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                                                                    EXHIBIT 10.2

                                 FORM OF WARRANT

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR WITH ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED
UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER
THE SECURITIES ACT OR (II) THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE
COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.

                         NORTHWEST BIOTHERAPEUTICS, INC.

                                     WARRANT

Warrant No. 2006-[  ]                                          Dated: [  ], 2006

      Northwest Biotherapeutics, Inc., a Delaware corporation (the "COMPANY"),
hereby certifies that, for value received, [ ] or its registered assigns
(including permitted transferees, the "HOLDER"), is entitled to purchase from
the Company up to a total of [ ] shares (as adjusted from time to time as
provided in Section 9) of Common Stock (as defined below) (each such share, a
"WARRANT SHARE" and all such shares, the "WARRANT SHARES") at an exercise price
equal to $[ ] per share (as adjusted from time to time as provided in Section 9,
the "EXERCISE PRICE"), at any time and from time to time from and after the
Original Issue Date through and including March 30, 2011 (the "EXPIRATION
DATE"), and subject to the following terms and conditions. This Warrant is one
of a series of similar warrants (the "WARRANTS") issued pursuant to that certain
Securities Purchase Agreement, dated as of the Original Issue Date, by and among
the Company, the Holder and certain other purchasers listed on Schedule A
thereto (the "PURCHASE AGREEMENT"), providing for the issuance and sale of
Common Stock and Warrants by the Company to the Holder and such other investors.

      1. Definitions. The capitalized terms used herein and not otherwise
defined shall have the meanings set forth below:

            "AFFILIATE" of any specified Person means any other Person directly
or indirectly controlling, controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "CONTROL"
as used with respect to any person or entity means the possession, direct or
indirect, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

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            "ACQUISITION" means any merger involving the Company or any
subsidiary of the Company, or any purchase by the Company or any subsidiary of
the Company of stock or assets of any other Person in which the consideration
paid in such transaction consists in whole, or in part of Common Stock, Common
Stock Equivalents or Convertible Securities.

            "CAPITAL STOCK" means and includes (i) any and all shares,
interests, participations or other equivalents of or interests in (however
designated) corporate stock, including, without limitation, shares of preferred
or preference stock, (ii) all partnership interests (whether general or limited)
in any Person which is a partnership, (iii) all membership interests or limited
liability company interests in any limited liability company, and (iv) all
equity or ownership interests in any Person of any other type.

            "COMMON STOCK" means the Common Stock of the Company, par value
$.001 per share, as constituted on the Original Issue Date.

            "COMMON STOCK EQUIVALENT" means any Convertible Security or warrant,
option or other right to subscribe for or purchase any shares of Common Stock or
any Convertible Security.

            "CONVERTIBLE SECURITIES" means evidences of indebtedness, shares of
Capital Stock or other Securities which are or may be at any time convertible
into or exchangeable for shares of Common Stock. The term "Convertible Security"
means one of the Convertible Securities.

            "COMPANY OFFER" means any tender offer (including exchange offer),
as amended from time to time, made by the Company or any of its subsidiaries for
the purchase (including the acquisition pursuant to an exchange offer) of all or
any portion of the outstanding shares of Common Stock, except as permitted
pursuant to Rule 10b-18 promulgated under the Securities Exchange Act of 1934,
as amended (the "EXCHANGE ACT").

            "ELIGIBLE MARKET" means any of the New York Stock Exchange, the
American Stock Exchange or Nasdaq.

            "MARKET PRICE" means, as to any security, (i) if the principal
trading market for such security is an exchange, the average of the last
reported sale prices per share for the last five previous Trading Days in which
a sale was reported, as officially reported on any consolidated tape, (ii) if
clause (i) is not applicable, the average of the closing bid price per share for
the last five previous Trading Days as set forth by Nasdaq or on the OTC
Bulletin Board or (iii) if clauses (i) and (ii) are not applicable, the average
of the closing bid price per share for the last five previous Trading Days as
set forth in the National Quotation Bureau sheet listing for such security.
Notwithstanding the foregoing, if there is no reported sales price or closing
bid price, as the case may be, on any of the ten Trading Days preceding the
event requiring a determination of Market Price hereunder, then the Market Price
shall be determined in good faith by resolution of the Board of Directors of the
Company, based on the best information available to it.

            "NASDAQ" means the Nasdaq SmallCap Market or Nasdaq National Market.

            "ORIGINAL ISSUE DATE" means March 30, 2006.

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            "OTHER SECURITIES" refers to any Capital Stock (other than Common
Stock) and other securities of the Company or any other Person which the Holder
of this Warrant at any time shall be entitled to receive, or shall have
received, upon the exercise of this Warrant, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to
Section 9 hereof or otherwise.

            "PERSON" means any individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or other entity of any kind.

            "PRIOR SECURITY" means any right and/or security directly or
indirectly exercisable or exchangeable for, or convertible into, shares of
Common Stock that was outstanding as of the Original Issue Date.

            "REGISTRATION STATEMENT" shall have the meaning set forth in the
Purchase Agreement.

            "STRATEGIC TRANSACTION" means any collaboration, licensing,
partnering or other commercial transaction entered into by the Company in
furtherance of the development of the Company's product candidates, technology
and/or intellectual property.

            "TRADING DAY" means (a) any day on which the Common Stock is listed
or quoted and traded on any Eligible Market or (b) if the Common Stock are not
then quoted and traded on any Eligible Market, then a day on which trading
occurs on Nasdaq (or any successor thereto).

            "TRANSFER AGENT" shall mean Mellon Investor Services or such other
Person as the Company may appoint from time to time.

            "WARRANT SHARES" shall initially mean shares of Common Stock and, in
addition, may include Other Securities and Distributed Property (as defined in
Section 9(e)) issued or issuable from time to time upon exercise of this
Warrant.

      2. Registration of Warrant. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the "WARRANT
REGISTER"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

      3. Registration of Transfers. The Company shall register the transfer of
any portion of this Warrant in the Warrant Register, upon surrender of this
Warrant, with the Form of Assignment attached hereto as Appendix A duly
completed and signed, to the Company at its address specified herein. Upon any
such registration and transfer, a new warrant in substantially the form of a
Warrant (any such new warrant, a "NEW WARRANT"), evidencing the portion of this
Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. Each new warrant evidencing the
Warrant so transferred shall bear the appropriate restrictive legend set forth
in Section 4(j)(ii) of the Purchase Agreement. The acceptance of the

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New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant, and
such transferee shall be subject to the terms and conditions of the Purchase
Agreement, including, without limitation, the restrictions on transfer set forth
in Section 4(i) of the Purchase Agreement.

      4. Exercise and Duration of Warrant.

            (a) This Warrant shall be exercisable by the registered Holder at
any time and from time to time on and after the Original Issue Date through and
including the Expiration Date. At 5:00 P.M., New York City time on the
Expiration Date, the portion of this Warrant not exercised prior thereto shall
be and become void and of no value, regardless of whether this Warrant shall be
returned to the Company.

            (b) A Holder may exercise this Warrant by delivering to the Company
(i) an exercise notice, in the form attached hereto as Appendix B (the "EXERCISE
NOTICE"), appropriately completed and duly signed, and (ii) payment of the
Exercise Price for the number of Warrant Shares as to which this Warrant is
being exercised (as set forth in Section 4(c) below), and the date such items
are received by the Company is an "EXERCISE DATE." Execution and delivery of the
Exercise Notice shall have the same effect as cancellation of the original
Warrant and issuance of a New Warrant evidencing the right to purchase the
remaining number of Warrant Shares, if any.

            (c) The Holder shall pay the Exercise Price (i) in cash, by
certified bank check payable to the order of the Company or by wire transfer of
immediately available funds in accordance with the Company's instructions or
(ii) if at any time on or after the Original Issue Date, (x) there is no
effective Registration Statement registering the resale of the Warrant Shares by
the Holder and (y) the Market Price exceeds the Exercise Price, by means of a
"cashless exercise", by presenting and surrendering to the Company this Warrant,
in which event the Company shall issue to the Holder the number of Warrant
Shares determined as follows:

                        X = Y [(A-B)/A]

                        where:

                        X = the number of Warrant Shares to be issued to the
                            Holder upon such cashless exercise;

                        Y = the number of Warrant Shares with respect to
                            which this Warrant is being exercised;

                        A = the Market Price on the Exercise Date; and

                        B = the Exercise Price.

            (d) If an exercise of this Warrant is to be made in connection with
a registered public offering or sale of the Company, such exercise may, at the
election of the Holder, be conditioned on the consummation of the public
offering or sale of the Company, in which case such exercise shall not be deemed
effective until the consummation of such transaction.

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      5. Delivery of Warrant Shares.

            (a) Upon exercise of this Warrant, the Company shall promptly, but
in no event later than the third (3rd) Trading Day following such exercise,
issue or cause to be issued and deliver or cause to be delivered to the Holder,
in such name or names as the Holder may designate, a certificate for the Warrant
Shares issuable upon such exercise bearing (only if such legend is required by
applicable law) the restrictive legend set forth in Section 4(j)(i) of the
Purchase Agreement. The Holder, or any Person so designated by the Holder to
receive the Warrant Shares, shall be deemed to have become holder of record of
such Warrant Shares as of the Exercise Date.

            (b) This Warrant is exercisable, either in its entirety or, from
time to time, for a portion of the number of Warrant Shares. Upon surrender of
this Warrant following one or more partial exercises, the Company shall issue or
cause to be issued, at its expense, a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

            (c) Compensation for Buy-In on Failure to Timely Deliver
Certificates Upon Exercise. In addition to any other rights available to the
Holder, if the Company fails to cause its transfer agent to transmit to the
Holder a certificate or certificates representing the Warrant Shares pursuant to
an exercise on or before the third (3rd) Trading Day following such exercise,
and if after such date the Holder is required by its broker to purchase (in an
open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a "Buy-In"), then the Company shall
(1) pay in cash to the Holder the amount by which (x) the Holder's total
purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of shares of Warrant Shares that the Company was required to deliver to
the Holder in connection with the exercise at issue times (B) the price at which
the sell order giving rise to such purchase obligation was executed, and (2) at
the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of shares of Warrant Shares for which such exercise was not
honored or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (1) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In, together with applicable confirmations
and other evidence reasonably requested by the Company. Nothing herein shall
limit a Holder's right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company's failure to
timely deliver certificates representing shares of Common Stock upon exercise of
this Warrant as required pursuant to the terms hereof.

      6. Charges, Taxes and Expenses. Issuance and delivery of certificates for
shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, withholding tax, transfer
agent fee or other incidental tax or expense in

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respect of the issuance of such certificates, all of which taxes and expenses
shall be paid by the Company; provided, however, that the Company shall not be
required to pay any tax which may be payable in respect of any transfer involved
in the registration of any certificates for Warrant Shares or Warrant in a name
other than that of the Holder. The Holder shall be responsible for all other tax
liability that may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon exercise hereof.

      7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and in substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested.

      8. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of the aggregate of its authorized but
unissued and otherwise unreserved Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from all taxes, liens, claims,
encumbrances with respect to the issuance of such Warrant Shares and will not be
subject to any pre-emptive rights or similar rights (taking into account the
adjustments and restrictions of Section 9 hereof). The Company covenants that
all Warrant Shares so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued, fully paid and nonassessable. The Company
will take all such action as may be necessary to assure that such shares Common
Stock may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of any securities exchange or automated
quotation system upon which the Common Stock may be listed or quoted, as the
case may be.

      9. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 9.

            (a) Dividends. If the Company, at any time while this Warrant is
outstanding, pays a dividend on its Common Stock payable in additional shares of
Common Stock or otherwise makes a distribution on any class of capital stock
that is payable in shares of Common Stock (otherwise than in respect of any
Prior Security, or any Common Stock or Convertible Security issuable upon
exercise, exchange or conversion of any Prior Security, in accordance with the
terms thereof), then in each such case the Exercise Price shall be multiplied by
a fraction, (A) the numerator of which shall be the number of shares of Common
Stock outstanding immediately prior to the opening of business on the day after
the record date for the determination of stockholders entitled to receive such
dividend or distribution and (B) the denominator of which shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to this Section 9(a) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such
dividend or distribution; provided, however, that if such record date shall have
been fixed and such dividend is not fully paid or if such distribution is not
fully made on the date fixed therefor, any such adjustment shall become
effective as of the time of actual payment of such dividends or

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distribution. For the avoidance of doubt and notwithstanding anything contained
in this Warrant, no adjustment to the Exercise Price shall occur pursuant to
this subsection (a) upon the accrual or payment of interest or dividends on, or
the exercise, conversion or exchange of, any Prior Securities (or any Common
Stock or Convertible Securities issued directly or indirectly upon exercise,
exchange or conversion thereof) for Common Stock or Convertible Securities.

            (b) Stock Splits. If the Company, at any time while this Warrant is
outstanding, (i) subdivides outstanding shares of Common Stock into a larger
number of shares, or (ii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be
multiplied by a fraction, (A) the numerator of which shall be the number of
shares of Common Stock outstanding immediately before such event and (B) the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment pursuant to this Section 9(b) shall
become effective immediately after the effective date of such subdivision or
combination.

