Document:

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                                                                     EXHIBIT 4.3

                              ANNEX OF DEFINITIONS

                  "Account" means, as of any date of determination, each
Eligible Account, which shall include each Initial Account and, from and after
the related Addition Date, each Additional Account and excluding, from and after
the related Redesignation Date, each Redesignated Account.

                  "Account Schedule" means the Initial Account Schedule, as the
same may be from time to time supplemented by the Additional Account Schedules
and the Replacement Account Schedules, amended by the Redesignated Account
Schedules or otherwise modified.

                  "Accumulation Account" means, for each Series, a Qualified
Account established by the Issuer, maintained in the name of the Indenture
Trustee and held by the Indenture Trustee for each Series of Notes, for the
benefit of the Noteholders of that Series and any Series Enhancer for that
Series as set forth in the Indenture and the related Indenture Supplement.

                  "Accumulation Period" means the period during which principal
is accumulated in specified amounts per month for a Series or Class and paid on
an Expected Final Payment Date. The Accumulation Period for any Series or Class
starts on the date specified in the related Indenture Supplement and ends on the
earlier of:

                  (1)      the last day of the Collection Period preceding the
Payment Date on which the Notes of that Series or Class are expected to be paid
in full; and

                  (2)      the close of business on the day immediately
preceding the date on which an Early Amortization Period for that Series or
Class begins.

                  "Act" means, any request, demand, authorization, direction,
notice, consent, waiver or other action provided by the Indenture to be given or
taken by Noteholders which may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agent duly appointed in writing and satisfying any requisite percentages
as to minimum number or dollar value of Outstanding Principal Amount represented
by such Noteholders; and, except as otherwise expressly provided in the
Indenture, such action will become effective when such instrument or instruments
are delivered to the Indenture Trustee, and, where it is expressly required, to
the Issuer.

                  "Addition Date" means, for an Additional Account designated
for the Issuer, the date on which Receivables arising in connection with that
Account are first transferred to the Issuer.

                  "Addition Notice" means a written notice provided by the
Transferor (or the Servicer on its behalf) to the Owner Trustee, the Indenture
Trustee, any Series Enhancer and the Rating Agencies specifying the Additional
Cut-Off Date and the Addition Date for any Additional Accounts.

                  "Additional Account" means additional Eligible Accounts from
time to time designated for the Issuer, the then-existing or subsequently
created Receivables of which will be transferred to the Issuer.

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                  "Additional Account Schedule" means a computer file or written
list of Additional Accounts specifying the identity of any Additional Accounts
and the Principal Receivables arising in connection with such Additional
Accounts as of the Additional Cut-Off Date.

                  "Additional Cut-Off Date" means, for an Additional Account
designated for the Issuer, the date as of which that Account is designated for
the Issuer.

                  "Adjusted Pool Balance" means, as of any day in a Collection
Period, the sum of the Pool Balance and amounts on deposit in the Excess Funding
Account, (determined after giving effect to the Principal Receivables
transferred to the Issuer on such date), as of such date.

                  "Administration Agreement" means the Administration Agreement,
dated as of July 24, 2003, between the Issuer and the Administrator, as amended
and restated as of October 15, 2003, and as the same may be further amended,
supplemented or otherwise modified from time to time.

                  "Administrator" means NMAC (together with its permitted
successors and assigns) acting as an administrative agent for the Issuer
pursuant to the Administration Agreement, or any successor Administrator under
that Administration Agreement.

                  "Affiliate" means, with respect to any specified Person, any
other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "control" when used with
respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                  "Annex of Definitions" means this Annex of Definitions,
referenced by and relating to the Indenture, the Receivables Purchase Agreement,
the Transfer and Servicing Agreement, the Trust Agreement and the Administration
Agreement.

                  "Applicants" means holders of 10% of the Outstanding Principal
Amount of any Series, unless otherwise provided in the related Indenture
Supplement.

                  "Assignment" means a duly executed and written assignment
(including an acceptance by the Owner Trustee) by the Transferor to the Issuer
of Receivables and all Related Security related thereto arising in connection
with any Additional Accounts designated pursuant to Section 2.06(a) or (b) of
the Transfer and Servicing Agreement.

                  "Authentication Agent" means the Indenture Trustee, acting as
the initial authentication agent, together with any successor to the Indenture
Trustee acting in that capacity, and any Person specified in an Indenture
Supplement or appointed by the Indenture Trustee to act in that capacity for the
related Series.

                  "Authorized Officer" means:

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                  (a)      with respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers, containing
the specimen signature of each such Person, delivered by the Owner Trustee to
the Indenture Trustee on the Series Issuance (as such list may be modified or
supplemented from time to time thereafter) and any Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the list of
Authorized Officers (containing the specimen signatures of such officers)
delivered by the Administrator to the Indenture Trustee on the Series Issuance
(as such list may be modified or supplemented from time to time thereafter);

                  (b)      with respect to the Transferor, any officer of the
Transferor who is authorized to act for the Transferor in matters relating to
the Transferor and who is identified on the list of Authorized Officers,
containing the specimen signature of each such Person, delivered by the
Transferor to the Indenture Trustee on the Series Issuance (as such list may be
modified or supplemented from time to time thereafter); and

                  (c)      with respect to the Servicer, any officer of the
Servicer who is authorized to act for the Servicer in matters relating to the
Servicer and who is identified on the list of Authorized Officers, containing
the specimen signature of each such Person, delivered by the Servicer to the
Indenture Trustee on the Series Issuance (as such list may be modified or
supplemented from time to time thereafter).

                  "Bearer Notes" means any Series of Class of Notes together
with the Indenture Trustee's certificate of authentication related thereto,
issued in bearer form.

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

                  "Book-Entry Notes" means beneficial interests in the Notes,
the ownership and transfers of which will be made through book entries by a
Clearing Agency or Foreign Clearing Agency as described in the Indenture.

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

                  "Buyer" means NWRC II as buyer under the Receivables Purchase
Agreement.

                  "Cash Management Account" means one or more deposit, demand
deposit or similar accounts or any securities account administered by NMAC, into
which a Dealer may, from time to time, pursuant to a cash management agreement
between NMAC and such Dealer, deposit funds for the purpose of reducing the
balance on which interest accrues under the Floorplan Financing Agreement
between NMAC and such Dealer.

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                  "Cash Management Account Balance" means, at any time, the
aggregate of all amounts on deposit in the Cash Management Account pursuant to
the applicable cash management agreement between NMAC and a Dealer.

                  "Certificate" means the Transferor's uncertificated interest
in the Transferor Interest; provided, however, if the Transferor elects to
evidence its interest in the Transferor Interest in certificated form pursuant
to Section 3.06 of the Trust Agreement, the certificates will be executed by the
Transferor and authenticated by or on behalf of the Owner Trustee, substantially
in the form of Exhibit A to the Trust Agreement.

                  "Certificate of Incorporation" means the Certificate of
Incorporation of NWRC II as filed with the Secretary of State of the State of
Delaware on April 29, 2003.

                  "Certificate Supplement" means a supplement to the Trust
Agreement specifying the terms of any Supplemental Certificate.

                  "Certificateholder" or "Holder" means, with respect to the
Transferor Interest, a Person in whose name the Certificates are registered or a
Person in whose name ownership of the uncertificated interest in the Transferor
Interest is recorded in the books and records of the Owner Trustee.

                  "Class" means, with respect to any Series, any one of the
classes of Notes of such Series.

                  "Clearing Agency" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Exchange Act and serving as
clearing agency for a Series or Class of Book-Entry Notes.

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

                  "Clearstream Banking Luxembourg" means Clearstream Banking,
societe anonyme.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Collateral" means:

                  (a)      the Receivables transferred to the Issuer pursuant to
the Transfer and Servicing Agreement, including all Related Security with
respect thereto and all monies, instruments, investment property and other
property distributed or distributable in respect of such Receivables (including
all amounts on deposit in the Cash Management Account as applied to reduce the
principal amount of any Receivable) (together with all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof);

                  (b)      all Eligible Investments and all monies, instruments,
securities, security entitlements, documents, certificates of deposit and other
property from time to time on deposit

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in or credited to the Collection Account, the Series Accounts and the Excess
Funding Account and in all interest, proceeds, earnings, income, revenue,
dividends and other distributions thereof (including any accrued discount
realized on liquidation of any investment purchased at a discount);

                  (c)      all rights, remedies, powers, privileges and claims
of the Issuer under or with respect to the Transfer and Servicing Agreement, the
Receivables Purchase Agreement and each Repurchase Agreement (whether arising
pursuant to the terms of such agreements or otherwise available to the Issuer at
law or in equity), including the rights of the Issuer to enforce the Transfer
and Servicing Agreement, the Receivables Purchase Agreement and each Repurchase
Agreement and to give or withhold any and all consents, requests, notices,
directions, approvals, extensions or waivers under or with respect to the
Transfer and Servicing Agreement, the Receivables Purchase Agreement and each
Repurchase Agreement; and

                  (d)      all present and future claims, demands, causes of
action and choses in action regarding any of the foregoing and all payments on
any of the foregoing and all proceeds of any nature whatsoever regarding any of
the foregoing, including all proceeds of the voluntary or involuntary conversion
thereof into cash or other liquid property and all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, general
intangibles, goods, checks, deposit accounts, money, instruments, investment
property, insurance proceeds, condemnation awards, rights to payment of any kind
and other forms of obligations and receivables, instruments and other property
that at any time constitute any part of or are included in the proceeds of any
of the foregoing.

                  "Collection Account" means a Qualified Account established by
the Issuer and maintained in the name of the Indenture Trustee and held by the
Indenture Trustee for the benefit of the Noteholders of all Series issued by the
Issuer and any Series Enhancer for such Series as set forth in the Indenture and
any related Indenture Supplements.

                  "Collection Period" means, for any Payment Date, the calendar
month preceding the month in which that Payment Date occurs.

                  "Collections" means, without duplication, all payments
received by the Servicer in respect of the Receivables in the form of cash,
checks, wire transfers or any other form of payment.

                  "Commission" means the Securities and Exchange Commission and
its successors.

                  "Common Collateral" means collateral in which NMAC (either
directly, or as assignee of the originator of the Account) has been granted a
security interest under a Nonfloorplan Agreement in the same collateral in which
the Floorplan Financing Agreement for such Dealer creates a security interest.

                  "Common Vehicle Collateral" means any Vehicle, accounts,
chattel paper, promissory notes, money and other proceeds (including insurance
proceeds) thereof, security deposits and other restricted or cash management
account balances in connection with the related Floorplan Financing Agreement,
such Dealer's rights under the related Sales and Service

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Agreement and personal guarantees, in which NMAC (either directly, or as
assignee of the originator of the Account) has been granted a security interest
under both a Nonfloorplan Agreement and under a Floorplan Financing Agreement.

                  "Common Non-Vehicle Collateral" means Common Collateral other
than related Common Vehicle Collateral.

                  "Controlled Amortization Period" means the period during which
principal is paid in fixed amounts at scheduled intervals for a Series or Class.
The Controlled Amortization Period for any Series or Class starts on the date
specified in the related Indenture Supplement and ends on the earlier of:

                  (i)      the last day of the Collection Period preceding the
         Payment Date on which the Notes of that Series or Class are expected to
         be paid in full; and

                  (ii)     the close of business on the day immediately
         preceding the date on which an Early Amortization Period for that
         Series or Class begins.

                  "Controlled Deposit Amount" means, for any Series of Notes, an
amount stated in the related Indenture Supplement.

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee, 4 New York Plaza, 6th Floor, New York, NY 10004, at which at
any particular time its corporate trust business will be administered.

                  "Coupon" means the interest coupons and special coupon
attached to a Bearer Note.

                  "Cut-Off Date" means June 30, 2003.

                  "Date of Processing" means, with respect to any transaction,
the date on which such transaction is first recorded on the Servicer's computer
file of accounts (without regard to the effective date of such recordation).

                  "Dealer" means a Person engaged generally in the business of
purchasing Vehicles from a manufacturer or distributor thereof and holding such
Vehicles for sale or lease in the ordinary course of business.

                  "Dealer Overconcentrations" has, for any Series, the meaning
specified in the related Indenture Supplement

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

                  "Defaulted Amount" means, for any day in a Collection Period,
an amount (not less than zero) equal to:

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                  (i)      the principal amount of Receivables (net of any
amounts on deposit in the Cash Management Account with respect to such
Receivables) owned by the Issuer that became Defaulted Receivables on such day;
minus

                  (ii)     the principal amount of the Defaulted Receivables
which are subject to reassignment to the Transferor in accordance with the terms
of the Transfer and Servicing Agreement (except that this amount will be zero if
an Insolvency Event has occurred with respect to the Transferor); minus

                  (iii)    the principal amount of the Defaulted Receivables
that are to be purchased by the Servicer in accordance with the Transfer and
Servicing Agreement (except that this amount will be zero if an Insolvency
Amount has occurred with respect to the Servicer).

                  "Defaulted Receivable" means each Receivable that on any day
in a Collection Period has been charged off as uncollectible on that date in
accordance with the Floorplan Financing Guidelines.

                  "Defeasance" means, with respect to any Series or all
outstanding Series, the Transferor and the Issuer have satisfied the conditions
set forth in Section 11.04(c) of the Indenture and thereby have, with respect to
such Series or all outstanding Series, been discharged from their respective
obligations under the Indenture.

                  "Defeased Series" means any Series of Notes defeased pursuant
to Section 11.04(a) of the Indenture.

                  "Definitive Notes" means Notes issued in fully registered,
certificated form.

                  "Deliver," "Delivered" or "Delivery" means, with respect to
any Eligible Investment, when the steps applicable to such item as specified
below are completed:

                  (a)      if such item is an instrument, delivering such
instrument to the Indenture Trustee endorsed to the Indenture Trustee or in
blank;

                  (b)      if such item is a certificated security, by
delivering such certificated security to the Indenture Trustee in bearer form or
in registered form issued to the Indenture Trustee or endorsed to the Indenture
Trustee or endorsed in blank;

                  (c)      if such item is a security entitlement other than a
United States Security Entitlement, by causing a securities intermediary to
indicate by book entry that such security entitlement has been credited to a
securities account of the Indenture Trustee with such securities intermediary;

                  (d)      if such item is a United States Security Entitlement,
by causing a securities intermediary to indicate by book entry that such United
States Security Entitlement has been credited to a securities account of the
Indenture Trustee with such securities intermediary; and

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                  (e)      if such item is a securities account, by causing the
securities intermediary to indicate by book entry that all security entitlements
carried in the securities account have been credited to such securities account.

                  "Determination Date" means, for any Payment Date, the day that
is two business days before that Payment Date and is the date on which payments
to the Noteholders are determined.

                  "Dollars," "$"or "U.S.$" means United States dollars.

                  "DTC" means The Depository Trust Company and its successors.

                  "Early Amortization Event" for any Series means any of the
events defined as such in the related Indenture Supplement, as well as each of
the following events:

                  (1)      the failure of the Transferor to transfer to the
Issuer Receivables arising in connection with additional designated Accounts
within ten Business Days of when required under the Transfer and Servicing
Agreement;

                  (2)      the occurrence of events of bankruptcy, insolvency or
receivership relating to the Issuer, the Transferor, NNA, NML or NMAC; and

                  (3)      the Issuer or the Transferor becomes an investment
company within the meaning of the Investment Company Act of 1940.

                  "Early Amortization Period" means the period during which
principal is paid in varying amounts each month based primarily on the amount of
Principal Receivables collected and allocable to Noteholders following an Early
Amortization Event. The Early Amortization Period for a Series or Class begins
on the day on which an Early Amortization Event occurs and ends on the earliest
of:

                  (1)      the last day of the Collection Period preceding the
Payment Date on which the Outstanding Principal Amount of the Notes of that
Series or Class will be paid in full;

                  (2)      if this Early Amortization Period has commenced
before the commencement of the Accumulation Period, the day on which, under the
limited circumstances described in the related Indenture Supplement, the
Revolving Period recommences; and

                  (3)      the Trust Termination Date.

                  "Eligible Account" means a floorplan financing account
established by NMAC pursuant to a Floorplan Financing Agreement that, as of the
date on which eligibility is determined:

                  (1)      is in existence and maintained and serviced by NMAC;

                  (2)      is in favor of a Dealer franchised by NNA or other
Manufacturer to sell New Vehicles;

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                  (3)      has been underwritten and audited by NMAC in
accordance with its Floorplan Financing Guidelines and meets all the
requirements of such guidelines;

                  (4)      is covered by insurance in the manner required by the
Floorplan Financing Guidelines;

                  (5)      is in favor of a Dealer whose principal showroom is
located in the United States of America and in the geographical regions
specified in the applicable Sales and Service Agreement;

                  (6)      is in favor of a Dealer in which NNA or any of its
affiliates does not have an equity investment equal to or exceeding 5% as
determined by the Servicer on a quarterly basis;

                  (7)      is in favor of a Dealer that has not been classified
by the Servicer as in "Status" (or other comparable classification) for any
reason at any time within the previous two years under the Floorplan Financing
Agreement or under any other lender floorplan program; and

                  (8)      is an account as to which no material amounts have
been charged off as uncollectible at any time within the previous two years.

                  "Eligible Institution" means:

                  (1)      (a) a depository institution, which may include the
Owner Trustee or the Indenture Trustee; (b) a Person organized under the laws of
the United States or any one of the states of the United States, including the
District of Columbia, or any domestic branch of a foreign bank; and (c) which at
all times is a member of the FDIC and has either a long-term unsecured debt
rating or a certificate of deposit rating acceptable to each Rating Agency
designated by the Transferor to rate a Series or Class of Notes; or

                  (2)      any other institution acceptable to each Rating
Agency designated by the Transferor to rate a Series or Class of Notes.

                  "Eligible Investments" means securities, instruments, security
entitlements or other investment property which evidence:

                  (1)      direct obligations of, or obligations fully
guaranteed as to timely payment by, the United States of America;

                  (2)      demand deposits, time deposits or certificates of
deposit, having original maturities of no more than 365 days, of depository
institutions or trust companies incorporated under the laws of the United States
of America or any state of the United States of America, including the District
of Columbia, or domestic branches of foreign banks, and subject to supervision
and examination of federal or state banking or depository institution
authorities; provided that at the time of the Issuer's investment or contractual
commitment to invest, the short-term debt rating of that depository institution
or trust company will be in the highest rating category of Standard & Poor's and
Moody's, and to the extent the related Series is rated by Fitch

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and such depository institution or trust company's short-term debt is rated by
Fitch, the highest rating category of Fitch;

                  (3)      commercial paper, having original or remaining
maturities of no more than 30 days, having, at the time of the Issuer's
investment or contractual commitment to invest, a rating in the highest rating
category of Standard & Poor's and Moody's, and to the extent the related Series
is rated by Fitch and such commercial paper is rated by Fitch, the highest
rating category of Fitch;

                  (4)      demand deposits, time deposits and certificates of
deposit which are fully insured by the Federal Deposit Insurance Corporation
having, at the time of the Issuer's investment, a rating in the highest rating
category of Standard & Poor's and Moody's, and to the extent the related Series
is rated by Fitch and such deposits are rated by Fitch, the highest rating
category of Fitch;

                  (5)      bankers' acceptances, having original maturities of
no more than 365 days, issued by any depository institution or trust company
referred to in clause (2) above;

                  (6)      money market funds having, at the time of the
Issuer's investment, a rating in the highest rating category of Standard &
Poor's and Moody's, and to the extent the related Series is rated by Fitch and
such funds are rated by Fitch, the highest rating category of Fitch, including
funds for which the Indenture Trustee or any of its affiliates is investment
manager or advisor;

                  (7)      time deposits, having maturities not later than the
next Payment Date, other than those referred to in clause (4) above, with a
Person whose commercial paper has a credit rating satisfactory to Standard &
Poor's and Moody's, and to the extent the related Series is rated by Fitch and
such commercial paper is rated by Fitch, a credit rating satisfactory to Fitch;
or

                  (8)      any other investment upon receipt of written
confirmation from each Rating Agency that the additional form of investment will
not result in a reduction or withdrawal of its rating of any outstanding Series
or Class.

                  "Eligible Receivable" means a Receivable that:

                  (1)      was originated by NMAC or acquired by NMAC from one
of its affiliates in the ordinary course of business (and if acquired by NMAC
from a third party, the Rating Agency Condition has been satisfied);

                  (2)      is secured by a perfected first priority interest in
the related floorplan financed Vehicle;

                  (3)      is the subject of a valid transfer and assignment
from the Transferor to the Issuer of all the Transferor's rights and interest in
the Receivable, including:

                  (a)      all Related Security;

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                  (b)      all related proceeds;

                  (4)      is created in compliance with all requirements of
applicable law and pursuant to the Floorplan Financing Agreement;

                  (5)      as to which NNA, NMAC and the Transferor, as
applicable, have obtained all material consents and governmental authorizations
required to be obtained by them in connection with:

                  (a)      the creation of the Receivable, the transfer of the
Receivables to the Issuer and the pledge of the Receivable to the Indenture
Trustee; and

                  (b)      if applicable, NNA's performance of the related Sales
and Service Agreement, NNA's performance of the related Repurchase Agreement
and/or NMAC's performance of the related Floorplan Financing Agreement;

                  (6)      as to which the Issuer will at all times have good
and marketable title to the Receivable, free and clear of all liens arising
before the Transfer or arising at any time, other than liens permitted under the
Transfer and Servicing Agreement;

                  (7)      if it relates to a New Vehicle, is covered by a
Repurchase Agreement or other similar agreement from the related Vehicle
Manufacturers;

                  (8)      will at all times be the legal and assignable payment
obligation of the related Dealer, enforceable against the Dealer in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy
or other similar laws;

                  (9)      is not subject to any right of rescission, setoff or
any other defense of the related Dealer, including defenses arising out of
violations of usury laws;

                  (10)     as to which NNA, NMAC and the Transferor, as
applicable, have satisfied in all material respects all of their obligations
relating to each Receivable required to be satisfied by them;

                  (11)     as to which none of NNA, NMAC or the Transferor, as
applicable, has taken or failed to take any action which would impair the rights
of the Issuer or the Noteholders in the Receivable;

                  (12)     when added to the aggregate principal balance of
Receivables arising in the same state, will not result in the aggregate
principal balance of Receivables arising in such state exceeding 30% of the
aggregate principal balance of Receivables as of the date of transfer (after
giving effect thereto);

                  (13)     if generated from a Dealer rated "C" according to the
Floorplan Financing Guidelines, when added to the aggregate principal balance of
Receivables generated among Dealers rated "C" according to the Floorplan
Financing Guidelines, will not result in the aggregate principal balance of
Receivables generated among such Dealers exceeding 40% of the

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aggregate principal balance of Receivables as of the date of transfer (after
giving effect thereto); and

                  (14)     constitutes either an "account" or "chattel paper,"
each as defined in Article 9 of the Uniform Commercial Code as in effect in the
applicable jurisdiction

                  "Eligible Servicer" means either the Indenture Trustee or such
other Person that, at the time of such other Person's appointment as Servicer,
(a) is legally qualified and has the capacity to service the Receivables and the
related Accounts, (b) in the sole determination of the Indenture Trustee, which
determination will be conclusive and binding, has demonstrated the ability to
professionally and competently service receivables arising in connection with
similar accounts in accordance with high standards of skill and care, (c) is
qualified to use the software that is then currently being used to service the
Accounts or obtains the right to use or has its own software that is adequate to
perform its duties under the Transaction Documents and (d) has a net worth of
not less than $100,000,000 and is a Person whose regular business includes the
servicing of wholesale receivables that satisfies the requirements set forth in
the Transfer and Servicing Agreement.

