Document:

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                                                                     EXHIBIT 4.3

                               PURCHASE AGREEMENT

                  This PURCHASE AGREEMENT is made as of this 27th day of
January, 2000, by and between NISSAN MOTOR ACCEPTANCE CORPORATION, a California
corporation (the "Seller"), having its principal executive office at 990 W.
190th Street, Torrance, California 90502, and NISSAN AUTO RECEIVABLES
CORPORATION, a Delaware corporation (the "Purchaser"), having its principal
executive office at 990 W. 190th Street, Torrance, California 90502.

                  WHEREAS, in the regular course of its business, the Seller
purchases certain motor vehicle retail installment sale contracts secured by new
and used automobiles and light duty trucks from motor vehicle dealers.

                  WHEREAS, the Seller and the Purchaser wish to set forth the
terms pursuant to which the Receivables (as hereinafter defined) are to be sold
by the Seller to the Purchaser, which Receivables will be transferred by the
Purchaser pursuant to the Sale and Servicing Agreement (as hereinafter defined),
to the NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST, which will issue notes backed
by such Receivables and the other property of the Trust (the "Notes") and
certificates representing fractional undivided interests in such Receivables and
the other property of the Trust (the "Certificates").

                  NOW, THEREFORE, in consideration of the foregoing, other good
and valuable consideration, and the mutual terms and covenants contained herein,
the parties hereto agree as follows:

                                   ARTICLE I

                               CERTAIN DEFINITIONS

                  Terms not defined in this Agreement shall have the respective
meanings assigned such terms set forth in the Sale and Servicing Agreement or
Trust Agreement, as the case may be. As used in this Agreement, the following
terms shall, unless the context otherwise requires, have the following meanings
(such meanings to be equally applicable to the singular and plural forms of the
terms defined):

                  "Agreement" means this Purchase Agreement and all amendments
hereof and supplements hereto.

                  "Assignment" means the document of assignment attached to this
Agreement as Exhibit A.

                  "Certificates" shall have the meaning specified in the
introductory paragraphs of this Agreement.

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                  "Closing" shall have the meaning specified in Section 2.2.

                  "Closing Date" means January 27, 2000.

                  "Collections" means all amounts collected by the Servicer
(from whatever source) on or with respect to the Receivables.

                  "Damages" shall have the meaning specified in Section 5.4(a).

                  "Distribution Date" means, for each Collection Period, the
15th day of the following month or, if such 15th day is not a Business Day, the
next succeeding Business Day.

                  "Notes" shall have the meaning specified in the introductory
paragraphs of this Agreement.

                  "Overextended Receivables" means the Receivables set forth on
Schedule B to this Agreement.

                  "Prospectus" has the meaning assigned to such term in the
Underwriting Agreement.

                  "Purchaser" means Nissan Auto Receivables Corporation, a
Delaware corporation, and its successors and assigns.

                  "Rating Agency" means Standard & Poor's Ratings Services, a
Division of the McGraw-Hill Companies or Moody's Investors Service, Inc. or any
successors thereto.

                  "Receivable" means any retail installment sale contract that
appears on the Schedule of Receivables.

                  "Receivables Purchase Price" means $837,721,182.12.

                  "Repurchase Event" shall have the meaning specified in Section
6.2.

                  "Sale and Servicing Agreement" means the Sale and Servicing
Agreement by and among Nissan Auto Receivables Corporation, as seller, Nissan
Motor Acceptance Corporation, as servicer, and the Trust dated as of January 27,
2000, as the same may be amended, amended and restated, supplemented or
modified.

                  "Schedule of Receivables" means the list of Receivables
annexed to the Assignment as Schedule A thereto.

                  "Securities" means the Notes and the Certificates.

                  "Seller" means Nissan Motor Acceptance Corporation, a
California corporation, and its successors and assigns.

                  "Trust" means the Nissan Auto Receivables 2000-A Owner Trust.

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                  "Trust Agreement" means the Trust Agreement dated as of
December 21, 1999, as amended by the Amended and Restated Trust Agreement by and
between Nissan Auto Receivables Corporation, as seller, and Wilmington Trust
Company, as owner trustee, dated as of January 27, 2000, as the same may be
amended, amended and restated, supplemented or modified.

                  "Underwriting Agreement" means the Underwriting Agreement by
and between Chase Securities Inc. and the Purchaser, dated January 19, 2000.

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

                                   ARTICLE II

                        PURCHASE AND SALE OF RECEIVABLES

                  2.1 Purchase and Sale of Receivables.

                  On the Closing Date, subject to the terms and conditions of
this Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser
agrees to purchase from the Seller, the Receivables and the other property
relating thereto (as defined below).

                  (a) Transfer of Receivables. On the Closing Date and
simultaneously with the transactions pursuant to the Sale and Servicing
Agreement, the Seller shall sell, transfer, assign and otherwise convey to the
Purchaser, without recourse,

                           (i) all right, title and interest of the Seller in
         and to the Receivables (including all related Receivable Files) and all
         monies due thereon or paid thereunder or in respect thereof after the
         Cutoff Date;

                           (ii) the right of the Seller in the security
         interests in the Financed Vehicles granted by the Obligors pursuant to
         the Receivables and any related property;

                           (iii) the right of the Seller in any proceeds from
         claims on any physical damage, credit life, credit disability or other
         insurance policies covering Financed Vehicles or Obligors;

                           (iv) the right of the Seller to receive payments in
         respect of any Dealer Recourse with respect to the Receivables;

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                           (v) the right of the Seller to realize upon any
         property (including the right to receive future Net Liquidation
         Proceeds) that shall have secured a Receivable;

                           (vi) the right of the Seller in rebates of premiums
         and other amounts relating to insurance policies and other items
         financed under the Receivables in effect as of the Cutoff Date; and

                           (vii) all proceeds of the foregoing;

         provided that the Seller shall not be required to deliver to the
         Purchaser on the Closing Date monies received in respect of the
         Receivables after the Cutoff Date and before the Closing Date but shall
         or shall cause the Servicer to deposit such monies into the Collection
         Account no later than the first Record Date after the Closing Date.

                  (b) Receivables Purchase Price. In consideration for the
Receivables and other properties described in Section 2.1(a), the Purchaser
shall, on the Closing Date, pay to the Seller the Receivables Purchase Price. An
amount equal to approximately 90.314% of the Receivables Purchase Price shall be
paid to the Seller in cash, net of any costs of the Purchaser related to the
establishment of the Trust and the offering of the Securities, by federal wire
transfer (same day) funds. The remaining approximately 9.686% of the Receivables
Purchase Price shall be deemed paid by the Purchaser to the Seller and then
immediately returned by the Seller to the Purchaser as a contribution to
capital.

