Document:

exv4w4

 

EXHIBIT 4.4

PURCHASE AGREEMENT

between

NISSAN MOTOR ACCEPTANCE CORPORATION

as Seller,

and

NISSAN AUTO RECEIVABLES CORPORATION II,

as Purchaser

Dated as of ___, 200_

(Nissan ______ Purchase Agreement)

 

 

ARTICLE I

DEFINITIONS

	 	 	 	 	 	 	 
	CERTAIN DEFINITIONS	 	 	1	 
	
ARTICLE II 

PURCHASE AND SALE OF RECEIVABLES
	 
	 	 	 	 	 	 
	2.1

	 	PURCHASE AND SALE OF RECEIVABLES
	 	 	3	 
	2.2

	 	THE CLOSING
	 	 	4	 
	
ARTICLE III 

REPRESENTATIONS AND WARRANTIES
	 
	 	 	 	 	 	 
	3.1

	 	WARRANTIES OF THE PURCHASER
	 	 	4	 
	3.2

	 	REPRESENTATIONS AND WARRANTIES OF THE SELLER
	 	 	5	 
	
ARTICLE IV 

CONDITIONS
	 
	 	 	 	 	 	 
	4.1

	 	CONDITIONS TO OBLIGATION OF THE PURCHASER
	 	 	10	 
	4.2

	 	CONDITIONS TO OBLIGATION OF THE SELLER
	 	 	11	 
	
ARTICLE V 

COVENANTS OF THE SELLER
	 
	 	 	 	 	 	 
	5.1

	 	PROTECTION OF RIGHT, TITLE AND INTEREST
	 	 	11	 
	5.2

	 	OTHER LIENS OR INTERESTS
	 	 	12	 
	5.3

	 	COSTS AND EXPENSES
	 	 	12	 
	5.4

	 	INDEMNIFICATION
	 	 	12	 
	
ARTICLE VI 

MISCELLANEOUS PROVISIONS
	 
	 	 	 	 	 	 
	6.1

	 	OBLIGATIONS OF SELLER
	 	 	13	 
	6.2

	 	REPURCHASE EVENTS
	 	 	13	 
	6.3

	 	SELLER’S ASSIGNMENT OF PURCHASED RECEIVABLES
	 	 	14	 
	6.4

	 	TRUST
	 	 	14	 
	6.5

	 	AMENDMENT
	 	 	14	 
	6.6

	 	ACCOUNTANTS’ LETTERS
	 	 	14	 
	6.7

	 	WAIVERS
	 	 	14	 
	6.8

	 	NOTICES
	 	 	14	 
	6.9

	 	COSTS AND EXPENSES
	 	 	15	 
	6.10

	 	SURVIVAL
	 	 	15	 
	6.11

	 	HEADINGS AND CROSS-REFERENCES
	 	 	15	 
	6.12

	 	GOVERNING LAW
	 	 	15	 
	6.13

	 	COUNTERPARTS
	 	 	15	 

(Nissan ______ Purchase Agreement)

i

 

	 	 	 	 	 	 	 
	6.14

	 	SALE
	 	 	15	 
	6.15

	 	LIMITATION OF RIGHTS
	 	 	16	 
	 

	 	EXHIBIT A
	 	Exhibit A

	 

	 	SCHEDULE A
	 	Schedule A

(Nissan ______ Purchase Agreement)

ii

 

PURCHASE AGREEMENT

                    This PURCHASE AGREEMENT is made as of ___, 200_, by and between NISSAN MOTOR ACCEPTANCE
CORPORATION, a California corporation (the “Seller”), having its principal executive office at
BellSouth Tower, 333 Commerce Street, Nashville, Tennessee 37201-1800, and NISSAN AUTO RECEIVABLES
CORPORATION II, a Delaware corporation (the “Purchaser”), having its principal executive office at
BellSouth Tower, 333 Commerce Street, Nashville, Tennessee 37201-1800.

                    WHEREAS, in the regular course of its business, the Seller purchases certain motor vehicle
retail installment sale contracts secured by new, near-new and used automobiles and light duty
trucks from motor vehicle dealers.

                    WHEREAS, the Seller and the Purchaser wish to set forth the terms pursuant to which the
Receivables (as hereinafter defined) and certain other property are to be sold by the Seller to the
Purchaser, which Receivables will be transferred by the Purchaser pursuant to the Sale and
Servicing Agreement (as hereinafter defined), to the NISSAN AUTO RECEIVABLES ___OWNER TRUST
(the “Trust”), which will issue notes backed by such Receivables and the other property of the
Trust (the “Notes”) and certificates representing fractional undivided interests in such
Receivables and the other property of the Trust (the “Certificates”).

                    NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and
the mutual terms and covenants contained herein, the parties hereto agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

                    Terms not defined in this Agreement shall have the respective meanings assigned such terms set
forth in the Sale and Servicing Agreement or Trust Agreement, as the case may be. As used in this
Agreement, the following terms shall, unless the context otherwise requires, have the following
meanings (such meanings to be equally applicable to the singular and plural forms of the terms
defined):

                    “Agreement” means this Purchase Agreement and all amendments hereof and supplements
hereto.

                    “Assignment” means the document of assignment attached to this Agreement as
Exhibit A.

                    “Certificates” shall have the meaning specified in the introductory paragraphs of this
Agreement.

                    “Closing” shall have the meaning specified in Section 2.2.

                    “Closing Date” means ___, 200_.

(Nissan ______ Purchase Agreement)

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                    “Damages” shall have the meaning specified in Section 5.4(a).

                    [“Initial Interest Rate Swap Agreement” means the ISDA Master Agreement, dated as of
___, 200_, between the Initial Swap Counterparty and the Trust, the Schedule and the
Credit Support Annex thereto, dated as of ___, 200___and, the Confirmations thereto,
each dated as of ___, 200_, and entered into pursuant to such ISDA Master Agreement, as
the same may be amended, supplemented, renewed, extended or replaced from time to time in
accordance with the terms thereof.]

                    [“Initial Swap Counterparty” means ___, as the swap counterparty
under the Initial Interest Rate Swap Agreement.]

                    [“Interest Rate Swap Agreement” means the Initial Interest Rate Swap Agreement and any
Replacement Interest Rate Swap Agreement.]

                    “Notes” shall have the meaning specified in the introductory paragraphs of this
Agreement.

                    “Prospectus” has the meaning assigned to such term in the Underwriting Agreement.

                    “Purchaser” means Nissan Auto Receivables Corporation II, a Delaware corporation, and
its successors and assigns.

                    “Receivable” means any retail installment sale contract that appears on the Schedule
of Receivables.

                    “Receivables Purchase Price” means $___.

                    [“Replacement Interest Rate Swap Agreement” means any ISDA Master Agreement, dated
after the Closing Date, between the Replacement Swap Counterparty and the Trust, the Schedule and
the Credit Support Annex thereto, dated after the Closing Date and, the Confirmations thereto, each
dated after the Closing Date, and entered into pursuant to such ISDA Master Agreement, and pursuant
to the conditions set forth in the Initial Interest Rate Swap Agreement, as the same may be
amended, supplemented, renewed, extended or replaced from time to time in accordance with the terms
thereof.]

                    [“Replacement Swap Counterparty” means, with respect to any Swap Counterparty, any
Replacement Swap Counterparty under a Replacement Interest Rate Swap Agreement that satisfies the
conditions set forth in the Interest Rate Swap Agreement.]

                    “Repurchase Event” shall have the meaning specified in Section 6.2.

                    “Sale and Servicing Agreement” means the Sale and Servicing Agreement by and among
Nissan Auto Receivables Corporation II, as seller, Nissan Motor Acceptance Corporation, as
servicer, and the Trust dated as of ___, 200_, as the same may be amended, amended and
restated, supplemented or modified.

(Nissan ______ Purchase Agreement)

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                    “Schedule of Receivables” means the list of Receivables annexed to the Assignment as
Schedule A thereto.

                    “Securities” means the Notes and the Certificates.

                    “Seller” means Nissan Motor Acceptance Corporation, a California corporation, and its
successors and assigns.

                    [“Swap Counterparty” means the Initial Swap Counterparty and any Replacement Swap
Counterparty.]

                    “Trust” means the Nissan Auto Receivables ___Owner Trust, a Delaware statutory
trust.

                    “Trust Agreement” means the Trust Agreement dated as of ___, as amended
by the Amended and Restated Trust Agreement by and between Nissan Auto Receivables Corporation II,
as seller, and Wilmington Trust Company, as owner trustee, dated as of ___, 200_, as the same
may be amended, amended and restated, supplemented or modified.

