Document:

EX-10.3

 Exhibit 10.3 
 ADMINISTRATION AGREEMENT 
 among 

NISSAN AUTO RECEIVABLES 20[        ]-[    ] OWNER TRUST 

as Issuer 
 NISSAN
MOTOR ACCEPTANCE CORPORATION, 
 as Administrator 
 [                    ], 
 as Indenture Trustee 
 and 

[WILMINGTON TRUST, NATIONAL ASSOCIATION], 
 as Owner Trustee 
 Dated as of
[                    ] 

 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	  	 	8	  
			
	 5.
	  	INDEPENDENCE OF THE ADMINISTRATOR	  	 	8	  
			
	 6.
	  	NO JOINT VENTURE	  	 	8	  
			
	 7.
	  	OTHER ACTIVITIES OF ADMINISTRATOR	  	 	8	  
			
	 8.
	  	TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR	  	 	8	  
			
	 9.
	  	ACTION UPON TERMINATION, RESIGNATION OR REMOVAL	  	 	9	  
			
	 10.
	  	NOTICES	  	 	9	  
			
	 11.
	  	AMENDMENTS	  	 	10	  
			
	 12.
	  	SUCCESSOR AND ASSIGNS	  	 	11	  
			
	 13.
	  	GOVERNING LAW	  	 	11	  
			
	 14.
	  	NO PETITION	  	 	11	  
			
	 15.
	  	HEADINGS	  	 	11	  
			
	 16.
	  	COUNTERPARTS	  	 	12	  
			
	 17.
	  	SEVERABILITY OF PROVISIONS	  	 	12	  
			
	 18.
	  	NOT APPLICABLE TO NMAC IN OTHER CAPACITIES	  	 	12	  
			
	 19.
	  	LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE	  	 	12	  
			
	 20.
	  	USAGE OF TERMS	  	 	12	  

  
 -i-

 This ADMINISTRATION AGREEMENT, dated as of
[                    ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), among
NISSAN AUTO RECEIVABLES 20[        ]-[    ] OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation, as
administrator (the “Administrator”), and [                    ], 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 20[        ]-[    ] 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
[                    ] (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 20[        ]-[    ] Owner Trust
[                    ]% Asset Backed Notes, Class A-1[a], [the Nissan Auto Receivables
20[        ]-[    ] Owner Trust [                    ]% Asset Backed Notes,
Class A-1b,] the Nissan Auto Receivables 20[        ]-[    ] Owner Trust
[                    ]% Asset Backed Notes, Class A-2[a], [the Nissan Auto Receivables
20[        ]-[     ] Owner Trust [            ]% Asset Backed Notes, Class A-2b,] the Nissan Auto Receivables
20[        ]-[    ] Owner Trust [            ]% Asset Backed Notes, Class A-3[a], [the Nissan Auto Receivables
20[        ]-[     ] Owner Trust [            ]% Asset Backed Notes, Class A-3b,] [the Nissan Auto Receivables
20[        ]-[    ] Owner Trust [            ]% Asset Backed Notes, Class A-4a,] and the Nissan Auto Receivables
20[        ]-[     ] Owner Trust [                ]% Asset Backed Notes, Class A-4[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 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
[                    ] (the “Purchase Agreement”), between NMAC, as seller, and NARC II, as purchaser, the Trust Agreement, the
Indenture, this Agreement[, the Yield Supplement Agreement] the Note Depository Agreement and the Sale and Servicing Agreement [and the Interest Rate [Swap][Cap] Agreement(s)] (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. 
 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); 

  
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 (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); 
 (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, 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); 

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

  
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	 	(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. 

  
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 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 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); 

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

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

(E) the removal of the Indenture Trustee[.][;] 

(F) [the provision of copies of any amendment or supplement to the Interest Rate [Swap][Cap] Agreement(s) to the Rating
Agencies; and] 
 (G) [the notification to the [Swap Counterparty][Cap Provider] of any proposed amendment or
supplement to any of the Basic Documents.] 
 (ii) Notwithstanding anything to the contrary in this Agreement,
the Administrator shall not be obligated to, and shall not (x) make any payments to the Noteholders [or the [Swap Counterparty][Cap Provider]] 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 a monthly 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.

  
 7 

 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. 

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 

  
 8 

 (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. 
  

	 	(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 20[        ]-[    ] Owner Trust 

	 	    	In care of: [Wilmington Trust, National Association] 

	 	    	[Rodney Square North 

	 	    	1100 North Market Street 

  
 9 

	 	    	Wilmington, DE 19890] 

	 	    	Attention: Nissan Auto Receivables 20[        ]-[    ] Owner Trust 

 

	 	    	with a copy to: 

	 	    	Nissan Auto Receivables 20[        ]-[    ] Owner Trust 

	 	    	In care of: Nissan Motor Acceptance Corporation 

	 	    	One Nissan Way 

	 	    	Franklin, TN 37067 

	 	    	Attention: Treasurer 

  

	 	(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: 

  

	 	    	[            ] 

	 	    	[                    ] 

	 	    	[                    ] 

 

	 	    	Attention: [                    ] 

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 [or the [Swap Counterparty][Cap Provider]], 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, any Certificateholder [or the [Swap Counterparty][Cap Provider]] 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 [or the [Swap 

  
 10 

 
Counterparty][Cap Provider]] (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 [or the [Swap Counterparty][Cap Provider]]), 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 [or the [Swap Counterparty][Cap Provider]] which are not covered by the immediately
preceding sentence. [Notwithstanding the foregoing, the Issuer shall not amend this Agreement in any way that would materially and adversely affect the rights of the [Swap Counterparty][Cap Provider] without the consent of the [Swap
Counterparty][Cap Provider]; provided that the [Swap Counterparty’s][Cap Provider’s] consent to any such amendment shall not be unreasonably withheld, and provided, further that the [Swap Counterparty’s][Cap Provider’s] consent
will be deemed to have been given if the [Swap Counterparty][Cap Provider] does not object in writing within 10 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. 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.

