Document:

exv4w1

Exhibit 4.1

SALE AND SERVICING AGREEMENT

among

NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST,

as Issuer,

NISSAN AUTO RECEIVABLES CORPORATION II,

as Seller,

and

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer

Dated as of June 19, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I
	 	 	 	 
	Definitions
	 	 	 	 
	SECTION 1.01 Definitions
	 	 	1	 
	SECTION 1.02 Usage of Terms
	 	 	19	 
	ARTICLE II
	 	 	 	 
	Conveyance of Receivables
	 	 	 	 
	SECTION 2.01 Conveyance of Receivables
	 	 	20	 
	SECTION 2.02 Custody of Receivable Files
	 	 	21	 
	SECTION 2.03 Acceptance by Issuer
	 	 	22	 
	ARTICLE III
	 	 	 	 
	The Receivables
	 	 	 	 
	SECTION 3.01 Representations and Warranties of the
Seller with Respect to the Receivables
	 	 	22	 
	SECTION 3.02 Repurchase upon Breach
	 	 	26	 
	SECTION 3.03 Duties of Servicer as Custodian
	 	 	27	 
	SECTION 3.04 Instructions; Authority To Act
	 	 	28	 
	SECTION 3.05 Custodian’s Indemnification
	 	 	28	 
	SECTION 3.06 Effective Period and Termination
	 	 	28	 
	ARTICLE IV
	 	 	 	 
	Administration and Servicing of Receivables
	 	 	 	 
	SECTION 4.01 Duties of Servicer
	 	 	29	 
	SECTION 4.02 Collection of Receivable Payments
	 	 	30	 
	SECTION 4.03 Realization upon Receivables
	 	 	31	 
	SECTION 4.04 Maintenance of Security Interests in Financed Vehicles
	 	 	31	 
	SECTION 4.05 Covenants of Servicer
	 	 	31	 
	SECTION 4.06 Purchase of Receivables upon Breach
	 	 	32	 
	SECTION 4.07 Servicing Fee and Expenses
	 	 	32	 
	SECTION 4.08 Servicer’s Certificate
	 	 	33	 
	SECTION 4.09 Annual Statement as to Compliance; Notice of Default
	 	 	33	 
	SECTION 4.10 Annual Independent Certified Public Accountants’ Report
	 	 	34	 
	SECTION 4.11 Access to Certain Records and Information Regarding Receivables
	 	 	34	 
	SECTION 4.12 Appointment of Subservicer
	 	 	34	 
	SECTION 4.13 Amendments to Schedule of Receivables
	 	 	35	 

(Nissan 2008-B Sale and Servicing Agreement)

  i

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	SECTION 4.14 Acknowledgement by Servicer of its Obligations under the Indenture
	 	 	35	 
	SECTION 4.15 Compliance with Regulation AB
	 	 	35	 
	SECTION 4.16 Fidelity Bond
	 	 	35	 
	ARTICLE V
	 	 	 	 
	Distributions; Accounts; Statements to the Certificateholders and the Noteholders

	SECTION 5.01 Establishment of Accounts
	 	 	35	 
	SECTION 5.02 Collections
	 	 	37	 
	SECTION 5.03 Application of Collections
	 	 	39	 
	SECTION 5.04 Advances
	 	 	39	 
	SECTION 5.05 Additional Deposits
	 	 	40	 
	SECTION 5.06 Payments and Distributions
	 	 	41	 
	SECTION 5.07 Reserve Account
	 	 	46	 
	SECTION 5.08 Yield Supplement Account
	 	 	47	 
	SECTION 5.09 Statements to Certificateholders and Noteholders
	 	 	49	 
	SECTION 5.10 Net Deposits
	 	 	51	 
	SECTION 5.11 Currency Swap Agreement
	 	 	51	 
	ARTICLE VI
	 	 	 	 
	The Seller
	 	 	 	 
	SECTION 6.01 Representations of Seller
	 	 	51	 
	SECTION 6.02 Additional Covenants of the Seller
	 	 	53	 
	SECTION 6.03 Liability of Seller; Indemnities
	 	 	55	 
	SECTION 6.04 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	 	 	56	 
	SECTION 6.05 Limitation on Liability of Seller and Others
	 	 	57	 
	SECTION 6.06 Seller May Own Certificates or Notes
	 	 	57	 
	ARTICLE VII
	 	 	 	 
	The Servicer
	 	 	 	 
	SECTION 7.01 Representations of Servicer
	 	 	58	 
	SECTION 7.02 Indemnities of Servicer
	 	 	59	 
	SECTION 7.03 Merger or Consolidation of, or Assumption of the
Obligations of, Servicer
	 	 	60	 
	SECTION 7.04 Limitation on Liability of Servicer and Others
	 	 	61	 

(Nissan 2008-B Sale and Servicing Agreement)

ii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	SECTION 7.05 NMAC Not To Resign as Servicer
	 	 	61	 
	ARTICLE VIII

	Default

	SECTION 8.01 Servicer Default
	 	 	62	 
	SECTION 8.02 Appointment of Successor
	 	 	63	 
	SECTION 8.03 Repayment of Advances
	 	 	64	 
	SECTION 8.04 Notification
	 	 	64	 
	SECTION 8.05 Waiver of Past Defaults
	 	 	64	 
	ARTICLE IX

	Termination; Release of Receivables

	SECTION 9.01 Optional Purchase of All Receivables
	 	 	65	 
	SECTION 9.02 Release of Receivables
	 	 	66	 
	SECTION 9.03 Termination
	 	 	66	 
	ARTICLE X

	Miscellaneous

	SECTION 10.01 Amendment
	 	 	67	 
	SECTION 10.02 Protection of Title to Trust
	 	 	68	 
	SECTION 10.03 Notices
	 	 	70	 
	SECTION 10.04 Assignment by the Seller or the Servicer
	 	 	71	 
	SECTION 10.05 Limitations on Rights of Others
	 	 	71	 
	SECTION 10.06 Severability
	 	 	71	 
	SECTION 10.07 Separate Counterparts
	 	 	71	 
	SECTION 10.08 Headings
	 	 	71	 
	SECTION 10.09 Governing Law
	 	 	71	 
	SECTION 10.10 Assignment by Issuer
	 	 	72	 
	SECTION 10.11 Nonpetition Covenants
	 	 	72	 
	SECTION 10.12 Limitation of Liability of Owner Trustee and Indenture Trustee
	 	 	72	 
	SECTION 10.13 Waivers
	 	 	72	 
	 
	SCHEDULE A      Schedule of Receivables
	 	 	 	 
	SCHEDULE B
     Location of the Receivable Files
	 	 	 	 
	EXHIBIT A
          Form of Yield Supplement Agreement
	 	 	 	 
	APPENDIX A       Regulation AB Representations, Warranties And Covenants
	 	 	 	 

(Nissan 2008-B Sale and Servicing Agreement)

iii

 

 

     SALE AND SERVICING AGREEMENT, dated as of June 19, 2008, among NISSAN AUTO RECEIVABLES 2008-B
OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN AUTO RECEIVABLES CORPORATION II, a
Delaware corporation (the “Seller”), and NISSAN MOTOR ACCEPTANCE CORPORATION, a California
corporation in its individual capacity (in such capacity, “NMAC”) and as Servicer (in such
capacity, the “Servicer”). Capitalized terms used herein without definition shall have the
respective meanings assigned to such terms in Article I.

     WHEREAS, the Issuer desires to purchase a portfolio of receivables arising in connection with
retail installment sales contracts secured by new, near-new or used automobiles and light-duty
trucks generated by NMAC in the ordinary course of business and sold to the Seller;

     WHEREAS, the Seller is willing to sell such receivables to the Issuer; and

     WHEREAS, the Servicer is willing to service such receivables.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto hereby agree as follows:

ARTICLE I

Definitions

     SECTION 1.01 Definitions. Except as otherwise provided in this Agreement, whenever
used herein, the following words and phrases, unless the context otherwise requires, shall have the
following respective meanings:

     “Accounts” means the Collection Account, the Yield Supplement Account and the Reserve
Account.

     “Administration Agreement” means the Administration Agreement, dated as of the Closing
Date, among the Administrator, the Issuer, the Indenture Trustee and the Owner Trustee.

     “Administrative Purchase Payment” for any Administrative Receivable as of the last day
of any Collection Period, means the sum of the Principal Balance thereof as of the beginning of
such Collection Period plus interest accrued thereon through the due date for the Obligor’s payment
in such Collection Period at the related APR, after giving effect to the receipt of monies
collected (from whatever source other than the Advances) on such Administrative Receivable, if any,
during such Collection Period.

     “Administrative Receivable” means a Receivable purchased as of the close of business
on the last day of a Collection Period by the Servicer pursuant to Section 4.06 or Section 9.01.

     “Administrator” means NMAC, or any successor Administrator under the Administration
Agreement.

     “Advance” means the amount, as of the last day of a Collection Period, that the
Servicer is required to advance on the respective Receivable pursuant to Section 5.04.

(Nissan 2008-B Sale and Servicing Agreement)

 

 

     “Affiliate” means, with respect to any specified Person, any other Person controlling
or controlled by or under common control with such specified Person. For the purposes of this
definition, “control,” when used with respect to any specified Person, means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the term “controlling” and “controlled” have
meanings correlative to the foregoing.

     “Aggregate Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of the Noteholders’ Interest Distributable Amount for all Classes of
Notes with respect to such Distribution Date.

     “Agreement” means this Sale and Servicing Agreement among Nissan Auto Receivables
2008-B Owner Trust, as Issuer, NARC II, as Seller, and NMAC, as Servicer.

     “AICPA” shall have the meaning assigned to such term in Section 4.10.

     “Amount Financed” with respect to any Receivable, means the amount advanced under the
Receivable toward the purchase price of the related Financed Vehicle and any related costs,
including but not limited to accessories, insurance premiums, service and warranty contracts and
other items customarily financed as part of retail automobile and light-duty truck installment sale
contracts.

     “Annual Percentage Rate” or “APR” of a Receivable means the annual rate of
finance charges stated in such Receivable.

     “Assignment” shall have the meaning assigned to such term in the Purchase Agreement.

     “Available Amounts” means, with respect to any Distribution Date, the sum of (i)
Available Interest for such Distribution Date and (ii) Available Principal for such Distribution
Date.

     “Available Interest” means, for any Distribution Date, the sum of the following
amounts received during the related Collection Period: (i) that portion of all collections on
Receivables allocable to interest, (ii) without duplication of amounts described in clause (i), Net
Liquidation Proceeds to the extent allocable to interest due on a Liquidated Receivable in
accordance with the Servicer’s customary servicing procedures, (iii) all Advances made by the
Servicer pursuant to Section 5.04, (iv) without duplication of any amounts described above in
clauses (i) and (ii), the Administrative Purchase Payment of each Receivable that became an
Administrative Receivable during the related Collection Period to the extent attributable to
interest thereon, (v) without duplication of any amounts described above in clauses (i) and (ii),
the Warranty Purchase Payment of each Receivable that became a Warranty Receivable during the
related Collection Period to the extent attributable to interest thereon, (vi) in the case of an
Optional Purchase, that portion of the Optional Purchase Price allocable to interest, (vii) the
Yield Supplement Deposit plus the sum of (x) reinvestment income on the Yield Supplement Account
and (y) the amount, if any, deposited into the Collection Account pursuant to the second or third
sentence of Section 5.08(b), and (viii) the amount, if any, deposited into the Collection Account
from the Reserve Account; provided, however, that in calculating Available
Interest, amounts to be paid to the Servicer as reimbursement for Advances pursuant to Sections
5.06(c)(i),

(Nissan 2008-B Sale and Servicing Agreement)

2

 

5.06(c)(ii), 5.06(d)(i), 5.06(d)(ii), 5.06(e)(i) and 5.06(e)(ii) on such Distribution Date
shall be excluded.

     “Available Principal” means, for any Distribution Date, the sum of the following
amounts received during the related Collection Period: (i) that portion of all collections on
Receivables attributable to principal, (ii) without duplication of amounts described in clause (i),
Net Liquidation Proceeds attributable to principal due on a Liquidated Receivable in accordance
with the Servicer’s customary servicing procedures, (iii) without duplication of any amounts
described above in clauses (i) and (ii), the Administrative Purchase Payment of each Receivable
that became an Administrative Receivable during the related Collection Period to the extent
attributable to principal, and (iv) without duplication of any amounts described above in
clauses (i) and (ii), the Warranty Purchase Payment of each Receivable that became a Warranty
Receivable during the related Collection Period to the extent attributable to principal; and (v)
without duplication of any amounts described in clauses (i) and (ii) that portion of the Optional
Purchase Price in the case of an Optional Purchase allocable to Principal.

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. § 101 et
seq.

     “Base Servicing Fee” means the fee payable to the Servicer on each Distribution Date
for services rendered during the related Collection Period, which shall be equal to one-twelfth of
the Servicing Rate multiplied by the Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period or, with respect to the first Distribution Date, the
Original Pool Balance.

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

     “Business Day” means any day except a Saturday, a Sunday or a day on which banks in
New York, New York, Nashville, Tennessee, Irving, Texas or Wilmington, Delaware are authorized or
obligated by law, regulation, executive order or governmental decree to be closed.

     “Certificate Balance” means, as of any Distribution Date, the Original Certificate
Balance, reduced by all amounts distributed to the Certificateholders pursuant to Section 5.06(c),
(d) and/or (e) hereof (but in no event less than zero). For the purposes of determining whether
the vote of the requisite percentage of Certificateholders necessary to effect any consent, waiver,
request or demand shall have been obtained, the Certificate Balance shall be deemed to be reduced
by the amount equal to the balance (without giving effect to this provision) evidenced by any
Certificate registered in the name of the Seller, the Servicer or any Person actually known to a
Trust Officer of the Owner Trustee or the Indenture Trustee, as the case may be, to be the Seller
or the Servicer or any of their Affiliates.

     “Certificate Factor” means, with respect to any Distribution Date, a seven-digit
decimal figure obtained by dividing the Certificate Balance as of the close of business on the last
day of the related Collection Period by the Original Certificate Balance.

(Nissan 2008-B Sale and Servicing Agreement)

3

 

     “Certificate of Trust” shall have the meaning assigned to such term in the Trust
Agreement.

     “Certificate Pool Factor” means, with respect to any Distribution Date, a seven-digit
decimal figure obtained by dividing the Certificate Balance as of the close of business on the last
day of the related Collection Period by the Original Pool Balance.

     “Certificate Register” means the register maintained by the Certificate Registrar
pursuant to the Trust Agreement recording the names of the Certificateholders.

     “Certificateholder” shall have the meaning assigned to such term in the Trust
Agreement.

     “Certificateholders’ Percentage” means (a) until the Distribution Date on which the
principal amount of the Class A-1 Notes has been paid in full, 100%, and (b) with respect to any
Distribution Date on or after the principal amount of the Class A-1 Notes has been paid in full,
100% minus the Noteholders’ Percentage.

     “Certificateholders’ Principal Distributable Amount” means, with respect to any
Distribution Date, an amount sufficient to reduce the outstanding principal amount of the
Certificates to an amount equal to the product of the Certificateholders’ Percentage and the Pool
Balance as of the end of the related Collection Period.

     “Certificates” shall have the meaning assigned to such term in the Trust Agreement.

     “Class” means any one of the classes of the Notes.

     “Class A-1 Final Scheduled Distribution Date” means June 15, 2009.

     “Class A-1 Interest Rate” means 2.78580% per annum.

     “Class A-1 Note” means any of the 2.78580% Asset Backed Notes, Class A-1, issued under
the Indenture, substantially in the form of Exhibit A to the Indenture.

     “Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered
in the Note Register.

     “Class A-2 Final Scheduled Distribution Date” means October 15, 2010.

     “Class A-2 Interest Rate” means 3.80% per annum.

     “Class A-2 Note” means any of the 3.80% Asset Backed Notes, Class A-2, substantially
in the form of Exhibit A to the Indenture.

     “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered
in the Note Register.

     “Class A-3 Final Scheduled Distribution Date” means April 16, 2012.

     “Class A-3 Interest Rate” means 4.46% per annum.

(Nissan 2008-B Sale and Servicing Agreement)

4

 

     “Class A-3 Note” means any of the 4.46% Asset Backed Notes, Class A-3, substantially
in the form of Exhibit A to the Indenture.

     “Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered
in the Note Register.

     “Class A-4 Final Scheduled Distribution Date” means November 17, 2014.

     “Class A-4 Interest Rate” means 5.05% per annum.

     “Class A-4 Note” means any of the 5.05% Asset Backed Notes, Class A-4, substantially
in the form of Exhibit A to the Indenture.

     “Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered
in the Note Register.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act.

     “Closing Date” means June 19, 2008.

     “Code” means the Internal Revenue Code of 1986, as amended and the Treasury
Regulations promulgated thereunder.

     “Collection Account” means the account designated as such, established and maintained
pursuant to Section 5.01.

     “Collection Period” means, with respect to any Distribution Date, the preceding
calendar month. Any amount stated “as of the close of business of the last day of a Collection
Period” shall give effect to the following calculations as determined as of the end of the day on
such last day: (i) all applications of collections, (ii) all Advances and reductions of
Outstanding Advances and (iii) all distributions.

     “Corporate Trust Office” shall have the meaning assigned to such term in the
Indenture.

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

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

     “Customary Servicing Practices” means the customary servicing practices of the
Servicer with respect to all comparable motor vehicle receivables that the Servicer services for
itself and others, as such practices may be changed from time to time.

(Nissan 2008-B Sale and Servicing Agreement)

5

 

     “Cut-off Date” means May 31, 2008.

     “Damages” shall have the meaning assigned to such term in Section 7.02.

     “Dealer” means the dealer who sold a Financed Vehicle and who originated and assigned
the related Receivable to NMAC under an existing agreement between such dealer and NMAC.

     “Dealer Recourse” means, with respect to a Receivable, all recourse rights against the
Dealer which originated the Receivable, and any successor Dealer.

     “Default” shall have the meaning assigned to such term in the Indenture.

     “Defaulted Receivable” means (a) a Receivable (other than an Administrative Receivable
or a Warranty Receivable), which, by its terms, is delinquent for 120 or more days, (b) with
respect to Receivables that are delinquent for less than 120 days, the Servicer has (i) determined,
in accordance with its customary servicing procedures, that eventual payment in full is unlikely or
(ii) repossessed the Financed Vehicle, or (c) a Receivable with respect to which the Servicer has
received notification that the related Obligor is subject to proceedings under Chapter 13 of the
Bankruptcy Code.

     “Definitive Notes” shall have the meaning ascribed thereto in the Indenture.

     “Determination Date” means the tenth calendar day of each calendar month, or if such
tenth day is not a Business Day, the next succeeding Business Day.

     “Distribution Date” means, for each Collection Period, the 15th calendar day of the
following calendar month, or if the 15th day is not a Business Day, the next succeeding Business
Day, commencing July 15, 2008.

     “DTC” means The Depository Trust Company.

     “Eligible Deposit Account” means (a) an account maintained with a depository
institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates) organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign bank) (i) which at
all times has either (A) a long-term senior unsecured debt rating of “Aa2” or better by Moody’s and
“AA-” or better by Standard & Poor’s or such other rating that is acceptable to each Rating Agency,
as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee, (B) a
certificate of deposit rating of “P-1” by Moody’s and “A-1+” by Standard & Poor’s or (C) such other
rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency
to the Issuer or the Indenture Trustee (each of (A), (B) or (C), the “Required Deposit
Ratings”) and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation;
provided, that a foreign financial institution shall be deemed to satisfy clause (ii) if
such foreign financial institution meets the requirements of Rule 13k-1(b)(1) under the Exchange
Act (17 CFR §240.13k-1(b)(1)) or (b) a segregated trust account in the trust department of the
Indenture Trustee or the Owner Trustee, as the case may be.

(Nissan 2008-B Sale and Servicing Agreement)

6

 

     “Eligible Investments” means, at any time, any one or more of the following
obligations and securities:

     (i) direct obligations of, and obligations fully guaranteed as to timely payment of
principal and interest by, the United States of America;

     (ii) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or
any state thereof (or any domestic branch of a foreign bank) and subject to supervision and
examination by Federal or State banking or depository institution authorities;
provided, however, that at the time of the investment or contractual
commitment to invest therein, the commercial paper or other short-term unsecured debt
obligations (other than such obligations the rating of which is based on the credit of a
Person other than such depository institution or trust company) thereof shall have a credit
rating from each of the Rating Agencies in the highest investment category granted thereby
(including applicable plus signs);

     (iii) commercial paper having, at the time of the investment or contractual commitment
to invest therein, a rating from each of the Rating Agencies in the highest investment
category granted thereby;

     (iv) investments in money market funds having a rating from each of the Rating Agencies
in the highest investment category granted thereby (including funds for which the Owner
Trustee, the Indenture Trustee or any of their respective Affiliates is investment manager
or advisor);

     (v) bankers’ acceptances issued by any depository institution or trust company referred
to in clause (ii) above;

     (vi) repurchase obligations with respect to any security that is a direct obligation
of, or fully guaranteed by, the United States of America or any agency or instrumentality
thereof the obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or trust
company (acting as principal) described in clause (ii);

     (vii) repurchase obligations with respect to any security or whole loan, entered into
with (a) a depository institution or trust company (acting as principal) described in clause
(ii) above (except that the rating referred to in the proviso in such clause (ii) shall be
“A-1” or higher in the case of Standard & Poor’s) (such depository institution or trust
company being referred to in this definition as a “financial institution”), (b) a
broker/dealer (acting as principal) registered as a broker or dealer under Section 15 of the
Exchange Act (a “broker/dealer”), the unsecured short-term debt obligations of which are
rated “Prime-1” by Moody’s and at least “A-1” by Standard & Poor’s at the time of entering
into such repurchase obligation (a “rated broker/dealer”), (c) an unrated broker/dealer (an
“unrated broker/dealer”), acting as principal that is a wholly-owned subsidiary of a
non-bank holding company the unsecured short-term debt obligations of which are rated
“Prime-1” by Moody’s and at least “A-1” by Standard & Poor’s at the

(Nissan 2008-B Sale and Servicing Agreement)

7

 

time of entering into such repurchase obligation (a “Rated Holding Company”), or (d) an
unrated wholly-owned subsidiary of a direct or indirect parent Rated Holding Company, which
guarantees such subsidiary’s obligations under such repurchase agreement (a “Guaranteed
Counterparty”); provided that the following conditions are satisfied:

     (A) the aggregate amount of funds invested in repurchase obligations of a
financial institution, a rated broker/dealer, an unrated broker/dealer or a
Guaranteed Counterparty in respect of which the unsecured short-term ratings of
Standard & Poor’s are “A-1” (in the case of an unrated broker/dealer or Guaranteed
Counterparty, such rating being that of the related Rated Holding Company) shall not
exceed 20% of the outstanding Pool Balance (there being no limit on the amount of
funds that may be invested in repurchase obligations in respect of which such
Standard & Poor’s rating is “A-1+” (in the case of an unrated broker/dealer or
Guaranteed Counterparty, such rating being that of the related Rated Holding
Company));

     (B) in the case of the Reserve Account and the Yield Supplement Account the
rating from Standard & Poor’s in respect of the unsecured short term debt
obligations of the financial institution, rated broker/dealer, unrated broker/dealer
or Guaranteed Counterparty (in the case of an unrated broker/dealer or Guaranteed
Counterparty, such rating being that of the related Rated Holding Company) shall be
“A-1+”;

     (C) the repurchase obligation must mature within 30 days of the date on which
the Indenture Trustee or the Owner Trustee, as applicable, enters into such
repurchase obligation;

     (D) the repurchase obligation shall not be subordinated to any other obligation
of the related financial institution, rated broker/dealer, unrated broker/dealer or
Guaranteed Counterparty;

     (E) the collateral subject to the repurchase obligation is held, in the
appropriate form, by a custodial bank on behalf of the Indenture Trustee or the
Owner Trustee, as applicable;

     (F) the repurchase obligation shall require that the collateral subject thereto
shall be marked to market daily;

     (G) in the case of a repurchase obligation of a Guaranteed Counterparty, the
following conditions shall also be satisfied:

     (1) the Indenture Trustee or the Owner Trustee, as applicable, shall
have received an Opinion of Counsel to the effect that the guarantee of the
related Rated Holding Company is a legal, valid and binding agreement of the
Rated Holding Company, enforceable in accordance with its terms, subject to
the effect of bankruptcy, insolvency, reorganization and moratorium or other
similar laws affecting creditors’ rights generally and to general equitable
principles;

(Nissan 2008-B Sale and Servicing Agreement)

8

 

     (2) the Indenture Trustee or the Owner Trustee, as applicable, shall
have received (x) an incumbency certificate for the signer of such
guarantee, certified by an officer of such Rated Holding Company, and (y) a
resolution, certified by an officer of the Rated Holding Company, of the
board of directors (or applicable committee thereof) of the Rated Holding
Company authorizing the execution, delivery and performance of such
guarantee by the Rated Holding Company;

     (3) the only conditions to the obligation of such Rated Holding Company
to pay on behalf of the Guaranteed Counterparty shall be that the Guaranteed
Counterparty shall not have paid under such repurchase obligation when
required (it being understood that no notice to, demand on or other action
in respect of the Guaranteed Counterparty is necessary) and that the
Indenture Trustee or the Owner Trustee, as applicable, shall make a demand
on the Rated Holding Company to make the payment due under such guarantee;

     (4) the guarantee of the Rated Holding Company shall be irrevocable
with respect to such repurchase obligation and shall not be subordinated to
any other obligation of the Rated Holding Company; and

     (5) each of the Rating Agencies has confirmed in writing to the
Indenture Trustee or the Owner Trustee, as applicable, that it has reviewed
the form of the guarantee of the Rated Holding Company and has determined
that the issuance of such guarantee will not result in the downgrade or
withdrawal of the ratings assigned to the Notes; and

     (H) the repurchase obligation shall require that the repurchase obligation be
overcollateralized and shall provide that, upon any failure to maintain such
overcollateralization, the repurchase obligation shall become due and payable, and
unless the repurchase obligation is satisfied immediately, the collateral subject to
the repurchase agreement shall be liquidated and the proceeds applied to satisfy the
unsatisfied portion of the repurchase obligation; and

     (viii) any other investment with respect to which the Servicer has received written
notification from the Rating Agencies that the acquisition of such investment as an Eligible
Investment will not result in a withdrawal or downgrading of the ratings on the Notes;

provided that, unless otherwise expressly stated herein, each of the foregoing investments
shall be denominated in U.S. dollars, shall not be purchased at a premium, shall mature no later
than the Business Day prior to the Distribution Date immediately following the date of purchase,
and shall be required to be held to such maturity; and provided, further, that,
notwithstanding clauses (i) through (viii) above, “Eligible Investments” shall not include any
security having an “r” subscript attached to its Standard & Poor’s rating.

(Nissan 2008-B Sale and Servicing Agreement)

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     For purposes of this definition, any reference to the highest available credit rating of an
obligation shall mean the highest available credit rating for such obligation (excluding any “+”
signs associated with such rating), or such lower credit rating (as approved in writing by each
Rating Agency) as will not result in the qualification, downgrading or withdrawal of the rating
then assigned by such Rating Agency to any of the Notes.

     “Event of Default” shall have the meaning assigned to such term in the Indenture.

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

     “Final Scheduled Distribution Date” means, the Class A-1 Final Scheduled Distribution
Date, the Class A-2 Final Scheduled Distribution Date, the Class A-3 Final Scheduled Distribution
Date and the Class A-4 Final Scheduled Distribution Date, as applicable.

     “Financed Vehicle” means a new, near-new or used automobile or light-duty truck,
together with all accessions thereto, securing an Obligor’s indebtedness under the related
Receivable.

     “HB3” shall mean House Bill No. 3 (signed by the Governor of the State of Texas on May
19, 2006) and the corresponding sections of Title 2 of the Texas Tax Code implementing House Bill
No. 3 and the rules and regulations promulgated thereunder implementing House Bill No. 3.

     “Holder” or “Securityholder” means the registered holder of any Certificate or
Note as evidenced by the Certificate Register (as defined in the Trust Agreement) or Note Register
(as defined in the Indenture) except that, solely for the purposes of giving certain consents,
waivers, requests or demands pursuant to the Trust Agreement or the Indenture, the interest
evidenced by any Certificate or Note registered in the name of NARC II or NMAC, or any Person
actually known to a Trust Officer to be an Affiliate of NARC II or NMAC, shall not be taken into
account in determining whether the requisite percentage necessary to effect any such consent,
waiver, request or demand shall have been obtained unless NARC II or NMAC are the only holders.

     “Hybrid Chattel Paper” shall have the meaning assigned to such term in the Indenture.

     “Indenture” means the Indenture dated as of the Closing Date, between the Issuer and
Deutsche Bank Trust Company Americas, as Indenture Trustee.

     “Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture,
its successors in interest and any successor trustee under the Indenture.

     “Initial Yield Supplement Amount” means $41,524,668.91.

     “Insolvency Event” means, with respect to a specified Person, (a) the filing of a
petition seeking entry of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or all or substantially all of its property in an involuntary
case under any applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official

(Nissan 2008-B Sale and Servicing Agreement)

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for such Person or for all or substantially all of its property, or ordering the winding-up or
liquidation of such Person’s affairs, and such petition shall remain unstayed and in effect for a
period of 90 consecutive days; or (b) the commencement by such Person of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any
such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
all or substantially all of its property, or the making by such Person of any general assignment
for the benefit of creditors.

     “Interest Period” means, with respect to any Distribution Date and the Class A-1
Notes, the period from (and including) the preceding Distribution Date to (but excluding) such
Distribution Date, except that the initial Interest Period will be from (and including) the Closing
Date to (but excluding) July 15, 2008, and, with respect to any Distribution Date and the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, the period from (and including) the 15th day of
the preceding calendar month to (but excluding) the 15th day of the month in which such
Distribution Date occurs, except that the initial Interest Period will be from (and including) the
Closing Date to (but excluding) July 15, 2008.

     “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the
Class A-3 Interest Rate or the Class A-4 Interest Rate, as the case may be.

     “Issuer” means Nissan Auto Receivables 2008-B Owner Trust, a Delaware statutory trust.

     “Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than, in the case of a Financed Vehicle, tax liens, mechanics’ liens and any liens that
attach to such Financed Vehicle by operation of law.

