Document:

exv4w1

 

EXHIBIT 4.1

NISSAN
AUTO RECEIVABLES                      OWNER TRUST

(a Delaware Statutory Trust)

AMENDED AND RESTATED TRUST AGREEMENT

between

NISSAN AUTO RECEIVABLES CORPORATION II,

as Depositor,

and

WILMINGTON TRUST COMPANY,

as Owner Trustee

Dated as of ___, 200_

(Nissan ______ Amended and

Restated Trust Agreement)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01
	 	Definitions	 	 	1	 
	SECTION 1.02
	 	Usage of Terms	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	 	 	 
	CREATION OF TRUST
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01
	 	Creation of Trust	 	 	5	 
	SECTION 2.02
	 	Office	 	 	5	 
	SECTION 2.03
	 	Purposes and Powers	 	 	5	 
	SECTION 2.04
	 	Power of Attorney	 	 	6	 
	SECTION 2.05
	 	Declaration of Trust	 	 	6	 
	SECTION 2.06
	 	Liability of the Certificateholders	 	 	7	 
	SECTION 2.07
	 	Title to Trust Property	 	 	7	 
	SECTION 2.08
	 	Situs of Trust	 	 	7	 
	SECTION 2.09
	 	Representations and Warranties of the Depositor	 	 	7	 
	SECTION 2.10
	 	Federal Income Tax Allocations	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	 	 	 
	CERTIFICATES AND TRANSFER OF INTERESTS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01
	 	The Certificates	 	 	9	 
	SECTION 3.02
	 	Authentication of Certificates	 	 	9	 
	SECTION 3.03
	 	Registration of Transfer and Exchange of Certificates	 	 	10	 
	SECTION 3.04
	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	 	11	 
	SECTION 3.05
	 	Persons Deemed Certificateholders	 	 	11	 
	SECTION 3.06
	 	Access to List of Certificateholders' Names and Addresses	 	 	11	 
	SECTION 3.07
	 	Maintenance of Office or Agency	 	 	12	 
	SECTION 3.08
	 	Appointment of Paying Agent	 	 	12	 
	SECTION 3.09
	 	Ownership by the Depositor of Certificates	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	 	 	 
	ACTIONS BY OWNER TRUSTEE OR CERTIFICATEHOLDERS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01
	 	Prior Notice to Certificateholders with Respect to Certain Matters	 	 	13	 
	SECTION 4.02
	 	Action by Certificateholders with Respect to Certain Matters	 	 	14	 
	SECTION 4.03
	 	Action with Respect to Bankruptcy	 	 	14	 
	SECTION 4.04
	 	Restrictions on Certificateholders' Power	 	 	14	 

 (Nissan ______ Amended and

Restated Trust Agreement)

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 4.05
	 	Majority of the Certificates Control	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01
	 	Establishment of Accounts	 	 	15	 
	SECTION 5.02
	 	Application of Amounts in Trust Accounts	 	 	16	 
	SECTION 5.03
	 	Method of Payment	 	 	17	 
	SECTION 5.04
	 	Accounting and Reports to the
Noteholders, Certificateholders, the Internal Revenue Service and Others	 	 	17	 
	SECTION 5.05
	 	Signature on Returns; Tax Matter Partner	 	 	18	 
	SECTION 5.06
	 	Duties of Depositor on Behalf of Trust	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	 	 	 
	AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01
	 	General Authority	 	 	18	 
	SECTION 6.02
	 	General Duties	 	 	18	 
	SECTION 6.03
	 	Duties of the Owner Trustee	 	 	19	 
	SECTION 6.04
	 	No Duties Except as Specified in this Agreement or in Instructions	 	 	20	 
	SECTION 6.05
	 	No Action Except Under Specified Documents or Instructions	 	 	21	 
	SECTION 6.06
	 	Restrictions	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	 	 	 
	CONCERNING THE OWNER TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 7.01
	 	Rights of the Owner Trustee	 	 	21	 
	SECTION 7.02
	 	Furnishing of Documents	 	 	22	 
	SECTION 7.03
	 	Representations and Warranties	 	 	22	 
	SECTION 7.04
	 	Reliance; Advice of Counsel	 	 	23	 
	SECTION 7.05
	 	Not Acting in Individual Capacity	 	 	23	 
	SECTION 7.06
	 	Owner Trustee Not Liable for Certificates or Receivables	 	 	24	 
	SECTION 7.07
	 	Owner Trustee May Own Certificates and Notes	 	 	24	 
	SECTION 7.08
	 	Sales Finance Licenses	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	COMPENSATION OF OWNER TRUSTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01
	 	Owner Trustee’s Fees and Expenses	 	 	25	 
	SECTION 8.02
	 	Indemnification	 	 	25	 

  (Nissan ______ Amended and

Restated Trust Agreement)

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 8.03
	 	Payments to the Owner Trustee	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	 	 	 
	TERMINATION OF TRUST AGREEMENT
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01
	 	Termination of Trust Agreement	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	 	 	 
	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 10.01
	 	Eligibility Requirements for Owner Trustee	 	 	27	 
	SECTION 10.02
	 	Resignation or Removal of Owner Trustee	 	 	27	 
	SECTION 10.03
	 	Successor Owner Trustee	 	 	28	 
	SECTION 10.04
	 	Merger or Consolidation of Owner Trustee	 	 	28	 
	SECTION 10.05
	 	Appointment of Co-Trustee or Separate Trustee	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE XI
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 11.01
	 	Supplements and Amendments	 	 	30	 
	SECTION 11.02
	 	No Legal Title to Owner Trust Estate in Certificateholders	 	 	31	 
	SECTION 11.03
	 	Limitations on Rights of Others	 	 	31	 
	SECTION 11.04
	 	Notices	 	 	31	 
	SECTION 11.05
	 	Severability	 	 	32	 
	SECTION 11.06
	 	Counterparts	 	 	32	 
	SECTION 11.07
	 	Successors and Assigns	 	 	32	 
	SECTION 11.08
	 	No Petition	 	 	32	 
	SECTION 11.09
	 	No Recourse	 	 	32	 
	SECTION 11.10
	 	Headings	 	 	32	 
	SECTION 11.11
	 	GOVERNING LAW	 	 	32	 
	SECTION 11.12
	 	NMAC Payment Obligation	 	 	33	 

  (Nissan ______ Amended and

Restated Trust Agreement)

iii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Exhibit A
	 	Form of Certificate	 	 	 	 
	 
	 	 	 
	Exhibit B
	 	Form of Transferee Representation Letter	 	 	 	 
	 
	 	 	 
	Exhibit C
	 	Form of Transferor Representation Letter	 	 	 	 

  (Nissan ______ Amended and

Restated Trust Agreement)

iv

 

     AMENDED AND RESTATED TRUST AGREEMENT, dated as of                     , 200_, between NISSAN AUTO
RECEIVABLES CORPORATION II, a Delaware corporation, as depositor, and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, not in its individual capacity but solely as Owner Trustee, amending
and restating in its entirety the Trust Agreement, dated as of
                                        , 200___ (the
“Original Trust Agreement”), between the same parties, and herein referred to as the “Trust
Agreement” or this “Agreement.”

     IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as
follows:

ARTICLE I

Definitions

     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
assigned to such terms in the Sale and Servicing Agreement and the Indenture for all purposes of
this Agreement. Except as otherwise provided in this Agreement, whenever used herein the following
words and phrases, unless the context otherwise requires, shall have the following meanings:

     “Administration Agreement” means the Administration Agreement dated as of ___,
200___by and among the Trust, as issuer, NMAC, as Administrator, and the Indenture Trustee pursuant
to which NMAC undertakes to perform certain of the duties and obligations of the Trust hereunder,
under the Sale and Servicing Agreement and under the Indenture.

     “Administrator” means NMAC acting in its capacity as Administrator under the
Administration Agreement.

     “Agreement” means this Amended and Restated Trust Agreement, which amends and restates
the Original Trust Agreement.

     “Basic Documents” means the Purchase Agreement, this Agreement, the Certificate of
Trust, the Sale and Servicing Agreement, the Indenture, the Yield Supplement Agreement, the
Administration Agreement, the Note Depository Agreement, the Securities Account Control Agreement
and the other documents and certificates delivered in connection herewith and therewith.

     “Benefit Plan Investor” means an “employee benefit plan” as defined in Section 3(3) of
ERISA, whether or not such employee benefit plan is subject to the provisions of Title I of ERISA,
a “plan” described in Section 4975(e)(1) of the Code, or an entity whose underlying assets include
“plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity.

 (Nissan ______ Amended and

Restated Trust Agreement)

1

 

     “Certificate” means any of the Certificates executed by the Trust and authenticated by
the Owner Trustee, evidencing a beneficial ownership interest in the Trust, substantially in the
form set forth in Exhibit A hereto.

     “Certificate of Trust” means the Certificate of Trust filed with respect to the
formation of the Trust pursuant to Section 3810(a) of the Statutory Trust Act.

     “Certificate Register” means the register maintained pursuant to Section 3.03.

     “Certificate Registrar” means Wilmington Trust Company, unless and until a successor
thereto is appointed pursuant to Section 3.03. The Certificate Registrar initially designates its
offices at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, as its
offices for purposes of Section 3.03.

     “Certificateholder” or “Holder” means a Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of giving certain
consents, waivers, requests or demands pursuant to this Agreement, the interest evidenced by any
Certificate registered in the name of NARC II or NMAC, or any Person actually known to a Trust
Officer of the Owner Trustee to be controlling, controlled by or under common control with NARC II
or NMAC, shall not be taken into account in determining whether the requisite percentage necessary
to effect any such consent, waiver, request or demand shall have been obtained unless at such time
all Certificates are then owned by NARC II, NMAC and their Affiliates.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Corporate Trust Office” means, with respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890; or at such other address as the Owner Trustee may designate by
notice to the Certificateholders, or the principal corporate trust office of any successor Owner
Trustee (the address of which the successor Owner Trustee will notify the Certificateholders).

     “Depositor” means NARC II in its capacity as depositor hereunder.

     “Depositor’s Formation Documents” means the Amended and Restated Certificate of
Incorporation of Nissan Auto Receivables Corporation II, dated as of January 10, 2001 and the
by-laws of NARC II.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Expenses” shall have the meaning assigned to such term in Section 8.01.

     “Indenture” means the Indenture dated as of ___, 200___entered into between the
Trust and the Indenture Trustee named therein pursuant to which a series of Notes are issued.

 (Nissan ______ Amended and

Restated Trust Agreement)

2

 

     “Independent Director” means an individual who was not at any time during the
preceding five years (i) a director, officer, employee or affiliate of NARC II (other than any
limited purpose or special purpose corporation or limited liability company similar to NARC II),
(ii) a person related to any officer or director of any affiliate of NARC II (other than any
limited purpose or special purpose corporation or limited liability company similar to NARC II),
(iii) a direct or indirect holder of one or more than 5% of any voting securities of any affiliate
of NARC II, (iv) a material creditor, material supplier, employee, officer, director, family
member, manager, or contractor of NARC II, or (v) a person who controls (whether directly,
indirectly, or otherwise) NARC II or its affiliates or any material creditor, material supplier,
employee, officer, director, manager or material contractor of NARC II or its affiliates.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

     “NARC II” means Nissan Auto Receivables Corporation II, a Delaware corporation.

     “Non-U.S. Person” means any Person who is not (i) a citizen or resident of the United
States who is a natural person, (ii) a corporation or partnership (or an entity treated as a
corporation or partnership) created or organized in or under the laws of the United States or any
state thereof, including the District of Columbia (unless, in the case of a partnership, Treasury
Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to
United States Federal income taxation, regardless of its source, (iv) a trust, if a court within
the United States is able to exercise primary supervision over the administration of the trust and
one or more United States persons (as defined in the Code and Treasury Regulations) have the
authority to control all substantial decisions of the trust; or (v) a trust that was in existence
prior to August 20, 1996 and that, under Treasury Regulations, is eligible to elect, and does
validly elect, to be treated as a United States person (as defined in the Code and Treasury
Regulations) despite not meeting the requirements of clause (iv).