                    “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction.

                    “Underwriting Agreement” means the Underwriting Agreement by and among J.P. Morgan
Securities Inc., as representative of the several underwriters, the Purchaser and the Seller dated
___, 200_.

                    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; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

ARTICLE II

PURCHASE AND SALE OF RECEIVABLES

                    2.1 Purchase and Sale of Receivables.

                    On the Closing Date, subject to the terms and conditions of this Agreement, the Seller agrees
to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Receivables and
the other property relating thereto (as defined below).

(Nissan ______ Purchase Agreement)

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                    (a) Transfer of Receivables. On the Closing Date and simultaneously with the
transactions pursuant to the Sale and Servicing Agreement, the Seller shall sell, transfer, assign
and otherwise convey to the Purchaser, without recourse:

                    (i) all right, title and interest of the Seller in and to the Receivables (including
all related Receivable Files) and all monies due thereon or paid thereunder or in respect
thereof after the Cutoff Date;

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

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

                    (iv) the right of the Seller to receive payments in respect of any Dealer Recourse with
respect to the Receivables;

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

                    (vi) the right of the Seller 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; and

                    (vii) all proceeds of the foregoing;

	 	 	provided that the Seller shall not be required to deliver to the Purchaser on the
Closing Date monies received in respect of the Receivables after the Cut-off Date and before
the Closing Date but shall or shall cause the Servicer to deposit such monies into the
Collection Account no later than the first Record Date after the Closing Date.

                    (b) Receivables Purchase Price. In consideration for the Receivables and other
properties described in Section 2.1(a), the Purchaser shall, on the Closing Date, pay to the Seller
the Receivables Purchase Price. An amount equal to approximately ___% of the Receivables
Purchase Price shall be paid to the Seller in cash by federal wire transfer (same day) funds. The
remaining approximately ___% of the Receivables Purchase Price shall constitute a capital
contribution by the Purchaser to the Seller.

                    2.2 The Closing. The sale and purchase of the Receivables shall take place at a
closing (the “Closing”) at the offices of Mayer, Brown, Rowe & Maw LLP, 350 South Grand Avenue, Los
Angeles, CA 90071 on the Closing Date, simultaneously with the closings under: (a) the Sale and
Servicing Agreement pursuant to which (i) the Purchaser will assign all of its right, title and
interests in and to the Receivables and other property conveyed pursuant to Section 2.1(a) to the
Trust for the benefit of the Securityholders [and the Swap Counterparty]; and (ii) the Purchaser
will deposit the foregoing into the Trust in exchange for the Securities; and (b) the Underwriting
Agreement, pursuant to which the Purchaser will sell to the underwriters

(Nissan ______ Purchase Agreement)

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named therein the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

                    3.1 Warranties of the Purchaser. The Purchaser hereby represents and warrants to the
Seller as of the date hereof and as of the Closing Date:

                    (a) Organization, etc. The Purchaser 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 execute and deliver this Agreement and to perform the terms and provisions hereof.

                    (b) Due Authorization and No Violation. This Agreement has been duly authorized,
executed and delivered by the Purchaser, and constitutes a legal, valid and binding obligation of
the Purchaser, enforceable in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally
and to general equitable principles. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result in a breach of any
of the terms or provisions of, nor constitute (with or without notice or lapse of time) a default
under, or result in the creation or imposition of any Lien upon any of the property or assets of
the Purchaser pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement,
guarantee, lease financing agreement or similar agreement or instrument under which the Purchaser
is a debtor or guarantor, nor will such action result in any violation of the provisions of the
Certificate of Incorporation or the By-laws of the Purchaser; which breach, default, conflict, Lien
or violation in any case would have a material adverse effect on the ability of the Purchaser to
perform its obligations under this Agreement.

                    (c) No Litigation. There are no proceedings or investigations pending to which the
Purchaser is a party or of which any property of the Purchaser is the subject, and, to the best of
the Purchaser’s knowledge, no such proceedings are threatened or contemplated by governmental
authorities or threatened by others; other than such proceedings that would not have a material
adverse effect upon the ability of the Purchaser to perform its obligations under, or the validity
and enforceability of, this Agreement.

                    3.2 Representations and Warranties of the Seller. (a) The Seller hereby represents
and warrants to the Purchaser as of the date hereof and as of the Closing Date:

                    (i) Organization, etc. The Seller has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of California and is
in good standing in each jurisdiction in the United States of America in which the conduct
of its business or the ownership of its property requires such qualification and where the
failure to so qualify would have a material adverse effect on the ability of the Seller to
perform its obligations under this Agreement.

(Nissan ______ Purchase Agreement)

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                    (ii) Power and Authority. The Seller has the corporate power and authority to
sell and assign the property sold and assigned to the Purchaser hereunder and has duly
authorized such sale and assignment to the Purchaser by all necessary corporate action.
This Agreement has been duly authorized, executed and delivered by the Seller and
constitutes a legal, valid and binding obligation of the Seller, 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.

                    (iii) No Violation. The consummation of the transaction contemplated by this
Agreement, and the fulfillment of the terms hereof, do not conflict with, or result in a
breach of any of the terms or provisions of, nor constitute (with or without notice or lapse
of time) a default under, or result in the creation or imposition of any Lien upon any of
the property or assets of the Seller pursuant to the terms of, any indenture, mortgage, deed
of trust, loan agreement, guarantee, lease financing agreement or similar agreement or
instrument under which the Seller is a debtor or guarantor, nor will such action result in
any violation of the provisions of the Articles of Incorporation or the By-Laws of the
Seller; which breach, default, conflict, Lien or violation in any case would have a material
adverse effect on the ability of the Seller to perform its obligations under this Agreement.

                    (iv) No Proceedings. There are no proceedings or investigations pending to
which the Seller is a party or of which any property of the Seller is the subject, and, to
the best of the Seller’s knowledge, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others, other than such proceedings that would not
have a material adverse effect upon the ability of the Seller to perform its obligations
under, or the validity and enforceability of, this Agreement.

                    (b) The Seller makes the following representations and warranties as to the Receivables on
which the Purchaser relies in accepting the Receivables. Such representations and warranties speak
as of the execution and delivery of this Agreement, but shall survive the sale, transfer, and
assignment of the Receivables to the Purchaser hereunder and the subsequent assignment and transfer
pursuant to the Sale and Servicing Agreement:

                    (i) Characteristics of Receivables. Each Receivable (a) has been originated in
the United States of America by a Dealer for the retail sale of a Financed Vehicle in the
ordinary course of such Dealer’s business, has been fully and properly executed or
authenticated by the parties thereto, has been purchased by the Seller from such Dealer
under an existing dealer agreement with the Seller, and has been validly assigned by such
Dealer to the Seller, (b) created a valid, subsisting and enforceable security interest in
favor of the Seller in such Financed Vehicle, (c) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security, (d) provides for level
monthly payments (provided that the payment in the first or last month in the life of the
Receivable may be minimally different from the level payment) that fully amortize the Amount
Financed over an original term of no greater than [72] payments, and (e) provides for
interest at the related Annual Percentage Rate.

(Nissan ______ Purchase Agreement)

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                    (ii) Schedule of Receivables. The information set forth in Schedule A
to this Agreement was true and correct in all material respects as of the opening of
business on the Cut-off Date; the Receivables were selected from the Seller’s retail
installment sale contracts (other than contracts originated in New York and Tennessee)
meeting the criteria of the Trust set forth in the Sale and Servicing Agreement; and no
selection procedures believed to be adverse to the Securityholders [and the Swap
Counterparty] were utilized in selecting the Receivables.

                    (iii) Compliance with Law. Each Receivable, the origination of such Receivable,
and the sale of the Financed Vehicle complied at the time it was originated or made and at
the execution of this Agreement complies in all material respects with all requirements of
applicable federal, state and local laws, and regulations thereunder, including usury laws,
the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the
Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, the Federal Reserve Board’s
Regulations B and Z, the Gramm-Leach-Bliley Act and state adaptations of the National
Consumer Credit Protection Act and of the Uniform Consumer Credit Code, state “Lemon Laws”
designed to prevent fraud in the sale of automobiles and other consumer credit laws and
equal credit opportunity and disclosure laws.

                    (iv) Binding Obligation. Each Receivable represents the genuine, legal, valid
and binding payment obligation in writing of the Obligor, enforceable by the holder thereof
in accordance with its terms, subject to (i) the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, (ii)
the effect of general equitable principles and (iii) the potential unenforceability of
waivers of jury trial in certain states.