     “Liquidated Receivable” means a Defaulted Receivable as to which the related Financed
Vehicle has been liquidated by the Servicer.

     “Monthly Remittance Conditions” shall have the meaning assigned to such term in
Section 5.02.

     “Moody’s” means Moody’s Investors Service, Inc.

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

     “Net Liquidation Proceeds” means the monies collected from whatever source on a
Liquidated Receivable, net of the sum of any amounts expended by the Servicer for the account of
the Obligor, plus any amounts required by law to be remitted to the Obligor.

     “Nissan” means Nissan Motor Co., Ltd.

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

(Nissan 2008-B Sale and Servicing Agreement)

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     “Nonrecoverable Advance” means any Outstanding Advance with respect to (i) any
Defaulted Receivable or (ii) any Receivable as to which the Servicer determines that any recovery
from payments made on or with respect to such Receivable is unlikely.

     “Note” means any one of the notes issued under the Indenture.

     “Note Depository Agreement” shall have the meaning assigned to such term in the
Indenture.

     “Note Factor” means, with respect to any Class of Notes and any Distribution Date, a
seven-digit decimal figure obtained by dividing the Outstanding Amount of such Class of Notes, as
of the close of business on the last day of the related Collection Period, by the initial
Outstanding Amount of that Class of Notes.

     “Noteholder” shall mean any of the Class A-1 Noteholders, the Class A-2 Noteholders,
the Class A-3 Noteholders or the Class A-4 Noteholders.

     “Noteholders’ Interest Carryover Shortfall” means, with respect to any Distribution
Date and a Class of Notes, the excess, if any, of the sum of the Noteholders’ Monthly Interest
Distributable Amount for such Class for the preceding Distribution Date plus any outstanding
Noteholders’ Interest Carryover Shortfall for such Class on such preceding Distribution Date, over
the amount in respect of interest that is actually paid on the Notes of such Class on such
preceding Distribution Date, plus, to the extent permitted by applicable law, interest on the
Noteholders’ Interest Carryover Shortfall at the related Interest Rate for the related Interest
Period (calculated on the same basis as interest on that Class of Notes for the same period).

     “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution
Date and a Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for
such Class plus any outstanding Noteholders’ Interest Carryover Shortfall for such Class as of the
close of the immediately preceding Distribution Date.

     “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any
Distribution Date and a Class of Notes, interest accrued for the related Interest Period
(calculated on the basis of, in the case of Class A-1 Notes, the actual number of days in such
Interest Period and a year assumed to consist of 360 days, and in the case of the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes, such Interest Period being assumed to consist of 30
days and a year assumed to consist of 360 days) at the related Interest Rate for such Class of
Notes on the Outstanding Amount of the Notes of such Class on the immediately preceding
Distribution Date, after giving effect to all payments of principal to Noteholders of such Class on
or prior to such Distribution Date (or, in the case of the first Distribution Date, on the original
principal amount of such Class of Notes).

     “Noteholders’ Percentage” means for any Distribution Date, the percentage equivalent
of a fraction, the numerator of which is the aggregate of the principal balances of the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes as of the Closing Date, and the denominator of
which is the aggregate of such principal balances plus the principal amount of the Certificates as
of the Closing Date.

(Nissan 2008-B Sale and Servicing Agreement)

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     “Noteholders’ Principal Carryover Shortfall” means, with respect to any Distribution
Date, the excess, if any, of the Noteholders’ Principal Distributable Amount for the preceding
Distribution Date over the amount in respect of principal that is actually paid as principal on the
Notes on such previous Distribution Date. Noteholders’ Principal Carryover Shortfall is not used
to determine the amount of principal due on the Notes on any Distribution Date, but is used solely
for reporting purposes.

     “Noteholders’ Principal Distributable Amount” means, (a) with respect to any
Distribution Date until the principal amount of the Class A-1 Notes is reduced to zero, an amount
equal to the excess, if any, of (i) the Pool Balance as of the end of the Collection Period
preceding the related Collection Period, or as of the Cut-off Date, in the case of the first
Collection Period, over (ii) the Pool Balance as of the end of the related Collection Period,
together with any portion of the Noteholders’ Principal Distributable Amount that was to be
distributed as such on any prior Distribution Date but was not because sufficient funds were not
available to make such distribution; and (b) with respect to any Distribution Date on or after
which the principal amount of the Class A-1 Notes is reduced to zero, an amount sufficient to
reduce the aggregate outstanding principal amount of the Notes to an amount equal to the product of
the Noteholders’ Percentage and the Pool Balance as of the end of the related Collection period
provided, however, that (i) the Noteholders’ Principal Distributable Amount on the
Class A-1 Final Scheduled Distribution Date shall not be less than the amount that is necessary to
reduce the outstanding principal amount of the Class A-1 Notes to zero; (ii) the Noteholders’
Principal Distributable Amount on the Class A-2 Final Scheduled Distribution Date shall not be less
than the amount that is necessary to reduce the outstanding principal amount of the Class A-2 Notes
to zero; (iii) the Noteholders’ Principal Distributable Amount on the Class A-3 Final Scheduled
Distribution Date shall not be less than the amount that is necessary to reduce the outstanding
principal amount of the Class A-3 Notes to zero; and (iv) the Noteholders’ Principal Distributable
Amount on the Class A-4 Final Scheduled Distribution Date shall not be less than the amount that is
necessary to reduce the outstanding principal amount of the Class A-4 Notes to zero.

     “Note Owner” shall have the meaning assigned to such term in the Indenture.

     “Note Pool Factor” means, with respect to any Class of Notes and any Distribution
Date, a seven-digit decimal figure obtained by dividing the Outstanding Amount of such Class of
Notes as of the close of business on the last day of the related Collection Period by the Original
Pool Balance.

     “Note Register” means the register maintained by the Indenture Trustee pursuant to the
Indenture recording the name of each Noteholder.

     “Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, and the
Class A-4 Notes.

     “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle
or any other Person who owes payments under the Receivable (but excluding any Dealer in respect of
Dealer Recourse).

(Nissan 2008-B Sale and Servicing Agreement)

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     “Officer’s Certificate” means a certificate signed by the chairman of the board, the
president, any executive vice president, any vice president, the treasurer, any assistant treasurer
or the controller of the Seller or the Servicer, as the case may be.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise provided herein, be an employee of or counsel to the Issuer, the Seller or the Servicer,
which counsel shall be reasonably acceptable to the Indenture Trustee, the Owner Trustee or the
Rating Agencies, as the case may be.

     “Optional Purchase” shall have the meaning assigned to such term in Section 9.01(a).

     “Optional Purchase Percentage” means 5.00%.

     “Optional Purchase Price” means, an amount equal to the aggregate Administrative
Purchase Payments for the Receivables (including Receivables that became Defaulted Receivables in
the Collection Period preceding the Distribution Date on which a purchase pursuant to Section 9.01
is effected), plus the appraised value of any other property held by the Trust, such value to be
determined by an appraiser mutually agreed upon by the Servicer and the Indenture Trustee (less
liquidation expenses); provided, however, that the Optional Purchase Price shall be
equal to or greater than the sum of (i) the Outstanding Amount of all Classes of Notes, (ii) the
Noteholders’ Interest Distributable Amount for all Classes of Notes for such Distribution Date, and
(iii) the Certificate Balance.

     “Original Certificate Balance” means $56,268,522.92.

     “Original Pool Balance” means the aggregate Principal Balance of the Receivables on
the Cut-off Date.

     “Original Principal Amount” means $275,000,000 for the Class A-1 Notes, $288,000,000
for the Class A-2 Notes, $381,000,000 for the Class A-3 Notes, and $250,210,000 for the Class A-4
Notes.

     “Outstanding” shall have the meaning assigned to that term in the Indenture.

     “Outstanding Advances” means, with respect to a Receivable and the last day of a
Collection Period, the sum of all Advances made as of or prior to such date, minus all payments or
collections as of or prior to such date that are specified in Sections 5.04(b) and 5.04(d) as
applied to reimburse all unpaid Advances with respect to such Receivable.

     “Outstanding Amount” means the aggregate principal amount of all Notes, or, if
indicated by the context, all Notes of any Class, Outstanding at the date of determination.

     “Owner Trust Estate” means all right, title and interest of the Trust in and to the
Receivables (other than the Warranty Receivables for which the Seller has paid the Warranty
Purchase Payment in accordance with Section 3.02 and Administrative Receivables for which the
Servicer has paid the Administrative Purchase Payment in accordance with Section 4.06), and all
monies paid thereon, and all monies accrued thereon, after the Cut-off Date; security interests in
the Financed Vehicles and any accessions thereto; the Collection Account and all

(Nissan 2008-B Sale and Servicing Agreement)

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funds deposited in the Collection Account; the Yield Supplement Account and all funds
deposited in the Yield Supplement Account; all property (including the right to receive Net
Liquidation Proceeds) that shall have secured a Receivable and that shall have been acquired by or
on behalf of the Owner Trustee; proceeds from claims on any physical damage, credit life or
disability insurance policies covering the Financed Vehicles or the Obligors; all right to receive
payments in respect of any Dealer Recourse with respect to the Receivables; all right, title and
interest of the Seller in and to the Purchase Agreement and the Assignment; all right, title and
interest of the Owner Trustee and the Trust pursuant to this Agreement, the Yield Supplement
Agreement and the Administration Agreement; certain rebates of premiums and other amounts relating
to certain insurance policies and other items financed under the Receivables in effect as of the
Cut-off Date; and the proceeds of any and all of the foregoing.

     “Owner Trustee” means the Person acting as Owner Trustee under the Trust Agreement,
its successors in interest and any successor owner trustee under the Trust Agreement.

     “Paying Agent” shall have the meaning assigned to such term in the Indenture.

     “Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

     “Pool Balance” as of the close of business on the last day of a Collection Period
means the aggregate Principal Balance of the Receivables (reduced by the principal balance of any
Administrative Receivables, Warranty Receivables and Defaulted Receivables) as of the close of
business on such day; provided, however, that where the Pool Balance is relevant in
determining whether the requisite percentage of Certificateholders or Noteholders (or relevant
Class or Classes of Certificates or Notes, as the case may be) necessary to effect any consent,
waiver, request or demand shall have been obtained, the Pool Balance shall be deemed to be reduced
by the amount equal to the portion of the Pool Balance (before giving effect to this provision)
represented by the interests evidenced by any applicable Certificate or Note registered in the name
of the Seller, the Servicer or any Person actually known to a Trust Officer of the Owner Trustee or
the Indenture Trustee, as the case may be, to be an Affiliate of the Seller or the Servicer, unless
all of the Certificates or Notes, as the case may be, are held or beneficially owned by NMAC, NARC
II or any of their Affiliates.

     “Pool Factor” for a particular Class of Notes or Certificates on any Distribution Date
means a seven-digit decimal figure indicating the principal amount of such Class of Notes or the
Certificate Balance, as the case may be, as of the close of business on the last day of the related
Collection Period as a fraction of the Original Pool Balance.

     “Prepayment” means, with respect to any Receivable, any prepayment, whether in part or
in full, in respect of such Receivable.

     “Principal Balance” of a Receivable, as of any date of determination, means the Amount
Financed minus the sum of (i) all payments on such Receivable allocable to principal, (ii) any
refunded portion of extended warranty protection plan or service contract costs, or of physical
damage, credit life or disability insurance premiums included in the Amount Financed, (iii) any

(Nissan 2008-B Sale and Servicing Agreement)

15

 

payment of the Administrative Purchase Payment or the Warranty Purchase Payment with respect
to the Receivable allocable to principal, (iv) any Net Liquidation Proceeds allocable to principal,
and (v) any Prepayments or other payments applied to reduce the unpaid principal balance of that
Receivable (to the extent not included in clauses (i) or (iii) of this definition).

     “Purchase Agreement” means that certain agreement, dated as of the Closing Date,
between NMAC and the Seller, relating to the purchase by the Seller from NMAC of the Receivables.

     “Rating Agency” means, as of any date, any of the nationally recognized statistical
rating organizations that has been requested by the Seller or one of its Affiliates to rate any
Class of Notes and that is rating such Class of Notes on such date.

     “Receivable” means any retail installment sale contract that appears on Schedule A to
this Agreement (which Schedule A may be in the form of microfiche, CD, data tape or paper) and that
has not been released by the Owner Trustee from the Trust.

     “Receivable File” means the records (whether tangible or electronic) specified in
Section 2.02 pertaining to a particular Receivable.

     “Record Date” means, with respect to the Notes of any Class and each Distribution
Date, the Business Day immediately preceding such Distribution Date, and, with respect to the
Certificates or if Definitive Notes, representing any Class of Notes, have been issued, the last
day of the Collection Period preceding the related Distribution Date. Any amount stated “as of a
Record Date” or “on a Record Date” shall give effect to (i) all applications of collections, and
(ii) all distributions to any party under this Agreement, the Indenture and the Trust Agreement or
to the related Obligor, as the case may be, in each case as determined as of the opening of
business on the related Record Date.

     “Relevant Trustee” means (i) with respect to the control over or appropriate
designation denoting ownership or control over any property comprising a portion of the Owner Trust
Estate that either is not conveyed or pledged to the Indenture Trustee for the benefit of the
Noteholders pursuant to the Granting Clause of the Indenture or that has been released from the
lien of the Indenture, the Owner Trustee, and (ii) with respect to any property comprising a
portion of the Trust Estate (as defined in the Indenture) that has not been released from the lien
of the Indenture, the Indenture Trustee; provided, however, that with respect to
any property that is under the joint or separate control of a co-trustee or separate trustee under
the Trust Agreement or the Indenture, respectively, “Relevant Trustee” shall refer to either or
both of the Owner Trustee and such co-trustee or separate trustee or to either or both of the
Indenture Trustee and such co-trustee or separate trustee, as the case may be.

     “Required Deposit Rating” shall have the meaning assigned to such term in the
definition of “Eligible Deposit Account.”

     “Required Rate” means, with respect to each Collection Period, 5.70%.

     “Required Yield Supplement Amount” means, with respect to every Distribution Date, an
amount equal to the lesser of (i) the aggregate amount of Yield Supplement Deposits that would

(Nissan 2008-B Sale and Servicing Agreement)

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become due for all future Distribution Dates under the Yield Supplement Agreement, assuming
(1) that payments on the Receivables are made on their scheduled due dates, (2) that no Receivable
becomes a prepaid Receivable, and (3) a discount rate of 1.75%, and (ii) the Initial Yield
Supplement Amount.

     “Reserve Account” means the account designated as such, established and maintained
pursuant to Section 5.07.

     “Reserve Account Initial Deposit” means $3,126,196.31.

     “Schedule of Receivables” means the schedule of receivables attached as Schedule A to
this Agreement, as it may be amended from time to time.

     “Scheduled Payment” on a Receivable means the payment required to be made by the
Obligor during each Collection Period that is sufficient to amortize the related Principal Balance
under the Simple Interest Method over the term of the Receivable and to provide interest at the
related APR.

     “Securities Account Control Agreement” means the Securities Account Control Agreement
dated as of the Closing Date, among the Seller, the Trust, Deutsche Bank Trust Company Americas, as
Securities Intermediary thereunder and Deutsche Bank Trust Company Americas, as Indenture Trustee
pursuant to which the Reserve Account and the Yield Supplement Account will be established and
maintained.

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

     “Securityholders” has the meaning set forth in this Section 1.01 under the definition
of “Holder.”

     “Seller” means NARC II, as the seller of the Receivables under this Agreement, and
each successor to NARC II (in the same capacity) pursuant to Section 6.04.

     “Servicer” means NMAC, as the servicer of the Receivables, and each successor to NMAC
(in the same capacity) pursuant to Section 7.03 or 8.02.

     “Servicer Default” means an event specified in Section 8.01.

     “Servicer’s Certificate” means a certificate completed and executed on behalf of the
Servicer by the president, any executive vice president, any vice president, the treasurer, any
assistant treasurer, the controller or any assistant controller of the Servicer pursuant to
Section 4.08.

     “Servicing Rate” means 1.00% per annum.

     “Simple Interest Method” means the method of allocating a fixed level payment to
principal and interest pursuant to which the portion of such payment that is allocated to interest
is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance

(Nissan 2008-B Sale and Servicing Agreement)

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multiplied by the quotient obtained by calculating the period of time elapsed since the
preceding payment of interest was made and dividing such period of time by 365 or 366, as
appropriate.

     “Simple Interest Receivable” means any Receivable under which the portion of a payment
allocable to interest and the portion allocable to principal is determined in accordance with the
Simple Interest Method.

     “Specified Reserve Account Balance” means with respect to any Distribution Date, an
amount equal to the Reserve Account Initial Deposit.

     “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc.

     “Successor Servicer” means any entity appointed as a successor to the Servicer
pursuant to Section 8.02.

     “Supplemental Servicing Fee” means, with respect to any Distribution Date, all late
fees, prepayment charges and other administrative fees and expenses or similar charges allowed by
applicable law with respect to the Receivables received by the Servicer during the related
Collection Period and any interest earned from the investment of monies in the Accounts (other than
the Yield Supplement Account) during the related Collection Period.

     “Total Servicing Fee” means the sum of the Base Servicing Fee and the Supplemental
Servicing Fee.

     “Trust” means the Issuer.

     “Trust Agreement” means the Trust Agreement, dated October 19, 2006, as amended by the
Amended and Restated Trust Agreement, dated November 26, 2007, as amended by the Second Amended and
Restated Trust Agreement, dated as of the Closing Date, between the Seller and Wilmington Trust
Company, as Owner Trustee.

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

     “Trust Estate” means all money, instruments, rights and other property that are
subject or intended to be subject to the lien and security interest of the Indenture for the
benefit of the Noteholders (including, without limitation, all property and interests granted to
the Indenture Trustee pursuant to the Granting Clause of the Indenture), including all proceeds
thereof.

     “Trust Officer” means, in the case of the Indenture Trustee, any officer within the
Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is referred because of
such officer’s knowledge of and familiarity with the particular subject and, with respect to the
Owner Trustee, any officer in the Corporate Trust Administration Department

(Nissan 2008-B Sale and Servicing Agreement)

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of the Owner Trustee with direct responsibility for the administration of the Trust Agreement
and the Basic Documents on behalf of the Owner Trustee.

     “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction.

     “Warranty Purchase Payment,” for any Warranty Receivable as of the last day of any
Collection Period, means the sum of the Principal Balance thereof as of the beginning of such
Collection Period plus interest accrued thereon through the due date for the Obligor’s payment in
such Collection Period, at the related APR, after giving effect to the receipt of monies collected
(from whatever source other than Advances) on such Warranty Receivable, if any, during such
Collection Period.

     “Warranty Receivable” means a Receivable purchased as of the close of business on the
last day of a Collection Period by the Seller pursuant to Section 3.02.

     “Yield Supplement Account” means the segregated trust account established and
maintained for the benefit of the Noteholders pursuant to Section 5.08(a).

     “Yield Supplement Agreement” means the agreement, dated as of the date of this
Agreement, among the Seller, NMAC, Deutsche Bank Trust Company Americas, as Indenture Trustee, and
the Trust, substantially in the form attached hereto as Exhibit A.

     “Yield Supplement Amount” means, with respect to any Distribution Date, the aggregate
amount on deposit in the Yield Supplement Account after giving effect to the withdrawal therefrom
of the related Yield Supplement Deposit and without regard to any amounts on deposit therein in
respect of interest or investment earnings earned on the investment of amounts on deposit therein
in Eligible Investments for any period.

     “Yield Supplement Deposit” means, with respect to any Distribution Date, the amount by
which (a) the aggregate amount of interest that would have been due during the related Collection
Period on all Yield Supplemented Receivables if such Yield Supplemented Receivables bore interest
at the Required Rate exceeds (b) the amount of interest accrued on such Yield Supplemented
Receivables at their respective APRs and due during such Collection Period.

     “Yield Supplemented Receivable” means any Receivable that has an APR less than the
Required Rate.

     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; the term “including” means “including without limitation;” and the term “or” is not
exclusive.

(Nissan 2008-B Sale and Servicing Agreement)

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ARTICLE II

Conveyance of Receivables

     SECTION 2.01 Conveyance of Receivables.

     (a) In consideration of the promises and the agreements, provisions and covenants
herein contained and other good and valuable consideration to be delivered to the Seller
hereunder, on behalf of the Issuer, the Seller does hereby sell, transfer, assign and
otherwise convey to the Issuer, without recourse (but subject to the Seller’s obligations in
this Agreement):

          (i) all right, title and interest of the Seller in and to the Receivables (including
all related Receivable Files) listed in Schedule A hereto and all monies due thereon
or paid thereunder or in respect thereof (including proceeds of the repurchase of
Receivables by the Seller pursuant to Section 3.02 or the purchase of Receivables by the
Servicer pursuant to Section 4.06 or 9.01) after the Cut-off 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 the Financed Vehicles or
the Obligors;

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

          (v) the rights of the Seller under the Purchase Agreement and the Assignment;

          (vi) 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;

          (vii) 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
Cut-off Date;

          (viii) all other assets comprising the Owner Trust Estate; and

          (ix) all proceeds of the foregoing.

     On the Closing Date, the Seller shall deliver to, or to the order of, the Issuer all
property conveyed pursuant to this Section 2.01(a), except for monies received in respect of
the Receivables after the Cut-off Date and before the Closing Date which shall be deposited
by NMAC (in its individual capacity or as the Servicer) into the Collection Account no later
than the first Record Date after the Closing Date. Concurrently

(Nissan 2008-B Sale and Servicing Agreement)

20

 

therewith and in exchange therefor, the Issuer shall deliver to, or to the order of,
the Seller the Notes and the Certificates.

     (b) It is the intention of the Seller that the transfer and assignment contemplated by
this Agreement shall constitute a sale of the Receivables from the Seller to the Issuer and
the beneficial interest in and title to the Receivables shall 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. The Seller agrees to execute and file all filings (including filings
under the UCC) necessary in any jurisdiction to provide third parties with notice of the
sale of the Receivables pursuant to this Agreement and to perfect such sale under the UCC.

     (c) Although the parties hereto intend that the transfer and assignment contemplated by
this Agreement be a sale, if such transfer and assignment is deemed to be other than a sale,
the parties intend that all filings described in the foregoing paragraph shall give the
Issuer 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 Issuer, and
the Issuer shall have all the rights, powers and privileges of a secured party under the
UCC.

     (d) In connection with the foregoing conveyance, the Servicer shall maintain its
computer system so that, from and after the time of sale of the Receivables to the Issuer
under this Agreement, the Servicer’s master computer records that refer to any Receivable
indicate clearly the interest of the Issuer in such Receivables and that such Receivable is
owned by the Issuer and under the control of the Issuer. Indication of the Issuer’s
ownership of a Receivable shall be deleted from or modified on the Servicer’s computer
systems when, and only when, the Receivable has been paid in full, repurchased or assigned
pursuant to this Agreement.

     (e) Ownership and control of the Receivables, as between the Issuer and the Indenture
Trustee (on behalf of the Noteholders and the Certificateholders), shall be governed by the
Indenture.

     SECTION 2.02 Custody of Receivable Files. To assure uniform quality in servicing the
Receivables and to reduce administrative costs, the Issuer, upon the execution and delivery of this
Agreement, appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of
the Issuer as custodian of the following documents or instruments that are hereby constructively
delivered to the Issuer with respect to each Receivable:

     (a) the original of each tangible record constituting or forming a part of such
Receivable that is tangible chattel paper (as such term is used in Section 9-105 of the UCC)
(or a photocopy or other image thereof that the Servicer shall keep on file in accordance
with its customary procedures) and a single “authoritative copy” (as such term is used in
Section 9-105 of the UCC) of each electronic record constituting or forming a part of each
Receivable, fully executed by the Obligor;

(Nissan 2008-B Sale and Servicing Agreement)

21

 

     (b) the original credit application executed by the related Obligor (or a photocopy or
other image thereof that the Servicer shall keep on file in accordance with its customary
procedures);

     (c) the original certificate of title (or a photocopy or other image thereof or such
documents that the Servicer shall keep on file in accordance with its customary procedures),
evidencing the security interest of the Servicer in the related Financed Vehicle; and

     (d) any and all other records (whether tangible or electronic) that the Servicer shall
keep on file, in accordance with its customary procedures, relating to such Receivable, the
related Obligor or Financed Vehicle.

     SECTION 2.03 Acceptance by Issuer. The Issuer acknowledges its acceptance pursuant
to this Agreement, of all right, title and interest in and to the Receivables and other property
conveyed by the Seller pursuant to this Agreement and declares and shall declare from and after the
date hereof that the Issuer holds and shall hold such right, title and interest, upon the terms and
conditions set forth in this Agreement.

ARTICLE III

The Receivables

     SECTION 3.01 Representations and Warranties of the Seller with Respect to the
Receivables. The Seller makes the following representations and warranties as to the
Receivables on which the Issuer is deemed to have relied in acquiring the Receivables. Such
representations and warranties speak as of the execution and delivery of this Agreement and as of
the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the
Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

     (a) Characteristics of Receivables. Each Receivable (i) 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 or
authenticated by the parties thereto, has been purchased by the Seller from NMAC pursuant to
the Purchase Agreement, which in turn has purchased such Receivables from such Dealer under
an existing dealer agreement with NMAC, and has been validly assigned by such Dealer to
NMAC, which in turn has been validly assigned pursuant to the Purchase Agreement by NMAC to
the Seller in accordance with its terms, (ii) created a valid, subsisting and enforceable
security interest in favor of NMAC in such Financed Vehicle, which security interest has
been validly assigned pursuant to the Purchase Agreement by NMAC to the Seller, which in
turn has been validly assigned by the Seller to the Issuer in accordance with the terms
hereof, (iii) 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, (iv) 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)

(Nissan 2008-B Sale and Servicing Agreement)

22

 

that fully amortize the Amount Financed over an original term of no greater than 72
payments, and (v) provides for interest at the related APR.

     (b) 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 Cut-off Date; the Receivables were selected from NMAC’s retail installment
sale contracts meeting the criteria of the Trust set forth in this Agreement; and no
selection procedures believed to be adverse to the Securityholders were utilized in
selecting the Receivables.

     (c) Compliance with Law. Each Receivable, the origination of such 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 Servicemembers Civil Relief Act, the Federal Reserve Board’s
Regulations B and Z, the Gramm-Leach-Bliley Act and state adaptations of the 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.

     (d) 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 (i) the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, (ii)
the effect of general equitable principles and (iii) the potential unenforceability of
waivers of jury trial provisions in certain states.

     (e) Security Interest in Financed Vehicle. (i) Immediately prior to the sale,
assignment and transfer thereof to the Issuer, each Receivable was secured by a validly
perfected first priority security interest in the Financed Vehicle in favor of NMAC as
secured party or all necessary and 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 NMAC as secured party, and (ii) as of the Cut-off Date, according to the records
of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

     (f) 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.

     (g) No Waiver. No provision of a Receivable has been waived in a manner that
is prohibited by the provisions of Section 4.01 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.

(Nissan 2008-B Sale and Servicing Agreement)

23

 

     (h) 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.

     (i) 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.

     (j) No Default. Except for payment defaults continuing for a period of not
more than 29 days as of the Cut-off 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 hereunder).

     (k) Insurance. NMAC, 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 the related Receivable to maintain such insurance.

     (l) 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 Trust 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 Issuer, for the benefit of the Noteholders and
the Certificateholders, 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. To the extent the transfer and assignment contemplated
under this Agreement is deemed to be other than a sale, this Agreement and all filings
described under this Agreement create a valid and continuing security interest (as defined
in the applicable UCC) in the Receivables in favor of the Issuer, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of and purchasers
from the Seller.

     (m) 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 are unlawful, void or voidable.

     (n) All Filings Made. All actions have been taken, and all filings (including,
without limitation, UCC filings) in any jurisdiction have been made or have been

(Nissan 2008-B Sale and Servicing Agreement)

24

 

delivered to the Relevant Trustee in a form suitable for filing to give the Relevant
Trustee a first priority perfected ownership interest in the Receivables.

     (o) Chattel Paper. Each Receivable constitutes either “tangible chattel paper”
or “electronic chattel paper” as such terms are defined in the UCC , or, in the case of
Receivables originally originated as “electronic chattel paper” and modified via “tangible
records” as such term is used in the UCC, consists of a combination of “electronic records”
and “tangible records,” as used in the UCC (such Receivables consisting of a combination of
“electronic records” and “tangible records” are herein called “Hybrid Chattel Paper”).

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

     (q) One Original or Authoritative Copy. There is only one original executed
copy of each “tangible record” constituting or forming a part of each Receivable that is
tangible chattel paper and a single “authoritative copy” (as such terms are used in Section
9-105 of the UCC) of each electronic record constituting or forming a part of each
Receivable that is electronic chattel paper. No electronic record constituting or forming a
part of a Receivable that is chattel paper was in the form of a tangible record prior to
being created as an electronic record.

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

     (s) APR. The APR of each Receivable equals or exceeds 0.00%.

     (t) Maturity. As of the Cut-off Date, each Receivable had a remaining term to
maturity of not less than 2 payments and not greater than 71 payments.

     (u) Balance. Each Receivable had an original Principal Balance of not more
than $59,991.74 and, as of the Cut-off Date, had a principal balance of not less than
$2,000.17 and not more than $49,531.52.

     (v) Delinquency. No Receivable was more than 29 days past due as of the
Cut-off Date, and no Receivable has been extended by more than two months.

     (w) Bankruptcy. No Obligor was the subject of a bankruptcy proceeding
(according to the records of NMAC) as of the Cut-off Date.

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

     (y) 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 or
authenticated the retail installment sale contract.

(Nissan 2008-B Sale and Servicing Agreement)

25

 

     (z) Origination. Each Receivable has an origination date on or after May 12,
2003.

     (aa) Receivable Files. The Receivable Files shall be kept at one or more of
the locations listed in Schedule B hereto. The Receivable Files that constitute or
evidence the Receivables do not have any marks or notations indicating that they have been
pledged, assigned or otherwise conveyed by the Seller to any Person other than the Issuer.
All financing statements filed or to be filed against the Seller in favor of the Issuer in
connection herewith describing the Receivables contain a statement to the following effect:
“A purchase of or security interest in any collateral described in this financing statement,
except as permitted in the Sale and Servicing Agreement, will violate the rights of the
Issuer.”

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

     (cc) 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.

