Document:

<PAGE>
                                                                     EXHIBIT 4.5

                                                               EXECUTION VERSION

                       NISSAN MOTOR ACCEPTANCE CORPORATION

                                     Seller

                   NISSAN WHOLESALE RECEIVABLES CORPORATION II

                                      Buyer

                            -------------------------

               AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

                          Dated as of October 15, 2003

                            -------------------------

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
ARTICLE I       DEFINITIONS............................................................................    1

     Section 1.01    Definitions.......................................................................    1

     Section 1.02    Other Definitional Provisions.....................................................    2

ARTICLE II      SALE OF RECEIVABLES....................................................................    2

     Section 2.01    Sale of Receivables...............................................................    2

     Section 2.02    Representations and Warranties of Seller Relating to Itself and This Agreement....    5

     Section 2.03    Representations and Warranties of Seller Relating to Receivables and Accounts.....    8

     Section 2.04    Covenants of Seller...............................................................    9

     Section 2.05    Designation of Additional Accounts................................................   10

ARTICLE III     ADMINISTRATION AND SERVICING OF RECEIVABLES............................................   12

     Section 3.01    Acceptance of Appointment and Other Matters Relating to Servicer..................   12

     Section 3.02    Servicing Compensation............................................................   12

ARTICLE IV      OTHER MATTERS RELATING TO SELLER.......................................................   12

     Section 4.01    Merger or Consolidation of, or Assumption, of Obligations of Seller...............   12

     Section 4.02    Seller Indemnification of Buyer...................................................   13

ARTICLE V       TERMINATION............................................................................   13

     Section 5.01    Termination of Agreement..........................................................   13

ARTICLE VI      INTERCREDITOR PROVISIONS...............................................................   14

     Section 6.01    Nonfloorplan Agreements Between Seller and Dealer.................................   14

ARTICLE VII     MISCELLANEOUS PROVISIONS...............................................................   15

     Section 7.01    Amendment.........................................................................   15

     Section 7.02    Protection of Right, Title and Interest to Receivables............................   16

     Section 7.03    Limited Recourse..................................................................   17

     Section 7.04    No Petition.......................................................................   17

     Section 7.05    Governing Law.....................................................................   17

     Section 7.06    Notices...........................................................................   18

     Section 7.07    Severability of Provisions........................................................   18
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
     Section 7.08    Assignment........................................................................   18

     Section 7.09    Further Assurances................................................................   18

     Section 7.10    No Waiver; Cumulative Remedies....................................................   18

     Section 7.11    Counterparts......................................................................   19

     Section 7.12    Third-Party Beneficiaries.........................................................   19

     Section 7.13    Merger and Integration............................................................   19

     Section 7.14    Headings..........................................................................   19
</TABLE>

                                      -ii-

<PAGE>

         AMENDED AND RESTATED RECEIVABLE PURCHASE AGREEMENT, dated as of October
15, 2003 (as modified, supplemented, amended or restated from time to time, this
"Agreement"), by and between NISSAN MOTOR ACCEPTANCE CORPORATION ("NMAC"), a
California corporation, as Seller, and NISSAN WHOLESALE RECEIVABLES CORPORATION
II ("NWRC II"), a Delaware corporation, as Buyer.

                                    RECITALS

         A.       The Seller and the Buyer are party to the Receivables Purchase
Agreement (the "Original Agreement"), dated July 24, 2003 (the "Initial Closing
Date").

         B.       The Seller and the Buyer desire to amend certain provisions of
the Original Agreement and for ease of convenience and reference desire to amend
and restate the Original Agreement in its entirety.

         C.       It is the intent of the parties that this Agreement shall not
cause a novation of the rights and obligations of the parties under the Original
Agreement and that this Agreement shall not release, limit or impair in any way
the priority of any security interests granted under the Original Agreement.

         D.       The Seller desires to sell to the Buyer, and the Buyer desires
to purchase from the Seller, the Receivables arising from time to time in
connection with the Accounts designated hereunder.

         E.       Pursuant to the Transfer and Servicing Agreement, the Buyer
has agreed to transfer to the Issuer all such Receivables purchased by the Buyer
hereunder.

         F.       Pursuant to the Indenture and the Indenture Supplements, the
Issuer will issue from time to time Notes secured by the Receivables.

         In consideration of the mutual covenants and agreements herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows.

                             STATEMENT OF AGREEMENT

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.01 DEFINITIONS.

         All terms used herein and not otherwise defined herein have the
meanings ascribed to them in the Annex of Definitions. Whenever used in this
Agreement, such terms are applicable to the singular as well as the plural forms
of such terms and to the masculine as well as to the feminine and neuter genders
of such terms.

<PAGE>

         Section 1.02 OTHER DEFINITIONAL PROVISIONS.

         (a) All terms used herein and not otherwise defined herein have the
meanings ascribed to them in the Transfer and Servicing Agreement, the Trust
Agreement, the Indenture or, with respect to any Series, the related Indenture
Supplement, as applicable.

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

         (c) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
this Agreement or in any such certificate or other document, and accounting
terms partly defined in this Agreement or in any such certificate or other
document to the extent not defined, have the respective meanings given to them
under generally accepted accounting principles or regulatory accounting
principles, as applicable and as in effect on the date of this Agreement. To the
extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles or regulatory accounting
principles in the United States, the definitions contained in this Agreement or
in any such certificate or other document will control.

         (d) Any reference to each Rating Agency only applies to any specific
rating agency if such rating agency is then rating any outstanding Series.

         (e) Unless otherwise specified, references to any dollar amount on any
particular date mean such amount at the close of business on such day.

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

                                   ARTICLE II
                               SALE OF RECEIVABLES

         Section 2.01 SALE OF RECEIVABLES.

         (a) By execution of this Agreement, the Seller does hereby acknowledge
and confirm that, pursuant to the Original Agreement on the Initial Closing
Date, it did, and hereby does continue to:

                  (i)      on the first Series Issuance Date, sell, transfer,
         assign, set over and otherwise convey, without recourse, to the Buyer
         (A) all of its right, title and interest in, to and under each
         Receivable arising in connection with each Initial Account and all
         Related Security, including Seller's interest in the security interests
         granted by the Dealers in the related Vehicles and any subordinated
         security interests in other Collateral, (B) Seller's rights under the
         related Sales and Service Agreement, (C) Seller's rights

                                       2
<PAGE>

         under intercreditor agreements with third-party creditors of Dealers
         with respect to the designated Accounts, (D) Seller's rights under the
         related Repurchase Agreements, (E) Seller's rights under each related
         Floorplan Financing Agreement, (F) the proceeds of the foregoing, with
         respect thereto owned by the Seller at the close of business on the
         Cut-Off Date and (G) all monies due or to become due and all amounts
         received with respect thereto (including all amounts on deposit in the
         Cash Management Account as applied to reduce the principal amount of
         any Receivable) and all proceeds thereof (including "proceeds," as
         defined in the UCC as in effect in the applicable jurisdiction) and
         Recoveries with respect thereto.

                  (ii)     on the applicable Addition Date, sell, transfer,
         assign, set over and otherwise convey, without recourse, to the Buyer
         (A) all of its right, title and interest in, to and under each
         Receivable arising in connection with each Additional Account and all
         Related Security, including Seller's interest in the security interests
         granted by the Dealers in the related Vehicles and any subordinated
         security interests in other Collateral, with respect thereto owned by
         the Seller at the close of business on the applicable Additional
         Cut-Off Date and not previously sold to the Buyer pursuant hereto (B)
         Seller's rights under the related Sales and Service Agreement, (C)
         Seller's rights under intercreditor agreements with third-party
         creditors of Dealers with respect to the Additional Accounts, (D)
         Seller's rights under the related Repurchase Agreements, (E) Seller's
         rights under each related Floorplan Financing Agreement, (F) the
         proceeds of the foregoing, with respect thereto owned by the Seller at
         the close of business on the applicable Additional Cut-Off Date and (G)
         all monies due or to become due and all amounts received with respect
         thereto (including all amounts on deposit in the Cash Management
         Account as applied to reduce the principal amount of any Receivable)
         and all proceeds thereof (including "proceeds," as defined in the UCC
         as in effect in the applicable jurisdiction) and Recoveries with
         respect thereto; and

                  (iii)    on each Business Day occurring before the earlier of
         (x) the occurrence of an Early Amortization Event specified in clause
         (2) of the definition thereof or (y) the Trust Termination Date, on
         which day a new Receivable is created in connection with the Accounts
         (each such Business Day being a "Transfer Date"), sell, transfer,
         assign, set over and otherwise convey, without recourse, to the Buyer
         (A) all of its right, title and interest in, to and under such
         Receivable and all Related Security, including Seller's interest in the
         security interests granted by the Dealers in the related Vehicles and
         any subordinated security interests in other Collateral, with respect
         thereto owned by the Seller at the close of business on the applicable
         Transfer Date and not previously sold to the Buyer pursuant hereto (B)
         Seller's rights under the related Sales and Service Agreement, (C)
         Seller's rights under intercreditor agreements with third-party
         creditors of Dealers with respect to the related Accounts, (D) Seller's
         rights under the related Repurchase Agreements, (E) Seller's rights
         under each related Floorplan Financing Agreement, (F) the proceeds of
         the foregoing, with respect thereto owned by the Seller at the close of
         business on the Transfer Date and (G) all monies due or to become due
         and all amounts received with respect thereto (including all amounts on
         deposit in the Cash Management Account as applied to reduce the
         principal amount of any Receivable) and

                                       3
<PAGE>

         all proceeds thereof (including "proceeds," as defined in the UCC as in
         effect in the applicable jurisdiction) and Recoveries with respect
         thereto.

         (b) The foregoing sale, transfer, assignment, set-over and conveyance,
and any subsequent sales, transfers, assignments, set-overs and conveyances of
additional assets, do not constitute, and are not intended to result in, the
creation, or an assumption by the Buyer, of any obligation of the Servicer, the
Seller, NML, NNA or any other Person in connection with the Accounts, the
related Receivables or under any agreement or instrument relating thereto,
including any obligation to any Dealers, NML or NNA. The foregoing sales,
transfers, assignments, set-overs and conveyances are not sales, transfers,
assignments, set-overs and conveyances of the Accounts; they are sales,
transfers, assignments, set-overs and conveyances of the Receivables arising in
connection therewith and Related Security.

         (c) In connection with such sales, the Seller will record and file, to
the extent it has not done so, at its own expense, a financing statement on form
UCC-1 or any other applicable form (and continuation statements when applicable)
naming the Seller as "seller" and the Buyer as "buyer" thereon with respect to
the Receivables now existing and hereafter created for the sale of chattel paper
or accounts (as defined in the UCC as in effect in the applicable jurisdiction)
meeting the requirements of applicable law in such manner and in such
jurisdictions as are necessary to perfect the sale and assignment of the
Receivables and the Related Security to the Buyer, and to deliver a file-stamped
copy of such financing statements or other evidence of such filing to the Buyer
on or before the first Series Issuance Date, in the case of the Initial
Accounts, and (if any additional filing is necessary) the applicable Addition
Date, in the case of Additional Accounts. The Buyer is under no obligation
whatsoever to file such financing statement, or a continuation statement to such
financing statement, or to make any other filing under applicable law in
connection with such sales.

         (d) The Seller and the Buyer intend that all transfers of Receivables
under this Agreement constitute sales of the Receivables and not transfers for
security for a loan. However, if the transfers of the Receivables hereunder were
to be characterized as transfers for security and not as sales, then (i) the
Seller will have granted, and hereby grants, to the Buyer a security interest in
each Receivable, the Related Security, all other personal property described
from time to time in Section 2.01(a) and all monies due or to become due and all
amounts received with respect thereto and all proceeds (including "proceeds," as
defined in the UCC as in effect in the applicable jurisdiction) and Recoveries
thereof and (ii) this Agreement constitutes a security agreement.

         (e) In connection with such sales, at its own expense, on or before the
first Series Issuance Date, in the case of the Initial Accounts, and on or
before the applicable Addition Date, in the case of Additional Accounts, the
Seller has (in the case of the Initial Accounts) or will (to the extent it has
not done so):

                  (i)      indicate in its computer files that the Receivables
         arising in connection with the Accounts and the Related Security: (A)
         have been sold or assigned, as the case may be, to the Buyer pursuant
         to this Agreement, then (B) transferred by the Buyer to the Issuer
         pursuant to the Transfer and Servicing Agreement and then (C) pledged
         by the

                                       4
<PAGE>

         Issuer to the Indenture Trustee for the benefit of the Noteholders and
         any Series Enhancers pursuant to the Indenture;

                  (ii)     in the case of the Initial Accounts, delivered to the
         Buyer a computer file or written list of such Initial Accounts
         specifying the identity of such Initial Accounts and the Principal
         Receivables arising in connection therewith as of the Cut-Off Date
         (such file or list, the "Initial Account Schedule"); and

                  (iii)    in the case of Additional Accounts, deliver to the
         Buyer a computer file or written list of such Additional Accounts
         specifying the identity of such Additional Accounts and the Principal
         Receivables arising in connection therewith as of the applicable
         Additional Cut-Off Date (such file or list, an "Additional Account
         Schedule").

         The Account Schedule as amended, supplemented or otherwise modified
from time to time will be marked as Schedule 1 to this Agreement and is hereby
incorporated into and made a part of this Agreement.

         (f) In consideration for the sale of Receivables indicated on Schedule
1 hereto on the first Series Issuance Date and the Related Security, the Buyer
has paid to the Seller an amount equal to $1,316,539,846.26 in the form of cash,
a subordinated note and other valuable consideration having value reasonably
equivalent to the value of the assets so conveyed on such date. The purchase
prices for the Receivables sold pursuant to this Agreement on subsequent Series
Issuance Dates and on any other date on which Receivables are sold to the Buyer
by the Seller, will be agreed by the Buyer and the Seller at the time of such
sales, and will be paid in the form of cash, a subordinated note and other
valuable consideration having value reasonably equivalent to the value of the
assets so conveyed on such date. In each case, the purchase price will not be
materially less favorable than prices for transactions of a generally similar
character at the time of the acquisition, taking into account the quality of
such Receivables, the Seller's cost of originating such Receivables and a
reasonable return on such costs, and other pertinent factors; provided that such
consideration will in any event not be less than reasonably equivalent value
therefor.

         (g) If the Issuer enters into a currency Swap Agreement pursuant to
Section 5.08 of the Transfer and Servicing Agreement, the Seller hereby agrees
to accept any amounts owed to it by the Buyer under Section 2.01(f) in Japanese
yen and the Seller further agrees that the amount equal to the expenses of the
Issuer associated with the negotiation, execution and delivery of such currency
Swap Agreement will be deducted from any amounts owed to it by the Buyer under
Section 2.01(f).

         Section 2.02 REPRESENTATIONS AND WARRANTIES OF SELLER RELATING TO
ITSELF AND THIS AGREEMENT.

         (a) Representations and Warranties. The Seller hereby represents and
warrants to the Buyer as of each Series Issuance Date (unless another date is
specified below) that:

                                       5
<PAGE>

                  (i)      Organization and Good Standing. The Seller is a
         corporation duly organized and validly existing and in good standing
         under the laws of the State of California and has, in all material
         respects, full power, authority and legal right to own its properties
         and conduct its business as such properties are currently owned and
         such business is currently conducted, and to execute, deliver and
         perform its obligations under this Agreement.

