Document:

exv4w4

 

Exhibit 4.4

Execution Version

NISSAN AUTO RECEIVABLES 2007-B 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 October 17, 2007

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	SECTION 1.01 Definitions
	 	 	1	 
	SECTION 1.02 Usage of Terms
	 	 	5	 
	ARTICLE II CREATION OF TRUST
	 	 	5	 
	SECTION 2.01 Creation of Trust
	 	 	5	 
	SECTION 2.02 Office
	 	 	5	 
	SECTION 2.03 Purposes and Powers
	 	 	6	 
	SECTION 2.04 Power of Attorney
	 	 	7	 
	SECTION 2.05 Declaration of Trust
	 	 	7	 
	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
	 	 	8	 
	SECTION 2.10 Federal Income Tax Allocations
	 	 	9	 
	ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	 	 	9	 
	SECTION 3.01 The Certificates
	 	 	9	 
	SECTION 3.02 Authentication of Certificates
	 	 	10	 
	SECTION 3.03 Registration of Transfer and Exchange of Certificates
	 	 	10	 
	SECTION 3.04 Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	11	 
	SECTION 3.05 Persons Deemed Certificateholders
	 	 	12	 
	SECTION 3.06 Access to List of Certificateholders’ Names and Addresses
	 	 	12	 
	SECTION 3.07 Maintenance of Office or Agency
	 	 	12	 
	SECTION 3.08 Appointment of Paying Agent
	 	 	13	 
	SECTION 3.09 Ownership by the Depositor of Certificates
	 	 	13	 
	ARTICLE IV ACTIONS BY OWNER TRUSTEE OR CERTIFICATEHOLDERS
	 	 	13	 
	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
	 	 	15	 

(Nissan 2007-B

Amended & Restated Trust Agreement)

i

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 4.05 Majority of the Certificates Control
	 	 	15	 
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	15	 
	SECTION 5.01 Establishment of Accounts
	 	 	15	 
	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
	 	 	18	 
	SECTION 5.06 Duties of Depositor on Behalf of Trust
	 	 	18	 
	ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	18	 
	SECTION 6.01 General Authority
	 	 	18	 
	SECTION 6.02 General Duties
	 	 	19	 
	SECTION 6.03 Duties of the Owner Trustee
	 	 	19	 
	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
	 	 	21	 
	SECTION 6.06 Restrictions
	 	 	21	 
	ARTICLE VII CONCERNING THE OWNER TRUSTEE
	 	 	21	 
	SECTION 7.01 Rights of the Owner Trustee. Except as otherwise provided in
Article VI:
	 	 	21	 
	SECTION 7.02 Furnishing of Documents
	 	 	22	 
	SECTION 7.03 Representations and Warranties
	 	 	22	 
	SECTION 7.04 Reliance; Advice of Counsel
	 	 	23	 
	SECTION 7.05 Not Acting in Individual Capacity
	 	 	24	 
	SECTION 7.06 Owner Trustee Not Liable for Certificates or Receivables
	 	 	24	 
	SECTION 7.07 Owner Trustee May Own Certificates and Notes
	 	 	25	 
	SECTION 7.08 Sales Finance Licenses
	 	 	25	 
	ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	 	 	25	 
	SECTION 8.01 Owner Trustee’s Fees and Expenses
	 	 	25	 
	SECTION 8.02 Indemnification
	 	 	25	 
	SECTION 8.03 Payments to the Owner Trustee
	 	 	26	 

(Nissan 2007-B

Amended & Restated Trust Agreement)

ii

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IX TERMINATION OF TRUST AGREEMENT
	 	 	26	 
	SECTION 9.01 Termination of Trust Agreement.
	 	 	26	 
	ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	27	 
	SECTION 10.01 Eligibility Requirements for Owner Trustee
	 	 	27	 
	SECTION 10.02 Resignation or Removal of Owner Trustee
	 	 	27	 
	SECTION 10.03 Successor Owner Trustee
	 	 	28	 
	SECTION 10.04 Merger or Consolidation of Owner Trustee
	 	 	29	 
	SECTION 10.05 Appointment of Co-Trustee or Separate Trustee
	 	 	29	 
	ARTICLE XI MISCELLANEOUS
	 	 	30	 
	SECTION 11.01 Supplements and Amendments
	 	 	30	 
	SECTION 11.02 No Legal Title to Owner Trust Estate in Certificateholders
	 	 	31	 
	SECTION 11.03 Limitations on Rights of Others
	 	 	31	 
	SECTION 11.04 Notices.
	 	 	32	 
	SECTION 11.05 Severability
	 	 	32	 
	SECTION 11.06 Counterparts
	 	 	32	 
	SECTION 11.07 Successors and Assigns
	 	 	32	 
	SECTION 11.08 No Petition
	 	 	32	 
	SECTION 11.09 No Recourse
	 	 	33	 
	SECTION 11.10 Headings
	 	 	33	 
	SECTION 11.11 GOVERNING LAW
	 	 	33	 
	SECTION 11.12 NMAC Payment Obligation
	 	 	33	 

