Document:

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                                                                     EXHIBIT 4.6

                            ADMINISTRATION AGREEMENT

                                      among

                 NISSAN AUTO RECEIVABLES [____-___] OWNER TRUST,
                                    as Issuer

                      NISSAN MOTOR ACCEPTANCE CORPORATION,
                                as Administrator

                             [____________________],
                              as Indenture Trustee

                                       and

                             [____________________],
                               as [Owner Trustee]

                            Dated as of [__________]

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                               TABLE OF CONTENTS

<TABLE>
<S>     <C>                                                                   <C>
1.      DUTIES OF THE ADMINISTRATOR............................................2
2.      RECORDS................................................................9
3.      COMPENSATION...........................................................9
4.      ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER...................9
5.      INDEPENDENCE OF THE ADMINISTRATOR......................................9
6.      NO JOINT VENTURE.......................................................9
7.      OTHER ACTIVITIES OF ADMINISTRATOR......................................9
8.      TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR...........10
9.      ACTION UPON TERMINATION, RESIGNATION OR REMOVAL.......................11
10.     NOTICES...............................................................11
11.     AMENDMENTS............................................................12
12.     SUCCESSOR AND ASSIGNS.................................................13
13.     GOVERNING LAW.........................................................13
14.     NO PETITION...........................................................13
15.     HEADINGS..............................................................13
16.     COUNTERPARTS..........................................................13
17.     SEVERABILITY OF PROVISIONS............................................13
18.     NOT APPLICABLE TO NMAC IN OTHER CAPACITIES............................14
19.     LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE........14
</TABLE>

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        ADMINISTRATION AGREEMENT, dated as of [__________], among NISSAN AUTO
RECEIVABLES [_________-___________] OWNER TRUST, a Delaware business trust (the
"Issuer"), NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation, as
administrator (the "Administrator"), [____________________], a
[______________________], not in its individual capacity but solely as Indenture
Trustee (as defined below), and [____________________], a
[__________________________], not in its individual capacity but solely as
[Owner Trustee](as defined below).

                              W I T N E S S E T H:

        WHEREAS, beneficial ownership interests in the Issuer represented by the
Nissan Auto Receivables [_________-_________] Owner Trust Asset Backed
Certificates, Class C and Class D (the "Certificates") have been issued in
connection with the formation of the Issuer pursuant to the Trust Agreement,
dated as of [__________] (the "Trust Agreement"), between [Nissan Auto
Receivables Corporation][Nissan Auto Receivables Corporation II] ("[NARC][NARC
II]"), a Delaware corporation, as depositor, and [____________________], as
owner trustee (the "Owner Trustee") to the owners thereof (the "Owners");

        WHEREAS, the Issuer is issuing the Nissan Auto Receivables [___-__]
Owner Trust [___]% Asset Backed Notes Class A-1, the Nissan Auto Receivables
[___-__] Owner Trust [___]% Asset Backed Notes Class A-2, the Nissan Auto
Receivables [___-__] Owner Trust [___]% Asset Backed Notes Class A-3, [Floating
Rate Asset Backed Variable Pay Term Notes issued from time to time] and the
Nissan Auto Receivables [___-__] Owner Trust [___]% Asset Backed Notes Class B
(collectively, the "Notes") pursuant to the Indenture, dated as of [__________]
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and [_________], as indenture trustee (the "Indenture Trustee";
capitalized terms used herein and not defined herein shall have the meanings
ascribed thereto in the Indenture, the Trust Agreement or the Sale and Servicing
Agreement, dated as of [__________], among the Issuer, Nissan Motor Acceptance
Corporation ("NMAC"), as servicer, and [NARC][NARC II], as seller (the "Sale and
Servicing Agreement"), as the case may be);

        WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Certificates[, the VPTNs] and the Notes, including the
Purchase Agreement, dated as of [__________] (the "Purchase Agreement"), between
NMAC, as seller, and [NARC][NARC II], as purchaser, the Trust Agreement, the
Indenture, this Agreement, the Securities Account Control Agreement, the Yield
Supplement Agreement, the Note Depository Agreement, the Certificate Depository
Agreement, [the Interest Rate Swap Agreement] and the Sale and Servicing
Agreement (collectively, the "Basic Documents");

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

        WHEREAS, the Issuer desires to appoint NMAC as administrator to perform
certain of the duties of the Issuer under the Basic Documents and to provide
such additional services

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consistent with the terms of this Agreement and the Basic Documents as the
Issuer may from time to time request; and

