Document:

exv10w40

 

Exhibit 10.40

SONICWALL, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

Adopted August 24, 1999

As Amended Through August 1, 2006

     The following constitute the provisions of the 1999 Employee Stock Purchase Plan of SonicWALL,
Inc.

     1. Purpose. The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Common Stock of the Company. It is the
intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under
Section 423 of the Code. The provisions of the Plan shall, accordingly, be construed so as to
extend and limit participation in a manner consistent with the requirements of that section of the
Code.

     2. Definitions.

     (a) “Board” means the Board of Directors of the Company.

     (b) “Code” means the Internal Revenue Code of 1986, as amended.

     (c) “Common Stock” means the Common Stock of the Company.

     (d) “Company” means SonicWALL, Inc., a California corporation.

     (e) “Compensation” means total cash compensation received by an Employee from the
Company or a Designated Subsidiary. By way of illustration, but not limitation, Compensation
includes regular compensation such as salary, wages, overtime, shift differentials, bonuses,
commissions and incentive compensation, but excludes relocation, expense reimbursements, tuition or
other reimbursements and income realized as a result of participation in any stock option, stock
purchase, or similar plan of the Company or any Designated Subsidiary.

     (f) “Continuous Status As An Employee” means the absence of any interruption or
termination of service as an Employee. Continuous Status as an Employee shall not be considered
interrupted in the case of (i) sick leave; (ii) military leave; (iii) any other leave of absence
approved by the Administrator, provided that such leave is for a period of not more than 90 days,
unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or
unless provided otherwise pursuant to Company policy adopted from time to time; or (iv) in the case
of transfers between locations of the Company or between the Company and its Designated
Subsidiaries.

     (g) “Contributions “ means all amounts credited to the account of a participant
pursuant to the Plan.

     (h) “Corporate Transaction” means a sale of all or substantially all of the Company’s
assets, or a merger, consolidation or other capital reorganization of the Company with or into
another corporation.

     (i) “Designated Subsidiaries” means the Subsidiaries which have been designated by the
Board from time to time in its sole discretion as eligible to participate in the Plan; provided
however that the Board shall only have the discretion to designate Subsidiaries
if the issuance of options to such Subsidiary’s Employees pursuant to the Plan would not cause the
Company to incur adverse accounting charges.

     (j) “Employee” means any person (other than an Officer who is also “highly
compensated” under Code Section 414(q)), who is customarily employed for at least twenty (20) hours
per week and more than five (5) months in a calendar year by the Company or one of its Designated
Subsidiaries. Employee does not include any individual who provides services to the Company or any
Subsidiary as an independent contractor whether or not such individual is reclassified as a common
law employee,

 

 

unless the Company or a Subsidiary withholds or is required to withhold U.S. Federal employment
taxes for such individual pursuant to Section 3402 of the Code.

     (k)“Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (l)“Offering Date” means the first business day of each Offering Period of
the Plan.

     (m) “Offering Period” means a period of twelve (12) months commencing on
February 1 and August 1 of each year.

     (n) “Officer” means a person who is an officer of the Company within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder, as well as
each vice-president level employee of the Company.

     (o) “Plan” means this Employee Stock Purchase Plan.

     (p) “Purchase Date” means the last day of each Purchase Period of the Plan.

     (q)“Purchase Period” means a period of six (6) months within an Offering Period.

     (r)“Purchase Price” means with respect to a Purchase Period an amount equal to 85% of the Fair
Market Value (as defined in Section 7(b) below) of a Share of Common Stock on the Offering Date or
on the Purchase Date, whichever is lower; provided, however, that in the event (i) of any increase
in the number of Shares available for issuance under the Plan as a result of a shareholder-approved
amendment to the Plan, and (ii) all or a portion of such additional Shares are to be issued with
respect to one or more Offering Periods that are underway at the time of such increase (“Additional
Shares”), and (iii) the Fair Market Value of a Share of Common Stock on the date of such increase
(the “Approval Date Fair Market Value”) is higher than the Fair Market Value on the Offering Date
for any such Offering Period, then in such instance the Purchase Price with respect to Additional
Shares shall be 85% of the Approval Date Fair Market Value or the Fair Market Value of a Share of
Common Stock on the Purchase Date, whichever is lower.

     (s) “Share” means a share of Common Stock, as adjusted in accordance with Section 19
of the Plan.

     (t) “Subsidiary” means a corporation, domestic or foreign, of which not less than 50% of the
voting shares are held by the Company or a Subsidiary, whether or not such corporation now exists
or is hereafter organized or acquired by the Company or a Subsidiary.

     3. Eligibility.

     (a) Any person who is an Employee as of the Offering Date of a given Offering Period shall be
eligible to participate in such Offering Period under the Plan, subject to the requirements of
Section 5(a) and the limitations imposed by Section 423(b) of the Code; provided however that
eligible Employees may not participate in more than one Offering Period at a time.

     (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted
an option under the Plan (i) if, immediately after the grant, such Employee (or any other person
whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own
capital stock of the Company and/or hold outstanding options to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of all classes of stock of the
Company or of any Subsidiary of the Company, or (ii) if such option would permit his or her rights
to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of
the Company
and its Subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) of
the Fair Market Value (as defined in Section 7(b) below) of such stock (determined at the time such
option is granted) for each calendar year in which such option is outstanding at any time.

     4. Offering Periods And Purchase Periods.

     (a) Offering Periods. The Plan shall be implemented by a series of Offering Periods of
twelve (12) months’ duration, with new Offering Periods commencing on or about February 1 and
August 1 of

 

 

each year (or at such other time or times as may be determined by the Board of Directors). The Plan
shall continue until terminated in accordance with Section 19 hereof. The Board of Directors of the
Company shall have the power to change the duration and/or the frequency of Offering Periods with
respect to future offerings without shareholder approval if such change is announced at least five
(5) days prior to the scheduled beginning of the first Offering Period to be affected.

     (b) Purchase Periods. Each Offering Period shall consist of two (2) consecutive
purchase periods of six (6) months’ duration. The last day of each Purchase Period shall be the
“Purchase Date” for such Purchase Period. A Purchase Period
commencing on February 1 shall end on the next July 31. A Purchase Period commencing on August 1 shall end on the
next January 31. The Board of Directors of the Company shall have the power to change the duration
and/or frequency of Purchase Periods with respect to future purchases without shareholder approval
if such change is announced at least five (5) days prior to the scheduled beginning of the first
Purchase Period to be affected.

     5. Participation.

     (a) An eligible Employee may become a participant in the Plan by completing a subscription
agreement on the form provided by the Company and filing it with the Company’s payroll office prior
to the applicable Offering Date, unless a later time for filing the subscription agreement is set
by the Board for all eligible Employees with respect to a given Offering Period. The subscription
agreement shall set forth the percentage of the participant’s Compensation (subject to Section 6(a)
below) to be paid as Contributions pursuant to the Plan.

     (b) Payroll deductions shall commence on the first payroll following the Offering Date and
shall end on the last payroll paid on or prior to the last Purchase Period of the Offering Period
to which the subscription agreement is applicable, unless sooner terminated by the participant as
provided in Section 10.

     6. Method Of Payment Of Contributions.

     (a) A participant shall elect to have payroll deductions made on each payday during the
Offering Period in an amount not less than one percent (1%) and not more than fifteen percent (15%)
(or such greater percentage as the Board may establish from time to time before an Offering Date)
of such participant’s Compensation on each payday during the Offering Period. All payroll
deductions made by a participant shall be credited to his or her account under the Plan. A
participant may not make any additional payments into such account.

     (b) A participant may discontinue his or her participation in the Plan as provided in Section
10, or, on one occasion only during a Purchase Period may increase and on one occasion only during
a Purchase Period may decrease the rate of his or her Contributions with respect to the Offering
Period by completing and filing with the Company a new subscription agreement authorizing a change
in the payroll deduction rate. The change in rate shall be effective as of the beginning of the
next calendar month following the date of filing of the new subscription agreement, if the
agreement is filed at least ten (10) business days prior to such date and, if not, as of the
beginning of the next succeeding calendar month.

     (c) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 3(b) herein, a participant’s payroll deductions may be decreased during any
Purchase Period to 0%. Payroll deductions shall re-commence at
the rate provided in such participant’s subscription agreement at the beginning of the first
Purchase Period which is scheduled to end in the following calendar year, unless terminated by the
participant as provided in Section 10.

     7. Grant Of Option.

     (a) On the Offering Date of each Offering Period, each eligible Employee participating in such
Offering Period shall be granted an option to purchase on each Purchase Date a number of Shares of
the Company’s Common Stock determined by dividing such Employee’s Contributions accumulated prior
to such Purchase Date and retained in the participant’s account as of the Purchase Date by the

 

 

applicable Purchase Price; provided however, that the maximum number of Shares an Employee may
purchase during each Purchase Period shall be 1,000 Shares (subject to any adjustment pursuant to
Section 19 below), and provided further that such purchase shall be subject to the limitations set
forth in Sections 3(b) and 13.

     (b) The fair market value of the Company’s Common Stock on a given date (the “Fair Market
Value”) shall be determined by the Board based on the closing sales price of the Common Stock for
such date (or, in the event that the Common Stock is not traded on such date, on the immediately
preceding trading date), as reported by the National Association of Securities Dealers Automated
Quotation (Nasdaq) National Market or, if such price is not reported, the mean of the bid and asked
prices per share of the Common Stock as reported by Nasdaq or, in the event the Common Stock is
listed on a stock exchange, the Fair Market Value per share shall be the closing sales price on
such exchange on such date (or, in the event that the Common Stock is not traded on such date, on
the immediately preceding trading date), as reported in The Wall Street Journal.

1   Exercise Of Option. Unless a participant withdraws from the Plan as provided in Section
10, his or her option for the purchase of Shares will be exercised automatically on each Purchase
Date of an Offering Period, and the maximum number of full Shares subject to the option will be
purchased at the applicable Purchase Price with the accumulated Contributions in his or her
account. No fractional Shares shall be issued. The Shares purchased upon exercise of an option
hereunder shall be deemed to be transferred to the participant on the Purchase Date. During his or
her lifetime, a participant’s option to purchase Shares hereunder is exercisable only by him or
her.

2   Delivery. As promptly as practicable after each Purchase Date of each Offering Period,
the Company shall arrange the delivery to each participant, as appropriate, the Shares purchased
upon exercise of his or her option. No fractional Shares shall be purchased; any payroll deductions
accumulated in a participant’s account which are not sufficient to purchase a full Share shall be
retained in the participant’s account for the subsequent Purchase Period or Offering Period,
subject to earlier withdrawal by the participant as provided in Section 10 below. Any other amounts
left over in a participant’s account after a Purchase Date shall be returned to the participant.

     10. Voluntary Withdrawal; Termination Of Employment.

     (a) A participant may withdraw all but not less than all the Contributions credited to his or
her account under the Plan at any time prior to each Purchase Date by giving written notice to the
Company. All of the participant’s Contributions credited to his or her account will be paid to him
or her promptly after receipt of his or her notice of withdrawal and his or her option for the
current period will be automatically terminated, and no further Contributions for the purchase of
Shares will be made during the Offering Period.

     (b) Upon termination of the participant’s Continuous Status as an Employee prior to the Purchase
Date of an Offering Period for any reason, including retirement or death, the Contributions
credited to his or her account will be returned to him or her or, in the case of his or her death,
to the person or persons entitled thereto under Section 15, and his or her option will be
automatically terminated.

     (c) In the event an Employee fails to remain in Continuous Status as an Employee of the Company
and remain customarily employed for at least twenty (20) hours per week and five (5) months per
calendar year during the Offering Period in which the
employee is a participant, he or she will be deemed to have elected to withdraw from the Plan and
the Contributions credited to his or her account will be returned to him or her and his or her
option terminated.

     (d) A participant’s withdrawal from an offering will not have any effect upon his or her
eligibility to participate in a succeeding offering or in any similar plan which may hereafter be
adopted by the Company.

     11. Automatic Withdrawal. If the Fair Market Value of the Shares on any Purchase
Date of an

 

 

Offering Period is less than the Fair Market Value of the Shares on the Offering Date for such
Offering Period (or, in the event of a purchase price adjustment pursuant to a shareholder-approved
Plan Share increase, less than the Fair Market Value of the Shares on the date of obtaining such
shareholder approval), then every participant shall automatically (i) be withdrawn from such
Offering Period at the close of such Purchase Date and after the acquisition of Shares for such
Purchase Period, and (ii) be enrolled in the Offering Period commencing on the first business day
subsequent to such Purchase Period.

1   Interest. No interest shall accrue on the Contributions of a participant in the Plan.

2   Stock.

     (a) Subject to adjustment as provided in Section 19, the maximum number of Shares which shall
be made available for sale under the Plan shall be 2,525,000 Shares. If the Board determines that,
on a given Purchase Date, the number of shares with respect to which options are to be exercised
may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on
the Offering Date of the applicable Offering Period, or (ii) the number of shares available for
sale under the Plan on such Purchase Date, the Board may in its sole discretion provide (x) that
the Company shall make a pro rata allocation of the Shares of Common Stock available for purchase
on such Offering Date or Purchase Date, as applicable, in as uniform a manner as shall be
practicable and as it shall determine in its sole discretion to be equitable among all participants
exercising options to purchase Common Stock on such Purchase Date, and continue all Offering
Periods then in effect, or (y) that the Company shall make a pro rata allocation of the shares
available for purchase on such Offering Date or Purchase Date, as applicable, in as uniform a
manner as shall be practicable and as it shall determine in its sole discretion to be equitable
among all participants exercising options to purchase Common Stock on such Purchase Date, and
terminate any or all Offering Periods then in effect pursuant to Section 20 below. The Company may
make pro rata allocation of the Shares available on the Offering Date of any applicable Offering
Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares
for issuance under the Plan by the Company’s shareholders subsequent to such Offering Date.

     (b) The participant shall have no interest or voting right in Shares covered by his or her option
until such option has been exercised.

     (c) Shares to be delivered to a participant under the Plan will be registered in the name of the
participant or in the name of the participant and his or her spouse.

     14. Administration. The Board, or a committee named by the Board, shall supervise and
administer the Plan and shall have full power to adopt, amend and rescind any rules deemed
desirable and appropriate for the administration of the Plan and not inconsistent with the Plan, to
construe and interpret the Plan, and to make all other determinations necessary or advisable for
the administration of the Plan.

     15. Designation Of Beneficiary.

     (a) A participant may file a written designation of a beneficiary who is to receive any Shares
and cash, if any, from the participant’s account under the Plan in the event of such participant’s
death subsequent to the end of a Purchase Period but prior to delivery to him or her of such Shares
and cash. In addition, a participant may file a written designation of a beneficiary who is to
receive any cash from the participant’s account under the Plan in the event of such participant’s
death prior to the Purchase Date of an
Offering Period. If a participant is married and the designated beneficiary is not the spouse,
spousal consent shall be required for such designation to be effective.

     (b) Such designation of beneficiary may be changed by the participant (and his or her spouse, if
any) at any time by written notice. In the event of the death of a participant and in the absence
of a

 

 

beneficiary validly designated under the Plan who is living at the time of such participant’s
death, the Company shall deliver such Shares and/or cash to the executor or administrator of the
estate of the participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to
the spouse or to any one or more dependents or relatives of the participant, or if no spouse,
dependent or relative is known to the Company, then to such other person as the Company may
designate.

     16. Transferability. Neither Contributions credited to a participant’s account nor any
rights with regard to the exercise of an option or to receive Shares under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution, or as provided in Section 15) by the participant. Any such attempt at
assignment, transfer, pledge or other disposition shall be without effect, except that the Company
may treat such act as an election to withdraw funds in accordance with Section 10.