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

     (ee) No Pledge or Assignment of Receivables. Other than the security interest
granted to the Issuer pursuant to this Agreement, the Seller has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Receivables. The
Seller has not authorized the filing of and is not aware of any financing statements against
the Seller that include a description of collateral covering the Receivables other than any
financing statement relating to the security interest granted to the Issuer hereunder or a
financing statement as to which the security interest covering the Receivables has been
released. The Seller is not aware of any judgment or tax lien filings against the Seller.

     (ff) No Government Obligors. None of the Receivables shall be due from the
United States or any state, or from any agency, department subdivision or instrumentality
thereof.

     SECTION 3.02 Repurchase upon Breach. The Seller, the Servicer or the Issuer, as the
case may be, shall inform the other parties to this Agreement and the Indenture Trustee promptly,
in writing, upon the discovery of any breach of the Seller’s representations and warranties
pursuant to Section 3.01 that materially and adversely affects the interests of the Securityholders
in any Receivable. Unless the breach shall have been cured by the last day of the second
Collection Period following such discovery (or, at the Seller’s election, the last day of the first
Collection Period following such discovery), the Seller shall be obligated (whether or not such
breach was known to the Seller on the Closing Date), and the Issuer shall enforce the obligation of
the Seller under this Agreement and, if necessary, the Seller shall enforce the obligation of NMAC
under the Purchase Agreement, to repurchase any Receivable the Securityholders’ interest in

(Nissan 2008-B Sale and Servicing Agreement)

26

 

which was materially and adversely affected by the breach as of such last day. A breach of
the representation in Section 3.01(a)(iv), (t) or (u) shall be deemed to affect materially and
adversely the related Receivable. In consideration of the purchase of the Receivables, the Seller
shall remit the Warranty Purchase Payment in the manner specified in Section 5.05. For purposes of
this Section 3.02, the Warranty Purchase Payment of a Receivable that is not consistent with the
Seller’s warranty pursuant to Section 3.01(a)(v) shall include such additional amount as shall be
necessary to provide the full amount of interest as contemplated therein to the date of repurchase.
The sole remedy of the Trust, the Indenture Trustee (by operation of the assignment of the
Issuer’s rights hereunder pursuant to the Indenture) or any Securityholder with respect to a breach
of the Seller’s representations and warranties pursuant to Section 3.01, shall be to require the
Seller to repurchase Receivables pursuant to this Section and to enforce the obligation of NMAC to
the Seller to repurchase such Receivables pursuant to the Purchase Agreement.

     SECTION 3.03 Duties of Servicer as Custodian.

     (a) Safekeeping. The Servicer shall hold the Receivable Files as custodian for
the benefit of the Issuer and maintain such accurate and complete accounts, records and
computer systems pertaining to each Receivable File as shall enable the Issuer to comply
with this Agreement. In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer exercises with
respect to the receivable files relating to all comparable automotive receivables that the
Servicer services for itself or others. In accordance with its customary practices with
respect to its retail installment sale contracts, the Servicer shall conduct, or cause to be
conducted, periodic audits of the Receivable Files held by it under this Agreement and of
the related accounts, records and computer systems, in such a manner as shall enable the
Issuer, the Owner Trustee or the Indenture Trustee to verify the accuracy of the Servicer’s
record keeping. The Servicer shall promptly report to the Issuer and the Indenture Trustee
any material failure on its part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided in all material respects and shall promptly
take appropriate action to remedy any such material failure. Nothing herein shall be deemed
to require an initial review or any periodic review by the Issuer, the Owner Trustee or the
Indenture Trustee of the Receivable Files.

     (b) Maintenance of and Access to Records. The Servicer shall maintain each
Receivable File at one of its offices specified in Schedule B or at such other
office as shall be specified to the Owner Trustee and the Indenture Trustee by written
notice from the Servicer not later than 90 days after any change in location. The Servicer
shall make available to the Owner Trustee and the Indenture Trustee or their respective duly
authorized representatives, attorneys or auditors the Receivable Files and the related
accounts, records and computer systems maintained by the Servicer at such times during
normal business hours as the Owner Trustee or the Indenture Trustee shall instruct. The
Servicer shall permit the Owner Trustee, the Indenture Trustee and their respective agents
at any time during normal business hours upon reasonable prior notice to inspect, audit and
make copies of and abstracts from the Servicer’s records regarding any Receivable.

     (c) Release of Receivable Files. Upon the occurrence and during the
continuation of a Servicer Default or to the extent necessary for the Indenture Trustee to

(Nissan 2008-B Sale and Servicing Agreement)

27

 

comply with its obligations under this Agreement, the Servicer shall, upon instruction
from the Indenture Trustee, release any Receivable File to the Indenture Trustee, the
Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such
place or places as the Indenture Trustee may designate, as soon as practicable.

     SECTION 3.04 Instructions; Authority To Act. The Servicer shall be deemed to have
received proper instructions with respect to the Receivable Files upon its receipt of written
instructions signed by a Trust Officer of the Owner Trustee or the Indenture Trustee.

     SECTION 3.05 Custodian’s Indemnification. The Servicer, as custodian, shall
indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any and all liabilities,
obligations, losses, compensatory damages, payments, costs or expenses of any kind whatsoever that
may be imposed on, incurred by or asserted against any of them as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as custodian of the
Receivable Files; provided, however, that the Servicer shall not be liable to the
Owner Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith
or negligence of the Owner Trustee, and the Servicer shall not be liable to the Indenture Trustee
for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence
of the Indenture Trustee.

     SECTION 3.06 Effective Period and Termination. The Servicer’s appointment as
custodian shall become effective as of the Cut-off Date, and shall continue in full force and
effect until terminated pursuant to this Section. If NMAC shall resign as Servicer in accordance
with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall
have been terminated under Section 8.01, the appointment of NMAC as custodian may be terminated by
the Indenture Trustee or by the Holders of Notes evidencing not less than 25% of the Outstanding
Amount of the Notes (but excluding for purposes of such calculation and action all Notes held or
beneficially owned by NMAC, NARC II or any of their Affiliates unless all of the Notes are held or
beneficially owned by NMAC, NARC II or any of their Affiliates) or, with the consent of Holders of
the Notes evidencing not less than 25% of the Outstanding Amount of the Notes, by the Owner Trustee
or by the Certificateholders evidencing not less than 25% of the Certificate Balance (but excluding
for purposes of such calculation and action all Certificates held or beneficially owned by NMAC,
NARC II or any of their Affiliates unless all of the Certificates are held or beneficially owned by
NMAC, NARC II or any of their Affiliates), in the same manner as the Indenture Trustee or such
Holders may terminate the rights and obligations of the Servicer under Section 8.01. The Indenture
Trustee or, with the consent of the Indenture Trustee, the Issuer may terminate the Servicer’s
appointment as custodian, with cause, at any time upon written notification to the Servicer, and
without cause upon 30 days’ prior written notification to the Servicer. As soon as practicable
after any termination of such appointment, the Servicer shall deliver the Receivable Files and the
related accounts and records maintained by the Servicer to the Relevant Trustee or the agent
thereof at such place or places as the Relevant Trustee may reasonably designate.

(Nissan 2008-B Sale and Servicing Agreement)

28

 

ARTICLE IV

Administration and Servicing of Receivables

     SECTION 4.01 Duties of Servicer.

     (a) The Servicer shall manage, service, administer and make collections on the
Receivables with reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable receivables that it services for itself or others.
There are no requirements under the Basic Documents to maintain a back-up servicer. Except
with respect to Defaulted Receivables, Administrative Receivables or Warranty Receivables or
to the extent required by state or federal law, the Servicer shall not change the amount of
or reschedule the due date of any Scheduled Payment, change the APR of, or extend any
Receivable except as provided herein or change any material term of a Receivable;
provided, however, that:

          (1) if a default, breach, violation, delinquency or event permitting
acceleration under the terms of any Receivable shall have occurred or, in the
judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable
for credit related reasons that would be acceptable to the Servicer with respect to
comparable new, near-new or used automobile or light-duty truck receivables that it
services for itself, but only if (i) the final scheduled payment date of such
Receivable as extended would not be later than the last day of the Collection Period
preceding the Final Scheduled Distribution Date for the Class A-4 Notes, and (ii)
the rescheduling or extension would not modify the terms of such Receivable in a
manner that would constitute a cancellation of such Receivable and the creation of a
new receivable for federal income tax purposes; or (B) reduce an Obligor’s monthly
payment amount in the event of a prepayment resulting from refunds of credit life
and disability insurance premiums and service contracts and make similar adjustments
in an Obligor’s payment terms to the extent required by law;

          (2) if at the end of the scheduled term of any Receivable, the outstanding
principal amount thereof is such that the final payment to be made by the related
Obligor is larger than the regularly scheduled payment of principal and interest
made by such Obligor, the Servicer may permit such Obligor to pay such remaining
principal amount in more than one payment of principal and interest, provided that
the last such payment shall be due on or prior to the last day of the Collection
Period preceding the Final Scheduled Distribution Date for the Class A-4 Notes; and

          (3) the Servicer may in its discretion waive any late payment charge or any
other fees that may be collected in the ordinary course of servicing a Receivable.

     (b) The Servicer’s duties shall include collection and posting of all payments,
responding to inquiries of Obligors on the Receivables, investigating delinquencies,

(Nissan 2008-B Sale and Servicing Agreement)

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sending remittance advises to Obligors, reporting tax information to Obligors,
accounting for collections, furnishing monthly and annual statements to the Owner Trustee
and the Indenture Trustee with respect to distributions and making Advances pursuant to
Section 5.04. The Servicer is not required under the Basic Documents to make any
disbursements via wire transfer or otherwise on behalf of an Obligor. There are no
requirements under the Receivables or the Basic Documents for funds to be, and funds shall
not be, held in trust for an Obligor. The Servicer is not required to make any payments or
disbursements on behalf of an Obligor. In addition, if and to the extent applicable, the
Servicer’s duties shall include the execution and delivery of any filings, certificates,
affidavits or other instruments required under the Sarbanes-Oxley Act of 2002.

     (c) Without limiting the generality of the foregoing, the Servicer is authorized and
empowered to execute and deliver, on behalf of itself, the Trust, the Owner Trustee, the
Indenture Trustee and the Securityholders or any of them, any and all instruments of
satisfaction or cancellation, or partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables or to the Financed Vehicles securing
the Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable,
the Issuer (in the case of a Receivable other than an Administrative Receivable or a
Warranty Receivable) shall thereupon be deemed to have automatically assigned, solely for
the purpose of collection, such Receivable to the Servicer. If in any enforcement suit or
legal proceeding it shall be held that the Servicer may not enforce a Receivable on the
ground that it shall not be a real party in interest or a holder entitled to enforce such
Receivable, the Issuer shall, at the Servicer’s expense and direction, take steps to enforce
the Receivable, including bringing suit in its name or the name of the Indenture Trustee or
the Securityholders. The Issuer shall furnish the Servicer with any powers of attorney and
other documents reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder.

     (d) The Servicer, at its expense, shall obtain on behalf of the Trust all licenses
required to be held by the Trust under the laws of any jurisdiction in connection with
ownership of the Receivables, and shall make all filings and pay all fees as may be required
in connection therewith during the term hereof. Nothing in the foregoing or in any other
section of this Agreement shall be construed to prevent the Servicer from implementing new
programs, whether on an intermediate, pilot or permanent basis, or on a regional or
nationwide basis, or from modifying its standards, policies and procedures as long as, in
each case, the Servicer does or would implement such programs or modify its standards,
policies and procedures in respect of comparable assets serviced for itself in the ordinary
course of business.

     SECTION 4.02 Collection of Receivable Payments. The Servicer shall make reasonable
efforts to collect all payments called for under the terms and provisions of the Receivables as and
when the same shall become due and shall follow such collection procedures as it follows with
respect to all comparable receivables that it services for itself or others. Except for Advances
made pursuant to Section 5.04, there are no requirements under the Basic Documents for advances of
funds or guarantees regarding collections, cash flows or distributions. Except for the

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requirements set forth in Section 5.04 relating to Advances, there are no requirements under
the Basic Documents for the making, review or approval of Advances.

     SECTION 4.03 Realization upon Receivables. On behalf of the Trust, the Servicer shall
use commercially reasonable efforts, consistent with its customary servicing procedures, to
repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to
which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall
follow such customary and usual practices and procedures as it shall deem necessary or advisable in
its servicing of comparable receivables, which may include reasonable efforts to realize upon any
Dealer Recourse and selling the related Financed Vehicle at public or private sale. The foregoing
shall be subject to the provision that, in any case in which the Financed Vehicle shall have
suffered damage, the Servicer shall not expend funds in connection with the repair or the
repossession of such Financed Vehicle unless it shall determine in its discretion that such repair
and/or repossession will increase the Net Liquidation Proceeds.

     SECTION 4.04 Maintenance of Security Interests in Financed Vehicles. The Servicer
shall, in accordance with its customary servicing procedures, take such steps as are necessary to
maintain perfection of the security interest created by each Receivable in the related Financed
Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such
security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation
of a Financed Vehicle or for any other reason. If the assignment of a Receivable to the Trust is
insufficient, without a notation on the related Financed Vehicle’s certificate of title, to grant
to the Trust a first priority perfected security interest in the related Financed Vehicle, the
Servicer hereby agrees to serve as the agent of the Trust for the purpose of perfecting the
security interest of the Trust in such Financed Vehicle and agrees that the Servicer’s listing as
the secured party on the certificate of title is in this capacity as agent of the Trust. The
provisions set forth in this Section are the sole requirements under the Basic Documents with
respect to the maintenance of collateral or security on the Receivables. It is understood that the
Financed Vehicles are the collateral and security for the Receivables, but that the certificate of
title with respect to a Financed Vehicle does not constitute collateral and merely evidences such
security interest.

     SECTION 4.05 Covenants of Servicer.

     (a) The Servicer shall not release the Financed Vehicle securing any Receivable from
the security interest granted by such Receivable in whole or in part except in the event of
payment in full by or on behalf of the Obligor thereunder or repossession.

     (b) The Servicer shall not do anything to impair the rights of the Securityholders in
the Receivables.

     (c) Except with respect to Defaulted Receivables, Administrative Receivables or
Warranty Receivables or to the extent required by law, the Servicer shall not alter the APR
of any Receivable or forgive payments on a Receivable. Except as provided in Section 4.01,
the Servicer shall not modify the number of payments under a Receivable, increase the amount
financed under a Receivable, or extend the due date for any payment on a Receivable.

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     (d) If the Servicer shall determine not to make an Advance related to delinquency or
non-payment of any Receivable pursuant to Section 5.04 because it determines that such
Advance would not be recoverable from subsequent collections on such Receivable, such
Receivable shall be designated by the Servicer to be a Defaulted Receivable, provided that
such Receivable otherwise meets the definition of a Defaulted Receivable.

     (e) If the Seller is required to pay tax under the second sentence of Section 6.03(a)
and if such tax is not paid by the Seller, then the Servicer shall pay such tax (or cause
such tax to be paid) to the applicable taxing authority on behalf of the Issuer.

     (f) As of any date of determination, if the aggregate principal amount of Receivables
that have been extended and that also constitute Hybrid Chattel Paper exceeds 9.0% of the
outstanding aggregate principal amount of the Receivables, and if such excess amount is not
otherwise reduced prior to the end of the second Collection Period following such discovery
(or, if the Servicer elects, an earlier date), the Servicer will purchase a sufficient
aggregate principal amount of Receivables to reduce the aggregate principal amount of
Receivables that are Hybrid Chattel Paper to less than 9.0% of the then outstanding
principal balance of the Receivables.

     (g) [Reserved.]

     SECTION 4.06 Purchase of Receivables upon Breach. The Servicer or the Issuer shall
inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any
breach by the Servicer of its obligations under the second sentence of Section 4.01 or under
Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the
breach shall have been cured by the last day of the second Collection Period following such
discovery (or, at the Servicer’s election, the last day of the first Collection Period following
discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing
Date) purchase any Receivable materially and adversely affected by such breach as of such last day.
In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment
(as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in
Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall
consist in part of a release by the Servicer of all rights of reimbursement with respect to
Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture
Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a
breach by the Servicer of its obligations under the second sentence of Section 4.01 or under
Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to
this Section 4.06.

     SECTION 4.07 Servicing Fee and Expenses. As compensation for the performance of its
obligations hereunder, the Servicer shall be entitled to receive on each Distribution Date the
Total Servicing Fee. Except to the extent otherwise provided herein, the Servicer shall be
required to pay all expenses incurred by it in connection with its activities under this Agreement
(including fees and disbursements of the Indenture Trustee and independent accountants, taxes
imposed on the Servicer, expenses incurred in connection with distributions and reports to
Securityholders and all other fees and expenses not expressly stated under this Agreement to be for
the account of the Securityholders). If each Rating Agency for a series of Notes or

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Certificates confirms that it will not reduce the rating of any class of Notes or Certificates
in that series, as the case may be, the Base Servicing Fee in respect of a Collection Period
(together with any portion of the Base Servicing Fee that remains unpaid from the prior
Distribution Dates) will be paid at the beginning of that Collection Period out of collections of
interest on the related Receivables.

     SECTION 4.08 Servicer’s Certificate.

     (a) On or before each Determination Date, the Servicer shall deliver to the Owner
Trustee, each Paying Agent and the Indenture Trustee with a copy to each Rating Agency, a
Servicer’s Certificate containing all information necessary to make the distributions
pursuant to Sections 5.06, 5.07 and 5.08 (including the amount of the aggregate collections
on the Receivables; the aggregate Advances to be made by the Servicer, if any, the aggregate
Administrative Purchase Payments for any Administrative Receivables to be purchased by the
Servicer, and the aggregate Warranty Purchase Payments for any Warranty Receivables to be
purchased by the Seller) for the Collection Period preceding the date of such Servicer’s
Certificate, all information necessary for the Owner Trustee to send statements to the
Certificateholders and the Indenture Trustee to send statements to the Noteholders pursuant
to the Trust Agreement or Indenture, as the case may be. Each of the Owner Trustee and the
Indenture Trustee may conclusively rely on the information in any Servicer’s Certificate and
shall have no duty to confirm or verify the contents thereof.

     (b) Concurrently with delivery of the Servicer’s Certificate in each month, the
Servicer shall deliver to the underwriters of the Notes the Note Factor for each Class of
Notes, the Certificate Factor, and the Pool Factor for each Class of Notes and for the
Certificates, in each case as of the close of business on the Distribution Date occurring
in such month.

     SECTION 4.09 Annual Statement as to Compliance; Notice of Default.

     (a) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each of
the Rating Agencies, within 90 days after the end of each fiscal year of the Servicer,
beginning June 30, 2009, an Officers’ Certificate with respect to the prior fiscal year of
the Servicer ended such calendar year (or with respect to the initial Officer’s Certificate,
the period from the date of the initial issuance of the Notes to March 31, 2009), stating
that (i) a review of the activities of the Servicer during the preceding 12-month (or
shorter) period and of its performance under this Agreement has been made under such
officer’s supervision and (ii) to the best of such officer’s knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement throughout such
twelve-month (or shorter) period, or, if there has been a failure to fulfill of any such
obligation, specifying each such failure known to such officer and the nature and status
thereof. A copy of such Officer’s Certificate may be obtained by any Certificateholder or
Noteholder by a request in writing to the Owner Trustee or the Indenture Trustee addressed
as set forth in Section 10.03 hereof.

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     (b) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each
Rating Agency, promptly after having obtained knowledge thereof, but in no event later than
five Business Days thereafter, written notice in an Officer’s Certificate of any event that
with the giving of notice or lapse of time, or both, would become a Servicer Default under
Section 8.01. The Seller shall deliver to the Owner Trustee, the Indenture Trustee and to
each such Rating Agency, promptly after having obtained knowledge thereof, but in no event
later than five Business Days thereafter, written notice in an Officer’s Certificate of any
event that with the giving of notice or lapse of time, or both, would become a Servicer
Default under Section 8.01(a)(ii) or would result in any lowering of the ratings described
in Section 5.02(a)(ii)(A).

     (c) Except to the extent set forth in Section 4.09(b) of this Agreement and Section
5.01 of the Indenture, the Basic Documents do not require any policies or procedures to
monitor any performance or other triggers and events of default.

     SECTION 4.10 Annual Independent Certified Public Accountants’ Report. The Servicer
shall cause a firm of independent certified public accountants, who may also render other services
to the Servicer, the Seller or their Affiliates, to deliver to the Owner Trustee, the Indenture
Trustee and each of the Rating Agencies, within 90 days after the end of each fiscal year of the
Servicer, beginning June 30, 2009, with respect to the prior fiscal year (or with respect to the
initial reports, the period from the date of the initial issuance of the Notes to March 31, 2009) a
report that such firm has audited the consolidated financial statements of the Servicer in
accordance with generally accepted auditing standards, that such firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants (“AICPA”), and expressing such firm’s opinion thereon. For all
purposes of this Agreement, the Owner Trustee and the Indenture Trustee may rely on the
representation of any Person that it is a Certificateholder or a Note Owner, as the case may be.

     SECTION 4.11 Access to Certain Records and Information Regarding Receivables.

     (a) The Servicer shall provide to the Owner Trustee and the Indenture Trustee access to
the Receivable Files in such cases where the Securityholders shall be required by applicable
statutes or regulations to review such records or information. In each case, such access
shall be afforded without charge, but only upon reasonable request and during the normal
business hours at the respective offices of the Servicer.

     (b) The Servicer shall provide to each Rating Agency any information regarding the
Receivables that is reasonably requested by such Rating Agency.

     (c) Nothing in this Section shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors and the failure
of the Servicer to provide access to information as a result of such obligation shall not
constitute a breach of this Section.

     SECTION 4.12 Appointment of Subservicer. So long as NMAC acts as the Servicer, the
Servicer may at any time without notice or consent subcontract substantially all its duties under
this Agreement to any corporation more than 50% of the voting stock of which is owned, directly

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or indirectly, by Nissan. The Servicer may at any time perform specific duties as servicer
under this Agreement through other subcontractors; provided, however, that no such
delegation or subcontracting shall relieve the Servicer of its responsibilities with respect to
such duties as to which the Servicer shall remain primarily responsible with respect thereto. For
any servicing activities delegated to third parties in accordance with this Section 4.12,
the Servicer shall follow such policies and procedures to monitor the performance of such third
parties and compliance with such servicing activities as the Servicer follows with respect to
comparable motor vehicle receivables serviced by the Servicer for its own account.

     SECTION 4.13 Amendments to Schedule of Receivables. If the Servicer, during any
Collection Period, assigns to a Receivable an account number that differs from the original account
number identifying such Receivable on the Schedule of Receivables, the Servicer shall deliver to
the Owner Trustee and the Indenture Trustee, on or before the Distribution Date relating to such
Collection Period, an amendment to the Schedule of Receivables reporting the newly assigned account
number, together with the old account number of each such Receivable. The first such delivery of
amendments to the Schedule of Receivables shall include monthly amendments reporting account
numbers appearing on the Schedule of Receivables with the new account numbers assigned to such
Receivables during any prior Collection Period.

     SECTION 4.14 Acknowledgement by Servicer of its Obligations under the Indenture. The
Servicer hereby agrees and consents to the provisions of the Indenture applicable to it (including,
without limitation, Sections 8.03(a) and 8.03(b) thereof) and agrees to be bound by such
provisions.

     SECTION 4.15 Compliance with Regulation AB. The Servicer agrees to perform all duties
and obligations applicable to or required of the Issuer set forth in Appendix A attached hereto and
made a part hereof in all respects and makes the representations and warranties therein applicable
to it.

     SECTION 4.16 Fidelity Bond. The Servicer shall not be required to maintain a fidelity
bond or error and omissions policy.

ARTICLE V

Distributions; Accounts;

Statements to the Certificateholders and the Noteholders

     SECTION 5.01 Establishment of Accounts.

     (a) The Servicer, on behalf of the Owner Trustee and the Indenture Trustee, shall
establish the Collection Account in the name of the Indenture Trustee for the benefit of the
Securityholders. The Collection Account shall be an Eligible Deposit Account initially
established with the Indenture Trustee and maintained with the Indenture Trustee as long as
(i) the deposits of the Indenture Trustee have the Required Deposit Rating and the Indenture
Trustee satisfies clause (a)(ii) of the definition of Eligible Deposit Account or (ii) the
Collection Account is maintained in a segregated trust account in the trust department of
the Indenture Trustee; provided, however, that all amounts held in the

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Collection Account shall, to the extent permitted by applicable laws, rules and
regulations and as directed by the Servicer, be invested by the Indenture Trustee in
Eligible Investments; otherwise, such amounts shall be maintained in cash; provided
that if (x) the Servicer shall have failed to give investment directions for any funds on
deposit in the Collection Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or
such other time as may be agreed by the Servicer and the Indenture Trustee) on any Business
Day, or (y) a Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable pursuant to the
Indenture, or (z) if the Notes shall have been declared due and payable following an Event
of Default, amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.05 of the Indenture as if there had not been such a declaration,
then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest
funds in the Collection Account in one or more Eligible Investments specified in clauses
(i), (iv) or (vi) of the definition of Eligible Investments. All such Eligible Investments
shall mature not later than the Business Day preceding the next Distribution Date, in such
manner that such amounts invested shall be available to make the required distributions on
the Distribution Date; provided, that if permitted by the Rating Agencies, monies on deposit
therein may be invested in Eligible Investments that mature later than the Business Day
preceding the next Distribution Date; provided, however, that such investment shall be sold
not later than the Business Day preceding the next Distribution Date. The Servicer will not
direct the Indenture Trustee, and the Issuer shall cause the Servicer not to make any
investment of any funds or to sell any investment held in the Collection Account unless the
security interest granted and perfected in such account will continue to be perfected in
such investment or the proceeds of such sale, in either case without any further action by
any Person, and, in connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such
effect. Should the short-term unsecured debt obligations of the Indenture Trustee no longer
have the Required Deposit Rating then, unless the Collection Account is maintained in
segregated trust accounts in the trust department of the Indenture Trustee, the Servicer
shall, with the Indenture Trustee’s assistance as necessary and within ten Business Days of
receipt of notice from the Indenture Trustee that the Indenture Trustee no longer has the
Required Deposit Rating, cause the Collection Account (i) to be moved to segregated trust
accounts in a bank or trust company, the short-term unsecured debt obligations of which
shall have the Required Deposit Rating, or (ii) to be moved to the trust department of the
Indenture Trustee.

     (b) Earnings on investment of funds in the Collection Account shall be paid to the
Servicer as servicing compensation, and any losses and investment expenses shall be charged
against the funds on deposit in the Collection Account.

     (c) Subject to the foregoing, the Servicer, on behalf of the Owner Trustee and the
Indenture Trustee, shall establish and maintain the Collection Account as an Eligible
Deposit Account in the name of and under the exclusive control of the Indenture Trustee,
bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Securityholders. The Indenture Trustee shall transfer all amounts

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remaining on deposit in the Collection Account on the Distribution Date on which the
Notes of all Classes have been paid in full (or when substantially all of the Trust Estate
is otherwise released from the lien of the Indenture) to another Eligible Deposit Account
established pursuant to the Trust Agreement for the benefit of the Certificateholders (the
“Trust Collection Account”), and take all necessary or appropriate actions to transfer all
of its right, title and interest in the Collection Account, all funds or investments held
therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the
Owner Trustee for the benefit of the Certificateholders, subject to the limitations set
forth in the Indenture with respect to amounts held for payment to Noteholders that do not
promptly deliver a Note for payment on such Distribution Date. After the transfer to the
Trust Collection Account described in the immediately preceding sentence, references in this
Agreement to “Collection Account” shall be deemed to be references to the “Trust Collection
Account.”

     (d) With respect to the Collection Account and all property held therein, the Owner
Trustee agrees, by its acceptance hereof that, on the terms and conditions set forth in the
Indenture, for so long as Notes of any Class remain outstanding, the Indenture Trustee shall
possess all right, title and interest therein (excluding interest or investment income
thereon payable to the Servicer or the Seller, as the case may be), and the Accounts shall
be under the sole dominion and control of the Indenture Trustee for the benefit of the
Noteholders and the Certificateholders, as the case may be, as set forth in the Indenture.
The parties hereto agree that the Issuer, the Owner Trustee and the Holders of the
Certificates have no right, title or interest in the Reserve Account or any amounts on
deposit therein at any time. The parties hereto agree that the Servicer shall have the
power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the
Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from
the Collection Account for the purpose of permitting the Servicer, Indenture Trustee or the
Owner Trustee to carry out its respective duties hereunder or under the Indenture or the
Trust Agreement, as the case may be.

     Notwithstanding the foregoing, the Servicer shall be entitled to withhold, or to be reimbursed
from amounts otherwise payable into or on deposit in the Collection Account, as the case may be,
amounts previously deposited in the Collection Account but later determined to have resulted from
mistaken deposits or posting.

     (e) No checks shall be issued, printed, or honored with respect to the Collection
Account, the Reserve Account, the Yield Supplement Account or the Trust Collection Account.

     SECTION 5.02 Collections.

     (a) Except as otherwise provided in this Agreement, the Servicer shall remit to the
Collection Account all payments received by or on behalf of the Obligors on or in respect of
the Receivables (excluding payments on the Warranty Receivables or the Administrative
Receivables) and all Net Liquidation Proceeds not later than the second Business Day after
identification thereof. For purposes of this Article V, the phrase “payments received by or
on behalf of the Obligors” shall mean payments made by

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Persons other than the Servicer. Notwithstanding the foregoing, for so long as (i) NMAC
is the Servicer, (ii) (A) NMAC’s short-term unsecured debt obligations are rated at least
“Prime-1” by Moody’s and NMAC’s short-term unsecured debt obligations (or, if NMAC is the
Servicer and the Servicer then has no short-term rating from Standard & Poor’s, Nissan
Capital of America, Inc.’s short-term unsecured debt obligations) are rated “A-1” by
Standard & Poor’s (so long as Moody’s and Standard & Poor’s are Rating Agencies), or (B)
certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event
of Default or Servicer Default shall have occurred and be continuing (unless waived by the
appropriate Securityholders) (collectively, the “Monthly Remittance Conditions”); the
Servicer shall not be required to remit such collections to the Collection Account on the
foregoing basis but shall be entitled to retain such collections, without segregation from
its other funds, until the Business Day before each Distribution Date at which time the
Servicer shall remit all such collections in respect of the related Collection Period to the
Collection Account in immediately available funds. Commencing with the first day of the
first Collection Period that begins at least two Business Days after the day on which any
Monthly Remittance Condition ceases to be satisfied and for so long as any Monthly
Remittance Condition is not satisfied, all collections then held by the Servicer shall be
immediately deposited into the Collection Account and all future collections on or in
respect of the Receivables (other than payments on Warranty Receivables and the
Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the
Servicer to the Collection Account not later than the second Business Day after
identification thereof.