  
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 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
[                    ], not in its individual capacity but solely in its capacity as Indenture Trustee under the Indenture and in no event shall
[Wilmington Trust, National Association] 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. 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. 
 20. USAGE OF TERMS. With respect to all terms in
this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a
visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not
prohibited by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term
“including” means “including without limitation;” and the term “or” is not exclusive. 
 21.
[LIMITATION OF RIGHTS. All of the rights of the [Swap Counterparty][Cap Provider] in, to and under this Agreement, if any, shall terminate upon the termination of the Interest Rate [Swap][Cap] Agreement(s) in accordance with the terms thereof
and the payment in full of all amounts owing to the [Swap Counterparty][Cap Provider] under such Interest Rate [Swap][Cap] Agreement(s).] 
 [Signature Page Follows] 

  
 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 20[        ]-[    ] OWNER TRUST
		
	By:	 	 [WILMINGTON TRUST, NATIONAL
 ASSOCIATION], not in its individual
 capacity but solely as Owner Trustees

			
		 	By:	 	 
		 	Name:  	 	
		 	Title:	 	

  

			
	[                    ], 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:
	 	

  
 S-1EX-10.4

 Exhibit 10.4 
 Nissan Auto Receivables Corporation II 
 One Nissan Way 

Franklin, Tennessee 37067 
 Dated as of [                    ] 

YIELD SUPPLEMENT AGREEMENT 
 [                        ] 
 [                        ] 
 [                        ] 
 Attn: [              ] 

Nissan Auto Receivables 20[        ]-[    ] Owner Trust 

In care of: [Wilmington Trust, National Association] 
 [Rodney Square North 
 1100 North Market Street 

Wilmington, DE 19890] 
 Attn: Nissan Auto
Receivables 20[        ]-[     ] Owner Trust 
 Ladies and Gentlemen: 

Nissan Auto Receivables Corporation II (the “Company”) hereby confirms arrangements made as of the date hereof with you,
[                    ], as Indenture Trustee, and [Wilmington Trust, National Association], as Owner Trustee for the Nissan Auto Receivables
20[        ]-[    ] 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 NMAC of the capital contribution of the Company
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 20[        ]-[    ] 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) 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 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, [                    ]%.
“Yield Supplemented Receivable” means any Receivable that has an APR less than the Required Rate. 
 2. On or before
the date hereof, the Servicer, on behalf of the Owner Trustee and the Indenture Trustee, shall establish and maintain with the Indenture Trustee and pledge to the Indenture Trustee a segregated trust account in the name of the Indenture Trustee for
the benefit of the Noteholders [and the Swap Counterparty] (the “Yield Supplement Account”) in accordance with Section 5.08 of the Sale and Servicing Agreement to secure the payment of interest on the Notes, or such other account as
may be acceptable to the Rating Agencies. The Trust hereby grants to the Indenture Trustee for the benefit of the Noteholders [and the Swap Counterparty] 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 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
[                    ]%, 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 

  
 2 

 
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. 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 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. 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 number or to the attention of such other person as the relevant party shall have designated for such purpose in a written notice. 

  
 3 

 The Company: 
 Nissan Auto Receivables Corporation II 
 One Nissan Way 

Franklin, Tennessee 37067 
 Attention: Treasurer 
 Facsimile No.: (615) 725-1720 

Indenture Trustee: 
 [                                  
    ] 

[                       
               ] 

[                       
               ] 
 Attn:
[                            ] 
 Facsimile No.: [            ] 
 Trust: 
 Nissan Auto Receivables
20[        ]-[    ] Owner Trust 
 In care of: [Wilmington Trust,
National Association] 
 [Rodney Square North 
 1100 North Market Street 
 Wilmington, DE 19890] 

Attn: Nissan Auto Receivables 20[        ]-[    ] 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. 

  
 4 

  

			
	 Very truly yours,
  

NISSAN AUTO RECEIVABLES CORPORATION II

		
	By:	 	 
		 	 Name:

Title:

			
	 Agreed and accepted as of
[                    ]
  
 NISSAN MOTOR ACCEPTANCE CORPORATION

		
	By:	 	 
		 	 Name:

Title:

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

			
	By:	 	 
		 	 Name:

Title:

  

			
	By:	 	 
		 	 Name:

Title:

 NISSAN AUTO RECEIVABLES 20[        ]-[     ] 

OWNER TRUST 
  

	By:	[WILMINGTON TRUST, NATIONAL ASSOCIATION], 

	    	not in its individual capacity but solely as 

	    	Owner Trustee on behalf of the Trust 

  

			
	 By:   
	 	 
		 	 Name:

Title:

  
 5

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