2   Use Of Funds. All Contributions received or held by the Company under the Plan may be
used by the Company for any corporate purpose, and the Company shall not be obligated to segregate
such Contributions.

3   Reports. Individual accounts will be maintained for each participant in the Plan.
Statements of account will be given to participating Employees at least annually, which statements
will set forth the amounts of Contributions, the per Share Purchase Price, the number of Shares
purchased and the remaining cash balance, if any.

     19. Adjustments Upon Changes In Capitalization; Corporate Transactions.

     (a) Adjustment. Subject to any required action by the shareholders of the Company, the
number of Shares covered by each option under the Plan which has not yet been exercised and the
number of Shares which have been authorized for issuance under the Plan but have not yet been
placed under option (collectively, the “Reserves”), as well as the maximum number of shares of
Common Stock which may be purchased by a participant in a Purchase Period, the number of shares of
Common Stock set forth in Section 13(a)(i) above, and the price per Share of Common Stock covered
by each option under the Plan which has not yet been exercised, shall be proportionately adjusted
for any increase or decrease in the number of issued Shares resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common Stock (including any
such change in the number of Shares of Common Stock effected in connection with a change in
domicile of the Company), or any other increase or decrease in the number of Shares effected
without receipt of consideration by the Company; provided however that conversion of any
convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. Except as expressly provided herein, no issue by the
Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of Shares subject to an option.

     (b) Corporate Transactions. In the event of a dissolution or liquidation of the Company,
any Purchase Period and Offering Period then in progress will terminate immediately prior to the
consummation of such action, unless otherwise provided by the Board. In the event of a Corporate
Transaction, each option outstanding under the Plan
shall be assumed or an equivalent option shall be substituted by the successor corporation or a
parent or Subsidiary of such successor corporation. In the event that the successor corporation
refuses to assume or substitute for outstanding options, each Purchase Period and Offering Period
then in progress shall be shortened and a new Purchase Date shall be set (the “New Purchase Date”),
as of which date any Purchase Period and Offering Period then in progress will terminate. The New
Purchase Date shall be on or before the date of consummation of the transaction and the Board shall
notify each participant in writing, at least ten (10) days prior to the New Purchase Date, that the
Purchase Date for his or her option has been changed to the New Purchase Date and that his or her
option will be exercised automatically on the New Purchase Date, unless prior to
such date

 

 

he or she has withdrawn from the Offering Period as provided in Section 10. For purposes of this
Section 19, an option granted under the Plan shall be deemed to be assumed, without limitation, if,
at the time of issuance of the stock or other consideration upon a Corporate Transaction, each
holder of an option under the Plan would be entitled to receive upon exercise of the option the
same number and kind of shares of stock or the same amount of property, cash or securities as such
holder would have been entitled to receive upon the occurrence of the transaction if the holder had
been, immediately prior to the transaction, the holder of the number of Shares of Common Stock
covered by the option at such time (after giving effect to any adjustments in the number of Shares
covered by the option as provided for in this Section 19); provided however that if the
consideration received in the transaction is not solely common stock of the successor corporation
or its parent (as defined in Section
424(e) of the Code), the Board may, with the consent of the
successor corporation, provide for the consideration to be received upon exercise of the option to
be solely common stock of the successor corporation or its parent equal in Fair Market Value to the
per Share consideration received by holders of Common Stock in the transaction. The Board may, if
it so determines in the exercise of its sole discretion, also make provision for adjusting the
Reserves, as well as the price per Share of Common Stock covered by each outstanding option, in the
event that the Company effects one or more reorganizations, recapitalizations, rights offerings or
other increases or reductions of Shares of its outstanding Common Stock, and in the event of the
Company’s being consolidated with or merged into any other corporation.

     20. Amendment Or Termination.

     (a) The Board may at any time and for any reason terminate or amend the Plan. Except as provided
in Section 19, no such termination of the Plan may affect options previously granted, provided that
the Plan or an Offering Period may be terminated by the Board on a Purchase Date or by the Board’s
setting a new Purchase Date with respect to an Offering Period and Purchase Period then in progress
if the Board determines that termination of the Plan and/or the Offering Period is in the best
interests of the Company and the shareholders or if continuation of the Plan and/or the Offering
Period would cause the Company to incur adverse accounting charges as a result of a change after
the effective date of the Plan in the generally accepted accounting rules applicable to the Plan.
Except as provided in Section 19 and in this Section 20, no amendment to the Plan shall make any
change in any option previously granted which adversely affects the rights of any participant. In
addition, to the extent necessary to comply with Rule 16b-3 under the Exchange Act, or under
Section 423 of the Code (or any successor rule or provision or any applicable law or regulation),
the Company shall obtain shareholder approval in such a manner and to such a degree as so required.

     (b) Without shareholder consent and without regard to whether any participant rights may be
considered to have been adversely affected, the Board (or its committee) shall be entitled to
change the Offering Periods and Purchase Periods, limit the frequency and/or number of changes in
the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount
designated by a participant in order to adjust for delays or mistakes in the Company’s processing
of properly completed
withholding elections, establish reasonable waiting and adjustment periods and/or accounting and
crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly
correspond with amounts withheld from the participant’s Compensation, and establish such other
limitations or procedures as the Board (or its committee) determines in its sole discretion
advisable which are consistent with the Plan.

1   Notices. All notices or other communications by a participant to the Company under or
in

 

 

connection with the Plan shall be deemed to have been duly given when received in the form
specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof.

2   Conditions Upon Issuance Of Shares. Shares shall not be issued with respect to an option
unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto
shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, applicable state securities laws and the requirements of any stock exchange
upon which the Shares may then be listed, and shall be further subject to the approval of counsel
for the Company with respect to such compliance. As a condition to the exercise of an option, the
Company may require the person exercising such option to represent and warrant at the time of any
such exercise that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required by any of the aforementioned applicable provisions of law.

3   Term Of Plan. Unless sooner terminated by the Board, the Plan shall terminate upon the
earliest of (i) the last business day in July 2009, (ii) the date on which all shares available for
issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan
or (iii) the date on which all purchase rights are exercised in connection with a Corporate
Transaction. No further purchase rights shall be granted or exercised, and no further payroll
deductions shall be collected, under the Plan following such termination.

4   Additional Restrictions of Rule 16b-3. The terms and conditions of options granted
hereunder to, and the purchase of Shares by, persons subject to Section 16 of the Exchange Act
shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain,
and such options shall contain, and the Shares issued upon exercise thereof shall be subject to,
such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the
maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

     25. General Provisions.

     (a) All costs and expenses incurred in the administration of the Plan shall be paid by the
Company; however, each Plan participant shall bear all costs and expenses incurred by such
individual in the sale or other disposition of any shares purchased under the Plan.

     (b) Nothing in the Plan shall confer upon any participant any right to continue in the employ of
the Company or any Subsidiary for any period of specific duration or interfere with or otherwise
restrict in any way the rights of the Company (or any Subsidiary employing such person) or of the
participant, which rights are hereby expressly reserved by each, to terminate such person’s
employment at any time for any reason, with or without cause.

     (c) The provisions of the Plan shall be governed by the laws of the State of California without
resort to its conflict-of-laws rules.

SONICWALL, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

SUBSCRIPTION AGREEMENT

New Election                     

Change of Election                     

1   I,                                         , hereby elect to participate in the SonicWALL, Inc. 1999 Employee
Stock Purchase Plan (the “Plan”) for the Offering Period                                         ,                      to
                                         ,                      and subscribe to and purchase shares of the Company’s Common Stock in
accordance with this Subscription Agreement and the Plan.

2   I elect to have Contributions in the amount of                     % of my Compensation, as those terms are

 

 

defined in the Plan, applied to this purchase. I understand that this amount must not be less than
1% and not more than 15% of my Compensation during the Offering Period. (Please note that no
fractional percentages are permitted).

3   I hereby authorize payroll deductions from each paycheck during the Offering Period at the rate
stated in Item 2 of this Subscription Agreement. I understand that all payroll deductions made by
me shall be credited to my account under the Plan and that I may not make any additional payments
into such account. I understand that all payments made by me shall be accumulated for the purchase
of shares of Common Stock at the applicable purchase price determined in accordance with the Plan.
I further understand that, except as otherwise set forth in the Plan, shares will be purchased for
me automatically on the Purchase Date of each Offering Period unless I otherwise withdraw from the
Plan by giving written notice to the Company for such purpose.

4   I understand that I may discontinue at any time prior to the Purchase Date my participation in
the Plan as provided in Section 10 of the Plan. I also understand that I can increase or decrease
the rate of my Contributions on one occasion only with respect to any increase and one occasion
only with respect to any decrease during any Purchase Period by completing and filing a new
Subscription Agreement with such increase or decrease taking effect as of the beginning of the
calendar month following the date of filing of the new Subscription Agreement, if filed at least
ten (10) business days prior to the beginning of such month. Further, I may change the rate of
deductions for future Offering Periods by filing a new Subscription Agreement, and any such change
will be effective as of the beginning of the next Offering Period. In addition, I acknowledge that,
unless I discontinue my participation in the Plan as provided in Section 10 of the Plan, my
election will continue to be effective for each successive Offering Period.

5   I have received a copy of the Company’s most recent description of the Plan and a copy of the
complete “SonicWALL, Inc. 1999 Employee Stock Purchase Plan.” I understand that my participation in
the Plan is in all respects subject to the terms of the Plan.

6   Shares purchased for me under the Plan should be issued in the name(s) of (name of employee or
employee and spouse only):                         

7   In the event of my death, I hereby designate the following as my beneficiary(ies) to receive all
payments and shares due to me under the Plan:

NAME: (Please print) (First) (Middle) (Last)

(Relationship) (Address)

     8. I understand that if I dispose of any shares received by me pursuant to the Plan within two
(2) years after the Offering Date (the first day of the Offering Period during which I purchased
such shares) or within one (1) year after the Purchase Date, I will be treated for federal income
tax purposes as having received ordinary compensation income at the time of such disposition in an
amount equal to the excess of the fair market value of the shares on the Purchase Date over the
price which I paid for the shares, regardless of whether I disposed of the shares at a price less
than their fair market value at the Purchase Date. The remainder of the gain or loss, if any,
recognized on such disposition will be treated as capital gain or loss.

     I hereby agree to notify the Company in writing within thirty (30) days after the date of any
such disposition, and I will make adequate provision for federal, state or other tax withholding
obligations, if any, which arise upon the disposition of the Common
Stock. The Company may, but will not be obligated to, withhold from my compensation the amount
necessary to meet any applicable withholding obligation including any withholding necessary to make
available to the Company any tax deductions or benefits attributable to the sale or early
disposition of Common Stock by me.

 

 

     9. If I dispose of such shares at any time after expiration of the two (2) year and one
(1) year holding periods, I understand that I will be treated for federal income tax purposes as
having received compensation income only to the extent of an amount equal to the lesser of (1) the
excess of the fair market value of the shares at the time of such disposition over the purchase
price which I paid for the shares under the option, or (2) 15% of the fair market value of the
shares on the Offering Date. The remainder of the gain or loss, if any, recognized on such
disposition will be treated as capital gain or loss.

     I understand that this tax summary is only a summary and is subject to change. I further
understand that I should consult a tax advisor concerning the tax implications of the purchase and
sale of stock under the Plan.

     10. I hereby agree to be bound by the terms of the Plan. The effectiveness of this
Subscription Agreement is dependent upon my eligibility to
participate in the Plan. 

SIGNATURE:

SOCIAL
SECURITY NUMBER:

DATE:

SPOUSE’S SIGNATURE (necessary if beneficiary is not spouse):

(Signature)

(Print name)

SONICWALL, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

     I,                                                             , hereby elect to
withdraw my participation in the SonicWALL,
Inc. 1999 Employee Stock Purchase Plan (the “Plan”) for the
Offering Period that began on                                                              ,
               . This withdrawal covers all Contributions credited to my account and is effective on the
date designated below. I understand that all Contributions credited to my account will be paid to
me within ten (10) business days of receipt by the Company of this Notice of Withdrawal and that my
option for the current period will automatically terminate, and that no further Contributions for
the purchase of shares can be made by me during the Offering Period. The undersigned further
understands and agrees that he or she shall be eligible to participate in succeeding offering
periods only by delivering to the Company a new Subscription Agreement.

Dated:

Signature of Employee

Social Security Numberexv10w1

 

Exhibit 10.1

Execution Copy

(Multicurrency—Cross Border)

ISDA®

International Swap Dealers Association, Inc.

MASTER AGREEMENT

dated as of February 22, 2007

HSBC Bank USA, National Association and Nissan Auto Receivables 2007-A Owner Trust
have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that
are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and
the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties
confirming those Transactions.

Accordingly, the parties agree as follows:

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings
therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and
the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively referred
to as this “Agreement”), and the parties would not otherwise enter into any Transactions.

2. Obligations

(a) General Conditions.

(i) Each party will make each payment or delivery specified in each Confirmation to be made
by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that date in
the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner customary for

Copyright © 1992 by International Swap Dealers Association, Inc

 

 

payments in the required currency. Where settlement is by delivery (that is, other than by
payment), such delivery will be made for receipt on the due date in the manner customary for
the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere
in this Agreement.

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect to the other
party has occurred and is continuing, (2) the condition precedent that no Early Termination
Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement.

(b) Change of Account. Either party may change its account for receiving a payment or delivery by
giving notice to the other party at least five Local Business Days prior to the scheduled date for
the payment or delivery to which such change applies unless such other party gives timely notice of
a reasonable objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:

(i) in the same currency; and

(ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party’s obligation to make payment of any such
amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess of the larger
aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount will be determined
in respect of all amounts payable on the same date in the same currency in respect of such
Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii)
above will not apply to the Transactions identified as being subject to the election, together with
the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for different groups of
Transactions and will apply separately to each pairing of Offices through which the parties make
and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by
any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party
(“X”) will:

2

 

(1) promptly notify the other party (“Y”) of such requirement;

(2) pay to the relevant authorities the full amount required to be deducted or
withheld (including the full amount required to be deducted or withheld from any
additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier
of determining that such deduction or withholding is required or receiving notice
that such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other
documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to
which Y is otherwise entitled under this Agreement, such additional amount as is
necessary to ensure that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y
would have received had no such deduction or withholding been required. However, X
will not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for:

(A) the failure by Y to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be
accurate and true unless such failure would not have occurred but for (I)
any action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law.

(ii) Liability. If:

(1) X is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, to make any deduction or withholding in respect of
which X would not be required to pay an additional amount to Y under Section
2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related
liability for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or
4(d)).

3

 

(e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the
performance of any payment obligation will, to the extent permitted by law and subject to Section
6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the
other party on demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of actual payment, at the
Default Rate. Such interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other party on demand if and
to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed to be repeated by
each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that:

(a) Basic Representations.

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of
its organisation or incorporation and, if relevant under such laws, in good standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other
documentation relating to this Agreement that it is required by this Agreement to deliver
and to perform its obligations under this Agreement and any obligations it has under any
Credit Support Document to which it is a party and has taken all necessary action to
authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or
conflict with any law applicable to it, any provision of its constitutional documents, any
order or judgment of any court or other agency of government applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained
by it with respect to this Agreement or any Credit Support Document to which it is a party
have been obtained and are in full force and effect and all conditions of any such consents
have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

4

 

(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its
knowledge, Termination Event with respect to it has occurred and is continuing and no such
event or circumstance would occur as a result of its entering into or performing its obligations
under this Agreement or any Credit Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any
of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality,
validity or enforceability against it of this Agreement or any Credit Support Document to which it
is a party or its ability to perform its obligations under this Agreement or such Credit Support
Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by
or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in every material
respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it
for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under
this Agreement or under any Credit Support Document to which it is a party:

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under
subparagraph (iii) below, to such government or taxing authority as the other party reasonably
directs:

(i) any forms, documents or certificates relating to taxation specified in the Schedule or
any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required
or reasonably requested in writing in order to allow such other party or its Credit Support
Provider to make a payment under this Agreement or any applicable Credit Support Document
without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such
form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to
be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if none is specified,
as soon as reasonably practicable.