                  (ii)     Due Qualification. The Seller is duly qualified to do
         business and, where necessary, is in good standing as a foreign
         corporation (or is exempt from such requirement) and has obtained all
         necessary licenses and approvals in each jurisdiction where the conduct
         of its business requires such qualification, except where the failure
         to so qualify or obtain licenses or approvals would not have a material
         adverse effect on its ability to perform its obligations hereunder.

                  (iii)    Due Authorization. The Seller has duly authorized by
         all necessary action on its part the execution and delivery of this
         Agreement and the consummation of the transactions provided for or
         contemplated by this Agreement.

                  (iv)     No Conflict. The Seller's execution and delivery of
         this Agreement, its performance of the transactions contemplated by
         this Agreement and the fulfillment of the terms hereof applicable to
         it, will not conflict with, result in any breach of any of the material
         terms and provisions of, or constitute (with or without notice or lapse
         of time or both) a material default under, any material indenture,
         contract, agreement, mortgage, deed of trust or other instrument to
         which the Seller is a party or by which it or its properties are bound.

                  (v)      No Violation. The Seller's execution and delivery of
         this Agreement, its performance of the transactions contemplated by
         this Agreement and the fulfillment of the terms hereof applicable to
         it, will not conflict with or violate any material Requirements of Law
         applicable to it.

                  (vi)     No Proceedings. There are no proceedings pending or,
         to the best of its knowledge, no proceedings threatened or
         investigations pending or threatened against the Seller before or by
         any Governmental Authority (A) asserting the invalidity of this
         Agreement, (B) seeking to prevent the consummation of any of the
         transactions contemplated by this Agreement, (C) seeking any
         determination or ruling that, in its reasonable judgment, would
         materially and adversely affect the performance of its obligations
         under this Agreement, (D) seeking any determination or ruling that
         would materially and adversely affect the validity or enforceability of
         this Agreement or (E) seeking to affect adversely the income tax
         characterization of the Issuer under the United States federal or any
         other applicable state or local jurisdiction's income, single business
         or franchise tax systems.

                  (vii)    All Consents Required. All material authorizations,
         consents, orders, approvals or other actions of any Governmental
         Authority required to be obtained or effected by the Seller in
         connection with its execution and delivery of this Agreement, its

                                       6
<PAGE>

         performance of the transactions contemplated by this Agreement and the
         fulfillment of the terms hereof applicable to it, have been obtained or
         effected.

                  (viii)   Enforceability. This Agreement constitutes a legal,
         valid and binding obligation of the Seller, enforceable against it in
         accordance with the terms hereof, except as such enforceability may be
         limited by applicable bankruptcy, insolvency, reorganization,
         moratorium or other similar laws now or hereafter in effect affecting
         the enforcement of creditors' rights in general and except as such
         enforceability may be limited by general principles of equity (whether
         considered in a suit at law or in equity).

                  (ix)     Account Schedule. As of the Cut-Off Date, the Initial
         Account Schedule is an accurate and complete listing in all material
         respects of all the Initial Accounts and the information contained
         therein with respect to the identity of such Initial Accounts and the
         Principal Receivables arising in connection therewith is true and
         correct in all material respects. As of the applicable Additional
         Cut-Off Date, the Additional Account Schedule is an accurate and
         complete listing in all material respects of all the related Additional
         Accounts and the information contained therein with respect to the
         identity of such Additional Accounts and the Principal Receivables
         arising in connection therewith is true and correct in all material
         respects.

                  (x)      Valid Sale. This Agreement or, in the case of
         Additional Accounts, the related Assignment constitutes a valid sale,
         transfer and assignment to the Buyer of all right, title and interest
         of the Seller in the Receivables and the Related Security and the
         proceeds thereof and, upon the filing of the financing statements
         described in Section 2.01 and, in the case of the Receivables and the
         Related Security hereafter created and the proceeds thereof, upon the
         creation thereof, the Buyer will have a first priority perfected
         ownership interest in the Receivables and a perfected security interest
         in the Related Security. Except as otherwise provided in the Transfer
         and Servicing Agreement or the Indenture, neither the Seller nor any
         Person claiming through or under it has any claim to or interest in the
         Trust Assets.

         (b) Notice of Breach. The representations and warranties set forth in
Section 2.02(a) will survive the sale and assignment of the Receivables and
Related Security to the Buyer. Upon discovery by the Seller or the Buyer of a
material breach of any of the foregoing representations and warranties, the
party discovering such breach will give prompt written notice to the other
party.

         (c) Repurchase upon Breach. If a breach of any of the representations
and warranties set forth in Section 2.02(a) results in the Buyer's obligation to
accept reassignment pursuant to Section 2.03(c) of the Transfer and Servicing
Agreement of all the Receivables that it transferred to the Issuer, then the
Seller will repurchase all such Receivables. In such event, the Seller will
repurchase such Receivables on the Business Day immediately preceding the date
on which the Buyer is required to accept reassignment of such Receivables
pursuant to the Transfer and Servicing Agreement. The Seller will repurchase
such Receivables by making a payment to the Buyer, in immediately available
funds, an amount not less than the purchase price for such Receivables as
specified in the Transfer and Servicing Agreement. Upon payment of such

                                       7
<PAGE>

purchase price and reassignment of such Receivables to the Buyer in accordance
with the Transfer and Servicing Agreement, the Buyer will automatically and
without further action be deemed to sell, transfer, assign, set over and
otherwise convey to the Seller, without recourse, representation or warranty,
all the right, title and interest of the Buyer in and to such Receivables, all
Related Security and all monies due or to become due with respect thereto and
all proceeds thereof. The Buyer will execute such documents and instruments of
sale or assignment mutually agreed to by the Buyer and the Seller. The Buyer
will also take such other actions as are reasonably requested by the Seller to
effect the conveyance of such Receivables. The Seller's obligation to repurchase
the Receivables pursuant to this Section 2.02(c) constitutes the sole remedy
with respect to the event of the type specified in the first sentence of this
Section 2.02(c) available to the Buyer and to the Noteholders (or the Owner
Trustee, any Series Enhancer or the Indenture Trustee on behalf of the
Noteholders).

         Section 2.03 REPRESENTATIONS AND WARRANTIES OF SELLER RELATING TO
RECEIVABLES AND ACCOUNTS.

         (a) Representations and Warranties. The Seller hereby represents and
warrants to the Buyer that:

                  (i)      As of the first Series Cut-Off Date, each Additional
         Cut-Off Date or the Transfer Date, as the case may be, each Receivable
         and its Related Security sold by it to the Buyer on such date, are
         being sold free and clear of any Lien (other than Permitted Liens), and
         all consents, licenses, approvals or authorizations of or registrations
         or declarations with any Governmental Authority required to be
         obtained, effected or given by the Seller in connection with the sale
         of such Receivable and Related Security on such date have been duly
         obtained, effected or given and are in full force and effect.

                  (ii)     (A) Each Initial Account is an Eligible Account as of
         the Cut-Off Date, (B) each Additional Account is an Eligible Account as
         of the applicable Additional Cut-Off Date and (C) each Account is an
         Eligible Account as of each Series Cut-Off Date.

                  (iii)    As of the first Series Cut-Off Date, each Additional
         Cut-Off Date, or the Transfer Date, as the case may be, each Receivable
         sold by the Seller to the Buyer on such date, is an Eligible
         Receivable.

                  (iv)     As of any date, the principal balance of each
         Receivable has not been reduced by any Dealer rebate, billing error,
         returned merchandise, or other similar noncash item.

         (b) Notice of Breach. The representations and warranties set forth in
Section 2.03(a) survive the sale and assignment of the Receivables and the
Related Security to the Buyer. Upon discovery by the Seller or the Buyer of a
material breach of any of the foregoing representations and warranties, the
party discovering such breach will give prompt written notice to the other
party.

                                       8
<PAGE>

         (c) Repurchase upon Breach. If any of the representations and
warranties set forth in Section 2.03(a) is not true and correct as of the date
specified therein with respect to a Receivable and, in connection therewith, the
Buyer is obligated to accept reassignment of such Receivable pursuant to Section
2.04(c) of the Transfer and Servicing Agreement, then the Seller will repurchase
such Receivable. In such event, the Seller will pay an amount not less than the
Repurchase Price for the repurchase of such Receivable on the Business Day
immediately preceding the Determination Date on which the Buyer is required to
accept reassignment pursuant to the Transfer and Servicing Agreement. The Seller
will repurchase such Receivable by making a payment to the Buyer, in immediately
available funds, in an amount equal to the Repurchase Price for such Receivable.
Upon payment of such purchase price and reassignment of such Receivables to the
Buyer in accordance with the Transfer and Servicing Agreement, the Buyer will
automatically and without further action be deemed to sell, transfer, assign,
set over and otherwise convey to the Seller, without recourse, representation or
warranty, all the right, title and interest of the Buyer in and to such
Receivable, all Related Security and all monies due or to become due with
respect thereto and all proceeds thereof. The Buyer will execute such documents
and instruments of sale or assignment mutually agreed to by the Buyer and the
Seller. The Buyer will also take such other actions as are reasonably requested
by the Seller to effect the conveyance of such Receivable. The Seller's
obligation to repurchase a Receivable or all the Receivables with respect to an
Account pursuant to this Section 2.03(c) constitutes the sole remedy with
respect to the event of the type specified in the first sentence of this Section
2.03(c) available to the Buyer and to the Noteholders (or the Owner Trustee, any
Series Enhancer or the Indenture Trustee on behalf of the Noteholders).

         Section 2.04 COVENANTS OF SELLER. The Seller hereby covenants that:

                  (i)      No Liens. Except for the conveyances hereunder or as
         provided in the Transaction Documents, the Seller will not sell,
         pledge, assign or transfer to any other Person, or grant, create,
         incur, assume or suffer to exist any Lien (other than Permitted Liens)
         on, any Receivable or any Related Security, whether now existing or
         hereafter created, or any interest therein, and the Seller will defend
         the right, title and interests of the Buyer, the Issuer and the
         Indenture Trustee in, to and under such Receivables and the Related
         Security, whether now existing or hereafter created, and such rights,
         remedies, powers and privileges, against all claims of third parties
         claiming through or under the Seller.

                  (ii)     Floorplan Financing Agreements and Guidelines. The
         Seller will comply with and perform its servicing obligations with
         respect to the Accounts and the Receivables in conformity with its
         then-current policies and procedures and in accordance with the
         applicable Floorplan Financing Agreements relating to the Accounts and
         the applicable Floorplan Financing Guidelines, except insofar as any
         failure to so comply or perform would not materially and adversely
         affect the rights of the Buyer, the Issuer, the Noteholders or any
         Series Enhancers. Subject to compliance with all Requirements of Law,
         the Seller, in its capacity of Servicer, may change the terms and
         provisions of the Floorplan Financing Agreement or the Floorplan
         Financing Guidelines in any respect (including the calculation of the
         amount or the timing of charge-offs and

                                       9
<PAGE>

         the rate of the finance charge assessed thereon) only if such change
         would be permitted pursuant to Section 3.01(d) of the Transfer and
         Servicing Agreement.

                  (iii)    Account Allocations. If the Seller is unable for any
         reason to sell Receivables to the Buyer, then the Seller will allocate,
         after the occurrence of such event, payments on each related Account in
         accordance with the terms of the Transfer and Servicing Agreement.

                  (iv)     Delivery of Collections. If the Seller or any
         Affiliate thereof receives payments in respect of the Receivables, the
         Seller will pay or cause to be paid to the Servicer or any Successor
         Servicer all such payments as soon as practicable after receipt, but in
         no event later than two Business Days after receipt.

                  (v)      Notice of Liens. The Seller will notify the Buyer,
         the Owner Trustee and the Indenture Trustee promptly after becoming
         aware of any Lien on any Receivable sold by the Seller other than
         Permitted Liens and the Liens permitted under the Transaction
         Documents.

                  (vi)     Compliance with Law. The Seller will comply in all
         material respects with all Requirements of Law applicable to it.

                  (vii)    Cash Management Account. If the Seller applies any
         amounts with respect to amounts on deposit in the Cash Management
         Account to reduce the principal amount of any Receivable, the Seller
         shall sell, transfer, assign, set over and otherwise convey such
         amounts to the Buyer in the form of cash on the date so applied.

                  (viii)   Enforcement of Agreements. The Seller will enforce,
         on behalf of the Transferor (and its successors and assigns), the
         Receivables and all rights sold to the Transferor under the Floorplan
         Financing Agreements, the related Sales and Service Agreement,
         intercreditor agreements with third-party creditors of Dealers with
         respect to the Accounts and the related Repurchase Agreements.

                  (ix)     Amounts Related to Adjustments. The Seller shall
         sell, transfer, assign, set over and otherwise convey to the Buyer all
         amounts received by the Seller from NNA or non-Nissan Manufacturers in
         connection with any Dealer termination, on the date such amount is
         received by the Seller.

         Section 2.05 DESIGNATION OF ADDITIONAL ACCOUNTS.

         (a) The Seller may from time to time offer to designate additional
Eligible Accounts as Accounts, subject to the conditions specified in paragraph
(b) below. If any such offer is accepted by the Buyer, Receivables and the
Related Security arising in connection with such Additional Accounts will be
sold to the Buyer effective on a date (the "Addition Date") specified in a
written notice provided by the Seller (or the Servicer on its behalf) to the
Buyer and any Series Enhancers specifying the Additional Cut-Off Date and the
Addition Date for such Additional Accounts (the "Addition Notice") on or before
the second Business Day but not more than the 30th day before the related
Addition Date (the "Notice Date").

                                       10
<PAGE>

         (b) The Seller will be permitted to sell to the Buyer the Receivables
and all Related Security in any Additional Accounts designated by the Seller as
such pursuant to Section 2.05(a) only upon satisfaction of each of the following
conditions on or before the related Addition Date:

                  (i)      the Seller has provided the Buyer with a timely
         Addition Notice;

                  (ii)     the Seller has delivered to the Buyer a duly executed
         written assignment (including an acceptance by the Buyer) in
         substantially the form of Exhibit A (the "Assignment"), along with the
         applicable Additional Account Schedule in accordance with Section
         2.01(e)(iii);

                  (iii)    the Seller has delivered to the Servicer all
         Collections with respect to such Additional Accounts since the
         Additional Cut-Off Date;

                  (iv)     the Seller has represented and warranted that:

                           (A)      each such Additional Account is an Eligible
                  Account as of the Additional Cut-Off Date;

                           (B)      no selection procedures reasonably believed
                  by the Seller to be adverse to the interests of the Buyer, the
                  Noteholders or any Series Enhancers were used in selecting
                  such Additional Accounts;

                           (C)      the Additional Account Schedule delivered
                  pursuant to clause (ii) above is true and correct in all
                  material respects as of the Additional Cut-Off Date;

                           (D)      as of each of the Notice Date and the
                  Addition Date, the Seller is not insolvent nor will be made
                  insolvent by such sale and it is not aware of any events or
                  circumstances that could reasonably be expected to lead to its
                  insolvency; and

                           (E)      the addition of the Receivables arising in
                  connection with such Additional Accounts will not, in the
                  reasonable belief of the Seller, cause an Early Amortization
                  Event to occur; and

                  (v)      the Seller has delivered to the Buyer an Officer's
         Certificate confirming, to the best of such officer's knowledge, the
         satisfaction of each of the conditions set forth in clauses (i) through
         (iv) above. The Buyer may conclusively rely on such Officer's
         Certificate and has no duty to make inquiries with regard to the
         matters set forth therein and will incur no liability in so relying.