                  2.2 The Closing. The sale and purchase of the Receivables
shall take place at a closing (the "Closing") at the offices of O'Melveny &
Myers LLP, 400 South Hope Street, Los Angeles, CA 90071 on the Closing Date,
simultaneously with the closings under: (a) the Sale and Servicing Agreement
pursuant to which (i) the Purchaser will assign all of its right, title and
interests in and to the Receivables and other property conveyed pursuant to
Section 2.1(a) to the Trust for the benefit of the Securityholders; and (ii) the
Purchaser will deposit the foregoing into the Trust in exchange for the
Securities; and (b) the Underwriting Agreement, pursuant to which the Purchaser
will sell to the underwriters named therein the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

                  3.1 Warranties of the Purchaser. The Purchaser hereby
represents and warrants to the Seller as of the date hereof and as of the
Closing Date:

                  (a) Organization, etc. The Purchaser 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 execute and deliver
this Agreement and to perform the terms and provisions hereof.

                  (b) Due Authorization and No Violation. This Agreement has
been duly authorized, executed and delivered by the Purchaser, and constitutes a
legal, valid and binding obligation of the Purchaser, enforceable in accordance
with its terms, subject to the effect of

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bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors' rights generally and to general equitable principles. The
consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in a breach of any
of the terms or provisions of, nor constitute (with or without notice or lapse
of time) a default under, or result in the creation or imposition of any Lien to
the Purchaser upon any of the property or assets of the Purchaser pursuant to
the terms of, any indenture, mortgage, deed of trust, loan agreement, guarantee,
lease financing agreement or similar agreement or instrument under which the
Purchaser is a debtor or guarantor, nor will such action result in any violation
of the provisions of the Certificate of Incorporation or the By-laws of the
Purchaser; which breach, default, conflict, Lien or violation in any case would
have a material adverse effect on the ability of the Seller to perform its
obligations under this Agreement.

                  (c) No Litigation. There are no proceedings or investigations
pending to which the Purchaser is a party or of which any property of the
Purchaser is the subject, and, to the best of the Purchaser's knowledge, no such
proceedings are threatened or contemplated by governmental authorities or
threatened by others; other than such proceedings that would not have a material
adverse effect upon the ability of the Purchaser to perform its obligations
under, or the validity and enforceability of, this Agreement.

                  3.2 Representations and Warranties of the Seller. (a) The
Seller hereby represents and warrants to the Purchaser as of the date hereof and
as of the Closing Date:

                           (i) Organization, etc. The Seller has been duly
         organized and is validly existing as a corporation in good standing
         under the laws of the State of California and is in good standing in
         each jurisdiction in the United States of America in which the conduct
         of its business or the ownership of its property requires such
         qualification and where the failure to so qualify would have a material
         adverse effect on the ability of the Seller to perform its obligations
         under this Agreement.

                           (ii) Power and Authority. The Seller has the
         corporate power and authority to sell and assign the property sold and
         assigned to the Purchaser hereunder and has duly authorized such sale
         and assignment to the Purchaser by all necessary corporate action. This
         Agreement has been duly authorized, executed and delivered by the
         Seller and constitutes a legal, valid and binding obligation of the
         Seller, 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.

                           (iii) No Violation. The consummation of the
         transaction contemplated by this Agreement, and the fulfillment of the
         terms hereof, do not conflict with, or result in a breach of any of the
         terms or provisions of, nor constitute (with or without notice or lapse
         of time) a default under, or result in the creation or imposition of
         any Lien upon any of the property or assets of the Seller pursuant to
         the terms of, any indenture, mortgage, deed of trust, loan agreement,
         guarantee, lease financing agreement or similar agreement or instrument
         under which the Seller is a debtor or guarantor, nor will such action
         result in any violation of the provisions of the Articles of
         Incorporation or the By-Laws of the Seller; which breach, default,
         conflict, Lien or violation in any case would have a

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         material adverse effect on the ability of the Seller to perform its
         obligations under this Agreement.

                           (iv) No Proceedings. There are no proceedings or
         investigations pending to which the Seller is a party or of which any
         property of the Seller is the subject, and, to the best of the Seller's
         knowledge, no such proceedings are threatened or contemplated by
         governmental authorities or threatened by others, other than such
         proceedings that would not have a material adverse effect upon the
         ability of the Seller to perform its obligations under, or the validity
         and enforceability of, this Agreement.

                  (b) The Seller makes the following representations and
warranties as to the Receivables on which the Purchaser relies in accepting the
Receivables. Such representations and warranties speak as of the execution and
delivery of this Agreement, but shall survive the sale, transfer, and assignment
of the Receivables to the Purchaser hereunder and the subsequent assignment and
transfer pursuant to the Sale and Servicing Agreement:

                           (i) Characteristics of Receivables. Each Receivable
         (a) has been originated in the United States of America by a Dealer for
         the retail sale of a Financed Vehicle in the ordinary course of such
         Dealer's business, has been fully and properly executed by the parties
         thereto, has been purchased by the Seller from such Dealer under an
         existing dealer agreement with the Seller, and has been validly
         assigned by such Dealer to the Seller, (b) created a valid, subsisting
         and enforceable security interest in favor of the Seller in such
         Financed Vehicle, (c) contains customary and enforceable provisions
         such that the rights and remedies of the holder thereof are adequate
         for realization against the collateral of the benefits of the security,
         (d) other than the Overextended Receivables, provides for level monthly
         payments (provided that the payment in the first or last month in the
         life of the Receivable may be minimally different from the level
         payment) that fully amortize the Amount Financed over an original term
         of no greater than 60 months, and (e) provides for yield interest at
         the related Annual Percentage Rate.

                           (ii) Schedule of Receivables. The information set
         forth in Schedule A to this Agreement was true and correct in all
         material respects as of the opening of business on the Cutoff Date; the
         Receivables were selected at random from the Seller's retail
         installment sale contracts (other than contracts originated in Alabama,
         Hawaii or Maryland) meeting the criteria of the Trust set forth in the
         Sale and Servicing Agreement; and no selection procedures believed to
         be adverse to the Securityholders were utilized in selecting the
         Receivables.

                           (iii) Compliance with Law. Each Receivable and the
         sale of the Financed Vehicle complied at the time it was originated or
         made and at the execution of this Agreement complies in all material
         respects with all requirements of applicable federal, state and local
         laws, and regulations thereunder, including usury laws, the Federal
         Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
         Reporting Act, the Fair Debt Collection Practices Act, the Federal
         Trade Commission Act, the Magnuson-Moss Warranty Act, the Soldiers and
         Sailors Civil Relief Act of 1940, the Federal Reserve Board's
         Regulations B and Z, and state adaptations of the

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         National Consumer Credit Protection Act and of the Uniform Consumer
         Credit Code, state "Lemon Laws" designed to prevent fraud in the sale
         of automobiles and other consumer credit laws and equal credit
         opportunity and disclosure laws.

                           (iv) Binding Obligation. Each Receivable represents
         the genuine, legal, valid and binding payment obligation in writing of
         the Obligor, enforceable by the holder thereof 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.

                           (v) Security Interest in Financed Vehicle. (a)
         Immediately prior to the sale, assignment and transfer thereof to the
         Purchaser, each Receivable was secured by a validly perfected first
         priority security interest in the Financed Vehicle in favor of the
         Seller as secured party or all necessary or all appropriate actions
         shall have been commenced that would result in the valid perfection of
         a first priority security interest in the Financed Vehicle in favor of
         the Seller as secured party, and (b) as of the Cutoff Date, according
         to the records of the Seller, no Financed Vehicle has been repossessed.