5

 

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and
effect all consents of any governmental or other authority that are required to be obtained by it
with respect to this Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders
to which it may be subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section
3(f) to be accurate and true promptly upon learning of such failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon
it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is
incorporated, organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is located (“Stamp
Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon
the other party or in respect of the other party’s execution or performance of this Agreement by
any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any of the following
events constitutes an event of default (an “Event of Default”) with respect to such party:

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under
this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such
failure is not remedied on or before the third Local Business Day after notice of such
failure is given to the party;

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement or delivery
under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party;

(iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any
applicable grace period has elapsed;

6

 

(2) the expiration or termination of such Credit Support Document or the failing or
ceasing of such Credit Support Document to be in full force and effect for the
purpose of this Agreement (in either case other than in accordance with its terms)
prior to the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the other
party; or

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support
Document;

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document proves to
have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated;

(v) Default under Specified Transaction. The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party (1) defaults under a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified
Transaction (or such default continues for at least three Local Business Days if there is no
applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person
or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar
condition or event (however described) in respect of such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually or
collectively) in an aggregate amount of not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or
becoming capable at such time of being declared, due and payable under such agreements or
instruments, before it would otherwise have been due and payable or (2) a default by such
party, such Credit Support Provider or such Specified Entity (individually or collectively)
in making one or more payments on the due date thereof in an aggregate amount of not less
than the applicable Threshold Amount under such agreements or instruments (after giving
effect to any applicable notice requirement or grace period);

(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:

7

 

(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors; (4)
institutes or has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law
or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; (5) has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or
merger); (6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained,
in each case within 30 days thereafter; (8) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an analogous
effect to any of the events specified in clauses (1) to (7) (inclusive); or (9)
takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially
all its assets to, another entity and, at the time of such consolidation, amalgamation,
merger or transfer:

(1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or
any Credit Support Document to which it or its predecessor was a party by operation
of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or

(2) the benefits of any Credit Support Document fail to extend (without the consent
of the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any event specified
below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is specified
pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v)
below:

8

 

(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date
on which a Transaction is entered into, or due to the promulgation of, or any change in, the
interpretation by any court, tribunal or regulatory authority with competent jurisdiction of
any applicable law after such date, it becomes unlawful (other than as a result of a breach
by the party of Section 4(b)) for such party (which will be the Affected Party):

(1) to perform any absolute or contingent obligation to make a payment or delivery
or to receive a payment or delivery in respect of such Transaction or to comply with
any other material provision of this Agreement relating to such Transaction; or

(2) to perform, or for any Credit Support Provider of such party to perform, any
contingent or other obligation which the party (or such Credit Support Provider) has
under any Credit Support Document relating to such Transaction;

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Payment
Date (1) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be
deducted or withheld for or on account of a Tax (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such
Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of
an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Indemnifiable Tax in respect of which the other party is
not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or
(B)), in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which
will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii);

(iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule
as applying to the party, such party (“X”), any Credit Support Provider of X or any
applicable Specified Entity of X consolidates or amalgamates with, or merges with or into,
or transfers all or substantially all its assets, to, another entity and such action does
not constitute an event described in Section 5(a)(viii) but the creditworthiness of the

9

 

resulting, surviving or transferee entity is materially weaker than that of X, such Credit
Support Provider or such Specified Entity, as the case may be, immediately prior to such
action (and, in such event, X or its successor or transferee, as appropriate, will be the
Affected Party); or

(v) Additional Termination Event. If any “Additional Termination Event” is specified in the
Schedule or any Confirmation as applying, the occurrence of such event (and, in such event,
the Affected Party or Affected Parties shall be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute
or give rise to an Event of Default also constitutes an Illegality, it will be treated as an
Illegality and will not constitute an Event of Default.

6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect
to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the
“Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the
relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in
respect of all outstanding Transactions will occur immediately upon the occurrence with respect to
such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the institution of the
relevant proceeding or the presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous
thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming
aware of it, notify the other party, specifying the nature of that Termination Event and
each Affected Transaction and will also give such other information about that Termination
Event as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1)
or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition
to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i)
all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist.

10

 

If the Affected Party is not able to make such a transfer it will give notice to the other
party to that effect within such 20 day period, whereupon the other party may effect such a
transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional
upon the prior written consent of the other party, which consent will not be withheld if
such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs
and there are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to
avoid that Termination Event.

(iv) Right to Terminate. If:

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as
the case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an
Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the
Burdened Party is not the Affected Party,

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon
Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if
there is more than one Affected Party, or the party which is not the Affected Party in the
case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, by not more than 20 days notice to the other party and provided that
the relevant Termination Event is then continuing, designate a day not earlier than the day
such notice is effective as an Early Termination Date in respect of all Affected
Transactions.

(c) Effect of Designation.

(i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the
Early Termination Date will occur on the date so designated, whether or not the relevant
Event of Default or Termination Event is then continuing.

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of
this Agreement. The amount, if any, payable in respect of an Early Termination Date shall
be determined pursuant to Section 6(e).

(d) Calculations.

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early
Termination Date, each party will make the calculations on its part, if any,
contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including all relevant quotations and specifying any
amount payable under Section 6(e)) and (2) giving details of the relevant account to

11

 

which
any amount payable to it is to be paid. In the absence of written confirmation from the
source of a quotation obtained in determining a Market Quotation, the records of the party
obtaining such quotation will be conclusive evidence of the existence and accuracy of such
quotation.

(ii) Payment Date. An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is
effective (in the case of an Early Termination Date which is designated or occurs as a
result of an Event of Default) and on the day which is two Local Business Days after the day
on which notice of the amount payable is effective (in the case of an Early Termination Date
which is designated as a result of a Termination Event). Such amount will be paid together
with (to the extent permitted under applicable law) interest thereon (before as well as
after judgment) in the Termination Currency, from (and including) the relevant Early
Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate.
Such interest will be calculated on the basis of daily compounding and the actual number of
days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions
shall apply based on the parties’ election in the Schedule of a payment measure, either “Market
Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be
deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The
amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off.

(i) Events of Default. If the Early Termination Date results from an Event of Default:

(1) First Method and Market Quotation. If the First Method and Market Quotation
apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a
positive number, of (A) the sum of the Settlement Amount (determined by the
Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party.

(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party
will pay to the Non-defaulting Party, if a positive number, the Non-defaulting
Party’s Loss in respect of this Agreement.

(3) Second Method and Market Quotation. If the Second Method and Market Quotation
apply, an amount will be payable equal to (A) the sum of the Settlement Amount
(determined by the Non-defaulting Party) in respect of the Terminated Transactions
and the Termination Currency Equivalent of the Unpaid

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Amounts owing to the Non-defaulting Party less (B) the Termination Currency
Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it
is a negative number, the Non-defaulting Party will pay the absolute value of that
amount to the Defaulting Party.

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be
payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If
that amount is a positive number, the Defaulting Party will pay it to the
Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay
the absolute value of that amount to the Defaulting Party.

(ii) Termination Events. If the Early Termination Date results from a Termination Event:

(1) One Affected Party. If there is one Affected Party, the amount payable will be
determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be references to
the Affected Party and the party which is not the Affected Party, respectively, and,
if Loss applies and fewer than all the Transactions are being terminated, Loss shall
be calculated in respect of all Terminated Transactions.

(2) Two Affected Parties. If there are two Affected Parties:

(A) if Market Quotation applies, each party will determine a Settlement
Amount in respect of the Terminated Transactions, and an amount will be
payable equal to (I) the sum of (a) one-half of the difference between the
Settlement Amount of the party with the higher Settlement Amount (“X”) and
the Settlement Amount of the party with the lower Settlement Amount (“Y”)
and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X
less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to
Y; and

(B) if Loss applies, each party will determine its Loss in respect of this
Agreement (or, if fewer than all the Transactions are being terminated, in
respect of all Terminated Transactions) and an amount will be payable equal
to one-half of the difference between the Loss of the party with the higher
Loss (“X”) and the Loss of the party with the lower Loss (“Y”).

If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will
pay the absolute value of that amount to Y.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs
because “Automatic Early Termination” applies in respect of a party, the amount determined
under this Section 6(e) will be subject to such adjustments as are appropriate and permitted
by law to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the
relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

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(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount
is payable for the loss of bargain and the loss of protection against future risks and
except as otherwise provided in this Agreement neither party will be entitled to recover any
additional damages as a consequence of such losses.

7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this
Agreement may be transferred (whether by way of security or otherwise) by either party without the
prior written consent of the other party, except that:

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all its assets to, another entity
(but without prejudice to any other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it
from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the
relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the
currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the
Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a
currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in
respect of this Agreement, (ii) for the payment of any amount relating to any early termination in
respect of this Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in
full of the aggregate amount to which such party is entitled pursuant

14

 

to the judgment or order, will be entitled to receive immediately from the other party the amount
of any shortfall of the Contractual Currency received by such party as a consequence of sums paid
in such other currency and will refund promptly to the other party any excess of the Contractual
Currency received by such party as a consequence of sums paid in such other currency if such
shortfall or such excess arises or results from any variation between the rate of exchange at which
the Contractual Currency is converted into the currency of the judgment or order for the purposes
of such judgment or order and the rate of exchange at which such party is able, acting in a
reasonable manner and in good faith in converting the currency received into the Contractual
Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or
order actually received by such party. The term “rate of exchange” includes, without limitation,
any premiums and costs of exchange payable in connection with the purchase of or conversion into
the Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute
separate and independent obligations from the other obligations in this Agreement, will be
enforceable as separate and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to
demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the
parties with respect to its subject matter and supersedes all oral communication and prior writings
with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and
executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations
of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers,
remedies and privileges provided by law.

(e) Counterparts and Confirmations.

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which
will be deemed an original.

15

 

(ii) The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be
entered into as soon as practicable and may be executed and delivered in counterparts
(including by facsimile transmission) or be created by an exchange of telexes or by an
exchange of electronic messages on an electronic messaging system, which in each case will
be sufficient for all purposes to evidence a binding supplement to this Agreement. The
parties will specify therein or through another effective means that any such counterpart,
telex or electronic message constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect
of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of
any right, power or privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to the other party
that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation
of such party, the obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be repeated by such party
on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives payments or deliveries
for the purpose of a Transaction without the prior written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make
and receive payments or deliveries under any Transaction through any Office listed in the Schedule,
and the Office through which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all
reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party
by reason of the enforcement and protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

16

 

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in
any manner set forth below (except that a notice or other communication under Section 5 or 6 may
not be given by facsimile transmission or electronic messaging system) to the address or number or
in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:

(i) if in writing and delivered in person or by courier, on the date it is delivered;

(ii) if sent by telex, on the date the recipient’s answerback is received;

(iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission report generated
by the sender’s facsimile machine);

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is attempted;
or

(v) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a
Local Business Day or that communication is delivered (or attempted) or received, as applicable,
after the close of business on a Local Business Day, in which case that communication shall be
deemed given and effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the address, telex or
facsimile number or electronic messaging system details at which notices or other communications
are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law
specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement
(“Proceedings”), each party irrevocably:

(i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be
governed by English law, or to the non-exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New
York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and

(ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to
such Proceedings, that such court does not have any jurisdiction over such party.

17

 

Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or
any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in
any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified
opposite its name in the Schedule to receive, for it and on its behalf, service of process in any
Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in the manner
provided for notices in Section 12. Nothing in this Agreement will affect the right of either
party to serve process in any other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective of their use or
intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance
or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the
extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:

“Additional Termination Event” has the meaning specified in Section 5(b).

“Affected Party” has the meaning specified in Section 5(b).

“Affected Transactions” means (a) with respect to any Termination Event consisting of an
Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event and (b) with respect to any other Termination Event, all Transactions.

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or indirectly, the person
or any entity directly or indirectly under common control with the person. For this purpose,
“control” of any entity or person means ownership of a majority of the voting power of the entity
or person.

“Applicable Rate” means:

(a) in respect of obligations payable or deliverable (or which would have been but for Section
2(a)(iii)) by a Defaulting Party, the Default Rate;

18

 

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after
the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the
Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

(d) in all other cases, the Termination Rate.

“Burdened Party” has the meaning specified in Section 5(b).

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change
in or amendment to, any law (or in the application or official interpretation of any law) that
occurs on or after the date on which the relevant Transaction is entered into.

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing,
registration or exchange control consent.

“Credit Event Upon Merger” has the meaning specified in Section 5(b).

“Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement.

“Credit Support Provider” has the meaning specified in the Schedule.

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual
cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant
amount plus 1% per annum.

“Defaulting Party” has the meaning specified in Section 6(a).

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

“Illegality” has the meaning specified in Section 5(b).

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a
payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person
related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or
having been organised, present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document).

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“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the
practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be
construed accordingly.

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to
any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if
not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the
address for notice provided by the recipient and, in the case of a notice contemplated by Section
2(b), in the place where the relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case
may be, and a party, the Termination Currency Equivalent of an amount that party reasonably
determines in good faith to be its total losses and costs (or gain, in which case expressed as a
negative number) in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at
the election of such party but without duplication, loss or cost incurred as a result of its
terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any
gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each applicable condition
precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine
its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as
of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine
its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in
the relevant markets.

“Market Quotation” means, with respect to one or more Terminated Transactions and a party making
the determination, an amount determined on the basis of quotations from Reference Market-makers.
Each quotation will be for an amount, if any, that would be paid to such party (expressed as a
negative number) or by such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document with respect to the
obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the
“Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent
and assuming the satisfaction of each applicable condition precedent) by the parties under Section
2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would,
but for the occurrence of the relevant Early Termination Date, have been required after that date.
For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be

20

 

excluded but, without limitation, any payment or delivery that would, but for the relevant Early
Termination Date, have been required (assuming satisfaction of each applicable condition precedent)
after that Early Termination Date is to be included. The Replacement Transaction would be subject
to such documentation as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference Market-maker to provide
its quotation to the extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the relevant Early Termination
Date. The day and time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if each party is so
obliged, after consultation with the other. If more than three quotations are provided, the Market
Quotation will be the arithmetic mean of the quotations, without regard to the quotations having
the highest and lowest values. If exactly three such quotations are provided, the Market Quotation
will be the quotation remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed
that the Market Quotation in respect of such Terminated Transaction or group of Terminated
Transactions cannot be determined.

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant
amount.

“Non-defaulting Party” has the meaning specified in Section 6(a).

“Office” means a branch or office of a party, which may be such party’s head or home office.

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time
or both, would constitute an Event of Default.

“Reference Market-makers” means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the highest credit standing
which satisfy all the criteria that such party applies generally at the time in deciding whether to
offer or to make an extension of credit and (b) to the extent practicable, from among such dealers
having an office in the same city.

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office
through which the party is acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through which such payment is
made.

“Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section
2(a)(i) with respect to a Transaction.

“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or
similar right or requirement to which the payer of an amount under Section 6 is entitled or subject
(whether arising under this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer.

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“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:

(a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for
each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is
determined; and

(b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts)
for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation
cannot be determined or would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result.

“Specified Entity” has the meaning specified in the Schedule.

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

“Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement
with respect thereto) now existing or hereafter entered into between one party to this Agreement
(or any Credit Support Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or similar tax.