         (c) The Seller hereby represents and warrants on each applicable
Addition Date as to the matters set forth in clause (iv) of Section 2.05(b).
These representations and warranties will survive the sale and assignment of the
respective Receivables and the Related Security to the Buyer. Upon discovery by
the Seller or the Buyer of a breach of any of the foregoing representations and
warranties, the party discovering the breach will give prompt written notice

                                       11
<PAGE>

to the other party and to any Series Enhancers. If any such breach has a
material adverse effect on the related Receivable, the provisions of Section
2.03(c) will apply.

                                   ARTICLE III
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 3.01 ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
SERVICER.

         The Seller agrees to act as the Servicer under the Transfer and
Servicing Agreement and to fulfill duties specified as being duties of the
Servicer in this Agreement, and the Buyer consents to the Seller acting as the
Servicer. The Seller will have ultimate responsibility for servicing, managing
and making collections on the Receivables and will have the authority to make
any management decisions relating to such Receivables, to the extent such
authority is granted to the Servicer under this Agreement and the Transfer and
Servicing Agreement.

         Section 3.02 SERVICING COMPENSATION.

         The Servicer is entitled to receive the Servicing Fee on each Payment
Date, and payment thereof will constitute full compensation for its servicing
activities hereunder as well as under the Transfer and Servicing Agreement. The
Servicing Fee will be paid in accordance with the terms of the Transfer and
Servicing Agreement, the Indenture and Indenture Supplements.

                                   ARTICLE IV
                        OTHER MATTERS RELATING TO SELLER

         Section 4.01 MERGER OR CONSOLIDATION OF, OR ASSUMPTION, OF OBLIGATIONS
OF SELLER.

         The Seller may not dissolve, liquidate, consolidate with or merge into
any other Person or convey, transfer or sell its properties and assets
substantially as an entirety to any Person unless:

                  (i)      the Person (if other than the Seller) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Seller substantially
         as an entirety, as the case may be, will be organized and existing
         under the laws of the United States of America or any state thereof or
         the District of Columbia, and expressly assumes, by a supplemental
         agreement executed and delivered to the Buyer, the Owner Trustee and
         the Indenture Trustee, in form reasonably satisfactory to the Buyer and
         the Indenture Trustee, the performance of every covenant and obligation
         of the Seller hereunder;

                  (ii)     the Person (if other than the Seller) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Seller substantially
         as an entirety, as the case may be, has delivered to the Buyer, the
         Owner Trustee and the Indenture Trustee (with a copy to each Rating
         Agency) an Officer's Certificate and an Opinion of Counsel each stating
         that (A) such consolidation, merger, conveyance, transfer or sale and
         such supplemental agreement provided in clause (i) above comply with
         this Section, (B) such supplemental agreement is a valid and binding
         obligation of such Person enforceable against such Person in

                                       12
<PAGE>

         accordance with its terms, except as such enforceability may be limited
         by applicable bankruptcy, insolvency, reorganization, moratorium or
         other similar laws affecting creditors' rights generally from time to
         time in effect or general principles of equity, and (C) all conditions
         precedent herein provided for relating to such transaction have been
         complied with; and

                  (iii)    the Rating Agency Condition has been satisfied with
         respect to such consolidation, merger, conveyance, transfer or sale.

         Section 4.02 SELLER INDEMNIFICATION OF BUYER.

         The Seller will indemnify and hold harmless the Buyer, from and against
any loss, liability, expense, claim, damage or injury suffered or sustained by
the Buyer by reason of any acts, omissions or alleged acts or omissions arising
out of activities of the Seller pursuant to this Agreement or arising out of or
based on the arrangement created by this Agreement and the activities of the
Seller taken pursuant hereto, including any judgment, award, settlement,
reasonable attorneys' fees and other costs or expenses incurred in connection
with the defense of any actual or threatened action, proceeding or claim;
provided, however, that the Seller is not required to indemnify the Buyer for
any loss, liability, expense, claim, damage or injury of the Buyer resulting
from acts, omissions or alleged acts or omissions that constitute fraud, gross
negligence or willful misconduct by the Buyer; and, provided, further, that the
Seller is not required to indemnify the Buyer for any loss, liability, expense,
claim, damage or injury with respect to any United States federal, state or
local income or franchise taxes (or any interest or penalties with respect
thereto) required to be paid by the Buyer in connection herewith to any taxing
authority. Any indemnification under this Article IV will survive the
termination of this Agreement.

                                    ARTICLE V
                                   TERMINATION

         Section 5.01 TERMINATION OF AGREEMENT.

         This Agreement will terminate immediately after the legal existence of
the Issuer terminates pursuant to the Trust Agreement. In addition, the Buyer
will immediately cease purchasing Receivables and the Seller will immediately
cease selling Receivables and will designate no Additional Accounts following
the occurrence of an Insolvency Event with respect to the Seller. The Seller
will give prompt written notice to each of the Buyer, the Owner Trustee, the
Indenture Trustee and each Rating Agency immediately following the occurrence of
an Insolvency Event. Notwithstanding any cessation of the sale of Receivables to
the Buyer following an Insolvency Event, Receivables sold to the Buyer before
the occurrence of an Insolvency Event and Collections in respect of such
Receivables will continue to be property of the Buyer available for transfer by
the Buyer to the Issuer pursuant to the Transfer and Servicing Agreement.

                                       13
<PAGE>

                                   ARTICLE VI
                            INTERCREDITOR PROVISIONS

         Section 6.01 NONFLOORPLAN AGREEMENTS BETWEEN SELLER AND DEALER.

         (a) With respect to any Dealer that is the obligor under Receivables
that have been or will be sold to the Buyer hereunder, the Seller may be or
become a lender to such Dealer under a Nonfloorplan Agreement pursuant to which
the Seller (either directly, or as assignee of the originator of the Account)
has been or may be granted a security interest in Common Collateral, which
Common Collateral may include the same Vehicle, accounts, chattel paper,
promissory notes, money and other proceeds (including insurance proceeds)
thereof, security deposits and other restricted or cash management account
balances in connection with the related Floorplan Financing Agreement, such
Dealer's rights under the related Sales and Service Agreement and personal
guarantees (collectively, the "Common Vehicle Collateral") in which such
Floorplan Financing Agreement creates a security interest. The Common Collateral
other than the related Common Vehicle Collateral is referred to herein as the
"Common Non-Vehicle Collateral."

         (b) The Seller hereby agrees that (i) any security interest it now has
or may hereafter acquire from time to time in, to or under any and all Common
Vehicle Collateral (whether now existing or hereafter arising) shall, without
further action by the Seller, the Buyer or any other Person, at all times be
subordinate and junior in priority to any security interest in the Common
Vehicle Collateral created from time to time pursuant to the related Floorplan
Financing Agreements (and the Seller hereby agrees to take such further actions
as the Buyer, the Issuer or the Indenture Trustee may reasonably request to more
fully effectuate such subordination), (ii) it shall not foreclose or otherwise
realize upon any Common Vehicle Collateral (except in its capacity as Servicer,
acting for the benefit of the Noteholders and any Series Enhancers) or exercise
its rights under any Nonfloorplan Agreement (or otherwise) with respect to any
Common Vehicle Collateral (including, without limitation, by way of setoff
against any deposit or other amount at any time owing by Seller to the related
Dealer), in each case, in any manner that is materially adverse to the Buyer,
the Issuer or the Noteholders, until all scheduled or required payments in
respect of the Receivables under the related Floorplan Financing Agreement(s)
have been paid in full and (iii) in realizing upon such Common Vehicle
Collateral, neither the Buyer, the Issuer nor the Indenture Trustee has any
obligation to notify the Seller or to protect or preserve the rights of the
Seller in such Common Vehicle Collateral (and, without limiting the generality
of the foregoing, the Buyer, the Issuer and the Indenture Trustee may liquidate
or otherwise deal with the Common Vehicle Collateral as it or they deem
appropriate). Buyer agrees that if another creditor of a Dealer has a security
interest in any Common Non-Vehicle Collateral, such security interest may be
senior to the interest therein of the Buyer and Seller has no obligation
whatsoever to attempt to remove or challenge or satisfy such other security
interest in any manner or to limit in any way the exercise of remedies by such
other creditor with respect thereto, and is not responsible for replacing any
such Common Non-Vehicle Collateral or for any shortfalls or loss, claims or
damages relating to or resulting therefrom whatsoever.

         (c) The Buyer hereby agrees that (i) any security interest it now has
or may hereinafter acquire from time to time in, to or under any and all Common
Non-Vehicle Collateral (whether

                                       14
<PAGE>

now existing or hereafter arising) shall, without further action by the Seller,
the Buyer or any other Person, at all times be subordinate and junior in
priority to any security interest in the Common Non-Vehicle Collateral created
from time to time pursuant to the related Nonfloorplan Agreements (and the Buyer
hereby agrees to take such further actions as the Seller may reasonably request
to more fully effectuate such subordination), (ii) it shall not foreclose or
otherwise realize upon any Common Non-Vehicle Collateral or exercise its rights
under any Floorplan Financing Agreement (or otherwise) with respect to any
Common Non-Vehicle Collateral, in each case, in any manner that is materially
adverse to the Seller, until all scheduled or required payments in respect of
the obligations created or secured by the Nonfloorplan Agreement(s) have been
paid in full and (iii) in realizing on such Common Non-Vehicle Collateral, the
Seller has no obligation to notify the Buyer, the Issuer or the Indenture
Trustee or to protect or preserve the rights of the Buyer, the Issuer or the
Indenture Trustee in such Common Non-Vehicle Collateral (and, without limiting
the generality of the foregoing, the Seller may liquidate or otherwise deal with
the Common Vehicle Collateral as it deems appropriate). The Transfer and
Servicing Agreement will provide that the Issuer is subject to the preceding
sentence.

         (d) If the Seller in any manner assigns or transfers any rights under,
or any obligation evidenced or secured by, a Nonfloorplan Agreement, the Seller
will make such assignment or transfer subject to the provisions of this Article
VI and require such assignee or transferee to acknowledge that it takes such
assignment or transfer subject to the provisions of this Article VI and to agree
that it will require the same acknowledgment from any subsequent assignee or
transferee.

                                   ARTICLE VII
                            MISCELLANEOUS PROVISIONS

         Section 7.01 AMENDMENT.

         (a) This Agreement may be amended from time to time by the Seller and
the Buyer without the consent of any Noteholder and with notice to each Rating
Agency; provided, however, that such amendment does not adversely affect in any
material respect the interests of any Noteholder. The absence of any material
adverse effect may be evidenced by (i) satisfaction of the Rating Agency
Condition and (ii) an Opinion of Counsel for the Seller, addressed and delivered
to the Owner Trustee and the Indenture Trustee, confirming that such amendment
does not adversely affect in any material respect the interests of any
Noteholder.

         (b) This Agreement may also be amended from time to time by the Buyer
and the Seller with the consent of the Holders of Notes evidencing not less than
66-2/3% of the Outstanding Principal Amount of the Notes of all materially
adversely affected Series, 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 the Seller; provided, however, that the
Rating Agency Condition is satisfied with respect to such amendment and no such
amendment may (i) reduce in any manner the amount of or delay the timing of any
distributions to be made to Noteholders or deposits of amounts to be so
distributed or the amount available under any Series Enhancement without the
consent of each affected Noteholder; provided that changes in

                                       15
<PAGE>

Early Amortization Events that decrease the likelihood of the occurrence of
those events will not be considered delays in the timing of distributions for
purposes of this clause, (ii) change the definition of or the manner of
calculating the interest of any Noteholders without the consent of each affected
Noteholder, (iii) reduce the aforesaid percentage required to consent to any
such amendment without the consent of each Noteholder or (iv) adversely affect
the rating of any Series or Class by any Rating Agency without the consent of
the Holders of Notes of such Series or Class evidencing at least 66-2/3% of the
Outstanding Principal Amount of the Notes of such Series or Class. Any amendment
to be effected pursuant to this paragraph will be deemed to materially adversely
affect all outstanding Series, other than any Series with respect to which such
action will not, as evidenced by an Opinion of Counsel for the Seller, addressed
and delivered to the Owner Trustee and the Indenture Trustee, adversely affect
in any material respect the interests of any Noteholder of such Series.

         (c) Promptly after the execution of any such amendment or consent
(other than an amendment pursuant to paragraph (a)), the Seller will furnish
notification of the substance of such amendment to each Noteholder and each
Series Enhancer.

         (d) If the Noteholders are required to consent to any proposed
amendments pursuant to this Section, such Noteholders need not consent to or
approve the particular form of such amendment. The manner of obtaining such
consents and of evidencing the authorization of the execution thereof by
Noteholders is subject to such reasonable requirements as the Indenture Trustee
prescribes.

         (e) Notwithstanding anything in this Section to the contrary, no
amendment may be made to this Agreement that would adversely affect in any
material respect the interests of any Series Enhancer without the consent of
such Series Enhancer.

         Section 7.02 PROTECTION OF RIGHT, TITLE AND INTEREST TO RECEIVABLES.

         (a) The Seller will cause this Agreement, all amendments hereto and/or
all financing statements and continuation statements and any other necessary
documents covering the Buyer's right, title and interest to the Receivables and
Related Security to be promptly recorded, registered and filed, and at all times
to be kept recorded, registered and filed, all in such manner and in such places
as may be required by law fully to preserve and protect the right, title and
interest of the Buyer hereunder. The Seller will deliver to the Buyer
file-stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available following such
recording, registration or filing. The Buyer will cooperate fully with the
Seller in connection with the obligations set forth above and will execute any
and all documents reasonably required to fulfill the intent of this Section.

         (b) Within 30 days after the Seller makes any change in its name,
identity or corporate structure which would make any financing statement or
continuation statement filed in accordance with Section 7.02(a) seriously
misleading within the meaning of the UCC as in effect in the applicable
jurisdiction, the Seller will give the Buyer notice of any such change and file
such financing statements or amendments as may be necessary to continue the
perfection of the Buyer's security interest in the Receivables and the proceeds
thereof.

                                       16
<PAGE>

         (c) The Seller will give the Buyer prompt written notice of any (i)
relocation of any office at which it keeps records concerning the Receivables or
of its principal executive office and (ii) change in the Seller's jurisdiction
of incorporation and whether, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement and will file such financing statements or amendments as may be
necessary to perfect or to continue the perfection of the Buyer's security
interest in the Receivables and the proceeds thereof. The Seller will at all
times maintain its principal executive office and jurisdiction of incorporation
within the United States of America.

         (d) The Seller will deliver to the Buyer, upon the execution and
delivery of each amendment of this Agreement, an Opinion of Counsel to the
effect that any such amendment of this Agreement:

                  (i)      has been entered into in accordance with the terms of
         this Agreement; and

                  (ii)     has been duly authorized, executed and delivered by
         the Seller and constitutes the legal, valid and binding agreement of
         the Seller, enforceable in accordance with its terms.

         Section 7.03 LIMITED RECOURSE.

         Notwithstanding anything to the contrary contained herein, the
obligations of the Buyer hereunder will not be recourse to the Buyer (or any
person or organization acting on behalf of the Buyer or any Affiliate, officer
or director of the Buyer), other than to (a) the amount by which the Adjusted
Pool Balance on any date of determination exceeds the Required Pool Balance and
(b) any other assets of the Buyer not pledged to third parties or otherwise
encumbered in a manner permitted by the Buyer's organizational documents;
provided, however, that any payment by the Buyer made in accordance with this
Section will be made only after payment in full of any amounts that the Seller
is obligated to deposit into the Collection Account and any Series Accounts
pursuant to this Agreement; and, provided, further, that the Noteholders will be
entitled to the benefits of the subordination of the Collections allocable to
the Transferor Interest to the extent provided in the Indenture Supplements.