     “Notes” means the notes issued by the Trust pursuant to the Indenture, having the
payment and other terms set forth in the Indenture.

     “Original Certificate Balance” means $                    .

     “Original Trust Agreement” shall have the meaning assigned to such term in the
introductory paragraph to this Agreement.

     “Owner Trust Estate” means all right, title and interest of the Trust in and to the
property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing
Agreement, all funds on deposit from time to time in the accounts created pursuant to Sections 5.01
and 5.08 of the Sale and Servicing Agreement (excluding any net investment income with respect to
amounts held in such accounts), and all other property of the Trust from time to time including any
rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing Agreement, the Yield
Supplement Agreement, and the Administration Agreement, and as assignee of the rights and interests
of the Depositor under the Purchase Agreement.

  (Nissan ______ Amended and

Restated Trust Agreement)

3

 

     “Owner Trustee” means Wilmington Trust Company, a Delaware banking corporation, not in
its individual capacity but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section
3.08, and shall initially be Wilmington Trust Company.

     “Plan” shall have the meaning assigned to such term in Section 3.03(c)(1)(ii).

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
date hereof, among the Trust, NARC II, as seller, and NMAC, as servicer.

     “Secretary of State” means the Secretary of State of the State of Delaware.

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

     “Securityholders” means the Certificateholders and the Noteholders.

     “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust” means the Nissan Auto Receivables ___Owner Trust, formed as a Delaware
statutory trust pursuant to this Agreement and the filing of the Certificate of Trust.

     “Trust Collection Account” shall have the meaning assigned to such term in Section
5.01(a).

     “Yield Supplement Agreement” means the Yield Supplement Agreement dated as of the date
hereof among NMAC, the Depositor, the Indenture Trustee and the Trust.

     SECTION 1.02 Usage of Terms. With respect to all terms in this Agreement, 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
Agreement; 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.”

 (Nissan ______ Amended and

Restated Trust Agreement)

4

 

ARTICLE II

Creation of Trust

     SECTION 2.01 Creation of Trust. A Delaware statutory trust known as “Nissan Auto
Receivables ___Owner Trust” was formed in accordance with the provisions of the Statutory Trust
Act pursuant to the Original Trust Agreement. Under the Original Trust Agreement, the Owner
Trustee was authorized and vested with the power and authority to make and execute contracts,
instruments, certificates, agreements and other writings on behalf of the Trust as set forth herein
and to sue and be sued on behalf of the Trust.

     The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its
acceptance and agreement to hold in trust, for the benefit of the Certificateholders and such other
Persons as may become beneficiaries hereunder from time to time, all of the Owner Trust Estate
conveyed or to be conveyed to the Trust, and all monies and proceeds that may be received with
respect thereto, subject to the terms of this Agreement.

     SECTION 2.02 Office. The principal place of business of the Trust for purposes of
Delaware law shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders
and the Servicer. The Trust may establish additional offices located at such place or places
inside or outside of the State of Delaware as the Owner Trustee may designate by written notice to
the Certificateholders and the Servicer.

     SECTION 2.03 Purposes and Powers.

     (a) The purpose of the Trust is, and the Trust shall have the power and authority and is
authorized, to engage in the following activities:

     (i) to issue Notes pursuant to the Indenture and Certificates pursuant to this
Agreement;

     (ii) to enter into and perform its obligations under any currency exchange rate
protection agreement between the Trust and a counterparty, including any confirmations
evidencing the transactions thereunder, using only the funds payable to the
Certificateholders as provided in Section 5.02(d);

     (iii) to acquire the Owner Trust Estate (including the Receivables and related
property) from the Depositor in exchange for the Notes and Certificates pursuant to the Sale
and Servicing Agreement;

     (iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate
pursuant to, and on the terms and conditions set forth in, the Indenture and to hold, manage
and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing
Agreement any portion of the Owner Trust Estate released from the Lien of,
and remitted to the Trust pursuant to, the Indenture as set forth therein and in the
Sale and Servicing Agreement;

 (Nissan ______ Amended and

Restated Trust Agreement)

5

 

     (v) to enter into and perform its obligations under the Basic Documents to which it is
to be a party;

     (vi) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith; and

     (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and
the making of distributions to the Certificateholders and the Noteholders and in respect of
amounts to be released to the Depositor, the Servicer, the Administrator and third parties,
if any.

     The Trust shall not engage in any activity other than in connection with the foregoing and as
required or authorized by the terms of the Basic Documents.

     SECTION 2.04 Power of Attorney. Pursuant to the Administration Agreement, the Owner
Trustee has authorized the Administrator to perform certain of its administrative duties hereunder,
including duties with respect to the management of the Owner Trust Estate, and in connection
therewith hereby grants the Administrator its revocable power of attorney. Each Certificateholder
by such Holder’s acceptance of any Certificate or beneficial interest therein, as the case may be,
shall be deemed to have granted power of attorney to the Administrator for purposes of actions
taken or to be taken with respect to the Certificates.

     SECTION 2.05 Declaration of Trust. The Owner Trustee hereby declares that it will
hold the Owner Trust Estate, and in the event the Issuer enters into a currency Swap Agreement
pursuant to Section 5.11 of the Sale and Servicing Agreement, any such Swap Agreement and payments
made by any such Swap Counterparty, in trust upon and subject to the conditions set forth herein
for the use and benefit of the Certificateholders, subject to the obligations of the Trust under
the Basic Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto that, solely for
income and franchise tax purposes, the Trust shall be treated as a division or branch of the Person
holding the beneficial ownership interests in the Trust for any period during which the beneficial
ownership interests in the Trust are held by one Person, and that it shall be treated as a
partnership for any period during which the beneficial ownership interests in the Trust are held by
more than one Person, with the assets of the partnership being the Receivables and other assets
held by the Trust, and the Notes being debt of the partnership. The parties agree that for any
such period, unless otherwise required by appropriate tax authorities, the Trust will file or cause
to be filed annual or other necessary returns, reports and other forms consistent with such
characterization of the Trust for tax purposes. Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with
respect to accomplishing the purposes of the Trust. At the direction
of the Depositor, the Owner

 (Nissan ______ Amended and

Restated Trust Agreement)

6

 

Trustee caused to be filed the Certificate of Trust pursuant to the Statutory Trust Act,
and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary
or appropriate to satisfy the purposes of this Agreement and as shall be consistent with the
provisions hereof.

     SECTION 2.06 Liability of the Certificateholders. No Certificateholder shall have any
personal liability for any liability or obligation of the Trust, solely by reason of it being a
Certificateholder.

     SECTION 2.07 Title to Trust Property. Legal title to all of the Owner Trust Estate
shall be vested at all times in the Trust as a separate legal entity.

     SECTION 2.08 Situs of Trust. The Trust will be located in Delaware and administered
in the states of Delaware, New York or Minnesota. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments will be received by the Trust only in
Delaware or New York, and payments will be made by the Trust only from Delaware or New York. The
principal office of the Trust will be at the Corporate Trust Office in Delaware.

     SECTION 2.09 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that as of the Closing Date:

     (a) Organization and Good Standing. The Depositor has been duly organized and is
validly existing as a corporation in good standing under the laws of the State of Delaware, with
corporate power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times, and
has, corporate power, authority and legal right to acquire and own the Receivables.

     (b) Due Qualification. The Depositor is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business shall
require such qualifications, and where the failure to so qualify would have a material adverse
effect on the ability of the Depositor to perform its obligations under this Agreement.

     (c) Power and Authority. The Depositor has the corporate power and authority to
execute and deliver this Agreement and to carry out its terms. The Depositor has full power and
authority to sell and assign the property to be sold and assigned to and deposited as part of the
Owner Trust Estate and has duly authorized such sale and assignment to the Trust by all necessary
corporate action; and the execution, delivery and performance of this Agreement has been duly
authorized by the Depositor by all necessary corporate action.

     (d) Binding Obligations. This Agreement is a legal, valid and binding obligation of
the Depositor enforceable in accordance with its terms, subject to
the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and by general equitable principles.

 (Nissan ______ Amended and

Restated Trust Agreement)

7

 

     (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, nor constitute (with or without notice or lapse of time) a default under,
the certificate of incorporation or by-laws of the Depositor, or any indenture, agreement or other
instrument to which the Depositor is a party or by which it shall be bound; nor result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than the Basic Documents); nor violate any law or,
to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its properties; which
breach, default, conflict, Lien or violation in any case would have a material adverse effect on
the ability of the Depositor to perform its obligations under this Agreement.

     (f) No Proceedings. There are no proceedings or investigations pending, or, to the
best of the Depositor’s knowledge, threatened, before any court, regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or its
properties: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement; (iii) seeking any
determination or ruling that would materially and adversely affect the performance by the Depositor
of its obligations under, or the validity or enforceability of, this Agreement; or (iv) relating to
the Depositor and that would adversely affect the federal or any state income tax attributes of the
Trust, the Certificates or the Notes.

     (g) Independent Director. Notwithstanding anything to the contrary in the Depositor’s
Formation Documents, the Depositor shall ensure that at least one director of the Depositor shall
be an Independent Director.

     SECTION 2.10 Federal Income Tax Allocations. Net income of the Trust for any month as
determined for federal income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof) during which the beneficial ownership interests in the Trust
are held by more than one Person shall be allocated:

     (a) in an amount equal to any amount distributed to the Certificateholders pursuant to the
Sale and Servicing Agreement (to the extent not previously allocated pursuant to this clause); and

     (b) to the Depositor, to the extent of any remaining net income.

If the net income of the Trust for any month is insufficient for the allocations described in
clause (a) above, subsequent net income shall first be allocated to make up such shortfall before
being allocated as provided in the preceding sentence. Net losses of the Trust, if any, for any
month as determined for federal income tax purposes (and each item of income, gain, loss and
deduction entering into the computation thereof) shall be allocated to the Depositor to the extent
the

 (Nissan ______ Amended and

Restated Trust Agreement)

8

 

Depositor has agreed hereunder and under the Sale and Servicing Agreement and the Indenture to bear
the economic burden of such net losses, and any remaining net losses shall be allocated among the
Certificateholders as of the first Distribution Date following the end of such month in proportion
to their ownership of principal amount of Certificates as of the close of business on such
Distribution Date. The Depositor is authorized to modify the allocations in this paragraph if
necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the
economic income, gain or loss to the Depositor or to the Certificateholders, or as otherwise
required by the Code.

ARTICLE III

Certificates and Transfer of Interests

     SECTION 3.01 The Certificates. The Certificates shall be issued in minimum
denominations of $25,000.00 and in integral multiples of $1,000.00 in excess thereof. The
Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Trust
Officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or
facsimile signature of a Trust Officer. Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed, authorized to sign
on behalf of the Trust, shall be validly issued and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to
the authentication and delivery of such Certificates or did not hold such offices at the date of
authentication and delivery of such Certificates.

     The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination in the form of Exhibit A hereto.

     A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the
rights and subject to the obligations of a Certificateholder hereunder, upon such transferee’s
acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.03.

     SECTION 3.02 Authentication of Certificates. Concurrently with the initial transfer
of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee
shall cause to be executed, authenticated and delivered on behalf of the Trust to the Depositor,
Certificates in an aggregate principal amount equal to the Original Certificate Balance and
evidencing the entire ownership of the Trust. No Certificate shall entitle its holder to any
benefit under this Agreement or be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth in Exhibit
A, executed by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual or
facsimile signature of a Trust Officer, and such authentication shall constitute conclusive
evidence, and the only evidence, that such Certificate shall have been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their authentication. The
Wilmington Trust Company shall be the initial authenticating agent of the Owner Trustee hereunder,
and all references herein to authentication by the Owner Trustee shall be deemed to include the
authenticating agent.

 (Nissan ______ Amended and

Restated Trust Agreement)

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     SECTION 3.03 Registration of Transfer and Exchange of Certificates.