            (c) Reclassifications. A reclassification of the Common Stock (other
than any such reclassification in connection with a merger or consolidation to
which Section 9(f) applies) into shares of any other class of stock shall be
deemed:

                  (i) a distribution by the Company to the holders of its Common
Stock of such shares of such other class of stock for the purposes and within
the meaning of this Section 9; and

                  (ii) if the outstanding shares of Common Stock shall be
changed into a larger or smaller number of shares of Common Stock as part of
such reclassification, such change shall be deemed a subdivision or combination,
as the case may be, of the outstanding shares of Common Stock for the purposes
and within the meaning of Section 9(b).

            (d) Reserved.

            (e) Other Distributions. If the Company, at any time while this
Warrant is outstanding, distributes to holders of Common Stock (i) evidences of
its indebtedness, (ii) any security (other than a distribution of Common Stock
covered by Section 9(a)), (iii) rights or warrants to subscribe for or purchase
any security or (iv) any other asset (in each case, "DISTRIBUTED PROPERTY"),
then in each such case the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such
distribution (and the Exercise Price thereafter applicable) shall be adjusted
(effective on and after such record date) to equal the product of such Exercise
Price multiplied by a fraction, (A) the numerator of which shall be Market Price
on such record date less the then fair market value per share of the Distributed
Property distributed in respect of one outstanding share of Common Stock, which,
if the Distributed Property is other than cash or marketable securities, shall
be as determined in good faith by the Board of Directors of the Company, and (B)
the denominator of which shall be the Market Price on such record date.

            (f) Issuance of Additional Shares of Common Stock. In the event the
Company shall, at any time during the twelve months following the Original Issue
Date, issue any shares of Common Stock (otherwise than (i) in respect of, or
pursuant to any exercise,

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exchange or conversion of, any Prior Security, (ii) as provided in the foregoing
subsections (a) through (e) of this Section 9, (iii) in connection with an
Acquisition or Strategic Transaction, or (iv) in respect of any equity incentive
plan or agreement of the Company), at a price per share less than the Exercise
Price then in effect or without consideration, then the Exercise Price upon each
such issuance shall be adjusted to the price equal to the consideration per
share paid for such shares of Common Stock; provided that if such issuance or
deemed issuance was without consideration, then the Company shall be deemed to
have received an aggregate of $.001 of consideration for all such shares of
Common Stock issued or deemed to be issued. For the avoidance of doubt and
notwithstanding anything contained in this Warrant, no adjustment to the
Exercise Price shall occur pursuant to this subsection (f) upon the exercise,
conversion or exchange of any Prior Securities.

            (g) Issuance of Common Stock Equivalents. If, at any time during the
twelve months following the Original Issue Date, the Company shall distribute to
the holders of its Common Stock, or shall issue any Common Stock Equivalents
(otherwise than (i) in respect of, or pursuant to any exercise, exchange, or
conversion of, any Prior Security, (ii) as provided in subsection (a) through
(e) of this Section 9, (iii) in connection with an Acquisition or Strategic
Transaction, or (iv) in respect of any equity incentive plan or agreement of the
Company) whether or not the rights to exchange or convert thereunder are
immediately exercisable, and the price per share for which Common Stock is
issuable upon such conversion or exchange shall be less than the Exercise Price
in effect immediately prior to the time of such issue or sale, or if, after any
such issuance of Common Stock Equivalents, the price per share for which shares
of Common Stock may be issuable under such Common Stock Equivalents thereafter
is amended or adjusted during the twelve months following the Original Issue
Date, and such price as so amended shall be less than the Exercise Price in
effect at the time of such amendment or adjustment, then the Exercise Price then
in effect shall be adjusted as provided in Section 9(g). No further adjustments
of the Exercise Price then in effect shall be made upon the actual issue of
Common Stock upon conversion or exchange of Common Stock Equivalents. For the
avoidance of doubt and notwithstanding anything contained in this Warrant, no
adjustment to the Exercise Price shall occur pursuant to this subsection (g)
upon the issuance of any Common Stock Equivalents in respect of, or pursuant to
the exercise, conversion or exchange of, any Prior Securities, nor shall any
adjustment of the Exercise Price be made upon the subsequent issue of such
Common Stock upon conversion, exercise or exchange of such Common Stock
Equivalents.

            (h) Fundamental Transactions. If, at any time while this Warrant is
outstanding, (i) the Company effects any merger or consolidation of the Company
with or into another Person, (ii) the Company effects any sale of all or
substantially all of its assets in one or a series of related transactions or
(iii) there shall occur any merger of another Person into the Company whereby
the Common Stock is cancelled, converted or reclassified into or exchanged for
other securities, cash or property (in any such case, a "FUNDAMENTAL
TRANSACTION"), then, as a condition to the consummation of such Fundamental
Transaction, the Company shall (or, in the case of any Fundamental Transaction
in which the Company is not the surviving entity, the Company shall take all
reasonable steps to cause such other Person to) execute and deliver to each
Holder of Warrants a written instrument providing that:

                  (x) so long as any Warrant remains outstanding on such terms
and subject to such conditions as shall be as nearly equivalent as may be
practicable to the provisions

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set forth in this Warrant, each Warrant, upon the exercise thereof at any time
on or after the consummation of such Fundamental Transaction, shall be
exercisable into, in lieu of Common Stock issuable upon such exercise prior to
such consummation, the securities or other property (the "SUBSTITUTED PROPERTY")
that would have been received in connection with such Fundamental Transaction by
a holder of the number of shares of Common Stock into which such Warrant was
exercisable immediately prior to the consummation of such Fundamental
Transaction, assuming such holder of Common Stock:

                        (A) is not a Person with which the Company consolidated
or into which the Company merged or which merged into the Company or to which
such sale or transfer was made, as the case may be (a "CONSTITUENT PERSON"), or
an Affiliate of a Constituent Person; and

                        (B) failed to exercise such Holder's rights of election,
if any, as to the kind or amount of securities, cash and other property
receivable in connection with such Fundamental Transaction (provided, however,
that if the kind or amount of securities, cash or other property receivable in
connection with such Fundamental Transaction is not the same for each share of
Common Stock held immediately prior to such Fundamental Transaction by a Person
other than a Constituent Person or an Affiliate thereof and in respect of which
such rights of election shall not have been exercised (a "NON-ELECTING SHARE"),
then, for the purposes of this Section 9(f), the kind and amount of securities,
cash and other property receivable in connection with such Fundamental
Transaction by each Non-Electing Share shall be deemed to be the kind and amount
so receivable per share by a plurality of the Non-Electing Shares); and

                  (y) the rights and obligations of the Company (or, in the
event of a transaction in which the Company is not the surviving Person, such
other Person) and the Holders in respect of Substituted Property shall be as
nearly equivalent as may be practicable to the rights and obligations of the
Company and Holders in respect of Common Stock hereunder.

            Such written instrument shall provide for adjustments which, for
events subsequent to the effective date of such written instrument, shall be as
nearly equivalent as may be practicable to the adjustments provided for in
Section 9. The above provisions of this Section 9(f) shall similarly apply to
successive Fundamental Transactions.

            (i) Adjustment of Number of Warrant Shares. Simultaneously with any
adjustment to the Exercise Price pursuant to paragraphs (a) through (g) of this
Section 9, the number of Warrant Shares that may be purchased upon exercise of
this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the increased or
decreased number of Warrant Shares shall be the same as the aggregate Exercise
Price payable for the Warrant Shares immediately prior to such adjustment. For
the avoidance of doubt and notwithstanding anything contained in this Warrant,
this Section 9(i) will not apply in respect of any adjustments to the Exercise
Price pursuant to Section 9(h).

            (j) Calculations. All calculations under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share, as applicable. The
number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account

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of the Company, and the disposition of any such shares shall be considered an
issue or sale of Common Stock.

            (k) Adjustments. Notwithstanding any provision of this Section 9, no
adjustment of the Exercise Price shall be required if such adjustment is less
than $0.05; provided, however, that any adjustments which by reason of this
Section 9(i) are not required to be made shall be carried forward and taken into
account for purposes of any subsequent adjustment.

            (l) Notice of Adjustments. Upon the occurrence of each adjustment
pursuant to this Section 9, the Company will promptly deliver to the Holder a
certificate executed by the Company's Chief Financial Officer setting forth, in
reasonable detail, the event requiring such adjustment and the method by which
such adjustment was calculated, the adjusted Exercise Price and the adjusted
number or type of Warrant Shares or other securities issuable upon exercise of
this Warrant (as applicable). The Company will retain at its office copies of
all such certificates and cause the same to be available for inspection at said
office during normal business hours by the Holder or any prospective purchaser
of the Warrant designated by the Holder.

            (m) Notice of Corporate Events. If the Company (i) declares a
dividend or any other distribution of cash, securities or other property in
respect of its Common Stock, including, without limitation, any granting of
rights or warrants to subscribe for or purchase any Capital Stock of the Company
or any subsidiary of the Company, (ii) authorizes, approves, enters into any
agreement contemplating, or solicits stockholder approval for, any Fundamental
Transaction or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then the Company shall deliver to the
Holder a notice describing the material terms and conditions of such transaction
at least 15 calendar days prior to the applicable record or effective date on
which a Person would need to hold Common Stock in order to participate in or
vote with respect to such transaction and the Company will take all steps
reasonably necessary in order to ensure that the Holder is given the practical
opportunity to exercise this Warrant prior to such time; provided, however, that
the failure to deliver such notice or any defect therein shall not affect the
validity of the corporate action required to be described in such notice.

      10. Fractional Shares. The Company shall not be required to issue or cause
to be issued fractional Warrant Shares on the exercise of this Warrant. If any
fraction of a Warrant Share would, except for the provisions of this Section, be
issuable upon exercise of this Warrant, the Company shall make a cash payment to
the Holder equal to (a) such fraction multiplied by (b) the Market Price on the
Exercise Date of one full Warrant Share.

      11. Restricted Securities. The Holder represents and warrants that it (i)
understands that the Warrant and the Warrant Shares have not been registered
under the Securities Act and (ii) understands the restrictions set forth on the
legend printed on the face of this Warrant.

      12. Listing on Securities Exchanges. In furtherance and not in limitation
of any other provision of this Warrant, if the Company at any time shall list
any Common Stock on any Eligible Market, the Company will, at its expense,
simultaneously list the Warrant Shares (and maintain such listing) on such
Eligible Market, upon official notice of issuance following the exercise of this
Warrant; and the Company will so list, register and maintain such listing of any

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<PAGE>

Other Securities on any Eligible Market, if and at the time that any securities
of like class or similar type shall be listed on such Eligible Market by the
Company.

      13. Remedies. The Company stipulates that the remedies at law of the
Holder of this Warrant in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

      14. Notices. Any and all notices or other communications or deliveries
hereunder (including without limitation any Exercise Notice) shall be in writing
and shall be mailed by certified mail, return receipt requested, or by a
nationally recognized courier service or delivered (in person or by facsimile),
against receipt to the party to whom such notice or other communication is to be
given. The address for such notices or communications shall be as set forth in
the Purchase Agreement entered into by the Holder and the Company. Any notice or
other communication given by means permitted by this Section 14 shall be deemed
given at the time of receipt thereof.

      15. Warrant Agent. The Company shall serve as warrant agent under this
Warrant. Upon 30 days' notice to the Holder, the Company may appoint a new
warrant agent. Any Person into which any new warrant agent may be merged, any
Person resulting from any consolidation to which any new warrant agent shall be
a party or any Person to which any new warrant agent transfers substantially all
of its corporate trust or stockholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor
warrant agent shall promptly cause notice of its succession as warrant agent to
be mailed (by first class mail, postage prepaid) to the Holder at the Holder's
last address as shown on the Warrant Register.

      16. Miscellaneous. (a) The Company shall not assign this Warrant or any of
its rights or obligations hereunder, except (i) to a successor in interest in
the event of a Fundamental Transaction or (ii) upon the prior written consent of
the Holder. This Warrant may be assigned by the Holder, provided that such
transfer is in compliance with the terms and conditions of this Warrant and
Section 4(i) of the Purchase Agreement and permitted by federal and state
securities laws. This Warrant shall be binding on and inure to the benefit of
the parties hereto and their respective successors and assigns. Subject to the
preceding sentence, nothing in this Warrant shall be construed to give to any
Person other than the Company and the Holder any legal or equitable right,
remedy or cause of action under this Warrant. This Warrant may be amended only
in writing signed by the Company and the Holder and their successors and
assigns.

            (b) The Company will not, by amendment of its governing documents or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such commercially reasonable action as may be necessary
or appropriate in order to protect the rights of the Holder against impairment.
Without limiting the generality of the foregoing, the Company (i) will not
increase the par value of any Warrant

                                       11
<PAGE>

Shares above the amount payable therefor upon exercise thereof, (ii) will take
all such commercially reasonable action as may be reasonably necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares on the exercise of this Warrant, free from all
taxes, liens, claims and encumbrances and (iii) will not close its stockholder
books or records in any manner which interferes with the timely exercise of this
Warrant.

            (c) This Warrant shall be governed by and construed and enforced in
accordance with the laws of the State of New York without regard to conflicts of
laws principles thereof. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and Federal courts sitting in the City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of the Purchase Agreement),
and hereby irrevocably waives, and agrees not to assert any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this
Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
THE PARTIES HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

            (d) Neither party shall be deemed in default of any provision of
this Warrant, to the extent that performance of its obligations or attempts to
cure a breach hereof are delayed or prevented by any event reasonably beyond the
control of such party, including, without limitation, war, hostilities, acts of
terrorism, revolution, riot, civil commotion, national emergency, strike,
lockout, unavailability of supplies, epidemic, fire, flood, earthquake, force of
nature, explosion, embargo, or any other Act of God, or any law, proclamation,
regulation, ordinance, or other act or order (or absence of act or order)of any
court, government or governmental agency, provided that such party gives the
other party written notice thereof promptly upon discovery thereof and uses
reasonable efforts to cure or mitigate the delay or failure to perform.