         Section 7.04 NO PETITION.

         The Seller hereby covenants and agrees that it will not at any time
institute against the Buyer or the Issuer any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law.

         Section 7.05 GOVERNING LAW.

         This Agreement shall be 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.

                                       17
<PAGE>

         Section 7.06 NOTICES.

         All notices, demands, instructions and other communications required or
permitted under this Agreement must be in writing and will be deemed to have
duly given if personally delivered or sent by first class or express mail
(postage prepaid), national overnight courier service or by facsimile
transmission or other electronic communication device capable of transmitting or
creating a written record and followed by first class mail. Unless otherwise
specified in a notice sent in accordance with the provisions of this Section,
notices, demands, instructions and other communications in writing will be given
to the respective parties at their respective addresses indicated in the
Transfer and Servicing Agreement. All notices are effective on receipt.

         Section 7.07 SEVERABILITY OF PROVISIONS.

         Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

         Section 7.08 ASSIGNMENT.

         Notwithstanding anything to the contrary contained herein, this
Agreement may not be assigned by the Seller without the prior consent of the
Buyer and the Indenture Trustee, and satisfaction of the Rating Agency
Condition. The Buyer may (and will) assign its rights, remedies, powers and
privileges under this Agreement to the Issuer pursuant to the Transfer and
Servicing Agreement and the Issuer may (and will) pledge its assigned rights,
remedies, powers and privileges under this Agreement to the Indenture Trustee
pursuant to the Indenture.

         Section 7.09 FURTHER ASSURANCES.

         The Seller agrees to do and perform, from time to time, any and all
acts and to execute any and all further instruments required or reasonably
requested by the Buyer more fully to effect the purposes of this Agreement,
including the execution of any financing statements or continuation statements
relating to the Receivables for filing under the provisions of the UCC of any
applicable jurisdiction.

         Section 7.10 NO WAIVER; CUMULATIVE REMEDIES.

         No failure to exercise and no delay in exercising, on the part of the
Buyer, any right, remedy, power or privilege under this Agreement will operate
as a waiver thereof; nor will any single or partial exercise of any right,
remedy, power or privilege under this Agreement preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and
not exhaustive of any rights, remedies, powers and privileges provided by law.

                                       18
<PAGE>

         Section 7.11 COUNTERPARTS.

         This Agreement may be executed in two or more counterparts (and by
different parties on separate counterparts), each of which will be an original,
but all of which together will constitute one and the same instrument.

         Section 7.12 THIRD-PARTY BENEFICIARIES.

         This Agreement will be binding upon and inure to the benefit of the
parties hereto, the Indenture Trustee, the Issuer, the Noteholders, the holders
of the Transferor Interest and any Series Enhancers and their respective
successors and permitted assigns. Except as otherwise provided in this
Agreement, no other Person will have any right or obligation hereunder.

         Section 7.13 MERGER AND INTEGRATION.

         Except as specifically stated otherwise herein, this Agreement sets
forth the entire understanding of the parties relating to the subject matter
hereof, and all prior understandings, written or oral, are superseded by this
Agreement. This Agreement may not be modified, amended, waived, or supplemented
except as provided herein.

         Section 7.14 HEADINGS.

         The headings herein are for purposes of reference only and are not
intended to otherwise affect the meaning or interpretation of any provision
hereof.

                                       19
<PAGE>

         IN WITNESS WHEREOF, the Seller and the Buyer have caused this
Receivables Purchase Agreement to be duly executed by their respective duly
authorized officers as of the day and year first above written.

                                         NISSAN MOTOR ACCEPTANCE
                                         CORPORATION, as Seller

                                         By: /s/ Steven R. Lambert
                                             ----------------------------------
                                            Name: Steven R. Lambert
                                            Title: President

                                         NISSAN WHOLESALE RECEIVABLES
                                         CORPORATION II, as Buyer

                                         By: /s/ Joji Tagawa
                                             ----------------------------------
                                            Name: Joji Tagawa
                                            Title: Treasurer

                                                 [A/R Receivables Purchase Agmt]

                                      S-1

<PAGE>

                                                                       Exhibit A

            FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS

                          (As required by Section 2.05
                     of the Receivables Purchase Agreement)

         This ASSIGNMENT NO. ___ OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as
of [________ __, 200_], is by and between NISSAN MOTOR ACCEPTANCE CORPORATION,
as Seller, and NISSAN WHOLESALE RECEIVABLES CORPORATION II, as Buyer, pursuant
to the Receivables Purchase Agreement referred to below.

                                    RECITALS

         A.       The Seller and the Buyer are parties to a Receivables Purchase
Agreement, dated as of [_______], 2003 (as amended, supplemented or otherwise
modified from time to time, the "Receivables Purchase Agreement").

         B.       Pursuant to the Receivables Purchase Agreement, the Seller
wishes to designate Additional Accounts as Accounts and to sell the Receivables
and Related Security arising in connection with such Additional Accounts,
whether now existing or hereafter created, to the Buyer, to be further
transferred to the Issuer and pledged to the Indenture Trustee.

         C.       The Buyer is willing to accept such designation and sale
subject to the terms and conditions hereof.

         The Seller and the Buyer hereby agree as follows:

                             STATEMENT OF AGREEMENT

         1.       Defined Terms. All capitalized terms used herein have the
meanings ascribed to them in the Annex of Definitions or the Receivables
Purchase Agreement unless otherwise defined herein:

         "Addition Date" means, with respect to the Additional Accounts
designated hereby, __________, 20__.

         "Additional Cut-Off Date" means, with respect to the Additional
Accounts designated hereby, __________, 20__.

         2.       Designation of Additional Accounts. The Seller hereby delivers
herewith an Additional Account Schedule specifying for each such Additional
Account, as of the Additional Cut-Off Date, its account number and the aggregate
amount of Principal Receivables of such Account.

         3.       Sale of Receivables. The Seller does hereby sell, transfer,
assign, set over and otherwise convey, without recourse (except as expressly
provided in the Receivables Purchase Agreement), to the Buyer, on the Addition
Date all of its right, title and interest in, to and under

                                       A-1

<PAGE>

the Receivables arising in connection with such Additional Accounts and all
Related Security with respect thereto, owned by the Seller and existing at the
close of business on the Additional Cut-Off Date and thereafter created from
time to time, all monies due or to become due and all amounts received with
respect thereto (including all amounts on deposit in the Cash Management Account
as applied to reduce the principal amount of any Receivable) and all proceeds
(including "proceeds" as defined in the UCC as in effect in the applicable
jurisdiction) and Recoveries thereof. The foregoing sale, transfer, assignment,
set-over and conveyance does not constitute and is not intended to result in the
creation, or an assumption by the Buyer, of any obligation of the Servicer, the
Seller, Nissan Motor Company Ltd., Nissan North America Inc. or any other Person
in connection with the Accounts, the Receivables or under any agreement or
instrument relating thereto, including any obligation to any Dealers or Nissan
North America Inc.

         In connection with such sale, the Seller agrees to record and file, at
its own expense, a financing statement on form UCC-1 (and continuation
statements when applicable) with respect to the Receivables now existing and
hereafter created for the sale of chattel paper or accounts (as defined in the
UCC as in effect in the applicable jurisdiction) meeting the requirements of
applicable state law in such manner and in such jurisdictions as are necessary
to perfect the sale and assignment of the Receivables and the Related Security
to the Buyer, and to deliver a file-stamped copy of such financing statements or
other evidence of such filing to the Buyer on or before the Addition Date. The
Buyer is under no obligation whatsoever to file such financing statement, or a
continuation statement to such financing statement, or to make any other filing
under the UCC in connection with such sale. The parties hereto intend that the
sales of Receivables effected by this Assignment be sales.

         In connection with such sale, the Seller further agrees, at its own
expense, on or before the Addition Date, to indicate in its computer files that
the Receivables and the Related Security: (A) have been sold or assigned, as the
case may be, to the Buyer pursuant to this Assignment, then (B) transferred by
the Buyer to the Issuer pursuant to the Transfer and Servicing Agreement and
then (C) pledged by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders and any Series Enhancers.

         4.       Acceptance by Buyer. Subject to the satisfaction of the
conditions set forth in Section 2.05(b) of the Receivables Purchase Agreement,
the Buyer hereby acknowledges its acceptance of all right, title and interest to
the property, now existing and hereafter created, sold to the Buyer pursuant to
Section 3 of this Assignment. The Buyer further acknowledges that, before or
simultaneously with the execution and delivery of this Assignment, the Seller
delivered to the Buyer the Additional Account Schedule described in Section 2 of
this Assignment.

         5.       Representations and Warranties of Seller. The Seller hereby
represents and warrants to the Buyer, on behalf of the Issuer, as of the date of
this Assignment and as of the Addition Date that:

         (i)      Organization and Good Standing. The Seller is a corporation
duly organized and validly existing and in good standing under the laws of the
State of California and has, in all material respects, full power, authority and
legal right to own its properties and conduct its

                                       A-2

<PAGE>

business as such properties are currently owned and such business is currently
conducted, and to execute, deliver and perform its obligations under this
Assignment.

         (ii)     Due Qualification. The Seller is duly qualified to do business
and, where necessary, is in good standing as a foreign corporation (or is exempt
from such requirement) and has obtained all necessary licenses and approvals in
each jurisdiction where the conduct of its business requires such qualification
except where the failure to so qualify or obtain licenses or approvals would not
have a material adverse effect on its ability to perform its obligations
hereunder.

         (iii)    Due Authorization. The Seller has duly authorized by all
necessary action on its part the execution and delivery of this Assignment and
the consummation of the transactions provided for or contemplated by this
Assignment.

         (iv)     No Conflict. The Seller's execution and delivery of this
Assignment, its performance of the transactions contemplated by this Assignment
and the fulfillment of the terms hereof applicable to it, will not conflict
with, result in any breach of any of the material terms and provisions of, or
constitute (with or without notice or lapse of time or both) a material default
under, any material indenture, contract, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which it or its properties
are bound.

         (v)      No Violation. The Seller's execution and delivery of this
Assignment, its performance of the transactions contemplated by this Assignment
and the fulfillment of the terms hereof applicable to it, will not conflict with
or violate any material Requirements of Law applicable to it.

         (vi)     No Proceedings. There are no proceedings pending or, to the
best of its knowledge, no proceedings threatened or investigations pending or
threatened against the Seller before or by any Governmental Authority (A)
asserting the invalidity of this Assignment, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Assignment, (C)
seeking any determination or ruling that, in its reasonable judgment, would
materially and adversely affect the performance of its obligations under this
Assignment, (D) seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Assignment or (E)
seeking to affect adversely the income tax characterization of the Issuer under
the United States federal or any other applicable state or local jurisdiction's
income, single business or franchise tax systems.

         (vii)    All Consents Required. All material authorizations, consents,
orders, approvals or other actions of any Governmental Authority required to be
obtained or effected by the Seller in connection with its execution and delivery
of this Assignment, its performance of the transactions contemplated by this
Assignment and the fulfillment of the terms hereof applicable to it, have been
obtained or effected.

         (viii)   Enforceability. This Assignment constitutes a legal, valid and
binding obligation of the Seller, enforceable against it in accordance with the
terms hereof, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium

                                       A-3

<PAGE>

or other similar laws now or hereafter in effect affecting creditors' rights in
general and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity).

         (ix)     Valid Sale. This Assignment constitutes a valid sale, transfer
and assignment to the Buyer of all right, title and interest of the Seller in
the Receivables and the Related Security and the proceeds thereof and upon the
filing of the financing statements described in Section 3 of this Assignment
and, in the case of the Receivables and the Related Security hereafter created
and the proceeds thereof, upon the creation thereof, the Buyer will have a first
priority perfected ownership interest in the Receivables and the related
Vehicles, and a subordinated security interest in any parts inventory,
equipment, fixtures, service accounts, realty or personal guarantees with
respect to a related Dealer.

         7.       Ratification of Agreement. As supplemented by this Assignment,
the Receivables Purchase Agreement is in all respects ratified and confirmed and
the Receivables Purchase Agreement as so supplemented by this Assignment is to
be read, taken and construed as one and the same instrument.

         8.       Counterparts. This Assignment may be executed in two or more
counterparts (and by different parties in separate counterparts), each of which
will be an original but all of which together will constitute one and the same
instrument.

         9.       Governing Law. THIS ASSIGNMENT IS TO BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER ARE TO BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         IN WITNESS WHEREOF, the Buyer and the Seller have caused this
Assignment to be duly executed by their respective duly authorized officers as
of the day and year first above written.

                                             NISSAN MOTOR ACCEPTANCE
                                             CORPORATION,
                                             as Seller

                                             By ________________________________
                                                Name:
                                                Title:

                                             NISSAN WHOLESALE RECEIVABLES
                                             CORPORATION II,
                                             as Buyer

                                             By ________________________________
                                                Name:
                                                Title:

                                       A-4

<PAGE>

                                                                      Schedule 1

                                ACCOUNT SCHEDULE

                                  Schedule 1-1<PAGE>

                                                                     EXHIBIT 4.6

                                                               EXECUTION VERSION

                   NISSAN WHOLESALE RECEIVABLES CORPORATION II

                                   TRANSFEROR

                            WILMINGTON TRUST COMPANY

                                  OWNER TRUSTEE

                      AMENDED AND RESTATED TRUST AGREEMENT

                          DATED AS OF OCTOBER 15, 2003

                      NISSAN MASTER OWNER TRUST RECEIVABLES

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
ARTICLE I             DEFINITIONS...............................................................................     1
         Section 1.01          Definitions......................................................................     1
         Section 1.02          Other Definitional Provisions....................................................     2
ARTICLE II            ORGANIZATION..............................................................................     2
         Section 2.01          Name.............................................................................     2
         Section 2.02          Office...........................................................................     3
         Section 2.03          Purpose and Powers...............................................................     3
         Section 2.04          Appointment of Owner Trustee.....................................................     4
         Section 2.05          Initial Capital Contribution of Trust Assets.....................................     4
         Section 2.06          Declaration of Trust.............................................................     4
         Section 2.07          Title to Trust Property..........................................................     4
         Section 2.08          Situs of Trust...................................................................     5
         Section 2.09          Representations and Warranties of Transferor.....................................     5
         Section 2.10          Liability of Certificateholders..................................................     6
         Section 2.11          Tax Status.......................................................................     6
ARTICLE III           CERTIFICATES..............................................................................     7
         Section 3.01          Initial Ownership................................................................     7
         Section 3.02          Form of Certificates.............................................................     7
         Section 3.03          Authentication of Certificates...................................................     7
         Section 3.04          Restrictions on Transfer.........................................................     7
         Section 3.05          Mutilated, Destroyed, Lost or Stolen Certificate.................................     8
         Section 3.06          Issuance of New Certificates.....................................................     8
ARTICLE IV            ACTIONS BY OWNER TRUSTEE..................................................................     9
         Section 4.01          Prior Notice to Transferor with Respect to Certain Matters.......................     9
         Section 4.02          Restrictions on Power............................................................    10
ARTICLE V             AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................    10
         Section 5.01          General Authority................................................................    10
         Section 5.02          General Duties...................................................................    11
         Section 5.03          Action Upon Instruction..........................................................    11
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (Continued)