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

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

        1.     DUTIES OF THE ADMINISTRATOR.

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

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

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

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

                             (C) preparing the notification to Noteholders of
                      the final principal payment on their Notes (Section
                      2.07(b));

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

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

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

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

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

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

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

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

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

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

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

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

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

                             (Q) preparing and, after execution by the Issuer
                      and the Indenture Trustee, filing with the Commission and
                      any applicable state agencies of documents required to be
                      filed on a periodic basis with the Commission and any
                      applicable state agencies (including any summaries thereof
                      required by rules and regulations prescribed thereby), and
                      transmitting of such summaries to the Noteholders (Section
                      7.03);

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

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

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

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

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

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

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

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

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                      (ii)   The Administrator shall also:

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

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

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

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

                      [(iii) With respect to the issuance of the VPTNs and the
               Interest Rate Swap Agreement, the Administrator agrees to perform
               the following duties (references are to sections of the
               Indenture):

                             (A) subject to conditions set forth in Section 2.02
                      of the Indenture, causing the Issuer to offer each VPTN
                      that may be issued on the Targeted Scheduled Distribution
                      Date for a subclass of the Class A Notes to
                      [_______________] and, if [______________] is unable or
                      unwilling to purchase such VPTN, using reasonable efforts
                      to locate another purchaser and causing the Issuer to
                      offer such VPTN to such purchaser;

                             (B) preparing the Issuer Order, including
                      determining or obtaining all necessary information to be
                      included thereto, for signature by one of the Issuer's
                      Authorized Officers and delivering the same to the
                      Indenture Trustee (Section 2.02);

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                             (C) if the Swap Counterparty is required to
                      collateralize any Interest Rate Swap transaction, sending
                      written instructions to the Indenture Trustee to establish
                      individual collateral accounts and to hold any securities
                      deposited therein in trust and to invest any cash amounts
                      therein in accordance with the provisions of the Interest
                      Rate Swap Agreement (Section 6.14(iii));

                             (D) calculating and providing written notification
                      to the Swap Counterparty and to the Indenture Trustee of
                      the notional amount of the Interest Rate Swap as of each
                      Distribution Date on or before the twelfth day of the
                      month of the related Distribution Date (Section 6.1(iv));

                             (E) obtaining the calculation of LIBOR from the
                      Calculation Agent and calculating the amount of all Swap
                      Payments, Swap Receipts and Swap Termination Payments
                      payable on each Distribution Date, and providing written
                      notification of such amounts to the Swap Counterparty and
                      to the Indenture Trustee prior to such Distribution Date
                      (Section 6.1(iv));

                             (F) providing the Rating Agencies with a copy of
                      any amendment or supplement to the Interest Rate Swap
                      Agreement at least five days prior to the effective date
                      of such proposed amendment or supplement (Section
                      6.14(iv));

                              (G) promptly following the early termination of
                      the Interest Rate Swap Agreement due to a Termination
                      Event or an Event of Default (as such terms are defined in
                      the Interest Rate Swap Agreement), using its reasonable
                      efforts to cause the Issuer to enter into a replacement
                      Interest Rate Swap Agreement with an eligible Swap
                      Counterparty (Section 6.14(v));

                             (H) upon the occurrence of a downgrade of the Swap
                      Counterparty by the Rating Agencies or of a suspension or
                      withdrawal of its ratings, within 30 days of such
                      downgrade, suspension or withdrawal, causing the Issuer to
                      require that the Swap Counterparty either (1) post
                      collateral acceptable to the Issuer in amounts sufficient
                      to secure its obligations under the Interest Rate Swap
                      Agreement, (2) assign its rights and obligations under the
                      Interest Rate Swap Agreement to a replacement counterparty
                      acceptable to the Issuer or (3) establish other
                      arrangements necessary, if any, in each case so that the
                      Rating Agencies confirm the ratings of the Class A Notes
                      and the VPTNs that were in effect immediately prior to
                      such downgrade, suspension or withdrawal (Section
                      6.14(vi)); and

                             (I) notifying the Swap Counterparty of any proposed
                      amendment or supplement to any of the Basic Documents,
                      including

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                      obtaining consents from the Swap Counterparty prior to the
                      adoption of such amendment or supplement if such proposed
                      amendment or supplement would adversely affect such Swap
                      Counterparty's rights or obligations under the Interest
                      Rate Swap Agreement or modify the obligations of, or
                      impair the ability of the Issuer to fully perform any of
                      its obligations under the Interest Rate Swap Agreement
                      (Section 6.14(vii)).