	 	 	 	 	 
	 

	 	Exhibit A
	 	Form of Certificate
	 

	 	Exhibit B
	 	Form of Transferee Representation Letter
	 
	 	 	 	 
	 

	 	Exhibit C
	 	Form of Transferor Representation Letter

(Nissan 2007-B

Amended & Restated Trust Agreement)

iii

 

     AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 17, 2007, 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 October 19, 2006 (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 the Closing
Date 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 employee benefit plan that is subject to a
law that is similar to the fiduciary responsibility or prohibited transaction provisions of ERISA
or Section 4975 of the Code.

(Nissan 2007-B

Amended & 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.

     “Closing Date” means October 17, 2007.

     “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).

     “Currency Swap Agreement” shall mean any currency swap agreement, including all
schedules and confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty,
as the same may be amended, supplemented, renewed, extended or replaced from time to time.

     “Currency Swap Counterparty” shall mean an unaffiliated third party, as currency swap
counterparty, under the Currency Swap Agreement, or any successor or replacement Currency Swap
Counterparty from time to time.

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     “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 the Closing Date, entered into between the
Trust and the Indenture Trustee named therein pursuant to which a series of Notes are issued.

     “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 $46,646,620.92.

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     “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.

     “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 2007-B 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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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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.”

ARTICLE II

Creation of Trust

     SECTION 2.01 Creation of Trust. A Delaware statutory trust known as “Nissan Auto
Receivables 2007-B 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) [reserved];

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     (iv) 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;

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

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

     (vii) 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

     (viii) 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 Currency Swap Agreement and
payments made by any such Currency 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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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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 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.

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     (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,
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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     (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 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

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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.

     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;

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

     (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.

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     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
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

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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 to 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;

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Amended & Restated Trust Agreement)

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     (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;

     (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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Amended & Restated Trust Agreement)

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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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Amended & Restated Trust Agreement)

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     (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 Currency 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 Currency Swap Agreement, the Rating Agencies have confirmed the
then-existing ratings of the Notes, and (2) any payments to the Currency 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 Currency 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 Currency Swap Agreement on behalf of the Trust. Any payments received
by the Issuer from the Currency Swap Counterparty under such a Currency 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
responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder
to prepare its federal and state income returns.

(Nissan 2007-B

Amended & Restated Trust Agreement)

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     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
$239,000,000, the Class A-2 Notes in the aggregate principal amount of $248,000,000, the Class A-3
Notes in the aggregate principal amount of $255,000,000 and the Class A-4 Notes in the aggregate
principal amount of $247,930,000. 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

(Nissan 2007-B

Amended & Restated Trust Agreement)

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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 2007-B

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 2007-B

Amended & Restated Trust Agreement)

20

 

     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;

(Nissan 2007-B

Amended & Restated Trust Agreement)

21

 

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

22

 

     (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 2007-B

Amended & Restated Trust Agreement)

23

 

     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 2007-B

Amended & Restated Trust Agreement)

24

 

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 2007-B

Amended & Restated Trust Agreement)

25

 

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 2007-B

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,

(Nissan 2007-B

Amended & Restated Trust Agreement)

27

 

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

28

 

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

(Nissan 2007-B

Amended & Restated Trust Agreement)

29

 

     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.

(Nissan 2007-B

Amended & Restated Trust Agreement)

30

 

     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 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, P.O. Box 685001, Franklin, Tennessee 37068-5001, Attention: Treasurer;
if, to the Trust, addressed to Nissan Auto Receivables 2007-B Owner Trust, c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Nissan Auto Receivables 2007-B Owner Trust, with a copy to Nissan Motor Acceptance Corporation,
BellSouth Tower, 333 Commerce Street, 10th Floor, B-10-C, Nashville, Tennessee
37201-1800, Attention: Treasurer; 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 2007-B
	 
	 	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 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 2007-B
	 
	 	Amended & Restated Trust Agreement)

32

 

     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.

The remainder of this page intentionally left blank.

			
	 	 	 
	 
	 	(Nissan 2007-B
	 
	 	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: Rakesh Kochhar	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as Owner

Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

			
	 	 	 
	 
	 	(Nissan 2007-B
	 
	 	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”), WHICH
IS SUBJECT TO THE PROVISIONS OF TITLE I OF 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 EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO A LAW SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR
PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

			
	 	 	 
	 
	 	(Nissan 2007-B
	 
	 	Amended & Restated Trust Agreement)

A-1

 

			
	 	 	 
	NUMBER
	 	$[                    ]
	R-               	 	 

NISSAN AUTO RECEIVABLES 2007-B 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 own
er of [                                                            
DOLLARS ($                     )], nonassessable, fully-paid, fractional undivided ownership interest in Nissan Auto
Receivables 2007-B Owner Trust (the “Trust”) formed by NARC II.

