Document:

exv4w6

Exhibit 4.6

Nissan Auto Receivables Corporation II

One Nissan Way

Franklin, Tennessee 37067

Dated as of December 11, 2008

YIELD SUPPLEMENT AGREEMENT

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

25 DeForest Avenue

Summit, New Jersey 07901

Attn: Structured Finance Services – Nissan Auto

         Receivables 2008-C Owner Trust

Nissan Auto Receivables 2008-C Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2008-C Owner Trust

Ladies and Gentlemen:

Nissan Auto Receivables Corporation II (the “Company”) hereby confirms arrangements made as of the
date hereof with you, Deutsche Bank Trust Company Americas, as Indenture Trustee, and Wilmington
Trust Company, as Owner Trustee for the Nissan Auto Receivables 2008-C Owner Trust (the “Trust”),
for the benefit of the Noteholders, to be effective upon (i) receipt by the Company of the enclosed
copy of this letter agreement (the “Yield Supplement Agreement”), executed by 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 and
Servicing Agreement, dated as of the date hereof, among NMAC, as Servicer, the Company, and Nissan
Auto Receivables 2008-C Owner Trust, as Issuer (the “Sale and Servicing Agreement”).

     1. On or prior to each Determination Date, the Servicer shall notify the Company 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), the Servicing Payment Deposit
with respect to the related Distribution Date 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

			
	 	 	 
	 
	 	(Nissan 2008-C Yield Supplement Agreement)

 

 

which (i) the aggregate amount of interest that would have been due during the related
Collection Period on all Yield Supplemented Receivables (as defined 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,
7.70%. “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 a segregated trust account in the name
of the Indenture Trustee for the benefit of the Noteholders (the “Yield Supplement Account”) in
accordance with the Securities Account Control Agreement to secure the payment of interest on the
Notes, or such other account as may be acceptable to the Rating Agencies, and the Trust hereby
grants to the Indenture Trustee for the benefit of the Noteholders a first priority security
interest in the Yield Supplement Account and 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
Indenture 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 Indenture 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 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 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
of $42,278,489.29 (the “Initial Yield Supplement Amount”), by depositing such amount 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 and for each Distribution Date until the Notes of all Classes have
been paid in full or the Indenture is otherwise 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 the net present value of (i) the maximum aggregate Yield Supplement Deposits that
will become due on future Distribution Dates, assuming (1) that payments on the Receivables are
made on their scheduled due dates, based on a year consisting of twelve 30-day months, (2) no
Receivable becomes a prepaid Receivable, and (3) a discount rate of 1.75%, 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

			
	 	 	 
	 
	 	(Nissan 2008-C Yield Supplement Agreement)

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distributions to be made on such Distribution Date, the Relevant Trustee shall deposit the
amount of such excess into the Collection Account for distribution by the Relevant Trustee in
accordance with the terms of Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement.
The Yield Supplement Account shall 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 of the Sale and Servicing Agreement in accordance with written
instructions from the Servicer or the Secured Party (as defined in the Securities Account Control
Agreement) under the Securities Account Control Agreement, as the case may be. 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 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 under the Indenture, as directed in writing by the Servicer, the
Indenture 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 shall
deposit into the Trust Collection Account, and the Company shall have no further obligation to pay
to the Servicer the Servicing Payment Deposit. If for any reason the Yield Supplement Account is
no longer an Eligible Deposit Account, 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.

     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. This Yield Supplement Agreement shall not be amended, modified or terminated except in
accordance with the provisions for amendments, modifications and terminations of the Sale and
Servicing Agreement as set forth in Section 10.01 of the Sale 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

			
	 	 	 
	 
	 	(Nissan 2008-C Yield Supplement Agreement)

3

 

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 II

One Nissan Way

Franklin, Tennessee 37067

Attention: Treasurer

Facsimile No.: (615) 725-1720

Indenture Trustee:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

25 DeForest Avenue

Summit, New Jersey 07901

Attn: Structured Finance Services – Nissan Auto

Receivables 2008-C Owner Trust

Facsimile No.: (212) 553-2458

Trust:

Nissan Auto Receivables 2008-C Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2008-C Owner 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 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.

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.

			
	 	 	 
	 
	 	(Nissan 2008-C Yield Supplement Agreement)

4

 

	 	 	 	 	 
	 	Very truly yours,

NISSAN AUTO RECEIVABLES CORPORATION II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Agreed and accepted as of December 11, 2008

NISSAN MOTOR ACCEPTANCE CORPORATION

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	NISSAN AUTO RECEIVABLES 2008-C OWNER TRUST	 	 
	 
	 	 	 	 	 	 
	By:	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as

Owner Trustee on behalf of the Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

			
	 	 	 
	 
	 	(Nissan 2008-C Yield Supplement Agreement)

5EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO

SECOND AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amendment”),
dated as of the 11th day of December, 2008, is by and between Corrections Corporation of America, a
Maryland corporation with its principal place of business at 10 Burton Hills Boulevard, Nashville,
Tennessee (the “Company”), and John D. Ferguson, a resident of Nashville, Tennessee (“Executive”).
All capitalized terms used herein but otherwise not defined shall have the meaning as set forth in
the Employment Agreement, as herein defined.

     WHEREAS, the Company and Executive are parties to that certain Second Amended and Restated
Employment Agreement, dated as of August 15, 2007, as amended (the “Employment Agreement”),
pursuant to which Executive serves as Chairman of the Board of Directors and Chief Executive
Officer of the Company; and

     WHEREAS, the Company and Executive now desire to amend certain terms and provisions of the
Employment Agreement pursuant to the terms hereof.