     (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.07, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, Wilmington Trust Company shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided. Wilmington Trust
Company shall be the initial Certificate Registrar. In the event that the Certificate Registrar
shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall
promptly give written notice to such effect to the Depositor, the Owner Trustee and the Servicer.
Upon receipt of such notice, the Servicer shall appoint another bank or trust company, which shall
agree to act in accordance with the provisions of this Agreement applicable to it, and otherwise
acceptable to the Owner Trustee, to act as successor Certificate Registrar under this Agreement.

     (b) Upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.07, the Owner Trustee shall execute, authenticate and deliver (or
shall cause its authenticating agent to authenticate and deliver), in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like
aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent.
At the option of a Holder, Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the
office or agency maintained pursuant to Section 3.07. The preceding provisions of this Section
notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register
transfer or exchanges of Certificates for a period of 15 days preceding the due date for any
payment with respect to the Certificates.

     (c) Every Certificate presented or surrendered for registration of transfer or exchange shall
be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and
the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer or exchange shall be cancelled and
disposed of by the Owner Trustee in accordance with its customary practice.

     No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

     (1) a representation from the transferee of such Certificate substantially in the form of
Exhibit B to the effect that:

     (i) such transferee is not a Non-U.S. Person; and

     (ii) such transferee is not a Benefit Plan Investor;

     (2) a representation from the transferor of such Certificate substantially in the form of
Exhibit C; and

 (Nissan ______ Amended and

Restated Trust Agreement)

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     (3) an opinion of counsel to the Owner Trustee that the transfer of such Certificate is being
made pursuant to an effective registration under the Securities Act or is exempt from the
registration requirements of the Securities Act.

     Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate
to or on behalf of a Benefit Plan or utilizing the assets of a Benefit Plan shall be void and of no
effect.

     To the extent permitted under applicable law (including, but not limited to, ERISA), the Owner
Trustee shall be under no liability to any Person for any registration of transfer of any
Certificate that is in fact not permitted by this Section 3.03(c) or for making any payments due on
such Certificate to the Certificateholder thereof or taking any other action with respect to such
Holder under the provisions of this Trust Agreement or the Sale and Servicing Agreement so long as
the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance with
the foregoing requirements.

     (d) No service charge shall be made for any registration of transfer or exchange of
Certificates, but the Owner Trustee or the Certificate Registrar 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 Certificates.

     SECTION 3.04 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and
(b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in the absence of notice
that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee on
behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection with
the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this
Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

     SECTION 3.05 Persons Deemed Certificateholders. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat
the Person in whose name any Certificate shall be registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and
for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar
shall be bound by any notice to the contrary.

     SECTION 3.06 Access to List of Certificateholders’ Names and Addresses. The
Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer or
the Depositor, as the case may be, within 15 days after its receipt of a request therefor from
the

 (Nissan ______ Amended and

Restated Trust Agreement)

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Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner
Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If three or more Certificateholders or one
or more Holders of Certificates evidencing, in the aggregate, not less than 25% of the Certificate
Balance apply in writing to the Owner Trustee, and such application states that the applicants
desire to communicate with other Certificateholders with respect to their rights under this
Agreement or under the Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Owner 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 Certificateholders. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the
Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

     SECTION 3.07 Maintenance of Office or Agency. The Owner Trustee shall maintain an
office or offices or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the
Certificates and the Basic Documents may be served. The Owner Trustee initially designates
Wilmington Trust Company, in such capacity, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, as its principal corporate trust office for such purposes. The Owner
Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any
change in the location of the Certificate Register or any such office or agency.

     SECTION 3.08 Appointment of Paying Agent. Except during any period when the Indenture
Trustee is authorized and directed to do so under the Indenture (i.e. prior to the termination of
the Indenture), the Paying Agent shall make distributions to Certificateholders from the Collection
Account pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Collection
Account for the purpose of making the distributions referred to above. The Owner Trustee may
revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations under this Agreement
in any material respect. The Paying Agent shall initially be Wilmington Trust Company, and any
co-paying agent chosen by the Owner Trustee, and acceptable to the Owner Trustee. The Paying Agent
shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Indenture Trustee
and, if the Paying Agent is not the Owner Trustee, to the Owner Trustee. In the event that
Wilmington Trust Company shall no longer be the Paying Agent, the Owner Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall
cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such
sums
shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds
to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all

 (Nissan ______ Amended and

Restated Trust Agreement)

12

 

funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04, 8.01
and 8.02 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

     SECTION 3.09 Ownership by the Depositor of Certificates. Notwithstanding Section
3.03, the Depositor shall on the Closing Date receive in accordance with Section 3.02, and shall
thereafter retain beneficial and record ownership of, Certificates representing 100% of the
Certificate Balance. Any attempted transfer of any Certificate that would reduce such interest of
the Depositor below 100% of the Certificate Balance shall be void. The Owner Trustee shall cause
one Certificate issued to the Depositor (representing 100% of the Certificate Balance) to bear a
legend stating “THIS CERTIFICATE IS NON-TRANSFERABLE.”

ARTICLE IV

Actions By Owner Trustee or Certificateholders

     SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action unless at least 30 days
before the taking of such action (or such shorter period as shall be agreed to in writing by all
Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the
proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing
prior to the 30th day (or such agreed upon shorter period) after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

     (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in
connection with the collection of the Receivables) and the compromise of any action, claim or
lawsuit brought by or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of the Receivables);

     (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Act);

     (c) the amendment of the Indenture, whether or not by a Supplemental Indenture, in
circumstances where the consent of any Noteholder is required;

     (d) the amendment of the Indenture, whether or not by a Supplemental Indenture, in
circumstances where the consent of any Noteholder is not required but such amendment materially
adversely affects the interest of the Certificateholders;

     (e) the amendment, change or modification of the Administration Agreement, other than to cure
any ambiguity or to amend or supplement any provision in a manner or add any provision that would
not materially adversely affect the interests of the Certificateholders;

 (Nissan ______ Amended and

Restated Trust Agreement)

13

 

     (f) the appointment (i) pursuant to the Indenture of a successor Note Registrar or Paying
Agent, (ii) pursuant to this Agreement of a successor Certificate Registrar or (iii) any consent by
the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar to the assignment of
its respective obligations under the Indenture or this Agreement, as applicable; or

     (g) the amendment of the Sale and Servicing Agreement in circumstances where the consent of
any Noteholder is required.

     SECTION 4.02 Action by Certificateholders with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the Certificateholders, to (a)
remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a
successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the
Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement or (d) except as expressly
provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The
Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the authorized representative of 100% of the Certificateholders.

     SECTION 4.03 Action with Respect to Bankruptcy. The Owner Trustee shall not have the
power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous
prior approval of all Certificateholders (including the Board of Directors (including the
Independent Directors, as such term is defined in the Depositor’s Certificate of Incorporation) of
the Depositor) and the delivery to the Owner Trustee of a written certification by each
Certificateholder that such Certificateholder reasonably believes that the Trust is insolvent.

     SECTION 4.04 Restrictions on Certificateholders’ Power. The Certificateholders shall
not direct the Owner Trustee to take or refrain from taking any action if such action or inaction
would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic
Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow
any such direction, if given.

     SECTION 4.05 Majority of the Certificates Control. Except as otherwise expressly
provided herein, any action that may be taken by the Certificateholders under this Agreement may be
taken by the Holders of the Certificates evidencing not less than a majority of the Certificate
Balance. Except as expressly provided herein, any written notice of the Certificateholders
delivered pursuant to this Agreement shall be effective if signed by Holders of the Certificates
evidencing not less than a majority of the Certificate Balance at the time of the delivery of such
notice.

  (Nissan ______ Amended and

Restated Trust Agreement)

14

 

ARTICLE V

Application of Trust Funds; Certain Duties

     SECTION 5.01 Establishment of Accounts.

     (a) On or prior to 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 the
Indenture), the Owner Trustee, for the benefit of the Certificateholders, shall establish and
maintain, or shall cause to be established and maintained, in the name of the Trust (or in such
other name as shall be specified in the Sale and Servicing Agreement), the trust collection account
(the “Trust Collection Account”). The Trust Collection Account shall be established and maintained
as an Eligible Deposit Account, and, subject to provisions of the Sale and Servicing Agreement,
bearing a designation clearly indicating that, subject to Section 5.01(b), the funds deposited
therein are held by the Trust for the benefit of the Certificateholders, in each case in accordance
with Section 5.01 of the Sale and Servicing Agreement.

     Subject to Section 5.01(b), the Owner Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Trust Collection Account and in all proceeds thereof
(other than any net investment earnings on Eligible Investments held therein). Except as otherwise
expressly provided herein, the Trust Collection Account shall be under the sole dominion and
control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Trust
Collection Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the
Administrator on behalf of the Owner Trustee, if the Trust Collection Account is not then held by
the Owner Trustee or an affiliate thereof) shall within 10 Business Days establish a new equivalent
Eligible Deposit Account and shall transfer any cash and/or any investments to such new account.

     (b) Concurrently with the execution and delivery of the Indenture, the Servicer will establish
and maintain, or shall cause to be established and maintained, at the direction of the Depositor,
the Collection Account in the name of and under the control of the Indenture Trustee for the
benefit of the Securityholders in accordance with Section 5.01 of the Sale and Servicing Agreement.
The Indenture Trustee will be obligated to transfer back to the Owner Trustee, for the benefit of
the Certificateholders, all funds or investments held in the Collection Account on the Distribution
Date on which the Notes of all Classes have been paid in full or the Indenture is otherwise
terminated (excluding any amounts to be retained for distribution in respect of Notes that are not
promptly delivered for payment on such Distribution Date), and to take all necessary or appropriate
actions to transfer all right, title and interest of the Indenture Trustee in such funds or
investments and all proceeds thereof to the Owner Trustee for the benefit of the
Certificateholders, which amounts the Owner Trustee shall deposit into the Trust Collection
Account.

     (c) Concurrently with the execution and delivery of the Indenture, the Owner Trustee shall
establish and maintain the Yield Supplement Account in the name of and under the control of the
Indenture Trustee for the benefit of the Noteholders in accordance with paragraph 2 of the Yield
Supplement Agreement, Section 5.08 of the Sale and Servicing Agreement, and Section

  (Nissan ______ Amended and

Restated Trust Agreement)

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8.02(a) of the Indenture. On each Distribution Date, the Indenture Trustee will be obligated
to apply amounts on deposit in the Yield Supplement Account in accordance with the terms of the
Sale and Servicing Agreement and the Indenture. The Indenture Trustee will be obligated to
transfer back to the Owner Trustee, for the benefit of the Certificateholders, all funds or
investments held in the Yield Supplement Account on the Distribution Date on which the Notes of all
Classes have been paid in full or the Indenture is otherwise terminated (excluding any amounts to
be retained for distribution in respect of Notes that are not promptly delivered for payment on
such Distribution Date), and to take all necessary or appropriate actions to transfer all right,
title and interest of the Indenture Trustee in such funds or investments and all proceeds thereof
to the Owner Trustee for the benefit of the Certificateholders, which amounts the Owner Trustee
shall deposit into the Trust Collection Account.

     SECTION 5.02 Application of Amounts in Trust Accounts.

     (a) For so long as any Notes are outstanding, on each Distribution Date, the Indenture Trustee
will distribute to Certificateholders, on a pro rata basis, the amounts distributable thereto
pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture.
From and after the date on which the Notes of all Classes have been paid in full, on each
Distribution Date, the Owner Trustee shall distribute to the Certificateholders amounts on deposit
in the Trust Collection Account that are distributable to the Certificateholders in accordance with
the instructions of the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement.
Upon the release from the Lien of the Indenture of amounts on deposit in the Collection Account or
any other portion of the Owner Trust Estate, the Owner Trustee will cause such property to be
properly deposited into the Trust Collection Account under the control of the Owner Trustee
pursuant to Section 5.01(a) or distributed to the Certificateholders in accordance with the
provisions of this Agreement, as the case may be.

     (b) On each Distribution Date, the Owner Trustee shall send to each Certificateholder the
statement provided to the Owner Trustee by the Servicer pursuant to Section 5.09 of the Sale and
Servicing Agreement with respect to such Distribution Date.