     The Trust was created pursuant to a Trust Agreement, dated as of October 19, 2006 (as amended
and supplemented from time to time, including the Amended and Restated Trust Agreement, dated as of
October 17, 2007 (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
October 17, 2007 (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
October 17, 2007 (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 5.26388% Asset Backed Notes,” “Class A-2 5.13% Asset
Backed Notes,” “Class A-3 5.03% Asset Backed Notes” and “Class A-4 5.16% 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 certain insurance policies and
certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all
proceeds of the foregoing.

			
	 	 	 
	 	 	(Nissan 2007-B
	 
	 	Amended & Restated Trust Agreement)

A-2

 

     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
November 15, 2007 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 Currency 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 2007-B
	 
	 	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 2007-B
	 
	 	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 2007-B OWNER TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as

Owner Trustee	 	 
	 
	 	 	 	 	 	 
	Dated:                                        

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

			
	 	 	 
	 
	 	(Nissan 2007-B
	 
	 	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 2007-B
	 
	 	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
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental
charge payable in connection therewith.

			
	 	 	 
	 
	 	(Nissan 2007-B
	 
	 	Amended & Restated Trust Agreement)

A-7

 

     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 2007-B
	 
	 	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 2007-B

Amended & Restated Trust Agreement)

A-9

 

EXHIBIT B

FORM OF TRANSFEREE REPRESENTATION LETTER

Nissan Auto Receivables 2007-B 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 2007-B Owner Trust

WILMINGTON TRUST COMPANY,

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables 2007-B Owner Trust

Attention: Corporate Trust Services — Nissan Auto Receivables 2007-B Owner Trust

			
	           Re:	 	Transfer of Nissan Auto Receivables 2007-B 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 October 17, 2007 (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 2007-B

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”), which 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 employee
benefit plan that is subject to a law that is similar to the fiduciary responsibility or prohibited
transaction provisions of ERISA or Section 4975 of the Code.

Signature appears on next page

(Nissan 2007-B

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 2007-B

Amended & Restated Trust Agreement)

B-3

 

EXHIBIT C

FORM OF TRANSFEROR REPRESENTATION LETTER

Nissan Auto Receivables 2007-B 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 2007-B Owner Trust

WILMINGTON TRUST COMPANY,

as Certificate Registrar

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Nissan Auto Receivables 2007-B Owner Trust

Attention: Corporate Trust Services — Nissan Auto Receivables 2007-B Owner Trust

			
	          Re:	 	Transfer of Nissan Auto Receivables 2007-B 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 October 17, 2007 (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 2007-B

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 2007-B

Amended & Restated Trust Agreement)

C-2exv4w5

 

Exhibit 4.5

Execution Version

ADMINISTRATION AGREEMENT

among

NISSAN AUTO RECEIVABLES 2007-B OWNER TRUST,

as Issuer

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Administrator

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee

and

WILMINGTON TRUST COMPANY,

as Owner Trustee

Dated as of October 17, 2007

(Nissan 2007-B Administration Agreement)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	1. DUTIES OF THE ADMINISTRATOR

	 	 	2	 
	 
	 	 	 	 
	2. RECORDS

	 	 	8	 
	 
	 	 	 	 
	3. COMPENSATION

	 	 	8	 
	 
	 	 	 	 
	4. ADDITIONAL INFORMATION TO BE FURNISHED TO
THE ISSUER

	 	 	8	 
	 
	 	 	 	 
	5. INDEPENDENCE OF THE ADMINISTRATOR

	 	 	8	 
	 
	 	 	 	 
	6. NO JOINT VENTURE

	 	 	8	 
	 
	 	 	 	 
	7. OTHER ACTIVITIES OF ADMINISTRATOR

	 	 	8	 
	 
	 	 	 	 
	8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR

	 	 	9	 
	 
	 	 	 	 
	9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL

	 	 	10	 
	 
	 	 	 	 
	10. NOTICES

	 	 	10	 
	 
	 	 	 	 
	11. AMENDMENTS

	 	 	11	 
	 
	 	 	 	 
	12. SUCCESSOR AND ASSIGNS

	 	 	12	 
	 
	 	 	 	 
	13. GOVERNING LAW

	 	 	12	 
	 
	 	 	 	 
	14. NO PETITION

	 	 	12	 
	 
	 	 	 	 
	15. HEADINGS

	 	 	13	 
	 
	 	 	 	 
	16. COUNTERPARTS

	 	 	13	 
	 
	 	 	 	 
	17. SEVERABILITY OF PROVISIONS

	 	 	13	 
	 
	 	 	 	 
	18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES

	 	 	13	 
	 
	 	 	 	 
	19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE

	 	 	13	 

(Nissan 2007-B Administration Agreement)

 

 

     This ADMINISTRATION AGREEMENT, dated as of October 17, 2007 (this “Agreement”), among NISSAN
AUTO RECEIVABLES 2007-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN MOTOR
ACCEPTANCE CORPORATION, a California corporation, as administrator (the “Administrator”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity
but solely as Indenture Trustee (as defined below), and WILMINGTON TRUST COMPANY, a Delaware
banking corporation, not in its individual capacity but solely as Owner Trustee (as defined below).

