Document:

EX-10.3

 Exhibit 10.3 
 ADMINISTRATION AGREEMENT 
 among 

NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST 
 as Issuer 
 NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Administrator 

CITIBANK, N.A., 

as Indenture Trustee 
 and 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 

Dated as of February 22, 2012 

 TABLE OF CONTENTS 

 

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

 (Nissan 2012-A Administration Agreement) 

  
 -i-

 This ADMINISTRATION AGREEMENT, dated as of February 22, 2012 (as amended, supplemented
or otherwise modified and in effect from time to time, this “Agreement”), among NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a
California corporation, as administrator (the “Administrator”), and CITIBANK, N.A., a national banking association, not in its individual capacity but solely as Indenture Trustee (as defined below), and WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association with trust powers, 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 2012-A Owner Trust Asset Backed Certificates (the “Certificates”) have been issued in connection with the formation of the Issuer pursuant to the Amended and Restated Trust Agreement, dated
as of February 22, 2012 (the “Trust Agreement”), between Nissan Auto Receivables Corporation II (“NARC II”), a Delaware corporation, as depositor, and Wilmington Trust, National Association, as owner trustee
(the “Owner Trustee”); 
 WHEREAS, the Issuer is issuing the Nissan Auto Receivables 2012-A Owner Trust
0.35860% Asset Backed Notes, Class A-1, the Nissan Auto Receivables 2012-A Owner Trust 0.54% Asset Backed Notes, Class A-2, the Nissan Auto Receivables 2012-A Owner Trust 0.73% Asset Backed Notes, Class A-3, and the Nissan Auto
Receivables 2012-A Owner Trust 1.00% Asset Backed Notes, Class A-4 (collectively, the “Notes”) pursuant to the Indenture, dated as of February 22, 2012, (as amended and supplemented from time to time, the
“Indenture”), between the Issuer and Citibank, N.A., 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 February 22, 2012, among the Issuer, Nissan Motor Acceptance Corporation (“NMAC”), as servicer, and NARC II, as seller (the “Sale and Servicing
Agreement”), as the case may be; 
 WHEREAS, the Issuer and other parties have entered into certain agreements in
connection with the issuance of the Certificates and the Notes, including the Purchase Agreement, dated as of February 22, 2012 (the “Purchase Agreement”), between NMAC, as seller, and NARC II, as purchaser, the Trust
Agreement, the Indenture, this Agreement, the Note Depository 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 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 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. 

(Nissan 2012-A Administration Agreement) 

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

	 	1.	DUTIES OF THE ADMINISTRATOR. 

  

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

(i) The Administrator agrees to perform all its duties as Administrator under the Basic Documents and the duties of the
Issuer under the Note Depository Agreement and the Indenture. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Note Depository Agreement. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when action by the Issuer or the Owner Trustee is necessary to comply with the Issuer’s duties under the Indenture and the Note Depository Agreement. The Administrator
shall prepare for execution by the Issuer or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver
pursuant to the Indenture and the Note Depository Agreement. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Indenture including, without limitation, such of
the foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture): 
 (A) preparing or obtaining the documents and instruments required for the proper authentication of Notes and delivering the same to the Indenture Trustee (Section 2.02); 

(B) appointing the Note Registrar and giving the Indenture Trustee notice of any appointment of a new Note Registrar and
the location, or change in location, of the Note Register (Section 2.04); 
 (C) preparing, obtaining and/or
filing of all instruments, opinions and certificates and other documents required for the release of Collateral (Section 2.09); 
 (D) maintaining an office in the Borough of Manhattan, City of New York, for the registration of transfer or exchange of Notes (Section 3.02); 

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

  
 (Nissan 2012-A
Administration Agreement) 
 2 

 (G) 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); 
 (H) 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)); 

(I) furnishing the required Opinions of Counsel on February 22, 2012 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);

 (J) 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); 
 (K) 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)); 
 (L) preparing and obtaining documents
and instruments required in connection with the consolidation, merger or transfer of assets of the Issuer (Section 3.10); 
 (M) 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 3.18); 

(N) 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); 