“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature
(including interest, penalties and additions thereto) that is imposed by any government or other
taxing authority in respect of any payment under this Agreement other than a stamp, registration,
documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event Upon Merger” has the meaning specified in Section 5(b).

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a
Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all
Transactions (in either case) in effect immediately before the effectiveness of the notice
designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately
before that Early Termination Date).

22

 

“Termination Currency” has the meaning specified in the Schedule.

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination
Currency, such Termination Currency amount and, in respect of any amount denominated in a currency
other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency
determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market
Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the
Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent
(selected as provided below) for the purchase of such Other Currency with the Termination Currency
at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date
as would be customary for the determination of such a rate for the purchase of such Other Currency
for value on the relevant Early Termination Date or that later date. The foreign exchange agent
will, if only one party is obliged to make a determination under Section 6(e), be selected in good
faith by that party and otherwise will be agreed by the parties.

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof
or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of
funding such amounts.

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate
of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would
have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to
such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in
respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or
would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or
prior to such Early Termination Date and which has not been so settled as at such Early Termination
Date, an amount equal to the fair market value of that which was (or would have been) required to
be delivered as of the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such amounts, from (and
including) the date such amounts or obligations were or would have been required to have been paid
or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts
of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above shall be
reasonably determined by the party obliged to make the determination under Section 6(e) or, if each
party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair
market values reasonably determined by both parties.

23

 

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document.

	 	 	 	 	 	 	 	 	 	 
	HSBC BANK USA, NATIONAL ASSOCIATION

 	 	 	NISSAN AUTO RECEIVABLES 2007—A OWNER TRUST,

 	 	 
	By:  	/s/ Sandra Nicotra 	 	 	By: WILMINGTON TRUST COMPANY,
 	 
	 	Name:  	Sandra Nicotra	 	 	not in its individual capacity but solely 	 
	 	Title:  	Senior Vice President	 	 	as Owner Trustee 	 
	 	Date:   February 22, 2007 	 	 	 
	 	By:  	/s/ Robert J. Perkins
 	 	 
	 	 	Name:  	Robert J. Perkins 	 	 
	 	 	Title:  	Sr. Financial Services Officer 	 	 
	 	Date:   February 22, 2007 

24

 

Execution Copy

ISDA

International Swap Dealers Association, Inc.

SCHEDULE

to the

Master Agreement

dated as of February 22, 2007

between HSBC BANK USA, NATIONAL ASSOCIATION

(“Party A”)

and

NISSAN AUTO RECEIVABLES 2007-A OWNER TRUST

(“Party B”)

Part 1. Termination Provisions.

	(a)	 	The following shall apply:

(i) Termination by Party A — Events of Default Notwithstanding the provisions of Section
5(a), the only events which will constitute Events of Default when they occur in relation
to Party B will be those events specified in Sections 5(a)(i) (Failure To Pay Or Deliver)
and Section 5(a)(vii) (Bankruptcy), other than the events specified in Section
5(a)(vii)(2).

Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of
Section 5(a)(iii) (Credit Support Default), the provisions of Section 5(a)(iv)
(Misrepresentation), the provisions of Section 5(a)(v) (Default Under Specified
Transaction), the provisions of Section 5(a)(vi) (Cross Default), the provisions of
Section 5(a)(vii)(2) (insolvency) and the provisions of Section 5(a)(viii) (Merger Without
Assumption) will in no circumstances be regarded as having given rise to an Event of
Default with respect to Party B.

(ii) Termination by Party A — Termination Events Notwithstanding the provisions of
Section 5(b), and save as otherwise provided herein, the only events which will constitute Termination Events when they occur in relation to Party B will be those

 

 

events specified in Section 5(b)(i) (Illegality) and Section 5(b)(v) (Additional Termination
Event). Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon Merger) will
not be regarded as having given rise to a Termination Event with respect to Party B and
Party A may not designate an Early Termination Date related to the provisions of Section
5(b)(ii) (Tax Event) or the provisions of Section 5(iii) (Tax Event Upon Merger).

(iii)
Termination by Party B — Events of Default and Termination Events. Save as otherwise
provided herein, the provisions of Section 5 will apply with respect to Party A without
amendment save for the provisions of Section 5(b)(iii) will apply to Party A provided that
Party A shall not be entitled to designate an Early Termination Date by reason of a Tax
Event Upon Merger in respect of which it is the Affected Party. For purposes of Section
5(a)(vi) (Cross Default), the Threshold Amount applicable to Party A shall be 3% of
Shareholders equity (excluding deposits).

	(b)	 	“Specified Entity” none specified in relation to either Party A or Party B.
	 
	(c)	 	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement.
	 
	(d)	 	The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not apply
to Party A and will not apply to Party B.
	 
	(e)	 	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

Market Quotation will apply and the Second Method will apply; provided,
however, with respect to an early termination in which Party A is the Defaulting
Party or sole Affected Party in respect of an Additional Termination Event or Tax Event
Upon Merger, notwithstanding Section 6 of this Agreement, the following amendment to this
Agreement set forth in paragraphs (i) to (ix) below shall apply:

The definition of “Market Quotation” shall be deleted in its entirety and replaced with the
following:

“
“Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer
which is (1) made by a Reference Market-maker that is an Eligible Replacement with Rated
Debt, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in

2

 

consideration of an agreement between Party B and such Reference Market-maker to enter into
a transaction (the “Replacement Transaction”) that would have the effect of preserving for
such party the economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each applicable
condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transactions or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that Date, (3) made on the basis
that Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to
be excluded but, without limitation, any payment or delivery that would, but for the
relevant Early Termination Date, have been required (assuming satisfaction of each
applicable condition precedent) after that Early Termination Date is to be included and (4)
made in respect of a Replacement Transaction with commercial terms substantially the same as
those of this Agreement (save for the exclusion of provisions relating to Transactions that
are not Terminated Transactions).”

(iii) The definition of “Settlement Amount” shall be deleted in its entirety and replaced
with the following:

“Settlement Amount” means, with respect to any Early Termination Date, an amount (as
determined by Party B) equal to:

	 	(a)	 	If a Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by Party B so as to become legally binding on or
before the day falling ten Local Business Days after the day on which the Early
Termination Date is designated (or such later day as Party B may specify in writing to
Party A, which in any event will not be later than the Early Termination Date) (such
day, the “Latest Settlement Amount Determination Day”), the Termination Currency
Equivalent of the amount (whether positive or negative) of such Market Quotation; or
	 
	 	(b)	 	If no Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by Party B so as to become legally binding on or
before the Latest Settlement Amount Determination Day, Party B’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for the relevant Terminated
Transaction or group of Terminated Transactions.

3

 

(iv) For the purpose of clause (4) of the definition of Market Quotation, Party B shall
determine in its sole discretion, acting in a commercially reasonable manner, whether a Firm
Offer is made in respect of a Replacement Transaction with commercial terms substantially
the same as those of this Agreement (save for the exclusion of provisions relating to
Transactions that are not Terminated Transactions).

(v) Party B undertakes to use its reasonable efforts to obtain at least one Market Quotation
before the Latest Settlement Amount Determination Day.

(vi) Party B will be deemed to have discharged its obligations under (v) above if it
requests Party A to obtain Market Quotations, where such request is made in writing within
two Local Business Days after the day on which the Early Termination Date is designated.

(vii) if Party B requests Party A in writing to obtain Market Quotations, Party A shall use
its reasonable efforts to do so before the Latest Settlement Amount Determination Day.

(viii) Any amount calculated as being due in respect of an Early Termination Date will be
payable in accordance with Section 6(d)(ii), provided that if such payment is owed to Party
B, it will be payable on the day that notice of the amount payable is given to Party A.

(ix) If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
shall be deleted in its entirety and replaced with the following:

“Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party
B shall pay to Party A an amount equal to the absolute value of the Settlement Amount in
respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination
Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to
Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B, Provided
that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance
with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this
Agreement, any amount payable by Party A under (3) shall not be netted-off against any
amount payable by Party B under (1).”.

4

 

	(f)	 	“Termination Currency” means U.S. Dollars.
	 
	(g)	 	Additional Termination Event will apply. Each of the following events shall constitute an
Additional Termination Event hereunder:

(i) Acceleration of the Notes. The following shall constitute an Additional
Termination Event in which Party B shall be the sole Affected Party: Any
acceleration of the Notes outstanding occurs following an event of default under the
Indenture.

(ii) Regulation AB Financial Disclosure. The following shall constitute an
Additional Termination Event in which Party A shall be the sole Affected Party:
The failure of Party A to materially comply with or materially perform any agreement
or undertaking to be complied with or performed by Party A under Part 5(t).

(iii) S&P Downgrade of Party A. The failure by Party A to post Eligible Collateral
in accordance with the terms of the Credit Support Annex or to obtain a guarantee in
accordance with Part 5(q) or to transfer its rights and obligations hereunder to a
Qualified Counterparty in accordance with Part 5(q) shall constitute an Additional
Termination Event for which Party A shall be the sole Affected Party.

(iv) Moody’s First Rating Trigger Collateral. The following shall constitute an
Additional Termination Event in which Party A is the sole Affected Party: Party A
has failed to comply with or perform any obligation to be complied with or performed
by Party A in accordance with the Credit Support Annex from time to time entered
into between Party A and Party B in relation to this Agreement and either (x) the
Moody’s Second Rating Trigger Requirements do not apply or (y) less than 30 Local
Business Days have elapsed since the last time the Moody’s Second Rating
Trigger Requirements did not apply.

(v) Moody’s Second Rating Trigger Replacement. The following shall constitute an
Additional Termination Event in which Party A is the sole Affected Party: (x) The
Moody’s Second Rating Trigger Requirements apply and 30 or more Local Business Days
have elapsed since the last time the Moody’s Second Rating Trigger Requirements did
not apply and (y) (A) at least one Eligible Replacement has made a Firm Offer (which
remains capable of becoming legally binding upon acceptance) to be the transferee of
a transfer to be made in

5

 

accordance with Part 5(e) below and/or (B) at least one entity with the Moody’s
First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings
has made a Firm Offer (which remains capable of becoming legally binding upon
acceptance by the offeree) to provide an Eligible Guarantee in respect of all of
Party A’s present and future obligations under this Agreement.

For the purpose of Part 1(e) and sub-paragraphs (iv) and (v) above:

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is
provided by a guarantor as principal debtor rather than surety and is directly
enforceable by Party B, where either (A) a law firm has given a legal opinion
confirming that none of the guarantor’s payments to Party B under such guarantee
will be subject to withholding for tax or (B) such guarantee provides that, in the
event that any of such guarantor’s payments to Party B are subject to withholding
for tax, such guarantor is required to pay such additional amount as is necessary to
ensure that the net amount actually received by Party B (free and clear of any
withholding tax) will equal the full amount Party B would have received had no such
withholding been required.

“Eligible Replacement” means an entity (A) with the Moody’s First Trigger Required
Ratings and/or the Moody’s Second Trigger Required Ratings that is the subject of a
legal opinion given by a law firm confirming that none of its payments to Party B
will be subject to withholding for tax or (B) whose present and future obligations
owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a
guarantor with the Moody’s First Trigger Required Ratings and/or the Moody’s Second
Trigger Required Ratings.

“Firm Offer” means an offer which, when made, was capable of becoming legally
binding upon acceptance.

“Moody’s Short-term Rating” means a rating assigned by Moody’s under its short-term
rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt
obligations

6

 

“Relevant Entities” means Party A and any guarantor under an Eligible Guarantee in
respect of all of Party A’s present and future obligations under this Agreement.

(A) The “Moody’s First Rating Trigger Requirements” shall apply so long as no
Relevant Entity has the Moody’s First Trigger Required Ratings.

An entity shall have the “Moody’s First Trigger Required Ratings” (x) where such
entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-1”
and its long-term, unsecured and unsubordinated debt obligations are rated “A2” or
above by Moody’s and (y) where such entity is not the subject of a Moody’s
Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations
are rated “A1” or above by Moody’s.

(B) So long as the Moody’s First Rating Trigger Requirements apply, Party A will at
its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, (x) procure an Eligible Guarantee in respect of all of Party A’s
present and future obligations under this Agreement to be provided by a guarantor
with the Moody’s First Trigger Required Ratings, (y) transfer to Party B the amount
of Eligible Collateral required under the Credit Support Annex or (y) transfer this
Agreement in accordance with Part 5(e) below.

(C) The “Moody’s Second Rating Trigger Requirements” shall apply so long as no
Relevant Entity has the Moody’s Second Trigger Required Ratings.

An entity shall have the “Moody’s Second Trigger Required Ratings” (x) where such
entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” or
above and its long-term, unsecured and unsubordinated debt obligations are rated
“A3” or above by Moody’s and (y) where such entity is not the subject of a Moody’s
Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations
are rated “A3” or above by Moody’s.

(D) So long as the Moody’s Second Rating Trigger Requirements apply, Party A will at
its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, either (x) procure an Eligible Guarantee in respect of all of Party A’s
present and future obligations under this Agreement to be provided by a guarantor
with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
Required Ratings or (y) transfer this Agreement in accordance with Part 5(e) below, and in both the case of (x) and (y), transfer to
Party B the amount of Eligible Collateral required under the Credit Support Annex.

7

 

In the event of an Early Termination Date in respect of a Party A Rating Downgrade,
a Moody’s First Rating Trigger Replacement or a Moody’s Second Rating Trigger
Replacement and the entering into by Party B of alternative swap arrangements, Party
A shall pay all reasonable out-of-pocket expenses, including legal fees and stamp
taxes, relating to the entering into of such alternative swap arrangements.

Part 2. Tax Representations

	(a)	 	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make
the following representation and Party B will make the following representation:

It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or
withholding for or on account of any Tax from any payment (other than interest under
Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
under this Agreement. In making this representation, it may rely on (i) the accuracy of
any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this
Agreement and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of
the agreement of the other party contained in Section 4(d) of this Agreement, provided
that it shall not be a breach of this representation where reliance is placed on clause
(ii) and the other party does not deliver a form or document under Section 4(a)(iii) of
this Agreement by reason of material prejudice to its legal or commercial position.

	(b)	 	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B
will make the representations in (i) and (ii) below.

	 	(i)	 	Party A represents that it is a national bank organized under the laws of the
United States.

8

 

	 	(ii)	 	Party B represents that it is a Delaware statutory trust organized or formed
under the laws of the State of Delaware.

Part 3. Agreement to Deliver Documents.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the
following documents, as applicable:

	(a)	 	Tax forms, documents or certificates to be delivered are:

Party A and Party B shall promptly deliver to the other party (or as directed) any form or
document accurately completed and in a manner reasonably satisfactory to the other party
that may be required or reasonably requested in order to allow the other party to make a
payment under a Transaction without any deduction or withholding for or on account of any
Tax or with such deduction or withholding at a reduced rate, promptly upon reasonable demand
by the other party.

	(b)	 	Other documents to be delivered are:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by Section
	Party required to	 	Form/Document/	 	Date by which to be	 	3(d) Representation
	deliver document	 	Certificate	 	delivered	 	of this Agreement
	Party A and Party B

	 	Evidence of the
authority of the
signatories of this
Agreement including
specimen signatures
of such
signatories.
	 	Upon execution of
this Agreement.
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	An opinion of
counsel addressed
to Party B in form
and substance
reasonably
acceptable to Party
B.
	 	Upon execution of
this Agreement.
	 	No

9

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by Section
	Party required to	 	Form/Document/	 	Date by which to be	 	3(d) Representation
	deliver document	 	Certificate	 	delivered	 	of this Agreement
	Party B

	 	An opinion of Party
B’s counsel
addressed to Party
A in form and
substance
reasonably
acceptable to Party
A.
	 	Upon execution of
this Agreement.
	 	No
	 
	 	 	 	 	 	 
	Party B

	 	A duly executed
certificate of the
secretary or
assistant secretary
of the Owner
Trustee of Party B
certifying the name
and true signature
of each person
authorized to
execute this
Agreement and enter
into Transactions
for Party B.
	 	Upon execution of
this Agreement.
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Copies of executed
Indenture and Sale
and Servicing
Agreement.
	 	Upon execution of
such Agreements
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Financial data
relating to Party
A, as required
pursuant to Part
5(t) of this
Schedule.
	 	As required
pursuant to Part
5(t) of this
Schedule.
	 	Yes

10

 

Part 4. Miscellaneous.