                  "Euroclear Operator" means Euroclear Bank, S.A./N.V., as
operator of the Euroclear System or its successor as operator of such system or
any system that is a successor to such system.

                  "Event of Default" for any Series of Notes, means any of the
following as well as any other Events of Default described in the related
Indenture Supplement:

                  (1)      the Issuer fails to pay principal when it becomes due
and payable on the Final Maturity Date for those Notes;

                  (2)      the Issuer fails to pay interest on those Notes when
it becomes due and payable and the default continues, or is not cured, for a
period of five days;

                  (3)      the bankruptcy, insolvency, conservatorship,
receivership, liquidation or similar events relating to the Issuer or
Transferor; and

                  (4)      the Issuer fails to observe or perform covenants or
agreements made in the Indenture and the failure continues, or is not cured, for
45 days after notice to the Issuer by the Indenture Trustee or to the Issuer and
the Indenture Trustee by Noteholders representing 50% or more of the Outstanding
Principal Amount of the affected Series.

                  "Excess Funding Account" means a Qualified Account established
by the Issuer and maintained in the name of the Indenture Trustee by the
Indenture Trustee and held for the benefit of the Noteholders of all Series
issued by the Issuer and any Series Enhancer for such Series as set forth in the
Indenture and any related Indenture Supplements.

                  "Excess Interest Amounts" means, with respect to any Series
and any Collection Period, the amount, if any, of Series Investor Available
Interest Amounts for such Series remaining after all other required payments or
applications thereof have been made (or allocated to be made) on the related
Payment Date as stated in the Indenture Supplement for that Series.

                                       12

<PAGE>

                  "Excess Interest Sharing Group" means one or more Series of
Notes from which, or to which, Excess Interest Amounts may be allocated to cover
shortfalls in payments or deposits of the other Series in such group.

                  "Excess Principal Amounts" means, with respect to any Series
and any Collection Period, the amount, if any, of Series Investor Available
Principal Amounts for such Series remaining after all other required payments or
applications thereof have been made (or allocated to be made) on the related
Payment Date as stated in the Indenture Supplement for that Series.

                  "Excess Principal Sharing Group" means one or more Series of
Notes from which, or to which, Excess Principal Amounts may be allocated to
cover shortfalls in payments or deposits of the other Series in such group.

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

                  "Expected Final Payment Date" means, for any Series, the date
specified in the related Indenture Supplement.

                  "FDIC" means the Federal Deposit Insurance Corporation and its
successors.

                  "Final Maturity Date" means, for any Series, the date
specified in the related Indenture Supplement.

                  "Fitch" means Fitch Inc.

                  "Fleet Purchase" means the sale of any Vehicle to and creation
of a corresponding Receivable payable by any Dealer designated by the Seller as
a "fleet dealer" in accordance with its customary and usual procedures for
identifying Dealers as "fleet dealers."

                  "Floating Allocation Percentage" means, with respect to any
Series and any day in a Collection Period, the percentage equivalent of a
fraction, the numerator of which is the Series Nominal Liquidation Amount of
such Series on such day and the denominator of which is the product of (a) the
Series Allocation Percentage on such day and (b) the Pool Balance on the last
day of the preceding Collection Period. Notwithstanding the foregoing, on any
day in a Collection Period in which there is an Early Amortization Event, or
during the Accumulation Period or any amortization period with respect to a
Series, the Series Nominal Liquidation Amount of such Series shall be as of the
last day of the preceding Collection Period.

                  "Floorplan Financing Agreement" means, collectively, the group
of related agreements between and among the Seller (either as the originator of
a floorplan financing account or by virtue of an assignment and assumption by
the Seller from the applicable originator of such account), the Dealer with
respect thereto and, in the case of New Vehicles, a Manufacturer, pursuant to
which (a) the Seller agrees to extend credit to such Dealer to finance its
purchase of New Vehicles, Pre-Owned Vehicles and/or Used Vehicles, (b) the
Seller has a security interest in the specific vehicles so financed by the
Seller, certain other vehicles, and a subordinated security interest in other
collateral and the proceeds thereof, (c) such Dealer agrees to repay advances
made by the Seller at the time of sale or lease of such financed vehicle, or
pursuant to a payment schedule if such vehicle is not sold or leased before the
first payment is

                                       13

<PAGE>

due pursuant to such schedule, and (d) the obligations of such Dealer to repay
such advances is evidenced by one or more promissory notes of such Dealer.

                  "Floorplan Financing Guidelines" means the written policies
and procedures of NMAC, as such policies and procedures may be amended from time
to time, (a) relating to the operation of its floorplan financing business,
including the written policies and procedures for determining (i) the maximum
amount leant to and interest rate charged to Dealers for such financing, (ii)
the other terms and conditions relating to NMAC's floorplan financing accounts,
(iii) the creditworthiness of Dealers and (iv) the continued extension of credit
to Dealers, (b) relating to the maintenance of accounts and collection of
receivables and (c) relating to the Cash Management Account maintained by NMAC
on behalf of Dealers.

                  "Foreclosure Remedy" means an Event of Default has occurred
and is continuing and the Indenture Trustee has initiated foreclosure
proceedings in accordance with Sections 5.05(a)(iii), (iv) or (v) of the
Indenture.

                  "Foreign Clearing Agency" means either Clearstream Banking
Luxembourg or the Euroclear Operator.

                  "Global Note" means, for any Series, Notes which may be issued
in the form of a single temporary global note, without interest coupons, in the
denomination of the Initial Invested Amount.

                  "Governmental Authority" means the United States of America,
any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

                  "Grant" means to mortgage, pledge, bargain, warrant, alienate,
remise, release, convey, assign, transfer, create, and grant a Lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to the Indenture. A Grant of the Collateral or of any other agreement
or instrument includes all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other monies payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the Granting party or otherwise and generally to do
and receive anything that the Granting party is or may be entitled to do or
receive thereunder or with respect thereto.

                  "IFS" means Infiniti Financial Services.

                  "Incremental Overcollateralization Amount" means, for any
Series (a) on any Payment Date, the product obtained by multiplying (i) a
fraction, the numerator of which is the Invested Amount of such Series on such
Payment Date before giving effect to distributions on such date, and the
denominator of which is the Pool Balance on the last day of the preceding
Collection Period by (ii) the sum of the Dealer Overconcentrations and the
aggregate amount of Ineligible Receivables on that Payment Date, in each case,
that are not Defaulted Receivables or

                                       14

<PAGE>

subject to reassignment from the Issuer, or (b) such other amount as set forth
in the related Indenture Supplement.

                  "Indenture" means the Indenture, dated as of July 24, 2003,
between the Issuer and the Indenture Trustee, as amended and restated as of
October 15, 2003, and as the same may be further amended, supplemented or
otherwise modified from time to time.

                  "Indenture Supplement" means a supplement to the Indenture
entered into by the Issuer and the Indenture Trustee, generally in connection
with the issuance of a specified Series of Notes.

                  "Indenture Trustee" means JPMorgan Chase Bank, a New York
banking corporation, in its capacity as indenture trustee under the Indenture,
together with its successors and assigns in such capacity.

                  "Independent" means, when used with respect to any specified
Person, that the Person (a) is in fact independent of the Issuer, any other
obligor upon the Notes, the Transferor and any Affiliate of any of the foregoing
Persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the
Transferor or any Affiliate of any of the foregoing Persons and (c) is not
connected with the Issuer, any such other obligor, the Transferor or any
Affiliate of any of the foregoing Persons as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.

                  "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of the Indenture, made by
an Independent appraiser or other expert appointed by an Issuer Order, and which
states that the signer has read the definition of "Independent" in the Indenture
and that the signer is Independent within the meaning thereof.

                  "Indirect Participant" means other Persons such as securities
brokers and dealers, banks and trust companies that clear or maintain a
custodial relationship with a participant of DTC, either directly or indirectly.

                  "Ineligible Account" means a floorplan financing account
established by NMAC for the benefit of a Dealer under a Floorplan Financing
Agreement that, as of the date on which eligibility is determined, fails to
satisfy one or more of the required eligibility criteria as set forth in the
definition of "Eligible Account."

                  "Ineligible Receivable" means a Receivable that does not
satisfy the eligibility criteria specified in the definition of "Eligible
Receivable."

                  "Initial Account" means an Eligible Account that is identified
in the Initial Account Schedule.

                  "Initial Account Schedule" means a computer file or written
list of any Initial Accounts specifying the identity of any Initial Accounts and
the Principal Receivables arising in connection therewith as of the Cut-Off
Date.

                                       15

<PAGE>

                  "Initial Invested Amount" has the meaning set forth in the
related Indenture Supplement.

                  "Insolvency Event" means, with respect to a specified Person:

                  (a)      (i) the entry of a decree or order for relief by a
court having jurisdiction in the premises against such Person or any substantial
part of its property in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, (ii) the appointment
of a conservator, receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for all or any substantial
part of its property or (iii) the ordering of the winding-up or liquidation of
such Person's business, if the decree or order remains unstayed and in effect
for a period of 60 consecutive days;

                  (b)      the commencement by such Person of a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by such Person to the entry of an order for
relief in an involuntary case under any such law, or the consent by such Person
to the appointment of or taking possession by a conservator, receiver,
liquidator, assignee for the benefit of creditors, custodian, trustee,
sequestrator or similar official for such Person or for all or any substantial
part of its property, or the making by the Person of any general assignment for
the benefit of creditors; or (c) the failure by such Person generally to pay its
debts as they become due or the admission by it in writing (as to which
admission the Owner Trustee or the Indenture Trustee has written notice) of its
inability to pay its debts generally as they become due.

                  "Insurance Proceeds" means, with respect to an Account, any
amounts received by the Servicer pursuant to any policy of insurance that are
required to be paid to NMAC pursuant to the related Floorplan Financing
Agreement.

                  "Intercreditor Agreement" means each intercreditor agreement
between NMAC and other creditors or lenders with respect to financing
arrangements of certain Dealers.

                  "Interest Collections" means, with respect to any day in a
Collection Period, the sum of the following amounts:

                  (1)      all collections of Interest Receivables owned by the
Issuer;

                  (2)      the interest portion of any Reassignment Amount or
Purchase Price of Receivables reassigned to the Transferor or purchased by the
Servicer; and

                  (3)      all amounts received, including any Insurance
Proceeds, by the Transferor or the Servicer with respect to Defaulted
Receivables (including all recoveries).

                  "Interest Period" means, with respect to any Payment Date, the
period from and including the preceding Payment Date to but excluding that
Payment Date, or, in the case of the first Payment Date for any Series, from and
including a Series Issuance Date to but excluding the first Payment Date.

                                       16

<PAGE>

                  "Interest Receivable" means, in connection with an Account,
all amounts billed and payable by the related Dealer as Receivables in such
Account pursuant to the related Floorplan Financing Agreement in respect of
interest.

                  "Interest Shortfalls" means with respect to any Series and
Payment Date, the excess, if any, of (a) the full amount required to be paid by
Series Investor Available Interest Amounts for such Series pursuant to the
related Indenture Supplement on such Payment Date over (b) the Series Investor
Available Interest Amounts for such Series for such Payment Date.

                  "Invested Amount" means, for any Series as of any day in a
Collection Period, an amount equal to:

                  (1)      the initial Invested Amount of the Notes of that
Series; plus

                  (2)      any increase in the principal balance of the Notes of
that Series as and to the extent provided in the related Indenture Supplement;
minus

                  (3)      the amount of principal previously paid to the
Noteholders of that Series; minus

                  (4)      the cumulative amount of unreimbursed Investor
Charge-Offs for that series as of the Payment Date on or preceding such day, but
only after the Overcollateralization Amount for that Series has been reduced to
zero.

                  If so specified in the Indenture Supplement relating to any
Series, under limited circumstances the Invested Amount may be further adjusted
by funds on deposit in any specified account and any other amounts specified in
the related Indenture Supplement.

                  "Investment Company Act" means the Investment Company Act of
1940, as amended.

                  "Investor Charge-Offs" means, for any Series, the excess of
the Series Investor Defaulted Amounts for that Series over the amount available
to reimburse such Series Investor Defaulted Amounts as specified in the related
Indenture Supplement.

                  "Invoice Amount" means the total amount payable by a Dealer to
the Seller for a Vehicle as set forth on the Vehicle invoice issued by NNA.

                  "IRS" means the Internal Revenue Service.

                  "Issuer" means Nissan Master Owner Trust Receivables, a
Delaware statutory trust.

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

                                       17

<PAGE>

                  "Lien" means any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), preference, participation interest, priority or other security agreement
or preferential arrangement of any kind or nature whatsoever, including any
conditional sale or other title retention agreement and any financing lease
having substantially the same economic effect as any of the foregoing.

                  "Manufacturer" means, with respect to any Receivable, the
manufacturer or distributor of the Vehicle related to such Receivable.

                  "Monthly Interest" with respect to any Series, has the meaning
set forth in the related Indenture Supplement.

                  "Monthly Servicing Fee" has, with respect to any Series, the
meaning set forth in the related Indenture Supplement.

                  "Moody's" means Moody's Investors Service.

                  "New Issuance" means a new Series of Notes issued pursuant to
one or more Indenture Supplements.

                  "New Vehicles" consist of new Nissan and Infiniti Vehicles
distributed by NNA and satisfying the criteria set forth in the applicable
Repurchase Agreement or new non-Nissan Vehicles purchased from other
Manufacturers, funded under Nissan financing arrangements and satisfying
substantially the same criteria.

                  "NMAC" means Nissan Motor Acceptance Corporation.

                  "NML" means Nissan Motor Co., Ltd.

                  "NNA" means Nissan North America, Inc.

                  "Nonfloorplan Agreement" means an agreement, other than a
Floorplan Financing Agreement, pursuant to which the Seller (either directly, or
as assignee of the originator of the Account) has been granted a security
interest in the same Collateral in which the Floorplan Financing Agreement for
such Dealer creates a security interest.

                  "Notes" means any Series or Class of Nissan Master Owner Trust
Receivables, Series Notes issued by the Issuer pursuant to the terms of the
Indenture and any related Indenture Supplement.

                  "Note Interest Rate" means, as of any date of determination
and with respect to any Series or Class, the interest rate as of such date
specified therefor in the related Indenture Supplement.

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

                                       18

<PAGE>

                  "Note Register" means a register to be kept in which the
Issuer will provide for the registration of Notes and the registration of
transfers and exchanges of Notes.

                  "Noteholder" or "Holder" " means the holder of record or
beneficial owner (as the context indicates) of any Note issued by the Issuer.

                  "Noteholders' Collateral" means the right to receive, to the
extent necessary to make the required payments with respect to the Notes of all
Series at the times and in the amounts specified in the related Indenture
Supplements (i) the portion of Collections allocable to and pledged for the
benefit of the Noteholders of all Series pursuant to this Indenture and the
related Indenture Supplements and (ii) funds and other property credited to the
Collection Account and the Excess Funding Account (or any subaccounts thereof)
allocable to and pledged for the benefit of the Noteholders of all Series
pursuant to the Indenture and the related Indenture Supplements. Each Series may
also have a Grant in funds and other property credited to any related Series
Account and funds available pursuant to any related Series Enhancement as
specified in the related Indenture Supplement.

                  "Notice Date" means on or before the second Business Day, but
not more than the 30th day before the related Addition Date, on which an
Addition Notice is provided.

                  "NWRC II" means Nissan Wholesale Receivables Corporation II, a
Delaware corporation, and its successors.

                  "Officer's Certificate" means, unless otherwise specified in
the Indenture, a certificate delivered to the Indenture Trustee signed by any
Authorized Officer of the Issuer, the Transferor or the Servicer, as applicable,
under the circumstances described in, and otherwise complying with, the
applicable requirements of the Indenture.

                  "Opinion of Counsel" means a written opinion of counsel, who
may (unless otherwise specified in any applicable Transaction Document) be
counsel for, or an employee of, the Person providing the opinion and who is
reasonably acceptable to the Indenture Trustee.

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

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

                  (b)      Notes or portions thereof the payment for which money
in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes; provided,
however, that if such Notes are to be redeemed, notice of such redemption has
been duly given pursuant to the Indenture or provision therefor, satisfactory to
the Indenture Trustee, has been made;

                  (c)      Notes theretofore deemed to be satisfied and
discharged pursuant to Section 4.01 or 11.04 of the Indenture; and

                                       19

<PAGE>

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

provided, however, that in determining whether the Holders of the requisite
Outstanding Principal Amount have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Notes owned as of such date by
the Issuer, any other obligor upon the Notes, the Transferor, the Servicer or
any Affiliate of any of the foregoing Persons will be disregarded and deemed not
to be Outstanding, except that, in determining whether the Indenture Trustee
will be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes that a Responsible Officer of
the Indenture Trustee actually knows to be so owned will be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Transferor, the
Servicer or any Affiliate of any of the foregoing Persons. In making any such
determination, the Indenture Trustee may rely on the representations of the
pledgee and is not required to undertake any independent investigation.

                  "Outstanding Principal Amount" means, as of any date of
determination, the aggregate principal amount of all relevant Notes Outstanding
as of such date.

                  "Overcollateralization Amount" has, for any Series, the
meaning specified in the related Indenture Supplement.

                  "Owner Trustee" means Wilmington Trust Company, a Delaware
banking corporation, in its capacity as owner trustee under the Trust Agreement,
together with its successors and assigns in such capacity.

                  "Paying Agent" means the Indenture Trustee, acting as the
initial paying agent, together with any successor to the Indenture Trustee
acting in that capacity, and any Person specified in an Indenture Supplement or
appointed by the Indenture Trustee to act in that capacity for the related
Series.

                  "Payment Date" means the 15th day of each month (or if that
15th day is not a Business Day, the next following Business Day) or such other
date as specified in the related Indenture Supplement, commencing on the date
specified in the related Indenture Supplement.

                  "Payment Date Statement" means, with respect to any Series, a
report prepared by the Servicer and forwarded to the Paying Agent for
distribution to the Noteholders on each Payment Date in substantially the form
set forth in the related Indenture Supplement.

                  "Permitted Assignee" means any Person who, if it purchases
Trust Assets (or interests therein) in connection with a sale thereof pursuant
to Section 5.05 of the Indenture, will not cause the Issuer to be taxable as a
publicly traded partnership for United States federal income tax purposes.

                  "Permitted Liens" means (a) any Lien on the Trust Assets that
is subordinate in priority to the Lien on the Trust Assets in favor of the
Issuer, (b) any first-priority Lien held by

                                       20

<PAGE>

NMAC, NNA or NML on the Trust Assets comprising any parts inventory, equipment,
fixtures, service accounts, realty or personal guarantees with respect to any
Dealer and (c) any Lien on the Trust Assets in favor of a third party who is a
party to an Intercreditor Agreement pursuant to which such third party
subordinates its security interest in any Vehicles related to the Receivables.

                  "Person" means any legal person, including any individual,
corporation, partnership, association, joint-stock company, limited liability
company, trust, unincorporated organization, governmental entity or other entity
of similar nature.

                  "Pool Balance" means, on any day, the total principal balance
of the Issuer's Principal Receivables on that date, net of the Cash Management
Account Balance on such day.

                  "Pre-Owned Vehicles" consist of previously owned Nissan or
Infiniti Vehicles, purchased at a closed auction conducted by NMAC, IFS or any
of their affiliated companies or authorized agents, or from a non-Nissan
sponsored auction and which Nissan or Infiniti Vehicles are current model year
miled Vehicles, or model years within five years of such current model year.

                  "Principal Collections" means, with respect to any day in a
Collection Period, without duplication, the sum of the following amounts:

                  (1)      all collections of Principal Receivables owned by the
Issuer (excluding, in all cases, all amounts recovered on Defaulted
Receivables);

                  (2)      any cash proceeds transferred by NMAC to the
Transferor and by the Transferor to the Issuer arising in connection with the
exercise by NMAC of its right to set-off against a Dealer's principal balance of
Receivables under the cash management agreement, between NMAC and such Dealer;

                  (3)      all other amounts paid by NMAC to the Transferor and
by the Transferor to the Issuer arising in connection with the application of
amounts credited to the Cash Management Account to reduce a Dealer's principal
balance of Receivables;

                  (4)      the principal portion of the Reassignment Amount or
Purchase Price of Receivables reassigned to the Transferor or purchased by the
Servicer;

                  (5)      all amounts paid by NMAC to the Transferor and by the
Transferor to the Issuer resulting from reductions in the principal amount of
Receivables due to Dealer rebates, billing errors, returned merchandise and
certain other similar noncash items and other repurchase obligations; and

                  (6)      all amounts paid by NMAC to the Transferor and by the
Transferor to the Issuer in connection with Dealer terminations.

                  "Principal Receivables" means, in connection with an Account
designated for the Issuer, all amounts billed and payable by the related Dealer
under the Receivables in that Account pursuant to the related Floorplan
Financing Agreement with NMAC in respect of

                                       21

<PAGE>

principal. Principal Receivables shall be reduced by, among other things,
rebates to Dealers, billing errors, returned merchandise and certain other
non-cash items.

                  "Principal Shortfalls" means any principal distributions to
Noteholders of any Series of Notes which are either scheduled or permitted and
which have not been covered out of Principal Collections and certain other
amounts allocated to the Series as specified in the related Indenture
Supplement.

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

                  "Purchase Price" means, with respect to any Receivable for any
date on which such Receivable is to be purchased pursuant to Section 3.03(c) of
the Transfer and Servicing Agreement, an amount equal to the sum of (a) the
amount payable by the Dealer in respect thereof as reflected in the records of
the Servicer as of the date of purchase and (b) without duplication, if
applicable, all accrued and unbilled interest from the last date in respect of
which interest on such Receivable was billed by the Servicer, at a per annum
rate equal to the rate being charged to the Dealer under the related Floorplan
Financing Agreement.