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

  
 (Nissan 2012-A
Administration Agreement) 
 3 

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

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

 (U) preparing and delivering to the Noteholders and the Indenture Trustee any agreements with respect to
alternate payment and notice provisions (Section 11.06); and 
 (V) recording the Indenture, if applicable
(Section 11.14). 
 (ii) The Administrator shall also: 

(A) pay the Indenture Trustee and the Owner Trustee from time to time the reasonable compensation provided for in the
Indenture and the Trust Agreement, respectively; 
 (B) reimburse the Indenture Trustee and the Owner Trustee
for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee or the Owner Trustee to the extent the Indenture Trustee or the Owner Trustee is entitled to such reimbursement pursuant to Section 6.07 of the
Indenture or Sections 8.01 and 8.02 of the Trust Agreement, as applicable; and 
 (C) indemnify the Indenture
Trustee and the Owner Trustee and the other Indemnified Parties for, and hold each harmless against, any losses, liability or expense to the extent the Indenture Trustee or the Owner Trustee or the other Indemnified Parties are entitled to such
indemnification pursuant to the Indenture or the Trust Agreement, as applicable. 

  
 (Nissan 2012-A
Administration Agreement) 
 4 

	 	(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 (other
than any notice required to be delivered by the Owner Trustee pursuant to Sections 3.07, 6.03(e) and 10.04 of the Trust Agreement), 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) If any Certificateholder is not the Administrator or any of its Affiliates, the Administrator may satisfy its
obligations with respect to clauses (ii) and (iii) above and under the Trust Agreement by retaining, at the expense of the Administrator, a firm of independent public accountants (the “Accountants”) which shall perform the
obligations of the Administrator thereunder. 
 In connection with paragraph (ii) above, if any
Certificateholder is not the Administrator or any of its Affiliates, then the Administrator will cause the Accountants to provide, prior to December 1 of each year, a letter in form and substance satisfactory to the Owner Trustee as to whether
any tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the 

  
 (Nissan 2012-A
Administration Agreement) 
 5 

 
Code. 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 and Section 10.03 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the
Trust Agreement. 
 (vi) The Administrator shall perform all duties and obligations applicable to or required of
the Issuer set forth in Appendix A to the Sale and Servicing Agreement in accordance with the terms and conditions thereof. 
 (vii) The Administrator shall obtain on behalf of the Trust, at its own expense, all licenses required to be held by the Trust under the laws of any jurisdiction in connection with ownership of the
Receivables, and shall make all filings and pay all fees as may be required in connection therewith during the term hereof. 
 (viii) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from
unaffiliated parties. 
  

	 	(c)	Non-Ministerial Matters. 

 (i) With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such
action the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent thereto or provided an alternative direction. 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; 

  
 (Nissan 2012-A
Administration Agreement) 
 6 

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

(E) the removal of the Indenture Trustee. 

(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. 
  

	 	(d)	Notices to Rating Agencies. The Administrator will deliver to each Rating Agency notice (which notice shall be deemed to be delivered if delivered in accordance
with Section 10) of the occurrence of (i) any event of default for which it has been provided notice pursuant to Section 3.18 of the Indenture; (ii) any merger or consolidation of the Indenture Trustee pursuant to
Section 6.09 of the Indenture; (iii) any supplemental indenture pursuant to Section 9.01 and Section 9.02 of the Indenture; (iv) any merger or consolidation of the Owner Trustee pursuant to Section 10.04 of the Trust
Agreement; (v) any amendment to the Trust Agreement pursuant to Section 11.01 of the Trust Agreement; (vi) any Servicer Default for which it has been provided notice pursuant to Section 8.01 of the Sale and Servicing Agreement;
and (vii) any termination of, or appointment of a successor to, the Servicer for which it has been provided notice pursuant to Section 8.04 of the Sale and Servicing Agreement. 

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

3. COMPENSATION. As compensation for the performance of the Administrator’s obligations under this Agreement and as
reimbursement for its expenses related thereto, the Administrator shall be entitled to an annual payment of compensation in an amount to be agreed to between the Administrator and the Servicer, 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 

  
 (Nissan 2012-A
Administration Agreement) 
 7 

 
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. 
 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); or 

(ii) an Insolvency Event shall occur with respect to the Administrator. 