                           (vi) Receivables in Force. No Receivable has been
         satisfied, subordinated or rescinded, nor has any Financed Vehicle been
         released from the lien granted by the related Receivable in whole or in
         part.

                           (vii) No Waiver. No provision of a Receivable has
         been waived in such a manner that is prohibited by the provisions of
         the Sale and Servicing Agreement or that would cause such Receivable to
         fail to meet all of the other requirements and warranties made by the
         Seller herein with respect thereto.

                           (viii) No Defenses. No Receivable is subject to any
         right of rescission, setoff, counterclaim or defense, including the
         defense of usury, and the operation of any of the terms of any
         Receivable, or the exercise of any right thereunder, will not render
         such Receivable unenforceable in whole or in part or subject such
         Receivable to any right of rescission, setoff, counterclaim or defense,
         including the defense of usury, and no such right of rescission,
         setoff, counterclaim or defense has been asserted with respect thereto.

                           (ix) No Liens. To the Seller's knowledge, no liens
         have been filed for work, labor or materials relating to a Financed
         Vehicle that shall be liens prior to, or equal or coordinate with, the
         security interest in the Financed Vehicle granted by the Receivable.

                           (x) No Default. Except for payment defaults
         continuing for a period of not more than 29 days as of the Cutoff Date,
         no default, breach, violation or event permitting acceleration under
         the terms of any Receivable has occurred; and no continuing condition
         that with notice or the lapse of time would constitute a default,
         breach, violation or event permitting acceleration under the terms of
         any Receivable has arisen (other than deferrals and waivers of late
         payment charges or fees permitted under the Sale and Servicing
         Agreement).

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                           (xi) Insurance. The Seller, in accordance with its
         customary procedures, has determined at the time of origination of each
         Receivable that the related Obligor has agreed to obtain physical
         damage insurance covering the Financed Vehicle and the Obligor is
         required under the terms of related Receivable to maintain such
         insurance.

                           (xii) Title. It is the intention of the Seller that
         the transfer and assignment herein contemplated constitute a sale of
         the Receivables from the Seller to the Purchaser and that the
         beneficial interest in and title to the Receivables not be part of the
         Seller's estate in the event of the filing of a bankruptcy petition by
         or against the Seller under any bankruptcy law. Immediately prior to
         the transfer and assignment herein contemplated, the Seller had good
         and marketable title to each Receivable free and clear of all Liens
         and, immediately upon the transfer thereof, the Purchaser shall have
         good and marketable title to each Receivable, free and clear of all
         Liens and rights of others. Each Receivable File contains the original
         certificate of title (or a photocopy or image thereof) or evidence that
         an application for a certificate of title has been filed.

                           (xiii) Lawful Assignment. No Receivable has been
         originated in, or shall be subject to the laws of, any jurisdiction
         under which the sale, transfer and assignment of such Receivable under
         this Agreement or pursuant to the Sale and Servicing Agreement are
         unlawful, void or voidable.

                           (xiv) All Filings Made. All filings (including,
         without limitation, UCC filings) necessary in any jurisdiction to give
         the Purchaser a first priority perfected ownership interest in the
         Receivables have been made or have been delivered in form suitable for
         filing to the Purchaser.

                           (xv) Chattel Paper. Each Receivable constitutes
         "chattel paper", as such term is defined in the UCC.

                           (xvi) Simple Interest Receivables. All of the
         Receivables are Simple Interest Receivables.

                           (xvii) One Original. There is only one original
         executed copy of each Receivable.

                           (xviii) No Amendments. No Receivable has been amended
         such that the amount of the Obligor's Scheduled Payments has been
         increased.

                           (xix) APR. The Annual Percentage Rate of each
         Receivable equals or exceeds 5.25%.

                           (xx) Maturity. As of the Cutoff Date, each Receivable
         had a remaining term to maturity of not less than 5 months and not
         greater than 59 months.

                           (xxi) Balance. Each Receivable had an original
         principal balance of not more than $49,090.33 and, as of the Cutoff
         Date, had a principal balance of not less than $2,000.36 and not more
         than $44,807.66.

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                           (xxii) Delinquency. No Receivable was more than 29
         days past due as of the Cutoff Date and no Receivable has been extended
         by more than two months.

                           (xxiii) Bankruptcy. No Obligor was the subject of a
         bankruptcy proceeding (according to the records of the Seller) as of
         the Cutoff Date.

                           (xxiv) Transfer. Each Receivable prohibits the sale
         or transfer of the Financed Vehicle without the consent of the Seller.

                           (xxv) New, Near-New and Used Vehicles. Each Financed
         Vehicle was a new, near-new or used automobile or light-duty truck at
         the time the related Obligor executed the retail installment sale
         contract.

                           (xxvi) Origination. Each Receivable has an
         origination date on or after July 3, 1995.

                           (xxvii) Forced-Placed Insurance Premiums. No contract
         relating to any Receivable has had forced-placed insurance premiums
         added to the amount financed.

                           (xxviii) No Fraud or Misrepresentation. To the
         knowledge of the Seller, no Receivable was originated by a Dealer and
         sold by such Dealer to the Seller with any conduct constituting fraud
         or misrepresentation on the part of such Dealer.

                           (xxix) No Further Amounts Owed on the Receivables. No
         further amounts are owed by the Seller to any Obligor under the
         Receivables.

                                   ARTICLE IV

                                   CONDITIONS

                  4.1 Conditions to Obligation of the Purchaser. The obligation
of the Purchaser to purchase the Receivables and the related property described
in Section 2.1(a) is subject to the satisfaction of the following conditions:

                  (a) Representations and Warranties True. The representations
and warranties of the Seller hereunder shall be true and correct in all material
respects on the Closing Date with the same effect as if then made, and the
Seller shall have performed in all material respects all obligations to be
performed by it hereunder on or prior to the Closing Date.

                  (b) Computer Files Marked. The Seller shall, at its own
expense, on or prior to the Closing Date, indicate in its computer files that
the Receivables have been sold to the Purchaser pursuant to this Agreement and
shall deliver to the Purchaser the Schedule of Receivables certified by an
officer of the Seller to be true, correct and complete in all material respects.

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                  (c) Documents to be delivered by the Seller at the Closing.

                           (i) The Assignment. At the Closing, the Seller shall
                  execute and deliver the Assignment.

                           (ii) Evidence of UCC Filing. On or prior to the
                  Closing Date, the Seller shall record and file, or deliver in
                  a form suitable for filing to the Purchaser, at its own
                  expense, a UCC-1 financing statement in each jurisdiction in
                  which required by applicable law, executed by the Seller, as
                  seller or debtor, and naming the Purchaser, as purchaser or
                  secured party, and the Trust, as assignee of the Purchaser,
                  naming the Receivables and the other property conveyed
                  hereunder as collateral, meeting the requirements of the laws
                  of each such jurisdiction and in such manner as is necessary
                  to perfect the sale, transfer, assignment and conveyance of
                  such Receivables and other property conveyed hereunder to the
                  Purchaser.

                           (iii) Other Documents. At the Closing, the Seller
                  shall deliver such other documents as the Purchaser may
                  reasonably request.