                  "Qualified Account" means either a segregated trust account
established and maintained with the corporate trust department of a Securities
Intermediary or a segregated account with a Securities Intermediary that is an
Eligible Institution.

                  "Rating Agency" means any rating agency set forth in the
related Indenture Supplement as having rated any Notes at the request of the
Transferor.

                  "Rating Agency Condition" means, with respect to any action,
that (i) each Rating Agency has received notice of such action within ten (10)
days of such action and no Rating Agency has informed the Indenture Trustee and
the Owner Trustee that such action might or could result in the withdrawal or
reduction of the then existing rating of any Outstanding Series or Class, or
(ii) each Rating Agency has notified the Transferor, the Servicer, the Issuer
and the Indenture Trustee in writing that such action will not result in a
reduction or withdrawal of the then existing rating of any outstanding Series or
Class rated by such Rating Agency; provided, that, with respect to any
outstanding Series or Class not rated by any Rating Agency, "Rating Agency
Condition" means the written consent of such Series or Class has been obtained
as and to the extent specified in the related Indenture Supplement.

                  "Reallocated Principal Collections" means, for any Series, any
Series Investor Available Principal Amounts reallocated to pay accrued and
unpaid interest on the Notes of such Series.

                  "Reassignment" means a Reassignment of Receivables in
Redesignated Accounts among the Transferor, the Issuer and the Servicer,
substantially in the form of Exhibit C to the Transfer and Servicing Agreement.

                  "Reassignment Amount" has, with respect to any Series, the
meaning specified in the related Indenture Supplement

                                       22

<PAGE>

                  "Receivable" means a payment obligation owed by a Dealer in
respect of funds borrowed from NMAC in a floorplan or wholesale financing
arrangement which is secured by one or more vehicles, and which may be secured
by a security interest in NMAC's rights to amounts (if any) on deposit in any
Cash Management Account and a subordinated security interest in one or more of
the following: parts inventory, machinery, tools, equipment, fixtures, service
accounts, real estate of such dealer. In some cases, the dealer also issues a
personal guarantee that collateralizes all or a portion of such payment
obligations.

                  A Receivable that has been charged off as uncollectible will
be shown on the Servicer's records as having a principal balance of $0 on the
day on which it has been charged off as uncollectible. Additionally, the term
"Receivable" excludes any amounts payable in connection with any Fleet Purchase
and any amounts shown on the Servicer's records with respect to an Account that
do not relate to the financing of a Vehicle.

                  "Receivables Purchase Agreement" means the Receivables
Purchase Agreement, dated as of July 24, 2003, entered into by and between NMAC
and the Transferor, as amended and restated as of October 15, 2003, and as the
same may be further amended, supplemented or otherwise modified from time to
time, pursuant to which NMAC sells Receivables to the Transferor, and each
additional receivable purchase agreement entered into between NMAC and any other
Person that will transfer Receivables to the Issuer after the date of the
Receivables Purchase Agreement.

                  "Record Date" means, with respect to any Payment Date, the
last day of the calendar month immediately preceding such Payment Date, unless
otherwise specified for a Series in the related Indenture Supplement.

                  "Recoveries" means all amounts received, including Insurance
Proceeds, by the Transferor or the Servicer with respect to Defaulted
Receivables and with respect to the liquidation of non-vehicle related security
in which the Issuer has a first priority security interest.

                  "Redemption Date" means, with respect to any Series, the date
or dates specified in the related Indenture Supplement.

                  "Redesignated Account" means an Account as to which the
related Receivables will cease to be conveyed to the Issuer and/or the
Receivables previously generated have been reconveyed by the Issuer pursuant to
the Transfer and Servicing Agreement either because such Account is an
Ineligible Account or because such reconveyance has been requested because
certain specified conditions have been satisfied (including, but not limited to
specified overcollateralization tests being met).

                  "Redesignated Account Schedule" means, with respect to any
Redesignated Accounts, a computer file or written list of such Redesignated
Accounts specifying the identity of such Redesignated Accounts and the Principal
Receivables arising in connection therewith, and the outstanding balance of all
Principal Receivables therein, as of the related Redesignation Date.

                  "Redesignation Date" means, with respect to any Redesignated
Account, the date on which such Account is no longer designated for the Issuer
and all the related Receivables

                                       23

<PAGE>

thereafter generated (and, if repurchased by the Transferor, all previously
generated and conveyed Receivables) will be removed from the Issuer as specified
in the Redesignation Notice relating thereto delivered by the Transferor (or the
Servicer on its behalf) to the Owner Trustee, the Indenture Trustee and any
Series Enhancer.

                  "Redesignation Notice" means the notice furnished by the
Transferor (or the Servicer on its behalf) in connection with the redesignation
of Accounts as Redesignated Accounts pursuant to Section 2.08(b)(i) or Section
2.09(b)(i) of the Transfer and Servicing Agreement, as the case may be.

                  "Reference Rate" means, with respect to any Receivable, the
per annum rate of interest designated from time to time by NMAC pursuant to the
related Floorplan Financing Agreement.

                  "Registered Notes" means a Series or Class of Notes, together
with the Indenture Trustee's certificate of authentication related thereto, in
fully registered form.

                  "Related Security" means, with respect to any Receivable
transferred to the Issuer and subject to the terms of the Receivables Purchase
Agreement, (a) the security interest granted by or on behalf of the related
Dealer with respect thereto, including a first priority perfected security
interest in the related Vehicle, a security interest in NMAC's rights to amounts
on deposit in any Cash Management Account and any subordinated security interest
granted in any parts inventory, equipment, fixtures, service accounts or realty
with respect to such Dealer and all guarantees of such Receivable, (b) all of
the Seller's rights, remedies, powers and privileges with respect to such
Receivable under a Repurchase Agreement and (c) all of the Seller's or
Transferor's rights, remedies, powers and privileges with regard to such
Receivable under any related (i) intercreditor agreement with a third-party
creditor of such Dealer, (ii) Sales and Service Agreement and (iii) Floorplan
Financing Agreement.

                  "Replacement Account" means any Eligible Account which has
been designated as an Additional Account designated for transfer to the Issuer,
the then-existing or subsequently created Receivables relating to which will be
transferred to the Issuer in connection with a removed Ineligible Account,
pursuant to the Transfer and Servicing Agreement.

                  "Repurchase Agreement" means (a) each Repurchase Agreement
between NMAC and NNA pursuant to which NNA agrees to repurchase from NMAC
certain New Vehicles distributed by NNA, repurchased or repossessed by NMAC from
certain Dealers as a result of the termination of any such Dealer as an
authorized Nissan dealer, or upon the termination of any agreement or contract
made between NMAC and any such Dealer, for the repurchase price set forth in
such Repurchase Agreement and (b) each Repurchase Agreement between NMAC and
certain third party manufacturers pursuant to which certain third party
Manufacturers agree to repurchase certain non-Nissan manufactured New Vehicles
for the repurchase price set forth in such Repurchase Agreement, in each case,
as the same may be amended, supplemented or otherwise modified from time to
time.

                  "Repurchase Price" means, with respect to any Receivable for
any date on which such Receivable is to be repurchased pursuant to Section
2.02(c) or 2.03(c) of the Receivables

                                       24

<PAGE>

Purchase Agreement, an amount equal to the sum of (a) the amount payable by the
Dealer in respect thereof as reflected in the records of the Servicer as of such
date and (b) without duplication, if applicable, all accrued and unbilled
interest from the last date in respect of which interest on such Receivable was
billed by the Servicer (or Issuer, as the case may be), at a per annum rate
equal to the rate being charged to the Dealer under the related Floorplan
Financing Agreement.

                  "Required Federal Income Tax Opinion" means, with respect to
the Issuer as to any action, an opinion of counsel to the effect that, for
federal income tax purposes:

                  (1)      the action will not adversely affect the tax
characterization as debt of the Notes of any outstanding Series or Class issued
by the Issuer that were characterized as debt at the time of their issuance;

                  (2)      the action will not cause the Issuer to be treated as
an association (or publicly traded partnership) taxable as a corporation; and

                  (3)      the action will not cause or constitute an event in
which gain or loss would be recognized by any holder of Notes issued by the
Issuer.

                  "Required Overcollateralization Amount" has, for any Series,
the meaning specified in the related Indenture Supplement. In general the
Required Overcollateralization Amount with respect to any Series is the same as
the Overcollateralization Amount without giving effect to any reductions thereto
as specified in the Indenture Supplement.

                  "Required Participation Amount" means, as of any date of
determination, the sum of:

                  (1)      the sum of the respective products for all Series
issued by the Issuer of (a) the required participation percentages for each
outstanding Series as specified in the related Indenture Supplement and (b)
their initial Invested Amounts (or, in the case of any Series of Notes issued as
variable funding notes, the maximum Invested Amount or current Outstanding
Principal Amount of the Notes of such Series as specified in the related
Indenture Supplement for such Series) Invested Amounts; plus

                  (2)      if applicable, the sum of the Required
Overcollateralization Amounts for each Series issued by the Issuer as specified
in the related Indenture Supplement.

                  "Requirements of Law" for any Person means the certificate of
incorporation and by-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or determination of an
arbitrator or Governmental Authority, in each case applicable to or binding upon
such Person or to which such Person is subject, whether federal, state or local
(including usury laws and the federal Truth in Lending Act).

                  "Responsible Officer" means, when used with respect to the
Indenture Trustee, any officer in the Corporate Trust Office of the Indenture
Trustee, including any vice president, assistant vice president, assistant
treasurer, assistant secretary, trust officer or any other officer of the
Indenture Trustee customarily performing functions similar to those performed by
any of the

                                       25

<PAGE>

above designated officers or to whom any corporate trust matter is referred at
the Corporate Trust Office because of such officer's knowledge of and
familiarity with the particular subject.

                  "Revolving Period" means, for any Series, a period during
which the Issuer will not pay or accumulate principal for payment to the
Noteholders of that Series. The Revolving Period for a Series or Class begins on
the Series Issuance Date for that Series or Class, as specified in the related
Indenture Supplement, and ends, unless it recommences under the circumstances
specified in the related Indenture Supplement, on the day immediately preceding
the date on which an Early Amortization Period or other period specified in the
related Indenture Supplement for that Series begins.

                  "Sales and Service Agreement" means each Sales and Service
Agreement, together with any related Vehicle Terms of Sale Bulletin, between a
Dealer and NNA pursuant to which, among other things, such Dealer purchases from
time to time Vehicles from NNA and, in the case of New Vehicles, (a) such Dealer
agrees to pay for such purchases (i) in accordance with any Floorplan Financing
Agreement that at the time of delivery to the Dealer or to a carrier for
transportation to such Dealer, whichever shall first occur, is in effect between
the Dealer and NMAC, or (ii) prior to delivery to such Dealer or to a carrier
for transportation to such Dealer, whichever shall first occur, by cash or some
other medium of payment as NNA may agree to accept, and (b) such Dealer grants
to NNA a security interest in all non-Vehicle inventory of the Dealer and all
proceeds thereof, as the same may be amended, supplemented or otherwise modified
from time to time. In addition, under each Sales and Service Agreement, NNA
undertakes to repurchase certain New Vehicle inventory of such Dealer under
certain circumstances, including if such Dealer's franchise is terminated or
such Dealer becomes financially incapable of continuing to operate its Nissan or
Infiniti dealership (due to bankruptcy or insolvency).

                  "Secretary of State" means the Secretary of State of the State
of Delaware.

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

                  "Securities Intermediary" means any Person, including a bank
or broker, that in the ordinary course of its business maintains securities
accounts for others and is acting in that capacity and which is also a
depository institution organized under the laws of the United States or any one
of the states of the United States, including the District of Columbia, or any
domestic branch of a foreign bank, and having a credit rating from each Rating
Agency in one of its generic credit rating categories which signifies investment
grade.

                  "Seller" means NMAC as seller under the Receivables Purchase
Agreement.

                  "Series" means any series or subseries of Notes issued
pursuant to the Indenture and the related Indenture Supplement.

                  "Series Account" for any Series means any Accumulation
Account, yield supplement account, reserve account or other deposit, trust,
securities escrow or similar account maintained for the benefit of the
Noteholders of any such Series or Class, as specified in the related Indenture
Supplement.

                                       26

<PAGE>

                  "Series Allocable Defaulted Amounts" means, with respect to a
Series, for any day in a Collection Period, the product of the applicable Series
Allocation Percentage on such day and the amount of Defaulted Amounts processed
on such day.

                  "Series Allocable Interest Collections" means, with respect to
a Series of Notes, for any day in a Collection Period, the product of the
applicable Series Allocation Percentage on such day and the amount of Interest
Collections processed on such day.

                  "Series Allocable Principal Collections" means, with respect
to a Series of Notes, for any day in a Collection Period, the product of the
applicable Series Allocation Percentage on such day and the amount of Principal
Collections processed on such day.

                  "Series Allocation Percentage" means, with respect to a
Series, on any day, the percentage equivalent of a fraction, the numerator of
which is the Series Nominal Liquidation Amount of such Series as of such day and
the denominator of which is the Trust Nominal Liquidation Amount as of such day.
Notwithstanding the foregoing, on any day in a Collection Period in which there
is an Early Amortization Event, or during the Accumulation Period or any
amortization period with respect to a Series, the Series Nominal Liquidation
Amount and the Trust Nominal Liquidation Amount with respect to such Series
shall be as of the last day of the preceding Collection Period.

                  "Series Cut-Off Date" means, for any Series, the date
specified as such in the related Indenture Supplement.

                  "Series Enhancement" means the rights and benefits provided to
the Issuer or the Noteholders of any Series or Class pursuant to any
subordination, collateral interest, insurance policy, cash collateral guaranty
or account, swap arrangement, interest rate cap agreement, letter of credit,
surety bond, spread account, reserve account, guaranteed rate agreement, tax
protection agreement or other similar arrangement. The subordination of any
Series or Class to another Series or Class will be deemed to be a Series
Enhancement.

                  "Series Enhancement Agreement" means any agreement, instrument
or document governing the terms of any Series Enhancement or pursuant to which
any Series Enhancement is issued or outstanding.

                  "Series Enhancer" means any provider of enhancement and/or any
issuer or provider of any third-party credit enhancement.

                  "Series Investor Available Interest Amounts" means, with
respect to any Series, for any Collection Period, the aggregate of the Series
Allocable Interest Collections allocated to the Noteholders of such Series on
each day during such Collection Period, together with any Series Investor
Available Principal Amounts used to pay interest to the Noteholders of such
Series and any other amounts specified as available for such purpose in the
related Indenture Supplement.

                  "Series Investor Available Principal Amounts" means, with
respect to any Series, for any Collection Period, the aggregate of the Series
Allocable Principal Collections allocated to the Noteholders of such Series on
each day during such Collection Period, together with any

                                       27

<PAGE>

Series Investor Available Interest Amounts used to fund Series Investor
Defaulted Amounts for such Series or the Series Nominal Liquidation Amount
Deficit for such Series, but excluding any Reallocated Principal Collections for
such Series, and any other amounts as specified in the related Indenture
Supplement.

                  "Series Investor Defaulted Amount" means, with respect to any
Series for any Collection Period, the sum of, for each day during such
Collection Period, the portion of the Series Allocable Defaulted Amounts
allocated to the Noteholders of such Series on such day, which, unless otherwise
specified, will equal the product of the Floating Allocation Percentage
specified in the related Indenture Supplement and the related Series Allocable
Defaulted Amount.

                  "Series Issuance Date" means, with respect to any Series, the
date on which the Notes of such Series are to be originally issued in accordance
with Section 2.12 of the Indenture and the related Indenture Supplement.

                  "Series Nominal Liquidation Amount" means, with respect to any
Series, on any day in a Collection Period, an amount equal to the sum of (i) the
Invested Amount of that Series of Notes on such day and (ii) the
Overcollateralization Amount of that Series of Notes as of the Payment Date on
or preceding such day (but, in no event, less than zero), in each case, after
giving effect to the allocations, distributions, withdrawals and deposits to be
made on such day.

                  "Servicer" means, initially, NMAC (together with its permitted
successors and assigns), in its capacity as Servicer under the Transfer and
Servicing Agreement and, after any Servicing Transfer, the Successor Servicer.

                  "Servicer Default" for any Series means any of the following
items and any other event specified in the related Indenture Supplement:

                  (1)      failure by the Servicer to make any payment, transfer
or deposit, or to give instructions or to give notice to the Indenture Trustee
to do so, on the required date under the Transfer and Servicing Agreement, the
Indenture or any Indenture Supplement or within the applicable grace period not
exceeding five business days;

                  (2)      failure by the Servicer to observe or perform in any
material respect any of its other covenants or agreements if the failure has a
Significant Adverse Effect and continues unremedied for a period of 60 days
after written notice to the Servicer by the Owner Trustee or the Indenture
Trustee, or to the Servicer, the Owner Trustee and the Indenture Trustee by
Noteholders of 10% or more of the Outstanding Principal Amount of all of the
Issuer's outstanding Series or, where the Servicer's failure does not relate to
all Series, 10% or more of the Outstanding Principal Amount of all Series
affected; or the assignment or the delegation by the Servicer of its duties,
except as specifically permitted under the Transfer and Servicing Agreement;

                  (3)      any representation, warranty or certification made by
the Servicer in the Transfer and Servicing Agreement, or in any certificate
delivered as required by the Transfer and Servicing Agreement, proves to have
been incorrect when made and it has a Significant Adverse Effect and continues
unremedied for a period of 60 days after written notice to the Servicer by

                                       28

<PAGE>

the Owner Trustee or the Indenture Trustee, or to the Servicer, the Owner
Trustee and the Indenture Trustee by Noteholders of 10% or more of the
Outstanding Principal Amount of all of the Issuer's outstanding Series or, where
the Servicer's inaccuracy does not relate to all Series, 10% or more of the
Outstanding Principal Amount of the Series affected; or

                  (4)      the occurrence of an Insolvency Event relating to the
Servicer;

provided, that a delay in or failure of performance referred to in the first
clause above for a period of 10 business days after the applicable grace period,
or referred to under the second or third clause above for a period of 60
business days after the applicable grace period, will not constitute a Servicer
Default if the delay or failure could not be prevented by the exercise of
reasonable diligence by the Servicer and the delay or failure was caused by an
act of God or other similar occurrence outside the reasonable control of the
Servicer. The preceding sentence will not relieve the Servicer from using all
commercially reasonable efforts to perform its obligations in a timely manner in
accordance with the terms of the Transfer and Servicing Agreement and the
Servicer will provide the Indenture Trustee, the Owner Trustee, the Transferor
and any Series Enhancer with an Officer's Certificate giving prompt notice of
such failure or delay by it, together with a description of its efforts so to
perform its obligations.

                  "Servicing Fee" means the aggregate of the Monthly Servicing
Fees specified in the Indenture Supplements, payable to the Servicer solely to
the extent amounts are available for payment in accordance with the Indenture
Supplements.

                  "Servicing Officer" means any officer of the Servicer involved
in, or responsible for, the administration and servicing of the Receivables
whose name appears on a list of servicing officers furnished to the Trustee by
the Servicer as such list may be amended from time to time.

                  "Servicing Transfer" has the meaning specified in Section 6.01
of the Transfer and Servicing Agreement.

                  "Shared Excess Interest Amounts" means, with respect to any
Payment Date, the sum of, for each Series of Notes, interest amounts
distributable to the Noteholders of such Series that are not required to be
applied in respect of that Series.

                  "Shared Excess Principal Amounts" means, with respect to any
Payment Date, the sum of, for each Series of Notes, the principal amounts
distributable to the Noteholders of such Series that are not required to be
applied in respect of that Series.

                  "Significant Adverse Effect" means any action that:

                  (1)      causes an Early Amortization Event or an Event of
Default to occur; or

                  (2)      materially and adversely effects the amount or timing
of payments to be made to the Noteholders of any Series or Class.

                  "Standard & Poor's" means Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., and its successors.

                                       29

<PAGE>

                  "Status" means a classification or comparable classification
that NMAC may assign to a Dealer by reason of (a) the Dealer's failure to make
any principal or interest payment when due under the Floorplan Financing
Agreement, (b) the sale of a Vehicle after which the inventory loan is not
repaid as required by the Floorplan Financing Agreement, (c) insolvency of the
Dealer, (d) any loss, theft, damage or destruction to the Vehicles, or any
encumbrance of the collateral (except as expressly permitted in the Floorplan
Financing Agreement) or (e) a general deterioration of the Dealer's financial
condition or failure on the part of the Dealer to meet any financial
requirements.

                  "Subsequent Transferor" has the meaning specified in Section
4.05 of the Transfer and Servicing Agreement.

                  "Successor Servicer" means an Eligible Servicer appointed by
the Indenture Trustee after giving a Termination Notice to the Servicer pursuant
to Section 6.01 of the Transfer and Servicing Agreement.

                  "Supplemental Certificate" means a newly issued certificated
or uncertificated Certificate and a second certificated or uncertificated
interest in the Transferor Interest, in favor of a Transferor who has
surrendered its certificated or uncertificated Certificate to the Owner Trustee
in exchange for such Supplemental Certificate.

                  "Supplemental Interest" means a certificated or uncertificated
interest in the Transferor Interest.

                  "Swap Agreement" means any currency swap agreement, including
all schedules and confirmations thereto, entered into by the Issuer and the Swap
Counterparty, as the same may be amended, supplemented, renewed, extended or
replaced from time to time.

                  "Swap Counterparty" means an unaffiliated third party, as swap
counterparty under a Swap Agreement, or any successor or replacement swap
counterparty from time to time under the Swap Agreement.

                  "Termination Notice" has the meaning specified in Section
6.01(a) of the Transfer and Servicing Agreement.

                  "Transaction Documents" means, with respect to any Series, the
Certificate of Trust, the Trust Agreement, the Receivables Purchase Agreement,
the Transfer and Servicing Agreement, the Indenture, the related Indenture
Supplement, the Administration Agreement and such other documents and
certificates delivered in connection therewith.

                  "Transfer Agent and Registrar" means, initially, the Indenture
Trustee or any successor appointed to register Notes and transfers of Notes.

                  "Transfer Date" means each Business Day occurring before the
earlier of (x) the occurrence of an Early Amortization Event specified in clause
(2) of the definition thereof, or (y) the Trust Termination Date, on which day a
new Receivable is created in connection with the Accounts.