     (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of
income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section. The Owner Trustee is hereby authorized and
directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds
for the payment of any tax that is legally owed by the Trust (but such authorization shall not
prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of
any withholding tax imposed with respect to a Certificateholder shall be treated as cash
distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with
respect to any distribution (such as any distribution to a Non-U.S. Person), the Owner Trustee may
in its sole discretion withhold such amounts in accordance with this paragraph (c). In the event
that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner
Trustee shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees to reimburse
the Owner Trustee for any out-of-pocket expenses incurred.

  (Nissan ______ Amended and

Restated Trust Agreement)

16

 

     (d) The Trust may, from time to time, at its option, and as directed by the Certificateholders
pursuant to Section 6.03 of this Agreement and as provided in Section 5.11 of the Sale and
Servicing Agreement, 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
Trust 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. If the
Certificateholders notify the Administrator with respect to the Trust’s election to enter into such
a Swap Agreement, the Administrator will prepare all necessary and appropriate documentation and
take all of the necessary and appropriate actions to cause the Issuer to enter into such a Swap
Agreement on behalf of the Trust. 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.

     SECTION 5.03 Method of Payment. Subject to Section 9.01(c), distributions required to
be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of
record on the related Record Date either by check mailed to such Certificateholder at the address
of such holder appearing in the Certificate Register or by wire transfer, in immediately available
funds, to the account of any Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions at least five Business Days prior to such Distribution Date.

     SECTION 5.04 Accounting and Reports to the Noteholders, Certificateholders, the Internal
Revenue Service and Others. The Administrator on behalf of the Trust shall (a) maintain (or
cause to be maintained) the books of the Trust on a fiscal year basis or a calendar basis on the
accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code
and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1)
to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any
tax and information returns, and fulfill any other reporting requirements, relating to the Trust,
as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation
Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Trust
are held by more than one Person, make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation thereunder so as to
maintain the Trust’s characterization as a partnership for federal income tax purposes, (e) cause
such tax returns to be signed in the manner required by law, and (f) collect or cause to be
collected any withholding tax as described in and in accordance with Section 5.02(c) with respect
to income or distributions to Certificateholders. The Administrator on behalf of the Trust shall
elect under Section 1278 of the Code to include in income currently any market discount that
accrues with respect to the Receivables. The Administrator on behalf of the Trust shall not make
the election provided under Section 754 of the Code. Notwithstanding anything to the contrary
stated herein, the Owner Trustee shall be exclusively
responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder
to prepare its federal and state income returns.

 (Nissan ______ Amended and

Restated Trust Agreement)

17

 

     SECTION 5.05 Signature on Returns; Tax Matter Partner.

     (a) The Administrator on behalf of the Trust shall sign on behalf of the Trust the tax returns
of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which
case such documents shall be signed by the Administrator, pursuant to the power-of-attorney granted
thereto pursuant to Section 2.04.

     (b) For any period during which the beneficial ownership interests of the Trust are held by
more than one Person, the Certificateholder holding Certificates evidencing the largest portion of
the Original Certificate Balance shall be designated the “tax matters partner” of the Trust
pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations, but hereby
delegates its powers and duties as such to the Administrator pursuant to the power-of-attorney
granted thereto pursuant to Section 2.04.

     SECTION 5.06 Duties of Depositor on Behalf of Trust. On behalf of the Trust, the
Depositor shall prepare and, after execution by the Trust and the Indenture Trustee, file with the
Securities and Exchange Commission and any applicable state agencies documents required to be filed
on a periodic basis with the Securities and Exchange Commission and any applicable state agencies
(including any summaries thereof required by rules and regulations prescribed thereby), and
transmitting of such summaries to the Noteholders, pursuant to Section 7.03 of the Indenture.

ARTICLE VI

Authority and Duties of Owner Trustee

     SECTION 6.01 General Authority. The Owner Trustee is authorized and directed to
execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust
is to be a party and any amendment thereto, and, on behalf of the Trust, to direct the Indenture
Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$                    , Class A-2 Notes in the aggregate principal amount of $                    , Class A-3 Notes in
the aggregate principal amount of $                    , and Class A-4 Notes in the aggregate principal
amount of $                    . In addition to the foregoing, the Owner Trustee is authorized, but shall
not be obligated, to take all actions required of the Trust, pursuant to the Basic Documents.

     SECTION 6.02 General Duties. It shall be the duty of the Owner Trustee to discharge
(or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and
the Basic Documents to which the Trust is a party and to administer the Trust in accordance with
the provisions hereof and of the Basic Documents and in the interest of the Certificateholders.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent
the Administrator

 (Nissan ______ Amended and

Restated Trust Agreement)

18

 

has agreed in the Administration Agreement to perform any act or to
discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner
Trustee shall not be held liable for the default or failure of the Administrator to carry out such
obligations or fulfill such duties under the Administration Agreement.

     SECTION 6.03 Duties of the Owner Trustee.

     (a) Subject to Article IV and in accordance with the terms of the Basic Documents, the
Certificateholders may by written instruction direct the Owner Trustee in the management of the
Trust. Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV. The Owner Trustee accepts the trusts hereby created and
agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Owner Trustee that shall be
specifically required to be furnished pursuant to any provision of this Agreement, shall examine
them to determine whether they conform on their face to the requirements of this Agreement.

     (b) No provision of this Agreement shall be construed to relieve the Owner 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 Owner Trustee shall be determined solely by the
express provisions of this Agreement, the Owner Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this Agreement,
no implied covenants or obligations shall be read into this Agreement against the Owner
Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement
shall not be construed as a duty and, in the absence of bad faith on the part of the Owner
Trustee, the Owner 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 Owner Trustee and conforming on their face to the requirements of this Agreement;

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

     (iii) the Owner 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 the
Holders of the Certificates representing at least a majority of the Certificate Balance (or
such larger or smaller percentage of the Certificate Balance as may be required by any other
provision of this Agreement or the other Basic Documents), the Servicer, the Administrator
or the Indenture Trustee.

 (Nissan ______ Amended and

Restated Trust Agreement)

19

 

     (c) The Owner 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 Agreement, 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 Owner Trustee regarding the Obligors and the Receivables
contained in the Trust, whether upon the exercise of its rights under this Agreement or otherwise,
shall be maintained by the Owner 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 or is required to be made to regulators, auditors or other governmental authorities.

     (e) Pursuant to Section 3.02 of the Sale and Servicing Agreement, in the event that the Owner
Trustee discovers that a representation or warranty made by the Seller pursuant to Section 3.01 or
6.01 of the Sale and Servicing Agreement 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 the interests of any Securityholder in such Receivable, the Owner Trustee shall
give prompt written notice to the Servicer, the Depositor and the Indenture Trustee of such
incorrectness. Pursuant to Section 4.06 of the Sale and Servicing Agreement, if the Owner Trustee
discovers that any covenant of the Servicer set forth in the second sentence of Section 4.01 or
Section 4.02, 4.04 or 4.05 of the Sale and Servicing Agreement has been breached by the Servicer,
the Owner Trustee shall give prompt written notice to the Servicer, the Depositor and the Indenture
Trustee of such breach.

     SECTION 6.04 No Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any Basic Document to which
the Owner Trustee is a party or otherwise contemplated hereby, except as expressly provided by the
terms of this Agreement, any Basic Document to which the Trust is a party or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.03. No implied duties or
obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The
Owner Trustee shall have no responsibility for filing any financing or continuation statement in
any public office at any time or otherwise to perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Agreement or any Basic Document. Notwithstanding
anything to the contrary herein or in any Basic Document, the Owner Trustee shall not be required
to execute, deliver or certify on behalf of the Trust or any other Person any filings,
certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the
extent permitted by applicable law. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any liens on any part
of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that
are not related to the ownership or the administration of the Owner Trust Estate.

 (Nissan ______ Amended and

Restated Trust Agreement)

20

 

     SECTION 6.05 No Action Except Under Specified Documents or Instructions. The Owner
Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the
Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03.

     SECTION 6.06 Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of a Trust Officer of the Owner Trustee, (x) would result in the Trust’s becoming taxable
as a corporation for federal income tax purposes or (y) affect the treatment of the Notes as
indebtedness for federal or state income purpose. The Certificateholders shall not have the
authority to and, by acceptance of an ownership interest in any Certificate shall thereby be deemed
to have covenanted not to, direct the Owner Trustee to take any action that would violate the
provisions of this Section.

ARTICLE VII

Concerning the Owner Trustee

     SECTION 7.01 Rights of the Owner Trustee. Except as otherwise provided in Article VI:

     (a) in accordance with Section 7.04, the Owner 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;

     (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with the instructions of the Administrator, as provided in the
Administration Agreement, the Servicer or the Indenture Trustee, or the Certificateholders, as
provided herein;

     (c) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement or the Sale and Servicing Agreement, or to institute, conduct or
defend any litigation under this Agreement, or in relation to this Agreement or the Sale and
Servicing Agreement, at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Agreement or the Sale and Servicing Agreement, unless such Securityholders
shall have offered to the Owner Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby;

     (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including the principal of and interest on the Notes;

 (Nissan ______ Amended and

Restated Trust Agreement)

21

 

     (e) the Owner 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 Certificates representing not less than 25% of the
Certificate Balance; provided, however, that if the payment within a reasonable
time to the Owner 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 Owner Trustee, not reasonably assured to the
Owner Trustee by the security afforded to it by the terms of this Agreement, the Owner 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 Owner 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

     (f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator,
the Servicer, the Depositor or the Indenture Trustee under any of the Basic Documents or otherwise,
and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust
or any other Person (including the Owner Trustee) under the Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture Trustee under the
Indenture or the Servicer under the Sale and Servicing Agreement.

     SECTION 7.02 Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Basic Documents.

     SECTION 7.03 Representations and Warranties. The Owner Trustee hereby represents and
warrants to the Depositor and for the benefit of the Certificateholders, that:

     (a) It is a banking corporation duly organized and validly existing in good standing under the
laws of Delaware. It has full power, right and authority to execute, deliver and perform its
obligations under this Agreement and each other Basic Document.

     (b) It has taken all corporate action necessary to authorize the execution and delivery of
this Agreement and each other Basic Document, and this Agreement and each other Basic Document has
been executed and delivered by one of its officers duly authorized to execute and deliver this
Agreement and each other Basic Document on its behalf.

     (c) This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee,
enforceable against it in accordance with its terms except as the enforceability thereof may be
limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the
enforcement of creditors’ rights generally and by general principles of equity.

     (d) It is authorized to exercise trust powers in the State of Delaware as and to the extent
contemplated herein or has appointed a Delaware trustee that is so authorized and it has a
principal place of business in the State of Delaware or has appointed a Delaware trustee that
has such a principal place of business.

 (Nissan ______ Amended and

Restated Trust Agreement)

22

 

     (e) Neither the execution nor the delivery by it of this Agreement nor the consummation by the
Owner Trustee of the transactions contemplated hereby or thereby nor compliance by it with any of
the terms or provisions hereof or thereof will contravene any federal or Delaware law, governmental
rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or
order binding on it, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of
its properties may be bound.

     SECTION 7.04 Reliance; Advice of Counsel.

     (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the method of the determination of which is not specifically prescribed herein,
the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any
vice president or by the treasurer or other authorized officers or agents of the relevant party, as
to such fact or matter and such certificate shall constitute full protection to the Owner Trustee
for any action taken or omitted to be taken by it in good faith in reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under the Basic Documents, the Owner Trustee (i) may act directly or through
its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee
shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or
attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult
with counsel, accountants and other skilled persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the opinion or advice of any such counsel, accountants or other
such persons and not, to the actual knowledge of the Owner Trustee, contrary to this Agreement or
any Basic Document.

     SECTION 7.05 Not Acting in Individual Capacity. In accepting the trusts hereby
created, Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual
capacity. Except with respect to a claim based on the Owner Trustee’s willful misconduct, bad
faith or negligence, no recourse shall be had for any claim based on any provision of this
Agreement, the Notes or Certificates, or based on rights obtained through the assignment of any of
the foregoing, against the institution serving as the Owner Trustee in its individual capacity.
The Owner Trustee shall not have any personal obligation, liability or duty whatsoever to any
Securityholder 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.