     (b) [Reserved.]

     (c) The Indenture Trustee or the Owner Trustee shall not be deemed to have knowledge of
any event or circumstances under clause (iii) of the definition of the Monthly Remittance
Condition unless the Indenture Trustee or the Owner Trustee has received notice of such
event or circumstance from the Seller or the Servicer in an Officer’s Certificate or from
the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding
Amount of the Notes, or a Trust Officer of the Indenture Trustee or the Owner Trustee with
knowledge hereof or familiarity herewith has actual knowledge of such event or
circumstances.

     (d) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating
Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent
curing of a failed Monthly Remittance Condition) as soon as practical after the occurrence
thereof but in no event later than 10 Business Days after obtaining knowledge thereof (it
being understood that if the Monthly Remittance Condition is not satisfied as of the Closing
Date, no such notice shall be required in connection therewith).

     (e) Notwithstanding the foregoing, if a Monthly Remittance Condition is not satisfied,
the Servicer may utilize an alternative remittance schedule (which may include the
remittance schedule utilized by the Servicer before the Monthly Remittance Condition became
unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee
written confirmation from each Rating Agency that such alternative

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remittance schedule will not result in the downgrading or withdrawal by such Rating
Agency of the ratings then assigned to any Class of Notes.

     SECTION 5.03 Application of Collections. All collections for the related Collection
Period with respect to each Receivable (including any payoff) shall be posted to the Servicer’s
Obligor records in accordance with the Servicer’s customary servicing practices, and shall be
allocated by the Servicer as follows:

     (a) First, to interest accrued to date on such Receivable;

     (b) Second, to principal until the Principal Balance of such Receivable is brought
current;

     (c) Third, to reduce the unpaid late charges (if any) as provided in such Receivable;
and

     (d) Fourth, to prepay principal on such Receivable.

     SECTION 5.04 Advances.

     (a) The Servicer shall make a payment with respect to each Receivable (other than an
Administrative Receivable, a Warranty Receivable or a Liquidated Receivable) (each, an
“Advance”) equal to the excess if any, of (x) the product of the Principal Balance of such
Receivable as of the first day of the related Collection Period and one-twelfth of its APR
(calculated on the basis of a 360-day year comprised of twelve 30-day months), over (y) the
interest actually received by the Servicer with respect to such Receivable from the Obligor
or from payments of the Administrative Purchase Payment or the Warranty Purchase Payment, as
the case may be, during such Collection Period. The Servicer will not be obligated to make
an Advance in respect of a Receivable (other than an Advance in respect of an interest
shortfall arising from the Prepayment of a Receivable) to the extent that the Servicer, in
its sole discretion, shall determine that the Advance constitutes a Nonrecoverable Advance.
With respect to each Receivable, the Advance shall increase the Outstanding Advances. No
Advances will be made with respect to the Principal Balance of the Receivables. The
Servicer shall deposit all such Advances into the Collection Account in immediately
available funds no later than 5:00 p.m., New York City time, on the Business Day immediately
preceding the related Distribution Date. To the extent that the amount set forth in clause
(y) above with respect to a Receivable is greater than the amount set forth in clause (x)
above with respect thereto, such amount shall be distributed to the Servicer pursuant to
Section 5.06; provided, however, that, notwithstanding anything else herein,
the Servicer shall not be reimbursed for any amounts representing an Advance, or any portion
thereof, made in respect of an interest shortfall arising from the Prepayment of a
Receivable.

     (b) The Servicer shall be entitled to reimbursement for Outstanding Advances, without
interest, with respect to a Receivable from the following sources with respect to such
Receivable pursuant to Section 5.06(c)(i), Section 5.06(d)(i), or Section 5.06(e)(i): (i)
subsequent payments made by or on behalf of the related Obligor, (ii) Net Liquidation
Proceeds, and (iii) the Warranty Purchase Payments.

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     (c) To the extent that the Servicer has determined that any Outstanding Advance is a
Nonrecoverable Advance, the Servicer may provide to the Owner Trustee and the Indenture
Trustee an Officer’s Certificate setting forth the amount of such Nonrecoverable Advance,
and on the related Distribution Date, the Relevant Trustee shall remit to the Servicer from
funds on deposit in the Collection Account an amount equal to the amount of such
Nonrecoverable Advance pursuant to Section 5.06(c)(ii), Section 5.06(d)(ii), or Section
5.06(e)(ii).

     (d) Notwithstanding anything to the contrary in this Agreement, for so long as NMAC is
the Servicer, in lieu of causing the Servicer first to deposit and then the Relevant Trustee
to remit to the Servicer the amounts described in clauses (i) through (iii) in Section
5.04(b) reimbursable in respect on Outstanding Advances, or the amounts described in Section
5.04(c) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such
amounts from deposits otherwise to be made into the Collection Account.

     (e) Notwithstanding the provisions of Section 5.04(a), no Successor Servicer, including
the Indenture Trustee, shall be obligated to make Advances unless it has expressly agreed to
do so in writing.

     SECTION 5.05 Additional Deposits.

     (a) The following additional deposits shall be made to the Collection Account: (i) the
Seller shall remit the aggregate Warranty Purchase Payments with respect to Warranty
Receivables pursuant to Section 3.02; (ii) the Servicer shall remit (A) the aggregate
Advances pursuant to Section 5.04(a), (B) the aggregate Administrative Purchase Payments
with respect to Administrative Receivables pursuant to Section 4.06, and (C) the cash amount
required upon any optional purchase of the Receivables by the Servicer, or any Successor
Servicer, pursuant to Section 9.01; and (iii) the Indenture Trustee shall transfer (A) the
Yield Supplement Deposit from the Yield Supplement Account to the Collection Account
pursuant to Section 5.08, plus reinvestment income on the Yield Supplement Account (in
assuring the availability therein of the related Available Interest), plus amounts described
in the second sentence of Section 5.08(b) and (B) the amounts described in Sections 5.06 and
5.07 from the Reserve Account to the Collection Account pursuant to Section 5.07.

     (b) All deposits required to be made pursuant to Section 5.05(a) by the Seller or the
Servicer, as the case may be, may be made in the form of a single deposit and shall be made
in immediately available funds, no later than 5:00 P.M., New York City time, on the Business
Day immediately preceding the related Distribution Date. At the direction of the Servicer,
the Relevant Trustee shall invest such amounts in Eligible Investments maturing not later
than 12:00 P.M. New York City Time, on the related Distribution Date.

(Nissan 2008-B Sale and Servicing Agreement)

40

 

     SECTION 5.06 Payments and Distributions.

     (a) The rights of the Certificateholders to receive distributions in respect of the
Certificates shall be and hereby are subordinated to the rights of the Noteholders to
receive distributions in respect of the Notes to the extent provided in this Section 5.06.

     (b) On each Determination Date, the Servicer shall calculate the Available Interest,
the Available Principal, the Yield Supplement Deposit, the Noteholders’ Principal
Distributable Amount, the Certificateholders’ Principal Distributable Amount, the amount to
be distributed to Noteholders of each Class and to Certificateholders pursuant to Section
5.06(c), (d) or (e), and all other distributions, deposits and withdrawals to be made on the
related Distribution Date.

     (c) Subject to Sections 5.06(d) and (e), on each Distribution Date, the Relevant
Trustee shall make the following payments and distributions from the Collection Account
(after payment of the Supplemental Servicing Fee to the extent not previously retained by
the Servicer) in the following order of priority and in the amounts set forth in the
Servicer’s Certificate for such Distribution Date; provided, however, that
such payments and distributions shall be made only from those funds deposited in the
Collection Account for the related Collection Period:

          (i) to the Servicer, from amounts on deposit in the Collection Account, any payments in
respect of Advances required to be reimbursed and to the extent set forth in Section
5.04(b);

          (ii) to the Servicer, from amounts on deposit in the Collection Account, any payments
in respect of Nonrecoverable Advances required to be reimbursed and to the extent set forth
in Section 5.04(c);

          (iii) to the Servicer, from Available Amounts, the Base Servicing Fee (including any
unpaid Base Servicing Fees from one or more prior Collection Periods);

          (iv) on a pro rata basis (based on the amounts distributable pursuant to this clause to
each Class of Noteholders), to the Class A-1 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, to the Class A-2 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, to the Class A-3 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, and to the Class A-4 Noteholders, the Noteholders’
Interest Distributable Amount for such Class, such amounts to be paid from Available Amounts
(after giving effect to any reduction in Available Amounts described in clause (iii) above);

          (v) to the Class A-1 Noteholders until the principal amount of the Class A-1 Notes is
reduced to zero, an amount equal to the Noteholders’ Principal Distributable Amount for such
Distribution Date, such amounts to be paid from Available Amounts (after giving effect to
any reduction in Available Amounts described in clauses (iii) and (iv) above);

(Nissan 2008-B Sale and Servicing Agreement)

41

 

          (vi) after the principal amount of the Class A-1 Notes is reduced to zero, to the Class
A-2 Noteholders until the principal amount of the Class A-2 Notes is reduced to zero, then
to the Class A-3 Noteholders until the principal amount of the Class A-3 Notes is reduced to
zero, and then to the Class A-4 Noteholders until the principal amount of the Class A-4
Notes is reduced to zero, an amount equal to the Noteholders’ Principal Distributable Amount
for each such Class for such Distribution Date (after giving effect to any reduction in
Noteholders’ Principal Distributable Amount described in clause (v) above), such amounts to
be paid from Available Amounts (after giving effect to any reduction in Available Amounts
described in clauses (iii) through (v) above);

          (vii) to the Reserve Account, the amount, if any, necessary to cause the balance of
funds therein to equal the Specified Reserve Account Balance with respect to such
Distribution Date, such amounts to be paid from Available Amounts (after giving effect to
any reduction in Available Amounts described in clauses (iii) through (vi) above);

          (viii) to the Certificateholders, or, to the extent amounts are payable to a Currency
Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.11, to
such Currency Swap Counterparty, except on any Distribution Date that occurs after the Notes
are accelerated, the Certificateholders’ Principal Distributable Amount, such amounts to be
paid from Available Amounts (after giving effect to any reduction in Available Amounts
described in clauses (iii) through (vii) above); and

          (ix) any Available Amounts remaining after giving effect to the foregoing, to the
Certificateholders.

     (d) Notwithstanding the provisions of Section 5.06(c), after the occurrence of an Event
of Default that results in the acceleration of any Notes and unless and until such
acceleration has been rescinded, on each Distribution Date, the Relevant Trustee shall make
the following payments and distributions from the Collection Account (after payment of the
Supplemental Servicing Fee to the extent not previously retained by the Servicer) in the
following order of priority and in the amounts set forth in the Servicer’s Certificate for
such Distribution Date; provided, however, that such payments and
distributions shall be made only from those funds deposited in the Collection Account for
the related Collection Period:

          (i) to the Servicer, from amounts on deposit in the Collection Account, any payments in
respect of Advances required to be reimbursed and to the extent set forth in Section
5.04(b);

          (ii) to the Servicer, from amounts on deposit in the Collection Account, any payments
in respect of Nonrecoverable Advances required to be reimbursed and to the extent set forth
in Section 5.04(c);

          (iii) to the Servicer, from Available Amounts, the Base Servicing Fee (including any
unpaid Base Servicing Fees from one or more prior Collection Periods);

(Nissan 2008-B Sale and Servicing Agreement)

42

 

          (iv) to the Class A-1 Noteholders, the Noteholders’ Interest Distributable Amount for
such Class (after giving effect to any reduction in Available Amounts described in clause
(iii) above);

          (v) to the Class A-1 Noteholders, until the total amount paid to such Noteholders in
respect of principal from the Closing Date is equal to the Original Principal Amount for
such Class of Notes, such amounts to be paid from Available Amounts (after giving effect to
any reduction in Available Amounts described in clauses (iii) and (iv) above);

          (vi) on the Distribution Date on which the Class A-1 Notes have been paid in full and
on each Distribution Date thereafter, on a pro rata basis (based on the amounts
distributable pursuant to this clause to each such Class), to the Class A-2 Noteholders, the
Noteholders’ Interest Distributable Amount for such Class, to the Class A-3 Noteholders, the
Noteholders’ Interest Distributable Amount for such Class, and to the Class A-4 Noteholders,
the Noteholders’ Interest Distributable Amount for such Class, such amounts to be paid from
Available Amounts (after giving effect to any reduction in Available Amounts described in
clauses (iii) through (v) above);

          (vii) to the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4
Noteholders on a pro rata basis (based on the Outstanding Amount of each Class), until the
total amount paid to such Noteholders in respect of principal from the Closing Date is equal
to the Original Principal Amount for such Class of Notes, such amounts to be paid from
Available Amounts (after giving effect to any reduction in Available Amounts described in
clauses (iii) through (vi) above);

          (viii) on the Distribution Date on which the Notes have been paid in full and on each
Distribution Date thereafter, to the Certificateholders, or, to the extent amounts are
payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described
in Section 5.11, to such Currency Swap Counterparty, until the total amount paid to the
Certificateholders in respect of principal from the Closing Date is equal to the Original
Certificate Balance, such amount to be paid from Available Amounts (after giving effect to
the reduction in Available Amounts described in clauses (iii) through (vii) above); and

          (ix) any Available Amounts remaining after giving effect to the foregoing, to the
Certificateholders.

     (e) Notwithstanding the provisions of Sections 5.06(c) and 5.06(d), after the
occurrence of an Event of Default that results in the acceleration of any Notes, on and
after the date on which such acceleration has been rescinded, on each Distribution Date, the
Relevant Trustee shall make the following payments and distributions from the Collection
Account (after payment of the Supplemental Servicing Fee to the extent not previously
retained by the Servicer) in the following order of priority and in the amounts set forth in
the Servicer’s Certificate for such Distribution Date; provided, however,
that such payments and distributions shall be made only from those funds deposited in the
Collection Account for the related Collection Period:

(Nissan 2008-B Sale and Servicing Agreement)

43

 

          (i) to the Servicer, from amounts on deposit in the Collection Account, any payments in
respect of Advances required to be reimbursed and to the extent set forth in Section
5.04(b);

          (ii) to the Servicer, from amounts on deposit in the Collection Account, any payments
in respect of Nonrecoverable Advances required to be reimbursed and to the extent set forth
in Section 5.04(c);

          (iii) to the Servicer, from Available Amounts, the Base Servicing Fee (including any
unpaid Base Servicing Fees from one or more prior Collection Periods);

          (iv) on a pro rata basis (based on the amounts distributable pursuant to this clause to
each Class of Noteholders), to the Class A-1 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, to the Class A-2 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, to the Class A-3 Noteholders, the Noteholders’ Interest
Distributable Amount for such Class and to the Class A-4 Noteholders, the Noteholders’
Interest Distributable Amount for such Class, such amounts to be paid from Available Amounts
(after giving effect to any reduction in Available Amounts described in clause (iii) above);

          (v) to the Class A-1 Noteholders, until the total amount paid to such Noteholders in
respect of principal from the Closing Date is equal to the Original Principal Amount for the
Class A-1 Notes, such amounts to be paid from Available Amounts (after giving effect to any
reduction in Available Amounts described in clauses (iii) and (iv) above);

          (vi) to the Class A-2 Noteholders, until the total amount paid to the Class A-2
Noteholders in respect of principal from the Closing Date is equal to the Original Principal
Amount for the Class A-2 Notes, such amounts to be paid from Available Amounts (after giving
effect to any reduction in Available Amounts described in clauses (iii) through (v) above);

          (vii) to the Class A-3 Noteholders, until the total amount paid to the Class A-3
Noteholders in respect of principal from the Closing Date is equal to the Original Principal
Amount for the Class A-3 Notes, such amounts to be paid from Available Amounts (after giving
effect to any reduction in Available Amounts described in clauses (iii) through (vi) above);

          (viii) to the Class A-4 Noteholders, until the total amount paid to the Class A-4
Noteholders in respect of principal from the Closing Date is equal to the Original Principal
Amount for the Class A-4 Notes, such amounts to be paid from Available Amounts (after giving
effect to any reduction in Available Amounts described in clauses (iii) through (vii)
above);

          (ix) on the Distribution Date on which the Notes have been paid in full and on each
Distribution Date thereafter, to the Certificateholders, or, to the extent amounts are
payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described
in Section 5.11, to such Currency Swap Counterparty, until the

(Nissan 2008-B Sale and Servicing Agreement)

44

 

total amount paid to the Certificateholders in respect of principal from the Closing
Date is equal to the Original Certificate Balance, such amount to be paid from Available
Amounts (after giving effect to the reduction in Available Amounts described in clauses
(iii) through (viii) above); and

          (x) any Available Amounts remaining after giving effect to the foregoing, to the
Certificateholders.

     (f) For purposes of determining whether an Event of Default pursuant to Section 5.01(b)
of the Indenture has occurred, the amount of principal required to be paid to the Holders of
any Class of Notes on any Distribution Date is the amount available to be paid thereto
pursuant to Section 5.06(c); provided, however, that (i) the Class A-1 Notes
are required to be paid in full on or before the Final Scheduled Distribution Date for such
Class, meaning that the Class A-1 Noteholders are entitled to have received on or before
such date payments in respect of principal in an aggregate amount equal to the Original
Principal Amount for such Class, together with all interest accrued thereon through such
date; (ii) the Class A-2 Notes are required to be paid in full on or before the Final
Scheduled Distribution Date for such Class, meaning that the Class A-2 Noteholders are
entitled to have received on or before such date payments in respect of principal in an
aggregate amount equal to the Original Principal Amount for their Class, together with all
interest accrued thereon through such date; (iii) the Class A-3 Notes are required to be
paid in full on or before the Final Scheduled Distribution Date for the related Class,
meaning that the Class A-3 Noteholders are entitled to have received on or before such date
payments in respect of principal in an aggregate amount equal to the Original Principal
Amount for such Class, together with all interest accrued thereon through such date; and
(iv) the Class A-4 Notes are required to be paid in full on or before the Final Scheduled
Distribution Date for such Class, meaning that the Class A-4 Noteholders are entitled to
have received on or before such date payments in respect of principal in an aggregate amount
equal to the Original Principal Amount for their Class, together with all interest accrued
thereon through such date.

     (g) Except with respect to the final payment upon retirement of a Note or Certificate,
the Servicer shall on each Distribution Date instruct the Relevant Trustee to pay or
distribute to each Securityholder of record on the related Record Date by check mailed to
such Securityholder at the address of such Holder appearing in the Certificate Register or
Note Register, as the case may be (or, if DTC, its nominee or a Clearing Agency is the
relevant Holder, by wire transfer of immediately available funds or pursuant to other
arrangements), the amount to be paid or distributed to such Securityholder pursuant to such
Holder’s Note or Certificate. With respect to the final payment upon retirement of a Note
or Certificate, the Servicer shall on the relevant final Distribution Date instruct the
Relevant Trustee to pay or distribute the amounts due thereon only upon delivery for
cancellation of the certificate representing such Note or Certificate in accordance with the
Indenture or the Trust Agreement, as the case may be.

(Nissan 2008-B Sale and Servicing Agreement)

45

 

     SECTION 5.07 Reserve Account.

     (a) In order to assure that certain amounts will be available to make required payments
to Noteholders, the Seller will, pursuant to the Securities Account Control Agreement,
establish and maintain with the Securities Intermediary a segregated trust account (the
“Reserve Account”) in the name of the Indenture Trustee which will include the money
and other property deposited and held therein pursuant to Section 5.06 and this Section
5.07. On or prior to the Closing Date, the Seller shall deposit an amount equal to the
Reserve Account Initial Deposit into the Reserve Account. As, and to the extent, set forth
in Section 5.06(c), the Relevant Trustee will deposit Available Amounts into the Reserve
Account on each Distribution Date as provided in the Servicer’s Certificate, until the
amount on deposit therein equals the Specified Reserve Account Balance. On each
Distribution Date, to the extent that amounts in the Collection Account and/or Available
Amounts, as the case may be, are insufficient to fully fund the payments and distributions
described in clauses (i) through (vi) of Section 5.06(c), clauses (i) through (vii) of
Section 5.06(d), or clauses (i) through (viii) of Section 5.06(e), the Relevant Trustee will
withdraw amounts then on deposit in the Reserve Account, up to the amounts of any such
deficiencies, and deposit such amounts into the Collection Account for application pursuant
to such clauses. On each Distribution Date, as provided in the Servicer’s Certificate, the
Relevant Trustee will release to the Seller any amounts remaining on deposit in the Reserve
Account in excess of the Specified Reserve Account Balance. Upon the payment in full of the
Notes under the Indenture, as directed in writing by the Servicer, the Relevant Trustee will
release to the Seller any amounts remaining on deposit in the Reserve Account, and all
rights to the Reserve Account and all other collateral registered or held therein shall
revert to the Seller in accordance with the Securities Account Control Agreement. Upon any
such distribution to the Seller, the Issuer, the Owner Trustee, the Certificateholders, the
Indenture Trustee and the Noteholders will have no further rights in, or claims to, such
amounts.

     (b) All amounts held in the Reserve Account shall be invested by the Relevant Trustee,
as directed in writing by the Servicer, in Eligible Investments; provided that if
(x) the Servicer shall have failed to give investment directions for any funds on deposit in
the Reserve Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time
as may be agreed by the Servicer and the Indenture Trustee) on any Business Day, or (y) a
Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to the Indenture, or (z)
the Notes shall have been declared due and payable following an Event of Default, but
amounts collected or receivable from the Trust Estate are being applied pursuant to Section
5.05 of the Indenture as if there had not been such a declaration, then the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Reserve
Account in one or more Eligible Investments specified in clauses (i), (iv) or (vi) of the
definition of Eligible Investments. All such Eligible Investments shall mature not later
than the Business Day preceding the next Distribution Date, in such manner that such amounts
invested shall be available to make the required deposits on the Distribution Date; provided
that if permitted by the Rating Agencies, monies on deposit therein may be invested in
Eligible Investments that mature later than the Business Day preceding the next Distribution
Date. The Servicer will not direct the Relevant Trustee

(Nissan 2008-B Sale and Servicing Agreement)

46

 

to make any investment of any funds or to sell any investment held in the Reserve
Account unless the security interest granted and perfected in such account will continue to
be perfected in such investment or the proceeds of such sale, in either case without any
further action by any Person, and, in connection with any direction to the Relevant Trustee
to make any such investment or sale, if requested by the Relevant Trustee, the Servicer
shall deliver to the Relevant Trustee an Opinion of Counsel, acceptable to the Relevant
Trustee, to such effect. Earnings, if any, on investment of funds in the Reserve Account
shall be paid to the Seller, and losses and any investment expenses shall be charged against
the funds on deposit therein. The Relevant Trustee shall incur no liability for the
selection of investments or for losses thereon absent its own negligence or willful
misfeasance. The Relevant Trustee shall have no liability in respect of losses incurred as
a result of the liquidation of any investment prior to its stated maturity date or the
failure of the Servicer to provide timely written investment directions.

     (c) Subject to the right of the Relevant Trustee to make withdrawals therefrom, as
directed by the Servicer, for the purposes and in the amounts set forth in Section 5.06 and
5.07(a), the Reserve Account and all funds held therein shall be the property of the Seller
and not the property of the Issuer, the Owner Trustee or the Indenture Trustee. The Issuer,
the Owner Trustee, the Seller and the Indenture Trustee will treat the Reserve Account, all
funds therein and all net investment income with respect thereto as assets of the Seller for
federal income tax and all other purposes.

     (d) The Seller hereby grants to the Owner Trustee and the Indenture Trustee for the
benefit of the Noteholders a security interest in the Reserve Account and all funds
(including Eligible Investments) in the Reserve Account (including the Reserve Account
Initial Deposit) and the proceeds thereof to secure the payment of interest on and principal
of the Notes, and the Owner Trustee and the Indenture Trustee shall have all of the rights
of a secured party under the UCC with respect thereto; provided that all income from the
investment of funds in the Reserve Account, and the right to receive such income are
retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder.
If for any reason the Reserve Account is no longer an Eligible Deposit Account, the Relevant
Trustee shall promptly cause the Reserve Account to be moved to another institution or
otherwise changed so that the Reserve Account becomes an Eligible Deposit Account.

     (e) Neither the Owner Trustee nor the Indenture Trustee shall enter into any
subordination or intercreditor agreement with respect to the Reserve Account.

     SECTION 5.08 Yield Supplement Account.

     (a) In order to assure that sufficient amounts to make required distributions of
interest to Noteholders will be available, the Owner Trustee will, pursuant to the
Securities Account Control Agreement and the Yield Supplement Agreement, establish and
maintain with the Securities Intermediary a segregated trust account (the “Yield
Supplement Account”) in the name of the Indenture Trustee which will include the money
and other property deposited and held therein pursuant to the Yield Supplement Agreement and
this Section 5.08.

(Nissan 2008-B Sale and Servicing Agreement)

47

 

     (b) On or prior to the Closing Date, the Seller shall make a capital contribution to
the Trust by depositing an amount equal to the Initial Yield Supplement Amount into the
Yield Supplement Account pursuant to the Yield Supplement Agreement. On each Distribution
Date, to the extent amounts then on deposit in the Yield Supplement Account are sufficient
therefor, the Relevant Trustee will withdraw amounts then on deposit in the Yield Supplement
Account in an amount equal to the Yield Supplement Deposit with respect to such Distribution
Date and deposit such amounts into the Collection Account for application pursuant to
Section 5.06. On each Distribution Date, if the amount on deposit in the Yield Supplement
Account (after giving effect to all deposits thereto or withdrawals therefrom on such
Distribution Date) is greater than the Required Yield Supplement Amount, the Relevant
Trustee will deposit such excess into the Collection Account for distribution by the
Relevant Trustee in accordance with the terms of Section 5.06(c). Upon payment in full of
the Notes under the Indenture as directed in writing by the Servicer, the Indenture Trustee
will release any amounts remaining on deposit in the Yield Supplement Account, and all
rights to the Yield Supplement Account and all other collateral registered or held therein
to the Seller.

     (c) All amounts held in the Yield Supplement Account shall be invested by the Relevant
Trustee, as directed in writing by the Servicer, in Eligible Investments; provided
that if (x) the Servicer shall have failed to give investment directions for any funds on
deposit in the Yield Supplement Account to the Indenture Trustee by 5:00 p.m. Eastern Time
(or such other time as may be agreed by the Servicer and the Indenture Trustee) on any
Business Day, or (y) a Default or Event of Default shall have occurred and be continuing
with respect to the Notes but the Notes shall not have been declared due and payable
pursuant to the Indenture, or (z) the Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the Trust Estate are
being applied pursuant to Section 5.05 of the Indenture as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Yield Supplement Account in one or more Eligible Investments specified
in clauses (i), (iv) or (vi) of the definition of Eligible Investments. All such Eligible
Investments shall mature not later than the Business Day preceding the next Distribution
Date, in such manner that such amounts invested shall be available to make the required
deposits on the Distribution Date; provided, that if permitted by the Rating
Agencies, monies on deposit therein may be invested in Eligible Investments that mature
later than the Business Day preceding the next Distribution Date. The Servicer will not
direct the Relevant Trustee to make any investment of any funds or to sell any investment
held in the Yield Supplement Account unless the security interest granted and perfected in
such account will continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person, and, in connection with any
direction to the Relevant Trustee to make any such investment or sale, if requested by the
Relevant Trustee, the Servicer shall deliver to the Relevant Trustee an Opinion of Counsel,
acceptable to the Relevant Trustee, to such effect. Earnings, if any, on investment of
funds in the Yield Supplement Account shall be deposited in the Collection Account on each
Distribution Date, and losses and any investment expenses shall be charged against the funds
on deposit therein. The Relevant Trustee shall incur no liability for the selection of
investments or for losses thereon absent its own negligence or willful misfeasance. The
Relevant Trustee shall have no liability in

(Nissan 2008-B Sale and Servicing Agreement)

48

 

respect of losses incurred as a result of the liquidation of any investment prior to
its stated maturity date or the failure of the Servicer to provide timely written investment
directions.

     (d) The Trust, the Owner Trustee, the Seller, and the Indenture Trustee will treat the
Yield Supplement Account, all funds therein and all net investment income with respect
thereto as assets of the Trust for federal income tax and all other purposes.

     (e) Pursuant to the Yield Supplement Agreement and the Securities Account Control
Agreement, the Trust will grant to the Indenture Trustee, for the benefit of the
Noteholders, a security interest in all funds (including Eligible Investments) in the Yield
Supplement Account (including the Initial Yield Supplement Amount) and the proceeds thereof
to secure the payment of interest on the Notes, and the Indenture Trustee shall have all of
the rights of a secured party under the UCC with respect thereto. If for any reason the
Yield Supplement Account is no longer an Eligible Deposit Account, the Relevant Trustee
shall promptly cause the Yield Supplement Account to be moved to another institution or
otherwise changed so that the Yield Supplement Account becomes an Eligible Deposit Account.

     (f) Neither the Owner Trustee nor the Indenture Trustee shall enter into any
subordination or intercreditor agreement with respect to the Yield Supplement Account.

     SECTION 5.09 Statements to Certificateholders and Noteholders.