                    (v) Security Interest in Financed Vehicle. (a) Immediately prior to the sale,
assignment and transfer thereof to the Purchaser, each Receivable was secured by a validly
perfected first priority security interest in the Financed Vehicle in favor of the Seller as
secured party or all necessary or all appropriate actions shall have been commenced that
would result in the valid perfection of a first priority security interest in the Financed
Vehicle in favor of the Seller as secured party, and (b) as of the Cut-off Date, according
to the records of the Seller, no Financed Vehicle has been repossessed and the possession
thereof not reinstated.

                    (vi) Receivables in Force. No Receivable has been satisfied, subordinated or
rescinded, nor has any Financed Vehicle been released from the lien granted by the related
Receivable in whole or in part.

                    (vii) No Waiver. No provision of a Receivable has been waived in such a manner
that is prohibited by the provisions of the Sale and Servicing Agreement or that would cause
such Receivable to fail to meet all of the other requirements and warranties made by the
Seller herein with respect thereto.

(Nissan ______ Purchase Agreement)

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                    (viii) No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the operation of any of
the terms of any Receivable, or the exercise of any right thereunder, will not render such
Receivable unenforceable in whole or in part or subject such Receivable to any right of
rescission, setoff, counterclaim or defense, including the defense of usury, and no such
right of rescission, setoff, counterclaim or defense has been asserted with respect thereto.

                    (ix) No Liens. To the Seller’s knowledge, no liens have been filed for work,
labor or materials relating to a Financed Vehicle that shall be liens prior to, or equal or
coordinate with, the security interest in the Financed Vehicle granted by the Receivable.

                    (x) No Default. Except for payment defaults continuing for a period of not
more than 29 days as of the Cut-off Date, no default, breach, violation or event permitting
acceleration under the terms of any Receivable has occurred; and no continuing condition
that with notice or the lapse of time would constitute a default, breach, violation or event
permitting acceleration under the terms of any Receivable has arisen (other than deferrals
and waivers of late payment charges or fees permitted under the Sale and Servicing
Agreement).

                    (xi) Insurance. The Seller, in accordance with its customary procedures, has
determined at the time of origination of each Receivable that the related Obligor has agreed
to obtain physical damage insurance covering the Financed Vehicle and the Obligor is
required under the terms of related Receivable to maintain such insurance.

                    (xii) Title. It is the intention of the Seller that the transfer and
assignment herein contemplated constitute a sale of the Receivables from the Seller to the
Purchaser and that the beneficial interest in and title to the Receivables not be part of
the Seller’s estate in the event of the filing of a bankruptcy petition by or against the
Seller under any bankruptcy law. Immediately prior to the transfer and assignment herein
contemplated, the Seller had good and marketable title to each Receivable free and clear of
all Liens and, immediately upon the transfer thereof, the Purchaser shall have good and
marketable title to each Receivable, free and clear of all Liens and rights of others. Each
Receivable File contains the original certificate of title (or a photocopy or image thereof)
or evidence that an application for a certificate of title has been filed. To the extent
that the transfer and assignment contemplated by this Agreement is deemed to be other than a
sale, this Agreement and all filings described under this Agreement creates a valid and
continuing security interest (as defined in the applicable UCC) in the Receivables in favor
of the Purchaser, which security interest is prior to all other Liens, and is enforceable as
such against creditors of and purchasers from the Seller

                    (xiii) Lawful Assignment. No Receivable has been originated in, or shall be
subject to the laws of, any jurisdiction under which the sale, transfer and assignment of
such Receivable under this Agreement or pursuant to the Sale and Servicing Agreement are
unlawful, void or voidable.

(Nissan ______ Purchase Agreement)

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                    (xiv) All Filings Made. All actions have been taken, and all filings
(including, without limitation, UCC filings) necessary in any jurisdiction have been made or
have been delivered in form suitable for filing to the Purchaser to give the Purchaser a
first priority perfected ownership interest in the Receivables.

                    (xv) Chattel Paper. Each Receivable constitutes either a “tangible chattel
paper” or “electronic chattel paper”, as such terms are defined in the UCC.

                    (xvi) Simple Interest Receivables. All of the Receivables are Simple Interest
Receivables.

                    (xvii) One Original or Authoritative Copy. There is only one original executed
copy of each Receivable that is tangible chattel paper and a single “authoritative copy” (as
such terms are used in Section 9-105 of the UCC) of each Receivable that is electronic
chattel paper and such electronic chattel paper was not in the form of tangible chattel
paper prior to being created as electronic chattel paper.

                    (xviii) No Amendments. No Receivable has been amended such that the amount of
the Obligor’s Scheduled Payments has been increased.

                    (xix) APR. The Annual Percentage Rate of each Receivable equals or exceeds
0.000%.

                    (xx) Maturity. As of the Cut-off Date, each Receivable had a remaining term to
maturity of not less than 3 payments and not greater than [70] payments.

                    (xxi) Balance. Each Receivable had an original principal balance of not more
than $___and, as of the Cut-off Date, had a principal balance of not less than
$___and not more than $___.

                    (xxii) Delinquency. No Receivable was more than 29 days past due as of the
Cut-off Date and no Receivable has been extended by more than two months.

                    (xxiii) Bankruptcy. No Obligor was the subject of a bankruptcy proceeding
(according to the records of the Seller) as of the Cut-off Date.

                    (xxiv) Transfer. Each Receivable prohibits the sale or transfer of the
Financed Vehicle without the consent of the Seller.

                    (xxv) New, Near-New and Used Vehicles. Each Financed Vehicle was a new,
near-new or used automobile or light-duty truck at the time the related Obligor executed or
authenticated the retail installment sale contract.

                    (xxvi) Origination. Each Receivable has an origination date on or after
___.

                    (xxvii) Forced-Placed Insurance Premiums. No contract relating to any
Receivable has had forced-placed insurance premiums added to the amount financed.

(Nissan ______ Purchase Agreement)

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                    (xxviii) No Fraud or Misrepresentation. To the knowledge of the Seller, no
Receivable was originated by a Dealer and sold by such Dealer to the Seller with any conduct
constituting fraud or misrepresentation on the part of such Dealer.

                    (xxix) No Further Amounts Owed on the Receivables. No further amounts are owed
by the Seller to any Obligor under the Receivables.

                    (xxx) No Pledge. Other than the security interest granted to the Purchaser
pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Receivables (except that certain Receivables
were conveyed to Nissan Warehouse LLC and reconveyed by Nissan Warehouse LLC to the Seller
in connection with the transactions contemplated under the Note Purchase, Security and
Administration Agreement (Retail Installment Receivables), dated as of August 9, 2001, as
amended, by and among Nissan Warehouse LLC, NMAC, JPMorgan Chase Bank, N.A., formerly known
as Morgan Guaranty Trust Company of New York, and certain purchasers and funding agents
specified therein). The Seller has not authorized the filing of and is not aware of any
financing statements against the Seller that include a description of collateral covering
the Receivables other than any financing statement relating to the security interest granted
to the Purchaser hereunder or a financing statement as to which the security interest
covering the Receivables has been released. The Seller is not aware of any judgment or tax
lien filings against the Seller.

                    (xxxi) Receivable Files. There is no more than one original or authoritative
copy of each of the documents or instruments constituting the Receivable Files, and to the
extent that an original copy has been maintained, the Seller has in its possession all such
original copies that constitute or evidence the Receivables. The Seller is identified as
the “owner of record” on the electronic chattel paper and the Seller has “control” of the
electronic chattel paper as defined in Section 9-105 of the UCC. The Receivable Files that
constitute or evidence the Receivables do not have any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed by the Seller to any Person other
than the Purchaser. All financing statements filed or to be filed against the Seller in
favor of the Purchaser in connection herewith describing the Receivables contain a statement
to the following effect: “A purchase of or security interest in any collateral described in
this financing statement, except as provided in the Purchase Agreement, will violate the
rights of the Purchaser.”

                    (xxxii) No Government Obligors. None of the Receivables shall be due from the
United States or any state, or from any agency, department subdivision or instrumentality
thereof.

ARTICLE IV

CONDITIONS

                    4.1 Conditions to Obligation of the Purchaser. The obligation of the Purchaser to
purchase the Receivables and the related property described in Section 2.1(a) is subject to the
satisfaction of the following conditions:

(Nissan ______ Purchase Agreement)

10

 

                    (a) Representations and Warranties True. The representations and warranties of the
Seller hereunder shall be true and correct in all material respects on the Closing Date with the
same effect as if then made, and the Seller shall have performed in all material respects all
obligations to be performed by it hereunder on or prior to the Closing Date.