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
         Section 5.04          No Duties Except as Specified in this Agreement or in Instructions...............    12
         Section 5.05          No Action Except Under Specified Documents or Instructions.......................    12
         Section 5.06          Restrictions.....................................................................    12
ARTICLE VI            CONCERNING THE OWNER TRUSTEE..............................................................    13
         Section 6.01          Acceptance of Trusts and Duties..................................................    13
         Section 6.02          Furnishing of Documents..........................................................    14
         Section 6.03          Representations and Warranties...................................................    14
         Section 6.04          Reliance; Advice of Counsel......................................................    15
         Section 6.05          Not Acting in Individual Capacity................................................    15
         Section 6.06          Owner Trustee Not Liable for Certificates, Notes or Receivables..................    16
         Section 6.07          Owner Trustee May Own Notes......................................................    16
ARTICLE VII           COMPENSATION AND INDEMNITY OF OWNER TRUSTEE...............................................    16
         Section 7.01          Owner Trustee's Fees and Expenses................................................    16
         Section 7.02          Indemnification..................................................................    17
         Section 7.03          Payments to the Owner Trustee....................................................    17
ARTICLE VIII          TERMINATION OF AGREEMENT..................................................................    17
         Section 8.01          Termination of Agreement.........................................................    17
ARTICLE IX            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES....................................    18
         Section 9.01          Eligibility Requirements for Owner Trustee.......................................    18
         Section 9.02          Resignation or Removal of Owner Trustee..........................................    18
         Section 9.03          Successor Owner Trustee..........................................................    19
         Section 9.04          Merger or Consolidation of Owner Trustee.........................................    19
         Section 9.05          Appointment of Co-Trustee or Separate Trustee....................................    20
         Section 9.06          Compliance with Delaware Statutory Trust Act.....................................    21
ARTICLE X             MISCELLANEOUS.............................................................................    21
         Section 10.01         Supplements and Amendments.......................................................    21
         Section 10.02         No Legal Title to Trust Assets in Certificateholders.............................    22
         Section 10.03         Limitations on Rights of Others..................................................    23
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (Continued)

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
         Section 10.04         Notices..........................................................................    23
         Section 10.05         Severability.....................................................................    23
         Section 10.06         Separate Counterparts............................................................    23
         Section 10.07         Successors and Assigns...........................................................    23
         Section 10.08         Nonpetition......................................................................    24
         Section 10.09         No Recourse......................................................................    24
         Section 10.10         Headings.........................................................................    24
         Section 10.11         Governing Law....................................................................    24
         Section 10.12         Transferor Payment Obligation....................................................    24
         Section 10.13         Acceptance of Terms of Agreement.................................................    24
         Section 10.14         Integration of Documents.........................................................    25
</TABLE>

                                     -iii-

<PAGE>

         AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 15, 2003 (as
modified, supplemented or amended from time to time, this "Agreement"), by and
between NISSAN WHOLESALE RECEIVABLES CORPORATION II ("NWRC II"), a Delaware
corporation, as Transferor ("Transferor"), and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as Owner Trustee ("Owner Trustee"), amending and
restating in its entirety the Trust Agreement (the "Amended Agreement"), dated
as of July 24, 2003 (the "Initial Closing Date"), between the same parties,
which amended and restated in its entirety the Trust Agreement, dated as of May
13, 2003 (the "Original Trust Agreement"), between the same parties.

                                     RECITAL

         The Transferor and the Owner Trustee are party to the Amended
Agreement. The Transferor and the Owner Trustee desire to amend certain
provisions of the Amended Agreement and for ease of convenience and reference
desire to amend and restate the Amended Agreement in its entirety.

         The parties to this Agreement, by executing and delivering the Amended
Agreement, created Nissan Master Owner Trust Receivables ("NMOTR") and provided
for, among other things, the issuance of the Certificates. It is the intent of
the parties that this Agreement shall not cause a novation of the rights and
obligations of the parties under the Amended Agreement.

         In consideration of the mutual covenants and agreements herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows.

                             STATEMENT OF AGREEMENT

                                   ARTICLE I
                                  DEFINITIONS

         Section 1.01 DEFINITIONS

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

         "Corporate Trust Office" means, with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890; or such other
address as the Owner Trustee may designate by notice to the Transferor, or the
principal corporate trust office of any successor Owner Trustee (the address of
which the successor Owner Trustee will notify the Transferor).

         "Expenses" has the meaning specified in Section 7.02.

         "Indemnified Parties" has the meaning specified in Section 7.02.

<PAGE>

         "Original Trust Agreement" has the meaning assigned to such term in the
introductory paragraph to this Agreement.

         "Statutory Trust Statute" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq.

         Section 1.02 OTHER DEFINITIONAL PROVISIONS.

         (a)      All terms used herein and not otherwise defined herein have
meanings ascribed to them in the Annex of Definitions and, with respect to any
Series, the related Indenture Supplement and any related Annex of Definitions
thereto.

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

         (c)      As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or
other document to the extent not defined, have the respective meanings given to
them under generally accepted accounting principles or regulatory accounting
principles, as applicable and as in effect on the date of this Agreement. To the
extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles or regulatory accounting
principles in the United States, the definitions contained in this Agreement or
in any such certificate or other document control.

         (d)      Any reference to each Rating Agency only applies to any
specific rating agency if such rating agency is then rating any outstanding
Series.

         (e)      Unless otherwise specified, references to any dollar amount on
any particular date means such amount at the close of business on such day.

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

                                   ARTICLE II
                                  ORGANIZATION

         Section 2.01 NAME.

         A Delaware statutory trust known as "Nissan Master Owner Trust
Receivables," referred to herein as the Issuer, was formed in accordance with
the provisions of the Statutory Trust Statute pursuant to the Original Trust
Agreement. Under the Original Trust Agreement, the Owner Trustee was, and under
this Agreement the Owner Trustee hereby continues to be, authorized and vested
with the power and authority to make and execute contracts, instruments,

                                       2
<PAGE>

certificates, agreements and other writings on behalf of the Issuer as set forth
herein and to sue and be sued on behalf of the Issuer.

         Section 2.02 OFFICE.

         The office of the Issuer will be in care of the Owner Trustee at the
Corporate Trust Office or at such other address in the State of Delaware as the
Owner Trustee may designate by written notice to the Indenture Trustee and the
Transferor.

         Section 2.03 PURPOSE AND POWERS.

         (a)      The purpose of the Issuer is, and the Issuer has the power and
authority, to engage in the following activities:

                  (i)      to issue the Notes pursuant to the Indenture (and the
         related Indenture Supplement) and the Certificates pursuant to this
         Agreement and to sell the Notes and the Certificates upon the written
         order of the Transferor;

                  (ii)     to pay for, or reimburse the Transferor for, any
         organizational, start-up and transactional expenses of the Issuer, to
         acquire the Receivables (and other Trust Assets) pursuant to the
         Transfer and Servicing Agreement;

                  (iii)    to assign, grant, pledge and mortgage the Trust
         Assets pursuant to the Indenture and to hold, manage and distribute to
         the Certificateholders or the Noteholders pursuant to the terms of this
         Agreement and the Transaction Documents any portion of the Trust Assets
         released from the lien of, and remitted to the Issuer pursuant to, the
         Indenture;

                  (iv)     to enter into and perform its obligations under the
         Transaction Documents to which it is to be a party;

                  (v)      to engage in those activities, including entering
         into agreements, that are necessary, suitable or convenient to
         accomplish the foregoing or are incidental thereto or connected
         therewith; and

                  (vi)     subject to compliance with the Transaction Documents,
         to engage in such other activities as are required in connection with
         conservation of the Trust Assets and the making of payments to the
         Noteholders and distributions to the Certificateholders.

         (b)      The Issuer may, from time to time, if so directed by the
Transferor, as provided in Section 5.08 of the Transfer and Servicing Agreement,
enter into a currency Swap Agreement with a Swap Counterparty to swap amounts
payable to Certificateholders from U.S. dollars to Japanese yen; provided, that
(1) at the time the Issuer enters into the Swap Agreement, the Rating Agency
Condition shall be satisfied, and (2) any payments to the Swap Counterparty
(including termination payments) are payable only from amounts that are
otherwise payable to the Certificateholders. If the Transferor notifies the
Administrator with respect to the Issuer's election to enter into such a Swap
Agreement, the Administrator will prepare all necessary and appropriate
documentation and take all of the necessary and appropriate actions to cause the

                                       3
<PAGE>

Issuer to enter into such a Swap Agreement. Any payments received by the Issuer
from the Swap Counterparty under such a Swap Agreement shall not be deposited in
the Collection Account and shall be paid by the Indenture Trustee directly to or
to the order of the Certificateholders on the related Payment Date.

         (c)      The Issuer may not engage in any activity other than in
connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the Transaction Documents.

         Section 2.04 APPOINTMENT OF OWNER TRUSTEE.

         The Transferor (and each other Certificateholder by its acceptance of a
Certificate or any beneficial interest therein) hereby appoints the Owner
Trustee as trustee of the Issuer, to have all the rights, powers and duties set
forth herein.

         Section 2.05 INITIAL CAPITAL CONTRIBUTION OF TRUST ASSETS.

         The Transferor hereby assigns, transfers, conveys and sets over to the
Owner Trustee, as of the Initial Closing Date, the sum of $1. The Owner Trustee
hereby acknowledges receipt in trust from the Transferor, as of the Initial
Closing Date, of the foregoing contribution, which constitutes the initial Trust
Assets and will be held by the Owner Trustee as specified herein. Pursuant to
the Transfer and Servicing Agreement, the Transferor will from time to time
transfer to the Issuer Receivables and other Trust Assets, all of which will
constitute Trust Assets and will be held by the Owner Trustee as specified
herein. The Transferor will pay organizational expenses of the Issuer as they
may arise or will, upon the request of the Owner Trustee, promptly reimburse the
Owner Trustee for any such expenses paid by the Owner Trustee.

         Section 2.06 DECLARATION OF TRUST.

         The Owner Trustee hereby declares that it will hold the Trust Assets,
and in the event the Issuer enters into a currency Swap Agreement at the
direction of the Transferor pursuant to Section 5.08 of the Transfer and
Servicing Agreement, any such Swap Agreement and payments made by any such Swap
Counterparty, in trust upon and subject to the conditions set forth herein for
the use and benefit of the Certificateholders, subject to the obligations of the
Issuer under the Transaction Documents to which it is a party. It is the
intention of the parties hereto that (i) the Issuer constitute a statutory trust
under the laws of the State of Delaware and that this Agreement constitute the
governing instrument of such statutory trust and (ii) except as set forth in
Section 2.11, for income and franchise tax purposes, the Issuer will be treated
as a security device and disregarded as an entity and its assets treated as
owned in whole by the Certificateholder(s). The parties hereto agree that they
will take no action contrary to the foregoing intention. Effective as of the
date of the Original Trust Agreement, the Owner Trustee has all rights, powers
and duties set forth herein with respect to accomplishing the purposes of the
Issuer. The Owner Trustee has filed the Certificate of Trust with the Secretary
of State of Delaware.

         Section 2.07 TITLE TO TRUST PROPERTY.

         Legal title to all Trust Assets will be vested at all times in the
Issuer as a separate legal entity, except where applicable law in any
jurisdiction requires title to any part of the Trust

                                       4
<PAGE>

Assets to be vested in a trustee or trustees, in which case it will be deemed to
be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the
case may be.

         Section 2.08 SITUS OF TRUST.

         The Issuer will be located and administered in the State of Delaware.
All bank accounts maintained by the Owner Trustee on behalf of the Issuer will
be located in the State of Delaware or the State of New York. The Issuer will
not have any employees in any state other than Delaware; provided, however, that
nothing herein will restrict or prohibit the Owner Trustee from having employees
within or without the State of Delaware. Payments will be received by the Issuer
only in Delaware or New York, and payments will be made by the Issuer only from
Delaware or New York. The only office of the Issuer will be at the Corporate
Trust Office in Delaware.

         Section 2.09 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR.

         The Transferor hereby represents and warrants to the Owner Trustee
that:

         (a)      The Transferor is a Delaware corporation duly organized and
validly existing in good standing under the laws of the State of Delaware and
has full corporate power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is currently
conducted, and to execute, deliver and perform its obligations under this
Agreement, the other Transaction Documents and any other document related hereto
or thereto to which it is a party and to perform its obligations as contemplated
hereby and thereby.

         (b)      The Transferor is duly qualified to do business and is in good
standing (or is exempt from such requirement) in any state required in order to
conduct its business, and has obtained all necessary licenses and approvals with
respect to the Transferor, in each jurisdiction where failure to so qualify or
to obtain such licenses and approvals would have a Significant Adverse Effect on
its ability to perform its obligations under this Agreement or any other
document related hereto to which the Transferor is a party.

         (c)      The execution and delivery of this Agreement and the
consummation of the transactions provided for in this Agreement and in the other
Transaction Documents to which the Transferor is a party have been duly
authorized by the Transferor by all necessary corporate action on its part and
each of this Agreement and the other Transaction Documents to which the
Transferor is a party will remain, from the time of its execution, an official
record of the Transferor; the Transferor has the power and authority to assign
the property to be assigned to and deposited with the Issuer pursuant to Section
2.05 of this Agreement and Section 2.01 of the Transfer and Servicing Agreement.

         (d)      The execution and delivery of this Agreement, the performance
of the transactions contemplated by this Agreement and the fulfillment of the
terms hereof will not conflict with, result in any breach of any of the material
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a material default under, any indenture, contract, agreement, mortgage,
deed of trust or other instrument to which the Transferor is a party or by which
it or any of its properties are bound (other than violations of such indentures,
contracts, agreements, mortgages, deeds of trust or other instruments which,
individually or in the aggregate, would not

                                       5
<PAGE>

have a Significant Adverse Effect on the Transferor's ability to perform its
obligations under this Agreement).

         (e)      The execution and delivery of this Agreement, the performance
of the transactions contemplated by this Agreement and the fulfillment of the
terms hereof will not conflict with or violate any Requirements of Law
applicable to the Transferor.

         (f)      There are no proceedings pending or, to the best knowledge of
the Transferor, proceedings threatened or investigations pending or threatened
against the Transferor before or by any court, regulatory body, administrative
agency, or other tribunal or governmental instrumentality having jurisdiction
over the Transferor (i) asserting the invalidity of any of the Transaction
Documents to which the Transferor is a party, (ii) seeking to prevent the
consummation of any of the transactions contemplated by any of the Transaction
Documents to which the Transferor is a party, (iii) seeking any determination or
ruling that, in the reasonable judgment of the Transferor, would materially and
adversely affect the performance by the Transferor of its obligations under the
Transaction Documents to which the Transferor is a party or (iv) seeking any
determination or ruling that would materially and adversely affect the validity
or enforceability of the Transaction Documents to which the Transferor is a
party.

         (g)      This Agreement and the other Transaction Documents to which
the Transferor is a party constitute the legal, valid and binding obligation of
the Transferor, enforceable against it in accordance with the terms hereof or
thereof, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect affecting the enforcement of creditors' rights in general and except as
such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

         Section 2.10 LIABILITY OF CERTIFICATEHOLDERS.

         The holders of the Certificates and any Supplemental Certificates will
not be personally liable for the debts or other obligations of the Issuer except
to the extent provided otherwise in the Transaction Documents.

         Section 2.11 TAX STATUS.

         It is the intent of the Transferor, Owner Trustee and each
Certificateholder that, for purposes of United States federal, state and local
income tax, any state single business tax and any other income taxes, the Issuer
will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Issuer for any period during which the beneficial
interests of the Issuer are held by one Person, and will be treated as a
partnership (and not as an association or publicly traded partnership taxable as
a corporation), and Certificateholders will be treated as partners in that
partnership, for any period during which the beneficial ownership interests in
the Issuer are held by more than one Person. For any such period during which
the beneficial ownership interests in the Issuer are held by more than one
Person, each Certificateholder, by acceptance of a Certificate or any beneficial
interest therein, agrees to treat, and to take no action inconsistent with the
treatment of, the Certificates as partnership interests in the Issuer for tax
purposes.