                  (d) Other Transactions. The transactions contemplated by the
Sale and Servicing Agreement shall be consummated on the Closing Date.

                  4.2 Conditions to Obligation of the Seller. The obligation of
the Seller to sell the Receivables and other property conveyed hereunder to the
Purchaser is subject to the satisfaction of the following conditions:

                  (a) Representations and Warranties True. The representations
and warranties of the Purchaser hereunder shall be true and correct in all
material respects on the Closing Date with the same effect as if then made, and
the Purchaser shall have performed in all material respects all obligations to
be performed by it hereunder on or prior to the Closing Date.

                  (b) Receivables Purchase Price. On the Closing Date, the
Purchaser shall deliver to the Seller the Receivables Purchase Price, as
provided in Section 2.1(b).

                                   ARTICLE V

                             COVENANTS OF THE SELLER

                  The Seller agrees with the Purchaser as follows; provided,
however, that, to the extent that any provision of this ARTICLE V conflicts with
any provision of the Sale and Servicing Agreement, the Sale and Servicing
Agreement shall govern:

                  5.1 Protection of Right, Title and Interest.

                  (a) The Seller shall execute and file such financing
statements and cause to be executed and filed such continuation statements, all
in such manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Purchaser in the Receivables, the other
property conveyed hereunder and the proceeds thereof. The Seller shall

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deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or
filing receipts for, any document filed as provided above, as soon as available
following such filing.

                  (b) The Seller shall notify the Purchaser within 30 days after
any change of its name, identity or corporate structure in any manner that
would, could or might make any financing statement or continuation statement
filed by the Seller in accordance with paragraph (a) above seriously misleading
within the meaning of Section 9-402(7) of the UCC, and shall promptly file
appropriate amendments to all previously filed financing statements or
continuation statements.

                  (c) The Seller shall notify the Purchaser of any relocation of
its principal executive office within 30 days after such relocation, if, as a
result of such relocation, the applicable provisions of the UCC would require
the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement and shall promptly file any such
amendment. The Seller shall at all times maintain its principal executive office
within the United States of America.

                  (d) The Seller shall maintain its computer systems so that,
from and after the time of sale hereunder of the Receivables to the Purchaser,
the Seller's master computer records that refer to a Receivable shall indicate
clearly the interest of the Purchaser in such Receivable and that such
Receivable is owned by the Purchaser.

                  (e) If at any time the Seller shall propose to sell, grant a
security interest in, or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the Seller
shall give to such prospective purchaser, lender or other transferee computer
tapes, records or print-outs that, if they shall refer in any manner whatsoever
to any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Purchaser.

                  (f) The Seller shall permit the Purchaser and its agents at
any time during normal business hours upon reasonable advance notice to inspect,
audit and make copies of and abstracts from the Seller's records regarding any
Receivable.

                  5.2 Other Liens or Interests. Except for the conveyances
hereunder and contemplated pursuant to the Sale and Servicing Agreement, the
Seller shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any interest therein, and
the Seller shall defend the right, title and interest of the Purchaser in, to
and under such Receivables against all claims of third parties claiming through
or under the Seller; provided, however, that the Seller's obligations under this
Section 5.2 shall terminate upon the termination of the Trust pursuant to the
Sale and Servicing Agreement.

                  5.3 Costs and Expenses. The Seller agrees to pay all
reasonable costs and disbursements in connection with the perfection, as against
all third parties, of the Purchaser's right, title and interest in and to the
Receivables.

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                  5.4 Indemnification.

                  (a) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all costs, expenses, losses, damages, claims
and liabilities (collectively, "Damages"), arising out of or resulting from the
failure of a Receivable to be originated in compliance with all requirements of
law and for any breach of any of the Seller's representations and warranties
contained herein.

                  (b) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all Damages arising out of or resulting from
the use, ownership or operation by the Seller or any affiliate thereof of a
Financed Vehicle.

                  (c) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all taxes that may at any time be asserted
against the Purchaser with respect to the transactions contemplated herein,
including, without limitation, any sales, gross receipts, general corporation,
tangible personal property, privilege, or license taxes (but not including any
taxes asserted with respect to ownership of the Receivables or federal or other
taxes arising out of the transactions contemplated by this Agreement and any
related documents) and costs and expenses in defending against the same.

                  (d) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all Damages to the extent that such Damage
arose out of, or was imposed upon the Purchaser through, the negligence, willful
misfeasance or bad faith of the Seller in the performance of its duties under
this Agreement or by reason of reckless disregard of the Seller's obligations
and duties under this Agreement.

                  (e) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against all Damages arising out of or incurred in connection
with the acceptance or performance of the Seller's trusts and duties as Servicer
under the Sale and Servicing Agreement, except to the extent that such Damages
shall be due to the willful misfeasance, bad faith or negligence of the
Purchaser.

                  These indemnity obligations shall be in addition to any
obligation that the Seller may otherwise have.

                  (f) Promptly after receipt by a party indemnified under this
Section 5.4 (an "Indemnified Party") of notice of the commencement of any
action, such Indemnified Party will, if a claim in respect thereof is to be made
against the Seller under this Section 5.4, notify the Seller of the commencement
thereof. If any such action is brought against any Indemnified Party under this
Section 5.4 and it notifies the Seller of the commencement thereof, the Seller
will assume the defense thereof, with counsel reasonably satisfactory to such
Indemnified Party (who may, unless there is, as evidenced by an opinion of
counsel to the Indemnified Party stating that there is an unwaivable conflict of
interest, be counsel to the Indemnifying Party), and the Seller will not be
liable to such Indemnified Party under this Section 5.4 for any legal or other
expenses subsequently incurred by such Indemnified Party in connection with the
defense thereof, other than reasonable costs of investigation. The obligations
set forth in this Section 5.4 shall survive the termination of this Agreement
and shall include reasonable fees and expenses of counsel and

                                       12
<PAGE>   13

expenses of litigation. If the Seller shall have made any indemnity payments
pursuant to this Section 5.4 and the Person to or on behalf of whom such
payments are made thereafter collects any of such amounts from others, such
Person shall promptly repay such amounts to the Seller, without interest (except
to the extent received by such Person).

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

                  6.1 Obligations of Seller. The obligations of the Seller under
this Agreement shall not be affected by reason of any invalidity, illegality or
irregularity of any Receivable.

                  6.2 Repurchase Events. The Seller hereby covenants and agrees
with the Purchaser for the benefit of the Purchaser, the Trust, the Indenture
Trustee and the holders of the Securities, that the occurrence of a breach of
any of the Seller's representations and warranties contained in Section 3.2(b)
shall constitute events obligating the Seller to repurchase Receivables
hereunder ("Repurchase Events") and pursuant to Section 3.02 of the Sale and
Servicing Agreement, at the amount of the Warranty Purchase Payment from the
Purchaser or, as described in Section 6.4 below, from the Trust. The repurchase
obligation of the Seller shall constitute the sole remedy of the holders of the
Securities, the Trust, the Indenture Trustee and the Purchaser against the
Seller with respect to any Repurchase Event.