                                       30

<PAGE>

                  "Transfer and Servicing Agreement" means the Transfer and
Servicing Agreement, dated as of July 24, 2003, entered into by and among the
Transferor, the Servicer and the Owner Trustee on behalf of the Issuer, as
amended and restated as of October 15, 2003 and as the same may be further
amended, supplemented or otherwise modified from time to time, pursuant to which
the Transferor transfers Receivables to the Issuer, and each additional transfer
and servicing agreement entered into by the Issuer, Servicer and each transferor
of Receivables to the Issuer after the date of the Transfer and Servicing
Agreement.

                  "Transferor" means Nissan Wholesale Receivables Corporation
II, a Delaware corporation and a wholly owned subsidiary of NMAC and each
additional transferor of Receivables to the Issuer pursuant to any Transfer and
Servicing Agreement entered into by the Issuer, Servicer and each transferor of
Receivables to the Issuer after the date of the Transfer and Servicing
Agreement.

                  "Transferor Amount" means, as of any date of determination,
the excess of the Pool Balance on that date, over the Trust Nominal Liquidation
Amount.

                  "Transferor Certificate" means a certificate evidencing an
interest in the Transferor Interest pursuant to Section 3.06 of the Trust
Agreement.

                  "Transferor Deposit Amount" means the amount that represent
Interest Collections or Principal Collections that are allocated to but not
distributed to the Transferor on any date, in each case in an amount equal to
the amount by which the Adjusted Pool Balance would be less than the Required
Participation Amount, after giving effect to (a) Principal Receivables
transferred to the Issuer on that date, (b) any deduction by the Servicer of the
principal balance of a Receivable from the Pool Balance because of a breach of a
representation or warranty with respect to such Receivable, and (c) any other
allocations, distributions, withdrawals and deposits to be made on such date, if
such date is a Payment Date.

                  "Transferor Interest" means, an interest that represents the
right to receive all cash flows from the Trust Assets not required to make
payments on the Notes or to credit enhancement providers or not otherwise
allocated to the Noteholders.

                  "Transferor Replacement Amount" means the amount that the
Transferor is required to deposit into the Excess Funding Account in connection
with the redesignation of Ineligible Accounts and the removal of any Receivables
therein and the failure to redesignate sufficient Replacement Accounts and
deliver additional Receivables, which amount equals (i) the excess, if any,
between the Principal Receivables of such Ineligible Account over the Principal
Receivables of any related Replacement Account as measured on the date of such
transfer or (ii) if no such Replacement Account is so designated, an amount
equal to the Principal Receivables of such Ineligible Account.

                  "Trust Agreement" means the Trust Agreement, dated as of May
13, 2003 between the Transferor and the Owner Trustee, pursuant to which the
Issuer was formed, as amended and restated as of July 24, 2003, and as further
amended and restated as of October 15, 2003, as the same may be further amended,
supplemented or otherwise modified from time to time.

                                       31

<PAGE>

                  "Trust Assets" means all money, instruments, documents,
securities, contract rights, general intangibles and other property that are
subject, or intended to be subject to, the Lien of the Indenture for the benefit
of the Noteholders and any Series Enhancers and includes, without limitation,
all property and interests Granted to the Indenture Trustee, including all
proceeds thereof.

                  "Trust Company" means Wilmington Trust Company, in its
individual capacity.

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939, as amended.

                  "Trust Nominal Liquidation Amount" means, with respect to any
day, the sum of the Series Nominal Liquidation Amount for all outstanding Series
of Notes.

                  "Trust Termination Date" means the date on which the Issuer
will terminate as specified in the Trust Agreement.

                  "Trustee Officer" means, with respect to the Indenture
Trustee, any officer assigned to the Corporate Trust Office, including any
managing director, vice president, assistant vice president, assistant
treasurer, assistant secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above
designated officers and having direct responsibility for the administration of
the applicable Transaction Documents, and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

                  "UCC" means the Uniform Commercial Code, as amended from time
to time, as in effect in any specified jurisdiction.

                  "United States Securities Entitlement" means a "security
entitlement" as defined in a United States Regulation.

                  "Used Vehicles" consist of previously owned Vehicles of any
make or model, which are current model year miled Vehicles, or model years
within five years of such current model year.

                  "Vehicle" means an automobile or light-duty truck.

                  "Vice President" when used with respect to the Servicer means
any vice president whether or not designated by a number or word or words added
before or after the title "vice president."

                                       32<PAGE>

                                                                     EXHIBIT 4.4

                                                               EXECUTION VERSION

                      NISSAN MASTER OWNER TRUST RECEIVABLES

                                     Issuer

                               JPMORGAN CHASE BANK

                                Indenture Trustee

                                  SERIES 2003-A

                              INDENTURE SUPPLEMENT

                          Dated as of October 15, 2003

                     NISSAN MASTER OWNER TRUST RECEIVABLES,
                                  SERIES 2003-A

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
ARTICLE I      CREATION OF SERIES 2003-A NOTES.................................................................      2

     Section 1.01.    Designation..............................................................................      2

ARTICLE II     DEFINITIONS.....................................................................................      2

     Section 2.01.    Definitions..............................................................................      2

     Section 2.02.    Other Definitional Provisions............................................................     13

ARTICLE III    SERVICING FEE...................................................................................     14

     Section 3.01.    Servicing Compensation...................................................................     14

ARTICLE IV     RIGHTS OF SERIES 2003-A NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS...............     14

     Section 4.01.    Collections and Allocations..............................................................     14

     Section 4.02.    Determination of Monthly Interest........................................................     16

     Section 4.03.    [RESERVED.]..............................................................................     17

     Section 4.04.    Application of Available Amounts on Deposit in the Collection Account, the Accumulation
                      Account and Other Sources of Payment.....................................................     17

     Section 4.05.    Investor Charge-Offs.....................................................................     21

     Section 4.06.    Reallocated Principal Collections........................................................     22

     Section 4.07.    Excess Interest Amounts..................................................................     22

     Section 4.08.    Excess Principal Amounts.................................................................     23

     Section 4.09.    Series Nominal Liquidation Amount, Overcollateralization Amount and Invested Amount.....      23

     Section 4.10.    Establishment of Accumulation Account....................................................     24

     Section 4.11.    Accumulation Period......................................................................     25

     Section 4.12.    Establishment of Reserve Account.........................................................     26

     Section 4.13.    Determination of LIBOR...................................................................     27

ARTICLE V      DELIVERY OF SERIES 2003-A NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2003-A NOTEHOLDERS............     29

     Section 5.01.    Delivery and Payment for Series 2003-A Notes.............................................     29

     Section 5.02.    Distributions............................................................................     29

     Section 5.03.    Reports and Statements to Series 2003-A Noteholders......................................     29

ARTICLE VI     SERIES 2003-A EARLY AMORTIZATION EVENTS.........................................................     30

     Section 6.01.    Series 2003-A Early Amortization Events..................................................     30
</TABLE>

                                      -i-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
ARTICLE VII    REDEMPTION OF SERIES 2003-A NOTES; SERIES FINAL MATURITY; FINAL DISTRIBUTIONS...................     32

     Section 7.01.    Redemption of Series 2003-A Notes........................................................     32

     Section 7.02.    Series Final Maturity....................................................................     33

ARTICLE VIII   MISCELLANEOUS PROVISIONS........................................................................     34

     Section 8.01.    Ratification of Agreement................................................................     34

     Section 8.02.    Form of Delivery of Series 2003-A Notes..................................................     34

     Section 8.03.    Amendments and Waivers...................................................................     34

     Section 8.04.    Counterparts.............................................................................     34

     Section 8.05.    Governing Law............................................................................     34

     Section 8.06.    Effect of Headings and Table of Contents.................................................     34
</TABLE>

EXHIBIT A       Form of Series 2003-A Notes

EXHIBIT B       Form of Monthly Servicer's Statement

EXHIBIT C       Form of Authorized Officer Certificate

                                      -ii-

<PAGE>

                  SERIES 2003-A INDENTURE SUPPLEMENT, dated as of October 15,
2003 (as amended, supplemented or otherwise modified from time to time, the
"Indenture Supplement"), by and between NISSAN MASTER OWNER TRUST RECEIVABLES, a
Delaware statutory trust, as issuer (the "Issuer"), and JPMORGAN CHASE BANK, a
New York banking corporation, as Indenture Trustee (the "Indenture Trustee").

                                    RECITALS

                  A.       Section 2.12 of the Indenture provides, among other
things, that the Issuer and the Indenture Trustee may at any time and from time
to time enter into an Indenture Supplement to authorize the issuance by the
Issuer of Notes in one or more Series.

                  B.       The parties to this Indenture Supplement, by
executing and delivering this Indenture Supplement, are providing for the
creation of the Series 2003-A Notes and specifying the principal terms thereof.

                  In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

                                GRANTING CLAUSES

                  In addition to the Grant of the Indenture, the Issuer hereby
Grants to the Indenture Trustee, for the exclusive benefit of the Holders of the
Series 2003-A Notes, all of the Issuer's right, title and interest (whether now
owned or hereafter acquired) in, to and under:

                  (i)      all Collections on the Receivables allocated to the
         Holders of the Series 2003-A Notes;

                  (ii)     the Accumulation Account, the Reserve Account and all
         amounts on deposit therein from time to time; and

                  (iii)    all present and future claims, demands, causes of
         action and choses in action regarding the foregoing and all payments on
         the foregoing and all proceeds of any nature whatsoever regarding the
         foregoing, including all proceeds of the voluntary or involuntary
         conversion thereof into cash or other liquid property and all cash
         proceeds, accounts, accounts receivable, notes, drafts, acceptances,
         chattel paper, general intangibles, goods, checks, deposit accounts,
         instruments, investment property, money, insurance proceeds,
         condemnation awards, rights to payment of any kind and other forms of
         obligations and receivables, instruments and other property that at any
         time constitute any part of or are included in the proceeds of the
         foregoing.

                  The foregoing Grants are made in trust to secure (a) the
Issuer's obligations under the Series 2003-A Notes equally and ratably without
prejudice, priority, or distinction between any Series 2003-A Note and any other
Series 2003-A Note, (b) the payment of all other sums payable under the Series
2003-A Notes, the Indenture and this Indenture Supplement and (c) the compliance
with the terms and conditions of the Series 2003-A Notes, the Indenture and this

<PAGE>

Indenture Supplement, all as provided herein or therein.

                  The Indenture Trustee acknowledges such Grant, accepts the
trusts hereunder in accordance with the provisions hereof and agrees to perform
the duties herein required to the end that the interests of Series 2003-A
Noteholders may be adequately protected.

                                   ARTICLE I

                         CREATION OF SERIES 2003-A NOTES

                  Section 1.01. Designation.

                  (a)      There is hereby created a Series of Notes to be
issued by the Issuer on the Series 2003-A Issuance Date pursuant to the
Indenture and this Indenture Supplement to be known as the "Nissan Master Owner
Trust Receivables, Series 2003-A Notes" or the "Series 2003-A Notes." The Series
2003-A Notes will be due and payable on the Series 2003-A Final Maturity Date.

                  (b)      The Series 2003-A Notes will be included in Excess
Interest Sharing Group One and in Excess Principal Sharing Group One. The Series
2003-A Notes shall not be subordinated to any other Series.

                  (c)      The first Payment Date with respect to the Series
2003-A Notes shall be November 17, 2003.

                  (d)      The Series 2003-A Notes are "Notes" and this
Indenture Supplement is an "Indenture Supplement" for all purposes under the
Indenture. If any provision of the Series 2003-A Notes or this Indenture
Supplement conflicts with or is inconsistent with any provision of the
Indenture, the provisions of the Series 2003-A Notes or this Indenture
Supplement, as the case may be, control.

                  (e)      Each term defined in Section 2.01 of this Indenture
Supplement relates only to Series 2003-A and this Indenture Supplement and to no
other Series or Indenture Supplement.

                                   ARTICLE II

                                   DEFINITIONS

                  Section 2.01. Definitions.

                  Whenever used in this Indenture Supplement, the following
words and phrases have the following meanings, and the definitions of such terms
are applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

                  "Accumulation Account" has the meaning specified in Section
4.10(a).

                                       2
<PAGE>

                  "Accumulation Period" means, unless an Early Amortization
Period shall have occurred prior thereto, the period commencing on the
Accumulation Period Commencement Date and terminating on the earlier of (i) the
close of business on the day immediately preceding the date on which an Early
Amortization Period commences and (ii) the last day of the Collection Period
preceding the Payment Date on which the Series 2003-A Outstanding Principal
Amount is expected to be paid in full.

                  "Accumulation Period Commencement Date" means, the close of
business on March 1, 2006 or such later date as is determined in accordance with
Section 4.11.

                  "Accumulation Period Length" has the meaning specified in
Section 4.11.

                  "Accumulation Shortfall" means (i) on the first Payment Date
with respect to the Accumulation Period, zero and (ii) thereafter, on each
Payment Date with respect to the Accumulation Period, the excess, if any of the
Controlled Deposit Amount for the preceding Payment Date over all amounts
deposited in the Accumulation Account pursuant to Section 4.04 on such Payment
Date.

                  "Additional Interest" has the meaning set forth in Section
4.02(b).

                  "Adjusted Pool Balance" means, as of any day in a Collection
Period, the sum of the Pool Balance and amounts on deposit in the Excess Funding
Account (determined after giving effect to amounts transferred to the Issuer on
that date) on such day.

                  "Annex of Definitions" shall mean the Annex of Definitions
attached to the Indenture and the other Transaction Documents, as amended,
supplemented or otherwise modified from time to time.

                  "Calculation Agent" means, initially, the Indenture Trustee
and, thereafter, any other Person designated by the Indenture Trustee to act in
such capacity.

                  "Cash Management Account" means one or more deposit, demand
deposit or similar accounts or any securities account administered by NMAC, into
which a Dealer may, from time to time, pursuant to a cash management agreement
between NMAC and such Dealer, deposit funds for the purpose of reducing the
balance on which interest accrues under the Floorplan Financing Agreement
between NMAC and such Dealer.

                  "Cash Management Account Balance" means, at any time, the
aggregate of all amounts on deposit in the Cash Management Account pursuant to
the applicable cash management agreement between NMAC and a Dealer.

                  "Collection Period" means, (i) with respect to the November
2003 Payment Date, the period commencing on (and including) October 1, 2003 and
ending on (and including) October 31, 2003 and (ii) with respect to any other
Payment Date, the calendar month preceding the month in which that Payment Date
occurs.

                  "Controlled Accumulation Amount" means, for any Payment Date
with respect to the Accumulation Period, $158,333,333; provided, however, that
if the Accumulation Period

                                       3
<PAGE>

Length is determined to be less than six months pursuant to Section 4.11, the
Controlled Accumulation Amount for each Payment Date with respect to the
Accumulation Period shall be equal to the quotient obtained by dividing (i) the
Series 2003-A Initial Invested Amount by (ii) the Accumulation Period Length.

                  "Controlled Deposit Amount" means, for any Payment Date with
respect to the Accumulation Period, an amount equal to the sum of the Controlled
Accumulation Amount for such Payment Date and any Accumulation Shortfall
existing on such Payment Date.

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee, 4 New York Plaza, 6th Floor, New York, New York 10004, at
which at any particular time its corporate trust business will be administered.

                  "Covered Amount" means, for any day on which amounts are on
deposit in the Accumulation Account, an amount equal to the product of (i) a
fraction, the numerator of which is 1 and the denominator of which is 360, (ii)
the Note Interest Rate with respect to the Interest Period in which such day
occurs and (iii) the sum of (x) the aggregate amount on deposit in the
Accumulation Account, if any, on such day, and (y) the Series 2003-A Allocation
Percentage of amounts on deposit in the Excess Funding Account on such day, if
any, in each case, after giving effect to any deposit thereto on such day.

                  "Date of Processing" means, with respect to any transaction,
the date on which such transaction is first recorded on the Servicer's computer
file of accounts (without regard to the effective date of such recordation).

                  "Dealer Overconcentrations" means, on any Payment Date, with
respect to the following Dealers or groups of affiliated Dealers, the sum of the
following:

                  (A) the amount by which the aggregate balance of Principal
Receivables due from AutoNation, Inc. and its affiliates, less any amounts on
deposit in the Cash Management Account relating to such Receivables, exceeds 10%
of the Pool Balance, in each case, on the last day of the Collection Period
immediately preceding such Payment Date;

                  (B) the amount by which the aggregate balance of Principal
Receivables, less any amounts on deposit in the Cash Management Account relating
to such Receivables, due from each of the next three largest Dealers or groups
of affiliated Dealers exceeds 3.5% of the Pool Balance, in each case, on the
last day of the Collection Period immediately preceding such Payment Date; and

                  (C) the amount by which the aggregate balance of Principal
Receivables, less any amounts on deposit in the Cash Management Account relating
to such Receivables, due from any other Dealer or group of affiliated Dealers
exceeds 2% of the Pool Balance, in each case, on the last day of the Collection
Period immediately preceding such Payment Date.

                  "Defaulted Amount" means, for any day in a Collection Period,
an amount (which shall not be less than zero) equal to (a) the principal balance
of Receivables (net of any amounts on deposit in the Cash Management Account
with respect to such Receivables) that became Defaulted Receivables on such day,
minus (b) the principal amount of any such Defaulted

                                       4
<PAGE>

Receivables which are subject to reassignment to the Transferor in accordance
with the terms of the Transfer and Servicing Agreement (except that if an
Insolvency Event occurs with respect to the Transferor, the amount of such
Defaulted Receivables that are subject to reassignment to the Transferor shall
be zero); minus (c) the principal amount of any such Defaulted Receivables which
are to be purchased by the Servicer in accordance with the terms of the Transfer
and Servicing Agreement (except that if an Insolvency Event occurs with respect
to the Servicer, the amount of such Defaulted Receivables that are subject to
purchase by the Servicer shall be zero).

                  "Defaulted Receivable" means each Receivable that on any day
in a Collection Period has been charged off as uncollectible on that date in
accordance with the Floorplan Financing Guidelines.

                  "Designated LIBOR Page" means the display on Bridge Telerate,
Inc. or any successor service or any page which may replace the designated page
on such service or any successor service that displays the London interbank
rates of major banks for United States dollars.

                  "Determination Date" means, for any Payment Date, the day that
is two Business Days before such Payment Date and is the date on which payments
to Series 2003-A Noteholders are determined.

                  "Early Amortization Event" means any Early Amortization Event
specified in the definition of "Early Amortization Event" in the Annex of
Definitions or in Section 6.01.

                  "Early Amortization Period" means a period beginning on the
day on which an Early Amortization Event occurs and terminating on the earliest
of (i) the last day of the Collection Period preceding the Payment Date on which
the Series 2003-A Outstanding Principal Amount is to be paid in full, (ii) if
the Early Amortization Period has commenced before the commencement of the
Accumulation Period, the day on which the Revolving Period recommences under the
circumstances described in the Indenture and in Section 6.01 and (iii) the Trust
Termination Date.

                  "Event of Default" means any Event of Default specified in the
definition of "Event of Default" in the Annex of Definitions.

                  "Excess Interest Amounts" means, with respect to Series
2003-A, for any Payment Date, the excess (if any) of (i) the Series 2003-A
Investor Available Interest Amounts for such Payment Date over (ii) the full
amount required to be paid, without duplication, pursuant to clauses (i) through
(v) of Section 4.04(a) on such Payment Date.

                  "Excess Interest Sharing Group One" means Series 2003-A and
each other Series specified in the related Indenture Supplement to be included
in Excess Interest Sharing Group One from which, or to which, Excess Interest
Amounts (and comparable amounts with respect to each such other Series) may be
allocated to cover shortfalls in payments or deposits of the other Series in
Excess Interest Sharing Group One.

                  "Excess Principal Amounts" means, with respect to Series
2003-A, for any Payment Date, (i) during the Revolving Period, the Series 2003-A
Investor Available Principal

                                       5
<PAGE>

Amounts for such Payment Date, and (ii) during the Accumulation Period or the
Early Amortization Period, the excess, if any, of (a) the Series 2003-A Investor
Available Principal Amounts for such Payment Date over (b) the full amount
required to be paid or deposited, without duplication, pursuant to clause (i) of
Section 4.04(d) or clause (i) of Section 4.04(e) on such Payment Date.

                  "Excess Principal Sharing Group One" means Series 2003-A and
each other Series specified in the related Indenture Supplement to be included
in Excess Principal Sharing Group One from which, or to which, Excess Principal
Amounts (and comparable amounts with respect to each such other Series) may be
allocated to cover shortfalls in payments or deposits of the other Series in
Excess Principal Sharing Group One.

                  "Fitch" means Fitch Inc.

                  "Floorplan Financing Agreement" means, collectively, the group
of related agreements between and among NMAC (either as the originator of a
floorplan financing account or by virtue of an assignment and assumption by NMAC
from the applicable originator of such account), the Dealer with respect thereto
and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) NMAC
agrees to extend credit to such Dealer to finance its purchase of New Vehicles,
Pre-Owned Vehicles and/or Used Vehicles, (b) NMAC has a security interest in the
specific vehicles so financed by NMAC, certain other vehicles, and a
subordinated security interest in other collateral and the proceeds thereof, (c)
such Dealer agrees to repay advances made by NMAC at the time of sale or lease
of such financed vehicle, or pursuant to a payment schedule if such vehicle is
not sold or leased before the first payment is due pursuant to such schedule,
and (d) the obligations of such Dealer to repay such advances is evidenced by
one or more promissory notes of such Dealer.

                  "Floorplan Financing Guidelines" means the written policies
and procedures of NMAC, as such policies and procedures may be amended from time
to time, (a) relating to the operation of its floorplan financing business,
including the written policies and procedures for determining (i) the maximum
amount lent to and interest rate charged to dealers for such financing, (ii) the
other terms and conditions relating to NMAC's floorplan financing accounts,
(iii) the creditworthiness of dealers and (iv) the continued extension of credit
to dealers and (b) relating to the maintenance of accounts and collection of
receivables and (c) relating to the Cash Management Accounts maintained by NMAC
on behalf of dealers.

                  "Incremental Overcollateralization Amount" means, on any
Payment Date, the product obtained by multiplying (i) a fraction, the numerator
of which is the Series 2003-A Invested Amount on such Payment Date before giving
effect to distributions on such date, and the denominator of which is the Pool
Balance as of the last day of the preceding Collection Period by (ii) the sum
of:

                  (A) the aggregate principal amount of Ineligible Receivables,
other than Ineligible Receivables that (I) became Defaulted Receivables during
the preceding Collection Period or (II) are subject to reassignment from the
Issuer; plus

                  (B) the Dealer Overconcentrations, other than the aggregate
principal balance of

                                       6
<PAGE>

Receivables which comprise the Dealer Overconcentrations that (I) became
Defaulted Receivables during the preceding Collection Period or (II) are subject
to reassignment from the Issuer.

