to such Note Owners pursuant to
Section 2.12:

         (a) the provisions of this Section shall be in full force and effect;

         (b) the Note Registrar and the Indenture Trustee shall be entitled to
deal with the Clearing Agency for all purposes of this Indenture (including the
payment of principal of and interest on the Notes and the giving of instructions
or directions hereunder) as the authorized representative of the Note Owners;

         (c) to the extent that the provisions of this Section conflict with any
other provisions of this Indenture, the provisions of this Section shall
control;

         (d) the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the

                                                       (Nissan 2004-C Indenture)

                                       14
<PAGE>

Clearing Agency and/or the Clearing Agency Participants pursuant to the Note
Depository Agreement. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency will make book-entry transfers among
the Clearing Agency Participants and receive and transmit payments of principal
of and interest on the Notes to such Clearing Agency Participants; and

         (e) whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes or of the Notes of any Class,
the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants owning or representing, respectively, such required
percentage of the beneficial interest in the Notes and has delivered such
instructions to the Indenture Trustee.

         SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency and shall be deemed to have been given as of the date of
delivery to the Clearing Agency.

         SECTION 2.12 Definitive Notes. If (i) the Seller, the Owner Trustee or
the Administrator advises the Indenture Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Book-Entry Notes and the Seller, the Owner Trustee and the
Administrator are unable to locate a qualified successor (and if the
Administrator has made such determination, the Administrator has given written
notice thereof to the Indenture Trustee), or (ii) after the occurrence of an
Event of Default or a Servicer Default, Note Owners representing beneficial
interests aggregating a majority of the Outstanding Amount of the Notes of all
Classes advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency or a successor
thereto is no longer in the best interests of the Note Owners acting together as
a single Class, then the Clearing Agency shall notify all Note Owners and the
Indenture Trustee of the occurrence of such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes
as Noteholders. The Indenture Trustee, Issuer and Administrator shall not be
liable for any inability to locate a qualified successor Clearing Agency. From
and after the date of issuance of Definitive Notes, all notices to be given to
Noteholders will be mailed thereto at their addresses of record in the Note
Register as of the relevant Record Date. Such notices will be deemed to have
been given as of the date of mailing.

                                                       (Nissan 2004-C Indenture)

                                       15
<PAGE>

         SECTION 2.13 Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness of the Issuer secured by the Trust Estate or, for periods during
which there is a single beneficial owner of the Certificates, indebtedness of
the Certificateholder issued by the Trust Estate. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note (and each Note
Owner by its acceptance of an interest in the applicable Book-Entry Note), agree
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         SECTION 2.14 The Interest Rate Cap Agreement.

         (a) On the Closing Date, the Issuer shall execute and deliver the
Interest Rate Cap Agreement.

         (b) Subject to Section 11.18 hereof, the Indenture Trustee shall take
all steps necessary to enforce the Issuer's rights under the Interest Rate Cap
Agreement, including receiving payments from the Cap Provider when due and
exercising the Issuer's rights under the Interest Rate Cap Agreement including,
without limitation, if either the long-term senior unsecured debt rating of ABN
AMRO Bank N.V. is downgraded below "A1" by Moody's or below "A+" by Standard &
Poor's or the short-term debt rating of ABN AMRO Bank N.V. is reduced below "P-1
by Moody's or below "A-1" by Standard & Poor's, the right to require the Cap
Provider to obtain a guarantee of its obligations or to substitute a replacement
cap provider (subject to the assumption by the replacement cap provider of the
Cap Provider's obligations under the Interest Rate Cap Agreement) or establish
other arrangements with the Issuer within 30 days of the occurrence of such
reduction, or in certain circumstances, post collateral, in each case in
accordance with the terms of the Interest Rate Cap Agreement.

         (c) Wells Fargo Bank, National Association is hereby designated
calculation agent ("Calculation Agent"), and in such capacity, on each Interest
Determination Date, will calculate the interest rate with respect to the Class
A-4 Notes. All determinations of interest by the Calculation Agent shall, in the
absence of manifest error, be conclusive for all purposes and binding on Class
A-4 Noteholders.

                                  ARTICLE III
                    Covenants, Representations and Warranties

         SECTION 3.01 Payment of Principal and Interest. In accordance with the
terms of this Indenture, the Issuer will duly and punctually (i) pay the
principal of and interest, if any, on the Notes in accordance with the terms of
the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture
Trustee to release from the Collection Account all other amounts distributable
or payable from the Owner Trust Estate under the Trust Agreement, the Sale and
Servicing Agreement and the Administration Agreement. Without limiting the
foregoing and in order to fulfill such obligations, pursuant to Sections 8.02
and 8.03 hereof, the Issuer will cause the Servicer to direct the Indenture
Trustee to apply all amounts on deposit in the Collection Account, the Reserve
Account and the Yield Supplement Account on a Distribution Date deposited
therein pursuant to the Sale and Servicing Agreement (i) (a) for the benefit of
the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the benefit of the
Class A-2 Notes, to the Class

                                                       (Nissan 2004-C Indenture)

                                       16
<PAGE>

A-2 Noteholders, (c) for the benefit of the Class A-3 Notes, to the Class A-3
Noteholders, and (d) for the benefit of the Class A-4 Notes, to the Class A-4
Noteholders, and (ii) for the benefit of the Certificateholders, to or as
directed by the Owner Trustee or the Administrator, as set forth in Section
5.06, 5.07 and 5.08 of the Sale and Servicing Agreement. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture.

         SECTION 3.02 Maintenance of Office or Agency. The Issuer will maintain
in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. The Issuer will give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands
may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

         SECTION 3.03 Money for Payments To Be Held in Trust. As provided in
Sections 8.02 and 8.03, all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection
Account, the Reserve Account or the Yield Supplement Account pursuant to
Sections 8.02 and 8.03 shall be made on behalf of the Issuer by the Indenture
Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts
for payments of Notes shall be paid over to the Issuer, the Owner Trustee or the
Administrator except as provided in this Section.

         On or before each Distribution Date, the Issuer shall deposit in the
Collection Account or, in accordance with the Sale and Servicing Agreement,
cause to be deposited (including the provision of instructions to the Indenture
Trustee to make any required withdrawals from the Reserve Account or the Yield
Supplement Account and to deposit such amounts in the Collection Account), an
aggregate sum sufficient to pay the amounts then becoming due under the Notes
and the Certificates, such sum to be held in trust for the benefit of the
Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee)
shall promptly notify the Indenture Trustee of its action or failure so to act.

         The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer
that it will, and the Issuer will cause each Paying Agent other than the
Indenture Trustee, as a condition to its acceptance of its appointment as Paying
Agent, to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee, subject to the
provisions of this Section, that such Paying Agent will:

         (a) hold all sums held by it for the payment of amounts due with
respect to the Notes or Certificates or for release to the Issuer for payment on
the Certificates in trust for the benefit of the Persons entitled thereto until
such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay or release such sums to such Persons as herein provided;

                                                       (Nissan 2004-C Indenture)

                                       17
<PAGE>

         (b) give the Indenture Trustee notice of any default by the Issuer (or
any other obligor upon the Notes) of which it has actual knowledge in the making
of any payment required to be made with respect to the Notes or the release of
any amounts to the Issuer to be paid to the Certificateholders;

         (c) at any time during the continuance of any such default, upon the
written request of the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums so held in trust by such Paying Agent;

         (d) immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes (or for
release to the Issuer) if at any time it ceases to meet the standards required
to be met by a Paying Agent at the time of its appointment; and

         (e) comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes or Certificates (or
assisting the Issuer to withhold from payment to the Certificateholders) of any
applicable withholding taxes imposed thereon and with respect to any applicable
reporting requirements in connection therewith.

         The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Indenture Trustee all sums held in
trust by such Paying Agent, such sums to be held by the Indenture Trustee upon
the same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

         Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed after such
amount has become due and payable and after the Indenture Trustee has taken the
steps described in this paragraph shall be discharged from such trust and be
paid to Children's Hospital Los Angeles upon presentation thereto of an Issuer
Request; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof, and all liability of the
Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease. In the event that any Noteholder shall not surrender its Notes
for retirement within six months after the date specified in the written notice
of final payment described in Section 2.07, the Indenture Trustee will give a
second written notice to the registered Noteholders that have not surrendered
their Notes for final payment and retirement. If within one year after such
second notice any Notes have not been surrendered, the Indenture Trustee shall,
at the expense and direction of the Issuer, cause to be published once, in a
newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that
such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be paid to Children's Hospital Los
Angeles. The Indenture Trustee shall also adopt and employ, at the expense and
direction of the Issuer, any other reasonable means of notification of such
repayment specified by the Issuer or the Administrator.

                                                       (Nissan 2004-C Indenture)

                                       18
<PAGE>

         SECTION 3.04 Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States of
America, in which case the Issuer will keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate or the Owner Trust Estate.

         SECTION 3.05 Protection of Trust Estate. The Issuer will from time to
time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

         (a) maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

         (b) perfect, publish notice of or protect the validity of any Grant
made or to be made by this Indenture;

         (c) enforce any of the Collateral (including all rights under the
Interest Rate Cap Agreement); or

         (d) preserve and defend title to the Trust Estate and the rights of the
Indenture Trustee and the Noteholders in such Trust Estate against the claims of
all persons and parties.

         The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.05.

         SECTION 3.06 Opinions as to Trust Estate.

         (a) On the Closing Date, the Issuer shall furnish or cause to be
furnished to the Indenture Trustee an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the
execution, recording and filing of this Indenture, any indentures supplemental
hereto, any requisite financing statements and continuation statements and any
other requisite documents necessary to perfect and make effective the lien and
security interest of this Indenture or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest
effective.

         (b) As and when specified in Section 10.02(h) of the Sale and Servicing
Agreement, the Issuer shall furnish or cause to be furnished to the Indenture
Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the execution, recording,
filing or re-recording and refiling of this Indenture, any indentures
supplemental hereto, any financing statements and continuation statements and
any other requisite documents necessary to maintain the lien and security
interest created by this Indenture or stating that in the opinion of such
counsel no such action is necessary to maintain such lien and security interest.
Such Opinion of Counsel shall also describe the execution, recording,

                                                       (Nissan 2004-C Indenture)

                                       19
<PAGE>

filing or re-recording and refiling of this Indenture, any indentures
supplemental hereto, any financing statements and continuation statements and
any other documents that will, in the opinion of such counsel, be required to
maintain the lien and security interest of this Indenture until the date in the
following calendar year on which such Opinion of Counsel must again be
delivered.

         SECTION 3.07 Performance of Obligations; Servicing of Receivables.

         (a) The Issuer will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person
from any of such Person's material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in the Basic Documents.

         (b) The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

         (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in the Basic Documents and in the
instruments and agreements included in the Trust Estate, including but not
limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of the Trust
Agreement, this Indenture and the Sale and Servicing Agreement in accordance
with and within the time periods provided for herein and therein.

         (d) If an Authorized Officer of the Issuer shall have knowledge of the
occurrence of a Servicer Default under the Sale and Servicing Agreement, the
Issuer shall promptly notify the Indenture Trustee and the Rating Agencies
thereof, and shall specify in such notice the action, if any, the Issuer is
taking with respect of such default. If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the
Sale and Servicing Agreement with respect to the Receivables, the Issuer shall
take all reasonable steps available to it to remedy such failure.

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 8.01 of
the Sale and Servicing Agreement, the Indenture Trustee shall appoint a
successor servicer (the "Successor Servicer"), and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee. In the event that a Successor Servicer has not been appointed
and accepted its appointment as set forth in Section 8.02 of the Sale and
Servicing Agreement, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and shall thereafter be
entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture
Trustee shall, if it shall be legally unable so to act, appoint or petition a
court of competent jurisdiction to appoint, and the predecessor Servicer, if no
successor Servicer has been appointed at the time the predecessor Servicer has
ceased to act, may petition a court of

                                                       (Nissan 2004-C Indenture)

                                       20
<PAGE>

competent jurisdiction to appoint, any established institution having a net
worth of not less than $100,000,000 and whose regular business shall include the
servicing of automobile and/or light-duty truck receivables, as the successor to
the Servicer under the Sale and Servicing Agreement. Upon such appointment, the
Indenture Trustee will be released from the duties and obligations of acting as
Successor Servicer, such release effective upon the effective date of the
servicing agreement entered into between the Successor Servicer and the Issuer.

         In connection with any such appointment, the Indenture Trustee may make
such arrangements for the compensation of such successor as it and such
Successor Servicer shall agree, subject to the limitations set forth below and
in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the
Sale and Servicing Agreement, the Issuer shall enter into an agreement with such
Successor Servicer for the servicing of the Receivables (such agreement to be in
form and substance satisfactory to the Indenture Trustee). If the Indenture
Trustee shall succeed to the Servicer's duties as servicer of the Receivables as
provided herein, it shall do so in its individual capacity and not in its
capacity as Indenture Trustee and, accordingly, the provisions of Article VI
hereof shall be inapplicable to the Indenture Trustee in its duties as Successor
Servicer and the servicing of the Receivables. In case the Indenture Trustee
shall become the Successor Servicer, the Indenture Trustee shall be entitled to
appoint as a subservicer any one of its Affiliates, provided that the Indenture
Trustee, in its capacity as Successor Servicer, shall remain fully liable for
the actions and omissions of such Affiliate.

         (f) Upon any termination of the Servicer's rights and powers pursuant
to the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuer
shall notify the Indenture Trustee of such appointment, specifying in such
notice the name and address of such Successor Servicer.