               (b)    Additional Duties.

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

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

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

                      (iv) The Administrator shall satisfy its obligations with
               respect to clauses (ii) and (iii) above and under the Trust
               Agreement by retaining, at the expense of the Administrator, a
               firm of independent public accountants (the "Accountants") which
               shall perform the obligations of the Administrator thereunder;
               provided, however, that the Certificateholder is not the
               Administrator

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

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

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

               (c)    Non-Ministerial Matters.

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

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

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

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

                             (D) the appointment of successor Note Registrars,
                      or successor Paying Agents pursuant to the Indenture or
                      the appointment of successor

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                      Administrators, or the consent to the assignment by the
                      Note Registrar, Paying Agent or Indenture Trustee of its
                      obligations, in each case under the Indenture; and

                             (E) the removal of the Indenture Trustee.

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

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

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

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

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

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

        7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its or
their sole discretion, from acting as an administrator for any other person or
entity, or in a similar capacity therefor, even though such person or entity may
engage in business activities similar to those of the Issuer, the Owner Trustee
or the Indenture Trustee.

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

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

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

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

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

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

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

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

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

               (e) No resignation or removal of the Administrator pursuant to
        this Section shall be effective until (i) a successor Administrator
        shall have been appointed by the

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        Issuer and (ii) such successor Administrator shall have agreed in
        writing to be bound by the terms of this Agreement on substantially the
        same terms as the Administrator is bound hereunder.

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

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

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

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

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

                     Nissan Auto Receivables [_____-___] Owner Trust
                     In care of:  ________________________
                     [_________________________________]
                     Attention:  Nissan Auto Receivables [_____-___] Owner Trust

                     with a copy to
                     Nissan Auto Receivables [_____-___] Owner Trust
                     In care of: Nissan Motor Acceptance Corporation
                     990 West 190th Street
                     Torrance, California  90502
                     Attention:  Joy Crose, General Counsel

                                       11
<PAGE>   14

               (b)    if to the Administrator, to:

                      Nissan Motor Acceptance Corporation
                      990 West 190th Street
                      Torrance, California  90502
                      Attention:  Joy Crose, General Counsel

               (c)    if to the Indenture Trustee, to:

                      [_________________________________]
                      [_________________________________]
                      [_________________________________]
                      Attention:  Nissan Auto Receivables [___-___] Owner Trust

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

        11. AMENDMENTS. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the consent of the Owner Trustee but without the
consent of any Noteholders or the Certificateholders, for the purpose of adding
any provisions to or modifying or changing in any manner or eliminating any of
the provisions of this Agreement; provided that such amendment does not and will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or Certificateholder. This
Agreement may also be amended from time to time by the Issuer, the Administrator
and the Indenture Trustee with the consent of the Owner Trustee and (i) the
holders of Notes evidencing a majority of the Outstanding Amount of the
Controlling Class of Notes or (ii) in the case of any amendment that does not
adversely affect the Indenture Trustee or the Noteholders (as evidenced by an
Officer's Certificate of the Servicer and an outside Opinion of Counsel
indicating that such amendment will not adversely affect the Indenture Trustee
or the Noteholders), the holders of the Certificates evidencing a majority of
the outstanding Certificate Balance of the Controlling Class of Certificates
(but excluding for purposes of calculation and action all Certificates held by
the Seller, the Servicer or any of their Affiliates unless at such time all
Certificates are then owned by the Seller, the Servicer and their Affiliates),
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of those Noteholders or Certificateholders which are not
covered by the immediately preceding sentence.

               [Upon any proposed amendment or supplement to this Agreement
pursuant to this Section 11, if such proposed amendment or supplement would
adversely affect any of the Swap Counterparty's rights or obligations under the
Interest Rate Swap Agreement or modify the obligations of, or impair the ability
of the Issuer to fully perform any of its obligations under the Interest Rate
Swap Agreement, then the Administrator shall obtain the consent of the Swap
Counterparty prior to the adoption of such amendment or supplement, provided the
Swap Counterparty's consent shall not be unreasonably withheld, and provided,

                                       12
<PAGE>   15

further, the Swap Counterparty's consent will be deemed to have been given if
the Swap Counterparty does not object in writing within ten Business Days of
receipt of a written request for such consent.]