                                       6
<PAGE>

                                  ARTICLE III
                                  CERTIFICATES

         Section 3.01 INITIAL OWNERSHIP.

         Upon the formation of the Issuer by the contribution pursuant to
Section 2.05, the Transferor will be the sole beneficial owner of the Issuer.

         Section 3.02 FORM OF CERTIFICATES.

         (a)      Subject to Section 5.06, any Certificateholder may elect at
any time, by written notice to the Owner Trustee, to have its interest in the
Transferor Interest be (i) an uncertificated interest or (ii) evidenced by a
certificate. The Certificate, if certificated, will be issued in registered
form, substantially in the form of Exhibit A, and will, upon issue, be executed
by the Owner Trustee on behalf of the Issuer and authenticated by the Owner
Trustee for delivery as provided in Section 3.03. If any Certificateholder
elects to have its interest in the Transferor Interest be uncertificated, it
will deliver to the Owner Trustee for cancellation any Certificate or
Supplemental Certificate, as the case may be, previously issued and the Owner
Trustee will make appropriate entries in its books and records to evidence such
uncertificated interest in the Transferor Interest. The Owner Trustee will keep
with the books and records of the Issuer a register, in book-entry form, of each
Person owning any uncertificated interest in the Transferor Interest. The
Certificate, if in certificated form, will be a single certificate that
initially represents the entire Transferor Interest.

         (b)      The Certificates will be executed by manual or facsimile
signature of the Owner Trustee. The Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures were
affixed, authorized to sign on behalf of the Issuer, will, when duly
authenticated pursuant to Section 3.03, be validly issued and entitled to the
benefits of this Agreement, notwithstanding that such individuals or any of them
have ceased to be so authorized prior to the authentication and delivery of the
Certificates or did not hold such offices at the date of authentication and
delivery of the Certificates.

         Section 3.03 AUTHENTICATION OF CERTIFICATES.

         On the first Series Issuance Date, the Owner Trustee authenticated and
delivered the Certificate[s], upon the written order of the Transferor, signed
by its chairman of the board, its president, any vice president, secretary, any
assistant treasurer or any authorized signer. No Certificate, if certificated,
will be entitled to any benefit under this Agreement, or be valid for any
purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein, executed by or on
behalf of the Owner Trustee by the manual signature of a duly authorized signer,
and such certificate upon any Certificate will be conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder. Each Certificate will be dated the date of its authentication.

         Section 3.04 RESTRICTIONS ON TRANSFER.

         To the fullest extent permitted by applicable law, the Certificates (or
any interest therein) may not be sold, transferred, assigned, participated,
pledged or otherwise disposed of to any

                                       7
<PAGE>

Person; provided, however, that a Certificate (or any interest therein) may be
sold, transferred, assigned, participated, pledged or otherwise disposed of if
the transferor thereof has provided the Owner Trustee and the Indenture Trustee
with a Required Federal Income Tax Opinion relating to such sale, transfer,
assignment, participation, pledge or other disposition.

         Section 3.05 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATE.

         If (a) any mutilated Certificate is surrendered to the Owner Trustee,
or the Owner Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate, and (b) there is delivered to the Owner
Trustee such security or indemnity as it may require to hold it harmless, then,
in the absence of notice to the Owner Trustee that such Certificate has been
acquired by a protected purchaser, the Owner Trustee on behalf of the Issuer
will execute, and the Owner Trustee will authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
replacement Certificate of like tenor (including the same date of issuance) and
denomination. In connection with the issuance of any replacement Certificate
under this Section, the Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses connected therewith. Every
replacement Certificate issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Certificate will constitute complete and
indefeasible evidence of an ownership interest in the Issuer, as if originally
issued, whether or not the mutilated, destroyed, lost or stolen Certificate is
found at any time.

         Section 3.06 ISSUANCE OF NEW CERTIFICATES.

         (a)      Any Certificateholder may surrender its certificated or
uncertificated Certificate to the Owner Trustee in exchange for a newly issued
certificated or uncertificated Certificate and a second certificated or
uncertificated interest in the Transferor Interest (a "Supplemental
Certificate"), the terms of which will be defined in a supplement (a
"Certificate Supplement") to this Agreement (which Certificate Supplement will
be subject to Section 10.01 to the extent that it amends any of the terms of
this Agreement), to be delivered to or upon the order of such Certificateholder;
provided, however, notwithstanding anything contained herein, any exchange of a
certificated Certificate for an uncertificated Certificate or an uncertificated
Certificate for a certificated Certificate by the Holder of such Certificate
will not be subject to the conditions set forth in clauses (i) through (vi)
below. Except as set forth in the proviso to the immediately preceding sentence,
the issuance of any such Supplemental Certificate will be subject to
satisfaction of the following conditions:

                  (i)      on or before the fifth day immediately preceding such
         issuance, the applicable Certificateholder shall have given the Owner
         Trustee, the Servicer, the Indenture Trustee and each Rating Agency
         notice (unless such notice requirement is otherwise waived) of such
         Certificate surrender and exchange;

                  (ii)     the applicable Certificateholder shall have delivered
         to the Owner Trustee and the Indenture Trustee any related Certificate
         Supplement in form satisfactory to the Owner Trustee and the Indenture
         Trustee, executed by the Transferor;

                                       8
<PAGE>

                  (iii)    such issuance will not result in any Significant
         Adverse Effect and the Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officers' Certificate, dated the
         date of such surrender and exchange, to the effect that the Transferor
         reasonably believes that such surrender and exchange will not, based on
         the facts known to such officer at the time of such certification, have
         a Significant Adverse Effect;

                  (iv)     the Transferor shall have delivered to the Owner
         Trustee and Indenture Trustee (with a copy to each Rating Agency) a
         Required Federal Income Tax Opinion, dated the date of such surrender
         and exchange with respect to such surrender and exchange; and

                  (v)      the Adjusted Pool Balance as of the date of such
         issuance is greater than the Required Participation Amount as of the
         date of such issuance after giving effect to such surrender and
         exchange.

         (b)      Any Supplemental Certificate held by any Person may be
transferred or exchanged only upon the delivery to the Trustee of a Required
Federal Income Tax Opinion dated as of the date of such transfer or exchange, as
the case may be, with respect to such transfer or exchange.

         Section 3.07 ALLOCATIONS TO TRANSFEROR INTEREST.

         (a)      Taken together, the Certificates represent the beneficial
ownership interest in the Trust Assets not allocated pursuant to the Transaction
Documents to the Noteholders, including the right to receive Collections with
respect to the Receivables and other amounts at the times and in the amounts
specified in the Indenture and any Indenture Supplement to be paid to the
holders of the Transferor Interest subject to the lien of the Indenture;
provided, however, that the Certificates will represent a beneficial interest in
the Collection Account, the Excess Funding Account or any Series Account,
subject to the lien of the Indenture Trustee and only as specifically provided
in the Transfer and Servicing Agreement, the Indenture or any Indenture
Supplement.

         (b)      On each Payment Date, the holders of the Transferor Interest
shall pay to the Servicer a portion of the Servicing Fee equal to the Servicing
Fee minus the aggregate of the Monthly Servicing Fees for all Outstanding
Series, as specified in the related Indenture Supplements, and in no event will
the holders of the Transferor Interest be liable for the Monthly Servicing Fee
with respect to any Series.

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

         Section 4.01 PRIOR NOTICE TO TRANSFEROR WITH RESPECT TO CERTAIN
                      MATTERS.

         With respect to the following matters, unless otherwise instructed by
the Certificateholders, the Owner Trustee will not take action unless at least
thirty (30) days before the taking of such action the Owner Trustee has given
notice to the Certificateholders of:

                                       9
<PAGE>

         (a)      the initiation of any claim or lawsuit by the Issuer or the
Owner Trustee (other than an action to collect on the Trust Assets) and the
settlement of any action, claim or lawsuit brought by or against the Issuer or
the Owner Trustee (other than an action to collect on the Trust Assets);

         (b)      the election by the Issuer to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Delaware Statutory Trust Act);

         (c)      the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

         (d)      the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of any Certificateholder;

         (e)      the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner that would not materially adversely affect the interests of any
Certificateholder; or

         (f)      the appointment pursuant to the Indenture of a replacement or
successor Note Registrar or Indenture Trustee, or the consent to the assignment
by the Note Registrar, Administrator or Indenture Trustee of its obligations
under the Indenture.

         Section 4.02 RESTRICTIONS ON POWER.

         The Owner Trustee will not be required to take or refrain from taking
any action if such action or inaction is contrary to any obligation of the Owner
Trustee under any of the Transaction Documents or contrary to Section 2.03.

                                   ARTICLE V
                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 5.01 GENERAL AUTHORITY.

         The Owner Trustee is authorized and directed to execute and deliver on
behalf of the Issuer the Transaction Documents and each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents
to which the Owner Trustee is to be a party, or any amendment thereto or other
agreement, in each case, in such form as the Transaction Documents shall require
or the Transferor approves as evidenced conclusively by the Owner Trustee's
execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but is not obligated, to take all actions required of the Owner
Trustee pursuant to the Transaction Documents. The Owner Trustee is further
authorized from time to time to take such action on behalf of the Issuer as is
permitted by this Agreement and the other Transaction Documents and which the
Transferor or the Administrator directs in writing with respect to the
Transaction Documents.

                                       10
<PAGE>

         Section 5.02 GENERAL DUTIES.

         Subject to Section 4.01 hereof, it is the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Transaction Documents to which the
Issuer is a party and to administer the Issuer in the interest of the
Certificateholders, subject to the Transaction Documents and in accordance with
the provisions of this Agreement. Notwithstanding anything else to the contrary
in this Agreement, the Owner Trustee will be deemed to have discharged its
duties and responsibilities hereunder and under the other Transaction Documents
to the extent the Administrator has agreed in the Administration Agreement to
perform any act or to discharge any duty of the Owner Trustee or the Issuer
hereunder or under any other Transaction Document, and the Owner Trustee will
not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement. Except as expressly provided in
the Transaction Documents, the Owner Trustee has no obligation to administer,
service or collect the Receivables or to maintain, monitor or otherwise
supervise the administration, servicing or collection of the Receivables.

         Section 5.03 ACTION UPON INSTRUCTION.

         (a)      The Certificateholders may by written instruction direct the
Owner Trustee in the management of the Issuer and otherwise hereunder in
connection with the Issuer.

         (b)      The Owner Trustee will not be required to take any action
hereunder or under any other Transaction Document if the Owner Trustee
reasonably determines, or is advised by counsel, that such action is likely to
result in liability on the part of the Owner Trustee or is contrary to the terms
hereof or of any other Transaction Document or is otherwise contrary to law.

         (c)      Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any other Transaction Document, the Owner Trustee will promptly
give notice (in such form as is appropriate under the circumstances) to the
Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholders received, the Owner
Trustee will not be liable on account of such action to any Person. If the Owner
Trustee does not receive appropriate instruction within ten (10) days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances) it may, but will be
under no duty to, take or refrain from taking such action, not in violation of
this Agreement or the other Transaction Documents, as it deems to be in the best
interest of the Certificateholders, and will have no liability to any Person for
such action or inaction.

         (d)      If the Owner Trustee is unsure as to the application of any
provision of this Agreement or any other Transaction Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or if this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as is
appropriate under the circumstances) to the Certificateholders requesting
instruction and, to the extent that the Owner

                                       11
<PAGE>

Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee will not be liable, on account of such
action or inaction, to any Person. If the Owner Trustee does not receive
appropriate instruction within ten (10) days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but will be under no duty to, take or
refrain from taking such action, not in violation of this Agreement or the other
Transaction Documents, as it deems to be in the best interests of the
Certificateholders, and will have no liability to any Person for such action or
inaction.

         Section 5.04 NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
                      INSTRUCTIONS.

         The Owner Trustee has no duty or obligation to manage, make any payment
with respect to, register, record, sell, dispose of, or otherwise deal with the
Issuer or the Trust Assets, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which
the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner
Trustee pursuant to Section 5.03; and no implied duties or obligations are to be
read into this Agreement or any other Transaction Document against the Owner
Trustee. The Owner Trustee has no responsibility for any filing or recording,
including filing any financing or continuation statement in any public office at
any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any Commission
filing for the Issuer or to record this Agreement or any other Transaction
Document. The Owner Trustee nevertheless agrees that it will (or will cause the
Trust Company to), at its own cost and expense, promptly take all action as may
be necessary to discharge any liens on any part of the Trust Assets that result
from actions by, or claims against, the Owner Trustee or the Trust Company that
are not related to the ownership or the administration of the Trust Assets or
the transactions contemplated hereby or by the other Transaction Documents.

         Section 5.05 NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
                      INSTRUCTIONS.

         The Owner Trustee may not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Assets except (a) in accordance with
the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (b) in accordance with the other Transaction
Documents to which the Issuer or the Owner Trustee is a party and (c) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 5.03. The Certificateholders may not direct the Owner
Trustee to take any action that would violate the provisions of this Section
5.05.

         Section 5.06 RESTRICTIONS.

         The Owner Trustee may not take any action (i) that would violate the
purposes of the Issuer set forth in Section 2.03 or (ii) that, to the actual
knowledge of the Owner Trustee, would (x) result in the Issuer becoming an
association (or publicly traded partnership) taxable as a corporation for
federal income tax purposes or (y) affect the treatment of the Notes as
indebtedness for federal or state income tax purposes. The Certificateholders
may not direct the Owner Trustee to take any action that would violate the
provisions of this Section 5.06.

                                       12
<PAGE>

                                   ARTICLE VI
                          CONCERNING THE OWNER TRUSTEE

         Section 6.01 ACCEPTANCE OF TRUSTS AND DUTIES.