                    (b) Computer Files Marked. The Seller shall, at its own expense, on or prior to the
Closing Date, indicate in its computer files that the Receivables have been sold to the Purchaser
pursuant to this Agreement and shall deliver to the Purchaser the Schedule of Receivables certified
by an officer of the Seller to be true, correct and complete in all material respects.

                    (c) Documents to be delivered by the Seller at the Closing.

                    (i) The Assignment. At the Closing, the Seller shall execute and deliver the
Assignment.

                    (ii) Evidence of UCC Filing. On or prior to the Closing Date, the Seller shall
record and file, or deliver in a form suitable for filing to the Purchaser, at its own
expense, a UCC-1 financing statement in each jurisdiction in which required by applicable
law, executed by the Seller, as seller or debtor, and naming the Purchaser, as purchaser or
secured party, and the Trust, as assignee of the Purchaser, naming the Receivables and the
other property conveyed hereunder as collateral, meeting the requirements of the laws of
each such jurisdiction and in such manner as is necessary to perfect the sale, transfer,
assignment and conveyance of such Receivables and other property conveyed hereunder to the
Purchaser.

                    (iii) Other Documents. At the Closing, the Seller shall deliver such other
documents as the Purchaser may reasonably request.

                    (d) Other Transactions. The transactions contemplated by the Sale and Servicing
Agreement shall be consummated on the Closing Date.

                    4.2 Conditions to Obligation of the Seller. The obligation of the Seller to sell the
Receivables and other property conveyed hereunder to the Purchaser is subject to the satisfaction
of the following conditions:

                    (a) Representations and Warranties True. The representations and warranties of the
Purchaser hereunder shall be true and correct in all material respects on the Closing Date with the
same effect as if then made, and the Purchaser shall have performed in all material respects all
obligations to be performed by it hereunder on or prior to the Closing Date.

                    (b) Receivables Purchase Price. On the Closing Date, the Purchaser shall deliver to
the Seller the Receivables Purchase Price, as provided in Section 2.1(b).

(Nissan ______ Purchase Agreement)

11

 

ARTICLE V

COVENANTS OF THE SELLER

                    The Seller agrees with the Purchaser as follows; provided, however, that, to
the extent that any provision of this ARTICLE V conflicts with any provision of the Sale and
Servicing Agreement, the Sale and Servicing Agreement shall govern:

                    5.1 Protection of Right, Title and Interest.

                    (a) The Seller shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Purchaser in the Receivables, the other
property conveyed hereunder and the proceeds thereof. The Seller shall deliver (or cause to be
delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing.

                    (b) The Seller shall notify the Purchaser within 30 days after any change of its name,
identity or corporate structure in any manner that would, could or might make any financing
statement or continuation statement filed by the Seller in accordance with paragraph (a) above
seriously misleading within the meaning of Sections 9-506 and 9-507 of the UCC, and shall promptly
file appropriate amendments to all previously filed financing statements or continuation
statements.

                    (c) The Seller shall notify the Purchaser of any relocation of its principal executive office
or state of incorporation within 30 days after such relocation, if, as a result of such relocation,
the applicable provisions of the UCC would require the filing of any amendment of any previously
filed financing or continuation statement or of any new financing statement and shall promptly file
any such amendment. The Seller shall at all times maintain its principal executive office within
the United States of America.

                    (d) The Seller shall maintain its computer systems so that, from and after the time of sale
hereunder of the Receivables to the Purchaser, the Seller’s master computer records that refer to a
Receivable shall indicate clearly the interest of the Purchaser in such Receivable and that such
Receivable is owned by the Purchaser. The Seller shall at all times maintain control of the
Receivables constituting electronic chattel paper.

                    (e) If at any time the Seller shall propose to sell, grant a security interest in, or
otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or
other transferee, the Seller shall give to such prospective purchaser, lender or other transferee
computer tapes, records or print-outs that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is owned by the
Purchaser.

                    (f) The Seller shall permit the Purchaser and its agents at any time during normal business
hours upon reasonable advance notice to inspect, audit and make copies of and abstracts from the
Seller’s records regarding any Receivable.

(Nissan ______ Purchase Agreement)

12

 

                    5.2 Other Liens or Interests. Except for the conveyances hereunder and contemplated
pursuant to the Sale and Servicing Agreement, the Seller shall not sell, pledge, assign or transfer
to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest
therein, and the Seller shall defend the right, title and interest of the Purchaser in, to and
under such Receivables against all claims of third parties claiming through or under the Seller;
provided, however, that the Seller’s obligations under this Section 5.2 shall
terminate upon the termination of the Trust pursuant to the Sale and Servicing Agreement.

                    5.3 Costs and Expenses. The Seller agrees to pay all reasonable costs and
disbursements in connection with the perfection, as against all third parties, of the Purchaser’s
right, title and interest in and to the Receivables.

                    5.4 Indemnification.

                    (a) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any
and all costs, expenses, losses, damages, claims and liabilities (collectively, “Damages”), arising
out of or resulting from the failure of a Receivable to be originated in compliance with all
requirements of law and for any breach of any of the Seller’s representations and warranties
contained herein.

                    (b) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any
and all Damages arising out of or resulting from the use, ownership or operation by the Seller or
any affiliate thereof of a Financed Vehicle.

                    (c) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any
and all taxes that may at any time be asserted against the Purchaser with respect to the
transactions contemplated herein, including, without limitation, any sales, gross receipts, general
corporation, tangible personal property, privilege, or license taxes (but not including any taxes
asserted with respect to ownership of the Receivables or federal or other taxes arising out of the
transactions contemplated by this Agreement and any related documents) and costs and expenses in
defending against the same.

                    (d) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any
and all Damages to the extent that such Damage arose out of, or was imposed upon the Purchaser
through, the negligence, willful misfeasance or bad faith of the Seller in the performance of its
duties under this Agreement or by reason of reckless disregard of the Seller’s obligations and
duties under this Agreement.

                    (e) The Seller shall defend, indemnify and hold harmless the Purchaser from and against all
Damages arising out of or incurred in connection with the acceptance or performance of the Seller’s
trusts and duties as Servicer under the Sale and Servicing Agreement, except to the extent that
such Damages shall be due to the willful misfeasance, bad faith or negligence of the Purchaser.

                    These indemnity obligations shall be in addition to any obligation that the Seller may
otherwise have.

(Nissan ______ Purchase Agreement)

13

 

                    (f) Promptly after receipt by a party indemnified under this Section 5.4 (an “Indemnified
Party”) of notice of the commencement of any action, such Indemnified Party will, if a claim in
respect thereof is to be made against the Seller under this Section 5.4, notify the Seller of the
commencement thereof. If any such action is brought against any Indemnified Party under this
Section 5.4 and it notifies the Seller of the commencement thereof, the Seller will assume the
defense thereof, with counsel reasonably satisfactory to such Indemnified Party (who may, unless
there is, as evidenced by an opinion of counsel to the Indemnified Party stating that there is an
unwaivable conflict of interest, be counsel to the Indemnifying Party), and the Seller will not be
liable to such Indemnified Party under this Section 5.4 for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense thereof, other than
reasonable costs of investigation. The obligations set forth in this Section 5.4 shall survive the
termination of this Agreement and shall include reasonable fees and expenses of counsel and
expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this
Section 5.4 and the Person to or on behalf of whom such payments are made thereafter collects any
of such amounts from others, such Person shall promptly repay such amounts to the Seller, without
interest (except to the extent received by such Person).

ARTICLE VI

MISCELLANEOUS PROVISIONS

                    6.1 Obligations of Seller. The obligations of the Seller under this Agreement shall
not be affected by reason of any invalidity, illegality or irregularity of any Receivable.

                    6.2 Repurchase Events. The Seller hereby covenants and agrees with the Purchaser for
the benefit of the Purchaser, the Trust, the Indenture Trustee and the holders of the Securities,
that the occurrence of a breach of any of the Seller’s representations and warranties contained in
Section 3.2(b) shall constitute events obligating the Seller to repurchase Receivables hereunder
(“Repurchase Events”) and pursuant to Section 3.02 of the Sale and Servicing Agreement, at the
amount of the Warranty Purchase Payment from the Purchaser or, as described in Section 6.4 below,
from the Trust. The repurchase obligation of the Seller shall constitute the sole remedy of the
holders of the Securities, the Trust, the Indenture Trustee and the Purchaser against the Seller
with respect to any Repurchase Event.