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

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

        14. NO PETITION. The Administrator, by entering into this Administration
Agreement, hereby covenants and agrees that it will not at any time institute
against the Issuer, or join in any institution against the Issuer of any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law, in connection with any obligations relating to the Notes, the
Certificates or any of the Basic Documents.

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

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

        17. SEVERABILITY OF PROVISIONS. If any one or more of the agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid or unenforceable in any jurisdiction, then such agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the other rights of
the parties hereto.

                                       13
<PAGE>   16

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

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

        IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                                        NISSAN AUTO RECEIVABLES [____-___] OWNER
                                        TRUST

                                        By: [_________________________________],
                                        not in its individual capacity but
                                        solely as [Owner Trustee]

                                             By: _______________________________
                                                 Name:
                                                 Title:

                                        [______________________________],
                                        not in its individual capacity but
                                        solely as [Indenture Trustee]

                                        By: ____________________________________
                                        Name:
                                        Title:

                                        NISSAN MOTOR ACCEPTANCE CORPORATION,
                                        as Administrator

                                       14
<PAGE>   17

                                        By: ____________________________________
                                        Name:
                                        Title:

                                        [_________________________________],
                                        not in its individual capacity but
                                        solely as Owner Trustee

                                        By: ____________________________________
                                        Name:
                                        Title:

                                       15<PAGE>   1

                                                                     EXHIBIT 4.7

  [Nissan Auto Receivables Corporation][Nissan Auto Receivables Corporation II]
                              990 West 190th Street
                           Torrance, California 90502

                                                                Dated as of
                                                                [______________]

                           YIELD SUPPLEMENT AGREEMENT

[NAME OF [INDENTURE] TRUSTEE]
[__________________]
[__________________]

[NAME OF TRUST]
[NAME OF [OWNER] TRUSTEE]
[__________________]
[__________________]

Ladies and Gentlemen:

                [Nissan Auto Receivables Corporation][Nissan Auto Receivables
Corporation II] (the "Company") hereby confirms arrangements made as of the date
hereof with you, as [Indenture] Trustee and [Owner] Trustee for the benefit of
[the Noteholders] [and] [the [Class [__]] Certificateholders], to be effective
upon (i) receipt by the Company of the enclosed copy of this letter agreement
(the "Yield Supplement Agreement"), executed by the Company, Nissan Motor
Acceptance Corporation ("NMAC") [, the Indenture Trustee] [and the Owner
Trustee], (ii) execution of the Purchase Agreement, dated as of the date hereof
(the "Purchase Agreement"), between the Company and NMAC, (iii) receipt by NMAC
of the payment by the Company of the purchase price under the Purchase
Agreement, and (iv) the receipt by the Company of the capital contribution of
NMAC in connection with the payment of the purchase price under the Purchase
Agreement. Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings given to them in the [Sale] [Pooling] and Servicing
Agreement, dated as of the date hereof, among NMAC, as Servicer, the Company,
and [Nissan Auto Receivables ____-_____ Owner Trust, as Issuer] [[NAME OF
TRUSTEE], in its capacity as Trustee] (the "[Sale] [Pooling] and Servicing
Agreement").

                1. On or prior to each Determination Date, the Servicer shall
notify the Company [, Indenture Trustee] and the [Owner] Trustee of the "Yield
Supplement Deposit" (as defined below) for the related Distribution Date, the
amount on deposit in the Yield Supplement Account (as defined below), and the
amount of reinvestment income during the related Collection Period on the Yield
Supplement Account. The "Yield Supplement Deposit" means, with respect to any
Distribution Date, the amount by which (i) the aggregate amount of interest that
would have been due during the related Collection Period on all Yield
Supplemented Receivables (as defined

<PAGE>   2

below) if such Yield Supplemented Receivables bore interest at the Required Rate
(as defined below) exceeds (ii) the amount of interest accrued on such Yield
Supplemented Receivables at their respective APRs and due during such Collection
Period. "Required Rate" means, with respect to each Collection Period, the sum
of (i) the [Class B Interest Rate][weighted average interest rate of the Notes
and the Class C Pass-Through Rate][specify rate] and (ii) the Servicing Rate.
"Yield Supplemented Receivable" means any Receivable that has an APR less than
the Required Rate.