         The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts, but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all monies
actually received by it constituting part of the Trust Assets upon the terms of
this Agreement and the other Transaction Documents. The Owner Trustee will not
be answerable or accountable hereunder or under any other Transaction Document
under any circumstances, except (i) for its own willful misconduct or negligence
or (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 6.03 expressly made by the Owner Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

         (a)      except with respect to a claim based on the failure of the
Owner Trustee to perform its duties under this Trust Agreement or based on the
Owner Trustee's willful misconduct, bad faith or negligence, the Owner Trustee
will not be liable for any error of judgment made by a responsible officer of
the Owner Trustee;

         (b)      the Owner Trustee will not be liable with respect to any
action taken or omitted to be taken by it in accordance with the instructions of
the Administrator or the Certificateholders;

         (c)      no provision of this Agreement or any other Transaction
Document will require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers
hereunder or under any other Transaction Document, if the Owner Trustee has
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided
to it;

         (d)      under no circumstances will the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes or amounts distributable on
the Certificates;

         (e)      the Owner Trustee will not be responsible for or in respect of
the validity or sufficiency of this Agreement or for the due execution hereof by
the Transferor or for the form, character, genuineness, sufficiency, value or
validity of any of the Trust Assets or for or in respect of the validity or
sufficiency of the Transaction Documents, other than the genuineness of the
signature and countersignature of the Owner Trustee on the certificate of
authentication on the Certificates, and the Owner Trustee will in no event
assume or incur any liability, duty, or obligation to any Noteholder or to any
Certificateholder, other than as expressly provided for herein or expressly
agreed to in the other Transaction Documents;

         (f)      the Owner Trustee will not be liable for the default or
misconduct of the Transferor, the Servicer, the Administrator or the Indenture
Trustee under any of the Transaction Documents or otherwise, and the Owner
Trustee will have no obligation or liability to perform the obligations of the
Owner Trustee hereunder or under the other Transaction Documents that are
required to be performed by the Administrator under the Administration
Agreement, the

                                       13
<PAGE>

Indenture Trustee under the Indenture or the Servicer under the Transfer and
Servicing Agreement;

         (g)      the Owner Trustee will be under no obligation to exercise any
of the rights or powers vested in it by this Agreement, or to institute, conduct
or defend any litigation under this Agreement or otherwise or in relation to
this Agreement or any other Transaction Document, at the request, order or
direction of the Certificateholders, unless the Certificateholders have offered
to the Owner Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or any other Transaction Document is not to be
construed as a duty, and the Owner Trustee will not be answerable for, other
than its negligence or willful misconduct in the performance of, any such act;
and

         (h)      notwithstanding anything contained herein to the contrary, the
Owner Trustee will not be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action (i) requires the
registration with, licensing by or the taking of any other similar action in
respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect to the Owner
Trustee; (ii) results in any fee, tax or other governmental charge under the
laws of any jurisdiction or any political subdivisions thereof other than the
State of Delaware becoming payable by the Owner Trustee; or (iii) subjects the
Owner Trustee to personal jurisdiction in any jurisdiction other than the State
of Delaware for causes of action arising from acts unrelated to the consummation
of the transactions by the Owner Trustee contemplated hereby. The Owner Trustee
will be entitled to obtain advice of counsel (which advice will be an expense of
the Certificateholders) to determine whether any action required to be taken
pursuant to the Agreement results in the consequences described in clauses (i),
(ii) and (iii) of the preceding sentence. If said counsel advises the Owner
Trustee that such action will result in such consequences, the
Certificateholders will appoint an additional trustee pursuant to Section 9.05
hereof to proceed with such action.

         Section 6.02 FURNISHING OF DOCUMENTS.

         The Owner Trustee will furnish to the Certificateholders and the
Indenture Trustee, promptly upon written request therefor, duplicates or copies
of all reports, notices, requests, demands, certificates, financial statements
and any other instruments furnished to the Owner Trustee under the Transaction
Documents.

         Section 6.03 REPRESENTATIONS AND WARRANTIES.

         The Owner Trustee hereby represents and warrants to the
Certificateholders that:

         (a)      It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

         (b)      It has taken all corporate action necessary to authorize the
execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Agreement on its behalf.

                                       14
<PAGE>

         (c)      Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware law, governmental rule or regulation governing the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound.

         (d)      This Agreement and the other Transaction Documents to which it
is a party constitute the legal, valid and binding obligation of the Owner
Trustee, enforceable against it in accordance with the terms hereof or thereof,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect affecting the enforcement of creditors' rights in general and except as
such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

         Section 6.04 RELIANCE; ADVICE OF COUNSEL.

         (a)      The Owner Trustee may rely upon, will be protected in relying
upon and will incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond, or other document or paper reasonably believed by it to be
genuine and reasonably believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer or other authorized officers of the
relevant party, as to such fact or matter, and such certificate will constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

         (b)      In the exercise or administration of the trusts hereunder and
in the performance of its duties and obligations under this Agreement or the
other Transaction Documents, the Owner Trustee (i) may act directly or through
its agents or attorneys pursuant to agreements entered into with any of them,
and the Owner Trustee will not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys are selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants and
other skilled Persons to be selected with reasonable care and employed by it.
The Owner Trustee will not be liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or written advice of any
such counsel, accountants or other such Persons and not contrary to this
Agreement or any other Transaction Document.

         Section 6.05 NOT ACTING IN INDIVIDUAL CAPACITY.

         Except as expressly provided in this Article VI, in accepting the
trusts hereby created Wilmington Trust Company acts solely as Owner Trustee
hereunder and not in its individual capacity, and all Persons having any claim
against the Owner Trustee by reason of the

                                       15
<PAGE>

transactions contemplated by this Agreement or any other Transaction Document
may look only to the Trust Assets for payment or satisfaction thereof.

         Section 6.06 OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES, NOTES OR
                      RECEIVABLES.

         The recitals contained herein and in the Certificates (other than the
genuineness of the signature and countersignature of the Owner Trustee on the
Certificates and its representations and warranties in Section 6.03) will be
taken as the statements of the Transferor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, any other
Transaction Document or the Certificates (other than the genuineness of the
signature and countersignature of the Owner Trustee on the Certificates), the
Notes, or of any Receivable or related documents. The Owner Trustee will at no
time have any responsibility or liability for or with respect to the legality,
validity and enforceability of the Receivables or the perfection and priority of
any security interest in the Receivables or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Trust
Assets or its ability to generate the payments to be distributed to the
Noteholders under the Indenture (and the related Indenture Supplement),
including, without limitation, the existence, condition and ownership of the
Receivables; the existence and contents of the Receivables on any computer or
other record thereof; the validity of the assignment of the Receivables to the
Issuer or of any intervening assignment; the completeness of the Receivables;
the performance or enforcement of the Receivables; the compliance by the
Transferor with any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or
representation or any action of the Administrator, the Servicer or the Indenture
Trustee taken in the name of the Owner Trustee.

         Section 6.07 OWNER TRUSTEE MAY OWN NOTES.

         The Owner Trustee in its individual or any other capacity (but not in
its fiduciary capacity) may become the owner or pledgee of Notes and may deal
with the Transferor, the Administrator, the Servicer and the Indenture Trustee
in banking transactions with the same rights as it would have if it were not
Owner Trustee.

                                  ARTICLE VII
                   COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

         Section 7.01 OWNER TRUSTEE'S FEES AND EXPENSES.

         The Owner Trustee will receive as compensation for its services
hereunder such fees as have been separately agreed upon between the Transferor
and the Owner Trustee, and the Owner Trustee will be entitled to be reimbursed
by the Transferor for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder; provided, however, that the Owner Trustee's right to enforce such
obligation is subject to the provisions of Section 10.08. Such amounts will be
treated for tax purposes as having been contributed to the Issuer by the
Transferor and the tax deduction for such amounts will be allocated to the
Transferor.

                                       16
<PAGE>

         Section 7.02 INDEMNIFICATION.

         The Transferor will be liable as primary obligor for, and will
indemnify the Trust Company and its successors, assigns, agents, employees and
servants (collectively, the "Indemnified Parties") from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and
any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted
against the Owner Trustee or any Indemnified Party in any way relating to or
arising out of this Agreement or the other Transaction Documents, the Trust
Assets, the acceptance and administration of the Trust Assets or the action or
inaction of the Owner Trustee hereunder; provided that the Transferor will not
be liable for or required to indemnify any Indemnified Party from and against
Expenses arising or resulting from (i) the Indemnified Party's own willful
misconduct, bad faith or negligence, (ii) the inaccuracy of any representation
or warranty contained in Section 6.03 made by the Indemnified Party or (iii)
taxes imposed on the Trust Company in connection with the fees earned by the
Owner Trustee pursuant to this Agreement. An Indemnified Party's right to
enforce such obligation is subject to the provisions of Section 10.08. The
indemnities contained in this Section will survive the resignation or removal of
the Owner Trustee or the termination of this Agreement. In the event of any
claim, action or proceeding for which indemnity is sought pursuant to this
Section, the Owner Trustee's choice of legal counsel will be subject to the
approval of the Transferor, which approval may not be unreasonably withheld.

         Section 7.03 PAYMENTS TO THE OWNER TRUSTEE.

         Any amounts paid to the Owner Trustee pursuant to this Article VII will
be deemed not to be a part of the Trust Assets immediately after such payment.

                                  ARTICLE VIII
                            TERMINATION OF AGREEMENT

         Section 8.01 TERMINATION OF AGREEMENT.

         The legal existence of the Issuer will terminate upon the earlier of
(i) the fifteen (15) year anniversary of the first Series Issuance Date unless
the Servicer and the holders of the Transferor Interest notify the Indenture
Trustee (a) that such date has been extended and (b) the date to which such
extension has been made and (ii) the day following the day on which the right of
all Series of Notes to receive payments from the Trust Assets has terminated
unless the Servicer and the holders of the Transferor Interest instruct the
Indenture Trustee otherwise (the "Trust Termination Date"). Any money or other
property held as part of the Trust Assets following such termination (and
following the distribution of all amounts to which the Noteholders and Series
Enhancers are entitled) will be distributed to the Certificateholders in
accordance with their respective interests in the Transferor Interest. The
bankruptcy, liquidation, dissolution, termination, death or incapacity of any
Certificateholder will not (1) operate to terminate this Agreement or the legal
existence of the Issuer or (2) entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Issuer or Trust Assets or (3) otherwise affect the rights, obligations and
liabilities of the parties hereto. Upon dissolution of the Issuer, the

                                       17
<PAGE>

Owner Trustee will wind up the business and affairs of the Issuer as required by
Section 3808 of the Delaware Statutory Trust Act.

         Except as provided in this Section 8.01, neither the Transferor nor any
Certificateholder will be entitled to revoke or terminate the legal existence of
the Issuer or this Agreement.

         Upon the winding up of the Issuer, this Agreement (other than Article
VII) will terminate.

                                   ARTICLE IX
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 9.01 ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE.

         The Owner Trustee shall at all times be an entity (i) having a combined
capital and surplus of at least $50,000,000, (ii) having its long-term unsecured
debt rated at least Baa3 by Moody's and BBB- by Standard & Poor's, or such other
ratings as shall be reasonably satisfactory to the Rating Agencies, (iii) be
subject to supervision or examination by federal or state authorities and (iv)
authorized to exercise trust powers in the State of Delaware. If such entity
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 9.01, the combined capital and surplus of such
corporation will be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Owner
Trustee ceases to be eligible in accordance with the provisions of this Section,
the Owner Trustee will resign immediately in the manner and with the effect
specified in Section 9.02.

         Section 9.02 RESIGNATION OR REMOVAL OF OWNER TRUSTEE.

         (a)      The Owner Trustee may at any time resign and be discharged
from the trusts hereby created by giving written notice thereof to the
Administrator. Upon receiving such notice of resignation, the Administrator will
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument will be delivered to the resigning Owner Trustee
and one copy to the successor Owner Trustee. If no successor Owner Trustee has
been appointed and accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee;
provided, however, that such right to appoint or petition for the appointment of
any such successor will in no event relieve the resigning Owner Trustee from any
obligations imposed on it under the Transaction Documents until such successor
has in fact assumed such appointment.

         (b)      If at any time the Owner Trustee ceases to be eligible in
accordance with the provisions of Section 9.01, or if the Owner Trustee resigns
pursuant to this Section 9.02, or if the Owner Trustee fails to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee is legally unable to act, or is adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property is appointed, or any public
officer takes charge or control of the Owner Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Administrator may, but will not be required to, remove the Owner Trustee. If the
Administrator removes the Owner Trustee under the authority of the immediately
preceding sentence, the Administrator will promptly (i) appoint a successor
Owner Trustee by

                                       18
<PAGE>

written instrument, in duplicate, one copy of which instrument will be delivered
to the outgoing Owner Trustee so removed and one copy to the successor Owner
Trustee and (ii) pay all fees owed to the outgoing Owner Trustee.

         (c)      Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section will not become effective until acceptance of appointment by the
successor Owner Trustee pursuant to Section 9.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator will provide
notice of such resignation or removal of the Owner Trustee to each Rating
Agency.

         Section 9.03 SUCCESSOR OWNER TRUSTEE.

         (a)      Any successor Owner Trustee appointed pursuant to Section 9.02
will execute, acknowledge and deliver to the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this
Agreement. Upon the resignation or removal of the predecessor Owner Trustee
becoming effective pursuant to Section 9.02, such successor Owner Trustee,
without any further act, deed or conveyance, will become fully vested with all
the rights, powers, duties, and obligations of its predecessor under this
Agreement, with like effect as if originally named as Owner Trustee. The
predecessor Owner Trustee will, upon payment of its fees and expenses, deliver
to the successor Owner Trustee all documents and statements and monies held by
it under this Agreement, and the Administrator and the predecessor Owner Trustee
will execute and deliver such instruments and do such other things as are
reasonably required for fully and certainly vesting and confirming in the
successor Owner Trustee all such rights, powers, duties, and obligations.

         (b)      No successor Owner Trustee may accept appointment as provided
in this Section, unless at the time of such acceptance such successor Owner
Trustee is eligible pursuant to Section 9.01.

         (c)      Upon acceptance of appointment by a successor Owner Trustee
pursuant to this Section, the Administrator will provide notice of such
acceptance of appointment including the name of such successor Owner Trustee to
the Certificateholders, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator fails to provide such notice within ten (10) days
after acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee will cause such notice to be provided at the expense of the
Administrator.

         Section 9.04 MERGER OR CONSOLIDATION OF OWNER TRUSTEE.

         Notwithstanding anything herein to the contrary, any corporation into
which the Owner Trustee is merged or converted or with which it is consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Owner Trustee will be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Owner Trustee, will be
the successor of the Owner Trustee hereunder without the execution or filing of
any instrument or any further act on the part of any of the parties hereto;
provided that such corporation is required to meet the eligibility requirements
set forth in Section 9.01; and provided, further, that the Owner Trustee (i)
provide notice of such merger or consolidation to

                                       19
<PAGE>

each Rating Agency not less than fifteen (15) days prior to the effective date
thereof and (ii) file an amendment to the Certificate of Trust.

         Section 9.05 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

         Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Assets may at the time be located, the Administrator and
the Owner Trustee acting jointly will have the power and will execute and
deliver all instruments to appoint one or more Persons approved by each of the
Administrator and the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Assets, and to vest in such Person, in such capacity, such title to the
Trust Assets, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator has not joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone will have the power
to make such appointment. No co-trustee or separate trustee under this Agreement
will be required to meet the terms of eligibility as a successor trustee
pursuant to Section 9.01 and no notice of the appointment of any co-trustee or
separate trustee will be required pursuant to Section 9.03.

         Each separate trustee and co-trustee will, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

                  (i)      all rights, powers, duties, and obligations conferred
         or imposed upon the Owner Trustee will be conferred upon and exercised
         or performed by the Owner Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Owner
         Trustee joining in such act), except to the extent that under any law
         of any jurisdiction in which any particular act or acts are to be
         performed, the Owner Trustee is incompetent or unqualified to perform
         such act or acts, in which event such rights, powers, duties, and
         obligations (including the holding of title to the Issuer or any
         portion thereof in any such jurisdiction) will be exercised and
         performed singly by such separate trustee or co-trustee, but solely at
         the direction of the Owner Trustee;

                  (ii)     no trustee under this Agreement will be personally
         liable by reason of any act or omission of any other trustee under this
         Agreement; and

                  (iii)    the Administrator and the Owner Trustee acting
         jointly may at any time accept the resignation of or remove any
         separate trustee or co- trustee.

         Any notice, request or other writing given to the Owner Trustee will be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee will refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, will be vested with the estates or property specified in
its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every

                                       20
<PAGE>

provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Owner Trustee. Each such instrument will be
filed with the Owner Trustee and a copy thereof given to the Administrator.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
dies, becomes incapable of acting, resigns or is removed, all of its estates,
properties, rights, remedies and trusts will vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

         Section 9.06 COMPLIANCE WITH DELAWARE STATUTORY TRUST ACT.