W I T N E S S E T H:

     WHEREAS, beneficial ownership interests in the Issuer represented by the Nissan Auto
Receivables 2007-B Owner Trust Asset Backed Certificates (the “Certificates”) have been issued in
connection with the formation of the Issuer pursuant to the Amended and Restated Trust Agreement,
dated as of October 17, 2007 (the “Trust Agreement”), between Nissan Auto Receivables Corporation
II (“NARC II”), a Delaware corporation, as depositor, and Wilmington Trust Company, as owner
trustee (the “Owner Trustee”) to the owners thereof (the “Owners”);

     WHEREAS, the Issuer is issuing the Nissan Auto Receivables 2007-B Owner Trust 5.26388% Asset
Backed Notes, Class A-1, the Nissan Auto Receivables 2007-B Owner Trust 5.13% Asset Backed Notes,
Class A-2, the Nissan Auto Receivables 2007-B Owner Trust 5.03% Asset Backed Notes, Class A-3, and
the Nissan Auto Receivables 2007-B Owner Trust 5.16% Asset Backed Notes, Class A-4 (collectively,
the “Notes”) pursuant to the Indenture, dated as of October 17, 2007 (as amended and supplemented
from time to time, the “Indenture”), between the Issuer and Wells Fargo Bank, National Association,
as indenture trustee (the “Indenture Trustee”); capitalized terms used herein and not defined
herein shall have the meanings ascribed thereto in the Indenture, the Trust Agreement or the Sale
and Servicing Agreement, dated as of October 17, 2007, among the Issuer, Nissan Motor Acceptance
Corporation (“NMAC”), as servicer, and NARC II, as seller (the “Sale and Servicing Agreement”), as
the case may be;

     WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the
Certificates and the Notes, including the Purchase Agreement, dated as of October 17, 2007 (the
“Purchase Agreement”), between NMAC, as seller, and NARC II, as purchaser, the Trust Agreement, the
Indenture, this Agreement, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Note Depository Agreement, and the Sale and Servicing Agreement (collectively, the
“Basic Documents”);

     WHEREAS, pursuant to the Basic Documents, the Issuer is required to perform certain duties in
connection with the Certificates, the Notes and the Collateral;

     WHEREAS, the Issuer desires to appoint NMAC as administrator to perform certain of the duties
of the Issuer under the Basic Documents and to provide such additional services consistent with the
terms of this Agreement and the Basic Documents as the Issuer may from time to time request; and

     WHEREAS, the Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuer on the terms set forth herein;

(Nissan 2007-B Administration Agreement)

 

 

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:

     1. DUTIES OF THE ADMINISTRATOR.

     (a) Duties with respect to the Note Depository Agreement and the Indenture.

     (i) The Administrator agrees to perform all its duties as Administrator under
the Basic Documents and the duties of the Issuer under the Note Depository Agreement
and the Indenture. In addition, the Administrator shall consult with the Owner
Trustee regarding the duties of the Issuer under the Indenture and the Note
Depository Agreement. The Administrator shall monitor the performance of the Issuer
and shall advise the Owner Trustee when action by the Issuer or the Owner Trustee is
necessary to comply with the Issuer’s duties under the Indenture and the Note
Depository Agreement. The Administrator shall prepare for execution by the Issuer
or shall cause the preparation by other appropriate persons of all such documents,
reports, filings, instruments, certificates and opinions as it shall be the duty of
the Issuer to prepare, file or deliver pursuant to the Indenture and the Note
Depository Agreement. In furtherance of the foregoing, the Administrator shall take
all appropriate action that is the duty of the Issuer to take pursuant to the
Indenture including, without limitation, such of the foregoing as are required with
respect to the following matters under the Indenture (references are to sections of
the Indenture):

     (A) preparing or obtaining the documents and instruments required for
the proper authentication of Notes and delivering the same to the Indenture
Trustee (Section 2.02);

     (B) appointing the Note Registrar and giving the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or
change in location, of the Note Register (Section 2.04);

     (C) preparing the notification to Noteholders of the final principal
payment on their Notes (Section 2.07(b));

     (D) preparing, obtaining and/or filing of all instruments, opinions and
certificates and other documents required for the release of Collateral
(Section 2.09);