         (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without the
prior written consent of the Indenture Trustee and the Holders of a majority in
Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or
beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC
or any of their Affiliates), amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, waiver, supplement,
termination or surrender of, the terms of any Collateral (except to the extent
otherwise provided in the Sale and Servicing Agreement) or the Basic Documents,
or waive timely performance or observance by the Servicer or the Seller under
the Sale and Servicing Agreement; and (ii) that any such amendment shall not (A)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Receivables or distributions that are
required to be made for the benefit of the Noteholders or change the Interest
Rate or the Specified Reserve Account Balance (except as otherwise provided in
the Basic Documents), in each case without the consent of each of the "adversely
affected" Noteholders, or (B) reduce the aforesaid percentage of the Notes that
is required to consent to any such amendment, without the consent of the Holders
of all the outstanding Notes. If any such amendment, modification, supplement or
waiver shall be so consented to by the Indenture Trustee or such Holders, the
Issuer agrees, promptly following a request by the Indenture Trustee to agree to
such amendment and to execute and deliver, in its own name and at its own
expense,

                                                       (Nissan 2004-C Indenture)

                                       21
<PAGE>

such agreements, instruments, consents and other documents as the Indenture
Trustee may deem necessary or appropriate in the circumstances to implement such
amendment and to cause the relevant Basic Documents, as amended, to be
enforceable against the Issuer. For the purposes of clause (ii) above, an
amendment will be deemed not to "adversely affect" a Noteholder of any Class
only if each Rating Agency confirms that such amendment will not result in a
reduction or withdrawal of its rating on such Class of Notes.

         SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

         (a) except as expressly permitted by Basic Documents, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuer,
including those included in the Trust Estate, unless directed to do so by the
Indenture Trustee;

         (b) claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon
any part of the Trust Estate;

         (c) except as may be expressly permitted hereby, (A) permit the
validity or effectiveness of this Indenture to be impaired, or permit the lien
of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture, (B) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest
therein or the proceeds thereof (other than tax liens, mechanics' liens and
other liens that arise by operation of law, in each case on any of the Financed
Vehicles and arising solely as a result of an action or omission of the related
Obligor), (C) permit the lien of this Indenture not to constitute a valid first
priority (other than with respect to any such tax, mechanics' or other lien)
security interest in the Trust Estate, or (D) dissolve or liquidate in whole or
in part; or

         (d) assume or incur any indebtedness other than the Notes or as
expressly contemplated by this Indenture (in connection with the obligation to
reimburse Advances from the Trust Estate, or to pay expenses from the Trust
Estate) or by the Basic Documents as in effect on the date hereof.

         SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause
the Servicer to deliver to the Indenture Trustee concurrently with its delivery
thereof to the Issuer the annual statement of compliance described in Section
4.09 of the Sale and Servicing Agreement. In addition, on the same date annually
upon which such annual statement of compliance is to be delivered by the
Servicer, the Issuer shall deliver to the Indenture Trustee an Officer's
Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

         (a) a review of the activities of the Issuer during such year and of
its performance under this Indenture has been made under such Authorized
Officer's supervision; and

                                                       (Nissan 2004-C Indenture)

                                       22
<PAGE>

         (b) to the best of such Authorized Officer's knowledge, based on such
review, the Issuer has complied with all conditions and covenants under this
Indenture throughout such year, or, if there has been a default in its
compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

         SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.

         (a) The Issuer shall not consolidate or merge with or into any other
Person, unless:

                  (i)      the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger shall be a Person organized and
         existing under the laws of the United States of America or any State or
         the District of Columbia and shall expressly assume, by an indenture
         supplemental hereto, executed and delivered to the Indenture Trustee,
         in form satisfactory to the Indenture Trustee, the duty to make due and
         punctual payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture on the part of the Issuer to be performed or observed, all as
         provided herein;

                  (ii)     immediately after giving effect to such transaction,
         no Default or Event of Default shall have occurred and be continuing;

                  (iii)    no Rating Agency shall have notified the Indenture
         Trustee and the Owner Trustee that such transaction might or would
         result in the removal or reduction of the rating then assigned thereby
         to any Class of Notes;

                  (iv)     the Issuer shall have received an Opinion of Counsel
         (and shall have delivered copies thereof to the Indenture Trustee) to
         the effect that such transaction will not have any material adverse tax
         consequence to the Issuer, any Noteholder or any Certificateholder;

                  (v)      any action that is necessary to maintain each lien
         and security interest created by the Trust Agreement, the Sale and
         Servicing Agreement or this Indenture shall have been taken; and

                  (vi)     the Issuer shall have delivered to the Indenture
         Trustee an Officer's Certificate and an Opinion of Counsel each stating
         that such consolidation or merger and any related supplemental
         indenture complies with this Article III and that all conditions
         precedent provided in this Indenture relating to such transaction have
         been complied with (including any filing required by the Exchange Act).

         (b) The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

                  (i)      the Person that acquires by conveyance or transfer
         such properties and assets of the Issuer shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States of America or any state or the District of Columbia, (B)
         expressly assume, by an indenture supplemental hereto, executed and
         delivered to the Indenture Trustee, in form satisfactory to the
         Indenture Trustee, the duty to make due and

                                                       (Nissan 2004-C Indenture)

                                       23
<PAGE>

         punctual payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture on the part of the Issuer to be performed or observed, all as
         provided herein, (C) expressly agrees by means of such supplemental
         indenture that all right, title and interest so conveyed or transferred
         shall be subject and subordinate to the rights of Holders of the Notes,
         (D) unless otherwise provided in such supplemental indenture, expressly
         agrees to indemnify, defend and hold harmless the Issuer, the Owner
         Trustee and the Indenture Trustee against and from any loss, liability
         or expense arising under or related to this Indenture and the Notes,
         and (E) expressly agrees by means of such supplemental indenture that
         such Person (or if a group of Persons, then one specified Person) shall
         make all filings that counsel satisfactory to such purchaser or
         transferee and the Indenture Trustee determines must be made with (1)
         the Commission (and any other appropriate Person) required by the
         Exchange Act or the appropriate authorities in any state in which the
         Notes have been sold pursuant to any qualification or exemption under
         the securities or "blue sky" laws of such state, in connection with the
         Notes or (2) the Internal Revenue Service or the relevant state or
         local taxing authorities of any jurisdiction;

                  (ii)     immediately after giving effect to such transaction,
         no Default or Event of Default shall have occurred and be continuing;

                  (iii)    no Rating Agency shall have notified the Indenture
         Trustee and the Owner Trustee that such transaction might or would
         result in the removal or reduction of the rating then assigned thereby
         to any Class of Notes;

                  (iv)     the Issuer shall have received an Opinion of Counsel
         (and shall have delivered copies thereof to the Indenture Trustee) to
         the effect that such transaction will not have any material adverse tax
         consequence to the Issuer, any Noteholder or any Certificateholder;

                  (v)      any action that is necessary to maintain each lien
         and security interest created by the Trust Agreement, the Sale and
         Servicing Agreement or this Indenture shall have been taken; and

                  (vi)     the Issuer shall have delivered to the Indenture
         Trustee an Officer's Certificate and an Opinion of Counsel each stating
         that such conveyance or transfer and such supplemental indenture comply
         with this Article III and that all conditions precedent herein provided
         for relating to such transaction have been complied with (including any
         filing required by the Exchange Act).

         SECTION 3.11 Successor or Transferee.

         (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

         (b) Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), Nissan Auto Receivables 2004-C Owner
Trust will be released from every

                                                       (Nissan 2004-C Indenture)

                                       24
<PAGE>

covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes and the Certificates immediately upon
the delivery of written notice to the Indenture Trustee stating that Nissan Auto
Receivables 2004-C Owner Trust is to be so released.

         SECTION 3.12 No Other Business. Unless and until the Issuer shall have
been released from its duties and obligations hereunder, the Issuer shall not
engage in any business other than financing, purchasing, owning, selling and
managing the Receivables in the manner contemplated by the Basic Documents and
activities incidental thereto.

         SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been
released from its duties and obligations hereunder, the Issuer shall not issue,
incur, assume, guarantee or otherwise become liable, directly or indirectly, for
any indebtedness except for the Notes or other obligations permitted hereunder
(including the obligation to reimburse Advances or certain expenses of the
Servicer) or under another Basic Document (including indemnification expenses of
the Issuer and certain fees and expenses of the Administrator).

         SECTION 3.14 Servicer's Notice Obligations. The Issuer shall cause the
Servicer to comply with all of its duties and obligations with respect to the
preparation of reports, the delivery of Officer's Certificates and Opinions of
Counsel and the giving of instructions and notices under the Sale and Servicing
Agreement (including, but not limited to, under Sections 4.08, 4.09, 4.11, 4.13,
5.09 and Article IX thereof).

         SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Unless
and until the Issuer shall have been released from its duties and obligations
hereunder, except as contemplated by the Sale and Servicing Agreement, this
Indenture or the other Basic Documents, the Issuer shall not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another's payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person.

         SECTION 3.16 Capital Expenditures. Unless and until the Issuer shall
have been released from its duties and obligations hereunder, the Issuer shall
not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty).

         SECTION 3.17 Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
so instructed by the Owner Trustee or the Indenture Trustee and unless each
Rating Agency shall have received 10 days' written notice thereof and shall not
have notified the Indenture Trustee, the Administrator or the Owner Trustee that
such removal might or would result in the removal or reduction of the rating, if
any, then assigned thereby to any Class of Notes or the Certificates.

         SECTION 3.18 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Servicer, the Owner Trustee or any

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<PAGE>

Certificateholder or otherwise with respect to any ownership or equity interest
or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, (x) distributions to the
Servicer, the Owner Trustee and the Certificateholders as contemplated by, and
to the extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement, and (y) payments to the Owner Trustee or the
Indenture Trustee pursuant to the Administration Agreement. The Issuer will not,
directly or indirectly, make payments to or distributions from the Collection
Account except in accordance with the Basic Documents.

         SECTION 3.19 Notice of Events of Default. The Issuer shall give the
Indenture Trustee and each Rating Agency prompt written notice of each Event of
Default hereunder, each default on the part of the Servicer or the Seller of its
obligations under the Sale and Servicing Agreement (including any Servicer
Defaults), each default on the part of NMAC of its obligations under the
Purchase Agreement and each Cap Event of Default under the Interest Rate Cap
Agreement. In addition, on (i) any Distribution Date on which the Issuer has not
received from the Cap Provider any amount due from the Cap Provider on such
Distribution Date, (ii) the Business Day following any such Distribution Date if
the Issuer has not yet received such amount due from the Cap Provider or (iii)
the Business Day on which such failure to pay by the Cap Provider becomes a Cap
Event of Default under the Interest Rate Cap Agreement, the Issuer shall give
immediate notice thereof to the Cap Provider, the Indenture Trustee and each
Rating Agency.

         The Indenture Trustee shall notify each Noteholder of record in writing
of any Event of Default promptly upon a Responsible Officer obtaining actual
knowledge thereof. Such notices will be provided in accordance with Section
2.11.

         SECTION 3.20 Further Instruments and Actions. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

         SECTION 3.21 Representations and Warranties. The Issuer makes the
following representations and warranties. Such representations and warranties
speak as of the execution and delivery of this Indenture and as of the Closing
Date, but shall survive the Closing Date. Notwithstanding anything to the
contrary, the Indenture Trustee shall not waive any breach of representations or
warranties in this Section 3.21 without the written consent of at least a
majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by NMAC, NARC II or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NMAC, NARC II or any of their Affiliates).

         (a) This Indenture creates a valid and continuing security interest (as
defined in the applicable UCC) in the Collateral in favor of the Indenture
Trustee, which security interest is prior to all other Liens, and is enforceable
as such as against creditors of any purchasers from the Issuer.

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                                       26
<PAGE>

         (b) The Issuer has taken all steps necessary to perfect its security
interest against the Obligor in the property securing the Receivables.

         (c) The Collateral constitutes "tangible chattel paper" within the
meaning of the applicable UCC.

         (d) The Issuer owns and has good and marketable title to the Collateral
free and clear of any Lien, claim or encumbrance of any Person.

         (e) The Issuer has caused or will have caused, within ten days, the
filing of all appropriate financing statements in the proper filing office in
the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Collateral granted to the Indenture Trustee hereunder.

         (f) Other than the security interest granted to the Indenture Trustee
pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Collateral. The Issuer
has not authorized the filing of and is not aware of any financing statements
against the Issuer that includes a description of collateral covering the
Collateral other than any financing statement relating to the security interest
granted to the Indenture Trustee hereunder or a financing statement as to which
the security interest covering the Receivables has been released. The Issuer is
not aware of any judgment or tax lien filings against the Issuer.

         (g) The Servicer, as an agent of the Issuer, has in its possession all
original copies of the Receivable File that constitute or evidence the
Collateral. The Receivable Files that constitute or evidence the Collateral do
not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed by the Issuer to any Person other than the Indenture
Trustee. All financing statements filed or to be filed against the Issuer in
favor of the Indenture Trustee in connection herewith describing the Collateral
contain a statement to the following effect: "A purchase of or security interest
in any collateral described in this financing statement, except as permitted in
the Indenture, will violate the rights of the Indenture Trustee."