         Notwithstanding anything herein to the contrary, the Issuer will at all
times have at least one trustee that meets the requirements of Section 3807(a)
of the Delaware Statutory Trust Act.

                                    ARTICLE X
                                  MISCELLANEOUS

         Section 10.01 SUPPLEMENTS AND AMENDMENTS.

         (a)      This Agreement may be amended from time to time, by a written
amendment duly executed and delivered by the Transferor and the Owner Trustee,
with prior notice to each Rating Agency and (if such amendment is material) upon
satisfaction of the Rating Agency Condition, and with the written consent of the
Indenture Trustee, but without the consent of any of the Noteholders, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of
the Noteholders; provided, however, that such amendment:

                  (i)      may not, as evidenced by an Officers' Certificate of
         the Transferor addressed and delivered to the Owner Trustee and the
         Indenture Trustee, materially and adversely affect the interest of any
         Noteholder or any Certificateholder; and

                  (ii)     may not, as evidenced by an Opinion of Counsel
         addressed and delivered to the Owner Trustee and the Indenture Trustee,
         cause the Issuer to be classified as an association (or a publicly
         traded partnership) taxable as a corporation for federal income tax
         purposes or affect the treatment of the Notes as indebtedness for
         federal or state income tax purposes.

         (b)      Additionally, notwithstanding Section 10.01(a), this Agreement
will be amended by the Transferor and the Owner Trustee with prior notice to
each Rating Agency, but without the consent of the Indenture Trustee or any of
the Noteholders to add, modify or eliminate such provisions as may be necessary
or advisable in order to enable all or a portion of the Issuer (1) to qualify
as, and to permit an election to be made to cause the Issuer to be treated as, a
"financial asset securitization investment trust" as described in the provisions
of Section 860L of the Code, and (2) to avoid the imposition of state or local
income or franchise taxes imposed on the Issuer's property or its income;
provided, however, that:

                                       21
<PAGE>

                  (i)      the Transferor delivers to the Indenture Trustee and
         the Owner Trustee an Officers' Certificate to the effect that the
         proposed amendments meet the requirements set forth in this subsection;

                  (ii)     the Rating Agency Condition has been satisfied; and

                  (iii)    such amendment does not affect the rights, duties or
         obligations of the Owner Trustee hereunder.

         (c)      This Agreement may also be amended from time to time by a
written amendment duly executed and delivered by the Transferor and the Owner
Trustee, with prior notice to the Rating Agencies and (if such amendment is
material) upon satisfaction of the Rating Agency Condition, and with the consent
of the Indenture Trustee and the Holders of Notes evidencing not less than a
majority of the Outstanding Principal Amount of the Notes, 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 the
Noteholders; provided, however, that without the consent of all Noteholders, no
such amendment may:

                  (i)      increase or reduce in any manner the amount of, or
         accelerate or delay the timing of, distributions that are required to
         be made for the benefit of the Noteholders; or

                  (ii)     reduce the aforesaid percentage of the Outstanding
         Principal Amount of the Notes, the Holders of which are required to
         consent to any such amendment; and

provided, further, any such amendment will be subject to delivery to the
Indenture Trustee of a Required Federal Income Tax Opinion.

         (d)      Promptly after the execution of any such amendment or consent,
the Transferor will furnish written notification of the substance of such
amendment or consent to the Indenture Trustee. To the extent Noteholder consent
is required by this Section, the Noteholders must consent to and approve the
substance of all such proposed amendments and consents, but they need not
consent to and approve the particular form of such amendment or consent.
Promptly after the execution of any amendment to the Certificate of Trust, the
Owner Trustee will cause the filing of such amendment with the Secretary of
State.

         (e)      The Owner Trustee is entitled to receive, and will be fully
protected in relying upon, an Officer's Certificate of the Transferor or the
Administrator to the effect that the conditions to such amendment have been
satisfied. The Owner Trustee may, but is not obligated to, enter into any such
amendment which affects the Owner Trustee's own rights, duties or immunities
under this Agreement or otherwise.

         Section 10.02 NO LEGAL TITLE TO TRUST ASSETS IN CERTIFICATEHOLDERS.

         The Certificateholders do not have legal title to any part of the Trust
Assets. No transfer, by operation of law or otherwise, of any right, title, and
interest of any Certificateholder to and in its beneficial ownership interest in
the Trust Assets will operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of
legal title to any part of the Trust Assets.

                                       22
<PAGE>

         Section 10.03 LIMITATIONS ON RIGHTS OF OTHERS.

         The provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Transferor, the Administrator and, to the extent expressly
provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, is to be construed to give to any other
Person any legal or equitable right, remedy or claim in the Trust Assets or
under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

         Section 10.04 NOTICES.

         Unless otherwise expressly specified or permitted by the terms hereof,
all notices must be in writing and will be sufficiently given if delivered in
person or by overnight courier service at, or sent by facsimile transmission or
other electronic transmission, followed by first class mail, to (i) in the case
of the Owner Trustee at its corporate trust office, Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890,
Attention: Nissan Master Owner Trust Receivables (facsimile: (302) 636-4140);
(ii) in the case of the Transferor, 990 West 190th Street, Torrance, California
90502 Attention: Treasurer (facsimile: (310) 324-2542), (iii) in the case of the
Indenture Trustee at its Corporate Trust Office, Attention: (facsimile: (212)
623-5932), or as to each party, at such other address as may be designated by
such party in a written notice to each other party. All notices will be
effective on receipt.

         Section 10.05 SEVERABILITY.

         Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction will, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction will not invalidate or render unenforceable such provision in any
other jurisdiction.

         Section 10.06 SEPARATE COUNTERPARTS.

         This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered will be an original,
but all such counterparts will together constitute but one and the same
instrument.

         Section 10.07 SUCCESSORS AND ASSIGNS.

         All covenants and agreements contained herein are binding upon, and
inure to the benefit of, the Owner Trustee and its successors and the
Certificateholders and their successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by the Certificateholders will bind the successors and assigns of the
Certificateholders.

                                       23
<PAGE>

         Section 10.08 NONPETITION.

         Notwithstanding any prior termination of the legal existence of the
Issuer or this Agreement, the Owner Trustee (not in its individual capacity but
solely as Owner Trustee), by entering into this Agreement, each
Certificateholder (including the Transferor) by accepting a Certificate, and the
Indenture Trustee and the Noteholders (and Series Enhancers), by accepting the
benefits hereof, hereby covenants, with respect to the Issuer or the Transferor,
not to acquiesce, petition or otherwise invoke or cause the Issuer or the
Transferor to invoke the process of any court or governmental authority for the
purpose of commencing or sustaining a case against or by the Issuer or the
Transferor under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, conservator, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or the Transferor or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Issuer or the Transferor; provided, however, that this
Section is not intended to preclude any remedy described in Article V of the
Indenture.

         Section 10.09 NO RECOURSE.

         Each Certificateholder, by accepting the Certificates, acknowledges
that the Certificates do not represent interests in or obligations of the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof, and no recourse may be had against such parties or their
assets, or against the assets pledged under the Indenture, except as expressly
provided in the Transaction Documents.

         Section 10.10 HEADINGS.

         The headings of the various Articles and Sections herein are for
convenience of reference only and are not intended to define or limit any of the
terms or provisions hereof.

         Section 10.11 GOVERNING LAW.

         THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER ARE TO BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

         Section 10.12 TRANSFEROR PAYMENT OBLIGATION.

         The Transferor is responsible for payment of the Administrator's fees
under the Administration Agreement and will reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder.

         Section 10.13 ACCEPTANCE OF TERMS OF AGREEMENT.

         THE RECEIPT AND ACCEPTANCE OF THE CERTIFICATE[S] BY THE TRANSFEROR,
WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, CONSTITUTE THE
UNCONDITIONAL ACCEPTANCE BY THE TRANSFEROR OF ALL THE TERMS AND PROVISIONS OF
THIS AGREEMENT, AND CONSTITUTE

                                       24
<PAGE>

THE AGREEMENT OF THE ISSUER THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT ARE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER AND THE TRANSFEROR.

         Section 10.14 INTEGRATION OF DOCUMENTS.

         This Agreement constitutes the entire agreement of the parties hereto
and thereto with respect to the subject matter hereof and thereof and supersedes
all prior agreements relating to the subject matter hereof and thereof.

                                       25
<PAGE>

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

                                   NISSAN WHOLESALE RECEIVABLE
                                   CORPORATION II, as Transferor

                                   By: /s/ Joji Tagawa
                                       ---------------
                                       Name: Joji Tagawa
                                       Title: Treasurer

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

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

                                      S-1

<PAGE>

                                                                       Exhibit A

                               FORM OF CERTIFICATE

                        No. R-__ Percentage Interest ___%

                      NISSAN MASTER OWNER TRUST RECEIVABLES
                                   CERTIFICATE

         Evidencing an interest in a trust, the corpus of which consists
primarily of an interest in receivables arising from time to time in connection
with dealer floorplan financing accounts transferred by Nissan Wholesale
Receivables Corporation II, a Delaware corporation, as Transferor (the
"Transferor").

         (Not an interest in or obligation of the Transferor or any affiliate
thereof)

         This certifies that [_________________] is the registered owner of an
undivided beneficial ownership interest in Nissan Master Owner Trust Receivables
(the "Issuer") subject to the lien of the Noteholders pursuant to the Indenture,
dated as of ______, 2003 (as amended and supplemented, the "Indenture"), between
the Issuer and JPMorgan Chase Bank, as Indenture Trustee, and not allocated to
the interest of any Holder of a Supplemental Certificate pursuant to the Trust
Agreement, dated as of ______, 2003 (as amended and supplemented, the "Trust
Agreement"), between the Transferor and Wilmington Trust Company, as owner
trustee (the "Owner Trustee"). The corpus of the Issuer consists of (a) a
portfolio of certain receivables (the "Receivables") arising from time to time
in connection with dealer floorplan financing accounts identified under the
Transfer and Servicing Agreement, dated as of ______, 2003 (as amended and
supplemented, the "Transfer and Servicing Agreement"), among the Transferor,
Nissan Motor Acceptance Corporation, as servicer (the "Servicer"), and the
Issuer from time to time (the "Accounts"), (b) certain Receivables generated
under the Accounts from time to time thereafter, (c) certain funds collected or
to be collected from obligors in respect of the Receivables, (d) all funds which
are from time to time on deposit in the Collection Account, the Excess Funding
Account and in the Series Accounts, (e) the benefits of any Series Enhancements
issued and to be issued by Series Enhancers with respect to one or more Series
of Notes and (f) all other assets and interests constituting the Issuer.
Although a summary of certain provisions of the Transfer and Servicing
Agreement, the Trust Agreement and the Indenture (collectively, the
"Agreements") is set forth below, this Certificate does not purport to summarize
the Agreements and reference is made to the Agreements for information with
respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Owner Trustee. A
copy of the Agreements may be requested from the Owner Trustee by writing to the
Owner Trustee at its Corporate Trust Office. To the extent not defined herein,
the capitalized terms used herein have the meanings ascribed to them in the
Agreements.

         This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreements, to which Agreements, as amended and
supplemented from time to time, the Transferor by virtue of the acceptance
hereof assents and is bound.

         This Certificate represents the Transferor Interest in the assets of
the Issuer, including the right to receive a portion of the Collections and
other amounts at the times and in the amounts

                                      A-1

<PAGE>

specified in the Indenture and the related Indenture Supplements. The aggregate
interest represented by this Certificate at any time in the Receivables in the
Issuer may not exceed the Transferor Interest at such time. In addition to the
Certificate, (a) Notes will be issued to investors pursuant to the Indenture and
the related Indenture Supplements, which will represent obligations of the
Issuer, and (b) Supplemental Certificates may be issued pursuant to the Trust
Agreement, which will represent that portion of the Transferor Interest not
allocated to the holder of this Certificate. Each holder of this Certificate
acknowledges and agrees that its right to receive distributions in respect of
this Certificate are subordinated to the rights of the Noteholders under, and to
the extent provided in, the Indenture and the related Indenture Supplements.

         The holder of this Certificate acknowledges and agrees that certain
distributions made pursuant to Section 5.08 of the Transfer and Servicing
Agreement to the Certificateholders may be made in Japanese yen in the event the
Issuer enters into a currency Swap Agreement as contemplated by Section 5.08 of
the Transfer and Servicing Agreement. If any such election is made, an amendment
to the Transfer and Servicing Agreement must be executed pursuant to Section
8.01 of the Transfer and Servicing Agreement subject to the approvals of such
parties as are set forth in Section 5.08 of the Transfer and Servicing
Agreement, and a supplemental indenture must be executed pursuant to and subject
to the approvals of such parties as are set forth in Section 10.02 of the
Indenture. In connection with the execution of any such Swap Agreement, the
Certificateholders must provide alternative appropriate payment instructions to
the Owner Trustee and the Indenture Trustee for the receipt of any payment in
Japanese yen.

         Unless otherwise specified in an Indenture Supplement with respect to a
particular Series, the Transferor has entered into the Transfer and Servicing
Agreements, and this Certificate is issued, with the intention that, for
federal, state and local income and franchise tax purposes, (a) the Notes of
each Series be characterized as indebtedness secured by the Receivables and (b)
the Issuer will not be treated as an association taxable as a corporation. The
Transferor, by entering into the Transfer and Servicing Agreement, and each
holder of this Certificate by the acceptance of this Certificate, agrees to
treat the Notes for federal, state and local income and franchise tax purposes
as indebtedness.

         It is the intent of the Transferor, Owner Trustee and each
Certificateholder that, for purposes of United States federal, state and local
income tax, any state single business tax and any other income taxes, the Issuer
will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Issuer for any period during which the beneficial
interests of the Issuer are held by one Person, and will be treated as a
partnership (and not as an association or publicly traded partnership taxable as
a corporation), and Certificateholders will be treated as partners in that
partnership, for any period during which the beneficial ownership interests in
the Issuer are held by more than one Person. For any such period during which
the beneficial ownership interests in the Issuer are held by more than one
Person, each Certificateholder, by acceptance of a Certificate or any beneficial
interest therein, agrees to treat, and to take no action inconsistent with the
treatment of, the Certificates as partnership interests in the Issuer for tax
purposes.

         Subject to certain conditions and exceptions specified in the
Agreements, the obligations created by the Agreements and the Issuer created
thereby will terminate upon the earlier of (a)

                                      A-2

<PAGE>

[______ __, 20__] and (b) the day following the day on which the right of all
Series of Notes to receive payments from the Issuer has terminated (the "Trust
Termination Date").

         Each Certificateholder, by its acceptance of a Certificate or any
beneficial interest in a Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Transferor or the
Issuer, or join in any institution against the Transferor or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States, federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the
Notes, the Trust Agreement or any of the Transaction Documents.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Owner Trustee, by manual signature, this Certificate will not
be entitled to any benefit under the Agreement or be valid for any purpose.

         THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE TRANSFEROR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, NMAC, NWRC
II OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED
BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

         THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES. THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF TO ANY PERSON EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

                                      A-3

<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, not in its individual capacity
but solely as Owner Trustee, has caused this Certificate to be duly executed by
its duly authorized officer.

                                 Dated: ____________

                                 NISSAN MASTER OWNER TRUST RECEIVABLES

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

                                 By_____________________________________________
                                   Authorized Signatory

                                 Certificate of Authentication

                                 This is the Certificate described in the within
                                 mentioned Trust Agreement.

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

                                 By_____________________________________________
                                   Authorized Signatory

                                      A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]