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and
other good and valuable consideration, the receipt, sufficiency and mutuality of which are hereby
acknowledged, the Company and Executive hereby agree as follows.

     1. Amendments.

     (a) Section 3 is hereby deleted in its entirety and replaced with the following:

     “3. Notice of Non-Renewal. The Company or the Executive may elect at
any time during the then current Renewal Term not to extend the Executive’s
employment under this Agreement by providing not less than sixty (60) days prior
written notice to the other party. If the Company or the Executive elects not to
continue or extend the Executive’s employment under this Agreement, the Executive
shall be considered to have been terminated without Cause upon the expiration of his
employment under this Agreement, and the Executive will receive the payments and
benefits set forth in Section 5.4.2 of this Agreement.”

     (b) Section 5.4.2 is hereby deleted in its entirety and replaced with the following:

     “5.4.2 Effect of Termination Without Cause or Resignation for Good
Reason. In the event the Executive is terminated without Cause by the Company
or in the event the Executive resigns for Good Reason, the Company shall pay to the
Executive, as soon as practicable, his Accrued Rights. The Company shall also pay
the Executive an amount equal to two (2) times the Executive’s Base Salary, based
upon the annual rate in effect immediately prior to any notice of termination
without Cause, resignation for Good Reason, or non-renewal, without any cost of
living adjustments, payable on a monthly basis for a period of two (2) years from
the date of termination or resignation. In lieu of the foregoing, if such
termination or resignation occurs within the two (2) year period following a Change
of Control (as defined in Section 5.5.3 herein), the Company instead shall pay to
the

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Executive (i) his Accrued Rights as soon as is practicable following the
termination of employment and (ii) the Change of Control Severance (as defined in
Section 5.5.2. herein) within sixty (60) days of the termination of Executive’s
employment. The Company’s obligation to make the payments set forth in this
Section 5.4.2 shall be unconditional, and the Executive shall not be required to
mitigate the amount of any payment provided for in this Section 5.4.2. In addition:

     (i) the Executive shall continue to be covered, for the two (2) year
period, under medical, health, life and disability insurance plans of the
Company, with the costs of such benefits (including the Company’s portion of
any premiums) paid by the Company on the Executive’s behalf included in the
Executive’s gross income.

     (ii) the Executive shall, in accordance with any agreement relating to
such options, have the right to exercise any vested, but unexercised,
options to purchase shares of the Company’s common stock or other equity
securities of the Company for the duration of such options’ terms. Any
unexercised and any non-vested options to purchase shares of common stock or
other equity securities of the Company previously granted to Executive shall
be forfeited by the Executive.”

     (c) Section 5.5.2 is hereby deleted in its entirety and replaced with the following:

     “5.5.2 Effect of Resignation in the Event of a Change of
Control. In the event the Executive resigns in connection with a Change of
Control of the Company, the Company shall pay to the Executive his Accrued Rights.
The Company shall also pay the Executive, a one-time payment to be paid within sixty
(60) days of Executive’s resignation, an amount equal to 2.99 times the Executive’s
Base Salary in effect immediately prior to such resignation, without any cost of
living adjustments (such amount, the “Change of Control Severance”). The Company’s
obligation to make the payments set forth in this Section 5.5.2 shall be
unconditional, and the Executive shall not be required to mitigate the amount of any
payment provided for in this Section 5.5.2. In addition:

     (i) the Executive shall continue to be covered, for the two (2) year
period, under medical, health, life and disability insurance plans of the
Company with the costs of such benefits (including the Company’s portion of
any premiums) paid by the Company on the Executive’s behalf included in the
Executive’s gross income.

     (ii) all options (whether vested or un-vested) to purchase shares of
common stock or other equity securities of the Company previously granted by
the Company to the Executive shall become immediately exercisable for the
duration of such options’ terms.”

     2. Effect of Amendments. Except as expressly modified by the terms of this Amendment,
the provisions of the Employment Agreement shall continue in full force and effect.

     3. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original, and all of which, taken together, shall be deemed to be one and the
same instrument.

2

 

     4. Headings. The sections, subjects and headings in this Amendment are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Amendment.

     5. Governing Law. The validity, interpretation and effect of this Amendment shall be
governed exclusively by the laws of the State of Tennessee without regard to the choice of law
principals thereof.

     6. Severability. Should any part of this Amendment be invalid or unenforceable, such
invalidity or unenforceability shall not affect the validity and enforceability of the remaining
portion.

     7. Successors. This Amendment shall be binding upon and inure to the benefit of the
respective parties and their permitted assigns and successors in interest.

     8. Waivers. No waivers of any breach of any of the terms or conditions of this
Amendment shall be held to be a waiver of any other or subsequent breach; nor shall any waiver be
valid or binding unless the same shall be in writing and signed by the party alleged to have
granted the waiver.

[remainder of page left intentionally blank]

3

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
written.

	 	 	 	 	 
	 	EXECUTIVE:

JOHN D. FERGUSON

 	 
	 	/s/
John D. Ferguson

 	 
	 	 	 
	 	 	 
	 
	 	THE COMPANY:

CORRECTIONS CORPORATION OF AMERICA

 	 
	 	By:  	/s/ G.A.
Puryear IV	 
	 	 	Title: Executive Vice
President, General Counsel
          and Secretary	 
	 	 	 	 
	 

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