                  In addition, the Seller hereby covenants and agrees with the
Purchaser for the benefit of the Purchaser, the Trust, the Indenture Trustee and
the holders of the Securities to (i) treat the Overextended Receivables as if a
breach had occurred with respect to such Overextended Receivables which would
give rise to the obligation of the Seller to repurchase such Overextended
Receivables from the Purchaser pursuant to the provisions of the foregoing
paragraph and pursuant to Section 3.02 of the Sale and Servicing Agreement and
(ii) repurchase such Overextended Receivables at the amount of the Warranty
Purchase Payment in accordance with such Section 3.02 no later than the first
Distribution Date after the Closing Date.

                  6.3 Seller's Assignment of Purchased Receivables. With respect
to all Receivables repurchased by the Seller pursuant to this Agreement, the
Purchaser (without the need of any further written assignment) shall assign
hereby, without recourse, representation or warranty (other than that it has
good and marketable title to such Receivables), to the Seller all the
Purchaser's right, title and interest in and to such Receivables, and all
security and documents relating thereto.

                  6.4 Trust. The Seller acknowledges that the Purchaser will,
pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust
and assign its rights under this Agreement to the Trust and that the Trust will
assign such rights to the Indenture Trustee for the benefit of the holders of
the Notes, and that the representations and warranties contained in this
Agreement and the rights of the Purchaser under Section 6.2 and the obligations
under 6.3 are intended to benefit the Trust and the holders of the Securities.
The Seller hereby consents to such sales and assignments.

                                       13
<PAGE>   14

                  6.5 Amendment. This Agreement may be amended from time to time
by a written amendment duly executed and delivered by the Seller and the
Purchaser; provided, however, that any such amendment must be consented to by
the Holders of Notes representing a majority of the Outstanding Amount of the
Notes, voting as a single class, or, 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 external Opinion of Counsel
indicating that such amendment will not adversely affect the Indenture Trustee
or the Noteholder), the Holders of a majority of the Certificate Balance.

                  6.6 Accountants' Letters.

                  (a) The Seller will cause Deloitte & Touche LLP to review the
characteristics of the Receivables described in the Schedule of Receivables and
to compare those characteristics to the information with respect to the
Receivables contained in the Prospectus.

                  (b) The Seller will cooperate with the Purchaser and Deloitte
& Touche LLP in making available all information and taking all steps reasonably
necessary to permit such accountants to complete the review set forth in Section
6.6(a) and to deliver the letters required of them under the Underwriting
Agreement.

                  6.7 Waivers. No failure or delay on the part of the Purchaser
in exercising any power, right or remedy under this Agreement or the Assignment
shall operate as a waiver hereof or thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or further
exercise hereof or thereof or the exercise of any other power, right or remedy.

                  6.8 Notices. All communications and notices pursuant hereto to
either party shall be in writing (including via telecopy) and addressed or
delivered to it at its address (or in the case of telecopy, at its telecopy
number at such address) shown in the opening portion of this Agreement or at
such other address as may be designated by it by notice to the other party and,
if mailed or delivered, shall be deemed given when mailed or delivered, or
transmitted by telecopy.

                  6.9 Costs and Expenses. The Seller agrees to pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Purchaser, excluding fees and expenses of counsel, in connection with the
perfection as against third parties of the Purchaser's right, title and interest
in and to the Receivables and the enforcement of any obligation of the Seller
hereunder.

                  6.10 Survival. The respective agreements, representations,
warranties and other statements by the Seller and the Purchaser set forth in or
made pursuant to this Agreement shall remain in full force and effect and will
survive the Closing.

                  6.11 Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in this
Agreement to Section names or numbers are to such Sections of this Agreement.

                                       14
<PAGE>   15

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

                  6.13 Counterparts. This Agreement may be executed in two
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

                  6.14 Sale. Each party hereto agrees to treat the conveyance
under this Agreement for all purposes (including, without limitation, tax and
financial accounting purposes) as a sale of the Receivables on all of its
relevant books, records, tax returns, financial statements and other applicable
documents. Although the parties hereto intend that the transfer and assignment
contemplated by this Agreement be a sale, in the event such transfer and
assignment is deemed to be other than a sale, the parties intend that all
filings described in this Agreement shall give the Purchaser a first priority
perfected security interest in, to and under the Receivables and other property
conveyed hereunder and all proceeds of any of the foregoing. This Agreement
shall be deemed to be the grant of a security interest from the Seller to the
Purchaser, and the Purchaser shall have all the rights, powers and privileges of
a secured party under the UCC.

                                       15
<PAGE>   16

                  IN WITNESS WHEREOF, the parties hereto hereby have caused this
Agreement to be executed by their respective officers thereunto duly authorized
as of the 27th day of January, 2000.

                     NISSAN MOTOR ACCEPTANCE CORPORATION

                     By: /s/ Yoichiro Nagashima
                         -------------------------------------------------------
                         Name: Yoichiro Nagashima
                         Title: President and Chairman of the Board of Directors

                     NISSAN AUTO RECEIVABLES CORPORATION

                     By: /s/ Tomoaki Shimazu
                         -------------------------------------------------------
                         Name: Tomoaki Shimazu
                         Title: Treasurer, Assistant Secretary and Director

                                      S-1
<PAGE>   17

                                                                       Exhibit A

                                   ASSIGNMENT

                  For value received, in accordance with the Purchase Agreement,
dated as of January 27, 2000 (the "Purchase Agreement"), between the undersigned
(the "Seller") and Nissan Auto Receivables Corporation (the "Purchaser"), the
undersigned does hereby sell, assign, transfer and otherwise convey unto the
Purchaser, without recourse, the following:

                           (i) all right, title and interest of the Seller in
         and to the Receivables listed on Schedule A hereto (including all
         related Receivable Files) and all monies due thereon or paid thereunder
         or in respect thereof after the Cutoff Date;

                           (ii) the right of the Seller in the security
         interests in the Financed Vehicles granted by the Obligors pursuant to
         the Receivables and any related property;

                           (iii) the right of the Seller in any proceeds from
         claims on any physical damage, credit life, credit disability or other
         insurance policies covering Financed Vehicles or Obligors;

                           (iv) the right of the Seller to receive payments in
         respect any Dealer Recourse with respect to the Receivables;

                           (v) the right of the Seller to realize upon any
         property (including the right to receive future Net Liquidation
         Proceeds) that shall have secured a Receivable;

                           (vi) the right of the Seller in rebates of premiums
         and other amounts relating to insurance policies and other items
         financed under the Receivables in effect as of the Cutoff Date; and

                           (vii) all proceeds of the foregoing.

                  The foregoing sale does not constitute and is not intended to
result in any assumption by the Purchaser of any obligation of the undersigned
to the Obligors, insurers or any other person in connection with the
Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

                  This Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed by the Purchase
Agreement.

                  Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to such terms in the Purchase Agreement.

                                      A-1
<PAGE>   18

                  IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of the 27th day of January, 2000.