     (E) maintaining an office in the Borough of Manhattan, City of New
York, for the registration of transfer or exchange of Notes (Section 3.02);

     (F) causing newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds
held in trust (Section 3.03);

(Nissan 2007-B Administration Agreement)

2

 

     (G) directing the Indenture Trustee to deposit moneys with Paying
Agents, if any, other than the Indenture Trustee (Section 3.03);

     (H) obtaining and preserving or causing the Owner Trustee to obtain and
preserve the Issuer’s qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity
and enforceability of the Indenture, the Notes, the Collateral and each
other instrument and agreement included in the Trust Estate (Section 3.04);

     (I) preparing all supplements, amendments, financing statements,
continuation statements, instruments of further assurance and other
instruments, in accordance with Section 3.05 of the Indenture, necessary to
protect the Trust Estate (Sections 3.05 and 3.07(c));

     (J) furnishing the required Opinions of Counsel on October 17, 2007 and
at such other times, in accordance with Sections 3.06 and 8.06 of the
Indenture, and delivering the annual Officer’s Certificates and certain
other statements as to compliance with the Indenture, in accordance with
Section 3.09 of the Indenture (Sections 3.06, 3.09 and 8.06);

     (K) identifying to the Indenture Trustee in an Officer’s Certificate
any Person with whom the Issuer has contracted to perform its duties under
the Indenture (Section 3.07);

     (L) notifying the Indenture Trustee and the Rating Agencies of any
Servicer Default pursuant to the Sale and Servicing Agreement and, if such
Servicer Default arises from the failure of the Servicer to perform any of
its duties under the Sale and Servicing Agreement, taking all reasonable
steps available to remedy such failure (Section 3.07(d));

     (M) preparing and obtaining documents and instruments required in
connection with the consolidation, merger or transfer of assets of the
Issuer (Section 3.10);

     (N) delivering notice to the Indenture Trustee of each Event of Default
and each other default by the Servicer or the Seller under the Sale and
Servicing Agreement (Section 3.19);

     (O) monitoring the Issuer’s obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officer’s Certificate
and obtaining the Opinion of Counsel and the Independent Certificate (as
defined in the Indenture) related thereto (Section 4.01);

     (P) preparing and mailing the notification of the Indenture Trustee and
the Noteholders with respect to special payment dates, if any (Section
5.04(d));

(Nissan 2007-B Administration Agreement)

3

 

     (Q) Intentionally Blank

     (R) preparing any Issuer Request and Officer’s Certificates and
obtaining any Opinions of Counsel and Independent Certificates necessary for
the release of the Trust Estate (Section 8.04);

     (S) preparing Issuer Orders and obtaining Opinions of Counsel with
respect to the execution of any supplemental indentures, and mailing notices
to the Noteholders with respect thereto (Sections 9.01, 9.02 and 9.03);

     (T) executing and delivering new Notes conforming to the provisions of
any supplemental indenture, as appropriate (Section 9.06);

     (U) preparing all Officer’s Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the
Indenture Trustee to take any action under the Indenture (Section 11.01(a));

     (V) preparing and delivering Officer’s Certificates and obtaining
Independent Certificates, if necessary, for the release of property or
securities from the lien of the Indenture (Section 11.01(c));

     (W) notifying the Rating Agencies, upon any failure of the Indenture
Trustee to give such notification, of the information required pursuant to
Section 11.04 of the Indenture (Section 11.04);

     (X) preparing and delivering to the Noteholders and the Indenture
Trustee any agreements with respect to alternate payment and notice
provisions (Section 11.06); and

     (Y) recording the Indenture, if applicable (Section 11.14).

(ii) The Administrator shall also:

     (A) pay the Indenture Trustee from time to time the reasonable
compensation provided for in the Indenture with respect to services rendered
by the Indenture Trustee under the Indenture (which compensation shall not
be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

     (B) reimburse the Indenture Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Indenture
Trustee in accordance with any provision of the Indenture (including the
reasonable compensation, expenses and disbursements of its agents and
counsel) to the extent the Indenture Trustee is entitled to such
reimbursement by the Issuer under the Indenture;

(Nissan 2007-B Administration Agreement)

4

 

     (C) indemnify the Indenture Trustee for, and hold it harmless against,
any losses, liability or expense incurred without negligence or bad faith on
the part of the Indenture Trustee, arising out of or in connection with the
acceptance or administration of the trusts and duties contemplated by the
Indenture, including the reasonable costs and expenses of defending
themselves against any claim or liability in connection therewith to the
extent the Indenture Trustee is entitled to such indemnification from the
Issuer under the Indenture; and

     (D) pay the reasonable expense of any examination or investigation by
the Owner Trustee undertaken pursuant to Section 7.01(e) of the Trust
Agreement, and if such expense is paid by the Owner Trustee, then such
expense shall be reimbursed by the Administrator upon demand.