                    6.3 Seller’s Assignment of Purchased Receivables. With respect to all Receivables
repurchased by the Seller pursuant to this Agreement, the Purchaser (without the need of any
further written assignment) shall assign hereby, without recourse, representation or warranty
(other than that it has good and marketable title to such Receivables), to the Seller all the
Purchaser’s right, title and interest in and to such Receivables, and all security and documents
relating thereto.

                    6.4 Trust. The Seller acknowledges that the Purchaser will, pursuant to the Sale and
Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement
to the Trust and that the Trust will assign such rights to the Indenture Trustee for the benefit of
the holders of the Notes, and that the representations and warranties contained in this Agreement
and the rights of the Purchaser under Section 6.2 and the obligations under Section

(Nissan ______ Purchase Agreement)

14

 

6.3 are intended to benefit the Trust and the holders of the
Securities. The Seller hereby consents to such sales and assignments.

                         6.5 Amendment. This Agreement may be amended from time to time by a written amendment
duly executed and delivered by the Seller and the Purchaser; provided, however, that any such
amendment must be consented to by the Holders of Notes representing a majority of the Outstanding
Amount of the Notes, voting as a single class, or, in the case of any amendment that does not
adversely affect the Indenture Trustee[, or] the Noteholders [or the Swap Counterparty] (as
evidenced by an Officer’s Certificate of the Servicer and an external Opinion of Counsel indicating
that such amendment will not adversely affect the Indenture Trustee[, or] the Noteholders [or the
Swap Counterparty]), the Holders of a majority of the Certificate Balance [and the Swap
Counterparty; provided that such amendment shall not materially and adversely affect the rights and
obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless
the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be
deemed to have been given if the Swap Counterparty does not object in writing within ten (10)
Business Days after receipt of a written request for such consent).

                         6.6 Accountants’ Letters.

                         (a) The Seller will cause Deloitte & Touche LLP to review the characteristics of the
Receivables described in the Schedule of Receivables and to compare those characteristics to the
information with respect to the Receivables contained in the Prospectus.

                         (b) The Seller will cooperate with the Purchaser and Deloitte & Touche LLP in making available
all information and taking all steps reasonably necessary to permit such accountants to complete
the review set forth in Section 6.6(a) and to deliver the letters required of them under the
Underwriting Agreement.

                         6.7 Waivers. No failure or delay on the part of the Purchaser in exercising any
power, right or remedy under this Agreement or the Assignment shall operate as a waiver hereof or
thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any
other or further exercise hereof or thereof or the exercise of any other power, right or remedy.
Notwithstanding anything to the contrary, the Purchaser shall not waive any breach of
representations and warranties set forth in Sections 3.2(b)(v),(xii), (xiv), (xv), (xxx) or (xxxi).

                         6.8 Notices. All communications and notices pursuant hereto to either party shall be
in writing (including via telecopy) and addressed or delivered to it at its address (or in the case
of telecopy, at its telecopy number at such address) shown in the opening portion of this Agreement
or at such other address as may be designated by it by notice to the other party and, if mailed or
delivered, shall be deemed given when mailed or delivered, or transmitted by telecopy.

                         6.9 Costs and Expenses. The Seller agrees to pay all expenses incident to the
performance of its obligations under this Agreement and the Seller agrees to pay all reasonable
out-of-pocket costs and expenses of the Purchaser, excluding fees and expenses of
counsel, in connection with the perfection as against third parties of the Purchaser’s right,
title and interest in and to the Receivables and the enforcement of any obligation of the Seller
hereunder.

(Nissan ______ Purchase Agreement)

15

 

                    6.10 Survival. The respective agreements, representations, warranties and other
statements by the Seller and the Purchaser set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the Closing.

                    6.11 Headings and Cross-References. The various headings in this Agreement are
included for convenience only and shall not affect the meaning or interpretation of any provision
of this Agreement. References in this Agreement to Section names or numbers are to such Sections
of this Agreement.

                    6.12 Governing Law. This Agreement and the Assignment shall be governed by and
construed in accordance with the internal 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 under this Agreement shall be
determined in accordance with such laws.

                    6.13 Counterparts. This Agreement may be executed in multiple counterparts and by
different parties on separate counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument.

                    6.14 Sale. Each party hereto agrees to treat the conveyance under this Agreement as a
sale of the Receivables on all of its relevant books, records, financial statements and other
applicable documents, except to the extent otherwise required by generally accepted accounting
principles. Although the parties hereto intend that the transfer and assignment contemplated by
this Agreement be a sale, in the event such transfer and assignment is deemed to be other than a
sale, the parties intend that all filings described in this Agreement shall give the Purchaser a
first priority perfected security interest in, to and under the Receivables and other property
conveyed hereunder and all proceeds of any of the foregoing. This Agreement shall be deemed to be
the grant of a security interest from the Seller to the Purchaser, and the Purchaser shall have all
the rights, powers and privileges of a secured party under the UCC.

                    6.15 Limitation of Rights. All of the rights of the Swap Counterparty in, and under
this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in
accordance with the terms thereof and the payment in full of all amounts owing to the Swap
Counterparty under such Interest Rate Swap Agreement.

(Nissan ______ Purchase Agreement)

16

 

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

	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES CORPORATION II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

(Nissan ______ Purchase Agreement)

S-1

 

Exhibit A

ASSIGNMENT

          For value received, in accordance with the Purchase Agreement, dated as of ___, 200___(the
“Purchase Agreement”), between the undersigned (the “Seller”) and Nissan Auto Receivables
Corporation II (the “Purchaser”), the undersigned does hereby sell, assign, transfer and otherwise
convey unto the Purchaser, without recourse, the following:

                    (i) all right, title and interest of the Seller in and to the Receivables listed on
Schedule A hereto (including all related Receivable Files) and all monies due thereon or
paid thereunder or in respect thereof after the Cut-off Date;

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

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

                    (iv) the right of the Seller to receive payments in respect of any Dealer Recourse with
respect to the Receivables;

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

                    (vi) the right of the Seller 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; and

                    (vii) all proceeds of the foregoing.

          The foregoing sale does not constitute and is not intended to result in any assumption by the
Purchaser of any obligation of the undersigned to the Obligors, insurers or any other person in
connection with the Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

          This Assignment is made pursuant to and upon the representations, warranties and agreements on
the part of the undersigned contained in the Purchase Agreement and is to be governed by the
Purchase Agreement.

          Capitalized terms used herein and not otherwise defined shall have the respective meanings
assigned to such terms in the Purchase Agreement.

(Nissan ______ Purchase Agreement)

A-1

 

                    IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of ___
day of ___, 200_.

	 	 	 	 	 
	 	NISSAN MOTOR ACCEPTANCE

CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(Nissan ______ Purchase Agreement)

A-2

 

Schedule A

Schedule of Receivables

See schedule attached to the Sale and Servicing Agreement.

(Nissan ______ Purchase Agreement)

Schedule Aexv4w5

 

EXHIBIT 4.5

ADMINISTRATION AGREEMENT

among

NISSAN AUTO RECEIVABLES                    OWNER TRUST,

as Issuer

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Administrator

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee

and

WILMINGTON TRUST COMPANY,

as Owner Trustee

Dated as of                    , 200          

 

 

TABLE
OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1.

	 	DUTIES OF THE ADMINISTRATOR
	 	 	2	 
	 
	 	 	 	 	 	 
	2.

	 	RECORDS
	 	 	7	 
	 
	 	 	 	 	 	 
	3.

	 	COMPENSATION
	 	 	8	 
	 
	 	 	 	 	 	 
	4.

	 	ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER
	 	 	8	 
	 
	 	 	 	 	 	 
	5.

	 	INDEPENDENCE OF THE ADMINISTRATOR
	 	 	8	 
	 
	 	 	 	 	 	 
	6.

	 	NO JOINT VENTURE
	 	 	8	 
	 
	 	 	 	 	 	 
	7.

	 	OTHER ACTIVITIES OF ADMINISTRATOR
	 	 	8	 
	 
	 	 	 	 	 	 
	8.

	 	TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR
	 	 	8	 
	 
	 	 	 	 	 	 
	9.

	 	ACTION UPON TERMINATION, RESIGNATION OR REMOVAL
	 	 	10	 
	 
	 	 	 	 	 	 
	10.

	 	NOTICES
	 	 	10	 
	 
	 	 	 	 	 	 
	11.

	 	AMENDMENTS
	 	 	11	 
	 
	 	 	 	 	 	 
	12.

	 	SUCCESSOR AND ASSIGNS
	 	 	11	 
	 
	 	 	 	 	 	 
	13.