                                        NISSAN MOTOR ACCEPTANCE

                                        CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:

                                      A-2
<PAGE>   19

                                   SCHEDULE A

                             Schedule of Receivables

              (Delivered on the Closing Date and kept on a CD ROM)

                                   Schedule A
<PAGE>   20

                                   SCHEDULE B

                      Schedule of Overextended Receivables

<TABLE>
<CAPTION>
                                                    Outstanding
                                                        Balance
            Loan Number                          as of 12/31/99
            -----------                          --------------
<S>                                                  <C>
            24-5820619                               $ 3,607.69
            24-4997418                               $ 7,942.82
            24-4143300                               $10,861.68
            24-4203551                               $12,151.40
            24-4768524                               $10,458.70
            24-6207220                               $18,657.82
            ----------                               ----------
            Total                                    $63,680.11
</TABLE>

                                   Schedule B<PAGE>   1
                                                                     EXHIBIT 4.4

                   NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
                           (a Delaware Business Trust)

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                      NISSAN AUTO RECEIVABLES CORPORATION,
                                  as Depositor,

                                       and

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                          Dated as of January 27, 2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<S>      <C>                                                                                            <C>
ARTICLE I     Definitions................................................................................1

         SECTION 1.01   Definitions......................................................................1

         SECTION 1.02   Usage of Terms...................................................................4

ARTICLE II    Creation of Trust..........................................................................4

         SECTION 2.01   Creation of Trust................................................................4

         SECTION 2.02   Office...........................................................................4

         SECTION 2.03   Purposes and Powers..............................................................5

         SECTION 2.04   Power of Attorney................................................................5

         SECTION 2.05   Declaration of Trust.............................................................5

         SECTION 2.06   Liability of the Certificateholders..............................................6

         SECTION 2.07   Title to Trust Property..........................................................6

         SECTION 2.08   Situs of Trust...................................................................6

         SECTION 2.09   Representations and Warranties of the Depositor..................................6

         SECTION 2.10   Federal Income Tax Allocations...................................................7

ARTICLE III   Certificates and Transfer of Interests.....................................................8

         SECTION 3.01   The Certificates.................................................................8

         SECTION 3.02   Authentication of Certificates...................................................8

         SECTION 3.03   Registration of Transfer and Exchange of Certificates............................9

         SECTION 3.04   Mutilated, Destroyed, Lost or Stolen Certificates...............................10

         SECTION 3.05   Persons Deemed Certificateholders...............................................11

         SECTION 3.06   Access to List of Certificateholders' Names and Addresses.......................11

         SECTION 3.07   Maintenance of Office or Agency.................................................11

         SECTION 3.08   Appointment of Paying Agent.....................................................11

         SECTION 3.09   Ownership by the Depositor of Certificates......................................12

ARTICLE IV    Actions By Owner Trustee or Certificateholders............................................12

         SECTION 4.01   Prior Notice to Certificateholders with Respect to Certain Matters..............12

         SECTION 4.02   Action by Certificateholders with Respect to Certain Matters....................13

         SECTION 4.03   Action with Respect to Bankruptcy...............................................13

         SECTION 4.04   Restrictions on Certificateholders' Power.......................................13

         SECTION 4.05   Majority of the Certificates Control............................................13

ARTICLE V     Application of Trust Funds; Certain Duties................................................14
</TABLE>

                                       i
<PAGE>   3

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>      <C>                                                                                            <C>
         SECTION 5.01   Establishment of the Trust Collection Account...................................14

         SECTION 5.02   Application of Amounts in Trust Accounts........................................15

         SECTION 5.03   Method of Payment...............................................................15

         SECTION 5.04   Accounting and Reports to the Noteholders, Certificateholders, the
                        Internal Revenue Service and Others.............................................15

         SECTION 5.05   Signature on Returns; Tax Matter Partner........................................16

ARTICLE VI    Authority and Duties of Owner Trustee.....................................................16

         SECTION 6.01   General Authority...............................................................16

         SECTION 6.02   General Duties..................................................................17

         SECTION 6.03   Duties of the Owner Trustee.....................................................17

         SECTION 6.04   No Duties Except as Specified in this Agreement or in Instructions..............18

         SECTION 6.05   No Action Except Under Specified Documents or Instructions......................19

         SECTION 6.06   Restrictions....................................................................19

ARTICLE VII   Concerning the Owner Trustee..............................................................19

         SECTION 7.01   Rights of the Owner Trustee.....................................................19

         SECTION 7.02   Furnishing of Documents.........................................................20

         SECTION 7.03   Representations and Warranties..................................................20

         SECTION 7.04   Reliance; Advice of Counsel.....................................................21

         SECTION 7.05   Not Acting in Individual Capacity...............................................21

         SECTION 7.06   Owner Trustee Not Liable for Certificates or Receivables........................22

         SECTION 7.07   Owner Trustee May Own Certificates and Notes....................................22

         SECTION 7.08   Sales Finance Licenses..........................................................22

ARTICLE VIII  Compensation of Owner Trustee.............................................................23

         SECTION 8.01   Owner Trustee's Fees and Expenses...............................................23

         SECTION 8.02   Indemnification.................................................................23

         SECTION 8.03   Payments to the Owner Trustee...................................................23

ARTICLE IX    Termination of Trust Agreement............................................................24

         SECTION 9.01   Termination of Trust Agreement..................................................24

ARTICLE X     Successor Owner Trustees and Additional Owner Trustees....................................25

         SECTION 10.01  Eligibility Requirements for Owner Trustee......................................25
</TABLE>

                                       ii
<PAGE>   4

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>      <C>                                                                                            <C>
         SECTION 10.02  Resignation or Removal of Owner Trustee.........................................25

         SECTION 10.03  Successor Owner Trustee.........................................................26

         SECTION 10.04  Merger or Consolidation of Owner Trustee........................................26

         SECTION 10.05  Appointment of Co-Trustee or Separate Trustee...................................27

ARTICLE XI    Miscellaneous.............................................................................28

         SECTION 11.01  Supplements and Amendments......................................................28

         SECTION 11.02  No Legal Title to Owner Trust Estate in Certificateholders......................29

         SECTION 11.03  Limitations on Rights of Others.................................................29

         SECTION 11.04  Notices.........................................................................29

         SECTION 11.05  Severability....................................................................30

         SECTION 11.06  Counterparts....................................................................30

         SECTION 11.07  Successors and Assigns..........................................................30

         SECTION 11.08  No Petition.....................................................................30

         SECTION 11.09  No Recourse.....................................................................30

         SECTION 11.10  Headings........................................................................30

         SECTION 11.11  GOVERNING LAW...................................................................31

         SECTION 11.12  NMAC Payment Obligation.........................................................31
</TABLE>

                                      iii
<PAGE>   5

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>      <C>
         Exhibit A   Form of Certificate

         Exhibit B   Form of Transferee Representation Letter

         Exhibit C   Form of Transferor Representation Letter
</TABLE>

                                       iv
<PAGE>   6

                  AMENDED AND RESTATED TRUST AGREEMENT, dated as of January 27,
2000, between NISSAN AUTO RECEIVABLES Corporation, a Delaware corporation, as
depositor, and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as
Owner Trustee, amending and restating in its entirety the Trust Agreement, dated
as of December 21, 2000 (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 January 27, 2000 by and between 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.

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

         "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.