                                   ARTICLE IV
                           Satisfaction and Discharge

         SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02),
and (vi) the rights of the Noteholders and the Certificateholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when:

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                                       27
<PAGE>

         (a) either (1) all Notes theretofore authenticated and delivered (other
than Notes that have been destroyed, lost or stolen and that have been replaced
or paid as provided in Section 2.05 and Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 3.03) have been delivered to the Indenture Trustee for
cancellation or (2) all Notes not theretofore delivered to the Indenture Trustee
for cancellation have become due and payable or will become due and payable
within one year (either because the Final Scheduled Distribution Date for the
Class A-4 Notes is within one year or because the Indenture Trustee has received
notice of the exercise of the option granted pursuant to Section 9.01 of the
Sale and Servicing Agreement) and the Issuer has irrevocably deposited or caused
to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on
such Notes not theretofore delivered to the Indenture Trustee for cancellation
when due;

         (b) the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer; and

         (c) the Issuer has delivered to the Indenture Trustee, an Officer's
Certificate, (if required by the TIA or the Indenture Trustee) an Opinion of
Counsel and (if required by the TIA or the Indenture Trustee) an Independent
Certificate from a firm of certified public accountants, each meeting the
applicable requirements of Section 11.01 and, subject to Section 11.02, each
stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

         SECTION 4.02 Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and (a)
applied by it in accordance with the provisions of the Notes and this Indenture
to the payment, either directly or through any Paying Agent, as the Indenture
Trustee may determine, to the Holders of the particular Notes for the payment of
which such moneys have been deposited with the Indenture Trustee, of all sums
due and to become due thereon for principal and interest or (b) released to the
Owner Trustee for application pursuant to the Trust Agreement or the Sale and
Servicing Agreement; but such moneys need not be segregated from other funds
except to the extent required herein or in the Sale and Servicing Agreement or
required by law.

         SECTION 4.03 Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.

                                   ARTICLE V
                                    Remedies

         SECTION 5.01 Events of Default. "Event of Default," wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and

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                                       28
<PAGE>

whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

         (a) default in the payment of any interest on any Note when the same
becomes due and payable, and such default shall continue for a period of five
days;

         (b) default in the payment of the principal of or any installment of
the principal of any Note when the same becomes due and payable;

         (c) default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in
this Section specifically dealt with) which shall continue or not be cured for a
period of 90 days after there shall have been given, by registered or certified
mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture
Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes,
acting together as a single class, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating
that such notice is a notice of Default hereunder;

         (d) any representation or warranty of the Issuer made in this Indenture
or in any certificate or other writing delivered pursuant hereto or in
connection herewith shall prove to have been incorrect in any material respect
as of the time when the same shall have been made, and such default shall
continue or not be cured, or the circumstance or condition in respect of which
such misrepresentation or warranty was incorrect shall not have been eliminated
or otherwise cured, for a period of 30 days after there shall have been given,
by registered or certified mail, to the Issuer by the Indenture Trustee or to
the Issuer and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, acting together as a single Class, a written
notice specifying such default or incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default
hereunder;

         (e) the filing of a petition seeking entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of the Issuer
or any substantial part of the Trust Estate in an involuntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer or for any substantial
part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuer's affairs, and such petition shall remain unstayed and in effect for a
period of 90 consecutive days;

         (f) the commencement by the Issuer of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer
to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or the making by the Issuer of any general
assignment for the benefit of creditors, or the failure by the Issuer generally
to pay its debts as such debts become due, or the taking of any action by the
Issuer in furtherance of any of the foregoing; or

                                                       (Nissan 2004-C Indenture)

                                       29
<PAGE>

         (g) a termination of the Interest Rate Cap Agreement without the
execution by the Issuer and a replacement Cap Provider of a replacement Interest
Rate Cap Agreement with substantially the same terms as the Interest Rate Cap
Agreement and acceptable to the Issuer and the Indenture Trustee and the
assignment of such replacement Interest Rate Cap Agreement to the Indenture
Trustee.

         The Issuer shall deliver to the Indenture Trustee and the Cap Provider
(except as to clause (g)), within five Business Days after the occurrence
thereof, written notice in the form of an Officer's Certificate of any Default
that with the giving of notice or the lapse of time would become an Event of
Default under clauses (d) or (g), stating the status of such Default and any
action the Issuer is taking or proposes to take with respect thereto.

         SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee or the Holders of a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purposes the outstanding
principal amount of any Notes held of record or beneficially owned by NMAC, NARC
II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates) may
declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon
any such declaration the unpaid principal amount of such Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

         At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates), by written
notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if:

         (a) the Issuer has paid or deposited with the Securities Intermediary
in the name of the Indenture Trustee a sum sufficient to pay:

                  (i)      all payments of principal of and interest on the
         Notes and all other amounts that would then be due hereunder or upon
         such Notes if the Event of Default giving rise to such acceleration had
         not occurred; and

                  (ii)     all sums paid or advanced by the Indenture Trustee
         hereunder and the reasonable compensation, expenses, disbursements and
         advances of the Indenture Trustee and its agents and counsel; and

         (b) all Events of Default, other than the nonpayment of the principal
of the Notes that has become due solely by such acceleration, have been cured or
waived as provided in Section 5.12.

         No such rescission shall affect any subsequent default or impair any
right consequent thereto.

                                                       (Nissan 2004-C Indenture)

                                       30
<PAGE>

         SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

         (a) The Issuer covenants that if (i) default is made in the payment of
any interest on any Note, so long as any amounts remain unpaid with respect to
the Notes, when the same becomes due and payable, and such default continues for
a period of five days, or (ii) default is made in the payment of the principal
of or any installment of the principal of any Note when the same becomes due and
payable, the Issuer will, upon demand of the Indenture Trustee, pay to the
Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal and interest, with interest upon
the overdue principal and, to the extent payment at such rate of interest shall
be legally enforceable, upon overdue installments of interest at the rate borne
by the Notes and in addition thereto such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel.

         (b) In case the Issuer shall fail forthwith to pay such amounts upon
such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of the Issuer or other obligor
upon such Notes, wherever situated, the moneys adjudged or decreed to be
payable.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders and,
incidentally thereto, the Certificateholders, by such appropriate Proceedings as
the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

         (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, Proceedings under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, then, irrespective of whether the principal of any Notes
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Indenture Trustee shall have made any
demand pursuant to the provisions of this Section, the Indenture Trustee shall
be entitled and empowered, by intervention in such Proceedings or otherwise:

                  (i)      to file and prove a claim or claims for the whole
         amount of principal and interest owing and unpaid in respect of the
         Notes, and to file such other papers or documents as may be necessary
         or advisable in order to have the claims of the Indenture

                                                       (Nissan 2004-C Indenture)

                                       31
<PAGE>

         Trustee (including any claim for reasonable compensation to the
         Indenture Trustee and each predecessor Indenture Trustee, and their
         respective agents, attorneys and counsel, and for reimbursement of all
         expenses and liabilities incurred, and all advances made, by the
         Indenture Trustee and each predecessor Indenture Trustee, except as a
         result of negligence or bad faith) and of the Noteholders allowed in
         such Proceedings;

                  (ii)     unless prohibited by applicable law and regulations,
         to vote on behalf of the Holders of Notes in any election of a trustee,
         a standby trustee or Person performing similar functions in any such
         Proceedings;

                  (iii)    to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute all amounts
         received with respect to the claims of the Noteholders or the Cap
         Provider and of the Indenture Trustee on their behalf; and

                  (iv)     to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Indenture Trustee or the Holders of Notes allowed in any
         judicial proceedings relative to the Issuer, its creditors and its
         property.

         Any trustee, receiver, liquidator, custodian or other similar official
in any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith.

         (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

         (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes or the Interest Rate Cap Agreement, may be enforced by
the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any
such action or Proceedings instituted by the Indenture Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment,
subject to the payment of the expenses, disbursements and compensation of the
Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

         (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee

                                                       (Nissan 2004-C Indenture)

                                       32
<PAGE>

shall be a party), the Indenture Trustee shall be held to represent all the
Noteholders, and it shall not be necessary to make any Noteholder a party to any
such Proceedings.

         SECTION 5.04 Remedies; Priorities.

         (a) If an Event of Default shall have occurred and be continuing and
result in the acceleration of the Notes, the Indenture Trustee shall make
payments on the Notes and to the Owner Trustee as set forth in Section 5.06(d)
of the Sale and Servicing Agreement, rather than pursuant to Section 5.06(c)
thereof.

         (b) If the Indenture Trustee, in compliance with Section 5.04(a), is
deemed to have a conflict of interest under the TIA and is required to resign as
Indenture Trustee hereunder, the Issuer shall, pursuant to Section 6.08, cause
the Servicer to appoint a successor Indenture Trustee.

         (c) In accordance with Section 5.04(b), if an Event of Default shall
have occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to Section 5.05):

                  (i)      institute Proceedings in its own name and as trustee
         of an express trust for the collection of all amounts then payable on
         the Notes or under this Indenture with respect thereto, whether by
         declaration or otherwise, enforce any judgment obtained, and collect
         from the Issuer, the Cap Provider and any other obligor upon such Notes
         moneys adjudged due;

                  (ii)     institute Proceedings from time to time for the
         complete or partial foreclosure of this Indenture with respect to the
         Trust Estate;

                  (iii)    exercise any remedies of a secured party under the
         UCC and take any other appropriate action to protect and enforce the
         rights and remedies of the Indenture Trustee and the Noteholders; and

                  (iv)     sell the Trust Estate or any portion thereof or
         rights or interest therein, at one or more public or private sales
         called and conducted in any manner permitted by law; provided, however,
         that the Indenture Trustee may not sell or otherwise liquidate the
         Trust Estate following an Event of Default, other than an Event of
         Default described in Section 5.01(a) or (b), unless (A) the Holders of
         100% of the Outstanding Amount of the Notes, voting as a single class,
         consent thereto (but excluding for purposes of such vote all Notes held
         or beneficially owned by NMAC, NARC II or any of their Affiliates,
         unless at such time all of the Notes are held or beneficially owned by
         NMAC, NARC II and their Affiliates), or (B) the proceeds of such sale
         or liquidation distributable to the Noteholders are sufficient to
         discharge in full all amounts then due and unpaid upon the Notes for
         principal and interest, or (C) the Indenture Trustee determines that
         the Trust Estate may not continue to provide sufficient funds on an
         ongoing basis to make all payments of principal of and interest on the
         Notes as they would have become due if the Notes had not been declared
         due and payable, and the Indenture Trustee obtains the consent of
         Holders of a 66 2/3% of the Outstanding Amount of the Notes, voting as
         a single class (but excluding for purposes of such vote all Notes held
         or beneficially owned by NMAC, NARC II or any of their Affiliates,
         unless at such time all of the Notes are

                                                       (Nissan 2004-C Indenture)

                                       33
<PAGE>

         held or beneficially owned by NMAC, NARC II and their Affiliates). In
         determining such sufficiency or insufficiency with respect to clause
         (B) and (C), the Indenture Trustee may, but need not, obtain and rely
         upon an opinion of an Independent investment banking or accounting firm
         of national reputation as to the feasibility of such proposed action
         and as to the sufficiency of the Trust Estate for such purpose.

         (d) The Indenture Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section. At least 15 days before
such record date, the Issuer shall mail to each Noteholder and the Indenture
Trustee a notice that states the related record date, payment date and amount to
be paid.

         SECTION 5.05 Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, unless otherwise directed by the Holders of
at least a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding from such action and calculation any Notes held by NMAC, NARC
II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates), but
need not, elect to maintain possession of the Trust Estate and direct the
Issuer, Servicer and Administrator not to take steps to liquidate the
Receivables. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Trust
Estate. In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

         SECTION 5.06 Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder unless such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default, and:

         (a) the Event of Default arises from the Servicer's failure to remit
payments when due; or

         (b) the Holders of not less than 25% of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purpose the outstanding
principal amount of any Notes held of record or beneficially owned by NARC II,
NMAC or any of their Affiliates, unless at such time all of the Notes are held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates)
have made written request to the Indenture Trustee to institute such Proceeding
in respect of such Event of Default in its own name as Indenture Trustee
hereunder and have offered to the Indenture Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in complying with such
request, the Indenture Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings, and no
direction inconsistent with that written request has been given to the Indenture
Trustee during the 60-day period by the holders of a majority in principal
amount of those outstanding Notes (or relevant class or classes of Notes).

                                                       (Nissan 2004-C Indenture)

                                       34
<PAGE>

         It is understood and intended that no one or more Holders of Notes
shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in
the manner herein provided.

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Notes,
the Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.

         SECTION 5.07 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note and in this
Indenture (in each case with reference to the calculations to be made pursuant
to the Sale and Servicing Agreement) and to institute suit for the enforcement
of any such payment, and such right shall not be impaired without the consent of
such Holder.

         SECTION 5.08 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.

         SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law
to the Indenture Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or by
the Noteholders, as the case may be.

         SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes, voting as a single class (excluding for such
purpose the

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outstanding principal amount of any Notes held of record or beneficially owned
by NARC II, NMAC or any of their Affiliates, unless at such time all of the
Notes are held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates), shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture
Trustee; provided that:

         (a) such direction shall not be in conflict with any rule of law or
with this Indenture; and

         (b) any direction to the Indenture Trustee to sell or liquidate the
Trust Estate shall be by Holders of Notes representing not less than the
applicable percentage of the Outstanding Amount of the Notes set forth in
Section 5.04(c)(iv); and

         (c) the Indenture Trustee may take any other action deemed proper by
the Indenture Trustee that is not inconsistent with such direction.

         Notwithstanding the rights of Noteholders set forth in this Section,
subject to Section 6.01, the Indenture Trustee need not take any action that it
determines might involve it in liability or might materially adversely affect
the rights of any Noteholders not consenting to such action.

         SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02 or the
liquidation or sale of the Trust Estate pursuant to Section 5.04, the Holders of
a majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by NMAC, NARC II or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates) may waive any past Default or Event of
Default and its consequences except a Default or Event of Default in (a) the
deposit of collections or other required amounts, (b) any required payment from
amounts held in Accounts in respect of amounts due on the Notes, (c) payment of
principal or interest on the Notes, or (d) an Event of Default in respect of a
covenant or provision hereof that cannot be modified or amended without the
consent of the Holder of each Note. In the case of any such waiver, the Issuer,
the Indenture Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder, respectively.

         Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

         SECTION 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note or Note Owner by such Holder's acceptance of
such Note or beneficial interest therein, as the case may be, shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs

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<PAGE>

of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a)
any suit instituted by the Indenture Trustee, (b) any suit instituted by any
Noteholder, or a group of Noteholders, in each case holding in the aggregate
more than 10% of the Outstanding Amount of the Notes, (c) any suit instituted by
any Noteholder for the enforcement of the payment of principal of or interest on
any Note on or after the respective due dates expressed in such Note and in this
Indenture.

         SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

         SECTION 5.15 Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or the Interest Rate Cap Agreement or under this
Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee
against the Issuer or by the levy of any execution under such judgment upon any
portion of the Trust Estate or upon any of the assets of the Issuer. Any money
or property collected by the Indenture Trustee shall be applied in accordance
with Section 5.04(a).

         SECTION 5.16 Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Administrator's expense, the Issuer shall take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and
observance by the Seller, the Servicer and the Cap Provider, as applicable, of
each of their obligations to the Issuer or to each other under or in connection
with the Sale and Servicing Agreement and the Interest Rate Swap Agreement or by
the Seller of its remedies under or in connection with the Purchase Agreement,
and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with each such agreement to the
extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller or the Servicer
thereunder and the institution of legal or administrative actions or proceedings
to compel or secure performance by the Seller or the Servicer of each of their
respective obligations under the Sale and Servicing Agreement or the Purchase
Agreement.

         (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone, confirmed in writing promptly thereafter) of the Holders of a
majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by NMAC, NARC II or any of their Affiliates,
unless at such

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                                       37
<PAGE>

time all of the Notes are held of record or beneficially owned by NARC II, NMAC
or any of their Affiliates), shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller, the Servicer or the Cap
Provider under or in connection with the Sale and Servicing Agreement, the
Purchase Agreement or the Interest Rate Cap Agreement, or against the
Administrator under the Administration Agreement, including the right or power
to take any action to compel or secure performance or observance by the Seller,
the Servicer or the Administrator, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension, or waiver thereunder and any right of the Issuer to take such action
shall be suspended.

                                   ARTICLE VI
                              The Indenture Trustee

         SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both
prior to and after the occurrence of a Servicer Default under the Sale and
Servicing Agreement, undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture.

         (a) The Indenture Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Indenture Trustee that shall be specifically
required to be furnished pursuant to any provision of this Indenture, shall
examine them to determine whether they conform on their face to the requirements
of this Indenture.

         (b) No provision of this Indenture shall be construed to relieve the
Indenture Trustee from liability for its own negligent action, its own negligent
failure to act, its own bad faith or its own willful misfeasance; provided,
however, that:

                  (i)      the duties and obligations of the Indenture Trustee
         shall be determined solely by the express provisions of this Indenture,
         the Indenture Trustee shall not be liable except for the performance of
         such duties and obligations as are specifically set forth in this
         Indenture, no implied covenants or obligations shall be read into this
         Indenture against the Indenture Trustee, the permissive right of the
         Indenture Trustee to do things enumerated in this Indenture shall not
         be construed as a duty and, in the absence of bad faith on the part of
         the Indenture Trustee, the Indenture Trustee may conclusively rely, as
         to the truth of the statements and the correctness of the opinions
         expressed therein, upon any certificates or opinions furnished to the
         Indenture Trustee and conforming on their face to the requirements of
         this Indenture;

                  (ii)     the Indenture Trustee shall not be personally liable
         for an error of judgment made in good faith by a Responsible Officer,
         unless it shall be proved that the Indenture Trustee was negligent in
         performing its duties in accordance with the terms of this Indenture;
         and

                  (iii)    the Indenture Trustee shall not be personally liable
         with respect to any action taken, suffered or omitted to be taken in
         good faith in accordance with the direction of (i) the Holders of at
         least a majority of the Outstanding Amount of the Notes,

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                                       38
<PAGE>

         voting as a single class (excluding for such purposes the outstanding
         principal amount of any Notes held of record or beneficially owned by
         NARC II, NMAC or any of their Affiliates, unless at such time all of
         the Notes are held of record or beneficially owned by NARC II, NMAC or
         any of their Affiliates), relating to the time, method and place of
         conducting any proceeding for any remedy available to the Indenture
         Trustee, or exercising any trust or power conferred upon the Indenture
         Trustee under this Indenture.

         (c) The Indenture Trustee shall not be required to expend or risk its
own funds or otherwise incur financial liability in the performance of any of
its duties under this Indenture, or in the exercise of any of its rights or
powers, if there shall be reasonable grounds for believing that the repayment of
such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

         (d) All information obtained by the Indenture Trustee regarding the
Obligors and the Receivables contained in the Trust, whether upon the exercise
of its rights under this Indenture or otherwise, shall be maintained by the
Indenture Trustee in confidence and shall not be disclosed to any other Person,
unless such disclosure is required by any applicable law or regulation or
pursuant to subpoena.

         (e) If (i) pursuant to Section 3.02 of the Sale and Servicing
Agreement, a Responsible Officer of the Indenture Trustee discovers that a
representation or warranty with respect to a Receivable was incorrect as of the
time specified with respect to such representation and warranty and such
incorrectness materially and adversely affects such Receivable, or (ii) pursuant
to Section 4.06 of the Sale and Servicing Agreement, a Responsible Officer of
the Indenture Trustee discovers that a covenant of the Servicer has been
breached with respect to a Receivable that would materially and adversely affect
such Receivable, the Indenture Trustee shall give prompt written notice to the
Servicer and the Owner Trustee of such incorrectness.

         SECTION 6.02 Rights of Indenture Trustee.

         (a) Except as otherwise provided in Section 6.01:

                  (i)      the Indenture Trustee may rely and shall be protected
         in acting or refraining from acting upon any resolution, Officer's
         Certificate, certificate of an authorized signatory, certificate of
         auditors or any other certificate, statement, instrument, opinion,
         report, notice, request, consent, order, appraisal, bond or other paper
         or document believed by it to be genuine and to have been signed or
         presented by the proper party or parties;

                  (ii)     the Indenture Trustee may consult with counsel and
         any Opinion of Counsel shall be full and complete authorization and
         protection in respect of any action taken or suffered or omitted by it
         under this Indenture in good faith and in accordance with such Opinion
         of Counsel;

                  (iii)    the Indenture Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Indenture or
         the Sale and Servicing Agreement, or to institute, conduct or defend
         any litigation under this Indenture, or in relation to this Indenture
         or the Sale and Servicing Agreement, at the request, order or direction
         of any

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                                       39
<PAGE>

         of the Noteholders pursuant to the provisions of this Indenture or the
         Sale and Servicing Agreement, unless such Noteholders shall have
         offered to the Indenture Trustee reasonable security or indemnity
         against the costs, expenses and liabilities that may be incurred
         therein or thereby;

                  (iv)     the Indenture Trustee shall not be personally liable
         for any action taken, suffered or omitted by it in good faith and
         reasonably believed by it to be authorized or within the discretion or
         rights or powers conferred upon it by this Indenture;

                  (v)      the Indenture Trustee shall not be bound to
         recalculate, reverify, or make any investigation into the facts of
         matters stated in any resolution, certificate, statement, instrument,
         opinion, report, notice, request, consent, order, approval, bond or
         other paper or document, unless requested in writing to do so by
         Holders of Notes evidencing not less than 25% of the aggregate
         Outstanding Amount of the Notes; provided, however, that if the payment
         within a reasonable time to the Indenture Trustee of the costs,
         expenses or liabilities likely to be incurred by it in the making of
         such investigation is, in the opinion of the Indenture Trustee, not
         reasonably assured to the Indenture Trustee by the security afforded to
         it by the terms of this Indenture, the Indenture Trustee may require
         reasonable indemnity against such cost, expense or liability as a
         condition to so proceeding; the reasonable expense of every such
         examination shall be paid by the Administrator or, if paid by the
         Indenture Trustee, shall be reimbursed by the Administrator upon
         demand; and nothing in this clause shall derogate from the obligation
         of the Servicer to observe any applicable law prohibiting disclosure of
         information regarding the Obligors; and

                  (vi)     the Indenture Trustee may execute any of the trusts
         or powers under this Indenture or perform any duties under this
         Indenture either directly or by or through agents or attorneys or a
         custodian.

         (b) No Noteholder will have any right to institute any proceeding with
respect to this Indenture except upon satisfying the conditions set forth in
Section 5.06.

         SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the Holder,
beneficial owner or pledgee of Notes and may otherwise deal with the Issuer or
its Affiliates with the same rights it would have if it were not Indenture
Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may
do the same with like rights. However, in so doing the Indenture Trustee must
comply with Sections 6.11 and 6.12.

         SECTION 6.04 Indenture Trustee's Disclaimer. The Indenture Trustee
makes no representations as to the validity or sufficiency of this Indenture,
the Interest Rate Cap Agreement or the Notes (other than the execution by the
Indenture Trustee on behalf of the Trust of, and the certificate of
authentication on, the Notes), or of the Certificates. The Indenture Trustee
shall have no obligation to perform any of the duties of the Servicer or the
Administrator unless explicitly set forth in this Indenture. The Indenture
Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of the Notes, the Interest
Rate Cap Agreement or any Receivable, any ownership interest in any Financed
Vehicle, or the maintenance of any such ownership interest, or for or with
respect to

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<PAGE>

the efficacy of the Trust or its ability to generate the payments to be
distributed to Noteholders under this Indenture, including without limitation
the validity of the assignment of the Receivables to the Trust or of any
intervening assignment; the existence, condition, location and ownership of any
Receivable or Financed Vehicle; the existence and enforceability of any physical
damage or credit life or credit disability insurance; the existence and contents
of any retail installment sales contract or any computer or other record
thereof; the completeness of any retail installment sales contract; the
performance or enforcement of any retail installment sales contract; the
compliance by the Issuer with any covenant or the breach by the Issuer, Seller
or Servicer of any warranty or representation made under this Indenture or in
any Basic Document or other related document and the accuracy of any such
warranty or representation prior to the Indenture Trustee's receipt of notice or
other discovery of any noncompliance therewith or any breach thereof; the acts
or omissions of the Issuer, Seller or the Servicer; or any action by the
Indenture Trustee taken at the instruction of the Servicer, provided, however,
that the foregoing shall not relieve the Indenture Trustee of its obligation to
perform its duties under this Indenture. Except with respect to a claim based on
the failure of the Indenture Trustee to perform its duties under this Indenture
or based on the Indenture Trustee's willful misconduct, bad faith or negligence,
no recourse shall be had for any claim based on any provision of this Indenture,
the Interest Rate Cap Agreement, the Notes or Certificates or assignment thereof
against the institution serving as the Indenture Trustee in its individual
capacity. The Indenture Trustee shall not have any personal obligation,
liability or duty whatsoever to any Noteholder, the Cap Provider or any other
Person with respect to any such claim, and any such claim shall be asserted
solely against the Trust or any indemnitor who shall furnish indemnity as
provided in this Indenture. The Indenture Trustee shall not be accountable for
the use or application by the Issuer of any of the Notes or of the proceeds of
such Notes, or for the use or application of any funds paid to the Servicer in
respect of the Notes.

         SECTION 6.05 Notice of Defaults. If a Responsible Officer of the
Indenture Trustee knows that a Default has occurred and is continuing, the
Indenture Trustee shall mail to each Noteholder and the Cap Provider notice of
such Default within 10 days of the occurrence thereof. Except in the case of a
Default in payment of principal of or interest on any Note, the Indenture
Trustee may withhold such notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders.

         SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver or cause to be delivered annually to each Noteholder of
record such information as may be required to enable such holder to prepare its
federal and state income tax returns. The Indenture Trustee shall also deliver
or cause to be delivered annually to each Noteholder of record a report relating
to its eligibility and qualification to continue as Indenture Trustee under this
Indenture, any amounts advanced by it under this Indenture, the amount, interest
rate and maturity date of certain indebtedness owed by the Trust to such
Indenture Trustee, in its individual capacity, the property and funds physically
held by such Indenture Trustee in its capacity as such, and any action taken by
it that materially affects the Notes and that has not been previously reported.

         SECTION 6.07 Compensation and Indemnity. The Issuer shall cause the
Servicer to pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee

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                                       41
<PAGE>

of an express trust. The Issuer shall cause the Servicer to reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection and the costs of implementing any Swap
Agreement as contemplated by Section 9.02, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Administrator shall indemnify or shall cause the
Servicer to indemnify the Indenture Trustee against any and all loss, liability
or expense (including reasonable attorneys' fees) incurred by it in connection
with the administration of this trust and the performance of its duties
hereunder. The Indenture Trustee shall notify the Administrator and the Servicer
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Administrator and the Servicer shall not relieve the
Administrator or the Servicer of its obligations hereunder. The Administrator
shall defend or shall cause the Servicer to defend any such claim, and the
Indenture Trustee may have separate counsel and the Administrator shall pay or
shall cause the Servicer to pay the fees and expenses of such counsel. Neither
the Administrator nor the Servicer need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

         The Administrator's payment obligations to the Indenture Trustee
pursuant to this Section shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01(e) or (f) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

         SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee
may resign at any time by providing written notice of its resignation to the
Issuer. The Administrator may remove the Indenture Trustee if:

         (a) the Indenture Trustee fails to comply with Section 6.11;

         (b) the Indenture Trustee is adjudged a bankrupt or insolvent;

         (c) a receiver or other public officer takes charge of the Indenture
Trustee or its property; or

         (d) the Indenture Trustee otherwise becomes legally or practically
incapable of fulfilling its duties hereunder.