            (e) The headings herein are for convenience only, do not constitute
a part of this Warrant and shall not be deemed to limit or affect any of the
provisions hereof.

            (f) In case any one or more of the provisions of this Warrant shall
be deemed invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

                                       12
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                     NORTHWEST BIOTHERAPEUTICS, INC.

                                     By: _____________________________________
                                         Name:
                                         Title:

Acknowledged and agreed:

___________________________
Holder

By: ____________________________
    Name:
    Title:

<PAGE>

                                   APPENDIX A

                               FORM OF ASSIGNMENT

           (to be completed and signed only upon transfer of Warrant)

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ________________________________________ the right represented by the
within Warrant to purchase _____________ shares of Common Stock of Northwest
Biotherapeutics, Inc. to which the within Warrant relates and appoints
__________________________ attorney to transfer said right on the books of
Northwest Biotherapeutics, Inc. with full power of substitution in the premises.

Dated:____________              ________________________
                                (Signature must conform in all respects to name
                                of Holder as specified on face of the Warrant)

                                Address of Transferee:

                                ______________________

                                ______________________

                                ______________________

In the presence of:

____________________

<PAGE>

                                   APPENDIX B

                             FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To:   Northwest Biotherapeutics, Inc.

The undersigned is the Holder of Warrant No. 2006-___ (the "Warrant") issued by
Northwest Biotherapeutics, Inc., a Delaware corporation (the "Company").
Capitalized terms used herein and not otherwise defined have the respective
meanings set forth in the Warrant.

1.    The Warrant is currently exercisable to purchase a total of _________
      Warrant Shares.

2.    The undersigned Holder hereby exercises its right to purchase ________
      Warrant Shares pursuant to the Warrant.

3.    The Holder intends that payment of the Exercise Price shall be made as
      (check one):

            Cash Exercise_______

            Cashless Exercise_______

4.    If the Holder has elected a Cash Exercise, the Holder shall pay the sum of
      $________ to the Company in accordance with the terms of the Warrant.

5.    If the Holder has elected a Cashless Exercise, a certificate shall be
      issued to the Holder for the number of shares equal to the whole number
      portion of the product of the calculation set forth below, which is
      ___________. The Company shall pay a cash adjustment in respect of the
      fractional portion of the product of the calculation set forth below in an
      amount equal to the product of the fractional portion of such product and
      the Market Price on the Exercise Day, which product is ____________.

            X = Y[(A-B)/A]

            X = the number of Warrant Shares to be issued to the Holder.

            Number of Warrant Shares being exercised:_______________("Y").

            Market Price on the Exercise Day:______________("A").

            Exercise Price:______________("B")

6.    Pursuant to this exercise, the Company shall deliver to the Holder Warrant
      Shares in accordance with the terms of the Warrant.

<PAGE>

7.    Following this exercise, the Warrant shall be exercisable to purchase a
      total of __________ Warrant Shares.

Dated: ______________         Name of Holder:

                              (Print)_______________________

                              By:__________________________

                              Name:________________________

                              Title:_________________________

                              (Signature must conform in all respects to name
                              of holder as specified on the face of the Warrant)

                                       2exv4w1

 

Exhibit 4.1

NISSAN AUTO RECEIVABLES [200_-___] OWNER TRUST

(a Delaware Statutory Trust)

AMENDED AND RESTATED TRUST AGREEMENT

between

NISSAN AUTO RECEIVABLES CORPORATION II,

as Depositor,

and

[WILMINGTON TRUST COMPANY],

as Owner Trustee

Dated as of                                         

 

 

          AMENDED AND RESTATED TRUST AGREEMENT, dated as of                                         , between NISSAN AUTO RECEIVABLES
CORPORATION II, a Delaware corporation, as depositor, and [WILMINGTON TRUST COMPANY], a Delaware
banking corporation, not in its individual capacity but solely as Owner Trustee, amending and
restating in its entirety the Trust Agreement, dated as of                                          (the “Original Trust
Agreement”), between the same parties, and herein referred to as the “Trust Agreement” or this
“Agreement.”

          IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as
follows:

ARTICLE I

Definitions

     SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may
otherwise require, capitalized terms used but not otherwise defined herein have the meanings
assigned to such terms in the Sale and Servicing Agreement and the Indenture for all purposes of
this Agreement. Except as otherwise provided in this Agreement, whenever used herein the following
words and phrases, unless the context otherwise requires, shall have the following meanings:

     “Administration Agreement” means the Administration Agreement dated as of                                         
by and among the Trust, as issuer, NMAC, as Administrator, and the Indenture Trustee pursuant to
which NMAC undertakes to perform certain of the duties and obligations of the Trust hereunder,
under the Sale and Servicing Agreement and under the Indenture.

     “Administrator” means NMAC acting in its capacity as Administrator under the
Administration Agreement.

     “Agreement” means this Amended and Restated Trust Agreement, which amends and restates
the Original Trust Agreement.

     “Basic Documents” means the Purchase Agreement, this Agreement, the Certificate of
Trust, the Sale and Servicing Agreement, the Indenture, the Yield Supplement Agreement, the
Administration Agreement, the Note Depository Agreement, the Securities Account Control Agreement
and the other documents and certificates delivered in connection herewith and therewith.

     “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA,
which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of
the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit
plan’s or plan’s investment in the entity, or any other plan that is subject to a law that is
similar to Title I of ERISA or Section 4975 of the Code.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

1

 

     “Certificate” means any of the Certificates executed by the Trust and authenticated by
the Owner Trustee, evidencing a beneficial ownership interest in the Trust, substantially in the
form set forth in Exhibit A hereto.

     “Certificate of Trust” means the Certificate of Trust filed with respect to the
formation of the Trust pursuant to Section 3810(a) of the Statutory Trust Act.

     “Certificate Register” means the register maintained pursuant to Section 3.03.

     “Certificate Registrar” means [Wilmington Trust Company], unless and until a successor
thereto is appointed pursuant to Section 3.03. The Certificate Registrar initially designates its
offices at [Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890], as its
offices for purposes of Section 3.03.

     “Certificateholder” or “Holder” means a Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of giving certain
consents, waivers, requests or demands pursuant to this Agreement, the interest evidenced by any
Certificate registered in the name of NARC II or NMAC, or any Person actually known to a Trust
Officer of the Owner Trustee to be controlling, controlled by or under common control with NARC II
or NMAC, shall not be taken into account in determining whether the requisite percentage necessary
to effect any such consent, waiver, request or demand shall have been obtained unless at such time
all Certificates are then owned by NARC II, NMAC and their Affiliates.

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

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

     “Depositor” means NARC II in its capacity as depositor hereunder.

     “Depositor’s Formation Documents” means the Amended and Restated Certificate of
Incorporation of Nissan Auto Receivables Corporation II, dated as of January 10, 2001 and the
by-laws of NARC II.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Expenses” shall have the meaning assigned to such term in Section 8.01.

     “Indenture” means the Indenture dated as of                                          entered into between the Trust
and the Indenture Trustee named therein pursuant to which a series of Notes are issued.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

2

 

     “Independent Director” means an individual who was not at any time during the
preceding five years (i) a director, officer, employee or affiliate of NARC II (other than any
limited purpose or special purpose corporation or limited liability company similar to NARC II),
(ii) a person related to any officer or director of any affiliate of NARC II (other than any
limited purpose or special purpose corporation or limited liability company similar to NARC II),
(iii) a direct or indirect holder of one or more than 5% of any voting securities of any affiliate
of NARC II, (iv) a material creditor, material supplier, employee, officer, director, family
member, manager, or contractor of NARC II, or (v) a person who controls (whether directly,
indirectly, or otherwise) NARC II or its affiliates or any material creditor, material supplier,
employee, officer, director, manager or material contractor of NARC II or its affiliates.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

     “NARC II” means Nissan Auto Receivables Corporation II, a Delaware corporation.

     “Non-U.S. Person” means any Person who is not (i) a citizen or resident of the United
States who is a natural person, (ii) a corporation or partnership (or an entity treated as a
corporation or partnership) created or organized in or under the laws of the United States or any
state thereof, including the District of Columbia (unless, in the case of a partnership, Treasury
Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to
United States Federal income taxation, regardless of its source, (iv) a trust, if a court within
the United States is able to exercise primary supervision over the administration of the trust and
one or more United States persons (as defined in the Code and Treasury Regulations) have the
authority to control all substantial decisions of the trust; or (v) a trust that was in existence
prior to August 20, 1996 and that, under Treasury Regulations, is eligible to elect, and does
validly elect, to be treated as a United States person (as defined in the Code and Treasury
Regulations) despite not meeting the requirements of clause (iv).

     “Notes” means the notes issued by the Trust pursuant to the Indenture, having the
payment and other terms set forth in the Indenture.

     “Original Certificate Balance” means $                                        .

     “Original Trust Agreement” shall have the meaning assigned to such term in the
introductory paragraph to this Agreement.

     “Owner Trust Estate” means all right, title and interest of the Trust in and to the
property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing
Agreement, all funds on deposit from time to time in the accounts created pursuant to Sections 5.01
and 5.08 of the Sale and Servicing Agreement (excluding any net investment income with respect to
amounts held in such accounts), and all other property of the Trust from time to time including any
rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing Agreement, the Yield
Supplement Agreement, and the Administration Agreement, and as assignee of the rights and interests
of the Depositor under the Purchase Agreement.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

3

 

     “Owner Trustee” means [Wilmington Trust Company], a Delaware banking corporation, not
in its individual capacity but solely as owner trustee under this Agreement, and any successor
Owner Trustee hereunder.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section
3.08, and shall initially be [Wilmington Trust Company].

     “Plan” shall have the meaning assigned to such term in Section 3.03(c)(1)(ii).

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
date hereof, among the Trust, NARC II, as seller, and NMAC, as servicer.

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Securities Account Control Agreement” shall have the meaning assigned to such term in
the Sale and Servicing Agreement.

     “Securityholders” means the Certificateholders and the Noteholders.

     “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust” means the Nissan Auto Receivables [200_-___] Owner Trust, formed as a
Delaware statutory trust pursuant to this Agreement and the filing of the Certificate of Trust.

     “Trust Collection Account” shall have the meaning assigned to such term in Section
5.01(a).

     “Yield Supplement Agreement” means the Yield Supplement Agreement dated as of the date
hereof among NMAC, the Depositor, the Indenture Trustee and the Trust.

     SECTION 1.02 Usage of Terms. With respect to all terms in this Agreement, the singular
includes the plural and the plural the singular; words importing any gender include the other
genders; references to “writing” include printing, typing, lithography and other means of
reproducing words in a visible form; references to agreements and other contractual instruments
include all subsequent amendments, amendments and restatements and supplements thereto or changes
therein entered into in accordance with their respective terms and not prohibited by this
Agreement; references to Persons include their permitted successors and assigns; references to laws
include their amendments and supplements, the rules and regulations thereunder and any successors
thereto; and the term “including” means “including without limitation.”

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

4

 

ARTICLE II

Creation of Trust

     SECTION 2.01 Creation of Trust. A Delaware statutory trust known as “Nissan Auto
Receivables [200_-___] Owner Trust” was formed in accordance with the provisions of the Statutory
Trust Act pursuant to the Original Trust Agreement. Under the Original Trust Agreement, the Owner
Trustee was authorized and vested with the power and authority to make and execute contracts,
instruments, certificates, agreements and other writings on behalf of the Trust as set forth herein
and to sue and be sued on behalf of the Trust.

     The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its
acceptance and agreement to hold in trust, for the benefit of the Certificateholders and such other
Persons as may become beneficiaries hereunder from time to time, all of the Owner Trust Estate
conveyed or to be conveyed to the Trust, and all monies and proceeds that may be received with
respect thereto, subject to the terms of this Agreement.

     SECTION 2.02 Office. The principal place of business of the Trust for purposes of
Delaware law shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders
and the Servicer. The Trust may establish additional offices located at such place or places
inside or outside of the State of Delaware as the Owner Trustee may designate by written notice to
the Certificateholders and the Servicer.

     SECTION 2.03 Purposes and Powers.

     (a) The purpose of the Trust is, and the Trust shall have the power and authority and is
authorized, to engage in the following activities:

     (i) to issue Notes pursuant to the Indenture and Certificates pursuant to this
Agreement;

     (ii) to enter into and perform its obligations under any currency exchange rate
protection agreement between the Trust and a counterparty, including any confirmations
evidencing the transactions thereunder, using only the funds payable to the
Certificateholders as provided in Section 5.02(d);

     (iii) to acquire the Owner Trust Estate (including the Receivables and related
property) from the Depositor in exchange for the Notes and Certificates pursuant to the Sale
and Servicing Agreement;

     (iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate
pursuant to, and on the terms and conditions set forth in, the Indenture and to hold, manage
and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing
Agreement any portion of the Owner Trust Estate released from the Lien of,

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

5

 

and remitted to the Trust pursuant to, the Indenture as set forth therein and in the
Sale and Servicing Agreement;

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

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

     (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and
the making of distributions to the Certificateholders and the Noteholders and in respect of
amounts to be released to the Depositor, the Servicer, the Administrator and third parties,
if any.