Each of clauses (A) and (B) above shall be calculated on each Determination Date
using balances and amounts as of the last day of the Collection Period preceding
such Determination Date.

                  "Indenture" means the Indenture, dated as of July 24, 2003,
between the Issuer and the Indenture Trustee, as amended and restated as of
October 15, 2003, and as the same may be further amended, supplemented or
otherwise modified from time to time.

                  "Interest Deficiency" has the meaning specified in Section
4.02(b).

                  "Interest Determination Date" means, with respect to any
Interest Period, the day that is two London Business Days prior to the first day
of such Interest Period.

                  "Interest Period" means, with respect to any Payment Date, the
period from and including the Payment Date immediately preceding such Payment
Date (or, in the case of the first Payment Date, from and including the Series
2003-A Issuance Date) to but excluding such Payment Date.

                  "Interest Shortfall" means, with respect to Series 2003-A for
any Payment Date, the excess, if any, of (a) the full amount required to be
paid, without duplication, pursuant to clauses (i) through (v) of Section
4.04(a) on such Payment Date over (b) the Series 2003-A Investor Available
Interest Amounts for such Payment Date.

                  "Investor Charge-Offs" has the meaning specified in Section
4.05.

                  "LIBOR" means, with respect to any Interest Period or portion
thereof, the rate per annum for deposits in U.S. dollars having a maturity of
one month (commencing on the first day of such Interest Period) as of 11:00 a.m.
London time on the applicable Interest Determination Date and determined
pursuant to Section 4.13.

                  "London Business Day" means any day on which dealings in
deposits in United States dollars are transacted in the London interbank market.

                  "Monthly Interest" has the meaning specified in subsection
4.02(a).

                  "Monthly Payment Rate" means, with respect to any Collection
Period, the percentage equivalent of a fraction, the numerator of which is the
Principal Collections with respect to such Collection Period and the denominator
of which is the average of the aggregate balance of Principal Receivables on the
first and last day of such Collection Period.

                  "Monthly Servicing Fee" means, for any Payment Date, an amount
equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) the
arithmetic average of the Series 2003-A Nominal Liquidation Amount as of each
day during the preceding Collection Period (or, in the case of the first Payment
Date following the Series 2003-A Issuance Date, the Series 2003-

                                       7
<PAGE>

A Nominal Liquidation Amount as of each day during the period beginning on the
Series 2003-A Issuance Date and ending on October 31, 2003); provided, that with
respect to the first Payment Date, the Monthly Servicing Fee will be calculated
based on the number of days in the period commencing on (and including) the
Series 2003-A Issuance Date and ending on (and including) October 31, 2003.

                  "Note Interest Rate" means, with respect to any Interest
Period, a per annum rate equal to LIBOR as determined on the related LIBOR
Determination Date plus 0.06% per annum.

                  "Payment Date" means November 17, 2003 and the 15th day of
each calendar month thereafter, or if such 15th day is not a Business Day, the
next succeeding Business Day.

                  "Pool Balance" means, on any date, the total amount of the
principal balances of the Receivables on such date, net of the Cash Management
Account Balance on such date.

                  "Primary Series 2003-A Overcollateralization Amount" means, as
of any Payment Date, the Series 2003-A Overcollateralization Percentage on the
Series 2003-A Issuance Date of the Series 2003-A Initial Principal Amount on
such date minus the reductions, and plus the reinstatements, in the Primary
Series 2003-A Overcollateralization Amount as provided in Section 4.09.

                  "Principal Shortfall" means, with respect to Series 2003-A,
(a) for any Payment Date with respect to the Revolving Period, zero, (b) for any
Payment Date with respect to the Accumulation Period, the excess, if any, of the
Controlled Deposit Amount with respect to such Payment Date over the amount of
Series 2003-A Investor Available Principal Amounts for such Payment Date and (c)
for any Payment Date with respect to the Early Amortization Period, the excess,
if any, of the Series 2003-A Invested Amount over the amount of Series 2003-A
Investor Available Principal Amounts for such Payment Date.

                  "Reallocated Principal Collections" means, with respect to any
Payment Date, the amount of Series 2003-A Investor Available Principal Amounts
reallocated in accordance with Section 4.06, which amount shall not exceed the
Series 2003-A Overcollateralization Amount for such Payment Date (after giving
effect to any changes therein on such Payment Date).

                  "Reassignment Amount" means, with respect to any Payment Date,
after giving effect to any deposits and distributions otherwise to be made on
such Payment Date, the sum of (a) the Series 2003-A Outstanding Principal Amount
on such Payment Date, plus (b) Monthly Interest for such Payment Date and any
Monthly Interest previously due but not distributed to the Series 2003-A
Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any
Additional Interest previously due but not distributed to the Series 2003-A
Noteholders on a prior Payment Date.

                  "Required Federal Income Tax Opinion" means, with respect to
the Issuer as to any action, an opinion of counsel to the effect that, for
federal income tax purposes (i) the action will not adversely affect the tax
characterization as debt of the notes of any outstanding Series or Class issued
by the Issuer that were characterized as debt at the time of their issuance,
(ii) the action will not cause the Issuer to be treated as an association (or
publicly traded partnership) taxable as a corporation and (iii) the action will
not cause or constitute an event in which gain or

                                       8
<PAGE>

loss would be recognized by any holder of notes of any outstanding Series or
Class issued by the Issuer.

                  "Required Participation Amount" means the sum of (i) the sum
of the required participation percentages (including the Required Participation
Percentage) for each outstanding Series multiplied by the respective initial
Invested Amount (including the Series 2003-A Initial Invested Amount) for each
such outstanding Series and (ii) the sum of the Required Overcollateralization
Amounts (including the Required Series 2003-A Overcollateralization Amount) for
all outstanding Series.

                  "Required Participation Percentage" means, with respect to
Series 2003-A, 106.5%. The Transferor may, upon ten days' prior notice to the
Indenture Trustee and Standard & Poor's, Moody's and Fitch, reduce the Required
Participation Percentage to not less than 100%, so long as any one of Standard &
Poor's, Moody's and Fitch shall not have notified the Transferor or the Servicer
that any reduction will result in a reduction or withdrawal of the rating (if
any) of the Series 2003-A Notes or any other outstanding Series or Class of
Notes for which it is providing a rating.

                  "Required Series 2003-A Overcollateralization Amount" means,
for any Payment Date, the sum of (i) the Series 2003-A Overcollateralization
Percentage on such date of the Series 2003-A Initial Principal Amount and (ii)
the Incremental Overcollateralization Amount on such date.

                  "Reserve Account" has the meaning specified in Section
4.12(a).

                  "Reserve Account Initial Deposit" means $7,125,000.

                  "Revolving Period" means the period beginning on the Series
2003-A Issuance Date and terminating on the earlier of (i) the close of business
on the day immediately preceding the date on which an Early Amortization Period
commences and (ii) the close of business on the day immediately preceding the
date on which the Accumulation Period commences; provided, however, that so long
as the Accumulation Period has not commenced, the Revolving Period may
recommence if an Early Amortization Event has been terminated as provided in
Section 6.01.

                  "Series 2003-A" means the Series of Notes, the terms of which
are specified in this Indenture Supplement.

                  "Series 2003-A Allocable Defaulted Amounts" means, for any day
in a Collection Period, the product of (a) the Series 2003-A Allocation
Percentage for such day and (b) the Defaulted Amounts processed on such day.

                  "Series 2003-A Allocable Interest Collections" means, for any
day in a Collection Period, the product of (a) the Series 2003-A Allocation
Percentage for such day and (b) Interest Collections as to which such day is the
Date of Processing for such Interest Collections.

                  "Series 2003-A Allocable Principal Collections" means, for any
day in a Collection Period, the product of (a) the Series 2003-A Allocation
Percentage for such day and

                                       9
<PAGE>
(b) Principal Collections as to which such day is the Date of Processing for
such Principal Collections.

                  "Series 2003-A Allocation Percentage" means, for any day in a
Collection Period, the percentage equivalent, which shall never exceed 100%, of
a fraction, the numerator of which is the Series 2003-A Nominal Liquidation
Amount for such day (or with respect to any day in the October 2003 Collection
Period, the Series 2003-A Nominal Liquidation Amount as of the Series 2003-A
Issuance Date) and the denominator of which is the sum of the Series Nominal
Liquidation Amounts for all outstanding Series of Notes (including Series
2003-A) for such day (or with respect to any day in the October 2003 Collection
Period, the sum of the Series Nominal Liquidation Amounts for all outstanding
Series of Notes (including Series 2003-A) as of the Series 2003-A Issuance Date
(after giving effect to the application of proceeds from the issuance of the
Series 2003-A Notes)). Notwithstanding the foregoing, during any day in a
Collection Period in which there is an Early Amortization Event or during the
Accumulation Period, the Series 2003-A Nominal Liquidation Amount and Trust
Nominal Liquidation Amount with respect to such Series shall be as of the last
day of the preceding Collection Period.

                  "Series 2003-A Cut-Off Date" means August 31, 2003.

                  "Series 2003-A Expected Final Payment Date" means the Payment
Date occurring on September 15, 2006.

                  "Series 2003-A Final Maturity Date" means September 15, 2008.

                  "Series 2003-A Fixed Allocation Percentage" means, for any day
during a Collection Period or portion thereof occurring after the end of the
Revolving Period, the percentage equivalent (not to exceed 100%) of a fraction,
the numerator of which is the Series 2003-A Nominal Liquidation Amount as of the
close of business on the last day of the Revolving Period and the denominator of
which is the product of (i) the Series 2003-A Allocation Percentage for such day
in the Collection Period and (ii) the Pool Balance as of the last day of the
proceeding Collection Period.

                  "Series 2003-A Floating Allocation Percentage" means, for any
day during a Collection Period, the percentage equivalent (not to exceed 100%)
of a fraction, the numerator of which is the Series 2003-A Nominal Liquidation
Amount for such day (or with respect to any day in the October 2003 Collection
Period, the Series 2003-A Nominal Liquidation Amount as of the Series 2003-A
Issuance Date) and the denominator of which is the product of (i) the Series
2003-A Allocation Percentage for such day and (ii) the Pool Balance as of the
last day of the proceeding Collection Period. Notwithstanding the foregoing,
during any day in a Collection Period in which there is an Early Amortization
Event or during the Accumulation Period, the Series 2003-A Nominal Liquidation
Amount shall be as of the last day of the preceding Collection Period.

                  "Series 2003-A Initial Invested Amount" means $950,000,000.

                  "Series 2003-A Initial Principal Amount" means $950,000,000.

                  "Series 2003-A Invested Amount" means, as of any day during a
Collection

                                       10
<PAGE>

Period, an amount equal to the Series 2003-A Initial Invested Amount minus the
reductions, and plus the reinstatements and increases, if any, in the Series
2003-A Invested Amount as provided in Section 4.09.

                  "Series 2003-A Invested Amount Deficit" means, as of any
Payment Date, the amount, if any, by which (i) the Series 2003-A Outstanding
Principal Amount on such date less the amount (other than investment earnings),
if any, on deposit in the Accumulation Account on such date and the Series
2003-A Allocation Percentage for such date of amounts (other than investment
earnings), if any, on deposit in the Excess Funding Account on such date,
exceeds (ii) the Series 2003-A Invested Amount on such date.

                  "Series 2003-A Investor Available Interest Amounts" means,
with respect to any Collection Period, an amount equal to (a) the sum of, for
each day during such Collection Period, the product of the Series 2003-A
Floating Allocation Percentage for such day and the Series 2003-A Allocable
Interest Collections for such day, plus (b) all net investment earnings on
amounts (if any) on deposit in the Accumulation Account and the Reserve Account,
plus (c) the sum of, for each day during such Collection Period, the product of
the Series 2003-A Allocation Percentage for such day and all net investment
earnings on amounts (if any) on deposit in the Collection Account and the Excess
Funding Account on such day, plus (d) Reallocated Principal Collections for the
Payment Date following such Collection Period, plus (e) the aggregate amount of
funds, if any, which pursuant to the last sentence of Section 4.01(d) are
required to be included in Series 2003-A Investor Available Interest Amounts
with respect to the Payment Date following such Collection Period, plus, (f) the
amount, if any, of collections of Interest Receivables as to which the Date of
Processing occurs in the Collection Period following such Collection Period (but
prior to the Payment Date following such Collection Period) which the Issuer
instructs the Servicer to include in Series 2003-A Investor Available Interest
Amounts for such Collection Period (but in no event to exceed the product of (i)
the Series 2003-A Series Allocation Percentage, (ii) the Series 2003-A Floating
Allocation Percentage and (iii) the amount of such collections of Interest
Receivables), minus (g) the amount, if any, which the Issuer instructed the
Servicer pursuant to preceding clause (f) to include in Series 2003-A Investor
Available Interest Amounts with respect to the Collection Period immediately
preceding such Collection Period.

                  "Series 2003-A Investor Available Principal Amounts" means,
with respect to any Collection Period, an amount equal to (a) the sum of, for
each day during such Collection Period, the product of the Series 2003-A
Allocable Principal Collections on such day and (i) during the Revolving Period,
the Series 2003-A Floating Allocation Percentage for such day or (ii) after the
Revolving Period, the Series 2003-A Fixed Allocation Percentage for such day,
plus (b) the amount of Series 2003-A Investor Available Interest Amounts treated
as Series 2003-A Investor Available Principal Amounts on the Payment Date
following such Collection Period to cover Series 2003-A Investor Defaulted
Amounts and to reimburse the Series 2003-A Nominal Liquidation Amount Deficit,
plus (c) the amount of Series 2003-A Investor Available Interest Amounts treated
as Series 2003-A Investor Available Principal Amounts on each Payment Date on
and after the occurrence of an Event of Default and a declaration that all
Series 2003-A Notes are immediately due and payable pursuant to Section 5.03(a)
of the Indenture, minus (d) Reallocated Principal Collections for such
Collection Period.

                                       11
<PAGE>

                  "Series 2003-A Investor Defaulted Amounts" means, with respect
to any Collection Period, an amount equal to the sum of, for each day during
such Collection Period, the product of the Series 2003-A Floating Allocation
Percentage on such day and the Series 2003-A Allocable Defaulted Amounts on such
day.

                  "Series 2003-A Issuance Date" means October 15, 2003.

                  "Series 2003-A Nominal Liquidation Amount" means, for any day
in a Collection Period, the sum of (i) the Series 2003-A Invested Amount on such
day and (ii) the Series 2003-A Overcollateralization Amount as of the Payment
Date on or preceding such day (but, in no event, less than zero), in each case,
after giving effect to the allocations, distributions, withdrawals and deposits
to be made on such day.

                  "Series 2003-A Nominal Liquidation Amount Deficit" means as of
any Payment Date, the sum of (i) the Series 2003-A Invested Amount Deficit and
(ii) the Series 2003-A Overcollateralization Amount Deficit.

                  "Series 2003-A Noteholder" means the Person in whose name a
Series 2003-A Note is registered in the Note Register.

                  "Series 2003-A Noteholders' Collateral" means the Noteholders'
Collateral for Series 2003-A.

                  "Series 2003-A Notes" means any one of the Notes executed by
the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of Exhibit A.

                  "Series 2003-A Outstanding Principal Amount" means, with
respect to any date, an amount equal to (a) the Series 2003-A Initial Principal
Amount, minus (b) the aggregate amount of any principal payments made to the
Series 2003-A Noteholders before such date.

                  "Series 2003-A Overcollateralization Amount" means the sum of
(i) the Primary Series 2003-A Overcollateralization Amount and (ii) the
Incremental Overcollateralization Amount.

                  "Series 2003-A Overcollateralization Amount Deficit" means, as
of any Payment Date, the amount, if any, by which (x) the aggregate amount of
reallocations and reductions of the Series 2003-A Overcollateralization Amount
due to Investor Charge-Offs and Interest Shortfalls with respect to Series
2003-A as provided in Section 4.09(b) through such date exceeds (y) the
aggregate amount of reimbursements of such reallocations and reductions as
provided in Section 4.09(c) through such date.

                  "Series 2003-A Overcollateralization Percentage" means
13.31444759%; provided, however, that if the rating of NML's long-term unsecured
debt is reduced below "BBB-" (or withdrawn) by Standard & Poor's, then the
Series 2003-A Overcollateralization Percentage shall be 14.61318052% until the
long-term unsecured debt of NML is rated at least "BBB-" by Standard & Poor's;
provided, however, that the Transferor may, in its sole discretion, increase the
Series 2003-A Overcollateralization Percentage so long as the cumulative amount
of those increases does not exceed 3.5% of the Series 2003-A Initial Principal
Amount.

                                       12
<PAGE>

                  "Servicing Fee Rate" means 1% per annum or such lesser
percentage as may be specified by the Servicer in an Officer's Certificate
delivered to the Indenture Trustee stating that, in the reasonable belief of the
Servicer, such change in percentage will not result in a Significant Adverse
Effect.

                  "Shared Excess Interest Amounts" means, for any Payment Date,
for each Series in Excess Interest Sharing Group One, the sum of the Excess
Interest Amounts for each of those Series.

                  "Shared Excess Principal Amounts" means, for any Payment Date,
for each Series in Excess Principal Sharing Group One, the sum of the Excess
Principal Amounts for each of those Series.

                  "Specified Reserve Account Balance" means with respect to any
Payment Date, an amount equal to the product of 0.75% and the Series 2003-A
Initial Invested Amount as of the Series 2003-A Issuance Date.

                  "Swap Agreement" shall mean any currency swap agreement,
entered into pursuant to Section 2.03 of the Trust Agreement and Section 5.08 of
the Transfer and Servicing Agreement, including all schedules and confirmations
thereto, entered into by the Issuer and the Swap Counterparty, as the same may
be amended, supplemented, renewed, extended or replaced from time to time.

                  "Swap Counterparty" shall mean an unaffiliated third party, as
swap counterparty under the Swap Agreement, or any successor or replacement swap
counterparty from time to time under the Swap Agreement.

                  "Trust Agreement" means the Trust Agreement, dated as of May
13, 2003 between the Transferor and the Owner Trustee, pursuant to which the
Issuer was formed, as amended and restated as of July 24, 2003, as further
amended and restated as of October 15, 2003, as the same may be further amended,
supplemented or otherwise modified from time to time.

                  "Trust Termination Date" means the date on which the Issuer
will terminate as specified in the Trust Agreement.

                  Section 2.02. Other Definitional Provisions.

                  (a)      All terms used herein and not otherwise defined
herein have meanings ascribed to them in the Annex of Definitions.

                  (b)      All terms defined in this Indenture Supplement have
the same defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein.

                  (c)      As used in this Indenture Supplement and in any
certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Indenture Supplement or in any such
certificate or other document, and accounting terms partly

                                       13
<PAGE>

defined in this Indenture Supplement or in any such certificate or other
document to the extent not defined, have the respective meanings given to them
under generally accepted accounting principles or regulatory accounting
principles, as applicable and as in effect on the date of this Indenture
Supplement. To the extent that the definitions of accounting terms in this
Indenture Supplement or in any such certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting
principles or regulatory accounting principles in the United States, the
definitions contained in this Indenture Supplement or in any such certificate or
other document control.

                  (d)      Unless otherwise specified, references to any dollar
amount as on deposit or outstanding on any particular date means such amount at
the close of business on such day.

                  (e)      The words "hereof," "herein" and "hereunder" and
words of similar import when used in this Indenture Supplement refer to this
Indenture Supplement as a whole and not to any particular provision of this
Indenture Supplement. References to any subsection, Section, Schedule or Exhibit
are references to subsections, Sections, Schedules and Exhibits in or to this
Indenture Supplement, unless otherwise specified. The term "including" means
"including without limitation."

                                  ARTICLE III

                                  SERVICING FEE

                  Section 3.01. Servicing Compensation.

                  The share of the Servicing Fee allocable to the Series 2003-A
Noteholders with respect to any Payment Date is equal to the Monthly Servicing
Fee. The portion of the Servicing Fee that is not allocable to the Series 2003-A
Noteholders will be paid by the holders of the Transferor Interest or the
Noteholders of other Series (as provided in the related Indenture Supplements)
and in no event will the Issuer, the Indenture Trustee or the Series 2003-A
Noteholders be liable for the share of the Servicing Fee to be paid by the
holders of the Transferor Interest or the Noteholders of any other Series. The
Servicer may, by prior written notice to the Indenture Trustee, elect to waive
the Monthly Servicing Fee for any Collection Period. Such waived Monthly
Servicing Fee will be reimbursed on the Payment Date related to the subsequent
Collection Period pursuant to Section 4.04(a).

                                   ARTICLE IV

                       RIGHTS OF SERIES 2003-A NOTEHOLDERS
                  AND ALLOCATION AND APPLICATION OF COLLECTIONS

                  Section 4.01. Collections and Allocations.

                  (a)      Allocations. Interest Collections, Principal
Collections and Defaulted Receivables allocated to Series 2003-A pursuant to
Article VIII of the Indenture and Section 4.01(b) shall be allocated between the
Series 2003-A Noteholders and the holders of the Transferor Interest pursuant to
Section 4.01(c) and (d) and then distributed as set forth in this Article IV.

                                       14
<PAGE>

                  (b)      Series Allocations. Prior to the close of business on
each day during a Collection Period, the Servicer will (i) determine the Series
2003-A Allocation Percentage for such day and (ii) allocate Interest
Collections, Principal Collections and Defaulted Receivables to Series 2003-A
based on the Series 2003-A Allocation Percentage on such day.

                  (c)      Allocations to Series 2003-A Noteholders. The
Servicer shall, prior to the close of business on each day during a Collection
Period, allocate to the Series 2003-A Noteholders the following amounts as set
forth below:

                  (i)      Allocations of Interest Collections. The Servicer
         shall allocate to the Series 2003-A Noteholders and deposit in the
         Collection Account for application as provided herein, an amount equal
         to the product of (A) the Series 2003-A Floating Allocation Percentage
         for such day and (B) the Series 2003-A Allocable Interest Collections
         as to which such day is the Date of Processing for such Collections;
         provided, that, so long as the conditions set forth in Section 8.04(b)
         of the Indenture are satisfied, the Servicer shall not be required to
         deposit such allocated amounts into the Collection Account until the
         Business Day preceding the Payment Date in the month following such
         Collection Period.