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

  
 (Nissan 2012-A
Administration Agreement) 
 8 

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

 

	 	(f)	The appointment of any successor Administrator shall be effective only after the Rating Agency Condition with respect to such appointment shall have been satisfied.
Promptly after the appointment of any successor Administrator, the successor Administrator shall provide notice of such appointment to each Rating Agency. 

 

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

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

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

 Nissan Auto Receivables 2012-A Owner Trust 
 In care of: Wilmington Trust, National
Association 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, DE 19890 

Attention: Nissan Auto Receivables 2012-A Owner Trust 
 with a copy to: 
 Nissan Auto Receivables 2012-A Owner Trust 

In care of: Nissan Motor Acceptance Corporation 
 One Nissan Way 
 Franklin, TN 37067 

Attention: Treasurer 

  
 (Nissan 2012-A
Administration Agreement) 
 9 

	 	(b)	if to the Administrator, to: 

Nissan Motor Acceptance Corporation 
 One Nissan Way 
 Franklin, TN 37067 

Attention: Treasurer 
  

	 	(c)	if to the Indenture Trustee, to: 

Citibank, N.A. 

388 Greenwich Street, 14th Floor 
 New York, NY 10013 
 Attention: Agency & Trust – NAROT 2012-A

 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. 
 All notices, requests, reports, consents or other communications deliverable to any Rating Agency hereunder or under any other Basic Document shall be deemed to be delivered if a copy of such notice,
request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

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 Noteholder or Certificateholder, 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 either (a) such amendment will not, as evidenced by an Officer’s Certificate of the Administrator, materially and adversely affect any Noteholder or (b) the Rating Agency
Condition has been satisfied with respect to such amendment. 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 Notes, voting as a single class; or (ii) in the case of any amendment that does not adversely affect the Indenture Trustee, 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
Certificates, 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. 
 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 

  
 (Nissan 2012-A
Administration Agreement) 
 10 

 
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. Notwithstanding any prior
termination of this Agreement, the Administrator shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 
 15. HEADINGS. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

 16. COUNTERPARTS. This Agreement may be executed in counterparts, each of which when so executed shall together
constitute but one and the same agreement. 
 17. SEVERABILITY OF PROVISIONS. If any one or more of the agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or the other rights of the parties hereto. 
 18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this Agreement shall affect any obligation, right or benefit NMAC may have in any other capacity or under any Basic Document. 

19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE. Notwithstanding anything contained herein to the contrary,
this instrument has been countersigned by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and Citibank, N.A., not in its individual capacity but solely in its capacity
as Indenture Trustee under the Indenture and in no event shall 

  
 (Nissan 2012-A
Administration Agreement) 
 11 

 
Wilmington Trust, National Association in its individual capacity, Citibank, N.A., 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. Additionally, the
Indenture Trustee in its capacity hereunder shall be afforded the same indemnities, protections, rights, powers and immunities set forth in the Indenture as if such indemnities, protections, rights, powers and immunities were specifically set forth
herein. 
 [Signature Page Follows] 

  
 (Nissan 2012-A
Administration Agreement) 
 12 

 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 2012-A OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustees
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	NISSAN MOTOR ACCEPTANCE CORPORATION, as Administrator
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 (Nissan 2012-A
Administration Agreement) 
 S-1EX-10.5(c)

 Exhibit 10.5(c) 

FIRST AMENDMENT 
 TO AMENDED AND RESTATED 
 MASTER LOAN AGREEMENT

 THIS FIRST AMENDMENT TO AMENDED AND RESTATED MASTER LOAN AGREEMENT (this “Amendment”)
is entered into to be effective as of February 16, 2012, between GREEN PLAINS BLUFFTON LLC, an Indiana limited liability company f/k/a Indiana Bio-Energy, LLC (the “Borrower”) and AGSTAR FINANCIAL SERVICES, PCA,
an United States instrumentality (the “Lender”). 
 RECITALS 

A. Borrower and Lender are parties to that certain Amended and Restated Master Loan Agreement dated as of September 30, 2011 (the
“Loan Agreement”) by which the Lender agreed to extend certain financial accommodations to the Borrower. 
 B.
At the request of Borrower, Borrower and Lender have agreed to make certain modifications to the Loan Agreement in accordance with the terms and conditions of this Amendment. 
 C. All terms used and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. 
 NOW THEREFORE, in consideration of the facts set forth in the above Recitals, which the parties agree are true and correct, and in consideration for entering into this Amendment, the undersigned hereby
agree as follows: 
 AMENDMENTS 
 1. Amendment To Loan Agreement. Subsection 5.01(g) of the Loan Agreement is hereby amended and restated to read as follows: 