	 	GOVERNING LAW
	 	 	12	 
	 
	 	 	 	 	 	 
	14.

	 	NO PETITION
	 	 	12	 
	 
	 	 	 	 	 	 
	15.

	 	HEADINGS
	 	 	12	 
	 
	 	 	 	 	 	 
	16.

	 	COUNTERPARTS
	 	 	12	 
	 
	 	 	 	 	 	 
	17.

	 	SEVERABILITY OF PROVISIONS
	 	 	12	 
	 
	 	 	 	 	 	 
	18.

	 	NOT APPLICABLE TO NMAC IN OTHER CAPACITIES
	 	 	12	 
	 
	 	 	 	 	 	 
	19.

	 	LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE
	 	 	12	 
	 
	 	 	 	 	 	 

 (Nissan                    Administration Agreement)

 

 

     This
ADMINISTRATION AGREEMENT, dated as of
                    , 200           (this “Agreement”), among NISSAN
AUTO RECEIVABLES                     OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN MOTOR
ACCEPTANCE CORPORATION, a California corporation, as administrator (the “Administrator”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity
but solely as Indenture Trustee (as defined below), and WILMINGTON TRUST COMPANY, a Delaware
banking corporation, not in its individual capacity but solely as Owner Trustee (as defined below).

W I T N E S S E T H:

     WHEREAS, beneficial ownership interests in the Issuer represented by the Nissan Auto
Receivables                     Owner Trust Asset Backed Certificates (the “Certificates”) have been issued in
connection with the formation of the Issuer pursuant to the Amended and Restated Trust Agreement,
dated as of                     , 200           (the “Trust Agreement”), between Nissan Auto Receivables Corporation II
(“NARC II”), a Delaware corporation, as depositor, and Wilmington Trust Company, as owner trustee
(the “Owner Trustee”) to the owners thereof (the “Owners”);

     WHEREAS, the Issuer is issuing the Nissan Auto Receivables                      Owner Trust                    % Asset
Backed Notes Class A-1, the Nissan Auto Receivables                     Owner Trust                     % Asset Backed Notes
Class A-2, the Nissan Auto Receivables                      Owner Trust                    % Asset Backed Notes Class A-3, and
the Nissan Auto Receivables                     Owner Trust                     % Asset Backed Notes Class A-4 (collectively,
the “Notes”) pursuant to the Indenture, dated as of                     , 200          (as amended and supplemented
from time to time, the “Indenture”), between the Issuer and Wells Fargo Bank, National Association,
as indenture trustee (the “Indenture Trustee”); capitalized terms used herein and not defined
herein shall have the meanings ascribed thereto in the Indenture, the Trust Agreement or the Sale
and Servicing Agreement, dated as of                    , 200          , among the Issuer, Nissan Motor Acceptance
Corporation (“NMAC”), as servicer, and NARC II, as seller (the “Sale and Servicing Agreement”), as
the case may be;

     WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the
Certificates and the Notes, including the Purchase Agreement, dated as of                     , 200           (the
“Purchase Agreement”), between NMAC, as seller, and NARC II, as purchaser, the Trust Agreement, the
Indenture, this Agreement, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Note Depository Agreement and the Sale and Servicing Agreement, and the ISDA Master
Agreement, dated as of
                    , 200___ between                      (the “Swap Counterparty”) and the Trust,
the Schedule and the Credit Support Annex thereto, dated as of                     , 200_, and the
Confirmations thereto, each dated as of                     , 200                     , and entered into pursuant to such ISDA
Master Agreement (the “Interest Rate Swap Agreement”) (collectively, the “Basic Documents”);

     WHEREAS, pursuant to the Basic Documents, the Issuer is required to perform certain duties in
connection with the Certificates, the Notes and the Collateral;

 (Nissan                    Administration Agreement)

1

 

     WHEREAS, the Issuer desires to appoint NMAC as administrator to perform certain of the duties
of the Issuer under the Basic Documents and to provide such additional services consistent with the
terms of this Agreement and the Basic Documents as the Issuer may from time to time request; and

     WHEREAS, the Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuer on the terms set forth herein;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:

     1. DUTIES OF THE ADMINISTRATOR.

(a) Duties with respect to the Note Depository Agreement and the Indenture.

     (i) The Administrator agrees to perform all its duties as Administrator under
the Basic Documents and the duties of the Issuer under the Note Depository Agreement
and the Indenture. In addition, the Administrator shall consult with the Owner
Trustee regarding the duties of the Issuer under the Indenture and the Note
Depository Agreement. The Administrator shall monitor the performance of the Issuer
and shall advise the Owner Trustee when action by the Issuer or the Owner Trustee is
necessary to comply with the Issuer’s duties under the Indenture and the Note
Depository Agreement. The Administrator shall prepare for execution by the Issuer
or shall cause the preparation by other appropriate persons of all such documents,
reports, filings, instruments, certificates and opinions as it shall be the duty of
the Issuer to prepare, file or deliver pursuant to the Indenture and the Note
Depository Agreement. In furtherance of the foregoing, the Administrator shall take
all appropriate action that is the duty of the Issuer to take pursuant to the
Indenture including, without limitation, such of the foregoing as are required with
respect to the following matters under the Indenture (references are to sections of
the Indenture):

     (A) preparing or obtaining the documents and instruments required for
the proper authentication of Notes and delivering the same to the Indenture
Trustee (Section 2.02);

     (B) appointing the Note Registrar and giving the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or
change in location, of the Note Register (Section 2.04);

     (C) preparing the notification to Noteholders [and the Swap
Counterparty] of the final principal payment on their Notes (Section
2.07(b));

(Nissan                    Administration Agreement)

2

 

     (D) preparing, obtaining and/or filing of all instruments, opinions and
certificates and other documents required for the release of Collateral
(Section 2.09);

     (E) maintaining an office in the Borough of Manhattan, City of New
York, for the registration of transfer or exchange of Notes (Section 3.02);

     (F) causing newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds
held in trust (Section 3.03);

     (G) directing the Indenture Trustee to deposit moneys with Paying
Agents, if any, other than the Indenture Trustee (Section 3.03);

     (H) obtaining and preserving or causing the Owner Trustee to obtain and
preserve the Issuer’s qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity
and enforceability of the Indenture, the Notes, the Collateral and each
other instrument and agreement included in the Trust Estate (Section 3.04);

     (I) preparing all supplements, amendments, financing statements,
continuation statements, instruments of further assurance and other
instruments, in accordance with Section 3.05 of the Indenture, necessary to
protect the Trust Estate (Sections 3.05 and 3.07(c));

     (J) furnishing the required Opinions of Counsel on the Closing Date and
at such other times, in accordance with Sections 3.06 and 8.06 of the
Indenture, and delivering the annual Officer’s Certificates and certain
other statements as to compliance with the Indenture, in accordance with
Section 3.09 of the Indenture (Sections 3.06, 3.09 and 8.06);

     (K) identifying to the Indenture Trustee in an Officer’s Certificate
any Person with whom the Issuer has contracted to perform its duties under
the Indenture (Section 3.07);

     (L) notifying the Indenture Trustee and the Rating Agencies of any
Servicer Default pursuant to the Sale and Servicing Agreement and, if such
Servicer Default arises from the failure of the Servicer to perform any of
its duties under the Sale and Servicing Agreement, taking all reasonable
steps available to remedy such failure (Section 3.07(d));

     (M) preparing and obtaining documents and instruments required in
connection with the consolidation, merger or transfer of assets of the
Issuer (Section 3.10);

(Nissan                    Administration Agreement)

3

 

     (N) delivering notice to the Indenture Trustee of each Event of Default
and each other default by the Servicer or the Seller under the Sale and
Servicing Agreement (Section 3.19);

     (O) monitoring the Issuer’s obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officer’s Certificate
and obtaining the Opinion of Counsel and the Independent Certificate (as
defined in the Indenture) related thereto (Section 4.01);

     (P) preparing and mailing the notification of the Indenture Trustee,
the Noteholders [and the Swap Counterparty] with respect to special payment
dates, if any (Section 5.04(d));

     (Q) [Intentionally Blank]

     (R) preparing any Issuer Request and Officer’s Certificates and
obtaining any Opinions of Counsel and Independent Certificates necessary for
the release of the Trust Estate (Section 8.04);

     (S) preparing Issuer Orders and obtaining Opinions of Counsel with
respect to the execution of any supplemental indentures, and mailing notices
to the Noteholders [and the Swap Counterparty] with respect thereto
(Sections 9.01, 9.02 and 9.03);

     (T) executing and delivering new Notes conforming to the provisions of
any supplemental indenture, as appropriate (Section 9.06);

     (U) preparing all Officer’s Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the
Indenture Trustee to take any action under the Indenture (Section 11.01(a));

     (V) preparing and delivering Officer’s Certificates and obtaining
Independent Certificates, if necessary, for the release of property or
securities from the lien of the Indenture (Section 11.01(c));

     (W) notifying the Rating Agencies, upon any failure of the Indenture
Trustee to give such notification, of the information required pursuant to
Section 11.04 of the Indenture (Section 11.04);

     (X) preparing and delivering to the Noteholders[, the Swap
Counterparty] and the Indenture Trustee any agreements with respect to
alternate payment and notice provisions (Section 11.06); and

     (Y) recording the Indenture, if applicable (Section 11.14).