	(a)	 	Addresses for Notices. For the purpose of Section 12(a) of this Agreement:
	 
	 	 	Address for notices or communications to Party A:
	 
	 	 	Address: 452 Fifth Avenue, New York, NY 10018

Attention: Legal Department

Telex No.: Not applicable           Answerback: Not applicable

Facsimile No.: 646-366-3315     Telephone No.: 212-525-3158

Electronic Messaging System Details: Not applicable
	 
	 	 	Address for notices or communications to Party B:

			
	          Address:	 	c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

	 	 	Attention: Nissan Auto Receivables 2007-A Owner Trust/Dorri Wolhar

Telex No.: Not applicable          Answerback: Not applicable

Facsimile No.: 302-636-4140          Telephone No.: 302-636-6194

Electronic Messaging System Details: Not applicable
	 
	 	 	With a copy to:
	 
	 	 	Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street, 10th Floor, B-10-C

Nashville, Tennessee 37201-1800

Attention: Rachel Serina, CTP, Senior Treasury Manager, Funding

Telephone No.: 615-725-8146

Facsimile No.: 615-725-1720

11

 

	 	 	With a copy to the Indenture Trustee at:

			
	           Address:	 	Wells Fargo Center

Sixth and Marquette Avenue

MAC N9311-161

Minneapolis, MN 55479

Attention: Asset Backed Securities Department

Telex No.: Not applicable            Answerback: Not applicable

Facsimile No.: (612) 667-3464     Telephone No.: 612-667-7181

Electronic Messaging System Details: Not applicable

	(b)	 	Process Agent. For the purpose of Section 13(c) of this Agreement:

Party A appoints as its Process Agent            Not applicable

Party B appoints as its Process Agent            Not applicable

	(c)	 	Notices. Section 12(a) of the Agreement is amended by adding the words in the third line
thereof after the phrase “messaging system” and before the “)” the words “; provided,
however, any such notice or other communication may be given by facsimile transmission if
telex is unavailable, no telex number is supplied by the party providing notice, or if answer
back confirmation is not received from the party to whom the telex is sent.”
	 
	(d)	 	Offices. The provisions of Section 10(a) of this Agreement will apply to this Agreement.
	 
	(e)	 	Multibranch Party. For the purpose of Section 10(c) of this Agreement:

Party A is not a Multibranch Party.

Party B is not a Multibranch Party.

	(f)	 	Calculation Agent. The Calculation Agent is Party B, unless otherwise specified in a
Confirmation in relation to the relevant Transaction.

12

 

	(g)	 	Credit Support Document. Details of any Credit Support Document:

	 	 	 	 	 
	 

	 	With respect to Party A:
	 	The Credit Support Annex and any guarantee in support
of Party A’s obligation under this Agreement
	 
	 	 	 	 
	 

	 	With respect to Party B:
	 	Not applicable

	(h)	 	Credit Support Provider. Credit Support Provider means in relation to

	 	 	 	 	 
	 

	 	Party A:
	 	The guarantor under any guarantee in
support of Party A’s obligations under this Agreement
	 
	 	 	 	 
	 

	 	Party B:
	 	Not applicable.

	(i)	 	Governing Law. This Agreement will be governed by and construed in accordance with the laws
of the State of New York (without reference to choice of laws doctrine except Section 5-1401
and Section 5-1402 of the New York General Obligation Law).
	 
	(j)	 	Netting of Payments. The limitation set forth in Section 2(c)(ii) of this Agreement will
apply and therefore the netting in Section 2(c) of this Agreement will be limited to the same
Transaction.
	 
	(k)	 	“Affiliate” will have the meaning specified in Section 14 of this Agreement.
	 
	(l)	 	No Gross Up by Party B. Section 2(d)(i)(4) is hereby deleted and replaced by the following:

“(4) (A) If Party A is the party so required to deduct or withhold, then Party A shall
make such additional payment as is necessary to ensure that the net amount actually
received by Party B (free and clear of all Taxes, whether assessed against it or Party B)
will equal the full amount Party B would have received had no such deduction or
withholding been required; and

(B) if Party B is the party so required to deduct or withhold, then Party B shall make
the relevant payment subject to such deduction or withholding and Party B will not be
required to gross up.

For the avoidance of doubt, the fact that any payment is made by Party B subject to the
provisions of (B) above shall at no time affect the obligations of Party A under (A)
above.”

13

 

Part 5. Other Provisions.

	(a)	 	ISDA Definitions

The definitions and provisions contained in the 2000 ISDA Definitions (the “2000
Definitions”) as published by the International Swaps and Derivatives Association, Inc.,
are incorporated by reference into this Agreement. The Agreement and each Transaction
will be governed by the 2000 Definitions as they may be officially amended and
supplemented from time to time by ISDA.

For the sake of clarity, unless otherwise specified in this Agreement, the following
documents shall govern in the order in which they are listed in the event of any
inconsistency between any of the documents:

	 	(i)	 	the Confirmation;
	 
	 	(ii)	 	the Schedule;
	 
	 	(iii)	 	the 2000 Definitions; and
	 
	 	(v)	 	the printed form of ISDA Master Agreement.

	(b)	 	Relationship Between Parties

Each party will be deemed to represent to the other party on the date on which it enters
into a Transaction that (absent a written agreement between the parties that expressly
imposes affirmative obligations to the contrary for the Transaction):

(i) Non-Reliance. It is acting for its own account, and it has made its own independent
decisions to enter into that Transaction and as to whether that Transaction is appropriate
or proper for it based upon its own judgement and upon advice from such advisors as it has
deemed necessary. It is not relying on any communication (written or oral) of the other
party as investment advice or as a recommendation to enter into that Transaction; it being
understood that information and explanations related to the terms and conditions of a
Transaction shall not be considered investment advice or a recommendation to enter into
that Transaction. It has not received from the other party any assurance or guarantee as
to the expected results of that Transaction.

14

 

(ii) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of that Transaction. It is also
capable of assuming, and assumes, the risks of that Transaction.

(iii) Status of Parties. Each party is acting as principal and not as agent and the other
party is not acting as a fiduciary for or as an advisor to it in respect of that
Transaction.

(iv) Eligible Contract Participant. It is an “eligible contract participant” as
defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7 U.S.C. Section 1a(12).

(v) FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. §
1823(e), the necessary action to authorize referred to in the representation in Section
3(a)(ii) includes all authorizations required under the Federal Deposit Insurance Act as
amended, including amendments effected by the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, and under any agreement, writ, decree, or order entered into with
such party’s supervisory authorities. At all times during the term of this Agreement,
such party will continuously include and maintain as part of its official written books
and records this Agreement, this Schedule and all other exhibits, supplements, and
attachments hereto and documents incorporated by reference herein, all Confirmations, and
evidence of all necessary authorizations.

(vi) ERISA. It continuously represents that it is not (i) an employee benefit plan (an
“ERISA Plan”) as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal
Revenue Code of 1986, as amended, (ii) a person or entity acting on behalf of an ERISA
Plan or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.”
It will provide notice to the other party in the event that it is aware that it is in
breach of any aspect of this representation or is aware that with the passing of time,
giving of notice or expiry of any applicable grace period, it will breach this
representation.

	(c)	 	Waiver of Jury Trial. Each party hereby irrevocably waives any and all rights to trial by
jury with respect to any legal proceeding arising out of or relating to this Agreement or any
Transaction contemplated hereby.

15

 

	(d)	 	Severability. Any provision of this Agreement which 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 of the Agreement or
affecting the validity or enforceability of such provision in any other jurisdiction unless
such severance shall substantially impair the benefits of the remaining portions of this
Agreement or changes the reciprocal obligations of the parties. The parties hereto shall
endeavour in good faith negotiations to replace the prohibited or unenforceable provision with
a valid provision, the economic effect of which comes as close as possible to that of the
prohibited or unenforceable provision.
	 
	(e)	 	Transfers. Notwithstanding the provisions of Section 7:-

(i) No transfer by Party A of this Agreement or any interest or obligation in or of Party
A under this Agreement shall be effective unless:

	 	(A)	 	Party B consents to such transferee;
	 
	 	(B)	 	The Rating Agency Condition shall have been satisfied;
	 
	 	(C)	 	Party A shall have given Party B, the Servicer and the
Indenture Trustee at least twenty days prior written notice of the proposed
transfer; and
	 
	 	(D)	 	such transfer otherwise complies with the terms of the
Indenture and the other Transaction Agreements.

     Upon the effectiveness of any transfer, each of Party A and Party B shall be released
(in each case to the extent of the obligations so transferred) from its obligations as a
party to this Agreement without any further notification or other action.

(ii) Except to the extent contemplated by the Indenture, neither this Agreement nor any
interest in or under this Agreement may be transferred by Party B to any other entity save
with Party A’s prior written consent (such consent not to be unreasonably withheld or
delayed).

	(f)	 	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby
consents to the Permitted Security Interest.

“Permitted Security Interest” means the pledge and assignment by Party B of the Swap
Collateral to the Indenture Trustee pursuant to the Indenture, and the granting to the Indenture Trustee of a security interest in the Swap Collateral pursuant to the
Indenture.

16

 

“Swap Collateral” means all right, title and interest of Party B in this Agreement, each
Transaction hereunder, and all present and future amounts payable by Party A to Party B
under or in connection with this Agreement or any Transaction governed by this Agreement,
including, without limitation, any transfer or termination of any such Transaction.

“Indenture Trustee” means Wells Fargo Bank, National Association or any successor, acting as
Indenture Trustee pursuant to the Indenture.

	(g)	 	Absence of Certain Events. Section 3(b) of this Agreement is hereby amended by inserting the
parenthetical “(with respect to Party A only)” immediately after the phrase “No Event of
Default or”.

	(h)	 	Events of Default. Section 5(a)(i) of this Agreement is hereby amended by changing the word
“third” to “first” in the phrase “if such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to the party” and the addition of the
following at the end thereof:

“, it being understood that amounts payable by Party B are not due except to the extent
set forth in Section 5.06 of the Sale and Servicing Agreement.”

	(i)	 	Payment on Early Termination. If an Early Termination Date occurs in respect of which Party
A is the Defaulting Party or the sole Affected Party with respect to an Additional Termination
Event, Party B will not be required to pay any amounts payable to Party A under Section 6(e)
in respect of such Early Termination Date, and Party A will not be permitted to set-off in
respect of such amounts, until payment in full of all amounts outstanding under the Notes.

	(j)	 	No Set-Off. Party A and Party B hereby waive any and all right of set-off with respect to
any amounts due under this Agreement or any Transaction, provided that nothing herein shall be
construed to waive or otherwise limit the netting provisions contained in Sections 2(c) of
this Agreement.

	(k)	 	Indenture. Party B hereby acknowledges that Party A is a secured party under the Indenture
with respect to this Agreement, and Party B agrees for the benefit of Party A that it will not amend the Indenture in a manner which materially and adversely affects the rights or obligations of Party A under the Indenture unless Party A shall have
consented in writing to such action (and such consent shall be deemed to have been given
if Party A does not object in writing within ten (10) business days after receipt of a
written request for such consent).

17

 

	(l)	 	No Recourse. The liability of Party B to Party A hereunder is limited in recourse solely to
the amounts payable to Party A from the Available Amounts, Advances made on such Distribution
Date and the amounts withdrawn from the Reserve Account in accordance with the priority of
payments set forth in Section 5.06 of the Sale and Servicing Agreement.
	 
	(m)	 	No Petition.Party A hereby covenants and agrees that
prior to the date which is one year (or, if longer, the applicable
preference period) and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all
securities issued by any Bankruptcy Remote Party (i) it shall not
authorize any Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other
proceeding commenced against such Bankruptcy Remote Party, or to make
a general assignment for the benefit of any party hereto or any other
creditor of such Bankruptcy Remote Party, and (ii) it shall not
commence or join with any other Person in commencing any proceeding
against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. This section shall survive
the termination of this Agreement.

As
used above, “Bankruptcy Remote Party” means any of Nissan Auto
Receivables Corporation II and Party B.

	(n)	 	Confirmation. Each party acknowledges and agrees that the Confirmation executed as of the
date hereof and designated as Party A Global ID No. 468253 HN shall be the only Transaction
governed by this Agreement (it being understood that, in the event such Confirmation shall be amended (in any respect), such amendment shall not constitute
(for purposes of this paragraph) a separate Transaction or a separate Confirmation).
Party A and Party B shall not enter into any additional Confirmations or Transactions
hereunder.

18

 

	(o)	 	Potential Events of Default. Section 2(a)(iii) is amended by the deletion of the words “or
Potential Event of Default”.

	(p)	 	Limitation of Liability. Notwithstanding anything contained herein to the contrary, in
executing this Agreement (including the Schedule, Credit Support Annex and each Confirmation)
on behalf of Party B, Wilmington Trust Company (the “Owner Trustee”) and the Indenture
Trustee are acting solely in its capacity as owner trustee of Party B and indenture trustee,
respectively, and not in its individual capacity, and in no event shall either one of them, in
their individual capacity, have any liability for the representations, warranties, covenants,
agreements or other obligations of Party B hereunder, for which recourse shall be had solely
to the assets of Party B, except to the extent of its fraud, breach of trust or willful
misconduct.

	(q)	 	S&P Downgrade of Party A. In the event (i) S&P assigns a short-term debt rating lower than
“A-1” to Party A or (ii) S&P assigns a long-term debt rating lower than “A+” to Party A (if
Party A only has a long-term debt rating) (each such event, a “Party A Rating Downgrade”),
Party A shall (A) promptly, but in no event later than two (2) Local Business Days following
the date of such Party A Rating Downgrade, give Party B, the Servicer and the Indenture
Trustee written notice of the occurrence of such Party A Rating Downgrade, and (B) use
commercially reasonable efforts to find a Qualified Counterparty promptly and transfer, in
accordance with and subject to the limitations of Part 5(e), its rights and obligations to
Qualified Counterparty. Party A shall continue to perform its obligations and use
commercially reasonable efforts to find a Qualified Counterparty until a Qualified
Counterparty is in place. The cost of finding and putting into place a Qualified Counterparty
shall be borne by Party A. Not later than thirty (30) calendar days after such Party A Rating
Downgrade, if Party A has not transferred its obligations to a Qualified Counterparty in
accordance with the foregoing provisions, Party A shall either (i) obtain (at Party A’s
expense) an unconditional guarantee or other similar assurance in respect of Party A’s
obligations under this Agreement from a guarantor that has Rated Debt and which guarantee and
guarantor satisfy the Rating Agency Condition; or (ii) transfer within thirty (30) days of
such downgrade and from time to time thereafter to Party B under the Credit Support Annex the
amount of Eligible Collateral required

19

 

	 	 	under the Credit Support Annex. In the event Party A complies with the requirements set
forth in the preceding sentence and the Party A Rating Downgrade relates only to an action
taken by S&P, Party A shall not be required to find a replacement counterparty until the
time at which (i) S&P assigns a long-term senior unsecured debt rating lower than BBB+ to
Party A or (ii) S&P withdraws its ratings assigned to Party A (each such event, a “Level Two
S&P Party A Downgrade”), at which time Party A must (i) transfer within one Local Business
Day of such downgrade and from time to time thereafter to Party B under the Credit Support
Annex the amount of Eligible Collateral required under the Credit Support Annex and (ii)
immediately (but in no event later than thirty (30) calendar days of such downgrade) find
and put into place a Qualified Counterparty. The cost of finding and putting into place a
Qualified Counterparty shall be borne by Party A. Once a Qualified Counterparty is in
place, Party B shall return any such Eligible Collateral to Party A pursuant to the terms of
the Credit Support Annex and to the extent such Eligible Collateral has not already been
applied in accordance with this Agreement or the Credit Support Annex. Party B shall have
the right to terminate this Agreement if at any time Party A fails to comply with any of its
obligations under this paragraph in full and in a timely manner.