     The Trust shall not engage in any activity other than in connection with the foregoing and as
required or authorized by the terms of the Basic Documents.

     SECTION 2.04 Power of Attorney. Pursuant to the Administration Agreement, the Owner
Trustee has authorized the Administrator to perform certain of its administrative duties hereunder,
including duties with respect to the management of the Owner Trust Estate, and in connection
therewith hereby grants the Administrator its revocable power of attorney. Each Certificateholder
by such Holder’s acceptance of any Certificate or beneficial interest therein, as the case may be,
shall be deemed to have granted power of attorney to the Administrator for purposes of actions
taken or to be taken with respect to the Certificates.

     SECTION 2.05 Declaration of Trust. The Owner Trustee hereby declares that it will
hold the Owner Trust Estate, and in the event the Issuer enters into a currency Swap Agreement
pursuant to Section 5.11 of the Sale and Servicing Agreement, any such Swap Agreement and payments
made by any such Swap Counterparty, in trust upon and subject to the conditions set forth herein
for the use and benefit of the Certificateholders, subject to the obligations of the Trust under
the Basic Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto that, solely for
income and franchise tax purposes, the Trust shall be treated as a division or branch of the Person
holding the beneficial ownership interests in the Trust for any period during which the beneficial
ownership interests in the Trust are held by one Person, and that it shall be treated as a
partnership for any period during which the beneficial ownership interests in the Trust are held by
more than one Person, with the assets of the partnership being the Receivables and other assets
held by the Trust, and the Notes being debt of the partnership. The parties agree that for any
such period, unless otherwise required by appropriate tax authorities, the Trust will file or cause
to be filed annual or other necessary returns, reports and other forms consistent with such
characterization of the Trust for tax purposes. Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with
respect to accomplishing the purposes of the Trust. At the direction of the Depositor, the
Owner

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

6

 

Trustee caused to be filed the Certificate of Trust pursuant to the Statutory Trust Act, and
the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or
appropriate to satisfy the purposes of this Agreement and as shall be consistent with the
provisions hereof.

     SECTION 2.06 Liability of the Certificateholders. No Certificateholder shall have any
personal liability for any liability or obligation of the Trust, solely by reason of it being a
Certificateholder.

     SECTION 2.07 Title to Trust Property. Legal title to all of the Owner Trust Estate
shall be vested at all times in the Trust as a separate legal entity.

     SECTION 2.08 Situs of Trust. The Trust will be located in Delaware and administered
in the states of Delaware, New York or Minnesota. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.
The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments will be received by the Trust only in
Delaware or New York, and payments will be made by the Trust only from Delaware or New York. The
principal office of the Trust will be at the Corporate Trust Office in Delaware.

     SECTION 2.09 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that as of the Closing Date:

     (a) Organization and Good Standing. The Depositor has been duly organized and is
validly existing as a corporation in good standing under the laws of the State of Delaware, with
corporate power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times, and
has, corporate power, authority and legal right to acquire and own the Receivables.

     (b) Due Qualification. The Depositor is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business shall
require such qualifications, and where the failure to so qualify would have a material adverse
effect on the ability of the Depositor to perform its obligations under this Agreement.

     (c) Power and Authority. The Depositor has the corporate power and authority to
execute and deliver this Agreement and to carry out its terms. The Depositor has full power and
authority to sell and assign the property to be sold and assigned to and deposited as part of the
Owner Trust Estate and has duly authorized such sale and assignment to the Trust by all necessary
corporate action; and the execution, delivery and performance of this Agreement has been duly
authorized by the Depositor by all necessary corporate action.

     (d) Binding Obligations. This Agreement is a legal, valid and binding obligation of
the Depositor enforceable in accordance with its terms, subject to the effect of bankruptcy,

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Nissan [200_-___]
	 

	 	 	 	 	 	Amended and Restated Trust Agreement)

7

 

insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and by general equitable principles.

     (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, nor constitute (with or without notice or lapse of time) a default under,
the certificate of incorporation or by-laws of the Depositor, or any indenture, agreement or other
instrument to which the Depositor is a party or by which it shall be bound; nor result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than the Basic Documents); nor violate any law or,
to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its properties; which
breach, default, conflict, Lien or violation in any case would have a material adverse effect on
the ability of the Depositor to perform its obligations under this Agreement.

     (f) No Proceedings. There are no proceedings or investigations pending, or, to the
best of the Depositor’s knowledge, threatened, before any court, regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or its
properties: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement; (iii) seeking any
determination or ruling that would materially and adversely affect the performance by the Depositor
of its obligations under, or the validity or enforceability of, this Agreement; or (iv) relating to
the Depositor and that would adversely affect the federal or any state income tax attributes of the
Trust, the Certificates or the Notes.

     (g) Independent Director. Notwithstanding anything to the contrary in the Depositor’s
Formation Documents, the Depositor shall ensure that at least one director of the Depositor shall
be an Independent Director.

     SECTION 2.10 Federal Income Tax Allocations. Net income of the Trust for any month as
determined for federal income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof) during which the beneficial ownership interests in the Trust
are held by more than one Person shall be allocated:

     (a) in an amount equal to any amount distributed to the Certificateholders pursuant to the
Sale and Servicing Agreement (to the extent not previously allocated pursuant to this clause); and

     (b) to the Depositor, to the extent of any remaining net income.

If the net income of the Trust for any month is insufficient for the allocations described in
clause (a) above, subsequent net income shall first be allocated to make up such shortfall before
being allocated as provided in the preceding sentence. Net losses of the Trust, if any, for any
month as determined for federal income tax purposes (and each item of income, gain, loss and
deduction entering into the computation thereof) shall be allocated to the Depositor to the extent
the

	 	 	 	 	 	 	 
	 

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Depositor has agreed hereunder and under the Sale and Servicing Agreement and the Indenture to bear
the economic burden of such net losses, and any remaining net losses shall be allocated among the
Certificateholders as of the first Distribution Date following the end of such month in proportion
to their ownership of principal amount of Certificates as of the close of business on such
Distribution Date. The Depositor is authorized to modify the allocations in this paragraph if
necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the
economic income, gain or loss to the Depositor or to the Certificateholders, or as otherwise
required by the Code.

ARTICLE III

Certificates and Transfer of Interests

     SECTION 3.01 The Certificates. The Certificates shall be issued in minimum
denominations of [$25,000.00] and in integral multiples of $1,000.00 in excess thereof. The
Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Trust
Officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or
facsimile signature of a Trust Officer. Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed, authorized to sign
on behalf of the Trust, shall be validly issued and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to
the authentication and delivery of such Certificates or did not hold such offices at the date of
authentication and delivery of such Certificates.

     The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination in the form of Exhibit A hereto.

     A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the
rights and subject to the obligations of a Certificateholder hereunder, upon such transferee’s
acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.03.

     SECTION 3.02 Authentication of Certificates. Concurrently with the initial transfer
of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee
shall cause to be executed, authenticated and delivered on behalf of the Trust to the Depositor,
Certificates in an aggregate principal amount equal to the Original Certificate Balance and
evidencing the entire ownership of the Trust. No Certificate shall entitle its holder to any
benefit under this Agreement or be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth in Exhibit
A, executed by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual or
facsimile signature of a Trust Officer, and such authentication shall constitute conclusive
evidence, and the only evidence, that such Certificate shall have been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their authentication. The
[Wilmington Trust Company] shall be the initial authenticating agent of the Owner Trustee
hereunder, and all references herein to authentication by the Owner Trustee shall be deemed to
include the authenticating agent.

	 	 	 	 	 	 	 
	 

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     SECTION 3.03 Registration of Transfer and Exchange of Certificates.

     (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.07, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, [Wilmington Trust Company] shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided. [Wilmington Trust
Company] shall be the initial Certificate Registrar. In the event that the Certificate Registrar
shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall
promptly give written notice to such effect to the Depositor, the Owner Trustee and the Servicer.
Upon receipt of such notice, the Servicer shall appoint another bank or trust company, which shall
agree to act in accordance with the provisions of this Agreement applicable to it, and otherwise
acceptable to the Owner Trustee, to act as successor Certificate Registrar under this Agreement.

     (b) Upon surrender for registration of transfer of any Certificate at the office or agency
maintained pursuant to Section 3.07, the Owner Trustee shall execute, authenticate and deliver (or
shall cause its authenticating agent to authenticate and deliver), in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like
aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent.
At the option of a Holder, Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the
office or agency maintained pursuant to Section 3.07. The preceding provisions of this Section
notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register
transfer or exchanges of Certificates for a period of 15 days preceding the due date for any
payment with respect to the Certificates.

     (c) Every Certificate presented or surrendered for registration of transfer or exchange shall
be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and
the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer or exchange shall be cancelled and
disposed of by the Owner Trustee in accordance with its customary practice.

     No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

     (1) a representation from the transferee of such Certificate substantially in the form of
Exhibit B to the effect that:

     (i) such transferee is not a Non-U.S. Person; and

     (ii) such transferee is not a Benefit Plan;

     (2) a representation from the transferor of such Certificate substantially in the form of
Exhibit C; and

	 	 	 	 	 	 	 
	 

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     (3) an opinion of counsel to the Owner Trustee that the transfer of such Certificate is being
made pursuant to an effective registration under the Securities Act or is exempt from the
registration requirements of the Securities Act.

     Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate
to or on behalf of a Benefit Plan or utilizing the assets of a Benefit Plan shall be void and of no
effect.

     To the extent permitted under applicable law (including, but not limited to, ERISA), the Owner
Trustee shall be under no liability to any Person for any registration of transfer of any
Certificate that is in fact not permitted by this Section 3.03(c) or for making any payments due on
such Certificate to the Certificateholder thereof or taking any other action with respect to such
Holder under the provisions of this Trust Agreement or the Sale and Servicing Agreement so long as
the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance with
the foregoing requirements.

     (d) No service charge shall be made for any registration of transfer or exchange of
Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Certificates.

     SECTION 3.04 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and
(b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in the absence of notice
that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee on
behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection with
the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this
Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

     SECTION 3.05 Persons Deemed Certificateholders. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat
the Person in whose name any Certificate shall be registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and
for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar
shall be bound by any notice to the contrary.

     SECTION 3.06 Access to List of Certificateholders’ Names and Addresses. The
Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer or
the Depositor, as the case may be, within 15 days after its receipt of a request therefor from
the

	 	 	 	 	 	 	 
	 

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Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner
Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If three or more Certificateholders or one
or more Holders of Certificates evidencing, in the aggregate, not less than 25% of the Certificate
Balance apply in writing to the Owner Trustee, and such application states that the applicants
desire to communicate with other Certificateholders with respect to their rights under this
Agreement or under the Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Owner Trustee shall, within five
Business Days after the receipt of such application, afford such applicants access during normal
business hours to the current list of Certificateholders. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the
Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

     SECTION 3.07 Maintenance of Office or Agency. The Owner Trustee shall maintain an
office or offices or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the
Certificates and the Basic Documents may be served. The Owner Trustee initially designates
[Wilmington Trust Company], in such capacity, [Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890], as its principal corporate trust office for such purposes. The Owner
Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any
change in the location of the Certificate Register or any such office or agency.

     SECTION 3.08 Appointment of Paying Agent. Except during any period when the Indenture
Trustee is authorized and directed to do so under the Indenture (i.e. prior to the termination of
the Indenture), the Paying Agent shall make distributions to Certificateholders from the Collection
Account pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner
Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Collection
Account for the purpose of making the distributions referred to above. The Owner Trustee may
revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations under this Agreement
in any material respect. The Paying Agent shall initially be [Wilmington Trust Company], and any
co-paying agent chosen by the Owner Trustee, and acceptable to the Owner Trustee. The Paying Agent
shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Indenture Trustee
and, if the Paying Agent is not the Owner Trustee, to the Owner Trustee. In the event that
[Wilmington Trust Company] shall no longer be the Paying Agent, the Owner Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall
cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such
sums
shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds
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the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all
funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04, 8.01
and 8.02 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

     SECTION 3.09 Ownership by the Depositor of Certificates. Notwithstanding Section
3.03, the Depositor shall on the Closing Date receive in accordance with Section 3.02, and shall
thereafter retain beneficial and record ownership of, Certificates representing 100% of the
Certificate Balance. Any attempted transfer of any Certificate that would reduce such interest of
the Depositor below 100% of the Certificate Balance shall be void. The Owner Trustee shall cause
one Certificate issued to the Depositor (representing 100% of the Certificate Balance) to bear a
legend stating “THIS CERTIFICATE IS NON-TRANSFERABLE.”

ARTICLE IV

Actions By Owner Trustee or Certificateholders

     SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action unless at least 30 days
before the taking of such action (or such shorter period as shall be agreed to in writing by all
Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the
proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing
prior to the 30th day (or such agreed upon shorter period) after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

     (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in
connection with the collection of the Receivables) and the compromise of any action, claim or
lawsuit brought by or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of the Receivables);

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

     (c) the amendment of the Indenture, whether or not by a Supplemental Indenture, in
circumstances where the consent of any Noteholder is required;

     (d) the amendment of the Indenture, whether or not by a Supplemental Indenture, in
circumstances where the consent of any Noteholder is not required but such amendment materially
adversely affects the interest of the Certificateholders;

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

	 	 	 	 	 	 	 
	 

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     (f) the appointment (i) pursuant to the Indenture of a successor Note Registrar or
Paying Agent, (ii) pursuant to this Agreement of a successor Certificate Registrar or (iii) any
consent by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar to the
assignment of its respective obligations under the Indenture or this Agreement, as applicable; or

     (g) the amendment of the Sale and Servicing Agreement in circumstances where the consent of
any Noteholder is required.