                  (ii)     Allocations of Principal Collections. The Servicer
         shall allocate to the Series 2003-A Noteholders the following amounts
         as set forth below:

                           (A)      Allocations During the Revolving Period.
                  During the Revolving Period, the Servicer shall allocate to
                  the Series 2003-A Noteholders and deposit into the Collection
                  Account for application as provided herein, an amount equal to
                  the product of (I) the Series 2003-A Floating Allocation
                  Percentage for such day and (II) the Series 2003-A Allocable
                  Principal Collections for such day; provided, that, so long as
                  the conditions set forth in Section 8.04(b) of the Indenture
                  are satisfied, the Servicer shall not be required to deposit
                  such allocated amounts into the Collection Account until the
                  Business Day preceding the Payment Date in the month following
                  such Collection Period.

                           (B)      Allocations During the Accumulation Period
                  and the Early Amortization Period. During the Accumulation
                  Period and the Early Amortization Period, the Servicer shall
                  allocate to the Series 2003-A Noteholders and deposit in the
                  Collection Account for application as provided herein, an
                  amount equal to the product of (I) the Series 2003-A Fixed
                  Allocation Percentage for such day and (II) the Series 2003-A
                  Allocable Principal Collections for such day; provided, that,
                  so long as the conditions set forth in Section 8.04(b) of the
                  Indenture are satisfied, the Servicer shall not be required to
                  deposit such allocated amounts into the Collection Account
                  until the Business Day preceding the Payment Date in the month
                  following such Collection Period.

                  (iii)    Allocations of Defaulted Amounts. The Servicer shall
         allocate to the Series 2003-A Noteholders the product of (A) the Series
         2003-A Floating Allocation Percentage for such day and (B) the Series
         2003-A Allocable Defaulted Amounts on such day.

                                       15
<PAGE>

                  (d)      Allocation to Holders of the Transferor Interest.
Prior to the close of business, on each day during a Collection Period, the
Servicer shall allocate and, in the case of clauses (i) and (ii) below (except
as set forth in the provisos following clause (iii) below), distribute to the
holders of the Transferor Interest in accordance with the Trust Agreement the
following amounts:

                  (i)      the portion of the Series 2003-A Allocable Interest
         Collections not allocated to the Series 2003-A Noteholders pursuant to
         Section 4.01(c)(i) above;

                  (ii)     the portion of the Series 2003-A Allocable Principal
         Collections not allocated to the Series 2003-A Noteholders pursuant to
         Section 4.01(c)(ii) above; and

                  (iii)    the portion of the Series 2003-A Allocable Defaulted
         Amounts not allocated to the Series 2003-A Noteholders pursuant to
         Section 4.01(c)(iii) above;

provided, however, that the Servicer will not distribute to the holders of the
Transferor Interest their allocation of Series 2003-A Allocable Interest
Collections if and to the extent that the Adjusted Pool Balance does not equal
or exceed the Required Participation Amount as of such day; and provided further
that the Servicer will not distribute to the holders of the Transferor Interest
their allocation of Series 2003-A Allocable Principal Collections if and to the
extent that the Adjusted Pool Balance does not equal or exceed the Required
Participation Amount as of such day. Subject to the immediately succeeding
sentence, any amount not distributed to the holders of the Transferor Interest
in accordance with the provisos to the preceding sentence shall be deposited by
the Servicer (on the date not so distributed) into the Excess Funding Account.
Notwithstanding the foregoing, on any day on which amounts are on deposit in the
Accumulation Account, before distributing to the holders of the Transferor
Interest any portion of their allocation of Series 2003-A Allocable Interest
Collections or Series 2003-A Allocable Principal Collections or depositing any
portion of their allocation of Series 2003-A Allocable Interest Collections or
Series 2003-A Principal Collections into the Excess Funding Account, the
Servicer shall first deduct therefrom the excess, if any, of the Covered Amount
for such day over the sum of all net investment earnings for such day on (x)
amounts on deposit in the Accumulation Account and the Reserve Account and (y)
the Series 2003-A Allocation Percentage of amounts (if any) on deposit in the
Excess Funding Account and the Collection Account, and treat such amounts as
Series 2003-A Investor Available Interest Amounts.

                  Section 4.02. Determination of Monthly Interest.

                  (a)      The amount of monthly interest (the "Monthly
Interest") distributable from the Collection Account with respect to the Series
2003-A Notes on any Payment Date will be an amount equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, (ii) the Note Interest Rate
with respect to the related Interest Period and (iii) the Series 2003-A
Outstanding Principal Amount as of the first day of the related Interest Period,
after giving effect to any deposits and distributions to be made on such date
(or, with respect to the first Payment Date following the Series 2003-A Issuance
Date, the Series 2003-A Initial Principal Amount).

                                       16
<PAGE>

                  (b)      On the Determination Date immediately preceding each
Payment Date, the Servicer will determine the excess, if any (such excess, the
"Interest Deficiency"), of (x) the Monthly Interest for such Payment Date over
(y) the aggregate amount of funds allocated and available to pay such Monthly
Interest on such Payment Date. If the Interest Deficiency with respect to any
Payment Date is greater than zero, on each subsequent Payment Date until such
Interest Deficiency is fully paid, an additional amount (the "Additional
Interest") equal to the product of (i)(A) a fraction, the numerator of which is
the actual number of days in the related Interest Period and the denominator of
which is 360, times (B) the Note Interest Rate with respect to the related
Interest Period and (ii) such Interest Deficiency (or the portion thereof which
has not been paid to the Series 2003-A Noteholders) will be payable as provided
herein with respect to the Series 2003-A Notes. Notwithstanding anything to the
contrary herein, the Additional Interest will be payable or distributed to the
Series 2003-A Noteholders only to the extent permitted by applicable law.

                  Section 4.03. [RESERVED.]

                  Section 4.04. Application of Available Amounts on Deposit in
the Collection Account, the Accumulation Account and Other Sources of Payment.

                  (a)      On each Payment Date, the Servicer will apply, or
cause the Indenture Trustee to apply by written instruction to the Indenture
Trustee, Series 2003-A Investor Available Interest Amounts on deposit in the
Collection Account with respect to such Payment Date (together with other
amounts specified in this Indenture Supplement) to make the following
distributions or deposits in the following priority:

                  (i)      if NMAC or one of its Affiliates is no longer the
         Servicer, an amount equal to the Monthly Servicing Fee for such Payment
         Date, plus the amount of any Monthly Servicing Fee previously due but
         not distributed to the Servicer on a prior Payment Date, will be
         distributed to the Servicer;

                  (ii)     an amount equal to Monthly Interest for such Payment
         Date, plus the amount of any Monthly Interest previously due but not
         distributed to the Series 2003-A Noteholders on a prior Payment Date,
         plus the amount of any Additional Interest for such Payment Date, plus
         the amount of any Additional Interest previously due but not
         distributed to the Series 2003-A Noteholders on a prior Payment Date,
         will be distributed to the Paying Agent for payment to the Series
         2003-A Noteholders on such Payment Date;

                  (iii)    if NMAC or one of its Affiliates is the Servicer, an
         amount equal to the Monthly Servicing Fee for such Payment Date, plus
         the amount of any Monthly Servicing Fee previously due but not
         distributed to the Servicer on a prior Payment Date, will be
         distributed to the Servicer (to the extent not previously retained by
         the Servicer in accordance with Section 8.04 of the Indenture);

                  (iv)     an amount equal to the sum of (y) the aggregate
         Series 2003-A Investor Defaulted Amounts for the related Collection
         Period and (z) the Series 2003-A Nominal Liquidation Amount Deficit, if
         any, will be applied as Series 2003-A Investor Available

                                       17
<PAGE>

         Principal Amounts for such Payment Date to reinstate the Series 2003-A
         Nominal Liquidation Amount pursuant to Section 4.09(c);

                  (v)      an amount, if any, equal to the excess of the
         Specified Reserve Account Balance over all amounts on deposit in the
         Reserve Account on such Payment Date, will be deposited in the Reserve
         Account;

                  (vi)     on each Payment Date on and after the occurrence of
         an Event of Default and a declaration that all Series 2003-A Notes are
         immediately due and payable pursuant to Section 5.03(a) of the
         Indenture, remaining Series 2003-A Investor Available Interest Amounts
         for such Payment Date will be treated as Series 2003-A Investor
         Available Principal Amounts and will be distributed pursuant to Section
         4.04(e) hereof, unless and until such declaration of acceleration has
         been rescinded and annulled pursuant to Section 5.03(b) of the
         Indenture;

                  (vii)    if the Servicer elected to waive the Monthly
         Servicing Fee for the preceding Collection Period, the Indenture
         Trustee will apply any remaining funds to reimburse the Servicer for
         such waived Monthly Servicing Fee;

                  (viii)   an amount equal to the Interest Shortfalls for other
         outstanding Series in Excess Interest Sharing Group One will be treated
         as Shared Excess Interest Collections available from Series 2003-A and
         applied to cover the Interest Shortfalls for other outstanding Series
         in Excess Interest Sharing Group One in accordance with Section 8.05(a)
         of the Indenture; and

                  (ix)     all remaining Series 2003-A Investor Available
         Interest Amounts for such Payment Date will be distributed to the
         holders of the Transferor Interest in accordance with the Trust
         Agreement, or, to the extent amounts are payable to a Swap Counterparty
         pursuant to a Swap Agreement as described in Section 5.08 of the
         Transfer and Servicing Agreement, to such Swap Counterparty; provided,
         however, that if, on such Payment Date, the Adjusted Pool Balance is
         less than the Required Participation Amount, then the Indenture Trustee
         shall deposit into the Excess Funding Account from the amount that
         would otherwise have been distributed to the holders of the Transferor
         Interest the amount of such insufficiency.

                  (b)      If Series 2003-A Investor Available Interest Amounts
for any Payment Date (excluding Reallocated Principal Collections for such
Payment Date) are insufficient to make all distributions and deposits required
under clauses (i) through (v) of Section 4.04(a), available amounts from the
following sources on such Payment Date will be applied in the following order to
make up the Interest Shortfall with respect to Series 2003-A: (i) from Shared
Excess Interest Amounts for such Payment Date available from other outstanding
Series in Excess Interest Sharing Group One as provided in Section 4.07,
provided that such amounts will be applied only to cover shortfalls in the
distributions and deposits required under clauses (i) through (v) of Section
4.04(a) and in the order of priorities as set forth in Section 4.04(a), (ii)
from amounts on deposit in the Reserve Account on such Payment Date as provided
in Section 4.12, provided that such amounts will be applied only to cover
shortfalls in the distributions and deposits required under clauses (i) through
(iv) of Section 4.04(a) and in the order of priorities as

                                       18
<PAGE>

set forth in Section 4.04(a) and (iii) from Reallocated Principal Collections
for such Payment Date as provided in Section 4.06, provided, that such amounts
will be applied only to cover shortfalls in the distributions required under
clause (ii) of Section 4.04(a) and only to the extent of the Series 2003-A
Overcollateralization Amount.

                  (c)      On each Payment Date with respect to the Revolving
Period, the Servicer will apply, or cause the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Series 2003-A Investor Available
Principal Amounts on deposit in the Collection Account with respect to such
Payment Date, to make the following distributions or deposits in the following
priority:

                  (i)      such Series 2003-A Investor Available Principal
         Amounts on deposit in the Collection Account for the related Collection
         Period will be treated as Shared Excess Principal Amounts available
         from Series 2003-A and applied to cover the Principal Shortfalls for
         other outstanding Series in Excess Principal Sharing Group One in
         accordance with Section 8.05(b) of the Indenture;

                  (ii)     the balance of such Series 2003-A Investor Available
         Principal Amounts not applied pursuant to clause (i) above, will be
         distributed to the Issuer to be used by the Issuer, to the extent
         necessary, to acquire Receivables (if any) available to be transferred
         to the Issuer by the Transferor pursuant to the Transfer and Servicing
         Agreement; and

                  (iii)    the balance of such Series 2003-A Investor Available
         Principal Amounts not applied pursuant to clauses (i) or (ii) above
         will be distributed to the holders of the Transferor Interest in
         accordance with the Trust Agreement, or, to the extent amounts are
         payable to a Swap Counterparty pursuant to a Swap Agreement as
         described in Section 5.08 of the Transfer and Servicing Agreement, to
         such Swap Counterparty; provided, however, that if, on such Payment
         Date, the Adjusted Pool Balance is less than the Required Participation
         Amount, then the Indenture Trustee shall deposit into the Excess
         Funding Account from the amount that would otherwise have been
         distributed to the holders of the Transferor Interest the amount of
         such insufficiency.

                  (d)      On each Payment Date with respect to the Accumulation
Period, the Servicer will apply, or cause the Indenture Trustee to apply by
written instruction to the Indenture Trustee, the Series 2003-A Investor
Available Principal Amounts on deposit in the Collection Account with respect to
such Payment Date (together with other amounts specified in this Indenture
Supplement) to make the following distributions or deposits in the following
priority:

                  (i)      an amount equal to the lesser of (x) the Controlled
         Deposit Amount for such Payment Date and (y) the Series 2003-A Invested
         Amount for such Payment Date shall be deposited into the Accumulation
         Account;

                  (ii)     the balance of such Series 2003-A Investor Available
         Principal Amounts not applied pursuant to preceding clause (i) will be
         treated as Shared Excess Principal Amounts available from Series 2003-A
         and applied to cover Principal Shortfalls for other

                                       19
<PAGE>

         outstanding Series in Excess Principal Sharing Group One in accordance
         with Section 8.05(b) of the Indenture;

                  (iii)    the balance of such Series 2003-A Investor Available
         Principal Amounts not applied pursuant to clauses (i) or (ii) above,
         will be distributed to the Issuer to be used by the Issuer, to the
         extent necessary, to acquire Receivables (if any) available to be
         transferred to the Issuer by the Transferor pursuant to the Transfer
         and Servicing Agreement; and

                  (iv)     the balance of such Series 2003-A Investor Available
         Principal Amounts not applied pursuant to clauses (i), (ii) or (iii)
         above will be distributed to the holders of the Transferor Interest in
         accordance with the Trust Agreement, or, to the extent amounts are
         payable to a Swap Counterparty pursuant to a Swap Agreement as
         described in Section 5.08 of the Transfer and Servicing Agreement, to
         such Swap Counterparty; provided, however, that if, on such Payment
         Date, the Adjusted Pool Balance is less than the Required Participation
         Amount, then the Indenture Trustee shall deposit into the Excess
         Funding Account from the amount that would otherwise have been
         distributed to the holders of the Transferor Interest the amount of
         such insufficiency.

                  (e)      On each Payment Date with respect to the Early
Amortization Period, the Servicer will apply, or cause the Indenture Trustee to
apply by written instruction to the Indenture Trustee, the Series 2003-A
Investor Available Principal Amounts on deposit in the Collection Account with
respect to such Payment Date, plus all amounts on deposit in the Accumulation
Account (together with other amounts specified in this Indenture Supplement), to
make the following distributions or deposits in the following priority:

                  (i)      an amount equal to the Series 2003-A Invested Amount
         (determined without giving effect to any reduction thereto arising from
         amounts on deposit in the Accumulation Account) for such Payment Date
         will be distributed to the Paying Agent for payment to the Series
         2003-A Noteholders on such Payment Date and on each subsequent Payment
         Date until the Series 2003-A Invested Amount (determined without giving
         effect to any reduction thereto arising from amounts on deposit in the
         Accumulation Account) has been paid in full;

                  (ii)     the balance of such Series 2003-A Investor Available
         Principal Amounts will be treated as Shared Excess Principal Amounts
         available from Series 2003-A and applied to cover Principal Shortfalls
         for other outstanding Series in Excess Principal Sharing Group One in
         accordance with Section 8.05(b) of the Indenture; and

                  (iii)    the balance of the Series 2003-A Investor Available
         Principal Amounts not applied pursuant to clauses (i) or (ii) above
         will be distributed to the holders of the Transferor Interest in
         accordance with the Trust Agreement, or, to the extent amounts are
         payable to a Swap Counterparty pursuant to a Swap Agreement as
         described in Section 5.08 of the Transfer and Servicing Agreement, to
         such Swap Counterparty; provided, however, that if, on such Payment
         Date, the Adjusted Pool Balance is less than the Required Participation
         Amount, then the Indenture Trustee shall deposit into the Excess

                                       20
<PAGE>

         Funding Account from the amount that would otherwise have been
         distributed to the holders of the Transferor Interest the amount of
         such insufficiency.

                  (f)      On the earlier of (i) the first Payment Date with
respect to the Early Amortization Period and (ii) the Payment Date which is also
the Series 2003-A Expected Final Payment Date, the Servicer shall, or shall
cause the Indenture Trustee, by written notice to the Indenture Trustee, to
withdraw from the Accumulation Account all amounts then on deposit in the
Accumulation Account and (i) distribute to the Paying Agent for payment to the
Series 2003-A Noteholders on such Payment Date the amount necessary to pay the
Series 2003-A Invested Amount (determined without giving effect to any reduction
thereto arising from amounts on deposit in the Accumulation Account) in full and
(ii) the balance, if any, of the amounts so withdrawn from the Accumulation
Account will (x) first, be treated as Shared Excess Principal Amounts available
from Series 2003-A to be applied to cover Principal Shortfalls for other
outstanding Series in Excess Principal Sharing Group One in accordance with
Section 8.05(b) of the Indenture and (y) second, be distributed to the holders
of the Transferor Interest in accordance with the Trust Agreement; provided,
however, that if, on such Payment Date, the Adjusted Pool Balance is less than
the Required Participation Amount, then the Indenture Trustee will deposit into
the Excess Funding Account from the amount that would otherwise have been
distributed to the holders of the Transferor Interest the amount of such
insufficiency.

                  (g)      If Series 2003-A Investor Available Principal Amounts
for any Payment Date (together with amounts, if any, available for application
on such Payment Date pursuant to Section 4.04(f)) are insufficient to make in
full the deposits or distributions required pursuant to Section 4.04(d)(i) or
4.04(e)(i), as applicable, then Shared Excess Principal Amounts for such Payment
Date from other outstanding Series in Excess Principal Sharing Group One will be
so deposited or distributed to cover the Principal Shortfall with respect to
Series 2003-A as provided in Section 4.08.

                  (h)      If Series 2003-A Investor Available Principal Amounts
for any Payment Date (together with amounts, if any, available for application
on such Payment pursuant to Section 4.04(f)) and Shared Excess Principal Amounts
for such Payment Date from other outstanding Series in Excess Principal Sharing
Group One are insufficient to make in full the deposits and distributions
required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, the
Indenture Trustee, acting in accordance with written instructions from the
Servicer, will withdraw from the Excess Funding Account and distribute to the
Paying Agent for deposit into the Accumulation Account or payment to the Series
2003-A Noteholders, as applicable, the lesser of (i) the product of the Series
2003-A Allocation Percentage and the amount on deposit in the Excess Funding
Account and (ii) the amount of such insufficiency.

                  Section 4.05. Investor Charge-Offs.

                  On the Determination Date immediately preceding each Payment
Date, the Servicer will calculate the aggregate Series 2003-A Investor Defaulted
Amounts, if any, for the related Collection Period. If, on any Determination
Date, the aggregate Series 2003-A Investor Defaulted Amounts for the preceding
Collection Period exceed the sum of:

                                       21
<PAGE>

                  (i)      the Series 2003-A Investor Available Interest Amounts
         for the related Payment Date applied to fund such Series 2003-A
         Investor Defaulted Amounts pursuant to clause (iv) of Section 4.04(a);
         and

                  (ii)     the Shared Excess Interest Amounts available from
         other outstanding Series in Excess Interest Sharing Group One applied
         to fund such Series 2003-A Investor Defaulted Amounts pursuant to
         clause (iv) of Section 4.04(a) in accordance with clause (i) of Section
         4.04(b) and amounts on deposit in the Reserve Account applied to fund
         such Series 2003-A Investor Defaulted Amounts pursuant to clause (iv)
         of Section 4.04(a) in accordance with clause (ii) of Section 4.04(b)
         (such excess, collectively, an "Investor Charge-Off");

then, on the related Payment Date, if the Series 2003-A Overcollateralization
Amount is greater than zero, the Series 2003-A Overcollateralization Amount will
be reduced by an amount not to exceed the lesser of (1) the Series 2003-A
Overcollateralization Amount and (2) the amount of such Investor Charge-Offs,
all as provided in Section 4.09.

                  Section 4.06. Reallocated Principal Collections.

                  On each Determination Date, the Servicer shall determine the
amount, if any, by which the Series 2003-A Investor Available Interest Amounts
for the preceding Collection Period (excluding Reallocated Principal Collections
for the related Payment Date), together with other amounts specified in Section
4.04(b)(i) and (ii), are insufficient to pay the amounts due pursuant to Section
4.04(a)(ii) on the related Payment Date and cause the amount of such
insufficiency to be reallocated from the Series 2003-A Investor Available
Principal Amounts for such Collection Period and, to the extent still necessary
to pay such insufficiency, from amounts that would constitute Series 2003-A
Investor Available Principal Amounts for the current Collection Period. On each
Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply,
Reallocated Principal Collections with respect to the preceding Collection
Period (and, if necessary, with respect to the current Collection Period) in
accordance with clause (iii) of Section 4.04(b), in an amount not to exceed the
Series 2003-A Overcollateralization Amount. If, on any Payment Date, Reallocated
Principal Collections for such Payment Date are so applied, then, if the Series
2003-A Overcollateralization Amount is greater than zero (after giving effect to
any reductions thereof pursuant to Section 4.05), the Series 2003-A
Overcollateralization Amount will be reduced by an amount not to exceed the
lesser of (1) the Series 2003-A Overcollateralization Amount and (2) the amount
of such Reallocated Principal Collections, all as provided in Section 4.09.

                  Section 4.07. Excess Interest Amounts.

                  Subject to Section 8.05(a) of the Indenture, Shared Excess
Interest Amounts with respect to other Series in Excess Interest Sharing Group
One for any Payment Date will be allocated to Series 2003-A in an amount equal
to the product of (i) the aggregate amount of Shared Excess Interest Amounts
with respect to all other Series in Excess Interest Sharing Group One for such
Payment Date and (ii) a fraction, the numerator of which is the Interest
Shortfall with respect to Series 2003-A for such Payment Date and the
denominator of which is the aggregate amount of Interest Shortfalls with respect
to all Series in Excess Interest Sharing

                                       22
<PAGE>

Group One for such Payment Date.

                  Section 4.08. Excess Principal Amounts.

                  Subject to Section 8.05(b) of the Indenture, Shared Excess
Principal Amounts with respect to other Series in Excess Principal Sharing Group
One for any Payment Date will be allocated to Series 2003-A in an amount equal
to the product of (i) the aggregate amount of Shared Excess Principal Amounts
with respect to all other Series in Excess Principal Sharing Group One for such
Payment Date and (ii) a fraction, the numerator of which is the Principal
Shortfall with respect to Series 2003-A for such Payment Date and the
denominator of which is the aggregate amount of Principal Shortfalls with
respect to all Series in Excess Principal Sharing Group One for such Payment
Date.