(Nissan                    Administration Agreement)

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     (ii) The Administrator shall also:

     (A) pay the Indenture Trustee from time to time the reasonable
compensation provided for in the Indenture with respect to services rendered
by the Indenture Trustee under the Indenture (which compensation shall not
be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

     (B) reimburse the Indenture Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Indenture
Trustee in accordance with any provision of the Indenture (including the
reasonable compensation, expenses and disbursements of its agents and
counsel) to the extent the Indenture Trustee is entitled to such
reimbursement by the Issuer under the Indenture;

     (C) indemnify the Indenture Trustee for, and hold it harmless against,
any losses, liability or expense incurred without negligence or bad faith on
the part of the Indenture Trustee, arising out of or in connection with the
acceptance or administration of the trusts and duties contemplated by the
Indenture, including the reasonable costs and expenses of defending
themselves against any claim or liability in connection therewith to the
extent the Indenture Trustee is entitled to such indemnification from the
Issuer under the Indenture; and

     (D) pay the reasonable expense of any examination or investigation by
the Owner Trustee undertaken pursuant to Section 7.01(e) of the Trust
Agreement, and if such expense is paid by the Owner Trustee, then such
expense shall be reimbursed by the Administrator upon demand.

(b) Additional Duties.

     (i) In addition to the duties of the Administrator set forth above, the
Administrator shall perform such calculations, and shall prepare for execution by
the Issuer or the Owner Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file
or deliver pursuant to the Basic Documents, and at the request of the Owner Trustee
shall take all appropriate action that it is the duty of the Issuer or the Owner
Trustee to take pursuant to the Basic Documents. Subject to Section 5 of this
Agreement, and in accordance with the reasonable written directions of the Owner
Trustee, the Administrator shall administer, perform or supervise the performance of
such other activities in connection with the Collateral (including the Basic
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the capability of
the Administrator.

(Nissan                    Administration Agreement)

5

 

     (ii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Administrator shall be responsible for promptly notifying the Owner
Trustee in the event that any withholding tax is imposed on the Issuer’s payments
(or allocations of income) to a Certificateholder as contemplated in Section 5.02(c)
of the Trust Agreement. Any such notice shall specify the amount of any withholding
tax required to be withheld by the Owner Trustee pursuant to such provision.

     (iii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Administrator shall be responsible for performance of the duties of
the Administrator set forth in Section 5.04(a), (b), (c), (d), (e) and (f) of the
Trust Agreement with respect to, among other things, accounting and reports to the
Certificateholders; provided, however, that the Owner Trustee shall remain
exclusively responsible for the mailing of the Schedule K-1s necessary to enable
each Certificateholder to prepare its federal and state income tax returns.

     (iv) If the Certificateholder is not the Administrator or any of its
Affiliates, the Administrator shall satisfy its obligations with respect to clauses
(ii) and (iii) above and under the Trust Agreement by retaining, at the expense of
the Administrator, a firm of independent public accountants (the “Accountants”)
which shall perform the obligations of the Administrator thereunder.

     In connection with paragraph (ii) above, the Administrator will cause the
Accountants to provide, prior to December 1 of each year, a letter in form and
substance satisfactory to the Owner Trustee as to whether any tax withholding is
then required and, if required, the procedures to be followed with respect thereto
to comply with the requirements of the Code; provided, however, that the
Certificateholder is not the Administrator or any of its Affiliates. The Accountants
shall be required to update the letter in each instance that any additional tax
withholding is subsequently required or any previously required tax withholding
shall no longer be required.

     (v) The Administrator shall perform the duties of the Administrator specified
in Section 10.02 of the Trust Agreement required to be performed in connection with
the resignation or removal of the Owner Trustee, and any other duties expressly
required to be performed by the Administrator under the Trust Agreement.

     (vi) The Administrator shall advise the Owner Trustee in all regards with
respect to its duties pursuant to any Currency Swap Agreement (as defined in the
Sale and Servicing Agreement) into which the Trust enters pursuant to Section
5.02(d) of the Trust Agreement, including the recommendation of and retention, at
its expense, of any such agents or advisors that are deemed by the Owner Trustee to
be reasonably necessary to undertake its duties pursuant to any such Currency Swap
Agreement. Pursuant to Section 5.02(d) of the Trust Agreement, if the
Certificateholders notify the Administrator with respect to the Trust’s

(Nissan                    Administration Agreement)

6

 

election to enter into such a Currency 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 Currency Swap
Agreement on behalf of the Trust.

     (vii) The Administrator shall perform all duties and obligations applicable to
or required of the Issuer set forth in Appendix A to the Sale and Servicing
Agreement in accordance with the terms and conditions thereof.

     (viii) In carrying out the foregoing duties or any of its other obligations
under this Agreement, the Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided, however, that
the terms of any such transactions or dealings shall be in accordance with any
directions received from the Issuer and shall be, in the Administrator’s opinion, no
less favorable to the Issuer than would be available from unaffiliated parties.

(c) Non-Ministerial Matters.

     (i) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action (x) the
Administrator shall have notified the Owner Trustee of the proposed action and the
Owner Trustee shall have consented thereto or provided an alternative direction, and
(y) all approvals required under the Basic Documents shall have been obtained. For
the purpose of the preceding sentence, “non-ministerial matters” shall include,
without limitation:

     (A)
the amendment of the Indenture or execution of any supplement to the Indenture;

          (B) the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against the Issuer
(other than in connection with the collection of the Receivables);

     (C) the amendment, change or modification of any of the Basic
Documents;

          (D) the appointment of successor Note Registrars or successor Paying
Agents pursuant to the Indenture or the appointment of successor
Administrators, or the consent to the assignment by the Note Registrar,
Paying Agent or Indenture Trustee of its obligations, in each case under the
Indenture; and

     (E) the removal of the Indenture Trustee.

     (F) the provision of copies of any amendment or supplement to the
Interest Rate Swap Agreement to the Rating Agencies; and

(Nissan                    Administration Agreement)

7

 

     (G) the notification to the Swap Counterparty of any proposed amendment
or supplement to any of the Basic Documents.

     (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not (x) make any payments to the
Noteholders [or the Swap Counterparty] under the Basic Documents, (y) sell the Trust
Estate pursuant to Section 5.04 of the Indenture or (z) take any other action that
the Issuer directs the Administrator not to take on its behalf.

(d) Currency Swap Agreement. As set forth in Section 5.11 of the Sale and
Servicing Agreement, the Issuer may enter into a Currency Swap Agreement with a
Currency Swap Counterparty to swap amounts payable to Certificateholders from U.S.
dollars to Japanese yen, according to the terms set forth in Section 5.11 of the
Sale and Servicing Agreement and Section 5.02(d) of the Trust Agreement.

     2. RECORDS. The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible
for inspection by the Issuer, the Owner Trustee and the Indenture Trustee at any time during normal
business hours upon reasonable advance written notice.

     3. COMPENSATION. As compensation for the performance of the Administrator’s
obligations under this Agreement and as reimbursement for its expenses related thereto, the
Administrator shall be entitled to a fee of $200.00 per month, which shall be solely an obligation
of the Servicer.

     4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The Administrator shall
furnish to the Issuer from time to time such additional information regarding the Collateral as the
Issuer shall reasonably request.

     5. INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the
Issuer, the Owner Trustee or the Indenture Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by the
Issuer hereunder or otherwise, the Administrator shall have no authority to act for or represent
the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise be or be deemed an
agent of the Issuer, the Owner Trustee or the Indenture Trustee.

     6. NO JOINT VENTURE. Nothing contained in this Agreement shall (i) constitute the
Administrator and any of the Issuer, the Owner Trustee or the Indenture Trustee as members of any
partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to
confer on any of them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

     7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the Administrator
or its Affiliates from engaging in other businesses or, in its or their sole discretion, from
acting as an administrator for any other person or entity, or in a
similar capacity therefor,

(Nissan                    Administration Agreement)

8

 

 even though such person or entity may engage in business activities similar
to those of the Issuer, the Owner Trustee or the Indenture Trustee.