        2. On or before the date hereof, the Owner Trustee shall establish and
maintain with [the Securities Intermediary] and pledge to the [Indenture]
Trustee [and the Owner Trustee] a segregated account in the name of the
[Indenture] Trustee for the benefit of [the Noteholders] [and] [the Class [__]
Certificateholders] [the Certificateholders] a segregated trust account in the
name of the [Indenture] Trustee (the "Yield Supplement Account") [in accordance
with the Securities Account Control Agreement], or such other account as may be
acceptable to the Rating Agencies, and the [Company][Trust] hereby grants to the
[Indenture] Trustee [and the Owner Trustee] for the benefit of [the Noteholders]
[and] [the Class [__] Certificateholders] [Certificateholders] a first priority
security interest in the monies on deposit and the other property that from time
to time comprise the Yield Supplement Account (including the Initial Yield
Supplement Amount), and any and all proceeds thereof (collectively, the "Yield
Supplement Account Property"). The [Relevant] Trustee shall possess all of the
rights of a secured party under the UCC with respect thereto. The Yield
Supplement Account Property and the Yield Supplement Account shall be under the
sole dominion and control of the [Relevant] Trustee. Neither the Company, the
Trust nor any Person claiming by, through or under the Company or the Trust
shall have any right, title or interest in, any control over the use of, or any
right to withdraw amounts from, the Yield Supplement Account Property or the
Yield Supplement Account. All Yield Supplement Account Property in the Yield
Supplement Account shall be applied by the [Relevant] Trustee as specified in
this Yield Supplement Agreement and the [Sale] [Pooling] and Servicing
Agreement. The [Relevant] Trustee shall, not later than 5:00 P.M., New York City
time on the Business Day preceding each Distribution Date, withdraw from the
Yield Supplement Account and deposit in the [Collection Account] [Certificate
Account] an amount equal to the Yield Supplement Deposit plus the amount of
reinvestment income on the Yield Supplement Account for such Distribution Date.

        3. On or prior to the date hereof, the Company shall [[make a capital
contribution to the Trust by depositing an amount equal to $___________]
[deposit an amount equal to $_________] [in cash] into the Yield Supplement
Account][, transfer retail installment sales contracts with an aggregate
principal balance, as of the Cut-Off Date, of $_________ to the Trust] [and
transfer receivables or other assets (including vehicle lease contracts) in an
amount, collectively, equal to $__________ to the Trust] ([the][collectively,]
"Initial Yield Supplement Amount"). [On each Distribution Date, the Servicer
will deposit payments received with respect to the retail installment sales
contracts referred to above into the Yield Supplement Account.] [On each
Distribution Date, the Servicer will deposit payments received with respect to
those receivables or other assets referred to above into the Yield Supplement
Account.] The amount required to be on deposit in the Yield Supplement Account
on the date of issuance of [the Notes] [the Certificates] and for each
Distribution Date until the [Notes of all Classes and the Class [ ]
Certificates] [Certificates of all Classes] have been paid in full [or the
Indenture is otherwise

                                       2
<PAGE>   3

terminated] (the "Required Yield Supplement Amount"), as determined by the
Servicer and notified to the [Relevant] Trustee, means an amount equal to the
lesser of (i) the aggregate amount of each Yield Supplement Deposit that will
become due on each future Distribution Date, assuming that payments on the
Receivables are made on their scheduled due dates, no Receivable becomes a
prepaid Receivable, and a discount rate of [ ]% and (ii) the Initial Yield
Supplement Amount. The Required Yield Supplement Amount may decline as a result
of prepayments or repayments in full of the Receivables. The [Relevant] Trustee
shall have no duty or liability to determine the Required Yield Supplement
Amount and may fully rely on the determination thereof by the Servicer. If, on
any Distribution Date, the funds in the Yield Supplement Account are in excess
of the Required Yield Supplement Amount for such Distribution Date after giving
effect to all distributions to be made on such Distribution Date, the [Relevant]
Trustee shall deposit the amount of such excess into the [Collection Account]
[Certificate Account] for distribution by the [Relevant] Trustee in accordance
with the terms of [Sale] [Pool] and Servicing Agreement. [The Yield Supplement
Account shall [not] be part of the Trust.] [It is the intent of the parties that
the Yield Supplement Account Property be treated as property of the Trust for
all federal, state and local income and franchise tax purposes.] The provisions
of this Yield Supplement Agreement should be interpreted accordingly. [Further,
the Trust shall include in its gross income all income earned on the Yield
Supplement Account Property and the Yield Supplement Account.]