                                       1
<PAGE>   7

         "Certificate of Trust" means the Certificate of Trust filed with
respect to the formation of the Trust pursuant to Section 3810(a) of the
Business Trust Statute.

         "Certificate Register" means the register maintained pursuant to
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 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
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,
NMAC and their Affiliates.

         "Certificate Registrar" means Harris Trust Company of New York unless
and until a successor thereto is appointed pursuant to Section 3.03. The
Certificate Registrar initially designates its offices at 88 Pine Street, 19th
Floor, Wall Street Plaza, New York, New York 10005, as its offices for purposes
of Section 3.03.

         "Code" means the Internal Revenue Code of 1986.

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

         "Depositor" means NARC in its capacity as depositor hereunder.

         "ERISA" shall have the meaning assigned to such term in Section
3.03(c).

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

         "Indenture" means the Indenture dated as of January 27, 2000 entered
into between the Trust and the Indenture Trustee named therein pursuant to which
a series of Notes are issued.

         "NMAC" means Nissan Motor Acceptance Corporation, a California
corporation.

         "NARC" means Nissan Auto Receivables Corporation, 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) 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

                                       2
<PAGE>   8

United States Federal income taxation, regardless of its source, or (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 such term is defined in the Code and Treasury Regulations) have the
authority to control all substantial decisions of the trust; except that, to the
extent provided in Treasury Regulations, certain trusts in existence prior to
August 20, 1996 which elected to be treated as United States Persons prior to
such date also shall be United States Persons.

         "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 $79,591,182.12.

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

         "Owner Trust Estate" means all right, title and interest of the Trust
in and to the property and rights assigned to the Trust pursuant to Article II
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the accounts created pursuant to Section 5.01 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 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, 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.

         "Treasury Regulations" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary

                                       3
<PAGE>   9

regulations shall include analogous provisions of final Treasury Regulations or
other successor Treasury Regulations.

         "Trust" means the Nissan Auto Receivables 2000-A Owner Trust, formed as
a Delaware business 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 and the Trust.

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

                                   ARTICLE II

                                Creation of Trust

         SECTION 2.01 Creation of Trust. A Delaware business trust known as
"Nissan Auto Receivables 2000-A Owner Trust" was formed in accordance with the
provisions of the Business Trust Statute 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.

                                       4
<PAGE>   10

         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 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;

                  (iii) 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;

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

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

                  (vi) subject to compliance with the 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 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

                                       5
<PAGE>   11

Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business 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 shall be
treated as a partnership for any period during which the beneficial ownership
interests in the Trust are held by more than one Person, with the assets of the
partnership being the Receivables and other assets held by the Trust, and the
Notes being debt of the partnership. The parties agree that for any such period,
unless otherwise required by appropriate tax authorities, the Trust will file or
cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as a partnership for such tax
purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Business Trust Statute
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 Business Trust Statute, 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 except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

         SECTION 2.08 Situs of Trust. The 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.

                                       6
<PAGE>   12

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

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

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

         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 one more than
one Person shall be allocated:

                                       7
<PAGE>   13

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

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

If the net income of the Trust for any month is insufficient for the allocations
described in clause (a) above, subsequent net income shall first be allocated to
make up such shortfall before being allocated as provided in the preceding
sentence. Net losses of the Trust, if any, for any month as determined for
federal income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof) shall be allocated to the Depositor to
the extent the 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 $1,000.00 and in integral multiples of $0.01 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,

                                       8
<PAGE>   14

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

         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, the Owner
Trustee shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. Harris Trust Company of New York
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, having an office or
agency located in the Borough of Manhattan, The City of New York, and that 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:

                                       9
<PAGE>   15

         (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 an employee benefit plan or
                         arrangement subject to Section 406 of Employee
                         Retirement Income Security Act of 1974, as amended
                         ("ERISA"), or a plan subject to Section 4975 of the
                         Code (a "Plan"), nor a person acting on behalf of a
                         Plan nor using the assets of a Plan to effect such
                         transfer;

         (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 Plan or utilizing the assets of a
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

                                       10
<PAGE>   16

Section shall constitute conclusive evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

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

         SECTION 3.06 Access to List of Certificateholders' Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the Owner
Trustee, the Servicer or the Depositor, as the case may be, within 15 days after
its receipt of a request therefor from the 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 Harris
Trust Company of New York, 88 Pine Street, 19th Floor, Wall Street Plaza, New
York, New York 10005, 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,

                                       11
<PAGE>   17

and acceptable to the Owner Trustee. The Paying Agent shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Indenture Trustee
and, if the Paying Agent is not the Owner Trustee, to the Owner Trustee. In the
event that Wilmington Trust Company shall no longer be the Paying Agent, the
Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a
bank or trust company). The Owner Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Owner Trustee to execute
and deliver to the Owner Trustee an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Owner Trustee that as
Paying Agent, such successor Paying Agent or additional Paying Agent will hold
all sums, if any, held by it for payment to the Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall be
paid to such Certificateholders. The Paying Agent shall return all unclaimed
funds 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. 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 Business Trust
Statute);

                                       12
<PAGE>   18

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

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

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

         (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

                                       13
<PAGE>   19

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.

                                   ARTICLE V

                   Application of Trust Funds; Certain Duties

         SECTION 5.01 Establishment of the Trust Collection Account.

         (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 Trust
Collection Account all funds or investments held in the Collection Account
established pursuant to the Sale and Servicing Agreement 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.

                                       14
<PAGE>   20

         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 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.

         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)

                                       15
<PAGE>   21

maintain (or cause to be maintained) the books of the Trust on a fiscal year
basis (with a March 31 year end) 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 Certificate Owner to prepare its federal and state income returns.

         SECTION 5.05 Signature on Returns; Tax Matter Partner.

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

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

                                   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
$184,000,000, Class A-2 Notes in the aggregate principal amount of $229,000,000,
Class A-3 Notes in the aggregate principal amount of $250,000,000 and Class A-4
Notes in the aggregate

                                       16
<PAGE>   22

principal amount of $95,130,000. 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 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

                                       17
<PAGE>   23

         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.

         (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, in the event that the Owner
Trustee discovers that any covenant of the Servicer set forth in the second
sentence of Section 4.01 or Section 4.02 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

                                       18
<PAGE>   24

any Securities and Exchange Commission filing for the Trust or to record this
Agreement or any Basic Document. 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.

         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, would result in the Trust's becoming taxable as a corporation for
federal income tax purposes. 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 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

                                       19
<PAGE>   25

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;

         (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.

                                       20
<PAGE>   26

         (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.

         (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

                                       21
<PAGE>   27

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.

         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 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 under the Pennsylvania Motor Vehicle Sales Finance Act and all other
similar applicable state laws (other than those of Alabama, Hawaii and Maryland)
in connection with this Agreement and the Basic Documents

                                       22
<PAGE>   28

and the transactions contemplated hereby and thereby until such time as the
Trust shall terminate in accordance with the terms hereof.

                                  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 indemnify or 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.

         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.

                                       23
<PAGE>   29

                                   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
Business Trust Statute, 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),
or (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 or 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

                                       24
<PAGE>   30

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 Business Trust Statute.