     (a) On each Distribution Date, the Indenture Trustee shall include with each
distribution to each Noteholder, and the Owner Trustee shall include with each distribution
to each Certificateholder a statement (which statement shall also be provided to each Rating
Agency) based on information in the Servicer’s Certificate furnished pursuant to Section
4.08, setting forth for the Collection Period relating to such Distribution Date the
following information:

     (i) the amount of the payment allocable to the principal amount of each Class
of Notes and to the Certificate Balance;

     (ii) the amount of the payment allocable to interest on or with respect to each
Class of Notes;

     (iii) the amount of the distribution allocable to the Yield Supplement Deposit,
if any, plus reinvestment income, if any, on the Yield Supplement Account;

     (iv) the Pool Balance as of the close of business on the last day of the
related Collection Period;

     (v) the amount of the Base Servicing Fee paid to the Servicer with respect to
the related Collection Period, the amount of any unpaid Base Servicing Fees and the
change in such amount from that of the prior Distribution Date and

(Nissan 2008-B Sale and Servicing Agreement)

49

 

the amount of the Supplemental Servicing Fee, if any, paid to the Servicer with
respect to the related Collection Period;

     (vi) the Noteholders’ Interest Carryover Shortfall and the Noteholders’
Principal Carryover Shortfall, if any, with respect to each Class of Notes, and the
change in such amounts from the preceding Distribution Date;

     (vii) the Outstanding Amount, the Note Factor and the Note Pool Factor with
respect to each Class of Notes, and the Certificate Balance, the Certificate Factor
and the Certificate Pool Factor with respect to the Certificates, in each case after
giving effect to all payments in respect of principal on such Distribution Date;

     (viii) the amount of Advances made in respect of the Receivables during the
related Collection Period and the amount of unreimbursed Advances on such
Distribution Date;

     (ix) the balance of the Reserve Account and the Yield Supplement Account on
such Distribution Date, after giving effect to changes thereto on such Distribution
Date and the amount of such changes;

     (x) the amount of defaults and net losses on the Receivables for the related
Collection Period;

     (xi) the number of delinquencies on the Receivables as a percentage of the
number of Receivables;

     (xii) the amount of the currency swap payments and the currency swap
termination payments, if any, due to the Currency Swap Counterparty under the
Currency Swap Agreement described in Section 5.11;

     (xiii) any material change in practices with respect to charge-offs, collection
and management of delinquent Receivables, and the effect of any grace period,
re-aging, re-structuring, partial payments or other practices on delinquency and
loss experience;

     (xiv) any material modifications, extensions or waivers to Receivables terms,
fees, penalties or payments during the Collection Period;

     (xv) any material breaches of representations, warranties or covenants
contained in the Receivables;

     (xvi) any new issuance of notes or other securities backed by the Receivables;
and

     (xvii) any material change in the underwriting, origination or acquisition of
Receivables.

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     (b) Copies of such statements may be obtained by the Certificateholders or the Note
Owners from the Owner Trustee or the Indenture Trustee, as the case may be, by a request in
writing. The Owner Trustee or the Indenture Trustee, as the case may be, shall provide such
copies promptly after such requests.

     (c) No disbursements shall be made directly by the Servicer to a Noteholder, and the
Servicer shall not be required to maintain any investor record relating to the posting of
disbursements or otherwise.

     SECTION 5.10 Net Deposits. So long as NMAC is the Servicer, the Servicer (in whatever
capacity) may make the remittances pursuant to Sections 5.02 and 5.05 above net of amounts to be
distributed to the Servicer (in whatever capacity) pursuant to Section 5.06. Accounts between the
Seller and the Servicer will be adjusted accordingly. Nonetheless, the Servicer shall account for
all of the above described remittances and distributions (except for the Supplemental Servicing Fee
to the extent that the Servicer is entitled to retain such amounts) in the Servicer’s Certificate
as if the amounts were deposited and/or transferred separately.

     SECTION 5.11 Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuer may,
from time to time, as directed by the Certificateholders by means of notice to the Administrator,
enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to
Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuer
enters into the Currency Swap Agreement, the rating agencies have confirmed the then-existing
ratings of the Notes, and (2) any payments to the Currency Swap Counterparty (including termination
payments) are payable only from amounts that are otherwise payable to the Certificateholders. Any
payments received by the Issuer from the Currency Swap Counterparty under such a Currency Swap
Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture
Trustee directly to or to the order of the Certificateholders on the related Distribution Date. In
connection with executing any such Currency Swap Agreement, the Issuer, Indenture Trustee, Owner
Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement,
subject to Section 10.01 in a form approved by the Certificateholders, that will specify the
creation of any necessary accounts and modifications of any provisions hereof to the extent
necessary or appropriate to effectuate the intention of such Currency Swap Agreement.

ARTICLE VI

The Seller

     SECTION 6.01 Representations of Seller. The Seller makes the following
representations on which the Issuer is deemed to have relied in acquiring the Receivables. The
representations speak as of the execution and delivery of this Agreement and as of the Closing
Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

     (a) Organization and Good Standing. The Seller 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

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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. The location of the Seller’s chief executive
office is in Nashville, Tennessee.

     (b) Due Qualification. The Seller 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 Seller to perform its obligations under this
Agreement.

     (c) Power and Authority. The Seller has the corporate power and authority to
execute and deliver this Agreement and to carry out its terms. The Seller 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 Seller by all necessary corporate action.

     (d) Valid Sale; Binding Obligations. This Agreement evidences a valid sale,
transfer and assignment of the Receivables, enforceable against creditors of and purchasers
from the Seller (other than a good faith purchaser for value in the ordinary course of
business who takes actual possession of one or more Receivables); and this Agreement is 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.

     (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 Seller, or any
indenture, agreement or other instrument to which the Seller 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 Seller’s knowledge, any order,
rule or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Seller or its properties; 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.

     (f) No Proceedings. There are no proceedings or investigations pending, or, to
the best of the Seller’s knowledge, threatened, before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the
Seller or its properties: (i) asserting the invalidity of this Agreement, the Trust
Agreement, the Indenture, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Certificates or the Notes; (ii) seeking to prevent the issuance

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of the Certificates or the Notes or the consummation of any of the transactions
contemplated by this Agreement, the Trust Agreement, the Indenture, the Securities Account
Control Agreement or the Yield Supplement Agreement; (iii) seeking any determination or
ruling that would materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this Agreement, the Trust
Agreement, the Indenture, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Certificates or the Notes; or (iv) relating to the Seller and that would
adversely affect the federal or any state income tax attributes of the Issuer, the
Certificates or the Notes.

     SECTION 6.02 Additional Covenants of the Seller.

     (a) The Seller agrees with the Certificateholders, the Note Owners and each Rating
Agency that the Seller shall not issue any securities or deposit assets into a trust that
issues any securities, the issuance of which could reasonably be expected to materially and
adversely affect the rating of any Class of Notes unless it shall have first obtained the
written consent of each Rating Agency to the effect that such issuance will not materially
adversely affect such rating; provided that, the issuance of another series of certificates
or notes pursuant to agreements with terms substantially similar to the terms of the Basic
Documents shall not be deemed to materially and adversely affect the ratings on the Notes.
The Seller shall provide a copy of any such consent to the Owner Trustee and the Indenture
Trustee.

     (b) The Seller shall not do any of the following (without the prior written consent of
each Rating Agency (other than Moody’s) (which consent shall be to the effect that the acts
set forth below shall not affect materially adversely the rating on any Class of Notes) and,
upon the Seller’s receipt of such written consent from each Rating Agency (other than
Moody’s), the Owner Trustee and the Indenture Trustee shall, without any exercise of its own
discretion, also provide its written consent to the Seller (promptly after the occurrence of
any of the following, the Seller shall provide notice of such occurrence to Moody’s, so long
as Moody’s is then rating any outstanding Notes)):

     (1) engage in any business or activity other than those set forth in Article
Three of the Seller’s Certificate of Incorporation, as amended;

     (2) incur any indebtedness, or assume or guaranty any indebtedness of any other
entity, other than (A) any indebtedness incurred in connection with the issuance of
any certificates or notes (as defined in the Seller’s Certificate of Incorporation),
provided that any such future indebtedness incurred in connection with the issuance
of any certificates or notes must be rated at least with the same ratings given the
outstanding certificates or notes secured or supported by assets acquired by the
Seller from NMAC by each nationally recognized statistical rating organization that
has rated such outstanding certificates or notes or, prior to the issuing of such
future indebtedness incurred in connection with such certificates or notes, the
Seller shall have received confirmation from each nationally recognized statistical
rating organization that has rated such outstanding certificates or notes that the
ratings of such outstanding certificates or

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notes will not be adversely affected by the issuance of such future
indebtedness; and (B) (i) any indebtedness to NMAC or any of its Affiliates incurred
in connection with the acquisition of receivables, which indebtedness shall be fully
subordinated (and which shall provide for payment only after payment in respect of
all outstanding rated debt) and nonrecourse against any assets of the Seller other
than the assets pledged to secure such indebtedness, (ii) such indebtedness does not
constitute a claim against the Seller in the event the assets pledged to secure such
indebtedness are insufficient to pay such indebtedness, (iii) holders of such
indebtedness agree that they have no rights in any assets of the Seller other than
the assets pledged to secure such indebtedness, and (iv) to the extent that any
holder of such indebtedness is deemed to have any interest in any assets of the
Seller other than the assets pledged to secure such indebtedness, holders of such
indebtedness agree that their interest is subordinate to claims or rights of holders
of other indebtedness issued by the Seller, and that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code;

     (3) dissolve or liquidate, in whole or in part, consolidate or merge with or
into any other entity or convey or transfer its properties and assets substantially
as an entirety to any entity, unless:

          (i) the entity (if other than the Seller) formed or surviving the consolidation
or merger or which acquires the properties and assets of the Seller is organized and
existing under the laws of the State of Delaware, expressly assumes the due and
punctual payment of all obligations of the Seller, including those obligations of
the Seller under this Agreement and the Basic Documents, and has a Certificate of
Incorporation containing provisions identical to the provisions of Article Three,
Article Four and Article Fifteen of the Seller’s Certificate of Incorporation, as
amended;

          (ii) immediately after giving effect to the transaction, no default or event of
default has occurred and is continuing under any indebtedness of the Seller or any
agreements relating to such indebtedness;

          (iii) the entity (if other than the Seller) formed or surviving the
consolidation or merger or which acquires the properties and assets of the Seller
agrees that (i) it shall maintain its funds or assets as identifiable and not
commingle its funds or assets with those of any direct or ultimate parent of such
entity and pay from its assets all obligations and indebtedness of any kind incurred
by it, (ii) it shall maintain bank accounts, corporate records and books of account
separate from those of any direct or ultimate parent of such entity and (iii) the
business affairs of such entity will be managed by or under the direction of its
board of directors and it will conduct its business from an office space separate
from any direct or ultimate parent of such entity; and

          (iv) each nationally recognized statistical rating organization that has rated
any issue of certificates or notes secured or supported by assets acquired by the
Seller from NMAC shall confirm in writing that the rating of such

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certificates or notes shall not be adversely affected by such consolidation or
merger;

     (4) without the affirmative vote of 100% of the members of the board of
directors of the Seller, institute proceedings to be adjudicated bankrupt or
insolvent, or consent to the institution of bankruptcy or insolvency proceedings
against it, or file a petition seeking or consent to reorganization or relief under
any applicable federal or state law relating to bankruptcy, or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the corporation or all or substantially all of its property, or
make any assignment for the benefit of creditors;

     (5) cease to have an “Independent Director,” as defined in the Seller’s
charter;

     (6) without the affirmative vote of at least one “Independent Director,” as
defined in the Seller’s charter, enter into any transactions with the Servicer not
in the ordinary course of business; or

     (7) modify any provision of the “Restricted Articles,” as defined in the
Seller’s Certificate of Incorporation, of the Seller’s Certificate of Incorporation,
as amended, in any material respect.

     SECTION 6.03 Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically undertaken by the Seller
under this Agreement.

     (a) The Seller shall indemnify, defend and hold harmless the Trust, the Owner Trustee,
the Indenture Trustee from and against any taxes that may at any time be asserted against
any such Person with respect to, as of the date hereof, the sale of the Receivables to the
Trust or the issuance and original sale of the Notes and the Certificates, including any
sales, gross receipts, general corporation, tangible personal property, privilege or license
taxes and any and all other taxes levied or assessed upon the Issuer or upon all or any part
of the Trust Estate (but, in the case of the Trust, not including any taxes asserted with
respect to ownership of the Receivables or federal or other income taxes arising out of the
transactions contemplated by this Agreement and the Basic Documents) and costs and expenses
in defending against the same. Without limiting the generality of the foregoing, if a tax
is levied or assessed upon the Issuer or upon all or any part of the Trust Estate under HB3,
which tax becomes due and payable after the Closing Date, the Seller shall pay such tax (or
cause such tax to be paid) to the applicable taxing authority on behalf of the Issuer.
Notwithstanding anything to the contrary contained herein, nothing in this Agreement should
be read to imply that the Issuer is doing business in Texas, has sufficient nexus with Texas
in order for HB3 to apply to the Issuer or is otherwise subject to the tax described in HB3.

     (b) The Seller shall indemnify, defend and hold harmless the Owner Trustee and the
Indenture Trustee, the Trust, the Certificateholders and the Noteholders from and

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against any loss, liability or expense incurred by reason of (i) the Seller’s willful
misfeasance, bad faith or negligence in the performance of its duties under this Agreement,
or by reason of reckless disregard of its obligations and duties under this Agreement, and
(ii) the Seller’s or the Issuer’s violation of federal or state securities laws in
connection with the registration or the sale of the Certificates and the Notes.

     Indemnification under this Section 6.03 shall survive the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of litigation. If the Seller
shall have made any indemnity payment to any Person entitled thereto pursuant to this Section 6.03
and such Person thereafter shall collect any of such amounts from others, such Person shall
promptly repay such amounts to the Seller, without interest (except to the extent the recipient
collects interest from others).

     Promptly after receipt by a party indemnified under this Section 6.03 (for purposes of this
paragraph, an “Indemnified Party”) of notice of the commencement of any action, such Indemnified
Party will, if a claim is to be made in respect thereof against the Seller under this Section 6.03,
notify the Seller of the commencement thereof. If any such action is brought against any
Indemnified Party under this Section 6.03 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, a conflict of interest, be counsel to the Seller), and the
Seller will not be liable to such Indemnified Party under this Section 6.03 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 6.03 shall
survive the termination of this Agreement or the resignation or removal of the Owner Trustee or the
Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Seller shall have made any indemnity payments pursuant to this Section 6.03 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).

     SECTION 6.04 Merger or Consolidation of, or Assumption of the Obligations of, Seller.
Subject to Section 6.02, any Person (i) into which the Seller may be merged or consolidated,
(ii) resulting from any merger, conversion or consolidation to which the Seller shall be a party,
(iii) succeeding to the business of the Seller or (iv) that is a corporation more than 50% of the
voting stock of which is owned directly or indirectly by Nissan, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation of the Seller under
this Agreement, will be the successor to the Seller under this Agreement without the execution or
filing of any document or any further act on the part of any of the parties to this Agreement;
provided, however, that (x) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 6.01 shall have been breached and no Servicer
Default, and no event that, after notice or lapse of time, or both, would become a Servicer
Default, shall have occurred and be continuing, (y) the Seller shall have delivered to the Owner
Trustee and the Indenture Trustee an Officer’s Certificate stating that such consolidation, merger
or succession and such agreement or assumption comply with this Section 6.04 and that all
conditions precedent, if any, provided for in this Agreement relating to such transaction have been
complied with and (z) the Seller shall have delivered to the Owner Trustee and the Indenture

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Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, based
on customary qualifications and assumptions, all financing statements and continuation statements
and amendments thereto have been executed and filed that are necessary fully to perfect the
interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting
the details of such filings, or (B) stating that, in the opinion of such counsel, no such action
shall be necessary to preserve and protect such interest. The Seller shall provide notice of any
merger, consolidation or succession pursuant to this Section 6.04 to each Rating Agency.
Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (x), (y) and (z) above shall be conditions to the
consummation of the transactions referred to in clauses (i), (ii), (iii) or (iv) above.

     SECTION 6.05 Limitation on Liability of Seller and Others.

     (a) Neither the Seller nor any of the directors, officers, employees or agents of the
Seller shall be under any liability to the Trust, the Certificateholders or the Noteholders,
except as provided under this Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Seller or any such person against
any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Seller and any director, officer, employee or agent of
the Seller may rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters arising
under this Agreement.

     (b) The Seller shall not be under any obligation to appear in, prosecute or defend any
legal action that shall not be incidental to its obligations under this Agreement, and that
in its opinion may cause it to incur any expense or liability; provided,
however, that the Servicer may undertake any reasonable action that it may deem
necessary or desirable in respect of this Agreement and the rights and duties of the parties
to this Agreement and the interests of the Certificateholders and the Noteholders under this
Agreement. In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Servicer, and the
Servicer will not be entitled to be reimbursed therefor.

     SECTION 6.06 Seller May Own Certificates or Notes. The Seller and any Affiliate of the
Seller may in its individual or any other capacity become the owner or pledgee of Certificates or
Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof,
except as otherwise provided in the Basic Documents. Certificates or Notes so owned by or pledged
to the Seller or such controlling or commonly controlled Person shall have an equal and
proportionate benefit under the provisions of this Agreement, without preference, priority or
distinction as among all of the Certificates or the Notes, as the case may be, except as otherwise
expressly provided in the Basic Documents.

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ARTICLE VII

The Servicer

     SECTION 7.01 Representations of Servicer. The Servicer makes the following
representations on which the Issuer is deemed to have relied in acquiring the Receivables. The
representations speak as of the execution and delivery of this Agreement and as of the Closing Date
and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture.

     (a) Organization and Good Standing. The Servicer is duly organized and is
validly existing as a corporation in good standing under the laws of the state of its
incorporation, 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, own, sell and service the Receivables and to hold the Receivable Files as custodian
on behalf of the Trust and the Indenture Trustee. The location of the Servicer’s chief
executive office is in Nashville, Tennessee.

     (b) Due Qualification. The Servicer 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 relating to the servicing of the Receivables as required by this Agreement shall
require such qualifications and where the failure to so qualify would have a material
adverse effect on the ability of the Servicer to perform its obligations under this
Agreement.

     (c) Power and Authority. The Servicer has the power and authority to execute
and deliver this Agreement and to carry out its terms; and the execution, delivery and
performance of this Agreement have been duly authorized by the Servicer by all necessary
corporate action.

     (d) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Servicer 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 articles of incorporation or by-laws of the Servicer, or any
indenture, agreement or other instrument to which the Servicer 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 any order, rule or regulation applicable
to the Servicer of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Servicer or its
properties; which breach, default, conflict, Lien or violation in any case

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

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

     SECTION 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Servicer under this
Agreement:

          (a) The Servicer shall defend, indemnify and hold harmless the Owner Trustee, the
Indenture Trustee, the Trust the Certificateholders and the Noteholders from and against any
and all costs, expenses, losses, damages, claims and liabilities (collectively, “Damages”)
arising out of or resulting from the use, ownership or operation by the Servicer or any of
its Affiliates (other than the Trust) of a Financed Vehicle.

          (b) The Servicer shall indemnify, defend and hold harmless the Owner Trustee, the
Indenture Trustee, the Trust, the Certificateholders and the Noteholders from and against
any and all Damages to the extent that such Damage arose out of, or was imposed upon, the
Owner Trustee, the Indenture Trustee, the Trust, the Certificateholders or the Noteholders
through the negligence, willful misfeasance or bad faith of the Servicer in the performance
of its duties under this Agreement or by reason of reckless disregard of its obligations and
duties under this Agreement.

          (c) The Servicer shall indemnify, defend and hold harmless the Owner Trustee and the
Indenture Trustee from and against all Damages arising out of or incurred in connection with
the acceptance or performance of the trusts and duties herein contained, except to the
extent that such Damage: (i) shall be due to the willful misfeasance, bad faith, or
negligence (except for errors in judgment) of the Owner Trustee or the Indenture Trustee, as
the case may be; (ii) relates to any tax other than the taxes with respect to which the
Seller shall be required to indemnify the Owner Trustee or the Indenture Trustee;
(iii) shall arise from the breach by the Owner Trustee or the Indenture Trustee of any of
their respective representations or warranties set forth in the Basic Documents; (iv) shall
be one as to which the Seller is required to indemnify the Owner Trustee or the Indenture
Trustee and as to which such Person has received payment of indemnity from the Seller; or
(v) shall arise out of or be incurred in

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connection with the performance by the Indenture Trustee of the duties of Successor
Servicer hereunder.

     Promptly after receipt by a party indemnified under this Section 7.02 (for purposes of this
paragraph, 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 Servicer under this
Section 7.02, notify the Servicer of the commencement thereof. If any such action is brought
against any Indemnified Party under this Section 7.02 and it notifies the Servicer of the
commencement thereof, the Servicer 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, a conflict of interest, be counsel to the
Servicer), and the Servicer will not be liable to such Indemnified Party under this Section 7.02
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 7.02 shall survive the termination of this Agreement or the resignation or removal of
the Servicer, the Owner Trustee or the Indenture Trustee and shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Servicer shall have made any indemnity
payments pursuant to this Section 7.02 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 Servicer, without interest (except to the extent received by such Person).

     Indemnification under this Section 7.02 by NMAC (or any successor thereto pursuant to Section
7.03) as Servicer, with respect to the period such Person was the Servicer, shall survive the
termination of such Person as Servicer or a resignation by such Person as Servicer as well as the
termination of this Agreement and shall include reasonable fees and expenses of counsel and
expenses of litigation. If the Servicer shall have made any indemnity payments pursuant to this
Section 7.02 and the recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts to the Servicer, without interest (except to the extent the
recipient collects interest from others).

     SECTION 7.03 Merger or Consolidation of, or Assumption of the Obligations of,
Servicer. Any Person (i) into which the Servicer may be merged or consolidated, (ii) resulting
from any merger, conversion or consolidation to which the Servicer shall be a party,
(iii) succeeding to the business of the Servicer, or (iv) so long as NMAC acts as Servicer, that is
a corporation more than 50% of the voting stock of which is owned directly or indirectly by Nissan,
which Person in any of the foregoing cases executes an agreement of assumption to perform every
obligation of the Servicer under this Agreement, will be the successor to the Servicer under this
Agreement without the execution or filing of any paper or any further act on the part of any of the
parties to this Agreement; provided, however, that (x) immediately after giving
effect to such transaction, no Servicer Default, and no event which, after notice or lapse of time,
or both, would become a Servicer Default, shall have occurred and be continuing, (y) the Servicer
shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate
stating that such consolidation, merger or succession and such agreement of assumption comply with
this Section 7.03 and that all conditions precedent provided for in this Agreement relating to such
transaction have been complied with and (z) the Servicer shall have delivered to the Owner Trustee
and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such
counsel, based on customary qualifications and assumptions, all financing statements and
continuation

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statements and amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and
reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to perfect such interest. The Servicer shall provide notice of any
merger, consolidation or succession pursuant to this Section 7.03 to each Rating Agency.
Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (x), (y) and (z) above shall be conditions to the
consummation of the transactions referred to in clauses (i), (ii), (iii) or (iv) above.

     SECTION 7.04 Limitation on Liability of Servicer and Others.

     (a) Neither the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Trust, the Certificateholders or the
Noteholders, except as provided under this Agreement, for any action taken or for refraining
from the taking of any action pursuant to this Agreement or for errors in judgment;
provided, however, that this provision shall not protect the Servicer or any
such person against any liability that would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on the advice of counsel
or on any document of any kind, prima facie properly executed and submitted by any Person
respecting any matters arising under this Agreement.

     (b) Except as provided in this Agreement, the Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not be incidental
to its duties to service the Receivables in accordance with this Agreement, and that in its
opinion may cause it to incur any expense or liability; provided, however,
that the Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of the Basic Documents and the rights and duties of the parties to the
Basic Documents and the interests of the Certificateholders under this Agreement and the
Noteholders under the Indenture. In such event, the legal expenses and costs of such action
and any liability resulting therefrom shall be expenses, costs and liabilities of the
Servicer, and the Servicer will not be entitled to be reimbursed therefor.

     SECTION 7.05 NMAC Not To Resign as Servicer. Subject to the provisions of Section
7.03, NMAC shall not resign from the obligations and duties hereby imposed on it as Servicer under
this Agreement except upon determination that the performance of its duties under this Agreement
shall no longer be permissible under applicable law. Notice of any such determination permitting
the resignation of NMAC shall be communicated to the Owner Trustee and the Indenture Trustee at the
earliest practicable time (and, if such communication is not in writing, shall be confirmed in
writing at the earliest practicable time), and any such determination shall be evidenced by an
Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee
concurrently with or promptly after such notice. No such resignation shall become effective until
the Indenture Trustee or a Successor Servicer shall (i) have taken the actions required by Section
8.01 of this Agreement to effect the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for
administration by it of all cash amounts that shall at the time be held by the

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predecessor Servicer for deposit, or shall thereafter be received with respect to a Receivable
and the delivery of the Receivable Files, and the related accounts and records maintained by the
Servicer, (ii) have assumed the responsibilities and obligations of NMAC as Servicer under this
Agreement in accordance with Section 8.02 of this Agreement (other than the initial Servicer’s
obligation to make Advances), and (iii) become the Administrator under the Administration Agreement
in accordance with Section 8 of such Agreement.

ARTICLE VIII

Default

     SECTION 8.01 Servicer Default. If any one of the following events (a “Servicer
Default”) shall occur and be continuing:

     (a) any failure by the Servicer (or the Seller, so long as NMAC is the Servicer) to
deliver to the Relevant Trustee for deposit in any of the Accounts any required payment or
to direct the Relevant Trustee to make any required distributions therefrom, which failure
continues unremedied for a period of three Business Days after (i) receipt by the Servicer
(or the Seller, so long as NMAC is the Servicer) of written notice of such failure given by
the Owner Trustee or the Indenture Trustee, (ii) receipt by the Servicer (or the Seller, so
long as NMAC is the Servicer), the Owner Trustee or the Indenture Trustee of written notice
of such failure given by Holders of Notes evidencing not less than 25% of the Outstanding
Amount, or (iii) discovery of such failure by any officer of the Servicer;

     (b) any failure by the Servicer (or the Seller, as long as NMAC is the Servicer) to
duly observe or perform in any material respect any other covenants or agreements of the
Servicer (or the Seller, as long as NMAC is the Servicer) set forth in this Agreement
(including its obligation to purchase Receivables pursuant to Section 4.06), which failure
shall materially and adversely affect the rights of the Certificateholders or the
Noteholders and shall continue unremedied for a period of 90 days after giving of written
notice of the failure to (i) the Servicer (or the Seller, as long as NMAC is the Servicer)
by the Owner Trustee or the Indenture Trustee, or (ii) the Servicer (or the Seller, as long
as NMAC is the Servicer) and the Owner Trustee or the Indenture Trustee by Holders of Notes
evidencing not less than 25% of the Outstanding Amount or Holders of Certificates evidencing
not less than 25% of the Certificate Balance; or

     (c) the occurrence of an Insolvency Event with respect to the Servicer;

then, and in each and every case, so long as the Servicer Default shall not have been remedied,
either the Indenture Trustee or the Holders of Notes evidencing a majority of the Outstanding
Amount of the Notes (but excluding for purposes of such calculation and action all Notes held or
beneficially owned by NMAC, NARC II or any of their Affiliates unless all of the Notes are held or
beneficially owned by NMAC, NARC II or any of their Affiliates), acting together as a single Class,
by notice then given in writing to the Servicer (and to the Indenture Trustee and the Owner Trustee
if given by the Noteholders) may terminate all of the rights and obligations (other than the
obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after
the receipt by the Servicer of such written notice, all authority and power of the Servicer

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under this Agreement, whether with respect to the Notes, the Certificates or the Receivables or
otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such
Successor Servicer as may be appointed under Section 8.02; and, without limitation, the Indenture
Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the
benefit of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the transfer and endorsement
of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate
with the Successor Servicer and the Owner Trustee in effecting the termination of the
responsibilities and rights of the predecessor Servicer under this Agreement, including, without
limitation, the transfer to the Successor Servicer for administration by it of all cash amounts
that shall at the time be held by the predecessor Servicer for deposit, or have been deposited by
the predecessor Servicer, in the Accounts or thereafter received with respect to the Receivables
that shall at that time be held by the predecessor Servicer and the delivery of the Receivable
Files and the related accounts and records maintained by the predecessor Servicer. All reasonable
costs and expenses (including attorneys’ fees) incurred in connection with transferring the
Receivable Files to the Successor Servicer and amending this Agreement to reflect such succession
as Servicer pursuant to this Section 8.01 shall be paid by the predecessor Servicer upon
presentation of reasonable documentation of such costs and expenses. Notwithstanding the
foregoing, in the event the predecessor Servicer is the Indenture Trustee, the original Servicer
hereunder shall reimburse the Indenture Trustee for all reasonable costs and expenses as described
in the immediately preceding sentence. Upon receipt of notice of the occurrence of a Servicer
Default, the Indenture Trustee shall give notice thereof to the Rating Agencies.

     SECTION 8.02 Appointment of Successor.

     (a) Upon the Servicer’s receipt of notice of termination pursuant to Section 8.01 or
the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor
Servicer shall continue to perform its functions as Servicer under this Agreement, in the
case of termination, only until the date specified in such termination notice or, if no such
date is specified in a notice of termination, until receipt of such notice and, in the case
of resignation, until the earlier of (i) the date 45 days from the delivery to the Owner
Trustee and the Indenture Trustee of written notice of such resignation (or written
confirmation of such notice) in accordance with the terms of this Agreement and (ii) the
date upon which the predecessor Servicer shall become unable to act as Servicer, as
specified in the notice of resignation and accompanying Opinion of Counsel. In the event of
the Servicer’s resignation or termination hereunder, the Indenture Trustee shall appoint a
Successor Servicer, and the Successor Servicer shall accept its appointment (including its
appointment as Administrator under the Administration Agreement as set forth in Section
8.02(b)) by a written assumption in form acceptable to the Owner Trustee and the Indenture
Trustee and shall provide in writing the information reasonably required by the Seller to
comply with its reporting obligations under the Exchange Act with respect to a replacement
servicer. If a Successor Servicer has not been appointed at the time when the predecessor
Servicer has ceased to act as Servicer in accordance with this Section 8.02, the Indenture
Trustee without further action shall automatically be appointed the Successor Servicer and
the

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Indenture Trustee shall be entitled to the Total Servicing Fee. Notwithstanding the
above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or
petition a court of competent jurisdiction to appoint, and the predecessor Servicer, if no
successor Servicer has been appointed at the time the predecessor Servicer has ceased to
act, may petition a court of competent jurisdiction to appoint any established institution
having a net worth of not less than $100,000,000 and whose regular business shall include
the servicing of automobile and/or light-duty truck receivables, as the successor to the
Servicer under this Agreement.

     (b) Upon appointment, the Successor Servicer (including the Indenture Trustee acting as
Successor Servicer) shall (i) be the successor in all respects to the predecessor Servicer
and shall be subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Servicer (except the initial Servicer’s
obligation to make Advances) and shall be entitled, subject to the arrangements referred to
in paragraph (c) below, to the servicing fee and all the rights granted to the predecessor
Servicer by the terms and provisions of this Agreement and (ii) become the Administrator
under the Administration Agreement in accordance with Section 8 of such Agreement.