	(r)	 	Definitions.

(i) As used herein:

“Credit Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party
B dated as of February 22, 2007.

“Depositor” means Nissan Auto Receivables Corporation II.

“Eligible Collateral” has the meaning set forth in the Credit Support Annex.

“Free Writing Prospectus” means any free writing prospectus prepared in connection with
the public offering of the Notes.

“Preliminary Prospectus Supplement” means any preliminary prospectus supplement prepared
in connection with the public offering and sale of the Notes.

“Prospectus Supplement” means any preliminary prospectus supplement prepared in connection
with the public offering and sale of the Notes.

20

 

“Qualified Counterparty” means a counterparty that (a) has Rated Debt and (b) becomes a
party to this Agreement (or party to an agreement in form and substance satisfactory to
Party B, the Servicer and the Indenture Trustee) in accordance with Part 5(e) of this
Schedule and pursuant to documentation which is not less favorable to Party B than this
Agreement.

“Moody’s” means Moody’s Investors Service, Inc. or its successor.

“Notes” mean the asset-backed notes issued by Party B under the Indenture.

“Rated Debt” means, with respect to a counterparty,(1) in the case of S&P, (i) S&P assigns
(x) a long-term debt rating equal to or higher than “A” to the counterparty, and (y)
assigns a short-term debt rating equal to or higher than “A-1” to the counterparty (if the
counterparty has both long-term and short-term debt ratings), or (ii) S&P assigns a
long-term debt rating equal to or higher than “A+” to the counterparty (if the
counterparty only has a long-term debt rating), and (2) in the case of Moody’s (i) Moody’s
assigns (x) a long-term debt rating equal to or higher than “A2” to the counterparty, and
(y) a short-term debt rating equal to or higher than “P1” to the counterparty (if the
counterparty has both long-term and short-term debt ratings), or (ii) Moody’s assigns a
long-term debt rating equal to or higher than “A1” to the counterparty (if the
counterparty only has a long-term debt rating).

“Rating Agencies” means S&P and Moody’s.

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating
Agency, prior written confirmation by such Rating Agency that the occurrence of such event
or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to
any of the Notes.

“S&P” means Standard & Poor’s, a division of the McGraw-Hill Companies Inc. or its
successor.

“Servicer” means Nissan Motor Acceptance Corporation or its successor.

Reference is made to that certain Indenture dated as of February 22, 2007 (the “Indenture”)
among Party B as the Issuer thereunder and Wells Fargo Bank, National Association, as
Indenture Trustee and the Sale and Servicing Agreement dated as of February 22, 2007 (the
“Sale and Servicing Agreement”) among Party B as the Issuer, Nissan Auto Receivables Corporation II and Nissan Motor Acceptance Corporation. Capitalized
terms used but not defined in this Agreement or this Schedule will have the meanings
ascribed to them in the Indenture or Sale and Servicing Agreement.

21

 

	(s)	 	Amendments. Section 9(b) of this Agreement is hereby amended by inserting the following at
the end thereof:

it being a further condition to any such amendment or modification that the Rating Agency
Condition shall have been satisfied.

	(t)	 	Regulation AB Financial Disclosure.

Subject to the last two paragraphs of this clause (t), so long as Party B, the Depositor
or any of such parties’ Affiliates (collectively, “Nissan”) shall file reports in respect
of the Notes with the Securities and Exchange Commission (the “SEC”) pursuant to Sections
13(a) or 15(d) of the the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), Party A agrees to Deliver within ten (10) calendar days of receipt of a written
request therefor by Party B or the Depositor, such information relating to Party A as may
be necessary to enable Nissan to comply with any SEC disclosure requirements, including
without limitation information concerning Party A required by Items 1115 of Regulation AB
and Forms 8-K, 10-D and 10-K. To the extent necessary to comply with Regulation AB, Party
A shall obtain any necessary auditor’s consents related to any financial statements of
Party A required to be incorporated by reference into any report filed by Nissan with the
SEC and promptly to forward to the Depositor any such auditor consents obtained. The
information provided, or authorized to be incorporated by reference, by Party A pursuant
to this Part 5(t) is referred to as the “Additional Information.”

For the purpose of this Part 5(t):

“Deliver” includes actual delivery or transmission of information in an EDGAR-compatible
format or, in the case of any financial information required to be delivered pursuant to
Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K, making such financial information
available in an EDGAR-compatible format for incorporation by reference to the extent
permitted by Regulation AB, together with actual delivery of all necessary auditor’s
consents.

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

22

 

“Regulation AB” means Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such
clarification and interpretation as have been provided by the SEC in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(Jan. 7, 2005)) or by the staff of the SEC, or as may be provided by the SEC or its staff
from time to time.

If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as
reasonably calculated by the Depositor, the “significance percentage” of this Agreement
for any class of the Notes is 10% or more, Party A shall within five (5) Local Business
Days following receipt of request therefor provide the Additional Information required
under Item 1115(b)(1) of Regulation AB for Party A. If Party A is unable to provide such
information, Party A shall within five (5) Local Business Days following receipt of
request therefor, at the sole expense of Party A, without any expense or liability to the
Depositor or Party B, either (i) post Eligible Collateral, in form, substance and amount
satisfactory to the Depositor, or (ii) cause a Qualified Counterparty (which satisfies the
Rating Agency Condition and any other requirements of this Agreement) to replace Party A
as party to this Agreement that has agreed to Deliver any information, report,
certification or accountants’ consent when and as required under this Part 5(t)
hereof.

If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as
reasonably calculated by the Depositor, the “significance percentage” of this Agreement
for any class of the Notes is 20% or more, Party A shall within five (5) Local Business
Days following receipt of request therefor provide the Additional Information required
under Item 1115(b)(2) of Regulation AB for Party A. If Party A is unable to provide such
information, Party A shall within five (5) Local Business Days following receipt of
request therefor, at the sole expense of Party A, without any expense or liability to the
Depositor or Party B, cause a Qualified Counterparty (which satisfies the Rating Agency
Condition and any other requirements of this Agreement to replace Party A as party to this
Agreement that has agreed to Deliver any information, report, certification or
accountants’ consent when and as required under this Part 5(t) hereof.

23

 

Party A represents and warrants that the statements appearing in the Preliminary
Prospectus Supplement relating to Party B and the Notes, dated February 14, 2007 and the
Prospectus Supplement relating to Party B and the Notes, dated February 15, 2007, under
the heading the captions “Summary — Swap Counterparty” and “The Swap Counterparty”.
(collectively, “Prospectus Information”) are true and correct in all material respects and
do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading.

(A) Party A shall indemnify and hold harmless Nissan and its directors or officers and
any person controlling Nissan, from and against any and all losses, claims, damages and
liabilities (including legal fees and expenses) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Prospectus Information or
in any Additional Information or caused by any omission or alleged omission to state in
the Prospectus Information or any Additional Information, as applicable, a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

(B) Nissan Motor Acceptance Corporation, as Sponsor (“Sponsor”), shall indemnify and
hold harmless Party A, and its directors or officers and any person controlling Party A,
from and against any and all losses, claims, damages and liabilities caused by any
untrue statement or alleged untrue statement of a material fact contained in the
Preliminary Prospectus Supplement and the Prospectus, dated February 14, 2007, relating
to the Notes, and the Prospectus Supplement, dated February 15, 2007 relating to the
Notes (together with the accompanying base prospectus) (collectively, the “Prospectus
Disclosure”) or caused by any omission or alleged omission to state in the Prospectus
Disclosure a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that the Sponsor shall not be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement in or omission or alleged omission
made in any such Prospectus Disclosure in the Prospectus Information or the Additional
Information.

Promptly after the indemnified party under this Part 5(t) receives notice of the
commencement of any such action, the indemnified party will, if a claim in respect thereof
is to be made pursuant to this Part 5(t), promptly notify the indemnifying party in writing of the commencement thereof. In case any such action is brought against the
indemnified party, and it notifies the indemnifying party of the commencement

24

 

thereof, the indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice
at the indemnifying party’s expense to represent the indemnified party in any action for
which indemnification is sought (in which case the indemnifying party shall not thereafter
be responsible for the fees and expenses of any separate counsel retained by the
indemnified party except as set forth below); provided, however, that such counsel shall
be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying
party’s election to appoint counsel to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) such indemnified party shall have been advised by such
counsel that there may be one or more legal defenses available to it which are different
from or additional to those available to the indemnifying party and in the reasonable
judgment of such counsel it is advisable for such indemnified party to employ separate
counsel, (ii) a conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party, (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice
of the institution of such action or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying party.
The indemnifying party will not, without the prior written consent of the indemnified
party, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. No indemnified party
will settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder without the consent of the indemnifying party, which consent shall not be
unreasonably withheld.

25

 

	 	 	 	 	 
	 	NISSAN AUTO RECEIVABLES

2007-A OWNER TRUST

By: Wilmington Trust Company, not in its individual

capacity but solely as owner trustee

 	 
	 	By:  	/s/ Robert J. Perkins
 	 
	 	 	Name:  	Robert J. Perkins 	 
	 	 	Title:  	Sr. Financial Services Officer 	 
	 
	 	

HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Sandra Nicotra
 	 
	 	 	Name:  	Sandra Nicotra 	 
	 	 	Title:  	Senior Vice President

and, for purposes of Part 5(t) only: 	 
	 
	 	NISSAN MOTOR ACCEPTANCE CORPORATION

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

26

 

Execution
Copy

ISDA ®

International Swaps and Derivatives Association, Inc.

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA MASTER AGREEMENT

dated as of February 22, 2007

between

HSBC Bank USA, National Association (“Party A”)

and

Nissan Auto Receivables 2007-A Owner Trust (“Party B”)

This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to
above (this “Agreement”), is part of its Schedule and is a Credit Support Document under this
Agreement with respect to Party A.

Accordingly, the parties agree as follows:

Paragraphs
1 - 12. Incorporation

Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA
Agreements Subject to New York Law Only) published in 1994 by the International Swaps and
Derivatives Association, Inc. are incorporated herein by reference and made a part hereof:

Paragraph 13. Elections and Variables

	(a)	 	Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes
no additional obligations of Secured Party and, for purposes of the definition of Obligations
in Paragraph 12, includes no additional obligations of Pledgor.

(b) Credit Support Obligations.

	 	(i)	 	“Delivery Amount” will have the meanings specified in Paragraph 3(a) except that
the words “upon a demand made by the Secured Party on or promptly following a Valuation
Date” shall be deleted and replaced by the words “on each Valuation Date”.

 

 

	 	(ii)	 	“Credit Support Amount” (x) means the Credit Support Amount required under
Paragraph 13(n) (in the case of a Party A Rating Downgrade or Level Two S&P Party A
Downgrade relating to an action taken by S&P); or (y) has the meaning specified under the
relevant definition of Ratings Criteria (in the case of Moody’s First Trigger Event or
Moody’s Second Trigger Event); in each case as calculated on a daily basis by the
Valuation Agent. The Credit Support Amount shall be calculated by reference to the
provisions set forth in this Annex which would result in Party A transferring the
greatest amount of Eligible Credit Support to Party B or, if applicable, which would
result in Party B returning the least amount of Posted Credit Support. In circumstances
where more than one of the Ratings Criteria or Party A Rating Downgrade or Level Two S&P
Party A Downgrade apply, the Credit Support Amount shall be calculated by reference to
the Ratings Criteria or Party A Rating Downgrade or Level Two S&P Party A Downgrade which
would result in Party A transferring the greatest amount of Eligible Credit Support or,
if applicable, which would result in Party B returning the least amount of Posted Credit
Support.

	 	(iii)	 	Eligible Collateral. The following items will qualify as “Eligible Collateral”:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Moody’s Second	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Ratings	 	 
	 	 	 	 	Percentage: *	 	Ratings Trigger	 	Trigger **	 	S&P**	

	(A)
	 	Cash:  US Dollars	 	 	 	100%	 	100%	 	100%
	 
	 	 	 	 	 	 	 	 	 	 
	(B)
	 	U.S. Treasury	 	 	 	100%	 	100%	 	98.9%
	 
	 	Securities:	 	 	 	 	 	 	 	 
	 
	 	negotiable debt	 	 	 	 	 	 	 	 
	 
	 	obligations issued	 	 	 	 	 	 	 	 
	 
	 	by the U.S.	 	 	 	 	 	 	 	 
	 
	 	Treasury Department	 	 	 	 	 	 	 	 
	 
	 	(“Treasuries”)	 	 	 	 	 	 	 	 
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of up to	 	 	 	 	 	 	 	 
	 
	 	and not more than 1	 	 	 	 	 	 	 	 
	 
	 	year.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(C)
	 	Treasuries having a	 	 	 	100%	 	97% (1-5yr)	 	95.5% (1-5yr)
	 
	 	remaining maturity	 	 	 	 	 	94% (5-10yr)	 	92.8% (5-10yr)
	 
	 	of greater than 1	 	 	 	 	 	 	 	 
	 
	 	year but not more	 	 	 	 	 	 	 	 
	 
	 	than 10 years.	 	 	 	 	 	 	 	 

2

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Moody’s Second	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Ratings	 	 
	 	 	 	 	Percentage: *	 	Ratings Trigger	 	Trigger **	 	S&P**	

	(D)
	 	Treasuries having a	 	 	 	100%	 	90% (10-20yr)	 	91.1% (10-20yr)
	 
	 	remaining maturity	 	 	 	 	 	88% (>20yr)	 	88.6% (>20yr)
	 
	 	of greater than 10	 	 	 	 	 	 	 	 
	 
	 	years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(E)
	 	Agency Securities:	 	 	 	100%	 	99%	 	98.5%
	 
	 	Debenture	 	 	 	 	 	 	 	 
	 
	 	obligations of the	 	 	 	 	 	 	 	 
	 
	 	Federal National	 	 	 	 	 	 	 	 
	 
	 	Mortgage	 	 	 	 	 	 	 	 
	 
	 	Association (FNMA),	 	 	 	 	 	 	 	 
	 
	 	Federal Home Loan	 	 	 	 	 	 	 	 
	 
	 	Mortgage	 	 	 	 	 	 	 	 
	 
	 	Corporation (FHLMC)	 	 	 	 	 	 	 	 
	 
	 	(collectively,	 	 	 	 	 	 	 	 
	 
	 	“Agency	 	 	 	 	 	 	 	 
	 
	 	Securities”) having	 	 	 	 	 	 	 	 
	 
	 	a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of not	 	 	 	 	 	 	 	 
	 
	 	more than 1 year.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(F)
	 	Agency Securities	 	 	 	100%	 	96% (1-5yr)	 	94.5% (1-5yr)
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of greater	 	 	 	 	 	 	 	 
	 
	 	than 1 year but not	 	 	 	 	 	 	 	 
	 
	 	more than 5 years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(G)
	 	Agency Securities	 	 	 	100%	 	93% (5-10yr)	 	90.7% (5-10yr)
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of greater	 	 	 	 	 	 	 	 
	 
	 	than 5 years but	 	 	 	 	 	 	 	 
	 
	 	not more than 10	 	 	 	 	 	 	 	 
	 
	 	years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(H)
	 	Agency Securities	 	 	 	100%	 	89%	 	87.7%
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of greater	 	 	 	 	 	 	 	 
	 
	 	than 10 years but	 	 	 	 	 	 	 	 
	 
	 	not more than 20	 	 	 	 	 	 	 	 
	 
	 	years.	 	 	 	 	 	 	 	 