 (Nissan ______ Amended and

Restated Trust Agreement)

23

 

     SECTION 7.06 Owner Trustee Not Liable for Certificates or Receivables. The Owner
Trustee makes no representations as to the validity or sufficiency of this Agreement or of the
Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Trust
of, and the certificate of authentication on, the Certificates). The Owner Trustee shall have no
obligation to perform any of the duties of the Servicer or Administrator.

     The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of the Certificates, the Notes or any Receivable, any
ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or
for or with respect to the efficacy of the Trust or its ability to generate the payments to be
distributed to Securityholders under this Agreement and the 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 Trust with any covenant or the
breach by the Trust of any warranty or representation made under this Agreement or in any related
document and the accuracy of any such warranty or representation prior to the Owner Trustee’s
receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts
or omissions of the Trust or the Servicer; or any action by the Owner Trustee taken at the
instruction of the Certificateholders, provided, however, that the foregoing shall
not relieve the Owner Trustee of its obligation to perform its duties under this Agreement.

     The Owner Trustee shall not be accountable for the use or application by the Issuer of any of
the Certificates or of the proceeds of such Certificates, 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
Certificates.

     SECTION 7.07 Owner Trustee May Own Certificates and Notes. The Owner Trustee in its
individual or any other capacity (but not in its fiduciary capacity) may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture
Trustee and the Servicer in banking or other transactions with the same rights as it would have if
it were not Owner Trustee.

     SECTION 7.08 Sales Finance Licenses. The Owner Trustee shall cause the Trust to use
its best efforts to maintain the effectiveness of all licenses required to be held by the Trust
under the laws of any jurisdiction in connection with ownership of the Receivables or the terms set
forth in this Agreement and the Basic Documents and the transactions contemplated hereby and
thereby until such time as the Trust shall terminate in accordance with the terms hereof.

 (Nissan ______ Amended and

Restated Trust Agreement)

24

 

ARTICLE VIII

Compensation of Owner Trustee

     SECTION 8.01 Owner Trustee’s Fees and Expenses. The Depositor shall pay or shall cause
the Servicer to pay to the Owner Trustee from time to time compensation for its services as have
been separately agreed upon before the date hereof. The Depositor shall reimburse the Owner
Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Owner Trustee’s agents,
counsel, accountants and experts directly related to its services hereunder (“Expenses”).

     SECTION 8.02 Indemnification. The Depositor shall cause the Servicer or the
Administrator to indemnify the Owner Trustee against any and all loss, liability, claim, tort,
penalty or Expense (including reasonable attorneys’ fees) of any kind or nature whatsoever incurred
by it in connection with the administration of the Trust and the performance of its duties
hereunder. The Owner Trustee shall notify the Administrator and the Servicer promptly of any claim
for which it may seek indemnity. Failure by the Owner Trustee to so notify the Administrator and
the Servicer shall not relieve the Depositor or the Administrator or the Servicer of its
obligations hereunder, except to the extent such failure shall adversely affect the Depositor’s or
the Administrator’s or the Servicer’s defenses in respect thereof. In case any such action is
brought against the Owner Trustee under this Section 8.02 and it notifies the Administrator of the
commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably
satisfactory to the Owner Trustee (who may, unless there is, as evidenced by an opinion of counsel
to the Owner Trustee stating that there is a conflict of interest, be counsel to the
Administrator), and the Administrator will not be liable to the Owner Trustee under this Section
for any legal or other expenses subsequently incurred by the Owner Trustee in connection with the
defense thereof, other than reasonable costs of investigation. Neither the Depositor nor the
Administrator nor the Servicer need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct,
negligence or bad faith. The Owner Trustee’s rights under this Article VIII shall survive the
termination of this Agreement or the resignation or removal of the Owner Trustee. The Depositor
will not be entitled to make any claim upon the Owner Trust Estate for the payment of any
liabilities or indemnified expenses in relation to Depositor’s payment or indemnification of
expenses incurred by Owner Trustee in the performance of its duties hereunder.

     SECTION 8.03 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee
pursuant to this Article VIII from assets in the Owner Trust Estate shall be deemed not to be a
part of the Owner Trust Estate immediately after such payment.

 (Nissan ______ Amended and

Restated Trust Agreement)

25

 

ARTICLE IX

Termination of Trust Agreement

     SECTION 9.01 Termination of Trust Agreement.

     (a) This Agreement (other than Article VIII) shall terminate and the Trust shall dissolve and
be wound up in accordance with Section 3808 of the Statutory Trust Act, upon the earliest of (i)
the maturity or other liquidation of the last Receivable (or other asset) in the Owner Trust Estate
and the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in
accordance with the terms of this Agreement, the Indenture and the Sale and Servicing Agreement
(including, but not limited to, any property and proceeds to be deposited in the Collection Account
pursuant to the terms of the Sale and Servicing Agreement or to be released by the Indenture
Trustee from the Lien of the Indenture pursuant to the terms of the Indenture), and (ii) the
election by the Servicer to purchase the corpus of the Trust pursuant to Section 9.01 of the Sale
and Servicing Agreement and the payment or distribution to all Securityholders of all amounts
required to be paid to them under the Indenture and this Agreement. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this
Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a partition or winding up
of all or any part of the Trust or Owner Trust Estate, nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

     (b) Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder
shall be entitled to revoke or terminate the Trust.

     (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the
Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final
distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders
mailed within five Business Days of receipt of notice of such termination from the Servicer given
pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Distribution Date
upon or with respect to which final payment of the Certificates shall be made upon presentation and
surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount
of any such final payment and (iii) that payment to be made on such Distribution Date will be made
only upon presentation and surrender of the Certificates at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than
the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice
is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying
Agent shall cause to be distributed to Certificateholders amounts distributable on such
Distribution Date pursuant to Section 5.02.

     In the event that one or more of the Certificateholders shall not surrender their Certificates
for cancellation within six months after the date specified in the above-mentioned written notice,
the Owner Trustee shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution

 (Nissan ______ Amended and

Restated Trust Agreement)

26

 

with respect thereto. If within one year after the second notice all the Certificates shall
not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the Trust after
exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor.

     (d) Upon the winding up of the Trust and its termination, the Owner Trustee shall cause the
Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust Act.

ARTICLE X

Successor Owner Trustees and Additional Owner Trustees

     SECTION 10.01 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at
all times be an entity having a combined capital and surplus of at least $50,000,000 and be subject
to supervision or examination by federal or state authorities and be authorized to exercise trust
powers in the State of Delaware. If such entity shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 10.01, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

     SECTION 10.02 Resignation or Removal of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to
the Depositor, the Servicer and the Indenture Trustee. If for any reason, Wilmington Trust Company
or any of its Affiliates should assume the duties of the Indenture Trustee, then from that time
forward Wilmington Trust Company, in its capacity as Owner Trustee, shall resign as Owner Trustee
hereunder if any Event of Default under the Indenture occurs and is necessary to eliminate any
conflict of interest under the TIA with the Indenture Trustee or any other trustee under the
Indenture. Upon receiving such notice of resignation, the Servicer shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which shall be delivered
to each of the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner
Trustee shall have been so appointed or shall not have accepted such appointment within 30 days
after the giving of such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign promptly, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Owner Trustee or of its property or affairs for the purpose of rehabilitation,

  (Nissan ______ Amended and

Restated Trust Agreement)

27

 

conservation or liquidation, then the Administrator may remove the Owner Trustee by written
instrument to such effect delivered to the Owner Trustee, the Depositor and the Indenture Trustee.
If the Administrator shall remove the Owner Trustee under the authority of the immediately
preceding sentence, the Servicer shall promptly appoint a successor Owner Trustee by written
instrument in duplicate, one copy of which instrument shall be delivered to each of the outgoing
Owner Trustee so removed and the successor Owner Trustee, and pay all fees, expenses and other
compensation owed to the outgoing Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

     SECTION 10.03 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant
to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor
Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect
as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its
fees and expenses deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers,
duties, and obligations.

     No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall meet the criteria for eligibility set
forth in Section 10.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Administrator shall mail notice of the successor of the Owner Trustee to all Certificateholders,
the Indenture Trustee, all Noteholders and the Rating Agencies. If the Administrator fails to mail
such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

     SECTION 10.04 Merger or Consolidation of Owner Trustee. Any corporation into which
the Owner Trustee may be merged or converted or with which it may be consolidated or any
corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding; provided, further, that the Owner Trustee
shall mail notice of such merger or consolidation to the Rating Agencies.

  (Nissan ______ Amended and

Restated Trust Agreement)

28

 

     SECTION 10.05 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the
time be located, the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 25 days after the receipt by it of a request so to do, the Owner Trustee
alone shall have the power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01
and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant
to Section 10.03.

     Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provision and conditions:

     (i) all rights, powers, duties and obligations conferred or imposed upon the Owner
Trustee shall be conferred upon and exercised or performed by the Owner 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 Owner Trustee joining in 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 Owner 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 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 Owner Trustee;

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

     (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as if given to each of them. Each
separate trustee and co-trustee, upon its acceptance of the powers and duties conferred thereto
under this Agreement, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Administrator.

  (Nissan ______ Amended and

Restated Trust Agreement)

29

 

     Any separate trustee or co-trustee may at any time appoint the Owner Trustee as 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 Agreement 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 Owner
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

ARTICLE XI

Miscellaneous

     SECTION 11.01 Supplements and Amendments. This Agreement may be amended by the
Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, without the
consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or of modifying in
any manner the rights of the Noteholders or the Certificateholders; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any Noteholder or Certificateholder.

     This Agreement may also be amended from time to time by the Depositor and the Owner Trustee,
with prior written notice to the Rating Agencies, with the consent of the Holders of the Notes
evidencing not less than a majority of the Outstanding Amount of the Notes (excluding for such
purpose Notes owned by NARC II, NMAC or any of their Affiliates unless at such time all Notes are
then owned by NARC II, NMAC and their Affiliates) or if all of the Notes have been paid in full,
the Holders of the Certificates evidencing not less than a majority of the Certificate Balance
(excluding for such purpose Certificates owned by NARC II, NMAC or any of their Affiliates unless
at such time all Certificates are then owned by NARC II, NMAC and their Affiliates) for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables
or distributions that shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes
and the Certificate Balance required to consent to any such amendment, without the consent of the
Holders of all the affected Notes and Certificates.

     Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each Certificateholder, the
Indenture Trustee and each of the Rating Agencies.

  (Nissan ______ Amended and

Restated Trust Agreement)

30

 

     It shall not be necessary for the consent of Certificateholders, the Noteholders or the
Indenture Trustee pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of Certificateholders
provided for in this Agreement or in any other Basic Document) and of evidencing the authorization
of the execution thereof by Certificateholders shall be subject to such reasonable requirements as
the Owner Trustee may prescribe.

     Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee
shall cause the filing of such amendment with the Secretary of State.

     Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own
rights, duties or immunities under this Agreement or otherwise.

     SECTION 11.02 No Legal Title to Owner Trust Estate in Certificateholders. The
Certificateholders shall not have legal title to any part of the Owner Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and IX. No transfer, by operation of
law or otherwise, of any right, title or interest of the Certificateholders to and in their
ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Owner Trust Estate.

     SECTION 11.03 Limitations on Rights of Others. Except for Section 2.06, the
provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture
Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.06), whether
express or implied, shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     SECTION 11.04 Notices.

     (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall
be in writing and shall be deemed given upon receipt by the intended recipient or three Business
Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner
Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner
Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to Nissan Auto
Receivables Corporation II, P.O. Box 685001, Franklin, Tennessee 37068-5001, Attention: Treasurer;
if, to the Trust, addressed to Nissan Auto Receivables
___ Owner Trust, c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Nissan Auto Receivables ___ Owner Trust, with a copy to Nissan Motor Acceptance Corporation,
BellSouth Tower, 333 Commerce Street, 10th Floor, B-10-C, Nashville, Tennessee
37201-1800, Attention: Treasurer; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

  (Nissan ______ Amended and

Restated Trust Agreement)

31

 

     (b) Any notice required or permitted to be given a Certificateholder shall be given by
first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate
Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice.