         If the Indenture Trustee resigns or is removed or if a vacancy exists
in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Servicer
shall promptly appoint a successor Indenture Trustee. No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.08.

         A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee, to the Servicer and to the
Administrator. Thereupon the resignation or removal of the retiring Indenture
Trustee shall become effective, and the successor Indenture

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                                       42
<PAGE>

Trustee shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders and the Cap Provider. The retiring Indenture Trustee
shall promptly transfer all property held by it as Indenture Trustee to the
successor Indenture Trustee.

         If a successor Indenture Trustee does not take office within 30 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Administrator or the Holders of a majority in Outstanding
Amount of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

         If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may at any time thereafter petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.

         Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

         SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another Person, the
resulting, surviving or transferee corporation without any further act shall be
the successor Indenture Trustee if such surviving Person or transferee
corporation or banking shall be otherwise qualified and eligible under Section
6.11. The Indenture Trustee shall provide the Issuer, the Servicer and the
Rating Agencies reasonable prior written notice of any such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee shall have.

         SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located or for the purpose
of implementing any Swap Agreement as contemplated by Section 9.02, the
Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust Estate, or any part hereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations,

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                                       43
<PAGE>

rights and trusts as the Indenture Trustee may consider necessary or desirable.
No co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a trustee under Section 6.11 and no notice to Noteholders or
the Cap Provider of the appointment of any co-trustee or separate trustee shall
be required under Section 6.08 hereof.

         (b) Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                  (i)      all rights, powers, duties and obligations conferred
         or imposed upon such separate trustee or co-trustee shall be conferred
         or imposed upon and exercised or performed by the Indenture Trustee and
         such separate trustee or co-trustee jointly (it being understood that
         such separate trustee or co-trustee is not authorized to act separately
         without the Indenture Trustee joining in and/or directing such act),
         except to the extent that under any law of any jurisdiction in which
         any particular act or acts are to be performed the Indenture Trustee
         shall be incompetent or unqualified to perform such act or acts, in
         which event such rights, powers, duties and obligations (including the
         holding of title to the Trust Estate or any portion thereof in any such
         jurisdiction) shall be exercised and performed singly by such separate
         trustee or co-trustee, but solely at the direction of the Indenture
         Trustee;

                  (ii)     no trustee hereunder shall be personally liable by
         reason of any act or omission of any other trustee hereunder; and

                  (iii)    the Indenture Trustee may at any time accept the
         resignation of or remove any separate trustee or co-trustee.

         (c) Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts thereupon conferred, shall be vested with the
estates or property specified in its instrument of appointment, either jointly
with the Indenture Trustee or separately, as may be provided therein, subject to
all the provisions of this Indenture, including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee.

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Indenture on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

         SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published

                                                       (Nissan 2004-C Indenture)

                                       44
<PAGE>

annual report of condition and it or its parent shall have a long-term debt
rating of "Baa3" or better by Moody's or shall otherwise be acceptable to
Moody's. The Indenture Trustee shall comply with TIA Section 310(b), including
the optional provision permitted by the second sentence of TIA Section
310(b)(9); provided, however, that there shall be excluded from the operation of
TIA Section 310(b)(1) any indenture or indentures under which other securities
of the Issuer are outstanding if the requirements for such exclusion set forth
in TIA Section 310(b)(1) are met.

         SECTION 6.12 Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

         SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations
Under the Sale and Servicing Agreement. The Indenture Trustee hereby agrees and
consents to the provisions of the Sale and Servicing Agreement applicable to it
(including, without limitation, Sections 5.06, 5.07, 5.09 thereof) and agrees to
be bound by such provisions.

         SECTION 6.14 Interest Rate Cap Agreement Provisions. The Issuer has
entered into the Interest Rate Cap Agreement, in the form satisfactory to the
Rating Agencies, to hedge the floating rate interest expense on the Class A-4
Notes. The Issuer may, from time to time, enter into one or more replacement
Interest Rate Cap Agreements if any Interest Rate Cap Agreement is terminated
prior to its scheduled expiration pursuant to a Cap Event of Default or a Cap
Termination Event.

         (a) The Indenture Trustee will be responsible for collecting Cap
Payments and any Cap Termination Payments payable by the Cap Provider.

         (b) Upon the occurrence of (i) any Cap Event of Default arising from
any action taken, or failure to act, by the Cap Provider, or (ii) any Cap
Termination Event (except as described in the following sentence) with respect
to which the Cap Provider is an "Affected Party" (as defined in the Interest
Rate Cap Agreement), the Indenture Trustee may and will, at the direction of
Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purpose the outstanding principal amount of any Notes
held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates), by notice to
the Cap Provider, designate an "Early Termination Date" (as defined in the
Interest Rate Cap Agreement) with respect to the Interest Rate Cap Agreement. If
a Cap Termination Event occurs as a result of the insolvency or bankruptcy of
the Cap Provider, which event has not been otherwise cured under the terms of
the Interest Rate Cap Agreement, the Indenture Trustee will terminate the
Interest Rate Cap Agreement.

         (c) The Indenture Trustee, as assignee of the rights of the Issuer
under the Interest Rate Cap Agreement, may enter into any amendment or
supplement to the Interest Rate Cap Agreement (i) to cure any ambiguity or
mistake, (ii) to correct any defective provisions or to correct or supplement
any provision therein that may be inconsistent with any other provision therein
or with the Indenture or (iii) to add any other provisions with respect to
matters or

                                                       (Nissan 2004-C Indenture)

                                       45
<PAGE>

questions arising under the Interest Rate Cap Agreement; provided, in the case
of clause (iii), that such amendment will not adversely affect in any material
respect the interests of any Holders of the Notes. Any such amendment shall be
deemed not to adversely affect in any material respect the interests of any
Holder if Standard & Poor's delivers a letter to the Indenture Trustee to the
effect that the amendment will not result in a Rating Event, and if the
Indenture Trustee has provided Moody's with 10 days prior written notice of the
amendment and Moody's shall not have notified the Indenture Trustee or the Owner
Trustee that the amendment might or would result in a Rating Event.

         (d) The Indenture Trustee shall notify the Cap Provider of any proposed
amendment or supplement to any of the Basic Documents. If such proposed
amendment or supplement would adversely affect any of the Cap Provider's rights
or obligations under the Interest Rate Cap Agreement, the Indenture Trustee
shall obtain the consent of the Cap Provider prior to the adoption of such
amendment or supplement; provided, that the Cap Provider's consent to any such
amendment or supplement shall not be unreasonably withheld, and provided,
further, that the Cap Provider's consent will be deemed to have been given if
the Cap Provider does not object in writing within 10 days of receipt of a
written request for such consent.

                                  ARTICLE VII
                         Noteholders' Lists and Reports

         SECTION 7.01 Note Registrar To Furnish Names and Addresses of
Noteholders. The Note Registrar shall furnish or cause to be furnished to the
Indenture Trustee, the Owner Trustee, the Servicer or the Administrator, within
15 days after receipt by the Note Registrar of a written request therefrom, a
list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders
evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter
referred to as "Applicants"), apply in writing to the Indenture Trustee, and
such application states that the Applicants desire to communicate with other
Noteholders with respect to their rights under this Indenture or under the Notes
and such application is accompanied by a copy of the communication that such
Applicants propose to transmit, then the Indenture Trustee shall, within five
Business Days after the receipt of such application, afford such Applicants
access, during normal business hours, to the current list of Noteholders. Such
Indenture Trustee may elect not to afford the requesting Noteholders access to
the list of Noteholders if it agrees to mail the desired communication by proxy,
on behalf of and at the expense of the requesting Noteholders, to all
Noteholders. Every Noteholder, by receiving and holding a Note, agrees with the
Indenture Trustee and the Issuer that none of the Indenture Trustee, the Owner
Trustee, the Issuer, the Servicer or the Administrator shall be held accountable
by reason of the disclosure of any such information as to the names and
addresses of the Noteholders under this Indenture, regardless of the source from
which such information was derived.

         If the Indenture Trustee shall cease to be the Note Registrar, then
thereafter the Administrator will furnish or cause to be furnished to the
Indenture Trustee not more than five days after the most recent Record Date or
at such other times as the Indenture Trustee reasonably may request in writing,
a list, in such form as the Indenture Trustee reasonably may require, of the
names and addresses of the Holders of Notes as of such Record Date.

                                                       (Nissan 2004-C Indenture)

                                       46
<PAGE>

         SECTION 7.02 Preservation of Information; Communications to
Noteholders.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of Holders of Notes received by the
Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt
of a new list so furnished.

         (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the
Notes.

         (c) The Issuer, the Indenture Trustee and the Note Registrar shall have
the protection of TIA Section 3.12(c).

         SECTION 7.03 Reports by Issuer.

         (a) The Issuer shall:

                  (i)      file with the Indenture Trustee, within 15 days after
         the Issuer is required to file the same with the Commission, copies of
         the annual reports and of the information, documents and other reports
         (or copies of such portions of any of the foregoing as the Commission
         may from time to time by rules and regulations prescribe) that the
         Issuer may be required to file with the Commission pursuant to Section
         13 or 15(d) of the Exchange Act;

                  (ii)     file with the Indenture Trustee and the Commission in
         accordance with the rules and regulations prescribed from time to time
         by the Commission such additional information, documents and reports
         with respect to compliance by the Issuer with the conditions and
         covenants of this Indenture as may be required from time to time by
         such rules and regulations; and

                  (iii)    supply to the Indenture Trustee (and the Indenture
         Trustee shall transmit by mail to all Noteholders described in TIA
         Section 313(c)) such summaries of any information, documents and
         reports required to be filed by the Issuer pursuant to clauses (i) and
         (ii) of this Section 7.03(a) and by rules and regulations prescribed
         from time to time by the Commission.

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on March 31 of each year, unless the fiscal year of the
Servicer ends on some other date, in which case, the fiscal year of the Issuer
shall be the same as the fiscal year of the Servicer.

         SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after the end of each Fiscal Year of the Issuer,
beginning with March 31, 2004, the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c) a brief report dated as of such
date that complies with TIA Section 313(a). The Indenture Trustee also shall
comply with TIA Section 313(b).

                                                       (Nissan 2004-C Indenture)

                                       47
<PAGE>

         A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

         SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make
available to the Noteholders, via the Indenture Trustee's website, all reports
or notices required to be provided by the Indenture Trustee under the terms of
this Indenture and, with the consent or at the direction of the Servicer, such
other information regarding the Notes as the Indenture Trustee may have in its
possession, but only with the use of a password provided by the Indenture
Trustee. Any information that is disseminated in accordance with the provisions
of this Section 7.05 shall not be required to be disseminated in any other form
or manner. Except for documents prepared by the Indenture Trustee and subject to
its obligations under this Indenture, the Indenture Trustee will make no
representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor.

                  The Indenture Trustee's internet website shall be initially
located at www.Ctslink.com or at such other address as shall be specified by the
Indenture Trustee from time to time in writing to the parties hereto. In
connection with providing access to the Trustee's internet website, the
Indenture Trustee may require registration and the acceptance of a disclaimer.

                                  ARTICLE VIII
                      Accounts, Disbursements and Releases

         SECTION 8.01 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, the Indenture Trustee may take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

         SECTION 8.02 Accounts.

         (a) On or prior to the Closing Date, (i) the Issuer shall cause the
Servicer to establish and maintain, in the name of the Indenture Trustee, for
the benefit of the Noteholders and, to the extent set forth herein, the
Certificateholders, the Collection Account as provided in Section 5.01 of the
Sale and Servicing Agreement and (ii) the Issuer will establish and maintain
with the Securities Intermediary and pledge to the Indenture Trustee for the
benefit of the Noteholders the Yield Supplement Account in the name of the
Indenture Trustee pursuant to the Yield Supplement Agreement as provided in
Section 5.08 of the Sale and Servicing Agreement and the Securities Account
Control Agreement.

                                                       (Nissan 2004-C Indenture)

                                       48
<PAGE>

         (b) On or prior to the Closing Date, the Issuer will cause the Seller
to, pursuant to the Securities Account Control Agreement, establish and maintain
with the Securities Intermediary in the name of the Indenture Trustee, for the
benefit of the Noteholders, the Reserve Account as provided in Section 5.07 of
the Sale and Servicing Agreement.

         (c) The Indenture Trustee shall transfer all amounts remaining on
deposit in the Collection Account on the Distribution Date on which the Notes of
all Classes have been paid in full (or substantially all of the Trust Estate is
otherwise released from the lien of this Indenture) to the Trust Collection
Account and shall take all necessary or appropriate actions to transfer all of
its right, title and interest in the Collection Account, all funds or
investments held therein and all proceeds thereof, whether or not on behalf of
the Securityholders, to the Owner Trustee for the benefit of the
Certificateholders, subject to the limitations set forth herein with respect to
amounts held for payment to Noteholders that do not promptly deliver a Note for
payment on such Distribution Date.