     SECTION 4.02 Action by Certificateholders with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the Certificateholders, to (a)
remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a
successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the
Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement or (d) except as expressly
provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The
Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the authorized representative of 100% of the Certificateholders.

     SECTION 4.03 Action with Respect to Bankruptcy. The Owner Trustee shall not have the
power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous
prior approval of all Certificateholders (including the Board of Directors (including the
Independent Directors, as such term is defined in the Depositor’s Certificate of Incorporation) of
the Depositor) and the delivery to the Owner Trustee of a written certification by each
Certificateholder that such Certificateholder reasonably believes that the Trust is insolvent.

     SECTION 4.04 Restrictions on Certificateholders’ Power. The Certificateholders shall
not direct the Owner Trustee to take or refrain from taking any action if such action or inaction
would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic
Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow
any such direction, if given.

     SECTION 4.05 Majority of the Certificates Control. Except as otherwise expressly
provided herein, any action that may be taken by the Certificateholders under this Agreement may be
taken by the Holders of the Certificates evidencing not less than a majority of the Certificate
Balance. Except as expressly provided herein, any written notice of the Certificateholders
delivered pursuant to this Agreement shall be effective if signed by Holders of the Certificates
evidencing not less than a majority of the Certificate Balance at the time of the delivery of such
notice.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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ARTICLE V

Application of Trust Funds; Certain Duties

     SECTION 5.01 Establishment of Accounts

     (a) On or prior to the Distribution Date on which the Notes of all Classes have been paid in
full (or substantially all of the Trust Estate is otherwise released from the lien of the
Indenture), the Owner Trustee, for the benefit of the Certificateholders, shall establish and
maintain, or shall cause to be established and maintained, in the name of the Trust (or in such
other name as shall be specified in the Sale and Servicing Agreement), the trust collection account
(the “Trust Collection Account”). The Trust Collection Account shall be established and maintained
as an Eligible Deposit Account, and, subject to provisions of the Sale and Servicing Agreement,
bearing a designation clearly indicating that, subject to Section 5.01(b), the funds deposited
therein are held by the Trust for the benefit of the Certificateholders, in each case in accordance
with Section 5.01 of the Sale and Servicing Agreement.

     Subject to Section 5.01(b), the Owner Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Trust Collection Account and in all proceeds thereof
(other than any net investment earnings on Eligible Investments held therein). Except as otherwise
expressly provided herein, the Trust Collection Account shall be under the sole dominion and
control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Trust
Collection Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the
Administrator on behalf of the Owner Trustee, if the Trust Collection Account is not then held by
the Owner Trustee or an affiliate thereof) shall within 10 Business Days establish a new equivalent
Eligible Deposit Account and shall transfer any cash and/or any investments to such new account.

     (b) Concurrently with the execution and delivery of the Indenture, the Servicer will establish
and maintain, or shall cause to be established and maintained, at the direction of the Depositor,
the Collection Account in the name of and under the control of the Indenture Trustee for the
benefit of the Securityholders in accordance with Section 5.01 of the Sale and Servicing Agreement.
The Indenture Trustee will be obligated to transfer back to the Owner Trustee, for the benefit of
the Certificateholders, all funds or investments held in the Collection Account on the Distribution
Date on which the Notes of all Classes have been paid in full or the Indenture is otherwise
terminated (excluding any amounts to be retained for distribution in respect of Notes that are not
promptly delivered for payment on such Distribution Date), and to take all necessary or appropriate
actions to transfer all right, title and interest of the Indenture Trustee in such funds or
investments and all proceeds thereof to the Owner Trustee for the benefit of the
Certificateholders, which amounts the Owner Trustee shall deposit into the Trust Collection
Account.

     (c) Concurrently with the execution and delivery of the Indenture, the Owner Trustee shall
establish and maintain the Yield Supplement Account in the name of and under the control of the
Indenture Trustee for the benefit of the Noteholders in accordance with paragraph 2 of the Yield
Supplement Agreement, Section 5.08 of the Sale and Servicing Agreement, and Section

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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8.02(a) of the Indenture. On each Distribution Date, the Indenture Trustee will be obligated
to apply amounts on deposit in the Yield Supplement Account in accordance with the terms of the
Sale and Servicing Agreement and the Indenture. The Indenture Trustee will be obligated to
transfer back to the Owner Trustee, for the benefit of the Certificateholders, all funds or
investments held in the Yield Supplement Account on the Distribution Date on which the Notes of all
Classes have been paid in full or the Indenture is otherwise terminated (excluding any amounts to
be retained for distribution in respect of Notes that are not promptly delivered for payment on
such Distribution Date), and to take all necessary or appropriate actions to transfer all right,
title and interest of the Indenture Trustee in such funds or investments and all proceeds thereof
to the Owner Trustee for the benefit of the Certificateholders, which amounts the Owner Trustee
shall deposit into the Trust Collection Account.

     SECTION 5.02 Application of Amounts in Trust Accounts

     (a) For so long as any Notes are outstanding, on each Distribution Date, the Indenture Trustee
will distribute to Certificateholders, on a pro rata basis, the amounts distributable thereto
pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture.
From and after the date on which the Notes of all Classes have been paid in full, on each
Distribution Date, the Owner Trustee shall distribute to the Certificateholders amounts on deposit
in the Trust Collection Account that are distributable to the Certificateholders in accordance with
the instructions of the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement.
Upon the release from the Lien of the Indenture of amounts on deposit in the Collection Account or
any other portion of the Owner Trust Estate, the Owner Trustee will cause such property to be
properly deposited into the Trust Collection Account under the control of the Owner Trustee
pursuant to Section 5.01(a) or distributed to the Certificateholders in accordance with the
provisions of this Agreement, as the case may be.

     (b) On each Distribution Date, the Owner Trustee shall send to each Certificateholder the
statement provided to the Owner Trustee by the Servicer pursuant to Section 5.09 of the Sale and
Servicing Agreement with respect to such Distribution Date.

     (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of
income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section. The Owner Trustee is hereby authorized and
directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds
for the payment of any tax that is legally owed by the Trust (but such authorization shall not
prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of
any withholding tax imposed with respect to a Certificateholder shall be treated as cash
distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with
respect to any distribution (such as any distribution to a Non-U.S. Person), the Owner Trustee may
in its sole discretion withhold such amounts in accordance with this paragraph (c). In the event
that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner
Trustee shall reasonably cooperate with such

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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Certificateholder in making such claim so long as such Certificateholder agrees to reimburse
the Owner Trustee for any out-of-pocket expenses incurred.

     (d) The Trust may, from time to time, at its option, and as directed by the Certificateholders
pursuant to Section 6.03 of this Agreement and as provided in Section 5.11 of the Sale and
Servicing Agreement, enter into a currency Swap Agreement with a Swap Counterparty to swap amounts
payable to Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the
Trust enters into the Swap Agreement, the Rating Agencies have confirmed the then-existing ratings
of the Notes, and (2) any payments to the Swap Counterparty (including termination payments) are
payable only from amounts that are otherwise payable to the Certificateholders. If the
Certificateholders notify the Administrator with respect to the Trust’s election to enter into such
a Swap Agreement, the Administrator will prepare all necessary and appropriate documentation and
take all of the necessary and appropriate actions to cause the Issuer to enter into such a Swap
Agreement on behalf of the Trust. Any payments received by the Issuer from the Swap Counterparty
under such a Swap Agreement shall not be deposited in the Collection Account and shall be paid by
the Indenture Trustee directly to or to the order of the Certificateholders on the related
Distribution Date.

     SECTION 5.03 Method of Payment. Subject to Section 9.01(c), distributions required
to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder
of record on the related Record Date either by check mailed to such Certificateholder at the
address of such holder appearing in the Certificate Register or by wire transfer, in immediately
available funds, to the account of any Certificateholder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five Business Days prior to such Distribution
Date.

     SECTION 5.04 Accounting and Reports to the Noteholders, Certificateholders, the Internal
Revenue Service and Others. The Administrator on behalf of the Trust shall (a) maintain (or
cause to be maintained) the books of the Trust on a fiscal year basis or a calendar basis on the
accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code
and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1)
to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any
tax and information returns, and fulfill any other reporting requirements, relating to the Trust,
as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation
Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Trust
are held by more than one Person, make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation thereunder so as to
maintain the Trust’s characterization as a partnership for federal income tax purposes, (e) cause
such tax returns to be signed in the manner required by law, and (f) collect or cause to be
collected any withholding tax as described in and in accordance with Section 5.02(c) with respect
to income or distributions to Certificateholders. The Administrator on behalf of the Trust shall
elect under Section 1278 of the Code to include in income currently any market discount that
accrues with respect to the Receivables. The Administrator on behalf of the Trust shall not make
the election provided under Section 754 of the Code. Notwithstanding anything to the contrary
stated herein, the Owner Trustee shall be exclusively

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder
to prepare its federal and state income returns.

     SECTION 5.05 Signature on Returns; Tax Matter Partner

     (a) The Administrator on behalf of the Trust shall sign on behalf of the Trust the tax returns
of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which
case such documents shall be signed by the Administrator, pursuant to the power-of-attorney granted
thereto pursuant to Section 2.04.

     (b) For any period during which the beneficial ownership interests of the Trust are held by
more than one Person, the Certificateholder holding Certificates evidencing the largest portion of
the Original Certificate Balance shall be designated the “tax matters partner” of the Trust
pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations, but hereby
delegates its powers and duties as such to the Administrator pursuant to the power-of-attorney
granted thereto pursuant to Section 2.04.

     SECTION 5.06 Duties of Depositor on Behalf of Trust. On behalf of the Trust, the
Depositor shall prepare and, after execution by the Trust and the Indenture Trustee, file with the
Securities and Exchange Commission and any applicable state agencies documents required to be filed
on a periodic basis with the Securities and Exchange Commission and any applicable state agencies
(including any summaries thereof required by rules and regulations prescribed thereby), and
transmitting of such summaries to the Noteholders, pursuant to Section 7.03 of the Indenture.

ARTICLE VI

Authority and Duties of Owner Trustee

     SECTION 6.01 General Authority. The Owner Trustee is authorized and directed to
execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust
is to be a party and any amendment thereto, and, on behalf of the Trust, to direct the Indenture
Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$                    , Class A-2 Notes in the aggregate principal amount of $                    , Class A-3
Notes in the aggregate principal amount of $                    , and Class A-4 Notes in the aggregate
principal amount of $                    . In addition to the foregoing, the Owner Trustee is authorized,
but shall not be obligated, to take all actions required of the Trust, pursuant to the Basic
Documents.

     SECTION 6.02 General Duties. It shall be the duty of the Owner Trustee to discharge
(or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and
the Basic Documents to which the Trust is a party and to administer the Trust in accordance with
the provisions hereof and of the Basic Documents and in the interest of the Certificateholders.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent the Administrator

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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has agreed in the Administration Agreement to perform any act or to discharge any duty of the
Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be held liable
for the default or failure of the Administrator to carry out such obligations or fulfill such
duties under the Administration Agreement.

     SECTION 6.03 Duties of the Owner Trustee

     (a) Subject to Article IV and in accordance with the terms of the Basic Documents, the
Certificateholders may by written instruction direct the Owner Trustee in the management of the
Trust. Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV. The Owner Trustee accepts the trusts hereby created and
agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Owner Trustee that shall be
specifically required to be furnished pursuant to any provision of this Agreement, shall examine
them to determine whether they conform on their face to the requirements of this Agreement.

     (b) No provision of this Agreement shall be construed to relieve the Owner Trustee from
liability for its own negligent action, its own negligent failure to act, its own bad faith or its
own willful misfeasance; provided, however, that:

     (i) the duties and obligations of the Owner Trustee shall be determined solely by the
express provisions of this Agreement, the Owner Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this Agreement,
no implied covenants or obligations shall be read into this Agreement against the Owner
Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement
shall not be construed as a duty and, in the absence of bad faith on the part of the Owner
Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Owner Trustee and conforming on their face to the requirements of this Agreement;

     (ii) the Owner Trustee shall not be personally liable for an error of judgment made in
good faith by a Trust Officer, unless it shall be proved that the Owner Trustee was
negligent in performing its duties in accordance with the terms of this Agreement; and

     (iii) the Owner Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken in good faith in accordance with the direction of the
Holders of the Certificates representing at least a majority of the Certificate Balance (or
such larger or smaller percentage of the Certificate Balance as may be required by any other
provision of this Agreement or the other Basic Documents), the Servicer, the Administrator
or the Indenture Trustee.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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     (c) The Owner Trustee shall not be required to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties under this Agreement, or in the
exercise of any of its rights or powers, if there shall be reasonable grounds for believing that
the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     (d) All information obtained by the Owner Trustee regarding the Obligors and the Receivables
contained in the Trust, whether upon the exercise of its rights under this Agreement or otherwise,
shall be maintained by the Owner Trustee in confidence and shall not be disclosed to any other
Person, unless such disclosure is required by any applicable law or regulation or pursuant to
subpoena or is required to be made to regulators, auditors or other governmental authorities.