     SECTION 11.05 Severability. If any one or more of the covenants, agreements,
provisions or terms of this Agreement 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 Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement
or of the Certificates or the rights of the Holders thereof.

     SECTION 11.06 Counterparts. This Agreement 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 11.07 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its
successors and each Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such Certificateholder.

     SECTION 11.08 No Petition. The Owner Trustee (not in its individual capacity but
solely as Owner Trustee), by entering into this Agreement, hereby covenants and agrees, and each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and any Noteholder by
accepting the benefits of this Agreement, are thereby deemed to covenant and agree that they will
not at any time institute against the Depositor or the Trust, or join in any institution against
the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law.
This Section 11.08 shall survive the termination of this Agreement or the termination of the Owner
Trustee under this Agreement.

     SECTION 11.09 No Recourse. Each Certificateholder by accepting an interest in a
Certificate acknowledges that such Certificates represent beneficial interests in the Trust only
and do not represent interests in or obligations of the Depositor, NMAC (in any capacity), the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse
may be had against such parties or their assets, except as may be expressly set forth or
contemplated in the Certificates or the Basic Documents.

     SECTION 11.10 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     SECTION 11.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  (Nissan ______ Amended and

Restated Trust Agreement)

32

 

     SECTION 11.12 NMAC Payment Obligation. The parties hereto acknowledge and agree that,
pursuant to the Sale and Servicing Agreement, the Servicer shall be responsible for payment of the
Administrator’s fees under the Administration Agreement and shall reimburse the Administrator for
all expenses and liabilities of the Administrator incurred thereunder. In addition, the parties
hereto acknowledge and agree that, pursuant to the Sale and Servicing Agreement, the Servicer shall
be responsible for the payment of all fees and expenses of the Trust, the Owner Trustee (to the
extent not paid by the Depositor or the Administrator) and the Indenture Trustee paid by any of
them in connection with any of their obligations under the Basic Documents to obtain or maintain
any license required to be held by the Trust under the laws of any jurisdiction in connection with
ownership of the Receivables.

 (Nissan ______ Amended and

Restated Trust Agreement)

33

 

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by
their respective officers hereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 
	 	NISSAN AUTO RECEIVABLES 

CORPORATION II, as Depositor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 (Nissan ______ Amended and

Restated Trust Agreement)

S-1

 

	 	 	 	 	 

EXHIBIT A

(FORM OF CERTIFICATE)

     THIS CERTIFICATE IS NON-TRANSFERABLE.

     THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE
OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, NMAC, NARC II, NISSAN NORTH AMERICA, INC. OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY
GOVERNMENTAL AGENCY.

     EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND
COVENANT THAT IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED
IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
WHETHER OR NOT SUCH EMPLOYEE BENEFIT PLAN IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A
“PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-1

 

			
	NUMBER
	 	$                    
	R-______	 	 

NISSAN AUTO RECEIVABLES _________ OWNER TRUST

ASSET BACKED CERTIFICATE

evidencing a fractional undivided ownership interest in the Trust, as defined below, the property
of which includes a pool of retail installment sale contracts secured by new, near-new and used
automobiles and light-duty trucks and sold to the Trust by Nissan Auto Receivables Corporation II
(“NARC II”).

(This Certificate does not represent an interest in or obligation of NARC II, Nissan Motor
Acceptance Corporation (“NMAC”), Nissan North America, Inc. or any of their respective affiliates,
except to the extent described below.)

     THIS CERTIFIES THAT                                          is the registered owner of
               
                                              DOLLARS ($                    ), nonassessable,
fully-paid, fractional undivided ownership interest in Nissan Auto Receivables                      Owner Trust
(the “Trust”) formed by NARC II.

     The Trust was created pursuant to a Trust Agreement, dated as of November 22, 2005 (as amended
and supplemented from time to time, including the Amended and Restated Trust Agreement, dated as of
                    , 200_, the “Trust Agreement”), between NARC II, as depositor (the “Depositor”), and
Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the
pertinent provisions of which is set forth below. Capitalized terms used herein and not otherwise
defined have the meanings assigned to such terms in the Trust Agreement, the Indenture, dated as of
                    ,
200___ (the “Indenture”), between the Trust and Wells Fargo Bank, National Association, as
indenture trustee (the “Indenture Trustee”), or in the Sale and Servicing Agreement, dated as of
                    ,
200___ (the “Sale and Servicing Agreement”), among the Trust, the Depositor and NMAC, as
servicer (the “Servicer”), as applicable.

     This Certificate is one of the duly authorized Certificates designated as “Asset Backed
Certificates” (the “Certificates”) issued pursuant to the Trust Agreement. Certain debt
instruments evidencing obligations of the Trust have been issued under the Indenture, consisting of
four classes of Notes designated as “Class A-1 ___% Asset Backed Notes”, “Class A-2 ___%
Asset Backed Notes,” “Class A-3 ___% Asset Backed Notes” and “Class A-4 ___% Asset Backed
Notes” (collectively, the “Notes”). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The
property of the Trust includes a pool of retail installment sale contracts secured by new, near-new
and used automobiles and light-duty trucks (the “Receivables”), all monies received after the
Cut-off Date, security interests in the vehicles financed thereby, certain bank accounts and the
proceeds thereof, proceeds from claims on certain insurance policies and certain
other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds
of the foregoing.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-2

 

     Under the Trust Agreement, there will be distributed on the 15th day of each month or, if such
15th day is not a Business Day, the next Business Day, (each, a “Distribution Date”), commencing on
                    ,
200___ to the person in whose name this Certificate is registered at the close of business
on the related Record Date, such Certificateholder’s pro rata portion of the amounts to be
distributed to Holders of the Certificates on such Distribution Date in respect of amounts
distributable to the Certificateholders of the Certificates pursuant to Section 5.06 of the Sale
and Servicing Agreement.

     The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
described in the Sale and Servicing Agreement and the Indenture.

     The holder of this Certificate acknowledges and agrees that certain distributions made
pursuant to Section 5.06 of the Sale and Servicing Agreement to the Certificateholders may be made
in Japanese yen in the event the Issuer enters into a currency Swap Agreement as contemplated by
Section 5.11 of the Sale and Servicing Agreement. If any such election is made, an amendment to
the Sale and Servicing Agreement must be executed pursuant to Section 10.01 of the Sale and
Servicing Agreement subject to the approvals of such parties as set forth in Section 5.11 of the
Sale and Servicing Agreement, and a supplemental Indenture must be executed pursuant to and subject
to the approvals of such parties as set forth in Section 9.01 of the Indenture. In connection with
the execution of any such Swap Agreement, the Certificateholders must provide alternative
appropriate payment instructions to the Owner Trustee and the Indenture Trustee for the receipt of
any payment in Japanese yen.

     It is the intent of the Depositor, NMAC and the Certificateholders that, for purposes of
federal income tax, state and local income tax, any state single business tax and any other income
taxes, the Trust will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Trust for any period during which the beneficial ownership interests in
the Trust are held by one person, and will be treated as a partnership, and the Certificateholders
will be treated as partners in that partnership, for any period during which the beneficial
ownership interests in the Trust are held by more than one person. For any such period during
which the beneficial ownership interests in the Trust are held by more than one person, each
Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate,
agrees to treat, and to take no action inconsistent with the treatment of, the Certificates as
partnership interests in the Trust for such tax purposes.

     Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a
Certificate, covenants and agrees that such Certificateholder will not at any time institute
against the Depositor or the Trust, or join in any institution against the Depositor or the Trust
of, 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 Certificates, the Notes, the Trust Agreement or any of the Basic
Documents.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-3

 

     Distributions on this Certificate will be made as provided in the Trust Agreement by the
Paying Agent by wire transfer or check mailed to each Certificateholder of record without the
presentation or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Paying Agent maintained for the purpose by the Owner Trustee in the Borough of Manhattan,
The City of New York.

     Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee or an authenticating agent, by manual or facsimile signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the
Sale and Servicing Agreement or be valid for any purpose.

     THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-4

 

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed.

	 	 	 	 	 
	 	NISSAN AUTO RECEIVABLES                     

OWNER TRUST

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

 (Nissan ______ Amended and

Restated Trust Agreement)

A-5

 

	 	 	 	 	 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as

Owner Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 (Nissan ______ Amended and

Restated Trust Agreement)

A-6

 

	 	 	 	 	 

(REVERSE OF CERTIFICATE)

     The Certificates do not represent an obligation of, or an interest in, the Owner Trustee,
NMAC, NARC II, Nissan North America, Inc. or any of their Affiliates and no recourse may be had
against such parties or their assets, except as may be expressly set forth or contemplated herein
or in the Trust Agreement or the Basic Documents. In addition, this Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment to certain
collections with respect to the Receivables (and certain other amounts), all as more specifically
set forth in the Trust Agreement and in the Sale and Servicing Agreement. A copy of each of the
Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours
at the principal office of the Depositor, and at such other places, if any, designated by the
Depositor, by any Certificateholder upon written request.

     The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof
and the modification of the rights and obligations of the Depositor and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee,
with the consent of the Holders of the Notes representing a majority of the Outstanding Amount of
the Notes, or, if all of the Notes have been paid in full, with the consent of the Holders of the
Certificates representing a majority of the Certificate Balance (excluding, in each case,
Securities held by NARC II, NMAC or any of their Affiliates unless at such time all Notes or
Certificates, as the case may be, are then owned by NARC II, NMAC and their Affiliates). Any such
consent by the holder of this Certificate shall be conclusive and binding on such holder and on all
future holders of this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is made upon this
Certificate or such replacement certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of the Certificates
or the Notes.

     As provided in the Trust Agreement, and subject to certain limitations therein set forth, the
transfer of this Certificate is registerable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof
or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of
authorized denominations evidencing the same aggregate interest in the Trust will be issued to the
designated transferee or transferees. The initial Certificate Registrar appointed under the Trust
Agreement is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890.

     The Certificates are issuable only as registered Certificates without coupons in denominations
of $25,000.00 and in integral multiples of $1,000.00 in excess thereof. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for
new Certificates of authorized denominations evidencing the same aggregate denomination, as
requested by the holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental
charge payable in connection therewith.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-7

 

     The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the person in whose name this Certificate is registered as the
owner hereof for all purposes and none of the Owner Trustee, the Certificate Registrar or any such
agent shall be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate upon the earliest of (i) the maturity or other liquidation of the last
Receivable (or other asset) in the Owner Trust Estate and the final distribution of all moneys or
other property or proceeds of the Owner Trust Estate in accordance with the terms of the Trust
Agreement, the Indenture and the Sale and Servicing Agreement (including, but not limited to, any
property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale
and Servicing Agreement or to be released by the Indenture Trustee from the Lien of the Indenture
pursuant to the terms of the Indenture, and (ii) the election by NMAC, as servicer of the
Receivables under the Sale and Servicing Agreement, or any successor servicer, to purchase the
corpus of the Trust pursuant to Section 9.01 of the Sale and Servicing Agreement and the payment or
distribution to all Securityholders of all amounts required to be paid to them under the Indenture
and the Trust Agreement; provided, however, such right of purchase by the servicer is exercisable
only after the last day of the Collection Period as of which the Pool Balance is less than or equal
to 5% of the Original Pool Balance.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-8

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

(Please print or type name and address, including postal zip code, of assignee)

 

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

                                                            
                                                   Attorney to
transfer said Certificate on the books of the Certificate Registrar, with full
power of substitution in the premises.

Dated:                     

	 	 	 
	 

	 	*/
	 

	 	 
	 

	 	Signature Guaranteed:
	 
	 	 	 
	 

	 	*/
	 

	 	 

 

			
	*/	 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the
face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company.