3

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Moody’s Second	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Ratings	 	 
	 	 	 	 	Percentage: *	 	Ratings Trigger	 	Trigger **	 	S&P**	

	(I)
	 	Agency Securities	 	 	 	100%	 	87%	 	84.4%
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of greater	 	 	 	 	 	 	 	 
	 
	 	than 20 years but	 	 	 	 	 	 	 	 
	 
	 	not more than 30	 	 	 	 	 	 	 	 
	 
	 	years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(J)
	 	FHLMC Certificates.	 	 	 	% to be determined	 	% to be determined	 	91.5%
	 
	 	Mortgage	 	 	 	 	 	 	 	 
	 
	 	participation	 	 	 	 	 	 	 	 
	 
	 	certificates issued	 	 	 	 	 	 	 	 
	 
	 	by FHLMC evidencing	 	 	 	 	 	 	 	 
	 
	 	undivided interests	 	 	 	 	 	 	 	 
	 
	 	or participations	 	 	 	 	 	 	 	 
	 
	 	in pools of first	 	 	 	 	 	 	 	 
	 
	 	lien conventional	 	 	 	 	 	 	 	 
	 
	 	or FHA/VA	 	 	 	 	 	 	 	 
	 
	 	residential	 	 	 	 	 	 	 	 
	 
	 	mortgages or deeds	 	 	 	 	 	 	 	 
	 
	 	of trust,	 	 	 	 	 	 	 	 
	 
	 	guaranteed by	 	 	 	 	 	 	 	 
	 
	 	FHLMC, and having a	 	 	 	 	 	 	 	 
	 
	 	remaining maturity	 	 	 	 	 	 	 	 
	 
	 	of not more than 30	 	 	 	 	 	 	 	 
	 
	 	years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(K)
	 	FNMA Certificates.	 	 	 	% to be determined	 	% to be determined	 	91.5%
	 
	 	Mortgage-backed	 	 	 	 	 	 	 	 
	 
	 	pass-through	 	 	 	 	 	 	 	 
	 
	 	certificates issued	 	 	 	 	 	 	 	 
	 
	 	by FNMA evidencing	 	 	 	 	 	 	 	 
	 
	 	undivided interests	 	 	 	 	 	 	 	 
	 
	 	in pools of first	 	 	 	 	 	 	 	 
	 
	 	lien mortgages or	 	 	 	 	 	 	 	 
	 
	 	deeds of trust on	 	 	 	 	 	 	 	 
	 
	 	residential	 	 	 	 	 	 	 	 
	 
	 	properties,	 	 	 	 	 	 	 	 
	 
	 	guaranteed by FNMA,	 	 	 	 	 	 	 	 
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of not	 	 	 	 	 	 	 	 
	 
	 	more than 30 years.	 	 	 	 	 	 	 	 

4

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Moody’s Second	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Ratings	 	 
	 	 	 	 	Percentage: *	 	Ratings Trigger	 	Trigger **	 	S&P**
	 
	(L)
	 	GNMA Certificates.	 	 	 	% to be determined	 	% to be determined	 	91.5%
	 
	 	Mortgage-backed	 	 	 	 	 	 	 	 
	 
	 	pass-through	 	 	 	 	 	 	 	 
	 
	 	certificates issued	 	 	 	 	 	 	 	 
	 
	 	by private	 	 	 	 	 	 	 	 
	 
	 	entities,	 	 	 	 	 	 	 	 
	 
	 	evidencing	 	 	 	 	 	 	 	 
	 
	 	undivided interests	 	 	 	 	 	 	 	 
	 
	 	in pools of first	 	 	 	 	 	 	 	 
	 
	 	lien mortgages or	 	 	 	 	 	 	 	 
	 
	 	deeds of trust on	 	 	 	 	 	 	 	 
	 
	 	single family	 	 	 	 	 	 	 	 
	 
	 	residences,	 	 	 	 	 	 	 	 
	 
	 	guaranteed by the	 	 	 	 	 	 	 	 
	 
	 	Government National	 	 	 	 	 	 	 	 
	 
	 	Mortgage	 	 	 	 	 	 	 	 
	 
	 	Association (GNMA)	 	 	 	 	 	 	 	 
	 
	 	with the full faith	 	 	 	 	 	 	 	 
	 
	 	and credit of the	 	 	 	 	 	 	 	 
	 
	 	United States, and	 	 	 	 	 	 	 	 
	 
	 	having a remaining	 	 	 	 	 	 	 	 
	 
	 	maturity of not	 	 	 	 	 	 	 	 
	 
	 	more than 30 years.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(M)
	 	Commercial Paper.	 	 	 	% to be determined	 	% to be determined	 	99.0%
	 
	 	Commercial Paper	 	 	 	 	 	 	 	 
	 
	 	with a rating of at	 	 	 	 	 	 	 	 
	 
	 	least P-1 by	 	 	 	 	 	 	 	 
	 
	 	Moody’s and at	 	 	 	 	 	 	 	 
	 
	 	least A-1+ by S&P	 	 	 	 	 	 	 	 
	 
	 	and having a	 	 	 	 	 	 	 	 
	 
	 	remaining maturity	 	 	 	 	 	 	 	 
	 
	 	of not more than 30	 	 	 	 	 	 	 	 
	 
	 	days.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	(N)
	 	Other.  Other items	 	 	 	% to be determined	 	% to be determined	 	% to be determined
	 
	 	of Credit Support	 	 	 	 	 	 	 	 
	 
	 	approved in writing	 	 	 	 	 	 	 	 
	 
	 	by each applicable	 	 	 	 	 	 	 	 
	 
	 	rating agency with	 	 	 	 	 	 	 	 
	 
	 	such valuation	 	 	 	 	 	 	 	 
	 
	 	percentages as	 	 	 	 	 	 	 	 
	 
	 	determined by each	 	 	 	 	 	 	 	 
	 
	 	applicable rating	 	 	 	 	 	 	 	 
	 
	 	agency.	 	 	 	 	 	 	 	 

5

 

 

			
	*	 	The Valuation Percentage shall equal the percentage specified under such Rating Agency’s name
above. If Party A is rated by more than one Rating Agency specified above, the Valuation
Percentage shall equal the lowest of the applicable percentages specified above.
	 
	**	 	A parenthetical in the form of (a-b yr) means a security having a remaining maturity greater
than or equal to a years and less than b years.

	 	(iv)	 	There shall be no “Other Eligible Support” for Party A for purposes of this Annex.
	 
	 	(v)	 	Thresholds.

	 	(A)	 	“Independent Amount” means with respect to Party A: Not
Applicable.

	 	 	 	“Independent Amount” means with respect to Party B: Not Applicable.

	 	(B)	 	“Threshold” means with respect to Party A: Infinity; provided
that for so long as (i) Party A is not above the Moody’s First Trigger Required
Ratings and either (x) Party A had been below the Moody’s First Trigger
Required Ratings since this Annex was executed or (y) at least 30 Local
Business Days have elapsed since the last time Party A had been below the
Moody’s First Trigger Required Ratings, or (ii) (x) a Party A Rating Downgrade
has occurred and has been continuing for at least 30 days, or (y) a Level Two
S&P Party A Downgrade has occurred and is continuing, the Threshold with
respect to Party A shall be zero; further, provided, if a Moody’s Second Rating
Trigger Requirement has occurred and is continuing pursuant to the Agreement,
the Threshold shall be zero in the event Party A fails to assign all of its
rights and obligations under the Agreement on or before the 20th day after the
date of a Moody’s Second Rating Trigger Requirement (as described in Part 1(g)
of the Schedule) continues to exist. Party A will post Eligible Collateral on
or prior to the 20th day following a Moody’s Second Rating Trigger
Requirement.

	 	 	 	“Threshold” means with respect to Party B: Not Applicable.

6

 

	 	(C)	 	“Minimum Transfer Amount” means with respect to Party A$50,000.

	 	 	 	“Minimum Transfer Amount” means with respect to Party B$50,000.

	 	(D)	 	Rounding. The Delivery Amount will be rounded up and the
Return Amount will be rounded down to the nearest integral multiple of
$10,000.00, respectively.

	(c)	 	Valuation and Timing.

	 	(i)	 	“Valuation Agent” means Party A; provided, however, that if an Event of Default
shall have occurred with respect to which Party A is the Defaulting Party, Party B
shall have the right to designate as Valuation Agent an independent party, reasonably
acceptable to Party A, the cost for which shall be borne by Party A. All calculations
by the Valuation Agent must be made in accordance with standard market practice,
including, in the event of a dispute as to the Value of any Eligible Credit Support or
Posted Credit Support, by making reference to quotations received by the Valuaton Agent
from one or more pricing sources.

	 	(ii)	 	“Valuation Date” means: each Local Business Day on which the Credit Support
Amount would be greater than zero.
	 
	 	(iii)	 	“Valuation Time” means:

	 	 	 	[   ] the close of business in the city of the Valuation Agent
on the Valuation Date or date of calculation, as applicable;

	 	 	 	[X] the close of business on the Local Business Day before the
Valuation Date or date of calculation, as applicable;

	 	 	provided that the calculations of Value and Exposure will be made as of approximately the
same time on the same date.

	 	(iv)	 	“Notification Time” means 1:00 p.m., New York time, on a Local Business Day.
	 
	 	(v)	 	Notwithstanding the definition of Valuation Agent and Valuation Date, at any time while
the long-term unsecured debt or counterparty rating of Party A’s Credit Support Provider is
not above “BBB”, the calculations of Exposure and the Value of any Eligible Credit Support
or Posted Credit Support must be verified by an external mark monthly. The external mark
must be obtained by an independent third party, and cannot be verified by the same entity
more than four times in any 12-month period. In addition, the

7

 

	 	 	 	external mark-to-market valuations should reflect the higher of two bids from counterparties
that would be eligible and willing to provide the swap in the absence of the current
provider. The Value of any Eligible Credit Support or Posted Credit Support and Exposure
should be based on the greater of the calculations of the Valuation Agent and the external
marks, and any deficiencies in Value and Exposure must be cured within three days.

	 	(vi)	 	Notice to S&P. At any time at which Party A (or, to the extent applicable, its Credit
Support Provider) does not have a long-term unsubordinated and unsecured debt rating of at
least “BBB+” from S&P, the Valuation Agent shall provide to S&P not later than the
Notification Time on the Local Business Day following each Valuation Date its calculations
of the Secured Party’s Exposure and the S&P Value of any Eligible Credit Support or Posted
Credit Support for that Valuation Date. The Valuation Agent shall also provide to S&P any
external marks received pursuant to the preceding paragraph.

	(d)	 	Conditions Precedent. No event shall constitute a “Specified Condition”.
	 
	(e)	 	Substitution.

	 	(i)	 	“Substitution Date” means the Local Business Day in New York on which the
Secured Party is able to confirm irrevocable receipt of the Substitute Credit Support,
provided that (x) such receipt is confirmed before 3:00 p.m. (New York time) on such
Local Business Day in New York and (y) the Secured Party has received, before 1:00 p.m.
(New York time) on the immediately preceding Local Business Day in New York, the notice
of substitution described in Paragraph 4(d)(i).

	 	(ii)	 	Consent. The Pledgor is not required to obtain the Secured Party’s consent for any
substitution pursuant to Paragraph 4(d).

	(f)	 	Dispute Resolution.

	 	(i)	 	“Resolution Time” means 1:00 p.m., New York time, on the Local Business Day
following the date on which a notice is given that gives rise to a dispute under
Paragraph 5.

8

 

	 	(ii)	 	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit
Support will be calculated as follows: for Cash, the U.S. dollar value
thereof, and for each item of Eligible Collateral (except for Cash), an amount in
U.S. dollars equal to the product of (i) either (A) the bid price for such security
quoted on such day by a principal market-maker for such security selected in good
faith by the Secured Party or (B) the most recent publicly available bid price for
such security as reported by a quotation service or in a medium selected in good
faith and in a commercially reasonable manner by Secured Party, multiplied by (ii)
the percentage figure listed in Paragraph 13(b)(ii) hereof with respect to such
security.

	 	(iii)	 	Alternative. The provisions of Paragraph 5 will apply.

	(g)	 	Holding and Using Posted Collateral.

	 	(i)	 	Eligibility to Hold Posted Collateral; Custodians. Secured Party will not be
entitled to hold Posted Collateral itself, and instead the Secured Party will be entitled
to hold Posted Collateral through the Indenture Trustee which Posted Collateral (i) shall
not be commingled or used with any other asset held by the Indenture Trustee but shall be
held in a separate trust account for this purpose only and (ii) shall not be transferred
to any other person or entity but Party A pursuant to the provisions herein except (x) in
any case contemplated by Paragraph 8(a) of this Annex with respect to Party A or (y) as
directed by Party A; provided, however, that if the Indenture Trustee does not have a
short-term debt rating of at least “A-1” by S&P, then a third party custodian with a
short-term debt rating of at least “A-1” by S&P must hold such Posted Collateral.
	 
	 	(ii)	 	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to
Secured Party and without prejudice to Secured Party’s rights under Paragraph 8 of the
Credit Support Annex, Secured Party will not take any action specified in such Section
6(c).

	(h)	 	Distributions and Interest Amount.

	 	(i)	 	The “Interest Rate”, with respect to Eligible Collateral in the form of Cash,
for any day, will be the lesser of (x) the rate opposite the caption “Federal funds
(effective)” for such day as published by the Federal Reserve Publication H.15 (519) or
any successor publication as published by the Board of Governors of the Federal Reserve
System and (y) the rate of interest actually received on such Cash.

9

 

	 	(ii)	 	The “Transfer of Interest Amount” will be made within 3 Local Business Days
after the last Local Business Day of each calendar month in an amount not to exceed the
interest actually received.

	 	(iii)	 	Alternative Interest Amount. The provisions of Paragraph 6(d)(ii) will apply.

	(i)	 	Additional Representations. None.
	 
	(j)	 	Other Eligible Support and Other Posted Support. Not Applicable.
	 
	(k)	 	Demands and Notices. All demands, specifications and notices made by a party to this Annex
will be made to the following:

	 	Party A:	 	As set forth in the Schedule.
	 
	 	Party B:	 	As set forth in the Schedule.

	(l)	 	Addresses for Transfers.

	 	Party A:
	 	Cash/Interest Payments: (USD Only)
Eligible Collateral (other than cash):
	 
	 	Party B:	 	Nissan Auto Receivables 2007-A Owner Trust

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables 2007-A Owner Trust

Dorri Wolhar

Telephone: 302-636-9194

Facsimile: 302-636-4140

10

 

	(m)	 	Other Provisions.

	 	(i)	 	This Credit Support Annex is a Security Agreement under the New York UCC.
	 
	 	(ii)	 	Paragraph 1(b) of this Annex is amended by deleting it and restating it in full as
follows:

	 	 	 	“(b) Secured Party and Pledgor. All references in this Annex to the “Secured
Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A;
provided, however, that if Other Posted Support is held by Party B, all references
herein to the Secured Party with respect to that Other Posted Support will be to
Party B as the beneficiary thereof and will not subject that support or Party B as
the beneficiary thereof to provisions of law generally relating to security
interests and secured parties.”