     (e) Pursuant to Section 3.02 of the Sale and Servicing Agreement, in the event that the Owner
Trustee discovers that a representation or warranty made by the Seller pursuant to Section 3.01 or
6.01 of the Sale and Servicing Agreement with respect to a Receivable was incorrect as of the time
specified with respect to such representation and warranty and such incorrectness materially and
adversely affects the interests of any Securityholder in such Receivable, the Owner Trustee shall
give prompt written notice to the Servicer, the Depositor and the Indenture Trustee of such
incorrectness. Pursuant to Section 4.06 of the Sale and Servicing Agreement, if the Owner Trustee
discovers that any covenant of the Servicer set forth in the second sentence of Section 4.01 or
Section 4.02, 4.04 or 4.05 of the Sale and Servicing Agreement has been breached by the Servicer,
the Owner Trustee shall give prompt written notice to the Servicer, the Depositor and the Indenture
Trustee of such breach.

     SECTION 6.04 No Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any Basic Document to which
the Owner Trustee is a party or otherwise contemplated hereby, except as expressly provided by the
terms of this Agreement, any Basic Document to which the Trust is a party or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.03. No implied duties or
obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The
Owner Trustee shall have no responsibility for filing any financing or continuation statement in
any public office at any time or otherwise to perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Agreement or any Basic Document. Notwithstanding
anything to the contrary herein or in any Basic Document, the Owner Trustee shall not be required
to execute, deliver or certify on behalf of the Trust or any other Person any filings,
certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the
extent permitted by applicable law. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any liens on any part
of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that
are not related to the ownership or the administration of the Owner Trust Estate.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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     SECTION 6.05 No Action Except Under Specified Documents or Instructions. The Owner
Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the
Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03.

     SECTION 6.06 Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of a Trust Officer of the Owner Trustee, (x) would result in the Trust’s becoming taxable
as a corporation for federal income tax purposes or (y) affect the treatment of the Notes as
indebtedness for federal or state income purpose. The Certificateholders shall not have the
authority to and, by acceptance of an ownership interest in any Certificate shall thereby be deemed
to have covenanted not to, direct the Owner Trustee to take any action that would violate the
provisions of this Section.

ARTICLE VII

Concerning the Owner Trustee

     SECTION 7.01 Rights of the Owner Trustee Except as otherwise provided in Article VI:

     (a) in accordance with Section 7.04, the Owner Trustee may rely and shall be protected in
acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of an
authorized signatory, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;

     (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with the instructions of the Administrator, as provided in the
Administration Agreement, the Servicer or the Indenture Trustee, or the Certificateholders, as
provided herein;

     (c) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement or the Sale and Servicing Agreement, or to institute, conduct or
defend any litigation under this Agreement, or in relation to this Agreement or the Sale and
Servicing Agreement, at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Agreement or the Sale and Servicing Agreement, unless such Securityholders
shall have offered to the Owner Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby;

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

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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	 	 	 	Amended & Restated Trust Agreement)

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     (e) the Owner Trustee shall not be bound to recalculate, reverify, or make any investigation
into the facts of matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by Holders of Certificates representing not less than 25% of the
Certificate Balance; provided, however, that if the payment within a reasonable
time to the Owner Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Owner Trustee, not reasonably assured to the
Owner Trustee by the security afforded to it by the terms of this Agreement, the Owner Trustee may
require reasonable indemnity against such cost, expense or liability as a condition to so
proceeding; the reasonable expense of every such examination shall be paid by the Administrator or,
if paid by the Owner Trustee, shall be reimbursed by the Administrator upon demand; and nothing in
this clause shall derogate from the obligation of the Servicer to observe any applicable law
prohibiting disclosure of information regarding the Obligors; and

     (f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator,
the Servicer, the Depositor or the Indenture Trustee under any of the Basic Documents or otherwise,
and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust
or any other Person (including the Owner Trustee) under the Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture Trustee under the
Indenture or the Servicer under the Sale and Servicing Agreement.

     SECTION 7.02 Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Basic Documents.

     SECTION 7.03 Representations and Warranties. The Owner Trustee hereby represents and
warrants to the Depositor and for the benefit of the Certificateholders, that:

     (a) It is a banking corporation duly organized and validly existing in good standing under the
laws of Delaware. It has full power, right and authority to execute, deliver and perform its
obligations under this Agreement and each other Basic Document.

     (b) It has taken all corporate action necessary to authorize the execution and delivery of
this Agreement and each other Basic Document, and this Agreement and each other Basic Document has
been executed and delivered by one of its officers duly authorized to execute and deliver this
Agreement and each other Basic Document on its behalf.

     (c) This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee,
enforceable against it in accordance with its terms except as the enforceability thereof may be
limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the
enforcement of creditors’ rights generally and by general principles of equity.

     (d) It is authorized to exercise trust powers in the State of Delaware as and to the extent
contemplated herein or has appointed a Delaware trustee that is so authorized and it has a

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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principal place of business in the State of Delaware or has appointed a Delaware trustee that
has such a principal place of business.

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

     SECTION 7.04 Reliance; Advice of Counsel.

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

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

     SECTION 7.05 Not Acting in Individual Capacity. In accepting the trusts hereby
created, [Wilmington Trust Company] acts solely as Owner Trustee hereunder and not in its
individual capacity. Except with respect to a claim based on the Owner Trustee’s willful
misconduct, bad faith or negligence, no recourse shall be had for any claim based on any provision
of this Agreement, the Notes or Certificates, or based on rights obtained through the assignment of
any of the foregoing, against the institution serving as the Owner Trustee in its individual
capacity. The Owner Trustee shall not have any personal obligation, liability or duty whatsoever
to any Securityholder or any other Person with respect to any such claim, and any such claim shall
be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided in
this Indenture.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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     SECTION 7.06 Owner Trustee Not Liable for Certificates or Receivables. The Owner
Trustee makes no representations as to the validity or sufficiency of this Agreement or of the
Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Trust
of, and the certificate of authentication on, the Certificates). The Owner Trustee shall have no
obligation to perform any of the duties of the Servicer or Administrator.

          The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of the Certificates, the Notes or any Receivable, any
ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or
for or with respect to the efficacy of the Trust or its ability to generate the payments to be
distributed to Securityholders under this Agreement and the Indenture, including without limitation
the validity of the assignment of the Receivables to the Trust or of any intervening assignment;
the existence, condition, location and ownership of any Receivable or Financed Vehicle; the
existence and enforceability of any physical damage or credit life or credit disability insurance;
the existence and contents of any retail installment sales contract or any computer or other record
thereof; the completeness of any retail installment sales contract; the performance or enforcement
of any retail installment sales contract; the compliance by the Trust with any covenant or the
breach by the Trust of any warranty or representation made under this Agreement or in any related
document and the accuracy of any such warranty or representation prior to the Owner Trustee’s
receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts
or omissions of the Trust or the Servicer; or any action by the Owner Trustee taken at the
instruction of the Certificateholders, provided, however, that the foregoing shall
not relieve the Owner Trustee of its obligation to perform its duties under this Agreement.

          The Owner Trustee shall not be accountable for the use or application by the Issuer of any of
the Certificates or of the proceeds of such Certificates, of any of the Notes or of the proceeds of
such Notes, or for the use or application of any funds paid to the Servicer in respect of the
Certificates.

     SECTION 7.07 Owner Trustee May Own Certificates and Notes. The Owner Trustee in its
individual or any other capacity (but not in its fiduciary capacity) may become the owner or
pledgee of Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture
Trustee and the Servicer in banking or other transactions with the same rights as it would have if
it were not Owner Trustee.

     SECTION 7.08 Sales Finance Licenses. The Owner Trustee shall cause the Trust to use
its best efforts to maintain the effectiveness of all licenses required to be held by the Trust
under the laws of any jurisdiction in connection with ownership of the Receivables or the terms set
forth in this Agreement and the Basic Documents and the transactions contemplated hereby and
thereby until such time as the Trust shall terminate in accordance with the terms hereof.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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ARTICLE VIII

Compensation of Owner Trustee

     SECTION 8.01 Owner Trustee’s Fees and Expenses. The Depositor shall pay or shall
cause the Servicer to pay to the Owner Trustee from time to time compensation for its services as
have been separately agreed upon before the date hereof. The Depositor shall reimburse the Owner
Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Owner Trustee’s agents,
counsel, accountants and experts directly related to its services hereunder (“Expenses”).

     SECTION 8.02 Indemnification. The Depositor shall cause the Servicer or the
Administrator to indemnify the Owner Trustee against any and all loss, liability, claim, tort,
penalty or Expense (including reasonable attorneys’ fees) of any kind or nature whatsoever incurred
by it in connection with the administration of the Trust and the performance of its duties
hereunder. The Owner Trustee shall notify the Administrator and the Servicer promptly of any claim
for which it may seek indemnity. Failure by the Owner Trustee to so notify the Administrator and
the Servicer shall not relieve the Depositor or the Administrator or the Servicer of its
obligations hereunder, except to the extent such failure shall adversely affect the Depositor’s or
the Administrator’s or the Servicer’s defenses in respect thereof. In case any such action is
brought against the Owner Trustee under this Section 8.02 and it notifies the Administrator of the
commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably
satisfactory to the Owner Trustee (who may, unless there is, as evidenced by an opinion of counsel
to the Owner Trustee stating that there is a conflict of interest, be counsel to the
Administrator), and the Administrator will not be liable to the Owner Trustee under this Section
for any legal or other expenses subsequently incurred by the Owner Trustee in connection with the
defense thereof, other than reasonable costs of investigation. Neither the Depositor nor the
Administrator nor the Servicer need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct,
negligence or bad faith. The Owner Trustee’s rights under this Article VIII shall survive the
termination of this Agreement or the resignation or removal of the Owner Trustee. The Depositor
will not be entitled to make any claim upon the Owner Trust Estate for the payment of any
liabilities or indemnified expenses in relation to Depositor’s payment or indemnification of
expenses incurred by Owner Trustee in the performance of its duties hereunder.

     SECTION 8.03 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee
pursuant to this Article VIII from assets in the Owner Trust Estate shall be deemed not to be a
part of the Owner Trust Estate immediately after such payment.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

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ARTICLE IX

Termination of Trust Agreement

     SECTION 9.01 Termination of Trust Agreement.

     (a) This Agreement (other than Article VIII) shall terminate and the Trust shall dissolve and
be wound up in accordance with Section 3808 of the Statutory Trust Act, upon the earliest of (i)
the maturity or other liquidation of the last Receivable (or other asset) in the Owner Trust Estate
and the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in
accordance with the terms of this Agreement, the Indenture and the Sale and Servicing Agreement
(including, but not limited to, any property and proceeds to be deposited in the Collection Account
pursuant to the terms of the Sale and Servicing Agreement or to be released by the Indenture
Trustee from the Lien of the Indenture pursuant to the terms of the Indenture), and (ii) the
election by the Servicer to purchase the corpus of the Trust pursuant to Section 9.01 of the Sale
and Servicing Agreement and the payment or distribution to all Securityholders of all amounts
required to be paid to them under the Indenture and this Agreement. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this
Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a partition or winding up
of all or any part of the Trust or Owner Trust Estate, nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

     (b) Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder
shall be entitled to revoke or terminate the Trust.

     (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the
Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final
distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders
mailed within five Business Days of receipt of notice of such termination from the Servicer given
pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Distribution Date
upon or with respect to which final payment of the Certificates shall be made upon presentation and
surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount
of any such final payment and (iii) that payment to be made on such Distribution Date will be made
only upon presentation and surrender of the Certificates at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than
the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice
is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying
Agent shall cause to be distributed to Certificateholders amounts distributable on such
Distribution Date pursuant to Section 5.02.

     In the event that one or more of the Certificateholders shall not surrender their Certificates
for cancellation within six months after the date specified in the above-mentioned written notice,
the Owner Trustee shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

26

 

with respect thereto. If within one year after the second notice all the Certificates shall
not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the Trust after
exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor.

     (d) Upon the winding up of the Trust and its termination, the Owner Trustee shall cause the
Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust Act.

ARTICLE X

Successor Owner Trustees and Additional Owner Trustees

     SECTION 10.01 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at
all times be an entity having a combined capital and surplus of at least $50,000,000 and be subject
to supervision or examination by federal or state authorities and be authorized to exercise trust
powers in the State of Delaware. If such entity shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 10.01, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

     SECTION 10.02 Resignation or Removal of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to
the Depositor, the Servicer and the Indenture Trustee. If for any reason, [Wilmington Trust
Company] or any of its Affiliates should assume the duties of the Indenture Trustee, then from that
time forward [Wilmington Trust Company], in its capacity as Owner Trustee, shall resign as Owner
Trustee hereunder if any Event of Default under the Indenture occurs and is necessary to eliminate
any conflict of interest under the TIA with the Indenture Trustee or any other trustee under the
Indenture. Upon receiving such notice of resignation, the Servicer shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which shall be delivered
to each of the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner
Trustee shall have been so appointed or shall not have accepted such appointment within 30 days
after the giving of such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign promptly, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Owner Trustee or of its property or affairs for the purpose of rehabilitation,

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
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	 	 	 	Amended & Restated Trust Agreement)

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conservation or liquidation, then the Administrator may remove the Owner Trustee by written
instrument to such effect delivered to the Owner Trustee, the Depositor and the Indenture Trustee.
If the Administrator shall remove the Owner Trustee under the authority of the immediately
preceding sentence, the Servicer shall promptly appoint a successor Owner Trustee by written
instrument in duplicate, one copy of which instrument shall be delivered to each of the outgoing
Owner Trustee so removed and the successor Owner Trustee, and pay all fees, expenses and other
compensation owed to the outgoing Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

     SECTION 10.03 Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and
such successor Owner Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties, and obligations of its predecessor under this
Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee
shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents
and statements and monies held by it under this Agreement; and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties, and obligations.