 (Nissan ______ Amended and

Restated Trust Agreement)

A-9

 

EXHIBIT B

FORM OF TRANSFEREE REPRESENTATION LETTER

Nissan Auto Receivables                      Owner Trust

c/o WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as Owner Trustee

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables                      Owner Trust

WILMINGTON TRUST COMPANY,

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables                      Owner Trust

Attention: Corporate Trust Services — Nissan Auto Receivables                      Owner Trust

			
	 	Re:	Transfer of Nissan Auto Receivables ______ Owner Trust Certificates, 
(the “Certificates”)

Ladies and Gentlemen:

          This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement,
dated as of
                    , 200___ (the “Trust Agreement”), between Nissan Auto Receivables Corporation II,
as Depositor, and Wilmington Trust Company, as Owner Trustee (the “Owner Trustee”), in connection
with the transfer by                                          (the “Seller”) to the undersigned (the “Purchaser”)
of $                                         balance of the Certificates. Capitalized terms used and not
otherwise defined herein have the meanings assigned to such terms in the Trust Agreement.

          In connection with such transfer, the undersigned hereby represents and warrants to you and
the addressees hereof as follows:

          o I am not a Non-U.S. Person as defined in the Trust Agreement;

          o I am not the Depositor and I received beneficial and record ownership of Certificates
representing less than 100% of the Certificate Balance, and the transfer restrictions set forth in
Section 3.09 of the Trust Agreement do not apply to this transfer of Certificates; and

 (Nissan ______ Amended and

Restated Trust Agreement)

B-1

 

          o I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), whether or not such employee benefit
plan is subject to the provisions of Title I of ERISA, (ii) a “plan” described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) or (iii) an entity whose
underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s
investment in the entity.

[Signature appears on next page]

  (Nissan ______ Amended and

Restated Trust Agreement)

B-2

 

          IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the
___ day of                     .

	 	 	 	 	 
	 	Very truly yours,

                                                            ,

The Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 (Nissan ______ Amended and

Restated Trust Agreement)

B-3

 

	 	 	 	 	 

EXHIBIT C

FORM OF TRANSFEROR REPRESENTATION LETTER

Nissan
Auto Receivables ___ Owner Trust

c/o WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as Owner Trustee

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables ___ Owner Trust

WILMINGTON TRUST COMPANY,

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables ___ Owner Trust

Attention: Corporate Trust Services — Nissan Auto Receivables ______ Owner Trust

			
	 	Re:	Transfer of Nissan Auto Receivables _______ Owner Trust Certificates, 
(the “Certificates”)

Ladies and Gentlemen:

          This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement,
dated as of ___, 200___ (the “Trust Agreement”), between Nissan Auto Receivables Corporation II,
as Depositor, and Wilmington Trust Company, as Owner Trustee (the “Owner Trustee”), in connection
with the transfer by ___ (the “Purchaser”) to the undersigned (the
“Seller”) of $ ___ balance of the Certificates. Capitalized terms used and
not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement. The
Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

     1. The Transferor is the lawful owner of the Transferred Certificates with the full
right to transfer such Certificates free from any and all claims and encumbrances
whatsoever.

     2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred,
pledged, sold or otherwise disposed of any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security to any person in any manner, (b)
solicited any offer to buy or accept a transfer, pledge or other disposition of

 (Nissan ______ Amended and

Restated Trust Agreement)

C-1

 

any Transferred Certificate, any interest in any Transferred Certificate or any other
similar security from any person in any manner, (c) otherwise approached or negotiated with
respect to any Transferred Certificate, any interest in any Transferred Certificate or any
other similar security with any person in any manner, (d) made any general solicitation by
means of general advertising or in any other manner, or (e) taken any other action, which
(in the case of any of the acts described in clauses (a) through (e) hereof) would
constitute a distribution of any Transferred Certificate under the Securities Act of 1933,
as amended (the “Securities Act”), or would render the disposition of any Transferred
Certificate a violation of Section 5 of the Securities Act or any state securities laws, or
would require registration or qualification of any Transferred Certificate pursuant to the
Securities Act or any state securities laws.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	(Transferor)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 (Nissan ______ Amended and

Restated Trust Agreement)

C-2exv4w2

 

EXHIBIT 4.2

INDENTURE

NISSAN
AUTO RECEIVABLES                      OWNER TRUST

as Issuer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Indenture Trustee

Dated as of                     , 200___

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01
	 	Definitions	 	 	2	 
	SECTION 1.02
	 	Usage of Terms	 	 	8	 
	SECTION 1.03
	 	Incorporation by Reference of Trust Indenture Act	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	 	 	 
	THE NOTES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01
	 	Form	 	 	8	 
	SECTION 2.02
	 	Execution, Authentication and Delivery	 	 	9	 
	SECTION 2.03
	 	Temporary Notes	 	 	9	 
	SECTION 2.04
	 	Registration; Registration of Transfer and Exchange	 	 	10	 
	SECTION 2.05
	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	11	 
	SECTION 2.06
	 	Persons Deemed Owners	 	 	11	 
	SECTION 2.07
	 	Payments of Principal and Interest	 	 	11	 
	SECTION 2.08
	 	Cancellation	 	 	12	 
	SECTION 2.09
	 	Release of Collateral	 	 	12	 
	SECTION 2.10
	 	Book-Entry Notes	 	 	13	 
	SECTION 2.11
	 	Notices to Clearing Agency	 	 	13	 
	SECTION 2.12
	 	Definitive Notes	 	 	13	 
	SECTION 2.13
	 	Tax Treatment	 	 	14	 
	 
	 	 	 	 	 	 
	
ARTICLE III	 	 	 	 
	COVENANTS, REPRESENTATIONS AND WARRANTIES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01
	 	Payment of Principal and Interest	 	 	14	 
	SECTION 3.02
	 	Maintenance of Office or Agency	 	 	15	 
	SECTION 3.03
	 	Money for Payments To Be Held in Trust	 	 	15	 
	SECTION 3.04
	 	Existence	 	 	17	 
	SECTION 3.05
	 	Protection of Trust Estate	 	 	17	 
	SECTION 3.06
	 	Opinions as to Trust Estate	 	 	17	 
	SECTION 3.07
	 	Performance of Obligations; Servicing of Receivables	 	 	18	 
	SECTION 3.08
	 	Negative Covenants	 	 	20	 
	SECTION 3.09
	 	Annual Statement as to Compliance	 	 	20	 
	SECTION 3.10
	 	Issuer May Consolidate, etc., Only on Certain Terms	 	 	21	 
	SECTION 3.11
	 	Successor or Transferee	 	 	22	 
	SECTION 3.12
	 	No Other Business	 	 	23	 
	SECTION 3.13
	 	No Borrowing	 	 	23	 
	SECTION 3.14
	 	Servicer’s Notice Obligations	 	 	23	 
	SECTION 3.15
	 	Guarantees, Loans, Advances and Other Liabilities	 	 	23	 

(Nissan 2006-C Indenture)

-i-

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 3.16
	 	Capital Expenditures	 	 	23	 
	SECTION 3.17
	 	Removal of Administrator	 	 	23	 
	SECTION 3.18
	 	Restricted Payments	 	 	23	 
	SECTION 3.19
	 	Notice of Events of Default	 	 	24	 
	SECTION 3.20
	 	Further Instruments and Actions	 	 	24	 
	SECTION 3.21
	 	Representations and Warranties	 	 	24	 
	SECTION 3.22
	 	Regulation AB Representations, Warranties and Covenants	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01
	 	Satisfaction and Discharge of Indenture	 	 	25	 
	SECTION 4.02
	 	Application of Trust Money	 	 	26	 
	SECTION 4.03
	 	Repayment of Moneys Held by Paying Agent	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 
	REMEDIES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01
	 	Events of Default	 	 	26	 
	SECTION 5.02
	 	Acceleration of Maturity; Rescission and Annulment	 	 	28	 
	SECTION 5.03
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	 	 	28	 
	SECTION 5.04
	 	Remedies; Priorities	 	 	30	 
	SECTION 5.05
	 	Optional Preservation of the Receivables	 	 	32	 
	SECTION 5.06
	 	Limitation of Suits	 	 	32	 
	SECTION 5.07
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	 	 	33	 
	SECTION 5.08
	 	Restoration of Rights and Remedies	 	 	33	 
	SECTION 5.09
	 	Rights and Remedies Cumulative	 	 	33	 
	SECTION 5.10
	 	Delay or Omission Not a Waiver	 	 	33	 
	SECTION 5.11
	 	Control by Noteholders	 	 	33	 
	SECTION 5.12
	 	Waiver of Past Defaults	 	 	34	 
	SECTION 5.13
	 	Undertaking for Costs	 	 	34	 
	SECTION 5.14
	 	Waiver of Stay or Extension Laws	 	 	35	 
	SECTION 5.15
	 	Action on Notes	 	 	35	 
	SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	 	 	 
	THE INDENTURE TRUSTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01
	 	Duties of Indenture Trustee	 	 	36	 
	SECTION 6.02
	 	Rights of Indenture Trustee	 	 	37	 
	SECTION 6.03
	 	Individual Rights of Indenture Trustee	 	 	38	 
	SECTION 6.04
	 	Indenture Trustee’s Disclaimer	 	 	38	 

(Nissan 2006-C Indenture)

-ii-

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 6.05
	 	Notice of Defaults	 	 	39	 
	SECTION 6.06
	 	Reports by Indenture Trustee to Holders	 	 	39	 
	SECTION 6.07
	 	Compensation and Indemnity	 	 	39	 
	SECTION 6.08
	 	Replacement of Indenture Trustee	 	 	40	 
	SECTION 6.09
	 	Successor Indenture Trustee by Merger	 	 	41	 
	SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	 	 	41	 
	SECTION 6.11
	 	Eligibility; Disqualification	 	 	42	 
	SECTION 6.12
	 	Preferential Collection of Claims Against Issuer	 	 	43	 
	SECTION 6.13
	 	Acknowledgement by Indenture Trustee of its Obligations Under the Sale and Servicing Agreement	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	 	 	 
	NOTEHOLDERS’ LISTS AND REPORTS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 7.01
	 	Note Registrar To Furnish Names and Addresses of Noteholders	 	 	43	 
	SECTION 7.02
	 	Preservation of Information; Communications to Noteholders	 	 	43	 
	SECTION 7.03
	 	Reports by Issuer	 	 	44	 
	SECTION 7.04
	 	Reports by Indenture Trustee	 	 	44	 
	SECTION 7.05
	 	Indenture Trustee Website	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01
	 	Collection of Money	 	 	45	 
	SECTION 8.02
	 	Accounts	 	 	45	 
	SECTION 8.03
	 	General Provisions Regarding Accounts	 	 	46	 
	SECTION 8.04
	 	Release of Trust Estate	 	 	48	 
	SECTION 8.05
	 	Release of Receivables Upon Purchase by the Seller or the Servicer	 	 	48	 
	SECTION 8.06
	 	Opinion of Counsel	 	 	48	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01
	 	Supplemental Indentures Without Consent of Noteholders	 	 	49	 
	SECTION 9.02
	 	Supplemental Indentures with Consent of Noteholders	 	 	50	 
	SECTION 9.03
	 	Execution of Supplemental Indentures	 	 	51	 
	SECTION 9.04
	 	Effect of Supplemental Indenture	 	 	52	 
	SECTION 9.05
	 	Conformity with Trust Indenture Act	 	 	52	 

(Nissan 2006-C Indenture)

-iii-

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 9.06
	 	Reference in Notes to Supplemental Indentures	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	 	 	 
	RELEASE
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 10.01
	 	Optional Purchase of All Receivables	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE XI
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 11.01
	 	Compliance Certificates and Opinions, etc.	 	 	53	 
	SECTION 11.02
	 	Form of Documents Delivered to Indenture Trustee	 	 	54	 
	SECTION 11.03
	 	Acts of Noteholders	 	 	55	 
	SECTION 11.04
	 	Notices to Indenture Trustee, Issuer and Rating Agencies	 	 	55	 
	SECTION 11.05
	 	Notices to Noteholders; Waiver	 	 	56	 
	SECTION 11.06
	 	Alternate Payment and Notice Provisions	 	 	56	 
	SECTION 11.07
	 	Conflict with Trust Indenture Act	 	 	57	 
	SECTION 11.08
	 	Effect of Headings and Table of Contents	 	 	57	 
	SECTION 11.09
	 	Successors and Assigns	 	 	57	 
	SECTION 11.10
	 	Severability	 	 	57	 
	SECTION 11.11
	 	Benefits of Indenture	 	 	57	 
	SECTION 11.12
	 	Governing Law	 	 	57	 
	SECTION 11.13
	 	Counterparts	 	 	57	 
	SECTION 11.14
	 	Recording of Indenture	 	 	58	 
	SECTION 11.15
	 	Trust Obligation	 	 	58	 
	SECTION 11.16
	 	No Petition	 	 	58	 
	SECTION 11.17
	 	Inspection	 	 	58	 