	 	(iii)	 	Paragraph 2 of this Annex is amended by deleting the first sentence thereof
and restating that sentence in full as follows:
“Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as
security for the Pledgor’s Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against all
Posted Collateral Transferred to or received by the Secured Party hereunder.”
	 
	 	(iv)	 	Only Party A makes the representations contained in Paragraph 9 of this Annex.
	 
	 	(v)	 	Paragraph 12 of this Annex is amended by deleting the definitions of “Pledgor”
and “Secured Party” and replacing them with the following:”
	 
	 	 	 	“ ‘Secured Party’ means Party B.
	 
	 	 	 	‘Pledgor’ means Party A.”
	 
	 	(vi)	 	Paragraph 12 is hereby amended by adding, in alphabetical order, the following:
	 
	 	 	 	“Moody’s” means Moody’s Investor Services, Inc., or any successor to the rating
business of such entity.”
	 
	 	 	 	“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor to the rating business of such entity.”

11

 

	 	(vii)	 	Notwithstanding anything to the contrary in Paragraph 10, the Pledgor will be
responsible for, and will reimburse the Secured Party for all transfer and other taxes
and other costs involved in any Transfer of Eligible Collateral.

(n) S&P Criteria

“S&P Credit Support Amount” means, for any Valuation Date, the excess, if any, of (I) (A)
for any Valuation Date on which (i) a Party A Rating Downgrade has occurred and been
continuing for at least 30 days, or (ii) a Level Two S&P Party A Downgrade has occurred and
is continuing, an amount equal to the sum of (1) 100% of the Secured Party’s Exposure for
such Valuation Date and (2) the VB for such Transaction, or (B) for any other Valuation
Date, zero, over (II) the Threshold for Party A for such Valuation Date.

“VB” means the Notional Amount (as defined in the Confirmation for each outstanding
Transaction under this Agreement) times the relevant percentage set out in Table A below:

TABLE A

Volatility Buffer

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Less than 10 years,	 	 
	 	 	 	 	 	 	but more than 5	 	Greater than 10
	 	 	Less than 5 years	 	years to	 	years to
	 	 	to Termination Date	 	Termination Date of	 	Termination Date of
	Counterparty	 	of the Transaction.	 	the Transaction.	 	the Transaction.
	The rating by S&P
of Party A’s
short-term
unsecured,
unsubordinated
obligations is at
least equal to
“A-2”

	 	 	3.25	%	 	 	4.00	%	 	 	4.75	%
	The rating by S&P
of Party A’s
short-term
unsecured,
unsubordinated
obligations is
equal to “A-3”

	 	 	4.00	%	 	 	5.00	%	 	 	6.25	%

12

 

Volatility Buffer

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Less than 10 years,	 	 
	 	 	 	 	 	 	but more than 5	 	Greater than 10
	 	 	Less than 5 years	 	years to	 	years to
	 	 	to Termination Date	 	Termination Date of	 	Termination Date of
	Counterparty	 	of the Transaction.	 	the Transaction.	 	the Transaction.
	The rating by S&P
of Party A’s
long-term
unsecured,
unsubordinated
obligations is
equal to or less
than “BB+”

	 	 	4.50	%	 	 	6.75	%	 	 	7.50	%

(o) Moody’s Criteria

	 	 	“Moody’s First Trigger Event” means that no Relevant Entity has credit ratings from Moody’s
at least equal to the Moody’s First Trigger Ratings Threshold.
	 
	 	 	“Moody’s First Trigger Ratings Threshold” means, with respect to Party A, the guarantor
under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term
unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term
unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity
does not have a short-term unsecured and unsubordinated debt rating or counterparty rating
from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating
from Moody’s of “A1”.
	 
	 	 	“Moody’s Second Trigger Event” means that no Relevant Entity has credit ratings from Moody’s
at least equal to the Moody’s Second Trigger Ratings Threshold.
	 
	 	 	“Moody’s Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term
unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term
unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity
does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a
long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

13

 

	 	 	Moody’s Credit Support Amount.* With respect to a Moody’s First Trigger Event or a Moody’s
Second Trigger Event relating to an action taken by Moody’s, the “Credit Support Amount”
shall mean with respect to a Pledgor on a Valuation Date the sum of:

	 	(i)	 	With respect to a Moody’s First Trigger Event:
	 
	 	(A)	 	the greater of the Secured Party’s Exposure and $0, plus
	 
	 	(B)	 	Notional Amount times the relevant percentage set out in Table B below.
	 
	 	(ii)	 	With respect to a Moody’s Second Trigger Event:
	 
	 	(A)	 	the greater of the Secured Party’s Exposure, $0 or the amount owed by Party A
on the next Payment Date (as such term is defined in the Confirmation for each
outstanding Transaction under this Agreement), plus
	 
	 	(B)	 	Notional Amount times the relevant percentage set out in Table B below.

 

			
	*	 	To the extent that both the Moody’s Credit Support Amount and the S&P Credit Support
Amount apply, the greater of the two amounts shall be the Credit Support Amount.

TABLE B

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Moody’s Second
	Weighted Average Life	 	Moody’s First Trigger	 	Trigger Event has
	of Hedge in Years	 	Event has Occurred	 	Occurred
	1
	 	 	0.15	%	 	 	0.50	%
	2
	 	 	0.30	%	 	 	1.00	%
	3
	 	 	0.40	%	 	 	1.50	%
	4
	 	 	0.60	%	 	 	1.90	%
	5
	 	 	0.70	%	 	 	2.40	%
	6
	 	 	0.80	%	 	 	2.80	%
	7
	 	 	1.00	%	 	 	3.20	%

14

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Moody’s Second
	Weighted Average Life	 	Moody’s First Trigger	 	Trigger Event has
	of Hedge in Years	 	Event has Occurred	 	Occurred
	8
	 	 	1.10	%	 	 	3.60	%
	9
	 	 	1.20	%	 	 	4.00	%
	10
	 	 	1.30	%	 	 	4.40	%
	11
	 	 	1.40	%	 	 	4.70	%
	12
	 	 	1.50	%	 	 	5.00	%
	13
	 	 	1.60	%	 	 	5.40	%
	14
	 	 	1.70	%	 	 	5.70	%
	15
	 	 	1.80	%	 	 	6.00	%
	16
	 	 	1.90	%	 	 	6.30	%
	17
	 	 	2.00	%	 	 	6.60	%
	18
	 	 	2.00	%	 	 	6.90	%
	19
	 	 	2.00	%	 	 	7.20	%
	20
	 	 	2.00	%	 	 	7.50	%
	21
	 	 	2.00	%	 	 	7.80	%
	22
	 	 	2.00	%	 	 	8.00	%
	23
	 	 	2.00	%	 	 	8.00	%
	24
	 	 	2.00	%	 	 	8.00	%
	25
	 	 	2.00	%	 	 	8.00	%
	26
	 	 	2.00	%	 	 	8.00	%

15

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Moody’s Second
	Weighted Average Life	 	Moody’s First Trigger	 	Trigger Event has
	of Hedge in Years	 	Event has Occurred	 	Occurred
	27
	 	 	2.00	%	 	 	8.00	%
	28
	 	 	2.00	%	 	 	8.00	%
	29
	 	 	2.00	%	 	 	8.00	%
	30
	 	 	2.00	%	 	 	8.00	%

16

 

Accepted and agreed:

	 	 	 	 	 	 	 	 	 
	HSBC BANK USA, NATIONAL
ASSOCIATION	 	 	 	NISSAN AUTO
RECEIVABLES 2007-A OWNER TRUST

By: WILMINGON TRUST COMPANY,

not in its individual capacity but solely as

owner trustee
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Sandra Nicotra	 	 	 	By:	 	/s/ Robert J. Perkins
	 
	 	 	 	 	 	 
	 
	 	Name: Sandra Nicotra	 	 	 	 	 	Name: Robert J. Perkins
	 
	 	Title: Senior Vice President	 	 	 	 	 	Title: Sr. Financial Officer
	 
	 	Date:     Februar 22, 2007	 	 	 	 	 	Date:  February 22, 2007

17

 

Execution Copy

SWAP TRANSACTION CONFIRMATION

	 	 	 	 	 
	Date:
	 	February 22, 2007	 	 
	 
	 	 	 	 
	To:
	 	Nissan Auto Receivables 2007-A Owner Trust	 	(“Party B”)
	 
	 	c/o Wilmington Trust Company, as Owner Trustee	 	 
	 
	 	Rodney Square North	 	 
	 
	 	1100 North Market Street	 	 
	 
	 	Wilmington, Delaware 19890	 	 
	 
	 	Attention:  Nissan Auto Receivables 2007-A Owner Trust	 	 
	 
	 
	 	With a copy to:  Rachel Serina, CTP	 	 
	 
	 	Senior Treasury Manager, Funding	 	 
	 
	 	Nissan North America, Inc.	 	 
	 
	 	BellSouth Tower	 	 
	 
	 	333 Commerce Street	 	 
	 
	 	10th Floor, B-10-C	 	 
	 
	 	Nashville, TN  37201-1800	 	 
	 
	 	Telephone: 615-725-8146	 	 
	 
	 	Facsimile:  615-725-1720	 	 
	 
	 	 	 	 
	From:
	 	HSBC Bank USA, National Association	 	(“Party A”)
	 
	 	452 5th Ave.	 	 
	 
	 	New York, NY 10018	 	 
	 
	 	Attention:  Christian McGreevy	 	 
	 
	 	Telephone: 212-525-8710	 	 
	 
	 	Facsimile:  212-575-5517	 	 
	 
	 	 	 	 
	Ref. No.
	 	468253HN/DRAFT	 	 

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below (the “Transaction”). This
Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified
below.

1. The definitions and provisions contained in (i) the 2000 ISDA Definitions (the “ISDA
Definitions”), as published by the International Swaps and Derivatives Association, Inc, and (ii)
the Indenture dated as of February 22, 2007 (the “Indenture”) between Party B and Wells Fargo Bank,
National Association, as indenture trustee relating to the issuance by Party B of certain debt
obligations, are incorporated into this Confirmation. In the event of any inconsistency between
the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Swap Transaction” for purposes
of the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed
to them in the Indenture.

 

 

2. The terms of the particular Transaction to which the Confirmation relates are as follows:

	 	 	 
	Transaction Type:
	 	Interest Rate Swap
	 
	 	 
	Currency for Payments:
	 	U.S. Dollars
	 
	 	 
	Notional Amount:
	 	For the Initial Calculation Period, the Notional
	 
	 	Amount shall be equal to USD $236,852,000.00.
	 
	 	For each subsequent Calculation Period, the
	 
	 	Notional Amount shall be equal to the aggregate
	 
	 	note balance of the Class A-4 Notes on the first
	 
	 	day of such Calculation Period.  With respect to
	 
	 	any Payment Date, the aggregate note balance of
	 
	 	the Class A-4 Notes will be determined using the
	 
	 	Servicer’s Certificate issued on the
	 
	 	Determination Date immediately preceding the
	 
	 	Payment Date (giving effect to any reductions of
	 
	 	the note balance of the Class A-4 Notes reflected
	 
	 	in such Servicer’s Certificate).
	 
	 	 
	Initial Calculation Period:
	 	February 22, 2007 to but excluding March 15, 2007.
	 
	 	 
	Term:
	 	 
	 
	 	 
	Trade Date:
	 	February 15, 2007
	 
	 	 
	Effective Date:
	 	February 22, 2007
	 
	 	 
	Termination Date:
	 	The earlier of (i) June 17, 2013 and (ii) the
	 
	 	date on which the note balance of the Class A-4
	 
	 	Notes is reduced to zero.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:
	 	Party B
	 
	 	 
	Calculation Period End
	 	Monthly on the 15th of each month,
	Dates:
	 	commencing March 15, 2007, through and including
	 
	 	the Termination Date; No Adjustment.
	 
	 	 
	Payment Dates:
	 	Monthly on the 15th of each month,
	 
	 	commencing March 15, 2007, through and including
	 
	 	the Termination Date.

2

 

	 	 	 
	Business Day Convention:
	 	Following
	 
	 	 
	Business Day:
	 	Principal place of business of Party A, New York,
	 
	 	Delaware, Minnesota, Tennessee and Texas
	 
	 	 
	Fixed Rate:
	 	5.0450%
	 
	 	 
	Fixed Rate Day Count
Basis:
	 	30/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:
	 	Party A
	 
	 	 
	Calculation Period End
	 	Monthly on the 15th of each month,
	Dates:
	 	commencing March 15, 2007, through and including
	 
	 	the Termination Date, subject to adjustment in
	 
	 	accordance with the Following Business Day
	 
	 	Convention.
	 
	 	 
	Payment Dates:
	 	Monthly on the 15th of each month,
	 
	 	commencing March 15, 2007, through and including
	 
	 	the Termination Date.
	 
	 	 
	Business Day Convention:
	 	Following
	 
	 	 
	Business Day:
	 	 
	 
	 	 
	For Payment Dates:
	 	Principal place of business of Party A, New York,
	 
	 	Delaware, Minnesota, Tennessee and Texas
	 
	 	 
	For the determination
of the Floating Rate:
	 	London
	 
	 	 
	Floating Rate Option:
	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:
	 	1 Month
	 
	 	 
	Spread:
	 	 
	 
	 	 
	Floating Rate Day Count:
	 	None
	 
	 	 
	Count: Basis:
	 	Actual/360
	 
	 	 
	Reset Dates:
	 	The first day of each Calculation Period.
	 
	 	 
	Compounding:
	 	Inapplicable

3

 

	3.	 	The additional provisions of this Confirmation are as follows:

	 	 	 
	Calculation Agent:
	 	As set forth in the Agreement.
	Payments to Party A:
	 	
HSBC Bank USA, National Association
	 
	 	ABA # 021-001-088
	 
	 	For Credit to Department 299
	 
	 	A/C: 000-04929-8
	 
	 	HSBC Derivative Products Group
	 
	 	 
	Payments to Party B:
	 	Wells Fargo Bank, N.A.
	 
	 	ABA: 121000248
	 
	 	Acct: 0001038377
	 
	 	Acct Name: Wells Fargo Corporate Trust
	 
	 	For further credit: Acct
#20951301 NAROT 07—A
	 
	 	                      
         Collection Acct.
	 
	 	Attn:  Amanda Berg 612-667-8488

4. Documentation

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of February 22, 2007 (including the Schedule thereto) as amended and supplemented from
time to time (the “Agreement”) between you and us. All provisions contained in the Agreement
govern this Confirmation except as expressly modified herein. Unless otherwise provided in the
Agreement, this Confirmation is governed by the laws of the State of New York.

The remainder of this page intentionally left blank.

4

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us.

	 	 	 	 	 
	 	Very truly yours,

HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Antonia Landgraf
 	 
	 	 	Name: 	Antonia Landgraf 	 
	 	 	Title: 	Assistant Vice President (ID # 12953) 	 

	 	 	 	 	 
	 	By:  	                                              /s/ Kristina Cruz
 	 
	 	 	Name: 	Kristina Cruz 	 
	 	 	Title: 	Assistant Vice President (ID # 14414) 	 
	 

Accepted and confirmed as of the date first above written:

	 	 	 	 	 
	NISSAN AUTO RECEIVABLES 2007-A OWNER TRUST
	 	 
	 
	 	 	 	 
	By:
	 	Wilmington Trust Company,	 	 
	 
	 	not in its individual capacity but solely
	 	 
	 
	 	as owner trustee	 	 

	 	 	 	 	 
	 	 	 
	By:  	/s/ Robert J. Perkins
 	 	 
	 	Name:  	Robert J. Perkins 	 	 
	 	Title:  	Sr. Financial Officer 	 	 
	 

5

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