(b) Additional Duties.

    (i) In addition to the duties of the Administrator set forth above, the
Administrator shall perform such calculations, and shall prepare for execution by
the Issuer or the Owner Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file
or deliver pursuant to the Basic Documents, and at the request of the Owner Trustee
shall take all appropriate action that it is the duty of the Issuer or the Owner
Trustee to take pursuant to the Basic Documents. Subject to Section 5 of this
Agreement, and in accordance with the reasonable written directions of the Owner
Trustee, the Administrator shall administer, perform or supervise the performance of
such other activities in connection with the Collateral (including the Basic
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the capability of
the Administrator.

    (ii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Administrator shall be responsible for promptly notifying the Owner
Trustee in the event that any withholding tax is imposed on the Issuer’s payments
(or allocations of income) to a Certificateholder as contemplated in Section 5.02(c)
of the Trust Agreement. Any such notice shall specify the amount of any withholding
tax required to be withheld by the Owner Trustee pursuant to such provision.

    (iii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Administrator shall be responsible for performance of the duties of
the Administrator set forth in Section 5.04(a), (b), (c), (d), (e) and (f) of the
Trust Agreement with respect to, among other things, accounting and reports to the
Certificateholders; provided, however, that the Owner Trustee shall remain
exclusively responsible for the mailing of the Schedule K-1s necessary to enable
each Certificateholder to prepare its federal and state income tax returns.

(Nissan 2007-B Administration Agreement)

5

 

    (iv) If the Certificateholder is not the Administrator or any of its
Affiliates, the Administrator shall satisfy its obligations with respect to clauses
(ii) and (iii) above and under the Trust Agreement by retaining, at the expense of
the Administrator, a firm of independent public accountants (the “Accountants”)
which shall perform the obligations of the Administrator thereunder.

    In connection with paragraph (ii) above, the Administrator will cause the
Accountants to provide, prior to December 1 of each year, a letter in form and
substance satisfactory to the Owner Trustee as to whether any tax withholding is
then required and, if required, the procedures to be followed with respect thereto
to comply with the requirements of the Code; provided, however, that the
Certificateholder is not the Administrator or any of its Affiliates. The Accountants
shall be required to update the letter in each instance that any additional tax
withholding is subsequently required or any previously required tax withholding
shall no longer be required.

    (v) The Administrator shall perform the duties of the Administrator specified
in Section 10.02 of the Trust Agreement required to be performed in connection with
the resignation or removal of the Owner Trustee, and any other duties expressly
required to be performed by the Administrator under the Trust Agreement.

    (vi) The Administrator shall advise the Owner Trustee in all regards with
respect to its duties pursuant to any Currency Swap Agreement (as defined in the
Sale and Servicing Agreement) into which the Trust enters pursuant to Section
5.02(d) of the Trust Agreement, including the recommendation of and retention, at
its expense, of any such agents or advisors that are deemed by the Owner Trustee to
be reasonably necessary to undertake its duties pursuant to any such Currency Swap
Agreement. Pursuant to Section 5.02(d) of the Trust Agreement, if the
Certificateholders notify the Administrator with respect to the Trust’s election to
enter into such a Currency 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 Currency Swap Agreement
on behalf of the Trust.

    (vii) The Administrator shall perform all duties and obligations applicable to
or required of the Issuer set forth in Appendix A to the Sale and Servicing
Agreement in accordance with the terms and conditions thereof.

    (viii) In carrying out the foregoing duties or any of its other obligations
under this Agreement, the Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided, however, that
the terms of any such transactions or dealings shall be in accordance with any
directions received from the Issuer and shall be, in the Administrator’s opinion, no
less favorable to the Issuer than would be available from unaffiliated parties.

(Nissan 2007-B Administration Agreement)

6

 

     (c) Non-Ministerial Matters.

     (i) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action (x) the
Administrator shall have notified the Owner Trustee of the proposed action and the
Owner Trustee shall have consented thereto or provided an alternative direction, and
(y) all approvals required under the Basic Documents shall have been obtained. For
the purpose of the preceding sentence, “non-ministerial matters” shall include,
without limitation:

     (A) the amendment of the Indenture or execution of any supplement to
the Indenture;

     (B) the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against the Issuer
(other than in connection with the collection of the Receivables);

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

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

     (E) the removal of the Indenture Trustee.

     (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not (x) make any payments to the
Noteholders under the Basic Documents, (y) sell the Trust Estate pursuant to Section
5.04 of the Indenture or (z) take any other action that the Issuer directs the
Administrator not to take on its behalf.

     (d) Currency Swap Agreement. As set forth in Section 5.11 of the Sale and
Servicing Agreement, the Issuer may enter into a Currency Swap Agreement with a Currency
Swap Counterparty to swap amounts payable to Certificateholders from U.S. dollars to
Japanese yen, according to the terms set forth in Section 5.11 of the Sale and Servicing
Agreement and Section 5.02(d) of the Trust Agreement.