     No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall meet the criteria for eligibility set
forth in Section 10.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Administrator shall mail notice of the successor of the Owner Trustee to all Certificateholders,
the Indenture Trustee, all Noteholders and the Rating Agencies. If the Administrator fails to mail
such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

     SECTION 10.04 Merger or Consolidation of Owner Trustee. Any corporation into which
the Owner Trustee may be merged or converted or with which it may be consolidated or any
corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything herein

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

28

 

to the contrary notwithstanding; provided, further, that the Owner Trustee
shall mail notice of such merger or consolidation to the Rating Agencies.

     SECTION 10.05 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the
time be located, the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 25 days after the receipt by it of a request so to do, the Owner Trustee
alone shall have the power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01
and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant
to Section 10.03.

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

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

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

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

     Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as if given to each of them. Each
separate trustee and co-trustee, upon its acceptance of the powers and duties conferred thereto
under this Agreement, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

29

 

Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Administrator.

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

ARTICLE XI

Miscellaneous

     SECTION 11.01 Supplements and Amendments. This Agreement may be amended by the
Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, without the
consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or of modifying in
any manner the rights of the Noteholders or the Certificateholders; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any Noteholder or Certificateholder.

     This Agreement may also be amended from time to time by the Depositor and the Owner Trustee,
with prior written notice to the Rating Agencies, with the consent of the Holders of the Notes
evidencing not less than a majority of the Outstanding Amount of the Notes (excluding for such
purpose Notes owned by NARC II, NMAC or any of their Affiliates unless at such time all Notes are
then owned by NARC II, NMAC and their Affiliates) or if all of the Notes have been paid in full,
the Holders of the Certificates evidencing not less than a majority of the Certificate Balance
(excluding for such purpose Certificates owned by NARC II, NMAC or any of their Affiliates unless
at such time all Certificates are then owned by NARC II, NMAC and their Affiliates) for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables
or distributions that shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes
and the Certificate Balance required to consent to any such amendment, without the consent of the
Holders of all the affected Notes and Certificates.

     Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each Certificateholder, the
Indenture Trustee and each of the Rating Agencies.

     It shall not be necessary for the consent of Certificateholders, the Noteholders or the
Indenture Trustee pursuant to this Section to approve the particular form of any proposed

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

30

 

amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of Certificateholders
provided for in this Agreement or in any other Basic Document) and of evidencing the authorization
of the execution thereof by Certificateholders shall be subject to such reasonable requirements as
the Owner Trustee may prescribe.

     Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee
shall cause the filing of such amendment with the Secretary of State.

     Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own
rights, duties or immunities under this Agreement or otherwise.

     SECTION 11.02 No Legal Title to Owner Trust Estate in Certificateholders The
Certificateholders shall not have legal title to any part of the Owner Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and IX. No transfer, by operation of
law or otherwise, of any right, title or interest of the Certificateholders to and in their
ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Owner Trust Estate.

     SECTION 11.03 Limitations on Rights of Others. Except for Section 2.06, the
provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture
Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.06), whether
express or implied, shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     SECTION 11.04 Notices

     (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall
be in writing and shall be deemed given upon receipt by the intended recipient or three Business
Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner
Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner
Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to Nissan Auto
Receivables Corporation II, 990 West 190th Street, Torrance, California 90502, Attention of
Secretary; if, to the Trust, addressed to Nissan Auto Receivables [200_-___] Owner Trust, c/o
[Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890], Attention: Nissan Auto Receivables [200_-___] Owner Trust, with a copy to Nissan Motor
Acceptance Corporation, 990 West 190th Street, Torrance, California 90502, Attention: Secretary;
or, as to each party, at such other address as shall be designated by such party in a written
notice to each other party.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

31

 

     (b) Any notice required or permitted to be given a Certificateholder shall be given by
first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate
Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice.

     SECTION 11.05 Severability. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid or
unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement
or of the Certificates or the rights of the Holders thereof.

     SECTION 11.06 Counterparts. This Agreement may be executed simultaneously in any
number of counterparts, each of which shall be deemed to be an original, and all of which shall
constitute but one and the same instrument.

     SECTION 11.07 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its
successors and each Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such Certificateholder.

     SECTION 11.08 No Petition. The Owner Trustee (not in its individual capacity but
solely as Owner Trustee), by entering into this Agreement, hereby covenants and agrees, and each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and any Noteholder by
accepting the benefits of this Agreement, are thereby deemed to covenant and agree that they will
not at any time institute against the Depositor or the Trust, or join in any institution against
the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law.
This Section 11.08 shall survive the termination of this Agreement or the termination of the Owner
Trustee under this Agreement.

     SECTION 11.09 No Recourse. Each Certificateholder by accepting an interest in a
Certificate acknowledges that such Certificates represent beneficial interests in the Trust only
and do not represent interests in or obligations of the Depositor, NMAC (in any capacity), the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse
may be had against such parties or their assets, except as may be expressly set forth or
contemplated in the Certificates or the Basic Documents.

     SECTION 11.10 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     SECTION 11.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

32

 

DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12 NMAC Payment Obligation. The parties hereto acknowledge and agree
that, pursuant to the Sale and Servicing Agreement, the Servicer shall be responsible for payment
of the Administrator’s fees under the Administration Agreement and shall reimburse the
Administrator for all expenses and liabilities of the Administrator incurred thereunder. In
addition, the parties hereto acknowledge and agree that, pursuant to the Sale and Servicing
Agreement, the Servicer shall be responsible for the payment of all fees and expenses of the Trust,
the Owner Trustee (to the extent not paid by the Depositor or the Administrator) and the Indenture
Trustee paid by any of them in connection with any of their obligations under the Basic Documents
to obtain or maintain any license required to be held by the Trust under the laws of any
jurisdiction in connection with ownership of the Receivables.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

33

 

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

	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES
	 	 	CORPORATION II, as Depositor
	 
	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	 Name:
	 

	 	 	 	 Title:
	 
	 	 	 	 
	 	 	[WILMINGTON TRUST COMPANY],
	 	 	not in its individual capacity but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	 Name:
	 

	 	 	 	 Title:

	 	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

S-1

 

EXHIBIT A

(FORM OF CERTIFICATE)

     THIS CERTIFICATE IS NON-TRANSFERABLE.

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

     EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND
COVENANT THAT IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED
IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A
“PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT
PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

A-1

 

			
	NUMBER

R-                    
	 	$                    

NISSAN AUTO RECEIVABLES [200_-     ] OWNER TRUST

ASSET BACKED CERTIFICATE

evidencing a fractional undivided ownership interest in the Trust, as defined below, the property
of which includes a pool of retail installment sale contracts secured by new, near-new and used
automobiles and light-duty trucks and sold to the Trust by Nissan Auto Receivables Corporation II
(“NARC II”).

     (This Certificate does not represent an interest in or obligation of NARC II, Nissan Motor
Acceptance Corporation (“NMAC”), Nissan North America, Inc. or any of their respective affiliates,
except to the extent described below.)

     THIS CERTIFIES THAT                                          is the registered owner of
                     dollars ($                    ), nonassessable, fully-paid, fractional undivided ownership
interest in Nissan Auto Receivables [200_-     ] Owner Trust (the “Trust”) formed by NARC II.

     The Trust was created pursuant to a Trust Agreement, dated as of                      (as amended and
supplemented from time to time, including the Amended and Restated Trust Agreement, dated as of
                    , the “Trust Agreement”), between NARC II, as depositor (the “Depositor”), and
[Wilmington Trust Company], as owner trustee (the “Owner Trustee”), a summary of certain of the
pertinent provisions of which is set forth below. Capitalized terms used herein and not otherwise
defined have the meanings assigned to such terms in the Trust Agreement, the Indenture, dated as of
                     (the “Indenture”), between the Trust and [Wells Fargo Bank, National Association], as
indenture trustee (the “Indenture Trustee”), or in the Sale and Servicing Agreement, dated as of
                     (the “Sale and Servicing Agreement”), among the Trust, the Depositor and NMAC, as
servicer (the “Servicer”), as applicable.

     This Certificate is one of the duly authorized Certificates designated as “Asset Backed
Certificates” (the “Certificates”) issued pursuant to the Trust Agreement. Certain debt
instruments evidencing obligations of the Trust have been issued under the Indenture, consisting of
four classes of Notes designated as “Class A-1                     % Asset Backed Notes”, “Class A-2                     %
Asset Backed Notes,” “Class A-3                     % Asset Backed Notes” and “Class A-4                      % Asset Backed
Notes” (collectively, the “Notes”). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The
property of the Trust includes a pool of retail installment sale contracts secured by new, near-new
and used automobiles and light-duty trucks (the “Receivables”), all monies received after the
Cut-off Date, security interests in the vehicles financed thereby, certain bank accounts and the
proceeds thereof, proceeds from claims on

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

A-2

 

certain insurance policies and certain other rights under the Trust Agreement and the Sale and
Servicing Agreement and all proceeds of the foregoing.

     Under the Trust Agreement, there will be distributed on the 15th day of each month or, if such
15th day is not a Business Day, the next Business Day, (each, a “Distribution Date”), commencing on
                    , to the person in whose name this Certificate is registered at the close of business on
the related Record Date, such Certificateholder’s pro rata portion of the amounts to be distributed
to Holders of the Certificates on such Distribution Date in respect of amounts distributable to the
Certificateholders of the Certificates pursuant to Section 5.06 of the Sale and Servicing
Agreement.

     The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
described in the Sale and Servicing Agreement and the Indenture.

     The holder of this Certificate acknowledges and agrees that certain distributions made
pursuant to Section 5.06 of the Sale and Servicing Agreement to the Certificateholders may be made
in Japanese yen in the event the Issuer enters into a currency Swap Agreement as contemplated by
Section 5.11 of the Sale and Servicing Agreement. If any such election is made, an amendment to
the Sale and Servicing Agreement must be executed pursuant to Section 10.01 of the Sale and
Servicing Agreement subject to the approvals of such parties as set forth in Section 5.11 of the
Sale and Servicing Agreement, and a supplemental Indenture must be executed pursuant to and subject
to the approvals of such parties as set forth in Section 9.01 of the Indenture. In connection with
the execution of any such Swap Agreement, the Certificateholders must provide alternative
appropriate payment instructions to the Owner Trustee and the Indenture Trustee for the receipt of
any payment in Japanese yen.

     It is the intent of the Depositor, NMAC and the Certificateholders that, for purposes of
federal income tax, state and local income tax, any state single business tax and any other income
taxes, the Trust will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Trust for any period during which the beneficial ownership interests in
the Trust are held by one person, and will be treated as a partnership, and the Certificateholders
will be treated as partners in that partnership, for any period during which the beneficial
ownership interests in the Trust are held by more than one person. For any such period during
which the beneficial ownership interests in the Trust are held by more than one person, each
Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate,
agrees to treat, and to take no action inconsistent with the treatment of, the Certificates as
partnership interests in the Trust for such tax purposes.

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

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

A-3

 

     Distributions on this Certificate will be made as provided in the Trust Agreement by the
Paying Agent by wire transfer or check mailed to each Certificateholder of record without the
presentation or surrender of this Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the office or agency
of the Paying Agent maintained for the purpose by the Owner Trustee in the Borough of Manhattan,
The City of New York.

     Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee or an authenticating agent, by manual or facsimile signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the
Sale and Servicing Agreement or be valid for any purpose.

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

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	(Nissan [200_-     ]
	 
	 	 	 	Amended & Restated Trust Agreement)

A-4

 

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed.

	 	 	 	 	 	 	 
	 	 	 	 	NISSAN AUTO RECEIVABLES [200_-____] OWNER TRUST
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	[WILMINGTON TRUST COMPANY],

not in its individual capacity but solely as

Owner Trustee
	 
	 	 	 	 	 	 
	Dated:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

A-5

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 
	 	[WILMINGTON TRUST COMPANY],

not in its individual capacity but solely as

Owner Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

A-6

 

(REVERSE OF CERTIFICATE)

     The Certificates do not represent an obligation of, or an interest in, the Owner Trustee,
NMAC, NARC II, Nissan North America, Inc. or any of their Affiliates and no recourse may be had
against such parties or their assets, except as may be expressly set forth or contemplated herein
or in the Trust Agreement or the Basic Documents. In addition, this Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment to certain
collections with respect to the Receivables (and certain other amounts), all as more specifically
set forth in the Trust Agreement and in the Sale and Servicing Agreement. A copy of each of the
Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours
at the principal office of the Depositor, and at such other places, if any, designated by the
Depositor, by any Certificateholder upon written request.

     The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof
and the modification of the rights and obligations of the Depositor and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee,
with the consent of the Holders of the Notes representing a majority of the Outstanding Amount of
the Notes, or, if all of the Notes have been paid in full, with the consent of the Holders of the
Certificates representing a majority of the Certificate Balance (excluding, in each case,
Securities held by NARC II, NMAC or any of their Affiliates unless at such time all Notes or
Certificates, as the case may be, are then owned by NARC II, NMAC and their Affiliates). Any such
consent by the holder of this Certificate shall be conclusive and binding on such holder and on all
future holders of this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is made upon this
Certificate or such replacement certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of the Certificates
or the Notes.