                                   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 subject to supervision or examination by federal or
state authorities. 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

                                       25
<PAGE>   31

control of the Owner Trustee or of its property or affairs for the purpose of
rehabilitation, 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

                                       26
<PAGE>   32

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.

         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

                                       27
<PAGE>   33

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.

         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, NMAC or any of their Affiliates unless at such time all Notes are then
owned by NARC, 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,
NMAC or any of their Affiliates unless at such time all Certificates are then
owned by NARC, 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.

                                       28
<PAGE>   34

         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, 990 West 190th Street, Torrance,
California 90502, Attention of Secretary; if, to the Trust, addressed to Nissan
Auto Receivables 2000-A Owner Trust, c/o Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Nissan
Auto Receivables 2000-A Owner Trust, with a copy to Nissan Motor Acceptance
Corporation, 990 West 190th Street, Torrance, California 90502,

                                       29
<PAGE>   35

Attention: Secretary; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

         (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.

                                       30
<PAGE>   36

         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.

         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
required license under the Pennsylvania Motor Vehicle Sales Finance Act and all
other similar applicable state laws other than those of Alabama, Hawaii and
Maryland.

                                       31
<PAGE>   37

         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,
                                       as Depositor

                                       By: /s/ Tomoaki Shimazu
                                           -------------------------------------
                                           Name: Tomoaki Shimazu
                                           Title: Treaurer, Assistant Secretary
                                                  and Director

                                       WILMINGTON TRUST COMPANY,
                                       as Owner Trustee

                                       By: /s/ James P. Lawler
                                           -------------------------------------
                                           Name: James P. Lawler
                                           Title: Vice President

                                       S-1
<PAGE>   38

                                                                       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,
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.

                                       A-1
<PAGE>   39

NUMBER                                                             $____________
R-_____                                                      CUSIP NO. _________

                   NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST

                            ASSET BACKED CERTIFICATE

evidencing a fractional undivided 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 ("NARC").

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

         THIS CERTIFIES THAT ________________________________________ is the
registered owner of _________________________ DOLLARS nonassessable, fully-paid,
fractional undivided interest in Nissan Auto Receivables 2000-A Owner Trust (the
"Trust") formed by NARC.

         The Trust was created pursuant to a Trust Agreement, dated as of
December 21, 1999 (as amended and supplemented from time to time, including the
Amended and Restated Trust Agreement, dated as of January 27, 2000, the "Trust
Agreement"), between NARC, 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 January 27, 2000 (the "Indenture"),
between the Trust and Norwest Bank Minnesota, National Association, as indenture
trustee (the "Indenture Trustee"), or in the Sale and Servicing Agreement, dated
as of January 27, 2000 (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 6.125% Asset Backed Notes", "Class A-2 6.730% Asset Backed
Notes,", "Class A-3 7.010% Asset Backed Notes" and "Class A-4 7.170% 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 Cutoff Date, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims on
certain insurance policies and certain

                                       A-2
<PAGE>   40

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

         Under the Trust Agreement, there will be distributed on the 15th day of
each month or, if such 15th day is not a Business Day, the next Business Day,
(each, a "Distribution Date"), commencing on February 15, 2000, 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.

         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.

         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.

                                       A-3
<PAGE>   41

         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 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.

                                       A-4
<PAGE>   42

         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 2000-A OWNER TRUST

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

Dated:                                By:
                                          --------------------------------------
                                                   Authorized Signatory

                                       A-5
<PAGE>   43

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                      WILMINGTON TRUST COMPANY,
                                      as Owner Trustee

                                      By:
                                          --------------------------------------
                                                   Authorized Signatory

                                      A-6
<PAGE>   44

                            (REVERSE OF CERTIFICATE)

         The Certificates do not represent an obligation of, or an interest in,
the Owner Trustee, NMAC, NARC, 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, NMAC or any of their Affiliates unless at
such time all Notes or Certificates, as the case may be, are then owned by NARC,
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 in the Borough of Manhattan in The City of New York,
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 Harris Trust Company of New York, at 88 Pine Street, 19th Floor,
Wall Street Plaza, New York, New York 10005.

         The Certificates are issuable only as registered Certificates without
coupons in denominations of $1,000.00 and in integral multiples of $0.01 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

                                       A-7
<PAGE>   45

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

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

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Trust Agreement and
the Sale and Servicing Agreement and the disposition of all property held as
part of the Owner Trust Estate. NMAC, as servicer of the Receivables under the
Sale and Servicing Agreement, or any successor servicer, may at its option
purchase the corpus of the Trust at a price specified in the Sale and Servicing
Agreement, and any such purchase of the Receivables and other property of the
Trust will effect early retirement of the Certificates; however, such right of
purchase is exercisable only after the last day of the Collection Period as of
which the Pool Balance is less than or equal to 10% of the Original Pool
Balance.

                                       A-8
<PAGE>   46

                                   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.

                                      A-9
<PAGE>   47

                                                                       EXHIBIT B

                    FORM OF TRANSFEREE REPRESENTATION LETTER

Nissan Auto Receivables 2000-A 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 2000-A Owner Trust

HARRIS TRUST COMPANY OF NEW YORK,
as Certificate Registrar
88 Pine Street, 19th Floor
Wall Street Plaza
New York, New York 10005
Attention: Nissan Auto Receivables 2000-A Owner Trust

Attention:  Corporate Trust Services -- Nissan Auto Receivables
            2000-A Owner Trust

            Re:  Transfer of Nissan Auto Receivables 2000-A 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 January 27, 2000 (the "Trust
Agreement"), between Nissan Auto Receivables Corporation, 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:

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

                  [ ]  I am not (i) an employee benefit plan subject to the
fiduciary responsibility provisions of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA") or Section 4975 of the Internal Revenue Code
of 1986, as amended (the "Code"), or a governmental plan (as defined in Section
3(32) of ERISA) subject to any federal, state or local law ("Similar

                                       B-1
<PAGE>   48

Law") which is, to a material extent, similar to the foregoing provisions of
ERISA or the Code (each a "Plan") or (ii) a person acting on behalf of or using
the assets of any such Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the
application of Department of Labor Regulation ss. 2510.3-101).

                        [Signature appears on next page]

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

                                        Very truly yours,

                                        ______________________________________,
                                        The Purchaser

                                        By: ___________________________________
                                            Name:
                                            Title:

                                       B-2
<PAGE>   49

                                                                       EXHIBIT C

                    FORM OF TRANSFEROR REPRESENTATION LETTER

Nissan Auto Receivables 2000-A 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 2000-A Owner Trust

HARRIS TRUST COMPANY OF NEW YORK,
as Certificate Registrar
88 Pine Street, 19th Floor
Wall Street Plaza
New York, New York 10005
Attention: Nissan Auto Receivables 2000-A Owner Trust

Attention:  Corporate Trust Services -- Nissan Auto Receivables
            2000-A Owner Trust

            Re:  Transfer of Nissan Auto Receivables 2000-A 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 January 27, 2000 (the "Trust
Agreement"), between Nissan Auto Receivables Corporation, 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

                                       C-1
<PAGE>   50

         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: __________________________________

                                       C-2

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