     8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.

          (a) This Agreement shall continue in force until the termination of the Issuer, upon
which event this Agreement shall automatically terminate.

     (b) Subject to Sections 8(e) and 8(f), the Administrator may resign by providing the
Issuer with at least 30 days’ prior written notice.

          (c) Subject to Sections 8(e) and 8(f), the Issuer may remove the Administrator without
cause by providing the Administrator at least 30 days’ prior written notice.

          (d) Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from the Issuer
to the Administrator if any of the following events shall occur:

          (i) the Administrator shall fail to perform in any material respect any of its
duties under this Agreement and, after notice of such default, shall not cure such
default within 10 days (or, if such default cannot be cured in such time, shall not
give within such 10 days such assurance of timely and complete cure as shall be
reasonably satisfactory to the Issuer);

          (ii) the entry of a decree or order by a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a trustee in
bankruptcy, conservator, receiver or liquidator for the Administrator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings, or for the winding up or liquidation of their respective
affairs, and the continuance of any such decree or order unstayed and in effect for
a period of 90 consecutive days; or

          (iii) the consent by the Administrator to the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings
of or relating to the Administrator of or relating to substantially all of their
property, or the Administrator shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations.

          The Administrator agrees that if any of the events specified in clauses (ii) or (iii)
of this Section shall occur, it shall give written notice thereof to the Issuer, the Owner
Trustee and the Indenture Trustee within seven days after the occurrence of such event.

(Nissan                    Administration Agreement)

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          (e) No resignation or removal of the Administrator pursuant to this Section shall be
effective until (i) a successor Administrator shall have been appointed by the Issuer and
(ii) such successor Administrator shall have agreed in writing to be bound by the terms of
this Agreement on substantially the same terms as the Administrator is bound hereunder.

          (f) The appointment of any successor Administrator shall be effective only after each
Rating Agency (other than Moody’s) has provided to the Owner Trustee and the Indenture
Trustee notice that the proposed appointment will not result in the reduction or withdrawal
of any rating, if any, then assigned by such Rating Agency to any Class of Notes or the
Certificates. Promptly after the appointment of any successor Administrator, the Owner
Trustee will provide notice of such appointment to Moody’s (so long as Moody’s is then
rating any outstanding Notes).

          (g) Subject to Section 8(e) and 8(f), the Administrator acknowledges that upon the
appointment of a Successor Servicer pursuant to the Sale and Servicing Agreement, the
Administrator shall immediately resign and such Successor Servicer shall automatically
succeed to the rights, duties and obligations of the Administrator under this Agreement.

     9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the effective date
of termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the
Administrator pursuant to Section 8(b) or 8(c) or 8(d), the Administrator shall be entitled to be
paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation
or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a)
deliver to or to the order of the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the resignation or removal of
the Administrator pursuant to Section 8(b) or 8(c) or 8(d), the Administrator shall cooperate with
the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

     10. NOTICES. Any notice, report or other communication given hereunder shall be in
writing and addressed as follows:

	 	  (a)	 	if to the Issuer or the Owner Trustee, to:

Nissan Auto Receivables                     Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables                      Owner Trust

(Nissan                    Administration Agreement)

10

 

with a copy to:

Nissan Auto Receivables                      Owner Trust

In care of: Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street

10th Floor, B-10-C

Nashville, TN 37201-1800

Attention: Treasurer

	 	(b)	 	if to the Administrator, to:

Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street

10th Floor, B-10-C

Nashville, TN 37201-1800

Attention: Treasurer

	 	(c)	 	if to the Indenture Trustee, to:

Wells Fargo Bank, National Association

Wells Fargo Center

Sixth and Marquette Avenue,

MAC N9311-161

Minneapolis, MN 55479

Attn: Asset Backed Securities Department

or to such other address as any party shall have provided to the other parties in writing. Any
notice required to be in writing hereunder shall be deemed given if such notice is mailed by
certified mail, postage prepaid, or hand delivered to the address of such party as provided above.

     11. AMENDMENTS. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Issuer, the Administrator, and the Indenture Trustee,
with the consent of the Owner Trustee but without the consent of any Noteholders, the
Certificateholders [or the Swap Counterparty] for the purpose of adding any provisions to or
modifying or changing in any manner or eliminating any of the provisions of this Agreement,
provided that such amendment does not and will not, in the Opinion of Counsel satisfactory
to the Indenture Trustee, materially and adversely affect the interest of any Noteholder or
Certificateholder, any Certificateholder or the Swap Counterparty;
provided further, that
such amendment shall not materially and adversely affect the rights and obligations of the Swap
Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty
shall have consented in writing to such amendment (and such consent shall be deemed to have been
given if the Swap Counterparty does not object in writing within ten (10) Business Days after
receipt of a written request for such consent). This Agreement may also be amended from time to
time by the Issuer, the Administrator, and the Indenture Trustee with the

(Nissan                    Administration Agreement)

11

 

consent of the Owner Trustee and (i) the holders of Notes evidencing a majority of the
Outstanding Amount of the Notes, voting as a single class; or (ii) in the case of any amendment
that does not adversely affect the Indenture Trustee, the Noteholders [or the Swap Counterparty]
(as evidenced by an Officer’s Certificate of the Servicer and an outside Opinion of Counsel
indicating that such amendment will not adversely affect the Indenture Trustee, the Noteholders [or
the Swap Counterparty]), the holders of the Certificates evidencing a majority of the outstanding
Certificate Balance of the Certificates (but excluding for purposes of calculation and action all
Certificates held by the Seller, the Servicer or any of their Affiliates unless at such time all
Certificates are then owned by the Seller, the Servicer 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 those Noteholders, Certificateholders [or the
Swap Counterpartywhich are not covered by the immediately preceding sentence; provided that
such amendment shall not materially and adversely affect the rights and obligations of the Swap
Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty
shall have consented in writing to such amendment (and such consent shall be deemed to have been
given if the Swap Counterparty does not object in writing within ten (10) Business Days after
receipt of a written request for such consent).

     12. SUCCESSOR AND ASSIGNS. This Agreement may not be assigned by the Administrator
unless such assignment is consented to in writing by the Issuer, the Owner Trustee and the
Indenture Trustee, and the conditions precedent to appointment of a successor Administrator set
forth in Section 8 are satisfied. An assignment with such consent and satisfaction, if accepted by
the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound
hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator
without the consent of the Issuer, the Owner Trustee and the Indenture Trustee to a corporation or
other organization that is a successor (by merger, consolidation or purchase of assets) to the
Administrator, provided that such successor organization executes and delivers to the Issuer, the
Owner Trustee and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.

     13. GOVERNING LAW. This Agreement 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.

     14. NO PETITION. The Administrator, by entering into this Administration Agreement,
hereby covenants and agrees that it will not at any time institute against the Issuer, or join in
any institution against the Issuer 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 Notes, the Certificates or any
of the Basic Documents.

(Nissan                    Administration Agreement)

12

 

     15. HEADINGS. The section headings hereof have been inserted for convenience of
reference only and shall not be construed to affect the meaning, construction or effect of this
Agreement.

     16. COUNTERPARTS. This Agreement may be executed in counterparts, each of which when
so executed shall together constitute but one and the same agreement.

     17. SEVERABILITY OF PROVISIONS. If any one or more of the agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any
jurisdiction, then such 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 the other rights of the
parties hereto.

     18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this Agreement shall
affect any obligation, right or benefit NMAC may have in any other capacity or under any Basic
Document.

     19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE. Notwithstanding
anything contained herein to the contrary, this instrument has been countersigned by Wilmington
Trust Company, not in its individual capacity but solely in its capacity as Owner Trustee of the
Issuer, and Wells Fargo Bank, National Association, not in its individual capacity but solely in
its capacity as Indenture Trustee under the Indenture and in no event shall Wilmington Trust
Company in its individual capacity, Wells Fargo Bank, National Association, in its individual
capacity, or any Certificateholder have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuer.

     20. LIMITATION OF RIGHTS. All of the rights of the Swap Counterparty in, to and under
this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in
accordance with the terms thereof and the payment in full of all amounts owing to the Swap
Counterparty under such Interest Rate Swap Agreement.

(Nissan                    Administration Agreement)

13

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
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 MOTOR ACCEPTANCE
 CORPORATION, as Administrator
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

(Nissan                    Administration Agreement)

14

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