         (d) The Indenture Trustee shall transfer all amounts remaining on
deposit in the Yield Supplement Account on the Distribution Date on which the
Notes of all Classes have been paid in full (or substantially all of the Trust
Estate is otherwise released from the lien of this Indenture) to the Owner
Trustee for the benefit of the Certificateholders and shall take all necessary
or appropriate actions to transfer all of its right, title and interest in the
Yield Supplement Account, all funds or investments held therein and all proceeds
thereof, whether or not on behalf of the Securityholders, to the Owner Trustee
for the benefit of the Certificateholders, which amounts the Owner Trustee shall
deposit into the Trust Collection Account, subject to the limitations set forth
herein with respect to amounts held for payment to Noteholders that do not
promptly deliver a Note for payment on such Distribution Date.

         SECTION 8.03 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 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. 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 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, acceptable to the Indenture Trustee, to such effect.

         (b) So long as no Default or Event of Default shall have occurred and
be continuing, all or a portion of the funds in the Reserve Account and the
Yield Supplement Account shall be invested in Eligible Investments and
reinvested by the Indenture Trustee at the written direction

                                                       (Nissan 2004-C Indenture)

                                       49
<PAGE>

of the Servicer, subject to the provisions of Section 5.07 and Section 5.08,
respectively, of the Sale and Servicing Agreement and the provisions of the
Securities Account Control Agreement. All income or other gain from investments
of moneys deposited in the Reserve Account shall be paid by the Indenture
Trustee to the Seller on any Business Day on or after which such amount is
deposited in the Reserve Account. All income or other gain from investments of
moneys deposited in the Yield Supplement Account shall be deposited into the
Collection Account on each Distribution Date. Subject to the right of the
Indenture Trustee to make withdrawals therefrom, as directed by the Servicer,
for the purposes and in the amounts set forth in Section 5.06 of the Sale and
Servicing Agreement, the Reserve Account and all funds held therein shall be the
property of the Seller and not the property of the Trust, the Owner Trustee or
the Indenture Trustee. The Seller will grant to the Indenture Trustee, for the
benefit of the Noteholders, a security interest in all funds (including Eligible
Investments) in the Reserve Account (including the Reserve Account Initial
Deposit) and the proceeds thereof, and the Issuer will grant to the Indenture
Trustee, for the benefit of the Noteholders, a security interest in all funds
(including Eligible Investments) in the Yield Supplement Account and the
proceeds thereof, and the Indenture Trustee shall have all of the rights of a
secured party under the UCC with respect thereto; provided that all income from
the investment of funds in the Reserve Account, and the right to receive such
income are retained by the Seller and are not transferred, assigned or otherwise
conveyed hereunder; and provided, further, that amounts on deposit in the Yield
Supplement Account in excess of the Required Yield Supplement Amount will be
deposited into the Collection Account for distribution in accordance with the
terms of Section 5.06(c) of the Sale and Servicing Agreement. The Servicer will
not direct the Indenture Trustee to make any investment of any funds or to sell
any investment held in the Reserve Account or the Yield Supplement 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, acceptable to the Indenture Trustee, to such effect.

         (c) Subject to Section 6.01(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in the Collection Account, the
Reserve Account or the Yield Supplement Account resulting from any loss on any
Eligible Investment included therein at the direction of the Servicer, except
for losses attributable to the Indenture Trustee's failure to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with the terms
thereof.

         (d) If (i) the Servicer shall have failed to give investment directions
for any funds on deposit in the Collection Account, the Reserve Account or the
Yield Supplement Account, to the Indenture Trustee by 5:00 p.m. Eastern Time (or
such other time as may be agreed by the Servicer and Indenture Trustee) on any
Business Day or (ii) a Default or Event of Default shall have occurred and be
continuing with respect to the Notes but the Notes shall not have been declared
due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been
declared due and payable following an Event of Default, amounts collected or
receivable from the Trust Estate are being applied in accordance with Section
5.05 as if there had not been such a declaration, then the Indenture Trustee
shall, to the fullest extent practicable, invest and reinvest funds in the
Accounts in one or more Eligible Investments specified in clauses (i), (iv) or
(vi) of

                                                       (Nissan 2004-C Indenture)

                                       50
<PAGE>

the definition of Eligible Investments provided in the Sale and Servicing
Agreement. If the Indenture Trustee invests and reinvests funds in the Reserve
Account or the Yield Supplement Account pursuant to clause (ii) or clause (iii)
above, the Indenture Trustee shall issue a prohibition notice to the securities
intermediary as provided in the Securities Account Control Agreement. If the
Default or Event of Default that caused the Indenture Trustee to assume control
over the investment of funds in the Reserve Account and Yield Supplement Account
has been waived and the acceleration, if any, of the Notes has been rescinded,
the Indenture Trustee shall issue a rescission of prohibition notice to the
securities intermediary as provided in the Securities Account Control Agreement.

         SECTION 8.04 Release of Trust Estate.

         (a) Subject to the payment of its fees and expenses pursuant to Section
6.07, the Indenture Trustee may, and when required by the provisions of this
Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee's interest in the same, in a manner
and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any moneys.

         (b) The Indenture Trustee shall, at such time as there are no Notes
outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to or to the order of the
Issuer, or, in the case of the Reserve Account or the Yield Supplement Account,
to the Seller, any funds entitled thereto then on deposit in the Collection
Account, the Reserve Account and the Yield Supplement Account, as the case may
be. The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate and (if required by the TIA) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.01.

         SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the
Servicer. (a) Upon repurchase of any Receivable by the Seller pursuant to
Section 3.02 of the Sale and Servicing Agreement or any purchase of any
Receivable by the Servicer pursuant to Section 4.06 or Section 9.01 of the Sale
and Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders,
shall, without further action, be deemed to release from the Lien of this
Indenture such repurchased Receivable, all monies due or to become due with
respect thereto and all proceeds thereof and the other property with respect to
such Receivable, and all security and any documents relating thereto, and the
Seller or the Servicer, as applicable, shall thereupon own each such Receivable,
and all such related security and documents, free of any further obligation to
the Issuer, the Indenture Trustee or the Noteholders with respect thereto.

         (b) The Indenture Trustee shall execute such documents and instruments
and take such other actions as shall be reasonably requested by the Seller or
the Servicer, as the case may be, to effect the release of such Receivable
pursuant hereto and the assignment of such Receivable by the Issuer pursuant to
Section 9.02 of the Sale and Servicing Agreement.

                                                       (Nissan 2004-C Indenture)

                                       51
<PAGE>

         SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at
least seven days notice when requested by the Issuer to take any action pursuant
to Section 8.04(a), accompanied by copies of any instruments involved, and the
Indenture Trustee may also require (and shall require, to extent required by the
TIA), except in connection with any action contemplated by Section 8.04(b), as a
condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with
and such action will not materially and adversely impair the security for the
Notes or the rights of the Noteholders in contravention of the provisions of
this Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.

                                   ARTICLE IX
                             Supplemental Indentures

         SECTION 9.01 Supplemental Indentures Without Consent of Noteholders.

         (a) Without the consent of the Holders of any Notes but with prior
notice to the Rating Agencies, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

                  (i)      to correct or amplify the description of any property
         at any time subject to the lien of this Indenture, or to better assure,
         convey and confirm unto the Indenture Trustee any property subject or
         required to be subjected to the lien of this Indenture, or to subject
         to the lien of this Indenture additional property;

                  (ii)     to evidence the succession, in compliance with the
         applicable provisions hereof, of another person to the Issuer, and the
         assumption by any such successor of the covenants of the Issuer
         contained herein and in the Notes;

                  (iii)    to add to the covenants of the Issuer, for the
         benefit of the Holders of the Notes, or to surrender any right or power
         herein conferred upon the Issuer;

                  (iv)     to convey, transfer, assign, mortgage or pledge any
         property to or with the Indenture Trustee;

                  (v)      to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture that may be
         inconsistent with any other provision herein or in any supplemental
         indenture or to make any other provisions with respect to matters or
         questions arising under this Indenture or in any supplemental indenture
         to the extent such action shall not adversely affect the interests of
         the Holders of the Notes;

                                                       (Nissan 2004-C Indenture)

                                       52
<PAGE>

                  (vi)     to evidence and provide for the acceptance of the
         appointment hereunder by a successor trustee with respect to the Notes
         and to add to or change any of the provisions of this Indenture as
         shall be necessary to facilitate the administration of the trusts
         hereunder by more than one trustee, pursuant to the requirements of
         Article VI; or

                  (vii)    to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the TIA or under any similar
         federal statute hereafter enacted and to add to this Indenture such
         other provisions as may be expressly required by the TIA.

         The Indenture Trustee is hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

         (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that such action
shall not materially and adversely affect the interests of any Noteholder.

         SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies and with the consent of the Holders of
a majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purpose the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates), by Action of such Holders delivered
to the Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

         (a) change the due date of any installment of principal of or interest
on any Note, or reduce the principal amount thereof, the Interest Rate thereon
or redemption price therefor, or change any place of payment where, or the coin
or currency in which, any Note or the interest thereon is payable;

         (b) impair the right to institute suit for the enforcement of the
provisions of this Indenture requiring the application of funds available
therefor, as provided in Article V, to the payment of any such amount due on the
Notes on or after the respective due dates thereof;

         (c) reduce the percentage of the Outstanding Amount of the Notes, the
consent of the Holders of which is required for any such supplemental indenture,
or the consent of the Holders of which is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and
their consequences provided for in this Indenture;

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                                       53
<PAGE>

         (d) modify or alter the provisions of the proviso to the definition of
the term "Outstanding";

         (e) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to sell or liquidate the Trust Estate
if the proceeds of that sale would be insufficient to pay the principal amount
of and accrued but unpaid interest on the Notes pursuant to Section 5.04(c)(iv);

         (f) reduce any percentage required to amend the sections of the
Indenture that specify the applicable percentage of Outstanding Amount of the
Notes necessary to amend the Indenture; or

         (g) permit the creation of any lien ranking prior to or on a parity
with the lien of this Indenture with respect to any part of the Trust Estate or,
except as otherwise permitted or contemplated herein, terminate the lien of this
Indenture on any property at any time subject hereto or deprive the Holder of
any Note of the security provided by the lien of this Indenture.

         The Indenture Trustee may in its discretion determine whether or not
any Notes would be adversely affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder. The Indenture
Trustee shall not be liable for any such determination made in good faith.

         It shall not be necessary for any Action of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Action shall approve the substance thereof.

         Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

         Pursuant to the Trust Agreement and the Sale and Servicing Agreement,
the Issuer may, from time to time, at its option, enter into a currency Swap
Agreement with a Swap Counterparty to swap amounts payable to Certificateholders
from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuer
enters into the Swap Agreement, the rating agencies have confirmed the
then-existing ratings of the Notes, and (2) any payments to the Swap
Counterparty (including termination payments) are payable only from amounts that
are otherwise payable to the Certificateholders. Any payments received by the
Issuer from the Swap Counterparty under such a Swap Agreement shall not be
deposited in the Collection Account and shall be paid by the Indenture Trustee
directly to or to the order of the Certificateholders on the related
Distribution Date. In connection with executing any such Swap Agreement, the
Issuer, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into a
supplement to this Indenture, subject to this Section 9.02 and subject to the
approval of the Owner Trustee and the Certificateholders, that will specify the
creation of any necessary accounts and modifications of any provisions necessary
or appropriate to effectuate the intention of such Swap Agreement.

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<PAGE>

         SECTION 9.03 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive upon
request therefor, and subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of Counsel from external counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Indenture Trustee may, but shall not be obligated to, enter
into any such supplemental indenture that affects the Indenture Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

         SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

         SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

         SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                    ARTICLE X
                                     Release

         SECTION 10.01 Optional Purchase of All Receivables. If the Servicer or
any successor to the Servicer shall notify the Owner Trustee, the Indenture
Trustee and the Cap Provider of its intention to exercise the option granted to
it in Section 9.01 of the Sale and Servicing Agreement to repurchase the
outstanding Receivables primarily comprising the Owner Trust Estate, then the
Owner Trustee and the Indenture Trustee shall give written notice thereof to
each Securityholder and the Rating Agencies as soon as practicable after their
receipt of notice from the Servicer. Upon deposit by the Servicer or any
successor to the Servicer of the amount necessary to effect such purchase of the
corpus of the Owner Trust Estate, the Indenture Trustee shall make the final
distributions to the Noteholders and Certificateholders as set forth in Section
5.06 of the Sale and Servicing Agreement and shall promptly transfer all of its
right, title and

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                                       55
<PAGE>

interest in and to any amounts or investments remaining on deposit in the
Collection Account to the Owner Trustee, and in the Reserve Account and the
Yield Supplement Account to the Seller (in any event excluding any portion
thereof necessary to make distributions to Noteholders described in Section
3.03), and release from the lien of this Indenture all of the remaining
Collateral. The Indenture Trustee shall execute, deliver and file all
agreements, certificates, instruments or other documents necessary or reasonably
requested by the Issuer in order to effect such release and the transfer to the
Issuer of the Collateral.

                                   ARTICLE XI
                                  Miscellaneous

         SECTION 11.01 Compliance Certificates and Opinions, etc.

         (a) Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall, upon written request therefor from the Indenture Trustee, furnish to the
Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements
of this Section, except that, in the case of any such application or request as
to which the furnishing of such documents is specifically required by any
provision of this Indenture, no such written request from the Indenture Trustee
need be furnished (and only such expressly required documents need be delivered
in connection therewith).