                  Section 4.09. Series Nominal Liquidation Amount,
Overcollateralization Amount and Invested Amount.

                  (a)      On each Determination Date for the related Payment
Date, the Servicer will, or will cause the Indenture Trustee, to calculate the
Primary Series 2003-A Overcollateralization Amount and the Incremental
Overcollateralization Amount. On each day during a Collection Period, the
Servicer, will, or will cause the Indenture Trustee, to calculate the Series
2003-A Invested Amount.

                  (b)      The Series 2003-A Nominal Liquidation Amount will be
reduced on any Payment Date by the following amounts:

                  (i)      the amount, if any, of Reallocated Principal
         Collections (including any Reallocated Principal Collections from the
         Collection Period occurring in the same month as the Payment Date) (not
         to exceed the Series 2003-A Overcollateralization Amount) used on such
         Payment Date to pay interest on the Series 2003-A Notes pursuant to
         Section 4.04(b)(iii); and

                  (ii)     the amount, if any, of Investor Charge-Offs for the
         related Collection Period pursuant to Section 4.05.

On each Payment Date, the amount of any reduction in the Series 2003-A Nominal
Liquidation Amount due to (A) clause (i) or (ii) above will be allocated, first,
to reduce the Series 2003-A Overcollateralization Amount by the amount of such
reduction until the Series 2003-A Overcollateralization Amount is reduced to
zero and (B) clause (ii) above will be allocated, second, to reduce the Series
2003-A Invested Amount by any remaining amount of such reduction until the
Series 2003-A Invested Amount is reduced to zero. In addition, the Series 2003-A
Invested Amount will be reduced by amounts deposited into the Accumulation
Account and payments of principal of the Series 2003-A Notes. Each reduction of
the Series 2003-A Overcollateralization Amount will be applied, first, to reduce
the Primary Series 2003-A Overcollateralization Amount and, second, to reduce
the Incremental Overcollateralization Amount.

                  (c)      The Series 2003-A Nominal Liquidation Amount will be
reinstated on any Payment Date by the sum of (i) the amount of Series 2003-A
Investor Available Interest

                                       23
<PAGE>

Amounts that are applied on such Payment Date for such purpose pursuant to
Section 4.04(a)(iv), (ii) the amount of Shared Excess Interest Amounts that are
applied on such Payment Date for such purpose pursuant to Sections 4.04(b)(i)
and (iii) the amounts on deposit in the Reserve Account that are applied on such
Payment Date for such purpose pursuant to Section 4.04(b)(ii). Each such
reinstatement will be allocated on such Payment Date, first, if the Series
2003-A Invested Amount has been reduced and not fully reinstated, to the Series
2003-A Invested Amount until it equals the Series 2003-A Outstanding Principal
Amount and, second, any remaining reinstatement amount will be allocated to the
Incremental Overcollateralization Amount until it has been fully reinstated and
then to the Primary Series 2003-A Overcollateralization Amount until it has been
fully reinstated.

                  (d)      The Primary Series 2003-A Overcollateralization
Amount and the Series 2003-A Invested Amount will be increased on any date on
which the Issuer issues additional Series 2003-A Notes in accordance with
Section 8.03(b). The amount of any such increase in the Primary Series 2003-A
Overcollateralization Amount and the Series 2003-A Invested Amount will be in
proportion to the increase in the aggregate Series 2003-A Outstanding Principal
Amount resulting from the issuance of such additional Series 2003-A Notes.

                  Section 4.10. Establishment of Accumulation Account.

                  (a)      The Issuer will establish and the Indenture Trustee
will maintain and hold in the name of the Indenture Trustee, solely for the
benefit of the Series 2003-A Noteholders, a Qualified Account bearing a
designation clearly indicating that the funds and other property credited
thereto are held solely for the benefit of the Series 2003-A Noteholders (the
"Accumulation Account"). The Indenture Trustee will possess all right, title and
interest in all Eligible Investments and all monies, instruments, securities,
securities entitlements, documents, certificates of deposit and other property
from time to time on deposit in or credited to the Accumulation Account and in
all interest, proceeds, earnings, income, revenue, dividends and other
distributions thereof (including any accrued discount realized on liquidation of
any investment purchased at a discount) solely for the benefit of the Series
2003-A Noteholders. The Accumulation Account will be under the sole dominion and
control of the Indenture Trustee solely for the benefit of the Series 2003-A
Noteholders. Except as expressly provided in the Indenture and the Transfer and
Servicing Agreement, the Servicer agrees that it has no right of setoff or
banker's lien against, and no right to otherwise deduct from, any funds and
other property held in the Accumulation Account for any amount owed to it by the
Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at
any time, the Accumulation Account ceases to be a Qualified Account, the
Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or
such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent), will establish a new Accumulation Account meeting the
conditions specified above, transfer any monies, instruments, securities,
security entitlements, documents, certificates of deposit and other property to
such new Accumulation Account and from the date such new Accumulation Account is
established, it will be the "Accumulation Account." Pursuant to the authority
granted to the Servicer in Section 3.01(a) of the Transfer and Servicing
Agreement, the Servicer has the power, revocable by the Indenture Trustee, to
make withdrawals and payments from the Accumulation Account and to instruct the
Indenture Trustee to make withdrawals and payments from the Accumulation Account
for the purposes of carrying out the

                                       24
<PAGE>

Servicer's or the Indenture Trustee's duties under the Transfer and Servicing
Agreement, the Indenture and this Indenture Supplement, as applicable.

                  (b)      Funds on deposit in the Accumulation Account will, at
the written direction of the Servicer, be invested by the Indenture Trustee or
its nominee (including the Securities Intermediary) in Eligible Investments
selected by the Servicer. All such Eligible Investments will be held by the
Indenture Trustee solely for the benefit of the Series 2003-A Noteholders. The
Indenture Trustee will cause each Eligible Investment to be delivered to it or
its nominee (including a securities intermediary) and will be credited to the
Accumulation Account maintained by the Indenture Trustee with the Securities
Intermediary. Funds on deposit in the Accumulation Account will be invested in
Eligible Investments that will mature so that all such funds will be available
no later than the close of business on the Business Day next preceding each
Payment Date. On each Payment Date with respect to the Accumulation Period and
on the first Payment Date with respect to the Early Amortization Period, all
interest and other investment earnings (net of losses and investment expenses)
on funds on deposit in the Accumulation Account will be withdrawn from the
Accumulation Account and treated as Series 2003-A Investor Available Interest
Amounts with respect to the related Collection Period for application in
accordance with Section 4.04(a). Net investment earnings on funds on deposit in
the Accumulation Account will not be considered principal amounts on deposit
therein for purposes of this Indenture Supplement. The Indenture Trustee will
bear no responsibility or liability for any losses resulting from investment or
reinvestment of any funds in accordance with this Section 4.10(b) nor for the
selection of Eligible Investments in accordance with the provisions of the
Indenture, this Indenture Supplement or the Transfer and Servicing Agreement.

                  (c)      The Servicer or the Indenture Trustee, acting at the
written direction of the Servicer, shall (i) make withdrawals from the
Accumulation Account in the amounts and for the purposes set forth in this
Indenture Supplement and (ii) on each Payment Date with respect to the
Accumulation Period, make deposits into the Accumulation Account in the amounts
specified in, and otherwise in accordance with, Section 4.04(d), (g) and (h).

                  Section 4.11. Accumulation Period. The Accumulation Period is
scheduled to begin at the close of business on March 1, 2006; provided, however,
that if the Accumulation Period Length (as described below) is determined to be
less than six months, the date on which the Accumulation Period actually begins
may be delayed to the close of business on the last day of the month preceding
the month that is the number of whole months prior to the month in which the
Series 2003-A Expected Final Payment Date occurs which is at least equal to the
Accumulation Period Length (so that the number of full Collection Periods in the
Accumulation Period will at least equal the Accumulation Period Length). On or
prior to [February 1], 2006 and, thereafter, on or prior to the first Business
Day of each Collection Period prior to the Collection Period in which the
Accumulation Period is scheduled to begin, the Issuer, acting directly or
through the Administrator, may at its option, elect to delay the start of the
Accumulation Period and thereby reduce the number of full Collection Periods in
the Accumulation Period (the "Accumulation Period Length"), provided, that, (i)
the Accumulation Period shall start no later than August 1, 2006; (ii) prior to
delaying the start of the Accumulation Period, each of Standard & Poor's,
Moody's and Fitch shall have notified the Issuer and the Indenture Trustee that
it will not withdraw or reduce the ratings of any outstanding Notes (including
the Series 2003-A Notes) for which it provides a rating as a result of a delay
in the

                                       25
<PAGE>

start of the Accumulation Period, and (iii) prior to delaying the start of the
Accumulation Period, an Authorized Officer of the Issuer shall have delivered to
the Indenture Trustee an Officer's Certificate to the effect that delaying the
start of the Accumulation Period will not delay any payment of principal to the
Series 2003-A Noteholders. Once the Accumulation Period has commenced, the
Accumulation Period Length cannot be changed.

                  Section 4.12. Establishment of Reserve Account.

                  (a)      The Issuer will establish and the Indenture Trustee
will maintain and hold in the name of the Indenture Trustee, solely for the
benefit of the Series 2003-A Noteholders, a Qualified Account bearing a
designation clearly indicating that the funds and other property credited
thereto are held solely for the benefit of the Series 2003-A Noteholders (the
"Reserve Account"). The Indenture Trustee will possess all right, title and
interest in all Eligible Investments and all monies, instruments, securities,
securities entitlements, documents, certificates of deposit and other property
from time to time on deposit in or credited to the Reserve Account and in all
interest, proceeds, earnings, income, revenue, dividends and other distributions
thereof (including any accrued discount realized on liquidation of any
investment purchased at a discount) solely for the benefit of the Series 2003-A
Noteholders. The Reserve Account will be under the sole dominion and control of
the Indenture Trustee solely for the benefit of the Series 2003-A Noteholders.
Except as expressly provided in the Indenture and the Transfer and Servicing
Agreement, the Servicer agrees that it has no right of setoff or banker's lien
against, and no right to otherwise deduct from, any funds and other property
held in the Reserve Account for any amount owed to it by the Indenture Trustee,
the Issuer, any Noteholder or any Series Enhancers. If, at any time, the Reserve
Account ceases to be a Qualified Account, the Indenture Trustee (or the Servicer
on its behalf), within ten Business Days (or such longer period, not to exceed
30 calendar days, as to which each Rating Agency may consent), will establish a
new Reserve Account meeting the conditions specified above, transfer any monies,
instruments, securities, security entitlements, documents, certificates of
deposit and other property to such new Reserve Account and from the date such
new Reserve Account is established, it will be the "Reserve Account." Pursuant
to the authority granted to the Servicer in Section 3.01(a) of the Transfer and
Servicing Agreement, the Servicer has the power, revocable by the Indenture
Trustee, to make withdrawals and payments from the Reserve Account and to
instruct the Indenture Trustee to make withdrawals and payments from the Reserve
Account for the purposes of carrying out the Servicer's or the Indenture
Trustee's duties under the Transfer and Servicing Agreement, the Indenture and
this Indenture Supplement, as applicable.

                  (b)      Funds on deposit in the Reserve Account will, at the
written direction of the Servicer, be invested by the Indenture Trustee or its
nominee (including the Securities Intermediary) in Eligible Investments selected
by the Servicer. All such Eligible Investments will be held by the Indenture
Trustee solely for the benefit of the Series 2003-A Noteholders. The Indenture
Trustee will cause each Eligible Investment to be delivered to it or its nominee
(including a securities intermediary) and will be credited to the Reserve
Account maintained by the Indenture Trustee with the Securities Intermediary.
Funds on deposit in the Reserve Account will be invested in Eligible Investments
that will mature so that all such funds will be available no later than the
close of business on the Business Day next preceding each Payment Date. On each
Payment Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Reserve Account will be
withdrawn from the Reserve

                                       26
<PAGE>

Account and treated as Series 2003-A Investor Available Interest Amounts with
respect to the related Collection Period for application in accordance with
Section 4.04(a). Net investment earnings on funds on deposit in the Reserve
Account will not be considered principal amounts on deposit therein for purposes
of this Indenture Supplement. The Indenture Trustee will bear no responsibility
or liability for any losses resulting from investment or reinvestment of any
funds in accordance with this Section 4.12(b) nor for the selection of Eligible
Investments in accordance with the provisions of the Indenture, this Indenture
Supplement or the Transfer and Servicing Agreement.

                  (c)      The Reserve Account will be funded by the Issuer on
the Series 2003-A Issuance Date in the amount of the Reserve Account Initial
Deposit.

                  (d)      On each Payment Date, to the extent that Series
2003-A Investor Available Interest Amounts on deposit in the Collection Account
with respect to such Payment Date, are insufficient to make all distributions
and deposits required under clauses (i) through (iv) of Section 4.04(a), and to
the extent that amounts set forth in Section 4.04(b)(i) are insufficient to make
up the Interest Shortfall with respect to Series 2003-A, the Servicer or the
Indenture Trustee, acting at the written direction of the Servicer, will
withdraw amounts then on deposit in the Reserve Account, up to the amounts of
any such Interest Shortfall, pursuant to clause (ii) of Section 4.04(b) and
apply, or cause the Indenture Trustee to apply, such amounts in accordance with
clause (ii) of Section 4.04(b). If the Series 2003-A Notes are not paid in full
on the earlier of (x) the Series 2003-A Final Maturity Date and (y) the first
Payment Date on or after the occurrence of an Event of Default and a declaration
that all of the Series 2003-A Notes are immediately due and payable as set forth
in Section 5.03(a) of the Indenture, any funds remaining in the Reserve Account,
after application of amounts therein on such date in accordance with Section
4.04(a), will be applied pursuant to Section 4.04(e) on such date. Upon the
payment in full of the Series 2003-A Notes under the Indenture and this
Indenture Supplement, any funds remaining in the Reserve Account will be treated
as Shared Excess Principal Amounts available from Series 2003-A and applied to
cover Principal Shortfalls for other outstanding Series in Excess Principal
Sharing Group One in accordance with Section 8.05(b) of the Indenture. Upon the
payment in full of the Series 2003-A Notes under the Indenture and this
Indenture Supplement and to the extent such amounts are not needed to cover
Principal Shortfalls for other outstanding Series in Excess Principal Sharing
Group One, as directed in writing by the Servicer, the Indenture Trustee shall
distribute to the holders of the Transferor Interest, pursuant to the Trust
Agreement, any amounts remaining on deposit in the Reserve Account. Upon any
such distribution to the holders of the Transferor Interest as set forth in the
preceding sentence, the Issuer, Transferor, Owner Trustee, Indenture Trustee,
Series Enhancers and Noteholders will have no further rights in, or claims to,
such amounts.

                  Section 4.13. Determination of LIBOR.

                  (a)      On each Interest Determination Date, the Calculation
Agent will determine LIBOR based on the rate displayed on the Designated LIBOR
Page on such date. If the Designated LIBOR Page by its terms provides only for a
single rate, then LIBOR for the applicable Interest Period will be the rate for
deposits in United States dollars having a maturity of one month (commencing on
the first day of such Interest Period) that appears on the Designated LIBOR Page
as of 11:00 a.m. London time on the applicable Interest Determination

                                       27
<PAGE>

Date. If at least two offered rates appear, LIBOR for the applicable Interest
Period will be the arithmetic mean of the offered rates for deposits in United
States dollars having a maturity of one month (commencing on the first day of
such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m.
London time, on the applicable Interest Determination Date.

                  With respect to any Interest Determination Date on which no
offered rate appears on the Designated LIBOR Page, LIBOR for the applicable
Interest Determination Date will be the rate calculated by the Calculation Agent
as the arithmetic mean of at least two quotations obtained by the Calculation
Agent after requesting the principal London offices of each of four major
reference banks in the London interbank market, which may include the
Calculation Agent and its affiliates, as selected by the Calculation Agent, to
provide the Calculation Agent with its offered quotations for deposits in United
States dollars for the period of one month, commencing on the second London
Business Day immediately following the applicable Interest Determination Date,
to prime banks in the London interbank market at approximately 11:00 a.m.,
London time, on such Interest Determination Date and in a principal amount that
is representative of a single transaction in United States dollars in that
market at that time. If at least two such quotations are provided, LIBOR
determined on the applicable Interest Determination Date will be the arithmetic
mean of the quotations. If fewer than two quotations referred to in this
paragraph are provided, LIBOR determined on the applicable Interest
Determination Date will be the rate calculated by the Calculation Agent as the
arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York,
New York, on the applicable Interest Determination Date by three major banks,
which may include the Calculation Agent and its affiliates, in New York, New
York selected by the Calculation Agent for loans in United States dollars to
leading European banks in a principal amount that is representative of a single
transaction in United States dollars in that market at that time. If the banks
so selected by the Calculation Agent are not quoting as mentioned in this
paragraph, LIBOR for the applicable Interest Determination Date will be LIBOR in
effect on the preceding Interest Determination Date.

                  (b)      The Series 2003-A Rate applicable to the then-current
and the immediately preceding Interest Periods may be obtained by contacting the
Indenture Trustee at its Corporate Trust Office or such other contact
information as may be designated by the Indenture Trustee for such purpose by
prior written notice by the Indenture Trustee to each Noteholder from time to
time.

                  (c)      On each Interest Determination Date, the Indenture
Trustee will send to the Servicer, the Issuer and the Administrator by facsimile
transmission, notification of LIBOR for the following Interest Period.

                                       28
<PAGE>

                                    ARTICLE V

                        DELIVERY OF SERIES 2003-A NOTES;
               DISTRIBUTIONS; REPORTS TO SERIES 2003-A NOTEHOLDERS

                  Section 5.01. Delivery and Payment for Series 2003-A Notes.

                  The Indenture Trustee will execute the Series 2003-A Notes in
accordance with Section 2.03 of the Indenture. The Indenture Trustee will
deliver the Series 2003-A Notes to or upon the order of the Issuer when so
authenticated.

                  Section 5.02. Distributions.

                  (a)      On each Payment Date, the Paying Agent will
distribute to each Series 2003-A Noteholder of record on the related Record Date
(other than as provided in Section 11.02 of the Indenture) such Series 2003-A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay interest on the Series
2003-A Notes pursuant to this Indenture Supplement.

                  (b)      On each Payment Date, the Paying Agent will
distribute to each Series 2003-A Noteholder of record on the related Record Date
(other than as provided in Section 11.02 of the Indenture) such Series 2003-A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay principal on the Series
2003-A Notes pursuant to this Indenture Supplement.

                  (c)      The distributions to be made pursuant to this Section
are subject to the provisions of Sections 2.03, 6.01 and 7.01 of the Transfer
and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this
Indenture Supplement.

                  (d)      Except as provided in Section 11.02 of the Indenture
with respect to a final distribution, distributions to Series 2003-A Noteholders
hereunder will be made (i) by wire transfer of immediately available funds to an
account designated by the Series 2003-A Noteholders and (ii) without
presentation or surrender of any Series 2003-A Notes or the making of any
notation thereon.

                  Section 5.03. Reports and Statements to Series 2003-A
Noteholders.

                  (a)      Not later than the second Business Day preceding each
Payment Date, the Servicer will mail or deliver to the Owner Trustee, the
Indenture Trustee, the Paying Agent and each Rating Agency (i) a statement
substantially in the form of Exhibit B prepared by the Servicer and (ii) a
certificate of an Authorized Officer substantially in the form of Exhibit C;
provided that the Servicer may amend the form of Exhibit B and Exhibit C form
time to time.

                  (b)      On each Payment Date, the Paying Agent, on behalf of
the Indenture Trustee, will deliver to each Series 2003-A Noteholder a copy of
each statement or certificate delivered pursuant to paragraph (a).

                                       29
<PAGE>

                  (c)      On or before January 31 of each calendar year,
beginning with calendar year 2004, the Paying Agent, on behalf of the Indenture
Trustee, will furnish or cause to be furnished to each Person who at any time
during the preceding calendar year was a Series 2003-A Noteholder, a statement
prepared by the Servicer containing the information that is required to be
contained in the statement to Series 2003-A Noteholders, as set forth in
paragraph (b) above, aggregated for such calendar year together with other
information as is required to be provided by an issuer of indebtedness under the
Code. Such obligation of the Servicer will be deemed to have been satisfied to
the extent that substantially comparable information is provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect.
Any statement delivered pursuant to this paragraph (c) may be delivered by the
Indenture Trustee by electronic transmission so long as the Indenture Trustee
shall have provided each Series 2003-A Noteholder with free and open access (if
required) to such statement.

                  Section 5.04. Tax Treatment.

                  Each of the parties to this Indenture Supplement hereby
severally covenants and agrees, in each case as to itself individually, to treat
the Series 2003-A Notes as indebtedness for applicable United States federal,
state, and local income and franchise tax law and for purposes of any other tax
imposed on, or measured by, income.

                                   ARTICLE VI

                     SERIES 2003-A EARLY AMORTIZATION EVENTS

                  Section 6.01. Series 2003-A Early Amortization Events.