     As provided in the Trust Agreement, and subject to certain limitations therein set forth, the
transfer of this Certificate is registerable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof
or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of
authorized denominations evidencing the same aggregate interest in the Trust will be issued to the
designated transferee or transferees. The initial Certificate Registrar appointed under the Trust
Agreement is [Wilmington Trust Company], Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890.

     The Certificates are issuable only as registered Certificates without coupons in denominations
of [$25,000.00] and in integral multiples of $1,000.00 in excess thereof. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for
new Certificates of authorized denominations evidencing the same aggregate denomination, as
requested by the holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange, but the Owner Trustee or the

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

A-7

 

Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental
charge payable in connection therewith.

     The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the person in whose name this Certificate is registered as the
owner hereof for all purposes and none of the Owner Trustee, the Certificate Registrar or any such
agent shall be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate upon the earliest of (i) the maturity or other liquidation of the last
Receivable (or other asset) in the Owner Trust Estate and the final distribution of all moneys or
other property or proceeds of the Owner Trust Estate in accordance with the terms of the Trust
Agreement, the Indenture and the Sale and Servicing Agreement (including, but not limited to, any
property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale
and Servicing Agreement or to be released by the Indenture Trustee from the Lien of the Indenture
pursuant to the terms of the Indenture, and (ii) the election by NMAC, as servicer of the
Receivables under the Sale and Servicing Agreement, or any successor servicer, to purchase the
corpus of the Trust pursuant to Section 9.01 of the Sale and Servicing Agreement and the payment or
distribution to all Securityholders of all amounts required to be paid to them under the Indenture
and the Trust Agreement; provided, however, such right of purchase by the servicer is exercisable
only after the last day of the Collection Period as of which the Pool Balance is less than or equal
to [5%] of the Original Pool Balance.

					
	 	 	 	 	 
	 
	 	
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

A-8

 

ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

(Please print or type name and address, including postal zip code, of assignee)

 

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

 

Attorney to transfer said Certificate on the books of the Certificate Registrar, with full
power of substitution in the premises.

Dated:                    

                                                            */

Signature Guaranteed:          

                                                            */

 

			
	*/	 	NOTICE:      The signature to this assignment must correspond with the name as it appears upon the
face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company.

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

A-9

 

EXHIBIT B

FORM OF TRANSFEREE REPRESENTATION LETTER

Nissan Auto Receivables [200_-___] Owner Trust

c/o [WILMINGTON TRUST COMPANY],

not in its individual capacity but solely as Owner Trustee

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables [200_-___] Owner Trust

[WILMINGTON TRUST COMPANY],

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables [200_-___] Owner Trust

	 	 	 
	Attention:

	 	Corporate Trust Services — Nissan Auto Receivables [200_-___] Owner Trust
	 
	 	 
	 

	 	Re: Transfer of Nissan Auto Receivables [200_-___] Owner Trust Certificates,
 (the “Certificates”)

Ladies and Gentlemen:

          This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement,
dated as of                      (the “Trust Agreement”), between Nissan Auto Receivables Corporation II, as
Depositor, and [Wilmington Trust Company], as Owner Trustee (the “Owner Trustee”), in connection
with the transfer by                                          (the “Seller”) to the undersigned (the “Purchaser”)
of $                                         balance of the Certificates. Capitalized terms used and not
otherwise defined herein have the meanings assigned to such terms in the Trust Agreement.

          In connection with such transfer, the undersigned hereby represents and warrants to you and
the addressees hereof as follows:

          o I am not a Non-U.S. Person as defined in the Trust Agreement;

          o I am not the Depositor and I received beneficial and record ownership of
Certificates representing less than 100% of the Certificate Balance, and the
transfer restrictions set forth in Section 3.09 of the Trust Agreement do not
apply to this transfer of Certificates; and

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

B-1

 

          o I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of
Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of
1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by
reason of an employee benefit plan’s or plan’s investment in the entity or (iv) any other plan that
is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code.

[Signature appears on next page]

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

B-2

 

     IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the
                     day of                                         .

	 	 	 	 	 
	 	Very truly yours,

                                                                            
             ,

The Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

B-3

 

EXHIBIT C

FORM OF TRANSFEROR REPRESENTATION LETTER

Nissan Auto Receivables [200_-___] Owner Trust

c/o [WILMINGTON TRUST COMPANY],

not in its individual capacity but solely as Owner Trustee

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables [200_-___] Owner Trust

[WILMINGTON TRUST COMPANY],

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables [200_-___] Owner Trust

	 	 	 
	Attention:

	 	Corporate Trust Services — Nissan Auto Receivables [200_-___] Owner Trust
	 
	 	 
	 

	 	Re: Transfer of Nissan Auto Receivables [200_-___] Owner Trust Certificates,
 (the “Certificates”)

Ladies and Gentlemen:

     This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement,
dated as of                      (the “Trust Agreement”), between Nissan Auto Receivables Corporation II, as
Depositor, and [Wilmington Trust Company], as Owner Trustee (the “Owner Trustee”), in connection
with the transfer by                                          (the “Purchaser”) to the undersigned (the
“Seller”) of $                                         balance of the Certificates. Capitalized terms used and
not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement. The
Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

     1. The Transferor is the lawful owner of the Transferred Certificates with the full
right to transfer such Certificates free from any and all claims and encumbrances
whatsoever.

     2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred,
pledged, sold or otherwise disposed of any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security to any person in any manner, (b)
solicited any offer to buy or accept a transfer, pledge or other disposition of

					
	 	 	 	 	 
	 
	 	
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

C-1

 

any Transferred Certificate, any interest in any Transferred Certificate or any other
similar security from any person in any manner, (c) otherwise approached or negotiated with
respect to any Transferred Certificate, any interest in any Transferred Certificate or any
other similar security with any person in any manner, (d) made any general solicitation by
means of general advertising or in any other manner, or (e) taken any other action, which
(in the case of any of the acts described in clauses (a) through (e) hereof) would
constitute a distribution of any Transferred Certificate under the Securities Act of 1933,
as amended (the “Securities Act”), or would render the disposition of any Transferred
Certificate a violation of Section 5 of the Securities Act or any state securities laws, or
would require registration or qualification of any Transferred Certificate pursuant to the
Securities Act or any state securities laws.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	(Transferor)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

C-2

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	 	      Page
	ARTICLE I

DEFINITIONS

	 
	 	 	 	 	 	 
	SECTION 1.01
	 	DEFINITIONS	 	 	 	1
	SECTION 1.02
	 	Usage of Terms	 	 	 	4
	 
	 	 	 	 	 	 
	ARTICLE II

CREATION OF TRUST

	 
	 	 	 	 	 	 
	SECTION 2.01
	 	CREATION OF TRUST	 	 	 	4
	SECTION 2.02
	 	Office	 	 	 	5
	SECTION 2.03
	 	Purposes and Powers	 	 	 	5
	SECTION 2.04
	 	Power of Attorney	 	 	 	6
	SECTION 2.05
	 	Declaration of Trust	 	 	 	6
	SECTION 2.06
	 	Liability of the Certificateholders	 	 	 	7
	SECTION 2.07
	 	Title to Trust Property	 	 	 	7
	SECTION 2.08
	 	Situs of Trust	 	 	 	7
	SECTION 2.09
	 	Representations and Warranties of the Depositor	 	 	 	7
	SECTION 2.10
	 	Federal Income Tax Allocations	 	 	 	8
	 
	 	 	 	 	 	 
	ARTICLE III

CERTIFICATES AND TRANSFER OF INTERESTS

	 
	 	 	 	 	 	 
	SECTION 3.01
	 	The Certificates	 	 	 	9
	SECTION 3.02
	 	Authentication of Certificates	 	 	 	9
	SECTION 3.03
	 	Registration of Transfer and Exchange of Certificates	 	 	 	9
	SECTION 3.04
	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	 	 	11
	SECTION 3.05
	 	Persons Deemed Certificateholders	 	 	 	11
	SECTION 3.06
	 	Access to List of Certificateholders’ Names and Addresses	 	 	 	11
	SECTION 3.07
	 	Maintenance of Office or Agency	 	 	 	12
	SECTION 3.08
	 	Appointment of Paying Agent	 	 	 	12
	SECTION 3.09
	 	Ownership by the Depositor of Certificates	 	 	 	13
	 
	 	 	 	 	 	 
	ARTICLE IV

ACTIONS BY OWNER TRUSTEE OR CERTIFICATEHOLDERS

	 
	 	 	 	 	 	 
	SECTION 4.01
	 	Prior Notice to Certificateholders with Respect to Certain Matters	 	 	 	13
	SECTION 4.02
	 	Action by Certificateholders with Respect to Certain Matters	 	 	 	14
	SECTION 4.03
	 	Action with Respect to Bankruptcy	 	 	 	14
	SECTION 4.04
	 	Restrictions on Certificateholders’ Power	 	 	 	14
	SECTION 4.05
	 	Majority of the Certificates Control	 	 	 	14

					
	 	 	 	 	 
	 
	 	
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	 	Page
	ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

	 
	 	 	 	 	 	 
	SECTION 5.01
	 	Establishment of Accounts	 	 	 	14
	SECTION 5.02
	 	APPLICATION OF AMOUNTS IN TRUST ACCOUNTS	 	 	 	16
	SECTION 5.03
	 	Method of Payment	 	 	 	17
	SECTION 5.04
	 	Accounting and Reports to the Noteholders, Certificateholders, the Internal	 	 	 	 
	 
	 	Revenue Service and Others	 	 	 	17
	SECTION 5.05
	 	Signature on Returns; Tax Matter Partner	 	 	 	17
	 
	 	 	 	 	 	 
	ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

	 
	 	 	 	 	 	 
	SECTION 6.01
	 	General Authority	 	 	 	18
	SECTION 6.02
	 	General Duties	 	 	 	18
	SECTION 6.03
	 	Duties of the Owner Trustee	 	 	 	18
	SECTION 6.04
	 	No Duties Except as Specified in this Agreement or in Instructions	 	 	 	20
	SECTION 6.05
	 	No Action Except Under Specified Documents or Instructions	 	 	 	20
	SECTION 6.06
	 	Restrictions	 	 	 	20
	 
	 	 	 	 	 	 
	ARTICLE VII

CONCERNING THE OWNER TRUSTEE

	 
	 	 	 	 	 	 
	SECTION 7.01
	 	Rights of the Owner Trustee	 	 	 	21
	SECTION 7.02
	 	Furnishing of Documents	 	 	 	22
	SECTION 7.03
	 	Representations and Warranties	 	 	 	22
	SECTION 7.04
	 	Reliance; Advice of Counsel	 	 	 	22
	SECTION 7.05
	 	Not Acting in Individual Capacity	 	 	 	23
	SECTION 7.06
	 	Owner Trustee Not Liable for Certificates or Receivables	 	 	 	23
	SECTION 7.07
	 	Owner Trustee May Own Certificates and Notes	 	 	 	24
	SECTION 7.08
	 	Sales Finance Licenses	 	 	 	24
	 
	 	 	 	 	 	 
	ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE

	 
	 	 	 	 	 	 
	SECTION 8.01
	 	Owner Trustee’s Fees and Expenses	 	 	 	24
	SECTION 8.02
	 	Indemnification	 	 	 	24
	SECTION 8.03
	 	Payments to the Owner Trustee	 	 	 	25

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	 	Page
	ARTICLE IX

TERMINATION OF TRUST AGREEMENT

	 
	SECTION 9.01
	 	Termination of Trust Agreement	 	 	 	25
	 
	 	 	 	 	 	 
	ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

	 
	 	 	 	 	 	 
	SECTION 10.01
	 	Eligibility Requirements for Owner Trustee	 	 	 	26
	SECTION 10.02
	 	Resignation or Removal of Owner Trustee	 	 	 	27
	SECTION 10.03
	 	Successor Owner Trustee	 	 	 	27
	SECTION 10.04
	 	Merger or Consolidation of Owner Trustee	 	 	 	28
	SECTION 10.05
	 	Appointment of Co-Trustee or Separate Trustee	 	 	 	28
	 
	 	 	 	 	 	 
	ARTICLE XI

MISCELLANEOUS

	 
	 	 	 	 	 	 
	SECTION 11.01
	 	Supplements and Amendments	 	 	 	29
	SECTION 11.02
	 	No Legal Title to Owner Trust Estate in Certificateholders	 	 	 	30
	SECTION 11.03
	 	Limitations on Rights of Others	 	 	 	31
	SECTION 11.04
	 	Notices	 	 	 	31
	SECTION 11.05
	 	Severability	 	 	 	31
	SECTION 11.06
	 	Counterparts	 	 	 	31
	SECTION 11.07
	 	Successors and Assigns	 	 	 	31
	SECTION 11.08
	 	No Petition	 	 	 	32
	SECTION 11.09
	 	No Recourse	 	 	 	32
	SECTION 11.10
	 	Headings	 	 	 	32
	SECTION 11.11
	 	GOVERNING LAW	 	 	 	32
	SECTION 11.12
	 	NMAC Payment Obligation	 	 	 	32

					
	 	 	 	 	 
	 
	 	 
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

iii

 

TABLE OF CONTENTS

(continued)

Page

Exhibit A           Form of Certificate

Exhibit B           Form of Transferee Representation Letter

Exhibit C           Form of Transferor Representation Letter

					
	 	 	 	 	 
	 
	 	
	 	(Nissan [200_-___]

Amended & Restated Trust Agreement)

iv

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