     2. RECORDS. The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible
for inspection by the Issuer, the Owner Trustee and the Indenture Trustee at any time during normal
business hours upon reasonable advance written notice.

     3. COMPENSATION. As compensation for the performance of the Administrator’s
obligations under this Agreement and as reimbursement for its expenses related thereto, the
Administrator shall be entitled to a fee of $200.00 per month, which shall be solely an
obligation of the Servicer.

(Nissan 2007-B Administration Agreement)

7

 

     4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The Administrator shall
furnish to the Issuer from time to time such additional information regarding the Collateral as the
Issuer shall reasonably request.

     5. INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the
Issuer, the Owner Trustee or the Indenture Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by the
Issuer hereunder or otherwise, the Administrator shall have no authority to act for or represent
the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise be or be deemed an
agent of the Issuer, the Owner Trustee or the Indenture Trustee.

     6. NO JOINT VENTURE. Nothing contained in this Agreement shall (i) constitute the
Administrator and any of the Issuer, the Owner Trustee or the Indenture Trustee as members of any
partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to
confer on any of them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

     7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the Administrator
or its Affiliates from engaging in other businesses or, in its or their sole discretion, from
acting as an administrator for any other person or entity, or in a similar capacity therefor, even
though such person or entity may engage in business activities similar to those of the Issuer, the
Owner Trustee or the Indenture Trustee.

     8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.

     (a) This Agreement shall continue in force until the termination of the Issuer, upon
which event this Agreement shall automatically terminate.

     (b) Subject to Sections 8(e) and 8(f), the Administrator may resign by providing the
Issuer with at least 30 days’ prior written notice.

     (c) Subject to Sections 8(e) and 8(f), the Issuer may remove the Administrator without
cause by providing the Administrator at least 30 days’ prior written notice.

     (d) Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from the Issuer
to the Administrator if any of the following events shall occur:

     (i) the Administrator shall fail to perform in any material respect any of its
duties under this Agreement and, after notice of such default, shall not cure such
default within 10 days (or, if such default cannot be cured in such time, shall
not give within such 10 days such assurance of timely and complete cure as
shall be reasonably satisfactory to the Issuer);

(Nissan 2007-B Administration Agreement)

8

 

     (ii) the entry of a decree or order by a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a trustee in
bankruptcy, conservator, receiver or liquidator for the Administrator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings, or for the winding up or liquidation of their respective
affairs, and the continuance of any such decree or order unstayed and in effect for
a period of 90 consecutive days; or

     (iii) the consent by the Administrator to the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings
of or relating to the Administrator of or relating to substantially all of their
property, or the Administrator shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations.

     The Administrator agrees that if any of the events specified in clauses (ii) or
(iii) of this Section shall occur, it shall give written notice thereof to the
Issuer, the Owner Trustee and the Indenture Trustee within seven days after the
occurrence of such event.

     (e) No resignation or removal of the Administrator pursuant to this Section shall be
effective until (i) a successor Administrator shall have been appointed by the Issuer and
(ii) such successor Administrator shall have agreed in writing to be bound by the terms of
this Agreement on substantially the same terms as the Administrator is bound hereunder.

     (f) The appointment of any successor Administrator shall be effective only after each
Rating Agency (other than Moody’s) has provided to the Owner Trustee and the Indenture
Trustee notice that the proposed appointment will not result in the reduction or withdrawal
of any rating, if any, then assigned by such Rating Agency to any Class of Notes or the
Certificates. Promptly after the appointment of any successor Administrator, the Owner
Trustee will provide notice of such appointment to Moody’s (so long as Moody’s is then
rating any outstanding Notes).

     (g) Subject to Section 8(e) and 8(f), the Administrator acknowledges that upon the
appointment of a Successor Servicer pursuant to the Sale and Servicing Agreement, the
Administrator shall immediately resign and such Successor Servicer shall automatically
succeed to the rights, duties and obligations of the Administrator under this Agreement.

     9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the effective date
of termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b) or 8(c) or 8(d), the
Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the

(Nissan 2007-B Administration Agreement)

9

 

date of such termination, resignation or removal. The Administrator shall forthwith upon such
termination pursuant to Section 8(a) deliver to or to the order of the Issuer all property and
documents of or relating to the Collateral then in the custody of the Administrator. In the event
of the resignation or removal of the Administrator pursuant to Section 8(b) or 8(c) or 8(d), the
Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the
Issuer in making an orderly transfer of the duties of the Administrator.