         (b) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (i)      a statement that each signatory of such certificate
         or opinion has read or has caused to be read such covenant or condition
         and the definitions herein relating thereto;

                  (ii)     a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (iii)    a statement that, in the opinion of each such
         signatory, such signatory has made such examination or investigation as
         is necessary to enable such signatory to express an informed opinion as
         to whether or not such covenant or condition has been complied with;
         and

                  (iv)     a statement as to whether, in the opinion of each
         such signatory, such condition or covenant has been complied with.

         (c) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee (if so requested
by the

                                                       (Nissan 2004-C Indenture)

                                       56
<PAGE>

Indenture Trustee or required by the TIA) an Officer's Certificate certifying or
stating the opinion of each person signing such certificate as to the fair value
(within 90 days of such deposit) to the Issuer of the Collateral or other
property or securities to be so deposited.

                  (ii)     Whenever the Issuer would be required to furnish to
         the Indenture Trustee an Officer's Certificate certifying or stating
         the opinion of any signatory thereof as to the matters described in
         clause (c)(i) above if such an Officer's Certificate had been requested
         by the Indenture Trustee or required by the TIA, regardless of whether
         such an Officer's Certificate was so requested or required, the Issuer
         shall deliver to the Indenture Trustee an Independent Certificate as to
         the same matters, if the fair value to the Issuer of the securities to
         be so deposited and of all other such securities made the basis of any
         such withdrawal or release since the commencement of the then-current
         calendar year of the Issuer, as set forth in the certificates delivered
         pursuant to clause (c)(i) above and this clause (c)(ii), is 10% or more
         of the Outstanding Amount of the Notes, but such a certificate need not
         be furnished with respect to any securities so deposited, if the fair
         value thereof to the Issuer as set forth in the related Officer's
         Certificate is less than $25,000 or less than one percent of the
         Outstanding Amount of the Notes.

                  (iii)    Whenever any property or securities are to be
         released from the lien of this Indenture, the Issuer shall also furnish
         to the Indenture Trustee an Officer's Certificate certifying or stating
         the opinion of each person signing such certificate as to the fair
         value (within 90 days of such release) of the property or securities
         proposed to be released and stating that in the opinion of such person
         the proposed release will not impair the security under this Indenture
         in contravention of the provisions hereof.

                  (iv)     Notwithstanding Section 2.09 or any other provision
         of this Section, the Issuer may, without compliance with the
         requirements of the other provisions of this Section, (A) collect,
         liquidate, sell or otherwise dispose of Receivables and Financed
         Vehicles as and to the extent permitted or required by the Basic
         Documents and (B) make cash payments out of the Accounts as and to the
         extent permitted or required by the Basic Documents so long as the
         Issuer shall deliver to the Indenture Trustee every six months,
         commencing March 15, 2005, an Officer's Certificate of the Issuer
         stating that all such dispositions of Collateral that occurred during
         the preceding six calendar months were in the ordinary course of the
         Issuer's business and that the proceeds thereof were applied in
         accordance with the Basic Documents.

         SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or

                                                       (Nissan 2004-C Indenture)

                                       57
<PAGE>

opinion or representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

         SECTION 11.03 Acts of Noteholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Action" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

         (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

         (c) The ownership of Notes shall be proved by the Note Register.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

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                                       58
<PAGE>

         SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies.
Any request, demand, authorization, direction, notice, consent, waiver or Action
of Noteholders or other documents provided or permitted by this Indenture shall
be in writing and if such request, demand, authorization, direction, notice,
consent, waiver or Action of Noteholders is to be made upon, given or furnished
to or filed with:

         (a) the Indenture Trustee by any Noteholder or by the Issuer, it shall
be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Indenture Trustee at its Corporate Trust Office, or

         (b) the Issuer by the Indenture Trustee or by any Noteholder, it shall
be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid to the Issuer addressed to: Nissan Auto Receivables 2004-C Owner
Trust, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2004-C
Owner Trust, with a copy to Nissan Motor Acceptance Corporation, 990 West 190th
Street, Torrance, California 90502, Attention: Secretary, or at any other
address previously furnished in writing to the Indenture Trustee by the Issuer
or the Administrator. The Issuer shall promptly transmit any notice received by
it from the Noteholders to the Indenture Trustee.

         Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally delivered
or mailed by certified mail, return receipt requested, to (i) in the case of
Moody's, at the following address: Moody's Investors Service, ABS Monitoring
Department, 99 Church Street, New York, New York 10007, and (ii) in the case of
Standard & Poor's, at the following address: Standard & Poor's, a division of
The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041-0003,
Attention: Asset Backed Surveillance Department, or as to each of the foregoing,
at such other address as shall be designated by written notice to the other
parties.

         SECTION 11.05 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders

                                                       (Nissan 2004-C Indenture)

                                       59
<PAGE>

when such notice is required to be given pursuant to any provision of this
Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice.

         Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

         SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such Holder,
that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and
notices to be given in accordance with such agreements.

         SECTION 11.07 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

         The provisions of TIA Sections 310 through 317 that impose duties on
any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

         SECTION 11.08 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.09 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents.

         SECTION 11.10 Severability. If any one or more of the covenants,
agreements, provisions or terms of this Indenture shall be for any reason
whatsoever held invalid or unenforceable in any jurisdiction, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Indenture and shall
in no way affect the validity or enforceability of the other provisions of this
Indenture or of the Notes, the Interest Rate Cap Agreement or the Certificates
or the rights of the Holders thereof.

         SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

                                                       (Nissan 2004-C Indenture)

                                       60
<PAGE>

         SECTION 11.12 Governing Law. This Indenture shall be governed by and
construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions (other than Section 5-1401 of the
General Obligations Law of the State of New York), and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

         SECTION 11.13 Counterparts. This Indenture may be executed
simultaneously in any number of counterparts, each of which shall be deemed to
be an original, and all of which shall constitute but one and the same
instrument.

         SECTION 11.14 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

         SECTION 11.15 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or Certificates or under this Indenture or
any certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, any Certificateholder or other owner of a beneficial
interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any
successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

         SECTION 11.16 No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time file, join in any filing of, or cooperate or
encourage others to file against the Seller or the Issuer any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law,
in connection with any obligations relating to the Notes, the Certificates or
any of the Basic Documents.

         SECTION 11.17 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to

                                                       (Nissan 2004-C Indenture)

                                       61
<PAGE>

make copies and extracts therefrom, to cause (at the expense of the requesting
party) such books to be audited by Independent certified public accountants, and
to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees, and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall and shall cause its representatives to hold in confidence all such
information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) and except to
the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

         SECTION 11.18 Assignment of the Interest Rate Cap Agreement.

         (a) The Issuer, in furtherance of the covenants of this Indenture and
as security for the Notes and the performance and observance of the provisions
hereof, hereby assigns, transfers, conveys and sets over to the Indenture
Trustee, for the benefit of the Holders of the Note, all of the Issuer's estate,
right, title and interest in, to and under the Interest Rate Cap Agreement,
including, without limitation, (i) all of the Issuer's interest in all
securities, monies and proceeds held by the Cap Provider thereunder, (ii) the
right to give all notices, consents and releases thereunder, (iii) the right to
give all notices of termination and to take any legal action upon the breach of
an obligation of the Cap Provider thereunder, including the commencement,
conduct and consummation of proceedings at law or in equity, (iv) the right to
receive all notices, accountings, consents, releases and statements thereunder
and (v) the right to do any and all other things whatsoever that the Issuer is
or may be entitled to do thereunder; provided so long as no Event of Default has
occurred and is continuing hereunder, the Indenture Trustee hereby grants the
Issuer a license to exercise all of the Issuer's rights pursuant to the Interest
Rate Cap Agreement without notice to or the consent of the Indenture Trustee
(except as otherwise expressly required by this Indenture), which license shall
be and is hereby deemed to be automatically revoked upon the occurrence of any
Event of Default until such time, if any, as the Event of Default is cured or
waived. The Indenture Trustee shall have no liability with respect to any act or
failure to act by the Issuer under the Interest Rate Cap Agreement (provided
that this sentence shall not limit or relieve the Indenture Trustee from any
responsibility it may have under this Indenture upon the occurrence of and
during the continuance of any Event of Default hereunder).

         (b) The assignment made hereby is executed as collateral security, and
the execution and delivery hereby shall not in any way impair or diminish the
obligations of the Issuer under the provisions of the Interest Rate Cap
Agreement, nor shall any of the obligations contained in the Interest Rate Cap
Agreement be imposed on the Indenture Trustee.

         (c) Upon the retirement of the Notes and the release of the Trust
Estate from the lien of this Indenture, this assignment and all rights herein
assigned to the Indenture Trustee for the benefit of the Holders of the Notes
shall cease and terminate and all the estate, right, title and interest of the
Indenture Trustee and the Holders of the Notes in, to and under the Interest
Rate Cap Agreement shall revert to the Issuer and no further instrument or act
shall be necessary to evidence such termination and reversion.

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                                       62
<PAGE>

         (d) The Issuer represents that the Issuer has not executed any other
assignment of the Interest Rate Cap Agreement.

         (e) The Issuer agrees that this assignment is irrevocable, and that it
will not take any action which is inconsistent with this assignment or make any
other assignment inconsistent herewith. The Issuer will, upon the request of the
Indenture Trustee, execute all instruments of further assurance and all such
supplemental instruments with respect to this assignment as the Indenture
Trustee may specify.

         (f) The Issuer further agrees, with respect to the Interest Rate Cap
Agreement, as follows:

                  (i)      The Issuer will obtain on or before the Closing Date
         the acknowledgement of the Cap Provider that the Issuer is assigning
         all of its right, title and interest in, to and under the Interest Rate
         Cap Agreement to the Indenture Trustee for the benefit of the Holders
         of the Notes.

                  (ii)     Prior to the occurrence of an Event of Default the
         Issuer will deliver to the Indenture Trustee copies of all notices and
         communications delivered or required to be delivered to the Issuer
         pursuant to the Interest Rate Cap Agreement, but only if such notice or
         communication relates to any (i) default under, (ii) early termination
         of or (iii) amendment of, the Interest Rate Cap Agreement.

                  (iii)    The Issuer will not enter into any agreement
         amending, modifying or terminating the Interest Rate Cap Agreement,
         without prior written consent of the Holders of a majority of the
         Outstanding Amount of the Notes, voting as a single class (excluding
         for such purpose the outstanding principal amount of any Notes held of
         record or beneficially owned by NARC II, NMAC or any of their
         Affiliates, unless at such time all of the Notes are held of record or
         beneficially owned by NARC II, NMAC or any of their Affiliates), and
         written confirmation by the Rating Agencies that such amendment,
         modification or termination would not cause the ratings of any Class of
         Notes to be reduced or withdrawn; provided (A) that the consent of the
         Holders of a majority of the Outstanding Amount of the Notes, voting as
         a single class (excluding for such purpose the outstanding principal
         amount of any Notes held of record or beneficially owned by NARC II,
         NMAC or any of their Affiliates, unless at such time all of the Notes
         are held of record or beneficially owned by NARC II, NMAC or any of
         their Affiliates), and confirmation by the Rating Agencies shall not be
         required for an amendment or modification to cure any ambiguity or to
         correct or supplement any provision with respect to matters or
         questions arising under the Interest Rate Cap Agreement which shall not
         be inconsistent with the provisions thereof or of this Indenture, in
         each case so long as such amendment or modification does not affect in
         any material respects the interests of any Holder of the Notes (as
         evidenced by an Opinion of Counsel acceptable to the Indenture Trustee)
         and (B) neither the consent of the Holders of a majority of the
         Outstanding Amount of the Notes, voting as a single class (excluding
         for such purpose the outstanding principal amount of any Notes held of
         record or beneficially owned by NARC II, NMAC or any of their
         Affiliates, unless at such time all of the Notes are held of record or
         beneficially owned by NARC II, NMAC or any of their Affiliates) and

                                                       (Nissan 2004-C Indenture)

                                       63
<PAGE>

         confirmation by the Rating Agencies nor an Opinion of Counsel shall be
         required with respect to any amendment or modification that either only
         corrects a manifest error or is principally and manifestly for the
         benefit of the Holders of the Notes.

                                                       (Nissan 2004-C Indenture)

                                       64
<PAGE>

                  IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers,
thereunto duly authorized and duly attested, all as of the day and year first
above written.

                                 NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                                 By: WILMINGTON TRUST COMPANY,
                                     not in its individual capacity but
                                     solely as Owner Trustee

                                        By:  /s/ Heather L. Maier
                                            ------------------------------------
                                            Name:  Heather L. Maier
                                            Title: Financial Services Officer

                                 WELLS FARGO BANK, NATIONAL ASSOCIATION, not
                                 in its individual capacity but solely as
                                 Indenture Trustee

                                        By:  /s/ Marianna C. Stershic
                                            ------------------------------------
                                            Name:  Marianna C. Stershic
                                            Title: Vice President

                                                       (Nissan 2004-C Indenture)

                                      S-1
<PAGE>

                                    EXHIBIT A

                            (Form of Class A-1 Note)

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR
GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION
II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN
MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND
INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND
AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT AND THE YIELD SUPPLEMENT ACCOUNT.