     (c) In connection with such appointment, the Issuer may make such arrangements for the
compensation of such Successor Servicer out of payments on Receivables as it and such
Successor Servicer shall agree; provided, however, that no such compensation
shall be in excess of that permitted the predecessor Servicer under this Agreement. The
Issuer, the Indenture Trustee and such Successor Servicer shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.

     SECTION 8.03 Repayment of Advances. If the Servicer shall resign or be terminated,
the Servicer shall continue to be entitled to receive, to the extent of available funds,
reimbursement for Outstanding Advances pursuant to Sections 5.03 and 5.04 with respect to all
Advances previously made thereby.

     SECTION 8.04 Notification . Upon any termination of, or appointment of a successor
to, the Servicer pursuant to this Article VIII, the Owner Trustee shall give prompt written notice
thereof to the Certificateholders, and the Indenture Trustee shall give prompt written notice
thereof to Noteholders and the Rating Agencies.

     SECTION 8.05 Waiver of Past Defaults. The Holders of Notes evidencing a majority of
the Outstanding Amount of the Notes, or, in the case of any Servicer Default which does not
adversely affect the Indenture Trustee or the Noteholders, the Holders of Certificates evidencing a
majority of the Certificate Balance, in each case excluding for purposes of such calculation and
action all Securities held or beneficially owned by NMAC, NARC II or any of their Affiliates
(unless all of the Notes or the Certificates, as the case may be, are held by NMAC, NARC II and
their Affiliates), may, on behalf of all the Noteholders and the Certificateholders, waive in
writing any default by the Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or payments from the Collection
Account in accordance with this Agreement. Upon any such waiver of a past default, such default
shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been
remedied

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for every purpose of this Agreement. No such waiver shall extend to any subsequent or other
default or impair any right consequent thereto.

ARTICLE IX

Termination; Release of Receivables

     SECTION 9.01 Optional Purchase of All Receivables.

     (a) On each Distribution Date following the last day of a Collection Period as of which
the Pool Balance shall be less than or equal to the Optional Purchase Percentage multiplied
by the Original Pool Balance, the Servicer or any successor to the Servicer shall have the
option to purchase, or cause to be purchased, the corpus of the Owner Trust Estate (whether
or not such assets then comprise all or a portion of the Trust Estate) for an amount equal
to the Optional Purchase Price (the “Optional Purchase”). To exercise such option, the
Servicer or any successor to the Servicer shall notify the Owner Trustee and the Indenture
Trustee of its intention to do so in writing, no later than the tenth day of the month
preceding the month in which the Distribution Date as of which such purchase is to be
effected and shall, on or before the Distribution Date on which such purchase is to occur,
deposit pursuant to Section 5.05 in the Collection Account an amount equal to the Optional
Purchase Price (or the deposit in cash of such lesser amount as provided in Section
9.01(b)), and shall succeed to all interests in and to the Trust Estate and the Owner Trust
Estate; provided, however, that the Servicer shall not effect any such
purchase so long as the rating of NMAC by Moody’s, or if NMAC shall then be unrated by
Moody’s, then the rating of Nissan Capital of America, Inc., is less than “Ba1” by Moody’s,
unless the Owner Trustee and the Indenture Trustee shall have received an Opinion of Counsel
to the effect that such purchase shall not constitute a fraudulent conveyance, subject to
such assumptions as to factual matters as may be contained therein. Amounts so deposited
will be paid and distributed as set forth in Section 5.06 of this Agreement. Upon such
deposit of the amount necessary to purchase the corpus of the Owner Trust Estate, the
Servicer shall for all purposes of this Agreement be deemed to have released all claims for
reimbursement of Outstanding Advances made in respect of the Receivables.

     (b) The Servicer, at its option, may pay all or a portion of the Optional Purchase
Price by issuing a demand note in favor of the Trust, the terms of which, on the whole,
shall be commercially reasonable and substantially similar to terms that would prevail in an
arms-length negotiation between unaffiliated parties; provided, however,
that (i) the Servicer shall pay in cash the portion of the Optional Purchase Price that is
equal to or greater than the sum of (x) the Outstanding Amount of all Classes of Notes and
(y) the Noteholders’ Interest Distributable Amount for all Classes of Notes for such
Distribution Date and (ii) the Servicer may issue a demand note to a Certificateholder
pursuant to this Section 9.01 only if such Certificateholder consents to the receipt of such
demand note.

     (c) Notice of any such purchase of the Owner Trust Estate shall be given by the Owner
Trustee and the Indenture Trustee to each Securityholder as soon as practicable after their
receipt of notice thereof from the Servicer.

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     (d) Following the satisfaction and discharge of the Indenture and the payment in full
of the principal of and interest on the Notes, the Certificateholders will succeed to the
rights of the Noteholders hereunder other than under Section 5.06 and the Issuer will
succeed to the rights of the Indenture Trustee provided for in this Agreement.

     SECTION 9.02 Release of Receivables.

     (a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 or by the
Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on
behalf of the Noteholders, shall, without further action, be deemed to transfer, assign,
set-over and otherwise convey to the Seller or the Servicer, as the case may be, all right,
title and interest of the Issuer in, to and under such repurchased Receivable, all monies
due or to become due with respect thereto and all proceeds thereof and the other property
conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable,
and all security and any records relating thereto, such assignment being an assignment
outright and not for security; and the Seller or the Servicer, as applicable, shall
thereupon own each such Receivable, and all such related security and records, free of any
further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture
Trustee or the Noteholders with respect thereto.

     (b) The Issuer and Indenture Trustee shall execute such documents and instruments of
transfer and assignment and take such other actions as shall be reasonably requested by the
Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable
pursuant to Sections 3.02, 4.06 and 9.02.

     (c) If in any enforcement suit or legal proceeding it is held that the Seller or the
Servicer may not enforce a repurchased Receivable on the ground that it is not a real party
in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture
Trustee on behalf of the Noteholders, shall, at the written direction and expense of the
Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the
Servicer deems necessary to enforce the Receivable, including bringing suit in the name or
names of the Issuer, the Certificateholders or the Noteholders.

     SECTION 9.03 Termination.

     (a) The respective obligations of the Seller, the Servicer, NMAC (so long as NMAC has
rights or obligations hereunder), the Owner Trustee, and the Indenture Trustee, as the case
may be, pursuant to this Agreement shall terminate upon the earliest of (i) the maturity or
other liquidation of the last Receivable and the final disposition of all amounts received
upon liquidation of any remaining Receivables, or (ii) the election by the Servicer to
purchase the corpus of the Trust as described in Section 9.01 and the payment or
distribution to Securityholders of all amounts required to be paid to them under the
Indenture or the Trust Agreement, as the case may be.

     (b) Notice of any such termination under this Section 9.03 shall be given by the
Indenture Trustee or the Owner Trustee to each Securityholder of record as specified in the
Indenture or the Trust Agreement, as appropriate.

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ARTICLE X

Miscellaneous

     SECTION 10.01 Amendment.

     (a) This Agreement may be amended by the Seller, the Servicer and the Issuer, with the
consent of the Indenture Trustee, but without the consent of any of the Noteholders or the
Certificateholders.

     (1) to cure any ambiguity, correct or supplement any provision herein that may
be inconsistent with any other provision herein, or make any other provisions with
respect to matters or questions arising hereunder that are not inconsistent with the
provisions herein; provided that (i) the amendment will not materially and adversely
affect the interest of any Noteholder or Certificateholder and (ii) the Servicer
shall have delivered an Officer’s Certificate to the Indenture Trustee and the Owner
Trustee stating that such amendment will not materially and adversely affect the
interest of any Noteholder or Certificateholder; and

     (2) to change the formula for determining the required amount for the Specified
Reserve Account Balance upon (i) confirmation from each Rating Agency that such
amendment will not result in the qualification, reduction or withdrawal of any
rating it currently assigns to any Class of Notes, and (ii) delivery by the
Servicer to the Indenture Trustee and the Owner Trustee of an Officer’s Certificate
stating that such amendment will not materially and adversely affect the interest of
any Securityholder.

     An amendment will be deemed not to materially and adversely affect the interests of any
Noteholder or Certificateholder of any Class if (x) the amendment does not adversely affect the
Trust’s status as a partnership (or, for any period during which there is not more than one
beneficial owner of a Certificate, the Trust’s status as an entity that is disregarded as an entity
separate from the Certificateholder) for federal income tax purposes, (y) each Rating Agency
confirms that that amendment will not result in a reduction or withdrawal of its rating on the
Notes of that Class, and (z) the Servicer has delivered the Officer’s Certificate described in this
Section 10.01(a).

     (b) This Agreement may also be amended from time to time by the Seller, the Servicer
and the Issuer, with the consent of the Indenture Trustee and the consent of:

     (1) the Holders of Notes evidencing a majority of the Outstanding Amount of the
Notes; or

     (2) in the case of any amendment that does not adversely affect the Indenture
Trustee or the Noteholders, the Holders of the Certificates evidencing a majority of
the outstanding Certificate Balance (but excluding for purposes of calculation and
action all Certificates held by the Seller, the Servicer or any of their Affiliates,
unless all of the Certificates are held by the Seller, the Servicer or any of their
Affiliates);

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for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of those Noteholders or
Certificateholders; provided, however, that no amendment shall:

     (1) increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Receivables or distributions that are
required to be made for the benefit of those Noteholders or Certificateholders or
change the Interest Rate or the Specified Reserve Account Balance (except as
described above under clause (2) of subsection (a) above) without the consent of
each “adversely affected” Noteholder or Certificateholder; or

     (2) reduce the aforesaid percentage of the Outstanding Amount of the Notes or
Certificate Balance of the Certificates which is required to consent to any
amendment, without the consent of the Holders of all the then outstanding Notes or
Certificates.

     An amendment referred to above will be deemed not to “adversely affect” a Noteholder of any
Class only if each Rating Agency confirms that that amendment will not result in a reduction or
withdrawal of its rating on the Notes of that Class. In connection with any amendment referred to
in clause (x) above, the Servicer shall deliver an Officer’s Certificate to the Indenture Trustee
and the Owner Trustee stating that those Noteholders and Certificateholders whose consents were not
obtained were not adversely affected by such amendment.

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

     It shall not be necessary for the consent of the Certificateholders or the Noteholders
pursuant to this Section 10.01 to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance thereof.

     Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture
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 and the Opinion of Counsel referred
to in Section 10.02(h)(A). The Owner Trustee and the Indenture Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture
Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

     SECTION 10.02 Protection of Title to Trust.

     (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 Issuer
and of the Indenture Trustee in the Receivables and in the proceeds thereof. The Seller
shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture Trustee

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file-stamped copies of, or filing receipts for, any document filed as provided above,
as soon as available following such filing.

     (b) The Seller and the Servicer shall notify the Owner Trustee and the Indenture
Trustee 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 in accordance with paragraph (a) above seriously misleading within the meaning of
Section 9-507(c) of the UCC, and shall promptly file appropriate amendments to all
previously filed financing statements or continuation statements.

     (c) Each of the Seller and the Servicer shall notify the Owner Trustee and the
Indenture Trustee of any relocation of its principal executive office or state of
incorporation 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 or new financing statement. The Servicer shall at all
times maintain each office from which it shall service Receivables, and its principal
executive office, within the United States of America.

     (d) The Servicer shall maintain accounts and records as to each Receivable accurately
and in sufficient detail to permit (i) the reader thereof to know at any time the status of
such Receivable, including payments and recoveries made and payments owing (and the nature
of each), and (ii) reconciliation between payments or recoveries on (or with respect to)
each Receivable and the amounts from time to time deposited in the Collection Account in
respect of such Receivable.

     (e) The Servicer shall maintain its computer systems so that, from and after the time
of sale under this Agreement of the Receivables to the Trust, the Servicer’s master computer
records that refer to any Receivable shall indicate clearly the interest of the Issuer and
the Indenture Trustee in such Receivable and that such Receivable is owned by the Issuer and
has been pledged to the Indenture Trustee. The Servicer shall at all times maintain control
of the Receivables constituting electronic chattel paper. Indication of these respective
interests in a Receivable shall be deleted from or modified on the Servicer’s computer
systems when, and only when, the related Receivable shall have become a Liquidated
Receivable or been repurchased.

     (f) If at any time the Seller or the Servicer 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 Servicer shall give to such
prospective purchaser, lender or other transferee computer tapes, records or printouts 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 Issuer and has been pledged to the
Indenture Trustee.

     (g) Upon receipt of a written request from the Owner Trustee or the Indenture Trustee,
which request shall be made no more frequently than annually, the Servicer shall furnish to
the Owner Trustee or the Indenture Trustee, as the case may be, within 20

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Business Days after receipt of such request, a list of all Receivables (by contract
number and name of Obligor) then held as part of the Trust, together with a reconciliation
of the list of Receivables attached hereto as Schedule A and to each of the
Servicer’s Certificates furnished before such request indicating removal of Receivables from
the Trust. The Servicer shall permit the Indenture Trustee and its agents at any time
during normal business hours upon reasonable prior notice to inspect, audit and make copies
of and abstracts from the Servicer’s records regarding any Receivable.

     (h) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee:

          (A) upon the execution and delivery of this Agreement and of each amendment
hereto, an Opinion of Counsel, based on customary assumptions and qualifications,
stating that, in the opinion of such counsel, either (A) all financing statements
and continuation statements have been executed and filed that are necessary to
perfect the interest of the Trust and the Indenture Trustee in the Receivables, and
reciting the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) no such action shall be necessary to preserve
and protect such interest;

          (B) if requested by the Indenture Trustee or the Owner Trustee, not more
frequently than annually, an Opinion of Counsel, dated as of a date during such
90-day period, either (A) stating that, in the opinion of such counsel, based on
customary assumptions and qualifications, all financing statements and continuation
statements have been executed and filed that are necessary to perfect the interest
of the Trust and the Indenture Trustee in the Receivables, and reciting the details
of such filings or referring to prior Opinions of Counsel in which such details are
given, or (B) no such action shall be necessary to preserve and protect such
interest; and

          (C) with a copy to each Rating Agency then rating the Notes, no less frequently
than every twelve months (commencing on the Closing Date), an Opinion of Counsel, in
substantially the form delivered to the Rating Agencies on the Closing Date, either
as to the Servicer’s control of the Receivables evidenced by electronic contracts,
or as to the Servicer’s control of other automobile receivables evidenced by
electronic contracts sold and serviced by the Servicer.

     (i) Each Opinion of Counsel referred to in clause (h)(A), (h)(B) or (h)(C) above shall
specify any action necessary (as of the date of such Opinion of Counsel) to be taken in the
following year to preserve and protect such interest.

     SECTION 10.03 Notices. All demands, notices, communications and instructions upon or
to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee or the Rating Agencies under
this Agreement shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the
Seller, to Nissan Auto Receivables Corporation II, P.O. Box 685001, Franklin, Tennessee,
37068-5001, Attention: Treasurer, (b) in the case of the Servicer, to Nissan Motor Acceptance

(Nissan 2008-B Sale and Servicing Agreement)

70

 

Corporation, 333 Commerce Street, 10th Floor, B-10-C, Nashville, Tennessee,
37201-1800, Attention: Treasurer, (c) in the case of the Issuer or the Owner Trustee, to Nissan
Auto Receivables 2008-B Owner Trust, c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2008-B Owner Trust,
(d) in the case of the Indenture Trustee, to Deutsche Bank Trust Company Americas, c/o Deutsche
Bank National Trust Company, 25 DeForest Avenue, Summit, NJ 07901, Attention: Structured Finance
Services – Nissan Auto Receivables 2008-B Owner Trust, (e) in the case of Moody’s, to Moody’s
Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New
York, New York 10007, and (f) in the case of Standard & Poor’s, to Standard & Poor’s, a division of
The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041-0003, Attention: Asset
Backed Surveillance Department; or, as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

     SECTION 10.04 Assignment by the Seller or the Servicer. Notwithstanding anything to
the contrary contained herein, except as provided in Sections 6.04 and 7.03 of this Agreement and
as provided in the provisions of this Agreement concerning the resignation or termination of the
Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior
written consent of the Indenture Trustee, the Owner Trustee, the Holders of Notes evidencing not
less than 66 2/3% of the Outstanding Amount and the Holders of Certificates evidencing not less
than 66 2/3% of the Certificate Balance.

     SECTION 10.05 Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Seller, the Servicer, the Issuer, the Owner Trustee, the
Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement,
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 10.06 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     SECTION 10.07 Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument.

     SECTION 10.08 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     SECTION 10.09 Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law provisions (other than
Section 5-1401 of the General Obligations Law of the State of New York), and the

(Nissan 2008-B Sale and Servicing Agreement)

71

 

obligations, rights and remedies of the parties hereunder shall be determined in accordance
with such laws.

     SECTION 10.10 Assignment by Issuer. The Seller hereby acknowledges and consents to
any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture
Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and
interest of the Issuer in, to and under the Receivables and the related property acquired hereunder
and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the
Indenture Trustee.

     SECTION 10.11 Nonpetition Covenants.

     (a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall
not, prior to the date which is one year and one day after the termination of this Agreement with
respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case
against the Issuer under any federal or state bankruptcy, insolvency or similar law, or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or any substantial part of its property, or ordering the winding up or liquidation of the
affairs of the Issuer.

     (b) Notwithstanding any prior termination of this Agreement, each of the Servicer and the
Owner Trustee (not in its individual capacity but solely as Owner Trustee), prior to the date which
is one year and one day after the Notes are paid in full, covenants and agrees that it will not at
any time file, join in any filing of, or cooperate with or encourage others to file any bankruptcy,
reorganization arrangement, insolvency or liquidation proceeding or other proceeding against the
Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or
any substantial part of its property, or ordering the winding up or liquidation of the affairs of
the Seller.

     SECTION 10.12 Limitation of Liability of Owner Trustee and Indenture Trustee.
Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by
Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner
Trustee of the Issuer, and by Deutsche Bank Trust Company Americas, not in its individual capacity,
but solely in its capacity as Indenture Trustee under the Indenture. In no event shall Wilmington
Trust Company or Deutsche Bank Trust Company Americas have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered by the Seller or the Servicer, or prepared by the
Seller or the Servicer for delivery by the Owner Trustee on behalf of the Issuer, pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the performance of its duties or obligations hereunder or in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

     SECTION 10.13 Waivers. No failure or delay on the part of the Issuer in exercising
any power, right or remedy under this Agreement or the Assignment shall operate as a waiver hereof

(Nissan 2008-B Sale and Servicing Agreement)

72

 

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 such power, right
or remedy preclude any other or further exercise hereof or thereof or the exercise of any other
power, right or remedy. Notwithstanding anything to the contrary, the Issuer shall not waive any
breach of representations and warranties as set forth in Sections 3.01(e), (l), (n), (o), (aa) or
(ee) without the written consent of at least a majority of the Outstanding Amount of the Notes,
voting as a single class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NMAC, NARC II or any of their
Affiliates.

The remainder of this page intentionally left blank.

(Nissan 2008-B Sale and Servicing Agreement)

73

 

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

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY,	 	 
	 	 	 	 	not in its individual capacity but solely as
Owner Trustee on behalf of the Trust	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES CORPORATION II, 

as Seller	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:   Rakesh Kochhar
	 	 
	 

	 	 	 	 	 	Title:     Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION, individually and as Servicer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:   Steven R. Lambert
	 	 
	 

	 	 	 	 	 	Title:     President	 	 

	 	 	 	 	 
	ACKNOWLEDGED AND ACCEPTED AS OF 

THE DAY AND YEAR FIRST ABOVE WRITTEN:	 	 
	 
	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

(Nissan 2008-B Sale and Servicing Agreement)

S-1 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

To be delivered by NMAC upon request.

(Nissan 2008-B Sale and Servicing Agreement)

Schedule A-1 

 

SCHEDULE B

LOCATION OF THE RECEIVABLE FILES

	1.	 	Nissan Motor Acceptance Corporation, including its Infiniti Financial Services Division, 8900
Freeport Parkway, Irving, TX 75063-2438
	 
	2.	 	Iron Mountain, 1235 N. Union Bower, Irving, Texas 75061
	 
	3.	 	Nissan North America, Inc., Denver Data Center, 106 Inverness Circle, East Englewood,
Colorado 80112-5312
	 
	4.	 	Iron Mountain, 8879 Fox Drive, Thornton, Colorado 80260
	 
	5.	 	FDI Computer Consulting, Inc. (dba FDI Collateral Management), at the following locations:
	 
	 	 	(a) Operations Facility (where paper titles are stored): 1650 Tribute Road, Sacramento, CA
95815-4400
	 
	 	 	(b) Data Center (where production e-data is stored): 1140 Striker, Sacramento, CA 95834
	 
	 	 	(c) Corporate Office (where daily backups are transferred): 1610 Arden Way, #145,
Sacramento, CA 95815-4010
	 
	 	 	(d) Offsite storage (where long-term backup tapes are stored): Iron Mountain, 711 Striker
Avenue, Sacramento, CA 95834
	 
	6.	 	DealerTrack, Inc., 300 Boulevard East, Weehawken, New Jersey 07086
	 
	7.	 	DealerTrack, Inc., 1 First Avenue, Waltham, Massachusetts 02451

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit B-1 

 

EXHIBIT A

FORM OF YIELD SUPPLEMENT AGREEMENT

See attached.

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-1 

 

Nissan Auto Receivables Corporation II

P.O. Box 685001

Franklin, Tennessee 37068-5001

Dated as of June 19, 2008

YIELD SUPPLEMENT AGREEMENT

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

25 DeForest Avenue

Summit, New Jersey 07901

Attn: Structured Finance Services – Nissan Auto

         Receivables 2008-B Owner Trust

Nissan Auto Receivables 2008-B Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2008-B Owner Trust

Ladies and Gentlemen:

     Nissan Auto Receivables Corporation II (the “Company”) hereby confirms arrangements made as of
the date hereof with you, Deutsche Bank Trust Company Americas, as Indenture Trustee, and
Wilmington Trust Company, as Owner Trustee for the Nissan Auto Receivables 2008-B Owner Trust (the
“Trust”), for the benefit of the Noteholders, to be effective upon (i) receipt by the Company of
the enclosed copy of this letter agreement (the “Yield Supplement Agreement”), executed by Nissan
Motor Acceptance Corporation (“NMAC”), the Indenture Trustee and the Owner Trustee, (ii) execution
of the Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), between the
Company and NMAC, (iii) receipt by NMAC of the payment by the Company of the purchase price under
the Purchase Agreement, and (iv) the receipt by the Company of the capital contribution of NMAC in
connection with the payment of the purchase price under the Purchase Agreement. Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings given to them in
the Sale and Servicing Agreement, dated as of the date hereof, among NMAC, as Servicer, the
Company, and Nissan Auto Receivables 2008-B Owner Trust, as Issuer (the “Sale and Servicing
Agreement”).

     1. On or prior to each Determination Date, the Servicer shall notify the Company and the Owner
Trustee of the “Yield Supplement Deposit” (as defined below) for the related Distribution Date, the
amount on deposit in the Yield Supplement Account (as defined below), the Servicing Payment Deposit
with respect to the related Distribution Date and the amount of

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-2 

 

reinvestment income during the related Collection Period on the Yield Supplement Account. The
“Yield Supplement Deposit” means, with respect to any Distribution Date, the amount by which (i)
the aggregate amount of interest that would have been due during the related Collection Period on
all Yield Supplemented Receivables (as defined below) if such Yield Supplemented Receivables bore
interest at the Required Rate (as defined below) exceeds (ii) the amount of interest accrued on
such Yield Supplemented Receivables at their respective APRs and due during such Collection Period.
“Required Rate” means, with respect to each Collection Period, 5.70%. “Yield Supplemented
Receivable” means any Receivable that has an APR less than the Required Rate.

     2. On or before the date hereof, the Owner Trustee shall establish and maintain with the
Securities Intermediary and pledge to the Indenture Trustee a segregated trust account in the name
of the Indenture Trustee for the benefit of the Noteholders (the “Yield Supplement Account”) in
accordance with the Securities Account Control Agreement to secure the payment of interest on the
Notes, or such other account as may be acceptable to the Rating Agencies, and the Trust hereby
grants to the Indenture Trustee for the benefit of the Noteholders a first priority security
interest in the Yield Supplement Account and the monies on deposit and the other property that from
time to time comprise the Yield Supplement Account (including the Initial Yield Supplement Amount),
and any and all proceeds thereof (collectively, the “Yield Supplement Account Property”). The
Indenture Trustee shall possess all of the rights of a secured party under the UCC with respect
thereto. The Yield Supplement Account Property and the Yield Supplement Account shall be under the
sole dominion and control of the Indenture Trustee. Neither the Company, the Trust nor any Person
claiming by, through or under the Company or the Trust shall have any right, title or interest in,
any control over the use of, or any right to withdraw amounts from, the Yield Supplement Account
Property or the Yield Supplement Account. All Yield Supplement Account Property in the Yield
Supplement Account shall be applied by the Relevant Trustee as specified in this Yield Supplement
Agreement and the Sale and Servicing Agreement. The Relevant Trustee shall, not later than 5:00
P.M., New York City time on the Business Day preceding each Distribution Date, withdraw from the
Yield Supplement Account and deposit in the Collection Account an amount equal to the Yield
Supplement Deposit plus the amount of reinvestment income on the Yield Supplement Account for such
Distribution Date.

     3. On or prior to the date hereof, the Company shall make a capital contribution to the Trust
of $41,524,668.91 (the “Initial Yield Supplement Amount”), by depositing such amount into the Yield
Supplement Account. The amount required to be on deposit in the Yield Supplement Account on the
date of issuance of the Notes and for each Distribution Date until the Notes of all Classes have
been paid in full or the Indenture is otherwise terminated (the “Required Yield Supplement
Amount”), as determined by the Servicer and notified to the Relevant Trustee, means an amount equal
to the lesser of (i) the aggregate amount of each Yield Supplement Deposit that will become due on
each future Distribution Date, assuming that payments on the Receivables are made on their
scheduled due dates, no Receivable becomes a prepaid Receivable and a discount rate of 1.75%, and
(ii) the Initial Yield Supplement Amount. The Required Yield Supplement Amount may decline as a
result of prepayments or repayments in full of the Receivables. The Relevant Trustee shall have no
duty or liability to determine the Required Yield Supplement Amount and may fully rely on the
determination thereof by the Servicer. If, on any Distribution Date, the funds in the Yield
Supplement Account are in excess

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-3 

 

of the Required Yield Supplement Amount for such Distribution Date after giving effect to all
distributions to be made on such Distribution Date, the Relevant Trustee shall deposit the amount
of such excess into the Collection Account for distribution by the Relevant Trustee in accordance
with the terms of Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement. The Yield
Supplement Account shall be part of the Trust. It is the intent of the parties that the Yield
Supplement Account Property be treated as property of the Trust for all federal, state and local
income and franchise tax purposes. The provisions of this Yield Supplement Agreement should be
interpreted accordingly. Further, the Trust shall include in its gross income all income earned on
the Yield Supplement Account Property and the Yield Supplement Account.

     4. All or a portion of the Yield Supplement Account may be invested and reinvested in the
manner specified in Section 5.08 of the Sale and Servicing Agreement in accordance with written
instructions from the Servicer or the Secured Party (as defined in the Securities Account Control
Agreement) under the Securities Account Control Agreement, as the case may be. All such
investments shall be made in the name of the Relevant Trustee. Earnings on investment of funds in
the Yield Supplement Account shall be deposited in the Collection Account on each Distribution
Date, and losses and any investment expenses shall be charged against the funds on deposit therein.
Upon payment in full of the Notes under the Indenture, as directed in writing by the Servicer, the
Indenture Trustee will release any amounts remaining on deposit in the Yield Supplement Account to
the Owner Trustee for the benefit of the Certificateholders, which amounts the Owner Trustee shall
deposit into the Trust Collection Account, and the Company shall have no further obligation to pay
to the Servicer the Servicing Payment Deposit. If for any reason the Yield Supplement Account is
no longer an Eligible Deposit Account, the Relevant Trustee shall promptly cause the Yield
Supplement Account to be moved to another institution or otherwise changed so that the Yield
Supplement Account becomes an Eligible Deposit Account.

     5. Our agreements set forth in this Yield Supplement Agreement are our primary obligations and
such obligations are irrevocable, absolute and unconditional, shall not be subject to any
counterclaim, setoff or defense (other than full and strict compliance by us with our obligations
hereunder) and shall remain in full force and effect without regard to, and shall not be released,
discharged or in any way affected by, any circumstances or condition whatsoever.

     6. This Yield Supplement Agreement shall not be amended, modified or terminated except in
accordance with the provisions for amendments, modifications and terminations of the Sale and
Servicing Agreement as set forth in Section 10.01 of the Sale and Servicing Agreement.

     7. THIS YIELD SUPPLEMENT AGREEMENT 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.

     8. Except as otherwise provided herein, all notices pursuant to this Yield Supplement
Agreement shall be in writing, personally delivered, sent by telecopier, sent by

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-4 

 

courier or mailed by certified mail, return receipt requested, and shall be effective upon
receipt thereof. All notices shall be directed as set forth below, or to such other address or
telecopy number or to the attention of such other person as the relevant party shall have
designated for such purpose in a written notice.

The Company:

Nissan Auto Receivables Corporation II

P.O. Box 685001

Franklin, Tennessee 37068-5001

Attention: Treasurer

Facsimile No.: (615) 725-1720

Indenture Trustee:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

25 DeForest Avenue

Summit, New Jersey 07901

Attn: Structured Finance Services – Nissan Auto

Receivables 2008-B Owner Trust

Facsimile No.: (212) 553-2458

Trust:

Nissan Auto Receivables 2008-B Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2008-B Owner Trust

     10. This Yield Supplement Agreement may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, all of which shall be deemed to be one and the
same document.

     11. Each of the parties hereto agrees and acknowledges that all of the rights and interests of
the Indenture Trustee hereunder shall be automatically transferred to the Owner Trustee, and the
Owner Trustee shall succeed to all such rights and interests, upon the payment in full of the Notes
in accordance with the terms of the Indenture and the Sale and Servicing Agreement.

     If the foregoing satisfactorily sets forth the terms and conditions of our agreement, please
indicate your acceptance thereof by signing in the space provided below and returning to us the
enclosed duplicate original of this letter.