     10. NOTICES. Any notice, report or other communication given hereunder shall be in
writing and addressed as follows:

(a)  if to the Issuer or the Owner Trustee, to:

Nissan Auto Receivables 2007-B Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attention: Nissan Auto Receivables 2007-B Owner Trust

with a copy to:

Nissan Auto Receivables 2007-B Owner Trust

In care of: Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street

10th Floor, B-10-C

Nashville, TN 37201-1800

Attention: Treasurer

(b)  if to the Administrator, to:

Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street

10th Floor, B-10-C

Nashville, TN 37201-1800

Attention: Treasurer

(c)  if to the Indenture Trustee, to:

Wells Fargo Bank, National Association

Wells Fargo Center

Sixth and Marquette Avenue,

MAC N9311-161

Minneapolis, MN 55479

Attn: Asset Backed Securities Department

(Nissan 2007-B Administration Agreement)

10

 

or to such other address as any party shall have provided to the other parties in writing. Any
notice required to be in writing hereunder shall be deemed given if such notice is mailed by
certified mail, postage prepaid, or hand delivered to the address of such party as provided above.

     11. AMENDMENTS. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Issuer, the Administrator, and the Indenture Trustee,
with the consent of the Owner Trustee but without the consent of any Noteholders or the
Certificateholders, for the purpose of adding any provisions to or modifying or changing in any
manner or eliminating any of the provisions of this Agreement; provided that such amendment
does not and will not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or any Certificateholder. This Agreement may
also be amended from time to time by the Issuer, the Administrator, and the Indenture Trustee with
the consent of the Owner Trustee and (i) the holders of Notes evidencing a majority of the
Outstanding Amount of the Notes, voting as a single class; or (ii) in the case of any amendment
that does not adversely affect the Indenture Trustee or the Noteholders (as evidenced by an
Officer’s Certificate of the Servicer and an outside Opinion of Counsel indicating that such
amendment will not adversely affect the Indenture Trustee or the Noteholders), the holders of the
Certificates evidencing a majority of the outstanding Certificate Balance of the Certificates (but
excluding for purposes of calculation and action all Certificates held by the Seller, the Servicer
or any of their Affiliates unless at such time all Certificates are then owned by the Seller, the
Servicer 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 those Noteholders or Certificateholders which are not covered by the immediately
preceding sentence.

     12. SUCCESSOR AND ASSIGNS. This Agreement may not be assigned by the Administrator
unless such assignment is consented to in writing by the Issuer, the Owner Trustee and the
Indenture Trustee, and the conditions precedent to appointment of a successor Administrator set
forth in Section 8 are satisfied. An assignment with such consent and satisfaction, if accepted by
the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound
hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator
without the consent of the Issuer, the Owner Trustee and the Indenture Trustee to a corporation or
other organization that is a successor (by merger, consolidation or purchase of assets) to the
Administrator, provided that such successor organization executes and delivers to the Issuer, the
Owner Trustee and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.

     13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions (other
than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations,
rights and remedies of the parties hereunder shall be determined in accordance with such laws.

     14. NO PETITION. The Administrator, by entering into this Administration Agreement,
hereby covenants and agrees that it will not at any time institute against the Issuer, or
join in any institution against the Issuer of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law, in connection with any obligations relating to the Notes, the
Certificates or any of the Basic Documents.

(Nissan 2007-B Administration Agreement)

11

 

     15. HEADINGS. The section headings hereof have been inserted for convenience of
reference only and shall not be construed to affect the meaning, construction or effect of this
Agreement.

     16. COUNTERPARTS. This Agreement may be executed in counterparts, each of which when
so executed shall together constitute but one and the same agreement.

     17. SEVERABILITY OF PROVISIONS. If any one or more of the agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any
jurisdiction, then such agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or the other rights of the
parties hereto.

     18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this Agreement shall
affect any obligation, right or benefit NMAC may have in any other capacity or under any Basic
Document.

     19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE. Notwithstanding
anything contained herein to the contrary, this instrument has been countersigned by Wilmington
Trust Company, not in its individual capacity but solely in its capacity as Owner Trustee of the
Issuer, and Wells Fargo Bank, National Association, not in its individual capacity but solely in
its capacity as Indenture Trustee under the Indenture and in no event shall Wilmington Trust
Company in its individual capacity, Wells Fargo Bank, National Association, in its individual
capacity, or any Certificateholder have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuer.

(Nissan 2007-B Administration Agreement)

12

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES 2007-B OWNER TRUST
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY,	 	 
	 

	 	 	 	not in its individual capacity but solely as

Owner Trustee
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 
	 	 

Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its

individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 

	 	 	 	 

Name: Marianna C. Stershic
	 	 	 	 
	 

	 	 	 	Title: Vice President	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION, as Administrator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 

	 	 	 	 

Name: Rakesh Kochhar
	 	 	 	 
	 

	 	 	 	Title: Treasurer	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 

	 	 	 	 

Name:
	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

(Nissan 2007-B Administration Agreement)

S-1

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