        4. All or a portion of the Yield Supplement Account may be invested and
reinvested in the manner specified in Section [5.08] [5.01] of the [Sale]
[Pooling] and Servicing Agreement in accordance with written instructions from
the Servicer. All such investments shall be made in the name of the [Relevant]
Trustee. Earnings on investment of funds in the Yield Supplement Account shall
be deposited in the [Collection Account] [Certificate Account] on each
Distribution Date, and losses and any investment expenses shall be charged
against the funds on deposit therein. Upon payment in full of the [Notes] [and]
[Certificates], as directed in writing by the Servicer, the [Relevant] Trustee
will release any amounts remaining on deposit in the Yield Supplement Account to
the Owner Trustee for the benefit of the Certificateholders, which amounts the
Owner Trustee will deposit in the [Collection Account] [Certificate Account]. If
for any reason the Yield Supplement Account [is no longer an Eligible Deposit
Account] [no longer satisfies the requirements relating to eligibility of
accounts set forth in Section 5.01 of the Pooling and Servicing Agreement], the
[Relevant] Trustee shall promptly cause the Yield Supplement Account to be moved
to another institution or otherwise changed so that the Yield Supplement Account
[becomes an Eligible Deposit Account] [complies with such requirements].

        5. Our agreements set forth in this Yield Supplement Agreement are our
primary obligations and such obligations are irrevocable, absolute and
unconditional, shall not be subject to any counterclaim, setoff or defense
(other than full and strict compliance by us with our obligations hereunder) and
shall remain in full force and effect without regard to, and shall not be
released, discharged or in any way affected by, any circumstances or condition
whatsoever.

        6. [In order to more fully protect the interests of [the Noteholders]
[and] [the Certificateholders], the Company will transfer, assign and convey its
interest in this Yield Supplement Agreement to the Nissan Auto Receivables
[____-____] [Owner] [Grantor] Trust established under the [Trust Agreement]
[Pooling and Servicing Agreement]. Following such transfer, assignment and
conveyance, this] [This] Yield Supplement Agreement shall not be amended,
modified or terminated except in

                                       3
<PAGE>   4

accordance with the provisions for amendments, modifications and terminations of
the [Sale] [Pooling] and Servicing Agreement as set forth in Section [10.01]
[13.01] of the [Sale] [Pooling] and Servicing Agreement.

        7. THIS YIELD SUPPLEMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

        8. Except as otherwise provided herein, all notices pursuant to this
Yield Supplement Agreement shall be in writing, personally delivered, sent by
telecopier, sent by courier or mailed by certified mail, return receipt
requested, and shall be effective upon receipt thereof. All notices shall be
directed as set forth below, or to such other address or telecopy number or to
the attention of such other person as the relevant party shall have designated
for such purpose in a written notice.

                     The Company:

                     [Nissan Auto Receivables Corporation][Nissan Auto
                     Receivables Corporation II]
                     990 West 190th Street
                     Torrance, California  90502
                     Attention:  Treasurer
                     Facsimile No.: 310-324-2542

                     [Indenture] Trustee:

                     [_______________]
                     [_______________]
                     [_______________]
                     [_______________]

                     Trust:

                     [_______________]
                     [_______________]
                     [_______________]
                     [_______________]

        9. This Yield Supplement Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts, all
of which shall be deemed to be one and the same document.

        [10. Each of the parties hereto agrees and acknowledges that all of the
rights and interests of the Indenture Trustee hereunder shall be automatically
transferred to the Owner

                                       4
<PAGE>   5

Trustee, and the Owner Trustee shall succeed to all such rights and interests,
upon the payment in full of the Notes in accordance with the terms of the
Indenture and the Sale and Servicing Agreement.]

                                       5
<PAGE>   6

        If the foregoing satisfactorily sets forth the terms and conditions of
our agreement, please indicate your acceptance thereof by signing in the space
provided below and returning to us the enclosed duplicate original of this
letter.

                                            Very truly yours,

                                            [NISSAN AUTO RECEIVABLES
                                            CORPORATION][NISSAN AUTO RECEIVABLES
                                            CORPORATION II]

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

Agreed and accepted as of [_________,____]

NISSAN MOTOR ACCEPTANCE CORPORATION

By:
   ---------------------------------
   Name:
   Title:

[INDENTURE TRUSTEE] [TRUSTEE]
   AS [INDENTURE] TRUSTEE

By:
   ---------------------------------
   Name:
   Title:

TRUST

By:  [OWNER] TRUSTEE
     AS [OWNER] TRUSTEE

By:
   ---------------------------------
   Name:
   Title:

                                       6

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