                                                       (Nissan 2004-C Indenture)

                                       A-1
<PAGE>

         No_____                                                     $__________

                   NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                        CLASS A-1 ___% ASSET BACKED NOTES

         Nissan Auto Receivables 2004-C Owner Trust, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of _______________ DOLLARS
($__________) payable on each Distribution Date in an aggregate amount, if any,
payable from the Collection Account in respect of the principal on the Class A-1
Notes pursuant to Section 3.01 of the Indenture dated as of September 16, 2004
(the "Indenture"), between the Issuer and Wells Fargo Bank, National
Association, as Indenture Trustee (the "Indenture Trustee") and Sections
5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of September
16, 2004 among the Issuer, NARC II, as Seller, and NMAC, as Servicer (which
amounts shall be limited to the portion of Available Amounts specified in such
sections); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Distribution Date occurring in
____________________ (the "Class A-1 Final Scheduled Distribution Date").
Capitalized terms used but not defined herein have the meanings ascribed thereto
in the Indenture and the Sale and Servicing Agreement, as the case may be.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Distribution Date, during the period from (and including) the
Distribution Date during the calendar month preceding such Distribution Date (or
in the case of the first Distribution Date, from (and including) the Closing
Date to (but excluding) such Distribution Date). Interest will be computed on
the basis specified in the Indenture for each Interest Period. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse
hereof.

         The principal of and interest on this Note is payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

                                                       (Nissan 2004-C Indenture)

                                      A-2
<PAGE>

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date: _____________________

                                 NISSAN AUTO RECEIVABLES 2004-C
                                 OWNER TRUST

                                 By: WILMINGTON TRUST COMPANY, not in its
                                 individual capacity but solely as Owner Trustee
                                 under the Trust Agreement

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)
                                      A-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: _____________________

                                 WELLS FARGO BANK, NATIONAL
                                 ASSOCIATION, not in its individual capacity but
                                 solely as Indenture Trustee

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)

                                      A-4
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as [____]% Asset Backed Notes, Class A-1 (herein called the "Class
A-1 Notes"), all issued under the Indenture, to which Indentures and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all
terms of the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-1 Notes will be payable on each Distribution
Date in an amount described in the Indenture. "Distribution Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing October 15, 2004.

         Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of a majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purpose the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates), have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the
Indenture or following the exercise by the Servicer of its option to purchase
the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and
Section 10.01 of the Indenture. In case of an unrescinded acceleration upon an
Event of Default, all payments of interest and principal in that order of
payment, will be made (1) first to the holders of the Class A-1 Notes, until the
outstanding principal balance of the Class A-1 Notes has been paid in full, and
(2) then to the holders of the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes on a pro rata basis (x) with respect to interest, based on the
respective aggregate amounts of interest due to these classes of notes and (y)
with respect to principal, based on the respective outstanding principal
balances of those classes of notes, until the outstanding principal balances of
those classes of notes have been paid in full-. In case of the optional purchase
of the Receivables, all interest and principal payments on the Class A-1 Notes
shall be made pro rata to the Class A-1 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be paid to the Person in whose name of such
Note (or one or more Predecessor Notes) is registered on the Record Date by wire
transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to
such Note on a Distribution Date or on the applicable Final Scheduled
Distribution Date, which shall be payable as provided below. Any reduction in
the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining

                                                       (Nissan 2004-C Indenture)

                                      A-5
<PAGE>

unpaid principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Rate to the extent lawful.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon
one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller or any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

         The Holder of this Note by its acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will
not at any time file, join in the filing of, or

                                                       (Nissan 2004-C Indenture)

                                      A-6
<PAGE>

cooperate with or encourage others to file against the Seller or the Issuer, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, with prior notice to the Rating Agencies and with the consent of the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purpose the outstanding principal amount of any Notes
held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of
the Indenture also contains provisions permitting the Holders of a majority of
the Outstanding Amount of the Notes, voting as a single class (excluding for
such purpose the outstanding principal amount of any Notes held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC
or any of their Affiliates), on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

                                                       (Nissan 2004-C Indenture)

                                      A-7
<PAGE>

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the
State of New York), and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                                       (Nissan 2004-C Indenture)

                                      A-8
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: ______

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints , attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated: ____________________*/

Signature Guaranteed:

___________________________*/

         */ NOTICE: The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                                       (Nissan 2004-C Indenture)

                                      A-1
<PAGE>

                   (Form of Class A-2 Note and Class A-3 Note)

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR
GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION
II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN
MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND
INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND
AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT AND THE YIELD SUPPLEMENT ACCOUNT.

                                                       (Nissan 2004-C Indenture)

                                      A-1
<PAGE>

         No_____                                                     $__________

                   NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                    CLASS [A-2][A-3] ___% ASSET BACKED NOTES

         Nissan Auto Receivables 2004-C Owner Trust, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of _______________ DOLLARS
($__________) payable on each Distribution Date in an aggregate amount, if any,
payable from the Collection Account in respect of the principal on the Class
[A-2][A-3] Notes pursuant to Section 3.01 of the Indenture dated as of September
16, 2004 (the "Indenture"), between the Issuer and Wells Fargo Bank, National
Association, as Indenture Trustee (the "Indenture Trustee") and Sections
5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of September
16, 2004 among the Issuer, NARC II, as Seller, and NMAC, as Servicer (which
amounts shall be limited to the portion of Available Amounts specified in such
sections); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Distribution Date occurring in
____________________ (the "Class [A-2][A-3] Final Scheduled Distribution Date").
Capitalized terms used but not defined herein have the meanings ascribed thereto
in the Indenture and the Sale and Servicing Agreement, as the case may be.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Distribution Date, during the period from (and including) the 15th day
of the preceding calendar month to (but excluding) the 15th day of the month in
which such Distribution Date occurs. Interest will be computed on the basis
specified in the Indenture for each Interest Period. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

         The principal of and interest on this Note is payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

                                                       (Nissan 2004-C Indenture)

                                      A-2
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date: _____________________

                                 NISSAN AUTO RECEIVABLES 2004-C
                                 OWNER TRUST

                                 By: WILMINGTON TRUST COMPANY, not in its
                                 individual capacity but solely as Owner Trustee
                                 under the Trust Agreement

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)

                                      A-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: _____________________

                                 WELLS FARGO BANK, NATIONAL
                                 ASSOCIATION, not in its individual capacity but
                                 solely as Indenture Trustee

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)

                                      A-4
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as [____]% Asset Backed Notes, Class [A-2][A-3] (herein called the
"Class [A-2][A-3] Notes"), all issued under the Indenture, to which Indentures
and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class [A-2][A-3] Notes are subject to
all terms of the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class [A-2][A-3] Notes will be payable on each
Distribution Date in an amount described in the Indenture. "Distribution Date"
means the fifteenth day of each month, or, if any such date is not a Business
Day, the next succeeding Business Day, commencing October 15, 2004.

         Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of a majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purpose the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates), have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the
Indenture or following the exercise by the Servicer of its option to purchase
the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and
Section 10.01 of the Indenture. In case of an unrescinded acceleration upon an
Event of Default, all payments of interest and principal in that order of
payment, will be made (1) first to the holders of the Class A-1 Notes, until the
outstanding principal balance of the Class A-1 Notes has been paid in full, and
(2) then to the holders of the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes on a pro rata basis (x) with respect to interest, based on the
respective aggregate amounts of interest due to these classes of notes and (y)
with respect to principal, based on the respective outstanding principal
balances of those classes of notes, until the outstanding principal balances of
those classes of notes have been paid in full-. In case of the optional purchase
of the Receivables, all interest and principal payments on the Class [A-2][A-3]
Notes shall be made pro rata to the Class [A-2][A-3] Noteholders entitled
thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be paid to the Person in whose name of such
Note (or one or more Predecessor Notes) is registered on the Record Date by wire
transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to
such Note on a Distribution Date or on the applicable Final Scheduled
Distribution Date, which shall be payable as provided below. Any reduction in
the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining

                                                       (Nissan 2004-C Indenture)

                                      A-5
<PAGE>

unpaid principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-2][A-3] Rate to the extent lawful.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon
one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller or any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

         The Holder of this Note by its acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will
not at any time file, join in the filing of, or

                                                       (Nissan 2004-C Indenture)

                                      A-6
<PAGE>

cooperate with or encourage others to file against the Seller or the Issuer, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, with prior notice to the Rating Agencies and with the consent of the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purpose the outstanding principal amount of any Notes
held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of
the Indenture also contains provisions permitting the Holders of a majority of
the Outstanding Amount of the Notes, voting as a single class (excluding for
such purpose the outstanding principal amount of any Notes held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC
or any of their Affiliates), on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

                                                       (Nissan 2004-C Indenture)

                                      A-7
<PAGE>

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the
State of New York), and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                                       (Nissan 2004-C Indenture)

                                      A-8
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: ______

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints , attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated: ____________________*/

Signature Guaranteed:

___________________________*/

         */ NOTICE: The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                                       (Nissan 2004-C Indenture)

                                      A-1
<PAGE>

                            (Form of Class A-4 Note)

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR
GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION
II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN
MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND
INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND
AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT AND THE YIELD SUPPLEMENT ACCOUNT.

                                                       (Nissan 2004-C Indenture)

                                      A-1
<PAGE>

         No_____                                                     $__________

                   NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                   CLASS A-4 FLOATING RATE ASSET BACKED NOTES

         Nissan Auto Receivables 2004-C Owner Trust, a statutory trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to ____________________,
or registered assigns, the principal sum of _______________ DOLLARS
($__________) payable on each Distribution Date in an aggregate amount, if any,
payable from the Collection Account in respect of the principal on the Class A-4
Notes pursuant to Section 3.01 of the Indenture dated as of September 16, 2004
(the "Indenture"), between the Issuer and Wells Fargo Bank, National
Association, as Indenture Trustee (the "Indenture Trustee") and Sections
5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of September
16, 2004 among the Issuer, NARC II, as Seller, and NMAC, as Servicer (which
amounts shall be limited to the portion of Available Amounts specified in such
sections); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Distribution Date occurring in
____________________ (the "Class A-4 Final Scheduled Distribution Date").
Capitalized terms used but not defined herein have the meanings ascribed thereto
in the Indenture and the Sale and Servicing Agreement, as the case may be.

         The Issuer will pay interest on this Note at the rate of LIBOR plus
[__]% on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Distribution Date, during the period from (and including) the
Distribution Date during the calendar month preceding such Distribution Date (or
in the case of the first Distribution Date, from (and including) the Closing
Date to (but excluding) such Distribution Date). Interest will be computed on
the basis specified in the Indenture for each Interest Period. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse
hereof.

         The principal of and interest on this Note is payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

                                                       (Nissan 2004-C Indenture)

                                      A-2
<PAGE>

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date: _____________________

                                 NISSAN AUTO RECEIVABLES 2004-C
                                 OWNER TRUST

                                 By: WILMINGTON TRUST COMPANY, not in its
                                 individual capacity but solely as Owner Trustee
                                 under the Trust Agreement

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)

                                      A-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: _____________________

                                 WELLS FARGO BANK, NATIONAL
                                 ASSOCIATION, not in its individual capacity but
                                 solely as Indenture Trustee

                                 By: ___________________________________________
                                       Authorized Signatory

                                                       (Nissan 2004-C Indenture)

                                      A-4
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as Floating Rate Asset Backed Notes, Class A-4 (herein called the
"Class A-4 Notes"), all issued under the Indenture, to which Indentures and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all
terms of the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-4 Notes will be payable on each Distribution
Date in an amount described in the Indenture. "Distribution Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing October 15, 2004.

         Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of a majority of the Outstanding Amount of the Notes, voting as a single class
(excluding for such purpose the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by
NARC II, NMAC or any of their Affiliates), have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the
Indenture or following the exercise by the Servicer of its option to purchase
the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and
Section 10.01 of the Indenture. In case of an unrescinded acceleration upon an
Event of Default, all payments of interest and principal in that order of
payment, will be made (1) first to the holders of the Class A-1 Notes, until the
outstanding principal balance of the Class A-1 Notes has been paid in full, and
(2) then to the holders of the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes on a pro rata basis (x) with respect to interest, based on the
respective aggregate amounts of interest due to these classes of notes and (y)
with respect to principal, based on the respective outstanding principal
balances of those classes of notes, until the outstanding principal balances of
those classes of notes have been paid in full-. In case of the optional purchase
of the Receivables, all interest and principal payments on the Class A-4 Notes
shall be made pro rata to the Class A-4 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be paid to the Person in whose name of such
Note (or one or more Predecessor Notes) is registered on the Record Date by wire
transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to
such Note on a Distribution Date or on the applicable Final Scheduled
Distribution Date, which shall be payable as provided below. Any reduction in
the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining

                                                       (Nissan 2004-C Indenture)

                                      A-5
<PAGE>

unpaid principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-4 Rate to the extent lawful.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon
one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller or any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
entity.

         The Holder of this Note by its acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will
not at any time file, join in the filing of, or

                                                       (Nissan 2004-C Indenture)

                                      A-6
<PAGE>

cooperate with or encourage others to file against the Seller or the Issuer, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, with prior notice to the Rating Agencies and with the consent of the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purpose the outstanding principal amount of any Notes
held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of
the Indenture also contains provisions permitting the Holders of a majority of
the Outstanding Amount of the Notes, voting as a single class (excluding for
such purpose the outstanding principal amount of any Notes held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC
or any of their Affiliates), on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

                                                       (Nissan 2004-C Indenture)

                                      A-7
<PAGE>

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the
State of New York), and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                                       (Nissan 2004-C Indenture)

                                      A-8
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: ______

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints , attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated: ____________________*/

Signature Guaranteed:

___________________________*/

         */ NOTICE: The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                                       (Nissan 2004-C Indenture)

                                      A-9