(g) Fixed Charge Coverage Ratio. Maintain a Fixed Charge 

Coverage Ratio of not less than 1.15 to 1.00, measured annually; 
 2. Limited Waivers. Subject to the terms and conditions set forth in this Amendment, the Lender hereby waives any default or Event of Default that could be deemed to have occurred under the
Loan Agreement if the Borrower: (a) failed to maintain a Fixed Charge Coverage Ratio of 1.25 to 1.00 for December 2011, and by (b) failing to timely deliver a Compliance Certificate to Lender, each as required under Sections 5.01(d) and
5.01(e) of the Loan Agreement. 
 3. Conditions to Effectiveness of Limited Waivers. The effectiveness of the
waivers set forth in paragraph 2 above is conditioned upon: (a) Borrower’s receipt of unencumbered cash equity in the amount of not less than $3,000,000, (b) Borrower providing Lender with such documents, instruments or agreements to
show to Lender’s satisfaction the receipt of such equity by Borrower, and (c) Borrower’s delivery of a completed and signed Compliance Certificate dated as of December 31, 2011. 

4. Effect on Loan Agreement. Except as expressly amended hereby, all of the terms of the Loan Agreement shall be unaffected
by this Amendment and shall remain in full force and effect. Except for the limited waivers provided for herein, nothing contained in this Amendment shall be deemed to constitute a waiver of any rights of the Lender, or to affect, modify, or impair
any of the Lender’s rights under the Loan Documents. 

 5. Conditions Precedent to Effectiveness of this Amendment. The obligations of
the Lender hereunder are subject to the conditions precedent that the Lender shall have received the following, in form and substance satisfactory to the Lender: 

a. this Amendment duly executed by the Borrower and the Lender; and 

b. the documents, instruments, and agreements described in Section 3 above shall be delivered to the Lender.

 6. Representations and Warranties of Borrower. The Borrower hereby agrees with, reaffirms, and acknowledges as
follows: 
 a. The execution, delivery and performance by Borrower of this Amendment is within Borrower’s
power, has been duly authorized by all necessary action, and does not contravene: (i) the certificate of formation or operating agreement of Borrower; or (ii) any law or any contractual restriction binding on or affecting Borrower; and does not
result in or require the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties; 
 b. This Amendment is, and each other Loan Document to which Borrower is a party when delivered will be, legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with
their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditor’s rights generally and by general principles of equity; 

c. All other representations, warranties and covenants contained in the Loan Agreement and the other Loan Documents are
true and correct and in full force and effect; and 
 d. The waivers contained in this Amendment are limited
solely to the matters set forth herein and except as expressly modified by this Amendment, the terms and conditions of the Loan Agreement and the other Loan Documents shall remain in full force and effect. 

7. Counterparts. It is understood and agreed that this Amendment may be executed in several counterparts each of
which shall, for all purposes, be deemed an original and all of which, taken together, shall constitute one and the same agreement even though all of the parties hereto may not have executed the same counterpart of this Amendment. Electronic
delivery of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart to this Amendment 
 [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 

 SIGNATURE PAGE TO 
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED MASTER LOAN AGREEMENT 

BY AND BETWEEN 

GREEN PLAINS BLUFFTON LLC 
 AND 
 AGSTAR FINANCIAL SERVICES, PCA 

DATED: February 16, 2012 
 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and Restated Master Loan Agreement to be executed by their respective duly-authorized officers as of the date first above
written. 
 BORROWER: 
  

	
	 GREEN PLAINS BLUFFTON LLC,
 an Indiana limited liability company,

	
	/s/ Jerry L. Peters
	 By: Jerry L. Peters
 Its:
CFO

  

	
	LENDER:
	
	AGSTAR FINANCIAL SERVICES, PCA
	
	/s/ Mark Schmidt
	 By: Mark Schmidt
 Its: Vice
President

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