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-5 

 

	 	 	 	 	 
	 	Very truly yours,

NISSAN AUTO RECEIVABLES CORPORATION II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Agreed and accepted as of                     , 2008

NISSAN MOTOR ACCEPTANCE CORPORATION

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST	 	 
	 
	 	 	 	 	 	 
	By:	 	WILMINGTON TRUST COMPANY,	 	 
	 	 	not in its individual capacity but solely as
Owner Trustee on behalf of the Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

(Nissan 2008-B Sale and Servicing Agreement)

Exhibit A-6 

 

APPENDIX A

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS

PART I

DEFINED TERMS

     Section 1.01. As used in this Appendix A, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined); unless otherwise defined herein, terms used in this Appendix A that are defined in the
Agreement to which this Appendix A is attached shall have the same meanings herein as in the
Agreement:

     “Commission”: The United States Securities and Exchange Commission.

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

     “Securities Act”: The Securities Act of 1933, as amended.

PART II

COMPLIANCE WITH REGULATION AB

     Section 2.01. Intent of the Parties; Reasonableness.

     Each of the Issuer, the Indenture Trustee, the Seller and the Servicer acknowledges and agrees
that the purpose of Part II of this Appendix A is to facilitate compliance by the Issuer, the
Indenture Trustee, the Seller, and the Servicer with the provisions of Regulation AB and related
rules and regulations of the Commission.

     Neither the Issuer nor the Seller shall exercise its right to request delivery of information,
reports or other performance under these provisions for purposes other than compliance with
Regulation AB. Each of the Issuer, the Indenture Trustee, the Seller and the Servicer acknowledges
that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and the Servicer hereby agrees to
reasonably comply with all reasonable requests made by the Issuer (including any of its assignees
or designees), the Indenture Trustee or the Seller, as the case may

Appendix A-1 

 

be, in good faith for delivery of such information or reports, including, without limitation,
any Servicer compliance statements and reports, and assessments of compliance and attestation, as
may be required under the then-current interpretations of Regulation AB.

     Notwithstanding the foregoing, each of the Issuer, the Indenture Trustee, the Seller and the
Servicer hereby agree to comply with all applicable sections of Regulation AB, including, without
limitation, Item 1122 of Regulation AB, which includes the delivery by the Servicer of compliance
statements and assessment and attestation reports, and the Servicer shall obtain from each party
participating in the servicing function the reports required by Item 1122 of Regulation AB.

Appendix A-2exv4w2

Exhibit 4.2

INDENTURE

NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST

as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Indenture Trustee

Dated as of June 19, 2008

(Nissan 2008-B Indenture)

 

 

     INDENTURE dated as of June 19, 2008 (this “Indenture”), between NISSAN AUTO RECEIVABLES 2008-B
OWNER TRUST, a Delaware statutory trust (the “Issuer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a
New York banking corporation, as trustee and not in its individual capacity (the “Indenture
Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of (i) the Holders of the Issuer’s 2.78580% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 3.80% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 4.46% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”) and 5.05% Asset Backed Notes, Class A-4 (the “Class A-4 Notes”
and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”)
and (ii) for the purposes of the Granting Clause below, the Certificateholders:

GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee
for the benefit of the Holders of the Notes and Certificates the following:

     (i) all right, title and interest of the Issuer in and to the Receivables (including all
related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof
(including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 of the
Sale and Servicing Agreement or the purchase of Receivables by the Servicer pursuant to Section
4.06 or 9.01 of the Sale and Servicing Agreement) after the Cut-off Date;

     (ii) the Collection Account and amounts on deposit in the Collection Account and the Yield
Supplement Account;

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

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

     (v) the right of the Issuer (through the Seller and NMAC) to receive payments in respect of
any Dealer Recourse with respect to the Receivables;

     (vi) the rights of the Issuer under the Sale and Servicing Agreement, and, through the Seller,
under the Purchase Agreement and the Assignment;

     (vii) the rights of the Issuer under the Yield Supplement Agreement;

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

     (ix) the right of the Issuer in rebates of premiums and other amounts relating to insurance
policies and other items financed under the Receivables in effect as of the Cut-off Date;

(Nissan 2008-B Indenture)

1

 

     (x) all other assets comprising the Owner Trust Estate; and

     (xi) all proceeds of the foregoing.

     The foregoing Grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction, and to secure compliance with the provisions of this Indenture, and
subject to the subordinate claims thereon of the Holder of the Certificates, all as provided in
this Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes and for the
benefit of the Certificateholders, acknowledges such Grant, accepts the trusts under this Indenture
in accordance with the provisions of this Indenture and agrees to perform its duties required in
this Indenture to the best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected and the rights of the Certificateholders secured.

ARTICLE I

Definitions and Incorporation by Reference

     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
ascribed thereto in the Trust Agreement, the Sale and Servicing Agreement, and the Securities
Account Control Agreement as the case may be, for all purposes of this Indenture. Except as
otherwise provided in this Indenture, whenever used herein the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

     “Action” has the meaning specified in Section 11.03(a).

     “Administration Agreement” means the Administration Agreement, dated as of the Closing
Date, among the Administrator, the Issuer, the Indenture Trustee and the Owner Trustee.

     “Administrator” means NMAC or any successor Administrator under the Administration
Agreement.

     “Applicant” has the meaning specified in Section 7.01.

     “Authorized Officer” means with respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer identified
as such on any list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee.

     “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA,
which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of
the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit
plan’s or plan’s investment in the entity, or any other employee benefit plan that is subject to a
law that is similar to Section 406 of ERISA or Section 4975 of the Code.

(Nissan 2008-B Indenture)

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     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

     “Business Day” means any day except a Saturday, a Sunday or a day on which banks in
New York, New York, Nashville, Tennessee, Irving, Texas or Wilmington, Delaware are authorized or
obligated by law, regulation, executive order or governmental decree to be closed.

     “Certificates” means the Certificates of the Issuer issued under the Trust Agreement.

     “Class” means any one of the classes of the Notes.

     “Class A-1 Notes” means the “2.78580% Asset Backed Notes, Class A-1,” substantially in
the form attached hereto as Exhibit A.

     “Class A-1 Rate” means 2.78580% per annum (computed on the basis of actual number of
days in the related Interest Period and a 360-day year).

     “Class A-2 Notes” means the “3.80% Asset Backed Notes, Class A-2,” substantially in
the form attached hereto as Exhibit A.

     “Class A-2 Rate” means 3.80% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-3 Notes” means the “4.46% Asset Backed Notes, Class A-3,” substantially in
the form attached hereto as Exhibit A.

     “Class A-3 Rate” means 4.46% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-4 Notes” means the “5.05% Asset Backed Notes, Class A-4,” substantially in
the form attached hereto as Exhibit A.

     “Class A-4 Rate” means 5.05% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act.

     “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means June 19, 2008.

     “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder.

(Nissan 2008-B Indenture)

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     “Collateral” means the property of the Issuer subject to the Granting Clause hereof,
the Reserve Account, all amounts held from time to time in the Reserve Account and all investments
therein.

     “Corporate Trust Office” means the principal office of the Indenture Trustee at which
at any particular time its corporate trust business shall be administered, which office at the date
of execution of this Agreement is located at 60 Wall Street, 26th Floor, New York, New
York 10005, Attention: Structured Finance Services – Nissan Auto Receivables 2008-B Owner Trust, or
at such other address as the Indenture Trustee may designate from time to time by notice to the
Noteholders, the Issuer and the Administrator, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice
to the Noteholders, the Issuer and the Administrator.

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

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

     “Default” means any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default.

     “Definitive Notes” has the meaning specified in Section 2.10.

     “Event of Default” has the meaning specified in Section 5.01.

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

     “Executive Officer” means, with respect to any corporation, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any
Vice President, the Secretary or the Treasurer of such corporation; and with respect to any
partnership, any general partner thereof.

     “Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest in and right of
set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options
(but none of the obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal and interest
payments in respect of the Collateral and all other moneys payable thereunder, to give and receive
notices and other communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or receive thereunder or
with respect thereto.

(Nissan 2008-B Indenture)

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     “Holder” or “Noteholder” means the Person in whose name a Note is registered
on the Note Register.

     “Hybrid Chattel Paper” has the meaning specified in Section 3.21(b).

     “Indenture Trustee” means Deutsche Bank Trust Company Americas, a New York banking
corporation, as Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

     “Independent” means, when used with respect to any specified Person, that the Person
is in fact independent of the Seller, the Servicer, the Administrator, the Issuer or any other
obligor on the Notes or any Affiliate of any of the foregoing Persons because, among other things,
such Person (a) is not an employee, officer or director or otherwise controlled thereby or under
common control therewith, (b) does not have any direct financial interest or any material indirect
financial interest therein (whether as holder of securities thereof or party to contract therewith
or otherwise), and (c) is not and has not within the preceding twelve months been a promoter,
underwriter, trustee, partner, director or person performing similar functions therefor or
otherwise had legal, contractual or fiduciary or other duties to act on behalf of or for the
benefit thereof.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee, made by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of “Independent” in this Indenture
and that the signer is Independent within the meaning thereof.

     “Interest Period” means, with respect to any Distribution Date and the Class A-1
Notes, the period from (and including) the preceding Distribution Date to (but excluding) such
Distribution Date, except that the initial Interest Period will be from (and including) the Closing
Date to (but excluding) July 15, 2008, and, with respect to any Distribution Date and the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, the period from (and including) the 15th day of
the preceding calendar month to (but excluding) the 15th day of the month in which such
Distribution Date occurs, except that the initial Interest Period will be from (and including) the
Closing Date to (but excluding) July 15, 2008.

     “Interest Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate or
the Class A-4 Rate, as indicated by the context.

     “Issuer” means Nissan Auto Receivables 2008-B Owner Trust unless and until a successor
replaces it and, thereafter, means the successor and, for purposes of any provision contained
herein and required by the TIA, each other obligor on the Notes.

     “Issuer Order” and “Issuer Request” mean a written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture
Trustee.

     “Moody’s” means Moody’s Investors Service, Inc.

(Nissan 2008-B Indenture)

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     “NMAC” means Nissan Motor Acceptance Corporation, in its individual capacity and not
as Servicer.

     “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a Class A-4 Note,
as the context may require.

     “Note Depository Agreement” means the agreement entitled “Letter of Representations”
dated on or before the Closing Date among the Clearing Agency, the Issuer and the Indenture Trustee
with respect to certain matters relating to the duties thereof with respect to the Book-Entry
Notes.

     “Note Owner” means, with respect to a Book-Entry Note, any Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or on
the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance with the rules of such
Clearing Agency).

     “Note Register” means the Register of Noteholders’ information maintained by the Note
Registrar pursuant to Section 2.04.

     “Note Registrar” means the Indenture Trustee unless and until a successor Note
Registrar shall have been appointed pursuant to Section 2.04.

     “Notes” has the meaning set forth in the preamble to this Indenture.

     “Officer’s Certificate” means a certificate signed by any Authorized Officer of the
Issuer, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01, and delivered to the Indenture Trustee.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be an employee of or counsel to the Issuer, the
Seller or the Servicer and which counsel shall be reasonably satisfactory to the Owner Trustee, the
Indenture Trustee or the Rating Agencies, as the case may be.

     “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

     (a) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation;

     (b) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of
such Notes; and

     (c) Notes in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a protected purchaser;

(Nissan 2008-B Indenture)

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provided, that in determining whether the Holders of the requisite percentage of the
Outstanding Amount of the Notes, or any Class of Notes, have given any request, demand,
authorization, direction, notice, consent, or waiver hereunder or under any Basic Document, Notes
owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the
foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, or waiver, only Notes that the Indenture Trustee
knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the
Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons.

     “Outstanding Amount” means the aggregate principal amount of all Notes, or, if
indicated by the context, all Notes of any Class, Outstanding at the date of determination.

     “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but
solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust
Agreement.

     “Paying Agent” means the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 that has been authorized
by the Issuer to make payments to and distributions from the Collection Account, including payment
of principal of or interest on the Notes on behalf of the Issuer.

     “Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of
a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

     “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

     “Rating Agency Condition” means, with respect to any event or circumstance and each
Rating Agency, either (a) written confirmation by such Rating Agency that the occurrence of such
event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to
any of the Notes or (b) that such Rating Agency shall have been given notice of such event or
circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten
days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating
Agency shall not have issued any written notice that the occurrence of such event or circumstance
will cause it to downgrade, qualify or withdraw its rating assigned to the Notes.

     “Rating Event” means the qualification, reduction, or withdrawal by a Rating Agency of
its then-current rating of any Class of Notes.

     “Registered Holder” means the Person in whose name a Note is registered on the Note
Register on the applicable Record Date.

(Nissan 2008-B Indenture)

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     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, among the Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor
Acceptance Corporation, as Servicer, and as to which the Indenture Trustee is a third party
beneficiary of certain provisions.

     “Securities Act” means the Securities Act of 1933, as amended.

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

     “Seller” shall mean Nissan Auto Receivables Corporation II, in its capacity as seller
under the Sale and Servicing Agreement, and its successor in interest.

     “Servicer” shall mean Nissan Motor Acceptance Corporation, in its capacity as servicer
under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

     “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc.

     “Successor Servicer” has the meaning specified in Section 3.07.

     “Trust Estate” means all money, instruments, rights and other property that are
subject or intended to be subject to the lien and security interest of this Indenture for the
benefit of the Noteholders (including, without limitation, all property and interests Granted to
the Indenture Trustee pursuant to the Granting Clause), including all proceeds thereof.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in
force on the date hereof, unless otherwise specifically provided.

     “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction at the relevant time.

     SECTION 1.02 Usage of Terms. With respect to all terms in this Indenture, 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
Indenture; references to Persons include their permitted successors and assigns; references to laws
include their amendments and supplements, the rules and regulations thereunder and any successors
thereto; and the term “including” means “including without limitation.”

(Nissan 2008-B Indenture)

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     SECTION 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:

     “Commission” means the Securities and Exchange Commission.

     “indenture securities” means the Notes.

     “indenture security holder” means a Noteholder.

     “indenture to be qualified” means this Indenture.

     “indenture trustee” or “institutional trustee” means the Indenture Trustee.

     “obligor” on the indenture securities means the Issuer and any other obligor on the
indenture securities.

     All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by
reference to another statute or defined by Commission rule have the meanings so assigned to them.

ARTICLE II

The Notes

     SECTION 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
and the Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note.

     The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.

     Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A are part of the terms of this Indenture.

     SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on
behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized
Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature
of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the date of

(Nissan 2008-B Indenture)

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such Notes. The Indenture Trustee shall upon Issuer Order authenticate and deliver the Class
A-1 Notes for original issue in an aggregate principal amount of $275,000,000, the Class A-2 Notes
for original issue in an aggregate principal amount of $288,000,000, the Class A-3 Notes for
original issue in an aggregate principal amount of $381,000,000 and the Class A-4 Notes for
original issue in an aggregate principal amount of $250,210,000. The aggregate principal amount of
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding
at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes
shall be issuable as registered Notes in minimum denominations of $25,000 and any integral multiple
of $1,000 in excess thereof. Each Note shall be dated the date of its authentication.

     No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the
form included in Exhibit A, as the case may be, executed by the Indenture Trustee by the
manual or facsimile signature of one of its authorized signatories, and such certificate upon any
Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

     SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the
Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate
and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise
produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers executing such Notes
may determine, as evidenced by their execution of such Notes. If temporary Notes are issued, the
Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as
provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Notes of any Class, the Issuer shall execute, and the Indenture Trustee shall
authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of such
Class of authorized denominations. Until so exchanged, the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as Definitive Notes.

     SECTION 2.04 Registration; Registration of Transfer and Exchange.

     (a) The Note Registrar shall maintain a Note Register in which, subject to such reasonable
regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and
transfers and exchanges of Notes as provided in this Indenture. The Indenture Trustee is hereby
initially appointed Note Registrar for the purpose of registering Notes and transfers and exchanges
of Notes as provided in this Indenture. In the event that, subsequent to the Closing Date, the
Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall
appoint another bank or trust company, having an office or agency located in the Borough of
Manhattan, The City of New York, agreeing to act in accordance with the provisions of this
Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor
Note Registrar under this Indenture.

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     If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the
Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note
Registrar and of the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Holders of the Notes and the principal amounts and number of such Notes.

     (b) Upon the proper surrender for registration of transfer of any Note at the office or agency
of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the
Indenture Trustee shall authenticate in the name of the designated transferee or transferees, one
or more new Notes of the same Class in authorized denominations of a like aggregate principal
amount.

     (c) At the option of the Holder, Notes may be exchanged for other Notes of the same Class in
any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to
be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the
Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to
receive. Every Note presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and
the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.

     (d) No service charge shall be made for any registration of transfer or exchange of Notes, but
the Indenture Trustee 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 Notes.

     (e) All Notes surrendered for registration of transfer or exchange shall be canceled and
subsequently destroyed by the Indenture Trustee.

     (f) By acquiring a Note, each Noteholder will be deemed to represent, warrant and covenant
that either (i) it is not acquiring the Note with the assets of a Benefit Plan; or (ii) the
acquisition, holding and disposition of the Note will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.

     SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note
is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the
Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall
execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same
Class. In connection with the issuance of any new Note under this Section 2.05, the Issuer may
require payment by the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto.

(Nissan 2008-B Indenture)

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     If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

     Every replacement Note issued pursuant to this Section 2.05 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes of the same Class duly issued hereunder.

     The provisions of this Section 2.05 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

     SECTION 2.06 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, and none of the Issuer, the
Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice
to the contrary.

     SECTION 2.07 Payments of Principal and Interest.

     (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes
shall accrue interest during each Interest Period at the Class A-1 Rate, the Class A-2 Rate, the
Class A-3 Rate and the Class A-4 Rate, respectively, and such interest shall be payable on each
related Distribution Date as specified in the applicable Note by applying amounts available
pursuant to Section 5.06 of the Sale and Servicing Agreement and to Section 3.01 of this Indenture.
Any installment of interest or principal payable on any Note that is punctually paid or duly
provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer
in immediately available funds to the account designated by such nominee, except for the final
installment of principal payable with respect to such Note on a Distribution Date or on the
applicable Final Scheduled Distribution Date, which shall be payable as provided below.

     (b) The principal of each Note shall be payable in installments on each Distribution Date by
applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, from and after the date on which the Indenture Trustee or the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single

(Nissan 2008-B Indenture)

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class (excluding for such purpose the outstanding principal amount of any Notes held of record
or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all of the
Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), have
declared the Notes to be immediately due and payable in the manner provided in Section 5.02 in
connection with an Event of Default. All principal payments on each Class of Notes shall be made
pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the
Person in whose name a Note is registered at the close of business on the Record Date preceding the
Distribution Date on which the final installment of principal of and interest on such Note will be
paid. Such notice shall be mailed or transmitted by facsimile not less than 15 nor more than 30
days prior to such final Distribution Date, shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment.

     SECTION 2.08 Cancellation. All Notes surrendered for payment, registration of
transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except
as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it;
provided, that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee.

     SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01 and the terms
of the Basic Documents, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the
TIA does not require any such Independent Certificates.

     SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in
the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository
Trust Company, the initial Clearing Agency, or a custodian therefor, by, or on behalf of, the
Issuer. The Book-Entry Notes shall be registered initially on the Note Register in the name of
Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof will receive a
Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section
2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been
issued to such Note Owners pursuant to Section 2.12:

     (a) the provisions of this Section shall be in full force and effect;

     (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and

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13

 

interest on the Notes and the giving of instructions or directions hereunder) as the
authorized representative of the Note Owners;

     (c) to the extent that the provisions of this Section conflict with any other provisions of
this Indenture, the provisions of this Section shall control;

     (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency
and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and
until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of
principal of and interest on the Notes to such Clearing Agency Participants; and

     (e) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the
Notes or of the Notes of any Class, the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note Owners
and/or Clearing Agency Participants owning or representing, respectively, such required percentage
of the beneficial interest in the Notes and has delivered such instructions to the Indenture
Trustee.

     SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes to the Clearing
Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency.

     SECTION 2.12 Definitive Notes. If (i) the Seller, the Owner Trustee or the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and
the Seller, the Owner Trustee or the Administrator are unable to locate a qualified successor (and
if the Administrator has made such determination, the Administrator has given written notice
thereof to the Indenture Trustee), (ii) the Seller, the Indenture Trustee or the Administrator, at
its option and to the extent permitted by law, advises each other such party in writing that it
elects to terminate the book-entry system through the Clearing Agency, or (iii) after the
occurrence of an Event of Default or a Servicer Default, Note Owners representing beneficial
interests aggregating a majority of the Outstanding Amount of the Notes of all Classes advise the
Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system
through the Clearing Agency or a successor thereto is no longer in the best interests of the Note
Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and
the Indenture Trustee of the occurrence of such event and of the availability of Definitive Notes
to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency.

(Nissan 2008-B Indenture)

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None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall
recognize the Holders of the Definitive Notes as Noteholders. The Indenture Trustee, Issuer and
Administrator shall not be liable for any inability to locate a qualified successor Clearing
Agency. From and after the date of issuance of Definitive Notes, all notices to be given to
Noteholders will be mailed thereto at their addresses of record in the Note Register as of the
relevant Record Date. Such notices will be deemed to have been given as of the date of mailing.
Interest and principal payments on the Definitive Notes on each Distribution Date will be made to
the holders in whose names the related Definitive Notes, as applicable, were registered at the
close of business on the related Deposit Date. Payments will be made by check mailed to the
address of such holders as they appear on the Note register, except that a Noteholder having
original denominations aggregating at least $1 million may request payment by wire transfer of
funds pursuant to written instructions delivered to the Indenture Trustee at least five Business
Days prior to the Deposit Date. The final payment on any Definitive Notes will be made only upon
presentation and surrender of the Definitive Notes at the office or agency specified in the notice
of final payment to Noteholders.

     SECTION 2.13 Tax Treatment. The Issuer has entered into this Indenture, and the
Notes will be issued, with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Trust Estate or, for periods during which there is a single beneficial owner of the Certificates,
indebtedness of the Certificateholder issued by the Trust Estate. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal,
state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

ARTICLE III

Covenants, Representations and Warranties

     SECTION 3.01 Payment of Principal and Interest. In accordance with the terms of this
Indenture, the Issuer will duly and punctually (i) pay the principal of and interest, if any, on
the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer
to direct the Indenture Trustee to release from the Collection Account all other amounts
distributable or payable from the Owner Trust Estate under the Trust Agreement, the Sale and
Servicing Agreement and the Administration Agreement. Without limiting the foregoing and in order
to fulfill such obligations, pursuant to Sections 8.02 and 8.03 hereof, the Issuer will cause the
Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Collection Account,
the Reserve Account and the Yield Supplement Account on a Distribution Date deposited therein
pursuant to the Sale and Servicing Agreement (i) (a) for the benefit of the Class A-1 Notes, to the
Class A-1 Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders,
(c) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders and (d) for the benefit of
the Class A-4 Notes, to the Class A-4 Noteholders, and (ii) for the benefit of the
Certificateholders, to or as directed by the Owner Trustee or the Administrator, as set forth in
Section 5.06, 5.07 and 5.08 of the Sale and Servicing Agreement. Amounts properly withheld under
the Code by any Person from a payment to any Noteholder of interest and/or principal

(Nissan 2008-B Indenture)

15

 

shall be considered as having been paid by the Issuer to such Noteholder for all purposes of
this Indenture.

     SECTION 3.02 Maintenance of Office or Agency. The Issuer will maintain in the
Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the Indenture Trustee of the location, and of any change in the location, of any
such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices
and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands.

     SECTION 3.03 Money for Payments To Be Held in Trust. As provided in Sections 8.02
and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made
from amounts withdrawn from the Collection Account, the Reserve Account or the Yield Supplement
Account pursuant to Sections 8.02 and 8.03 shall be made on behalf of the Issuer by the Indenture
Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts for payments of
Notes shall be paid over to the Issuer, the Owner Trustee or the Administrator except as provided
in this Section.

     On or before each Distribution Date, the Issuer shall deposit in the Collection Account or, in
accordance with the Sale and Servicing Agreement, cause to be deposited (including the provision of
instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account or
the Yield Supplement Account and to deposit such amounts in the Collection Account) an aggregate
sum sufficient to pay the amounts then becoming due under the Notes and the Certificates, such sum
to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent
is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.

     The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the
Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its
acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the
provisions of this Section, that such Paying Agent will:

     (a) hold all sums held by it for the payment of amounts due with respect to the Notes or the
Certificates, or for release to the Issuer for payment on the Certificates in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed
of as herein provided and pay or release such sums to such Persons as herein provided;

     (b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon
the Notes) of which it has actual knowledge in the making of any payment required to be made with
respect to the Notes or the release of any amounts to the Issuer to be paid to the
Certificateholders;

(Nissan 2008-B Indenture)

16

 

     (c) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying
Agent;

     (d) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it
ceases to meet the standards required to be met by a Paying Agent at the time of its appointment;
and

     (e) comply with all requirements of the Code with respect to the withholding from any payments
made by it on any Notes or Certificates (or assisting the Issuer to withhold from payment to the
Certificateholders) of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith.

     The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent;
and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed after such amount has become due and payable and after the Indenture Trustee
has taken the steps described in this paragraph shall be discharged from such trust and be paid to
Second Harvest Food Bank of Tennessee upon presentation thereto of an Issuer Request; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease. In the event that any Noteholder shall not surrender its
Notes for retirement within six months after the date specified in the written notice of final
payment described in Section 2.07, the Indenture Trustee will give a second written notice to the
registered Noteholders that have not surrendered their Notes for final payment and retirement. If
within one year after such second notice any Notes have not been surrendered, the Indenture Trustee
shall, at the expense and direction of the Issuer, cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general
circulation in The City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle
Tennessee. The Indenture Trustee shall also adopt and employ, at the expense and direction of the
Issuer, any other reasonable means of notification of such repayment specified by the Issuer or the
Administrator.

     SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the
United States of America, in which case the Issuer will keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification

(Nissan 2008-B Indenture)

17

 

to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate or the Owner Trust Estate.

     SECTION 3.05 Protection of Trust Estate. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and will take such
other action necessary or advisable to:

     (a) maintain or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

     (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this
Indenture;

     (c) enforce any of the Collateral; or

     (d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and
the Noteholders in such Trust Estate against the claims of all persons and parties.

     The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute
any financing statement, continuation statement or other instrument required to be executed
pursuant to this Section 3.05.

     SECTION 3.06 Opinions as to Trust Estate.

     (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture
Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the execution, recording and filing of this Indenture, any indentures
supplemental hereto, any requisite financing statements and continuation statements and any other
requisite documents necessary to perfect and make effective the lien and security interest of this
Indenture or stating that, in the opinion of such counsel, no such action is necessary to make such
lien and security interest effective.

     (b) As and when specified in Section 10.02(h) of the Sale and Servicing Agreement, the Issuer
shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to the
execution, recording, filing or re-recording and refiling of this Indenture, any indentures
supplemental hereto, any financing statements and continuation statements and any other requisite
documents necessary to maintain the lien and security interest created by this Indenture or stating
that in the opinion of such counsel no such action is necessary to maintain such lien and security
interest. Such Opinion of Counsel shall also describe the execution, recording, filing or
re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing
statements and continuation statements and any other documents that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this Indenture until the date in
the following calendar year on which such Opinion of Counsel must again be delivered.

(Nissan 2008-B Indenture)

18

 

     SECTION 3.07 Performance of Obligations; Servicing of Receivables.

     (a) The Issuer will not take any action and will use its best efforts not to permit any action
to be taken by others that would release any Person from any of such Person’s material covenants or
obligations under any instrument or agreement included in the Trust Estate or that would result in
the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except as expressly provided in the Basic
Documents.

     (b) The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee
in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer
in performing its duties under this Indenture.

     (c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in the Basic Documents and in the instruments and agreements included in the Trust
Estate, including but not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of the Trust Agreement, this Indenture
and the Sale and Servicing Agreement in accordance with and within the time periods provided for
herein and therein.

     (d) If an Authorized Officer of the Issuer shall have knowledge of the occurrence of a
Servicer Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if
any, the Issuer is taking with respect of such default. If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing
Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to
it to remedy such failure.

     (e) As promptly as possible after the giving of notice of termination to the Servicer of the
Servicer’s rights and powers pursuant to Section 8.01 of the Sale and Servicing Agreement, the
Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor
Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed and accepted its
appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee
without further action shall automatically be appointed the Successor Servicer and shall thereafter
be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if
it shall be legally unable so to act, appoint or petition a court of competent jurisdiction to
appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the
predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint,
any established institution having a net worth of not less than $100,000,000 and whose regular
business shall include the servicing of automobile and/or light-duty truck receivables, as the
successor to the Servicer under the Sale and Servicing Agreement. Upon such appointment, the
Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer,
such release effective upon the effective date of the servicing agreement entered into between the
Successor Servicer and the Issuer.

(Nissan 2008-B Indenture)

19

 

     In connection with any such appointment, the Indenture Trustee may make such arrangements for
the compensation of such successor as it and such Successor Servicer shall agree, subject to the
limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section
8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such
Successor Servicer for the servicing of the Receivables (such agreement to be in form and substance
satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s
duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof
shall be inapplicable to the Indenture Trustee in its duties as Successor Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become the Successor Servicer,
the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates,
provided that the Indenture Trustee, in its capacity as Successor Servicer, shall remain
fully liable for the actions and omissions of such Affiliate.

     (f) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as a
Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee of such appointment,
specifying in such notice the name and address of such Successor Servicer.

     (g) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
(i) that it will not, without the prior written consent of the Indenture Trustee and the Holders of
a majority in Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by
NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record
or beneficially owned by NARC II, NMAC or any of their Affiliates), amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification, waiver, supplement,
termination or surrender of, the terms of any Collateral (except to the extent otherwise provided
in the Sale and Servicing Agreement) or the Basic Documents, or waive timely performance or
observance by the Servicer or the Seller under the Sale and Servicing Agreement; and (ii) that any
such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay
the timing of, collections of payments on the Receivables or distributions that are required to be
made for the benefit of the Noteholders or change the Interest Rate or the Specified Reserve
Account Balance (except as otherwise provided in the Basic Documents), in each case without the
consent of each of the “adversely affected” Noteholders or (B) reduce the aforesaid percentage of
the Notes that is required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes. If any such amendment, modification, supplement or waiver shall be so
consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a
request by the Indenture Trustee to agree to such amendment and to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances to implement such
amendment and to cause the relevant Basic Documents, as amended, to be enforceable against the
Issuer. For the purposes of clause (ii) above, an amendment will be deemed not to “adversely
affect” a Noteholder of any Class, only if each Rating Agency confirms that such amendment will not
result in a reduction or withdrawal of its rating on such Class of Notes.