                  If any one of the Early Amortization Events specified in the
Indenture or any one of the following events occurs with respect to the Series
2003-A Notes:

                  (i)      failure by the Issuer, the Transferor, the Servicer
         or NMAC (if NMAC is no longer the Servicer), as applicable (a) to make
         any payment or deposit required by the terms of the Transfer and
         Servicing Agreement, the Receivables Purchase Agreement, the Indenture
         or this Indenture Supplement, including but not limited to any
         Transferor Deposit Amounts, on or before the date occurring two
         Business Days after the date such payment or deposit is required to be
         made, (b) to deliver a Payment Date Statement on the date required
         under the Transfer and Servicing Agreement, or within the applicable
         grace period which will not exceed five Business Days, (c) to comply
         with its covenant not to create any Lien on any Receivable, or (d) to
         observe or perform in any material respect any other covenants or
         agreements set forth in the Transfer and Servicing Agreement, the
         Receivables Purchase Agreement, the Indenture or this Indenture
         Supplement which failure (in the case of this clause (d)) continues
         unremedied for a period of 45 days after the date on which notice of
         such failure requiring the same to be remedied, has been given to the
         Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the
         Servicer), as applicable, by the Indenture Trustee, or to the Issuer,
         the Transferor, the Servicer or NMAC (if NMAC is no longer the
         Servicer), as applicable, and the Indenture Trustee by any Holder of a
         Series 2003-A Note;

                                       30
<PAGE>

                  (ii)     any representation or warranty made by (x) NMAC, as
         seller, in the Receivables Purchase Agreement or (y) the Transferor in
         the Transfer and Servicing Agreement, or any information required to be
         delivered by NMAC or the Transferor to identify the Accounts, proves to
         have been incorrect in any material respect when made or when
         delivered, which continues to be incorrect in any material respect for
         a period of 45 days after the date on which written notice of such
         failure, requiring the same to be remedied, has been given to the
         Issuer, NMAC or the Transferor, as applicable, by the Indenture
         Trustee, or to the Issuer, NMAC or the Transferor, as applicable, and
         the Indenture Trustee by any Holder of a Series 2003-A Note; provided,
         however, that an Early Amortization Event pursuant to this clause (ii)
         will not be deemed to have occurred hereunder if the Transferor has
         accepted reassignment of the related Receivable, or all of such
         Receivables, if applicable, during such period in accordance with the
         provisions of the Transfer and Servicing Agreement;

                  (iii)    the occurrence of an Insolvency Event with respect to
         the Issuer, Transferor, NNA, NMAC or NML;

                  (iv)     a failure by the Transferor to transfer to the Issuer
         Receivables in Additional Accounts within ten Business Days after the
         day on which it is required to convey those Receivables under the
         Transfer and Servicing Agreement;

                  (v)      on any Payment Date, the Primary Series 2003-A
         Overcollateralization Amount is reduced to an amount less than the
         product of (i) the applicable Series 2003-A Overcollateralization
         Percentage and (ii) the Series 2003-A Initial Principal Amount;
         provided, that, for the purpose of determining whether an Early
         Amortization Event has occurred pursuant to this clause (v), any
         reduction of the Primary Series 2003-A Overcollateralization Amount
         resulting from reallocations of the Series 2003-A Investor Available
         Principal Amounts to pay interest on the Series 2003-A Notes in the
         event LIBOR is equal to or greater than the Reference Rate upon which
         interest on the Receivables is calculated on the applicable Interest
         Determination Date will be considered an Early Amortization Event only
         if LIBOR remains equal to or greater than such Reference Rate for the
         next 30 consecutive days following such Interest Determination Date;

                  (vi)     any Servicer Default occurs, or NMAC no longer acts
         as Servicer under the Transfer and Servicing Agreement;

                  (vii)    on any Determination Date, the average of the Monthly
         Payment Rates for the three consecutive Collection Periods preceding
         such Determination Date is less than 25%;

                  (viii)   on any Determination Date, the aggregate principal
         balance of Receivables relating to Used Vehicles and Pre-Owned Vehicles
         (net of amounts on deposit in the Cash Management Account relating to
         such Receivables) exceeds 20% of the Pool Balance as of the last day of
         the preceding Collection Period;

                                       31
<PAGE>

                  (ix)     for three consecutive Determination Dates, the
         amounts on deposit in the Excess Funding Account on each such
         Determination Date exceed 30% of the sum of the Invested Amounts of all
         outstanding Series issued by the Issuer;

                  (x)      the Series 2003-A Outstanding Principal Amount is not
         repaid in full on the Series 2003-A Expected Final Payment Date;

                  (xi)     the Issuer or the Transferor becomes an investment
         company within the meaning of the Investment Company Act of 1940; or

                  (xii)    the occurrence of an Event of Default with respect to
         Series 2003-A Notes;

then, in the case of any event described in clauses (i), (ii) or (vi) above, an
Early Amortization Event with respect to Series 2003-A will be deemed to have
occurred only if, after the applicable grace period described in those clauses,
if any, either the Indenture Trustee or Series 2003-A Noteholders holding Series
2003-A Notes evidencing more than 50% of the Series 2003-A Outstanding Principal
Amount by written notice to the Transferor, NMAC, the Servicer and the Indenture
Trustee (if given by Series 2003-A Noteholders), declare that an Early
Amortization Event has occurred as of the date of that notice. In the case of
any Early Amortization Event described in the Indenture or any event described
in clause (iii), (iv), (v) or clauses (vii) through (xii) above, an Early
Amortization Event with respect to Series 2003-A will be deemed to have occurred
without any notice or other action on the part of the Indenture Trustee or the
Series 2003-A Noteholders immediately upon the occurrence of that event.

                  If an Early Amortization Event (other than an Early
Amortization Event specified in clause (iii) or (xi) above) has occurred and the
Accumulation Period has not commenced, the Indenture Trustee shall request from
Standard & Poor's, Moody's and Fitch a confirmation that recommencement of the
Revolving Period will not cause a reduction or withdrawal of the ratings of the
Series 2003-A Notes (if the Series 2003-A Notes are then rated by Standard &
Poor's, Moody's and Fitch). If the Series 2003-A Noteholders holding Series
2003-A Notes evidencing more than 50% of the Series 2003-A Outstanding Principal
Amount consent to the recommencement of the Revolving Period and Standard &
Poor's, Moody's and Fitch (if the Series 2003-A Notes are then rated by Standard
& Poor's, Moody's and Fitch) have notified the Indenture Trustee that
recommencement of the Revolving Period will not cause a reduction or withdrawal
of the ratings of the Series 2003-A Notes, the related Early Amortization Event
shall terminate and the Revolving Period shall recommence. Notwithstanding
anything to the contrary herein, if an Early Amortization Event specified in
clause (iii) or (xi) above has occurred, the Revolving Period shall not
recommence under any circumstances.

                                  ARTICLE VII

                       REDEMPTION OF SERIES 2003-A NOTES;
                   SERIES FINAL MATURITY; FINAL DISTRIBUTIONS

                  Section 7.01. Redemption of Series 2003-A Notes.

                                       32
<PAGE>

                  (a)      On any day occurring on or after the date on which
the Series 2003-A Outstanding Principal Amount is reduced to 10% or less of the
Series 2003-A Initial Principal Amount, the Issuer will have the option to
redeem the Series 2003-A Notes, in whole but not in part, at a redemption price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

                  (b)      The Issuer will give the Servicer and the Indenture
Trustee at least 30 days prior written notice of the date on which the Issuer
intends to exercise its option to redeem the Series 2003-A Notes. Not later than
12:00 noon, New York City time, on the date on which the Issuer is to redeem the
Series 2003-A Notes, the Issuer will deposit into the Collection Account in
immediately available funds an amount equal to the excess of the Reassignment
Amount over amounts then on deposit in the Collection Account and available to
be applied to the payment of the Reassignment Amount. Such redemption option is
subject to payment in full of the Reassignment Amount. Following such deposit
into the Collection Account in accordance with the foregoing, the Series 2003-A
Invested Amount will be reduced to zero and the Series 2003-A Noteholders will
have no further interest in the Receivables. The Reassignment Amount will be
distributed in the manner set forth in Section 7.02.

                  Section 7.02. Series Final Maturity.

                  (a)      The amount to be paid by the Transferor with respect
to Series 2003-A in connection with reassignment of the Noteholders' Collateral
pursuant to Section 2.03 of the Transfer and Servicing Agreement will be the
Reassignment Amount for the first Payment Date following the Collection Period
in which the reassignment obligation arises under the Transfer and Servicing
Agreement. With respect to the Reassignment Amount deposited into the Collection
Account pursuant to Section 2.03 of the Transfer and Servicing Agreement, the
Reassignment Amount deposited into the Collection Account pursuant to Section
7.01 hereof and the proceeds from any Foreclosure Remedy pursuant to Section
5.05 of the Indenture, the Indenture Trustee will, in accordance with the
written direction of the Servicer, not later than 12:00 noon, New York City
time, on the related Payment Date, make distributions of the following amounts
(in the priority set forth below and, in each case after giving effect to any
deposits and distributions otherwise to be made on such date) in immediately
available funds: (A) the Series 2003-A Outstanding Principal Amount on such
Payment Date will be distributed to the Paying Agent for payment to the Series
2003-A Noteholders and (B) an amount equal to the sum of (1) Monthly Interest
for such Payment Date, (2) any Monthly Interest previously due but not
distributed to the Series 2003-A Noteholders on any prior Payment Date and (3)
Additional Interest, if any, for such Payment Date and any Additional Interest
previously due but not distributed to the Series 2003-A Noteholders on any prior
Payment Date will be distributed to the Paying Agent for payment to the Series
2003-A Noteholders.

                  (b)      Notwithstanding anything to the contrary in this
Indenture Supplement, the Indenture or the Transfer and Servicing Agreement, all
amounts distributed to the Paying Agent pursuant to Section 7.02(a) for payment
to the Series 2003-A Noteholders will be deemed distributed in full to the
Series 2003-A Noteholders on the date on which such funds are distributed to the
Paying Agent pursuant to this Section and will be deemed to be a final
distribution pursuant to Section 11.02 of the Indenture.

                                       33
<PAGE>

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

                  Section 8.01. Ratification of Agreement. As supplemented by
this Indenture Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Indenture Supplement is
to be read, taken and construed as one and the same instrument.

                  Section 8.02. Form of Delivery of Series 2003-A Notes. The
Series 2003-A Notes will be delivered as Registered Notes as provided in Section
2.03 of the Indenture.

                  Section 8.03. Amendments and Waivers.

                  (a)      This Indenture Supplement may only be amended,
modified or supplemented, and the terms hereof may only be waived, in accordance
with Section 10.01 or 10.02 of the Indenture, as applicable.

                  (b)      If, at any time and from time to time when the Series
2003-A Notes are outstanding, the Issuer determines that an amendment to this
Indenture Supplement is desirable for the Issuer to issue additional Series
2003-A Notes, then the Issuer and the Indenture Trustee may enter into such
amendment without obtaining the consent of the Series 2003-A Noteholders;
provided, that (a) the Rating Agency Condition has been satisfied, (b) the
Issuer has delivered to the Indenture Trustee and the Owner Trustee a Required
Federal Income Tax Opinion and (c) the Series 2003-A Invested Amount of the
Series 2003-A Notes and all amounts relating to the Series 2003-A
Overcollateralization Amount shall be adjusted proportionately.

                  Section 8.04. Counterparts. This Indenture Supplement may be
executed in two or more counterparts, and by different parties on separate
counterparts, each of which will be an original, but all of which will
constitute one and the same instrument.

                  Section 8.05. Governing Law. THIS INDENTURE SUPPLEMENT AND
EACH SERIES 2003-A NOTE ARE TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS
PRINCIPLES.

                  Section 8.06. Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and are not intended to affect the construction hereof.

                                       34
<PAGE>

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

                            NISSAN MASTER OWNER TRUST
                            RECEIVABLES,
                            as Issuer

                            By: Wilmington Trust Company, not in its individual
                            capacity, but solely as Owner Trustee

                            By: /s/ Anita E. Dallago
                                --------------------------------------
                            Name: Anita E. Dallago
                            Title: Senior Financial Services Officer

                            JPMORGAN CHASE BANK,
                            not in its individual capacity, but solely as
                            Indenture Trustee

                            By: /s/ Jennifer H. McCourt
                                --------------------------------------
                            Name: Jennifer H. McCourt
                            Title: Vice President

<PAGE>

                                                                       EXHIBIT A

                                     FORM OF
                     NISSAN MASTER OWNER TRUST RECEIVABLES,
                               SERIES 2003-A NOTE

                  UNLESS THIS SERIES 2003-A NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO THE INDENTURE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY SERIES 2003-A NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                  THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 2003-A NOTE
MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES 2003-A NOTE
ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS
SERIES 2003-A NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE
DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS
SERIES 2003-A NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF
THIS SERIES 2003-A NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE
INITIAL ISSUANCE OF THIS SERIES 2003-A NOTE, THE INDENTURE TRUSTEE IS JPMORGAN
CHASE BANK.

                  THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR
GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN WHOLESALE RECEIVABLES
CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC.,
NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES.

                  THE HOLDER OF THIS SERIES 2003-A NOTE, BY ACCEPTANCE OF THIS
SERIES 2003-A NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO
TREAT THE SERIES 2003-A NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY
OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                  THE HOLDER OF THIS SERIES 2003-A NOTE SHALL BE DEEMED TO
REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN
ASSETS OF AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT
TO TITLE I OF ERISA, A "PLAN " AS DEFINED IN SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), AN ENTITY DEEMED TO HOLD THE PLAN
ASSETS OF

                                       A-1
<PAGE>

ANY OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN
IN SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II) THE
ACQUISITION AND HOLDING OF THE SERIES 2003-A NOTE WILL NOT GIVE RISE TO A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR
APPLICABLE LAW).

Registered               Series 2003-A Initial Principal Amount $[__________](1)

No. R-__

                     NISSAN MASTER OWNER TRUST RECEIVABLES,

                               SERIES 2003-A NOTE

                  Nissan Master Owner Trust Receivables (herein referred to as
the "Issuer"), a Delaware statutory trust formed by an Amended and Restated
Trust Agreement dated as of October 15, 2003, for value received, hereby
promises to pay to [___________________], or registered assigns, subject to the
following provisions, the principal sum of $[_____________________________], or
such lesser amount, as determined in accordance with the Indenture (referred to
herein) and the Indenture Supplement (referred to herein), on the Series 2003-A
Final Maturity Date, except as otherwise provided below or in the Indenture
Supplement. The Issuer will pay interest on the unpaid principal amount of this
Series 2003-A Note at the Note Interest Rate on each Payment Date until the
principal amount of this Series 2003-A Note is paid in full. Interest on this
Series 2003-A Note will accrue for each Payment Date from and including the most
recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Series
2003-A Issuance Date to but excluding such Payment Date. Interest will be
computed as provided in the Indenture Supplement. Principal of this Series
2003-A Note will be paid in the manner specified on the reverse hereof.

                  The principal of and interest on this Series 2003-A Note are
payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

                  Reference is made to the further provisions of this Series
2003-A Note set forth on the reverse hereof, which will have the same effect as
though fully set forth on the face of this Series 2003-A Note.

                  Unless the certificate of authentication hereon has been
executed by or on behalf of the Indenture Trustee, by manual signature, this
Series 2003-A Note will not be entitled to any

-----------------------
(1) Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      A-2

<PAGE>

benefit under the Indenture or the Indenture Supplement referred to on the
reverse hereof, or be valid for any purpose.

                                      A-3
<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this Series 2003-A
Note to be duly executed.

                            NISSAN MASTER OWNER TRUST
                            RECEIVABLES, as Issuer

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

                            By _____________________________________________
                            Name:
                            Title:

Dated: [     ], 200[_]

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes described in the within-mentioned Indenture.

                            JPMORGAN CHASE BANK, not in its individual
                            capacity, but solely as Indenture Trustee

                            By _________________________________________
                            Name:
                            Title:

                                      A-4

<PAGE>

                     NISSAN MASTER OWNER TRUST RECEIVABLES,

                               SERIES 2003-A NOTE

                         Summary of Terms and Conditions

                  This Series 2003-A Note is one of a duly authorized issue of
Notes of the Issuer, designated as the Nissan Master Owner Trust Receivables,
Series 2003-A Note (the "Series 2003-A Notes"), issued under the Amended and
Restated Indenture, dated as of October 15, 2003 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, as indenture trustee (the "Indenture Trustee"),
as supplemented by the Series 2003-A Indenture Supplement, dated as of October
15, 2003, (the "Indenture Supplement"), between the Issuer and the Indenture
Trustee and representing the right to receive certain payments from the Issuer.
The term Indenture, unless the context otherwise requires, refers to the
Indenture as supplemented by the Indenture Supplement. The Series 2003-A Notes
are subject to all of the terms of the Indenture and the Indenture Supplement.
All terms used in this Series 2003-A Note that are defined in the Annex of
Definitions relating to the Indenture and the other Transaction Documents or the
Indenture Supplement have the meanings assigned to them in or pursuant thereto,
as applicable. In the event of any conflict or inconsistency between the Annex
of Definitions or the Indenture Supplement, as applicable, and this Series
2003-A Note, the Annex of Definitions or the Indenture Supplement, as
applicable, controls.

                  The Series 2003-A Noteholder, by its acceptance of this Series
2003-A Note, agrees that it will look solely to the property of the Issuer
allocated to the payment of this Series 2003-A Note for payment hereunder and
that the Indenture Trustee is not liable to the Series 2003-A Noteholders for
any amount payable under this Series 2003-A Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

                  This Series 2003-A Note does not purport to summarize the
Indenture and reference is made to the Indenture and the Indenture Supplement
for the interests, rights and limitations of rights, benefits, obligations and
duties evidenced thereby, and the rights, duties and immunities of the Indenture
Trustee.

                  The Series 2003-A Initial Principal Amount is
$[_____________________]. The Series 2003-A Outstanding Principal Amount on any
date of determination will be an amount equal to (a) the Series 2003-A Initial
Principal Amount, minus (b) the aggregate amount of principal payments made to
the Series 2003-A Noteholders on or before such date. Payments of principal of
the Series 2003-A Notes will be made in accordance with the provisions of the
Indenture and the Indenture Supplement.

                  Subject to the terms and conditions of the Indenture and the
Trust Agreement, the Transferor may, from time to time, direct the Owner
Trustee, on behalf of the Issuer, to issue one or more new Series of Notes. The
Series 2003-A Notes are included in Excess Interest Sharing Group One and Excess
Principal Sharing Group One.

                  On each Payment Date, the Paying Agent will distribute to each
Series 2003-A

                                      A-5
<PAGE>

Noteholder of record on the related Record Date (except for the final
distribution in respect of this Series 2003-A Note) such Series 2003-A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay interest and principal on
the Series 2003-A Notes pursuant to the Indenture Supplement. Except as provided
in the Indenture with respect to a final distribution, distributions to the
Series 2003-A Noteholders shall be made (i) by [2:00 p.m.], New York City time,
on the due date thereof, to an account designated by the holder of this Series
2003-A Note, in United States dollars and in immediately available funds and
(ii) without presentation or surrender of any Series 2003-A Note or the making
of any notation thereon. Final payment of this Series 2003-A Note will be made
only upon presentation and surrender of this Series 2003-A Note at the office or
agency specified in the notice of final distribution delivered by the Indenture
Trustee to the Series 2003-A Noteholders in accordance with the Indenture.

                  On any day occurring on or after the date on which the Series
2003-A Outstanding Principal Amount is reduced to 10% or less of the Series
2003-A Initial Principal Amount, the Issuer will have the option to redeem the
Series 2003-A Notes, at a purchase price equal to (i) if such day is a Payment
Date, the Reassignment Amount for such Payment Date or (ii) if such day is not a
Payment Date, the Reassignment Amount for the Payment Date following such day.

                  This Series 2003-A Note does not represent an obligation of,
or an interest in, the Transferor, Nissan Motor Acceptance Corporation, Nissan
Motor Co., Ltd. or any Affiliate of any of them and is not insured or guaranteed
by any governmental agency or instrumentality.

                  Each Series 2003-A Noteholder, by accepting a Note, hereby
covenants and agrees that it will not at any time institute against the Issuer
or the Transferor, or join in instituting against the Issuer or the Transferor,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law.

                  The Issuer, the Transferor, the Indenture Trustee and any
agent of the Issuer, Transferor or the Indenture Trustee will treat the person
in whose name this Series 2003-A Note is registered as the owner hereof for all
purposes, and none of the Issuer, the Transferor, the Indenture Trustee or any
agent of the Issuer, Transferor or the Indenture Trustee will be affected by
notice to the contrary.

                  THIS SERIES 2003-A NOTE IS TO BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
ARE TO BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       A-6

<PAGE>

                                   ASSIGNMENT

                  Social Security or other identifying number of
assignee________________________

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto (name and address of assignee) the within Series 2003-A Note
and all rights thereunder, and hereby irrevocably constitutes and appoints
________________________________________________, attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

                  Dated: ___________________ _________(2)

                  Signature Guaranteed:

-----------------
(2) The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                      A-7

<PAGE>

                                                                       EXHIBIT B

                      FORM OF MONTHLY SERVICER'S STATEMENT

                                      B-1

<PAGE>

                                                                       EXHIBIT C

                     FORM OF AUTHORIZED OFFICER CERTIFICATE

                               [Name of Servicer]

                     NISSAN MASTER OWNER TRUST RECEIVABLES,
                                  SERIES 2003-A

                  Pursuant to Section 3.04 of the Amended and Restated Transfer
and Servicing Agreement, dated as of October 15, 2003 (as in effect on the date
hereof, the "Transfer and Servicing Agreement"), among Nissan Wholesale
Receivables Corporation II, as transferor (the "Transferor"), Nissan Master
Owner Trust Receivables, as issuer (the "Issuer") and Nissan Motor Acceptance
Corporation, as servicer (the "Servicer") and Section 5.03(a) of the Indenture
Supplement, dated as of October 15, 2003 (as in effect on the date hereof, the
"Indenture Supplement") to the Amended and Restated Indenture, dated as of
October 15, 2003 (as in effect on the date hereof, the "Base Indenture"; and
together with the Indenture Supplement, the "Indenture"), each between the
Issuer and JPMorgan Chase Bank, as indenture trustee (the "Indenture Trustee"),
the Servicer is required to prepare a Payment Date Statement. The undersigned, a
duly Authorized Officer of the Servicer, does hereby certify in this Certificate
(this "Certificate"):

                  (i)      Capitalized terms used in this Certificate have their
         respective meanings set forth in the Annex of Definitions attached to
         the Indenture and the other Transaction Documents or the Indenture
         Supplement, as applicable.

                  (ii)     This Certificate is being delivered pursuant to
         Section 5.03(a) of the Indenture Supplement.

                  (iii)    The undersigned is the Servicer under the Indenture
         and the Transfer and Servicing Agreement. The undersigned is an
         Authorized Officer of the Servicer.

                  (iv)     The date of this Certificate is on, or prior to, the
         Determination Date related to the Payment Date occurring on___________.

                  (v)      As of the date hereof, to the best knowledge of the
         undersigned, the Servicer has performed in all material respects all
         its obligations under the Indenture and the Transfer and Servicing
         Agreement through the Collection Period preceding such Payment Date
         [or, if there has been a default in the performance of any such
         obligation, set forth in detail the (i) nature of such default, (ii)
         the action taken by the Transferor and Servicer, if any, to remedy such
         default and (iii) the current status of each such default].

                  (vi)     As of the date hereof, no Early Amortization Event or
         Event of Default has occurred and is continuing under (and as defined
         in) the Indenture and, to the best knowledge of the undersigned, no
         event or condition exists which with notice and/or the passage of time,
         would constitute an Early Amortization Event or Event of Default.

                                      C-1
<PAGE>

                  (vii)    The Payment Date Statement with respect to the
         Payment Date occurring on ___________________ is true, complete and
         accurate in all material respects.

                  IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Certificate this __ day of _______.

                                   [_________________________________________],
                                        as Servicer

                                    By: _____________________________________
                                        Name:
                                        Title

                                      A-2

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