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

(Nissan 2006-C Indenture)

-iv-

 

 

	 	 	 	 	 
	TIA	 	Indenture	 
	Section	 	Section	 
	 
	 	 	 	 
	CROSS-REFERENCE TABLE

	(not a part of this Indenture)

	 
	 	 	 	 
	(§)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.	 
	(§)311(a)
	 	 	6.12	 
	(b)
	 	 	6.12	 
	(c)
	 	 	N.A.	 
	(§)312(a)
	 	 	7.01	 
	(b)
	 	 	7.01	 
	 
	 	 	7.02(b) 	 
	(c)
	 	 	7.02(c) 	 
	(§)313(a)
	 	 	7.04	 
	(b) (1)
	 	 	N.A.	 
	(b) (2)
	 	 	7.04	 
	(c)
	 	 	7.04	 
	 
	 	 	11.04	 
	(d)
	 	 	7.04	 
	(§)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) 	 
	 
	 	 	8.06	 
	(c) (3)
	 	 	11.01	 

(Nissan 2006-C Indenture)

v

 

 

	 	 	 	 	 
	TIA	 	Indenture	 
	Section	 	Section	 
	(d)
	 	 	 11.01(c) 	 
	(e)
	 	 	11.01	 
	(f)
	 	 	N.A.	 
	(§)315(a)
	 	 	6.01	 
	(b)
	 	 	6.05	 
	(c)
	 	 	N.A.	 
	(d)
	 	 	6.01(c) 	 
	(e)
	 	 	5.13	 
	(§)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.	 
	(§)317(a) (1)
	 	 	5.04	 
	(a) (2)
	 	 	5.03(c) 	 
	 
	 	 	5.03(d) 	 
	 
	 	 	5.04	 
	(b)
	 	 	3.03	 
	(§)318(a)
	 	 	11.07	 

 

			
	 	 	N.A. means not applicable.

vi

 

     INDENTURE (the “Indenture”), dated as of                     , 200___, between NISSAN AUTO RECEIVABLES
                     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                     % Asset Backed Notes, Class A-1 (the “Class A-1
Notes”),                     % Asset Backed Notes, Class A-2 (the “Class A-2 Notes”),                     % Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), and                     % 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 Cut-off 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 Cut-off Date;

(Nissan                      Indenture)

1

 

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

     (xi) 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 and the Securities
Account Control 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 ___,
200_, among the Administrator, the Issuer 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.

     “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA,
which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of
the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit
plan’s or plan’s investment in the entity, or any other employee benefit plan that is subject to a
law that is similar to Section 406 of ERISA or Section 4975 of the Code.

(Nissan                      Indenture)

2

 

     “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.

     “Business Day” means any day except a Saturday, a Sunday or a day on which banks in
New York, New York, Nashville, Tennessee, Irving, Texas, Wilmington, Delaware or Minneapolis,
Minnesota are authorized or obligated by law, regulation, executive order or governmental decree to
be closed.

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

     “Class A-1 Rate” means                     % 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                     % Asset Backed Notes, Class A-2, substantially in the
form attached hereto as Exhibit A.

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

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

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

     “Class A-4 Notes” means the                     % Asset Backed Notes, Class A-4, substantially in the
form attached hereto as Exhibit A.

     “Class A-4 Rate” means                     % per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “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                     0, 200___.

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

(Nissan                      Indenture)

3

 

     “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 Agreement 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.

     “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 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

(Nissan                      Indenture)

4

 

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 Period” means, with respect to any Distribution Date and the Class A-1
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)                     , 200_, and, with respect to any Distribution Date and the Class A-2
Notes, the Class A-3 Notes, and the Class A-4 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)                     , 200_.

     “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.

     “Issuer” means Nissan Auto Receivables                      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.

     “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).

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     “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;

     (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.

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     “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.

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

     “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
                    , 200___, 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.

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     “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
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

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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 $                    , the Class A-2 Notes for original
issue in an aggregate principal amount of $                    , the Class A-3 Notes for original issue in
an aggregate principal amount of $                    , and the Class A-4 Notes for original issue in an
aggregate principal amount of
$                    . The aggregate principal amount of the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes outstanding at any time may not
exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as
registered Notes in minimum denominations of $25,000 and any integral multiple of $1,000 in excess
thereof. 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

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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 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.

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

     (f) By acquiring a Note, each Noteholder will be deemed to represent, warrant and covenant
that either (i) it is not acquiring the Note with the assets of a Benefit Plan; or (ii) the
acquisition, holding and disposition of the Note will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.

     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 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.

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     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 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.

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     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 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.

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     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 or 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), (ii) the Seller, the Indenture Trustee or the Administrator, at
its option and to the extent permitted by law, advises each other such party in writing that it
elects to terminate the book-entry system through the Clearing Agency, or (iii) 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. Interest and principal payments on the Definitive Notes on
each Distribution Date will be made to the holders in whose names the related Definitive Notes, as
applicable, were registered at the close of business on the related Deposit Date. Payments will be
made by check mailed to the address of such holders as they appear on the Note register, except
that a Noteholder having original denominations aggregating at least $1 million may request payment
by wire transfer of funds pursuant to written instructions delivered to the Indenture Trustee at
least five Business Days prior to the Deposit Date. The final payment on any Definitive Notes will
be made only upon presentation and surrender of the Definitive Notes at the office or agency
specified in the notice of final payment to Noteholders.

     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.

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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 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

(Nissan                      Indenture)

15

 

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;

     (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

(Nissan                      Indenture)

16

 

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.

     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; 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

(Nissan                      Indenture)

17

 

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, 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.

(Nissan                      Indenture)

18

 

     (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 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,

(Nissan                      Indenture)

19

 

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, 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

(Nissan                      Indenture)

20

 

     (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

     (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

(Nissan                      Indenture)

21

 

     (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 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

(Nissan                      Indenture)

22

 

     (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                      Owner Trust will be released from every 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                      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.

(Nissan                      Indenture)

23

 

     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
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) and each default on the part of NMAC of its obligations under the
Purchase Agreement.

          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).

(Nissan                      Indenture)

24

 

     (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.

     (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” or “electronic 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 or
authoritative copies of the Receivable File that constitute or evidence the Collateral. The
Servicer shall at all times maintain control of the Receivables Files with respect to Receivables
that constitute electronic chattel paper. 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.”

     SECTION 3.22 Regulation AB Representations, Warranties and Covenants. The Issuer
agrees to perform all duties and obligations applicable to or required of the Issuer set forth in
Appendix A to the Sale and Servicing Agreement and makes the representations and warranties therein
applicable to it.

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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:

     (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.

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     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 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

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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; or

     (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.

     The Issuer shall deliver to the Indenture Trustee, 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 clause (d),
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

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     (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.

     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

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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 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 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.

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     (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, 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 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 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

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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 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

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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).

     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

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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 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.

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     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 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 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 and the Servicer, as
applicable, of each of their obligations to the Issuer or to each other under or in connection with
the Sale and Servicing 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 the Sale and Servicing Agreement or the
Purchase 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

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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 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 or
the Servicer under or in connection with the Sale and Servicing Agreement or the Purchase
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;

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          (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, 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;

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          (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 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.

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     SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no
representations as to the validity or sufficiency of this Indenture or of 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 or any Receivable, any ownership
interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with
respect to 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 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 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 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

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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 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 Indenture 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(f) or (g) 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

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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
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. 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

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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, 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 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.

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     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 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.

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.

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     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.

     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.

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     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___, 200_, 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).

     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.

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     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.

     (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

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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 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 and 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.

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     (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 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

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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.

     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;

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          (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;

          (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;

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     (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;

     (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

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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.

     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.

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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 and the Indenture Trustee 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 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;

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          (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) 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 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.

          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 this clause (c) 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), 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.

          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.

     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, (i) collect, liquidate,
sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or
required by the Basic Documents and (ii) 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                      , 200_, 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.

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     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
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.

(Nissan                      Indenture)

55

 

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.

     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                      Owner Trust, c/o Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables                      Owner
Trust, with a copy to Nissan Motor Acceptance Corporation, BellSouth Tower, 333 Commerce Street,
10th Floor, B-10-C, Nashville, Tennessee 37201-1800, Attention: Treasurer, 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

(Nissan
                    
Indenture)

56

 

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
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.

(Nissan
                     Indenture)

57

 

     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 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.

     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.

(Nissan
                     Indenture)

58

 

     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 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.

(Nissan
                    
Indenture)

59

 

          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
                     OWNER TRUST	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but
solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 

(Nissan                      Indenture)

 

 

	 	 	 	 	 	 	 
	STATE OF DELAWARE

	 	 	)	 	 	 
	 

	 	)ss
	 	 
	COUNTY OF NEW CASTLE

	 	 	)	 	 	 

Sworn to
and subscribed before me this ___ day of
                    , 200_, by    
                            
                     
               .

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	     Notary Public	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	My Commission Expires:  	 	 	 
	 

	 	 	 	 	 	 

	 	 

[Notary Seal]

(Nissan
                     Indenture)

 

 

	 	 	 	 	 	 	 
	STATE OF MINNESOTA

	 	 	)	 	 	 
	 

	 	)ss
	 	 
	COUNTY OF HENNEPIN

	 	 	)	 	 	 

Sworn to
and subscribed before me this ___ day of
                    , 200_, by    
                            
                     
               .

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	     Notary Public	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	My Commission Expires:  	 	 	 
	 

	 	 	 	 	 	 

	 	 

[Notary Seal]

(Nissan
                     Indenture)

 

 

EXHIBIT A

(Form of Class A-1 Note, Class A-2 Note, Class A-3 Note, and 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.

     EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT WARRANT AND COVENANT
THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN
EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT
IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR
LAW.

(Nissan
                     Indenture)

A-1

 

			
	      No ___
	 	$                    

NISSAN
AUTO RECEIVABLES                      OWNER TRUST

CLASS [A-1][A-2][A-3][A-4] ___% ASSET BACKED NOTES

     Nissan Auto Receivables                      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][A-2][A-3][A-4] Notes
pursuant to Section 3.01 of the Indenture dated as of                     , 200___ (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
                                        , 200___ 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][A-2][A-3][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 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)] [during the
period from (and including) the 15th day of the preceding calendar month (or in the case of the
first Distribution Date, or if no interest has yet been paid, from (and including) the Closing
Date) 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.

(Nissan
                     Indenture)

A-2

 

     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.

(Nissan
                     Indenture)

A-3

 

\

     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:                                         , 200_

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES                     

OWNER TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee under the
Trust Agreement	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 

(Nissan
                     Indenture)

A-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Date:                                         , 200_

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its

individual capacity but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(Nissan
                     Indenture)

A-5

 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as [                    ]%
Asset Backed Notes, Class [A-1][A-2][A-3][A-4] (herein called the “Class [A-1][A-2][A-3][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-1][A-2][A-3][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, except as otherwise provided in the Indenture of the Sale and
Servicing Agreement, will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class [A-1][A-2][A-3][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
                                        , 200_.

     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 all principal payments on the Class [A-1][A-2][A-3][A-4] Notes shall be made pro rata
to the Class [A-1][A-2][A-3][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

(Nissan
                     Indenture)

A-6

 

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
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][A-2][A-3][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.

(Nissan
                     Indenture)

A-7

 

     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 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.

(Nissan
                     Indenture)

A-8

 

     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.

     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
                     Indenture)

A-9

 

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
                     Indenture)

A-10

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