(Nissan 2008-B Indenture)

20

 

     SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not:

     (a) except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise
dispose of any of the properties or assets of the Issuer, including those included in the Trust
Estate, unless directed to do so by the Indenture Trustee;

     (b) claim any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments under the Code) or
assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Trust Estate;

     (c) except as may be expressly permitted hereby, (A) permit the validity or effectiveness of
this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture, (B) permit any lien, charge, excise,
claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to
be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof
or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other
liens that arise by operation of law, in each case on any of the Financed Vehicles and arising
solely as a result of an action or omission of the related Obligor), (C) permit the lien of this
Indenture not to constitute a valid first priority (other than with respect to any such tax,
mechanics’ or other lien) security interest in the Trust Estate, or (D) dissolve or liquidate in
whole or in part; or

     (d) assume or incur any indebtedness other than the Notes or as expressly contemplated by this
Indenture (in connection with the obligation to reimburse Advances from the Trust Estate, or to pay
expenses from the Trust Estate) or by the Basic Documents as in effect on the date hereof.

     SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause the Servicer
to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuer the annual
statement of compliance described in Section 4.09 of the Sale and Servicing Agreement. In
addition, on the same date annually upon which such annual statement of compliance is to be
delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s
Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

     (a) a review of the activities of the Issuer during such year and of its performance under
this Indenture has been made under such Authorized Officer’s supervision; and

     (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has
complied with all conditions and covenants under this Indenture throughout such year, or, if there
has been a default in its compliance with any such condition or covenant, specifying each such
default known to such Authorized Officer and the nature and status thereof.

     SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person, unless:

(Nissan 2008-B Indenture)

21

 

     (1) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of
America or any State or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory
to the Indenture Trustee, the duty to make due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of
this Indenture on the part of the Issuer to be performed or observed, all as provided
herein;

     (2) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing;

     (3) no Rating Agency shall have notified the Indenture Trustee and the Owner Trustee
that such transaction might or would result in a Rating Event;

     (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not have
any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder;

     (5) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been
taken; and

     (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such consolidation or merger and any related
supplemental indenture complies with this Article III and that all conditions precedent
provided in this Indenture relating to such transaction have been complied with (including
any filing required by the Exchange Act).

     (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Trust Estate, to any Person, unless:

     (1) the Person that acquires by conveyance or transfer such properties and assets of
the Issuer shall (A) be a United States citizen or a Person organized and existing under the
laws of the United States of America or any state or the District of Columbia, (B) expressly
assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual
payment of the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein, (C) expressly agrees by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer,
the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense
arising under or related to this Indenture and the Notes, and (E) expressly agrees by means
of such supplemental indenture that such Person (or if a group

(Nissan 2008-B Indenture)

22

 

of Persons, then one specified Person) shall make all filings that counsel satisfactory
to such purchaser or transferee and the Indenture Trustee determines must be made with (1)
the Commission (and any other appropriate Person) required by the Exchange Act or the
appropriate authorities in any state in which the Notes have been sold pursuant to any
qualification or exemption under the securities or “blue sky” laws of such state, in
connection with the Notes or (2) the Internal Revenue Service or the relevant state or local
taxing authorities of any jurisdiction;

     (2) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing;

     (3) no Rating Agency shall have notified the Indenture Trustee and the Owner Trustee
that such transaction might or would result in the removal or reduction of the rating then
assigned thereby to any Class of Notes;

     (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not have
any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder;

     (5) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been
taken; and

     (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such conveyance or transfer and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act).

     SECTION 3.11 Successor or Transferee.

     (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such Person had been named as the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Nissan Auto Receivables 2008-B Owner Trust will be released from every covenant
and agreement of this Indenture to be observed or performed on the part of the Issuer with respect
to the Notes and the Certificates immediately upon the delivery of written notice to the Indenture
Trustee stating that Nissan Auto Receivables 2008-B Owner Trust is to be so released.

     SECTION 3.12 No Other Business. Unless and until the Issuer shall have been released
from its duties and obligations hereunder, the Issuer shall not engage in any business other than
financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by
the Basic Documents and activities incidental thereto.

(Nissan 2008-B Indenture)

23

 

     SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from
its duties and obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes or other
obligations permitted hereunder (including the obligation to reimburse Advances or certain expenses
of the Servicer) or under another Basic Document (including indemnification expenses of the Issuer
and certain fees and expenses of the Administrator).

     SECTION 3.14 Servicer’s Notice Obligations. The Issuer shall cause the Servicer to
comply with all of its duties and obligations with respect to the preparation of reports, the
delivery of Officer’s Certificates and Opinions of Counsel and the giving of instructions and
notices under the Sale and Servicing Agreement (including, but not limited to, under Sections 4.08,
4.09, 4.11, 4.13, 5.09 and Article IX thereof).

     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Unless and until the
Issuer shall have been released from its duties and obligations hereunder, except as contemplated
by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, the Issuer shall
not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of
so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities of, or any other
interest in, or make any capital contribution to, any other Person.

     SECTION 3.16 Capital Expenditures. Unless and until the Issuer shall have been
released from its duties and obligations hereunder, the Issuer shall not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).

     SECTION 3.17 Removal of Administrator. So long as any Notes are Outstanding, the
Issuer shall not remove the Administrator without cause unless so instructed by the Owner Trustee
or the Indenture Trustee and unless each Rating Agency shall have received 10 days’ written notice
thereof and shall not have notified the Indenture Trustee, the Administrator or the Owner Trustee
that such removal might or would result in the removal or reduction of the rating, if any, then
assigned thereby to any Class of Notes or the Certificates.

     SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly,
(i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in
cash, property, securities or a combination thereof, to the Servicer, the Owner Trustee or any
Certificateholder or otherwise with respect to any ownership or equity interest or security in or
of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made,
(x) distributions to the Servicer, the Owner Trustee and the Certificateholders as contemplated by,
and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or
the Trust Agreement and (y) payments to the Owner Trustee or the Indenture Trustee pursuant to the
Administration Agreement. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with the Basic Documents.

(Nissan 2008-B Indenture)

24

 

     SECTION 3.19 Notice of Events of Default. The Issuer shall give the Indenture
Trustee and each Rating Agency prompt written notice of each Event of Default hereunder, each
default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing
Agreement (including any Servicer Defaults), each default on the part of NMAC of its obligations
under the Purchase Agreement.

     The Indenture Trustee shall notify each Noteholder of record in writing of any Event of
Default promptly upon a Responsible Officer obtaining actual knowledge thereof. Such notices will
be provided in accordance with Section 2.11.

     SECTION 3.20 Further Instruments and Actions. Upon request of the Indenture Trustee,
the Issuer will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

     SECTION 3.21 Representations and Warranties. The Issuer makes the following
representations and warranties. Such representations and warranties speak as of the execution and
delivery of this Indenture and as of the Closing Date, but shall survive the Closing Date.
Notwithstanding anything to the contrary, the Indenture Trustee shall not waive any breach of
representations or warranties in this Section 3.21 without the written consent of at least a
majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by
NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record
or beneficially owned by NMAC, NARC II or any of their Affiliates).

     (a) This Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of any purchasers from
the Issuer.

     (b) The Issuer has taken all steps necessary to perfect its security interest against the
Obligor in the property securing the Receivables.

     (c) The Collateral constitutes “tangible chattel paper” or “electronic chattel paper” within
the meaning of the applicable UCC, or, in the case of Receivables originally originated as
“electronic chattel paper” and modified under “tangible records,” as such term is used in the UCC,
consists of a combination of “electronic records” and “tangible records,” as such terms are used in
the UCC (such Receivables consisting of a combination of “electronic records” and “tangible
records” are herein called “Hybrid Chattel Paper”).

     (d) The Issuer owns and has good and marketable title to the Collateral free and clear of any
Lien, claim or encumbrance of any Person.

     (e) The Issuer has caused or will have caused, within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest in the Collateral granted to the Indenture Trustee
hereunder.

(Nissan 2008-B Indenture)

25

 

     (f) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of
any financing statements against the Issuer that includes a description of collateral covering the
Collateral other than any financing statement relating to the security interest granted to the
Indenture Trustee hereunder or a financing statement as to which the security interest covering the
Receivables has been released. The Issuer is not aware of any judgment or tax lien filings against
the Issuer.

     (g) The Servicer, as an agent of the Issuer, and to the extent allowed by law, has in its
possession all originals or authoritative copies of the tangible records constituting or forming a
part of the Collateral. The Servicer shall at all times maintain control, as defined in Section
9-105 of the UCC, of all electronic chattel paper and all electronic records included in the Hybrid
Chattel Paper. The Receivable Files that constitute or evidence the Collateral do not have any
marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the
Issuer to any Person other than the Indenture Trustee. All financing statements filed or to be
filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the
Collateral contain a statement to the following effect: “A purchase of or security interest in any
collateral described in this financing statement, except as permitted in the Indenture, will
violate the rights of the Indenture Trustee.”

     SECTION 3.22 Regulation AB Representations, Warranties and Covenants. The Issuer and
the Indenture Trustee each agree to perform all duties and obligations applicable to or required of
the Issuer and the Indenture Trustee, as applicable, set forth in Appendix A to the Sale and
Servicing Agreement and each makes the representations and warranties therein applicable to it.

ARTICLE IV

Satisfaction and Discharge

     SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to
be of further effect with respect to the Notes except as to (i) rights of registration of transfer
and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the
obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of the
Noteholders and the Certificateholders as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when:

     (a) either (1) all Notes theretofore authenticated and delivered (other than Notes that have
been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and
Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all

(Nissan 2008-B Indenture)

26

 

Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and
payable or will become due and payable within one year (either because the Final Scheduled
Distribution Date for the Class A-4 Notes is within one year or because the Indenture Trustee has
received notice of the exercise of the option granted pursuant to Section 9.01 of the Sale and
Servicing Agreement) and the Issuer has irrevocably deposited or caused to be irrevocably deposited
with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United
States of America (which will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due;

     (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer;
and

     (c) the Issuer has delivered to the Indenture Trustee, an Officer’s Certificate, (if required
by the TIA or the Indenture Trustee) an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with.

     SECTION 4.02 Application of Trust Money. All moneys deposited with the Indenture
Trustee pursuant to Section 4.01 hereof shall be held in trust and (a) applied by it in accordance
with the provisions of the Notes and this Indenture to the payment, either directly or through any
Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for
the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due
and to become due thereon for principal and interest or (b) released to the Owner Trustee for
application pursuant to the Trust Agreement or the Sale and Servicing Agreement; but such moneys
need not be segregated from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law.

     SECTION 4.03 Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect
to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.

ARTICLE V

Remedies

     SECTION 5.01 Events of Default. “Event of Default,” wherever used herein, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

(Nissan 2008-B Indenture)

27

 

     (a) default in the payment of any interest on any Note when the same becomes due and payable,
and such default shall continue for a period of five days;

     (b) default in the payment of the principal of on the Note Final Scheduled Distribution Date
or the Distribution Date on which the Servicer exercises the Optional Purchase;

     (c) default in the observance or performance of any covenant or agreement of the Issuer made
in this Indenture (other than a covenant or agreement, a default in the observance or performance
of which is elsewhere in this Section specifically dealt with) which shall continue or not be cured
for a period of 90 days after there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at
least 25% of the Outstanding Amount of the Notes, acting together as a single class, a written
notice specifying such default or incorrect representation or warranty and requiring it to be
remedied and stating that such notice is a notice of Default hereunder;

     (d) any representation or warranty of the Issuer made in this Indenture or in any certificate
or other writing delivered pursuant hereto or in connection herewith shall prove to have been
incorrect in any material respect as of the time when the same shall have been made, and such
default shall continue or not be cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for
a period of 30 days after there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at
least 25% of the Outstanding Amount of the Notes, acting together as a single Class, a written
notice specifying such default or incorrect representation or warranty and requiring it to be
remedied and stating that such notice is a notice of Default hereunder;

     (e) the filing of a petition seeking entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate
in an involuntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such petition shall
remain unstayed and in effect for a period of 90 consecutive days; or

     (f) the commencement by the Issuer of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of
the Trust Estate, or the making by the Issuer of any general assignment for the benefit of
creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the
taking of any action by the Issuer in furtherance of any of the foregoing.

     The Issuer shall deliver to the Indenture Trustee, within five Business Days after the
occurrence thereof, written notice in the form of an Officer’s Certificate of any Default that with
the giving of notice or the lapse of time would become an Event of Default under clause (d)

(Nissan 2008-B Indenture)

28

 

stating the status of such Default and any action the Issuer is taking or proposes to take
with respect thereto.

     SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of
Default should occur and be continuing, then and in every such case the Indenture Trustee or the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding
for such purposes the outstanding principal amount of any Notes held of record or beneficially
owned by NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates) may declare all the Notes
to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

     At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Holders of a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purposes the outstanding principal amount of
any Notes held of record or beneficially owned by NMAC, NARC II or any of their Affiliates, unless
at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of
their Affiliates), by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:

     (a) the Issuer has paid or deposited with the Securities Intermediary in the name of the
Indenture Trustee a sum sufficient to pay:

     (1) all payments of principal of and interest on the Notes and all other amounts that
would then be due hereunder or upon such Notes if the Event of Default giving rise to such
acceleration had not occurred; and

     (2) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel.

     (b) all Events of Default, other than the nonpayment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

     No such rescission shall affect any subsequent default or impair any right consequent thereto.

     SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee.

     (a) The Issuer covenants that if (i) default is made in the payment of any interest on any
Note, so long as any amounts remain unpaid with respect to the Notes, when the same becomes due and
payable, and such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when the

(Nissan 2008-B Indenture)

29

 

same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay to
the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and
payable on the Notes for principal and interest, with interest upon the overdue principal and, to
the extent payment at such rate of interest shall be legally enforceable, upon overdue installments
of interest at the rate borne by the Notes and in addition thereto such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding
for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer or other obligor upon such Notes and
collect in the manner provided by law out of the property of the Issuer or other obligor upon such
Notes, wherever situated, the moneys adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders and, incidentally thereto, the Certificateholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

     (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes
or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title
11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, then, irrespective of whether the principal of any
Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions
of this Section, the Indenture Trustee shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

     (1) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes, and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee
and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and
of the Noteholders allowed in such Proceedings;

(Nissan 2008-B Indenture)

30

 

     (2) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes in any election of a trustee, a standby trustee or Person performing
similar functions in any such Proceedings;

     (3) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the
Noteholders and of the Indenture Trustee on their behalf; and

     (4) to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders of Notes
allowed in any judicial proceedings relative to the Issuer, its creditors and its property.

     Any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result
of negligence or bad faith.

     (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

     (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be
necessary to make any Noteholder a party to any such Proceedings.

     SECTION 5.04 Remedies; Priorities.

     (a) If an Event of Default shall have occurred and be continuing and result in the
acceleration of the Notes, the Indenture Trustee shall make payments on the Notes and to the

(Nissan 2008-B Indenture)

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Owner Trustee as set forth in Section 5.06(d) of the Sale and Servicing Agreement, rather than
pursuant to Section 5.06(c) thereof.

     (b) If the Indenture Trustee, in compliance with Section 5.04(a), is deemed to have a conflict
of interest under the TIA and is required to resign as Indenture Trustee hereunder, the Issuer
shall, pursuant to Section 6.08, cause the Servicer to appoint a successor Indenture Trustee.

     (c) In accordance with Section 5.04(b), if an Event of Default shall have occurred and be
continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05):

     (1) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect
thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect
from the Issuer and any other obligor upon such Notes moneys adjudged due;

     (2) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate;

     (3) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee
and the Noteholders; and

     (4) sell the Trust Estate or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by law;
provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event of Default
described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding
Amount of the Notes, voting as a single class, consent thereto (but excluding for purposes
of such vote all Notes held or beneficially owned by NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held or beneficially owned by NMAC,
NARC II and their Affiliates), or (B) the proceeds of such sale or liquidation distributable
to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon
the Notes for principal and interest or (C) the Indenture Trustee determines that the Trust
Estate may not continue to provide sufficient funds on an ongoing basis to make all payments
of principal of and interest on the Notes as they would have become due if the Notes had not
been declared due and payable, and the Indenture Trustee obtains the consent of Holders of a
66 2/3% of the Outstanding Amount of the Notes, voting as a single class (but excluding for
purposes of such vote all Notes held or beneficially owned by NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held or beneficially owned by NMAC,
NARC II and their Affiliates). In determining such sufficiency or insufficiency with
respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon
an opinion of an Independent investment banking or accounting firm of national reputation as
to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for
such purpose.

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     (d) The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the related record date,
payment date and amount to be paid.

     SECTION 5.05 Optional Preservation of the Receivables. If the Notes have been
declared to be due and payable under Section 5.02 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
unless otherwise directed by the Holders of at least a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding from such action and calculation any Notes held by NMAC,
NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates), but need not, elect to maintain
possession of the Trust Estate and direct the Issuer, Servicer and Administrator not to take steps
to liquidate the Receivables. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes,
and the Indenture Trustee shall take such desire into account when determining whether or not to
maintain possession of the Trust Estate. In determining whether to maintain possession of the
Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the feasibility of
such proposed action and as to the sufficiency of the Trust Estate for such purpose.

     SECTION 5.06 Limitation of Suits. No Holder of any Note shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder unless such Holder has
previously given written notice to the Indenture Trustee of a continuing Event of Default, and:

     (a) the Event of Default arises from the Servicer’s failure to remit payments when due; or

     (b) the Holders of not less than 25% of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates)
have made written request to the Indenture Trustee to institute such Proceeding in respect of such
Event of Default in its own name as Indenture Trustee hereunder and have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
complying with such request, the Indenture Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings, and no direction
inconsistent with that written request has been given to the Indenture Trustee during the 60-day
period by the holders of a majority in principal amount of those outstanding Notes (or relevant
class or classes of Notes).

     It is understood and intended that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

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     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Holders of Notes, each representing less than a majority of
the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine
what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

     SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note and in this
Indenture (in each case with reference to the calculations to be made pursuant to the Sale and
Servicing Agreement), and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

     SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

     SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred
upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture
Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or
Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or
by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as
often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may
be.

     SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding
Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal
amount of any Notes held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates), shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

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     (a) such direction shall not be in conflict with any rule of law or with this Indenture; and

     (b) any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by
Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of
the Notes set forth in Section 5.04(c)(iv); and

     (c) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction.

     Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action that it determines might involve it in liability or
might materially adversely affect the rights of any Noteholders not consenting to such action.

     SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration
of the maturity of the Notes as provided in Section 5.02 or the liquidation or sale of the Trust
Estate pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes,
voting as a single class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates) may waive any past Default or Event of Default and its consequences except a Default or
Event of Default in (a) the deposit of collections or other required amounts, (b) any required
payment from amounts held in Accounts in respect of amounts due on the Notes, (c) payment of
principal or interest on the Notes, or (d) an Event of Default in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of the Holder of each Note.
In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder, respectively.

     Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured
and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right consequent thereto.

     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Note or Note Owner by such Holder’s acceptance of such Note or beneficial interest
therein, as the case may be, shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any
Noteholder, or a group of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the

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enforcement of the payment of principal of or interest on any Note on or after the respective
due dates expressed in such Note and in this Indenture.

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

     SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or
application of any other relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance
with Section 5.04(a).

     SECTION 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Seller and the Servicer, as
applicable, of each of their obligations to the Issuer or to each other under or in connection with
the Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the
Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with each such agreement to the extent and in the
manner directed by the Indenture Trustee, including the transmission of notices of default on the
part of the Seller or the Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the Servicer of each of
their respective obligations under the Sale and Servicing Agreement or the Purchase Agreement.

     (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at
the direction (which direction shall be in writing or by telephone, confirmed in writing promptly
thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single
class (excluding for such purposes the outstanding principal amount of any Notes held of record or
beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such time all of the
Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller, or
the Servicer under or in connection with the Sale and Servicing Agreement, the Purchase Agreement,
or against the Administrator under the Administration Agreement, including the right or power to
take any action to compel or secure performance or observance by the Seller, the Servicer or the
Administrator, of each of their obligations to the Issuer

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thereunder and to give any consent, request, notice, direction, approval, extension, or waiver
thereunder and any right of the Issuer to take such action shall be suspended.

ARTICLE VI

The Indenture Trustee

     SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and
after the occurrence of a Servicer Default under the Sale and Servicing Agreement, undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture.

     (a) The Indenture Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that
shall be specifically required to be furnished pursuant to any provision of this Indenture, shall
examine them to determine whether they conform on their face to the requirements of this Indenture.

     (b) No provision of this Indenture shall be construed to relieve the Indenture 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:

     (1) the duties and obligations of the Indenture Trustee shall be determined solely by
the express provisions of this Indenture, the Indenture Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this
Indenture, no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in
this Indenture shall not be construed as a duty and, in the absence of bad faith on the part
of the Indenture Trustee, the Indenture 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 Indenture Trustee and conforming on their face to the
requirements of this Indenture;

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

     (3) the Indenture 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 (i)
the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of
their Affiliates), relating to the time, method and place of conducting any proceeding for
any remedy available to the Indenture Trustee, or exercising any trust or power conferred
upon the Indenture Trustee under this Indenture.

     (c) The Indenture 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 Indenture, or

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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 Indenture Trustee regarding the Obligors and the
Receivables contained in the Trust, whether upon the exercise of its rights under this Indenture or
otherwise, shall be maintained by the Indenture 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.

     (e) If (i) pursuant to Section 3.02 of the Sale and Servicing Agreement, a Responsible Officer
of the Indenture Trustee discovers that a representation or warranty 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 such Receivable, or (ii) pursuant to Section 4.06 of
the Sale and Servicing Agreement, a Responsible Officer of the Indenture Trustee discovers that a
covenant of the Servicer has been breached with respect to a Receivable that would materially and
adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the
Servicer and the Owner Trustee of such incorrectness.

     SECTION 6.02 Rights of Indenture Trustee.

     (a) Except as otherwise provided in Section 6.01:

     (1) the Indenture 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;

     (2) the Indenture Trustee may consult with counsel and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered or
omitted by it under this Indenture in good faith and in accordance with such Opinion of
Counsel;

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

     (4) the Indenture Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

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     (5) the Indenture 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 Notes evidencing not less
than 25% of the aggregate Outstanding Amount of the Notes; provided,
however, that if the payment within a reasonable time to the Indenture 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 Indenture Trustee, not reasonably assured to the
Indenture Trustee by the security afforded to it by the terms of this Indenture, the
Indenture 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 Indenture 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;

     (6) the Indenture Trustee may execute any of the trusts or powers under this Indenture
or perform any duties under this Indenture either directly or by or through agents or
attorneys or a custodian;

     (7) in order to comply with laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Law”), the
Indenture Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the Indenture Trustee.
Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable
request from time to time such identifying information and documentation as may be
reasonably available for such party in order to enable the Indenture Trustee to comply with
Applicable Law; and

     (8) the rights, privileges, protections, immunities and benefits given to the Indenture
Trustee herein, including the right to be indemnified, are extended to, and shall be
enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Securities
Intermediary and Secured Party under the Basic Documents.

     (b) No Noteholder will have any right to institute any proceeding with respect to this
Indenture except upon satisfying the conditions set forth in Section 5.06.

     SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the Holder, beneficial owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were
not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do
the same with like rights. However, in so doing the Indenture Trustee must comply with Sections
6.11 and 6.12.

     SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no
representations as to the validity or sufficiency of this Indenture, or the Notes (other than the
execution by the Indenture Trustee on behalf of the Trust of, and the certificate of authentication

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on, the Notes), or of the Certificates. The Indenture Trustee shall have no obligation to
perform any of the duties of the Servicer or the Administrator unless explicitly set forth in this
Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of 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
Noteholders under this 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 Issuer with any covenant or the breach by the Issuer, Seller or
Servicer of any warranty or representation made under this Indenture or in any Basic Document or
other related document and the accuracy of any such warranty or representation prior to the
Indenture Trustee’s receipt of notice or other discovery of any noncompliance therewith or any
breach thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the
Indenture Trustee taken at the instruction of the Issuer or Servicer, provided,
however, that the foregoing shall not relieve the Indenture Trustee of its obligation to
perform its duties under this Indenture. Except with respect to a claim based on the failure of
the Indenture Trustee to perform its duties under this Indenture or based on the Indenture
Trustee’s willful misconduct, bad faith or negligence, no recourse shall be had for any claim based
on any provision of this Indenture, the Notes or Certificates or assignment thereof against the
institution serving as the Indenture Trustee in its individual capacity. The Indenture Trustee
shall not have any personal obligation, liability or duty whatsoever to any Noteholder 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. The Indenture
Trustee shall not be accountable for the use or application by the Issuer 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 Notes.

     SECTION 6.05 Notice of Defaults. If a Responsible Officer of the Indenture Trustee
knows that a Default has occurred and is continuing, the Indenture Trustee shall mail to each
Noteholder notice of such Default within 10 days of the occurrence thereof. Except in the case of
a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold
such notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

     SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall
deliver or cause to be delivered annually to each Noteholder of record such information as may be
required to enable such Person to prepare its federal and state income tax returns. The Indenture
Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report
relating to its eligibility and qualification to continue as Indenture Trustee under this
Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity
date of certain indebtedness owed by the Trust to such Indenture Trustee, in its individual
capacity, the property and funds physically held by such Indenture Trustee in its capacity as such,
and any action taken by it that materially affects the Notes and that has not been previously
reported.

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     SECTION 6.07 Compensation and Indemnity. The Issuer shall cause the Servicer to pay
to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a
fee agreement between NMAC and the Indenture Trustee. The Indenture Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause
the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred
or made by it, including costs of collection and the costs of implementing any Currency Swap
Agreement as contemplated by Section 9.02, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee’s agents, counsel, accountants and experts. The Administrator shall indemnify or
shall cause the Servicer to indemnify the Indenture Trustee against any and all loss, liability or
expense (including reasonable attorneys’ fees) incurred by it in connection with the administration
of this Indenture or any of the Basic Documents and the performance of its duties hereunder or
thereunder. The Indenture Trustee shall notify the Administrator and the Servicer promptly of any
claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the
Administrator and the Servicer shall not relieve the Administrator or the Servicer of its
obligations hereunder. The Administrator shall defend or shall cause the Servicer to defend any
such claim, and the Indenture Trustee may have separate counsel and the Administrator shall pay or
shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Administrator
nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

     The Administrator’s payment obligations to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after
the occurrence of a Default specified in Section 5.01(f) or (g) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or similar law.

     SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign at
any time by providing written notice of its resignation to the Issuer. The Administrator may
remove the Indenture Trustee if:

     (a) the Indenture Trustee fails to comply with Section 6.11;

     (b) the Indenture Trustee is adjudged a bankrupt or insolvent;

     (c) a receiver or other public officer takes charge of the Indenture Trustee or its property;
or

     (d) the Indenture Trustee otherwise becomes legally or practically incapable of fulfilling its
duties hereunder.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee.
No resignation or removal of the Indenture Trustee and no appointment of a successor

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Indenture Trustee shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.08.

     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Servicer and the Administrator. Thereupon the resignation or
removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 30 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Administrator or the
Holders of a majority in Outstanding Amount of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at any time
thereafter petition any court of competent jurisdiction for the removal of the Indenture Trustee
and the appointment of a successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of
the retiring Indenture Trustee.

     SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another Person, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee if such surviving Person or
transferee corporation or banking shall be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Issuer, the Servicer and the Rating Agencies reasonable
prior written notice of any such transaction.

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located or for the purpose of implementing any Currency Swap Agreement as contemplated by
Section 9.02, the Indenture Trustee shall have the power and may

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execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest
in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to
the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.08 hereof.

     (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

     (1) all rights, powers, duties and obligations conferred or imposed upon such separate
trustee or co-trustee shall be conferred or imposed upon and exercised or performed by the
Indenture 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
Indenture Trustee joining in and/or directing 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
Indenture 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 Estate 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
Indenture Trustee;

     (2) no trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder; and

     (3) the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee.

     (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees as effectively as if given to
each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts thereupon conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture, including
every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the
Indenture Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this Indenture 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

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Indenture Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA Section 310(a). The Indenture Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published annual report
of condition and it or its parent shall have a long-term debt rating of “Baa3” or better by Moody’s
or shall otherwise be acceptable to Moody’s. The Indenture Trustee shall comply with TIA Section
310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA Section
310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if
the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

     SECTION 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee
shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated.

     SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and
Servicing Agreement. The Indenture Trustee hereby agrees and consents to the provisions of the
Sale and Servicing Agreement applicable to it (including, without limitation, Sections 5.06, 5.07,
5.09 thereof) and agrees to be bound by such provisions.

ARTICLE VII

Noteholders’ Lists and Reports

     SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders. The Note
Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the
Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written
request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than
25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in
writing to the Indenture Trustee, and such application states that the Applicants desire to
communicate with other Noteholders with respect to their rights under this Indenture or under the
Notes and such application is accompanied by a copy of the communication that such Applicants
propose to transmit, then the Indenture 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 Noteholders. Such Indenture Trustee may elect not to afford the requesting Noteholders
access to the list of Noteholders if it agrees to mail the desired communication by proxy, on
behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder,
by receiving and holding a Note, agrees with the Indenture Trustee and the Issuer that none of the
Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the Noteholders under this Indenture, regardless of the source from which such information was
derived.

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     If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the
Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five
days after the most recent Record Date or at such other times as the Indenture Trustee reasonably
may request in writing, a list, in such form as the Indenture Trustee reasonably may require, of
the names and addresses of the Holders of Notes as of such Record Date.

     SECTION 7.02 Preservation of Information; Communications to Noteholders.

     (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so
furnished.

     (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 3.12(c).

     SECTION 7.03 Reports by Issuer.

     (a) The Issuer shall:

     (1) file with the Indenture Trustee, within 15 days after the Issuer is required to
file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the Issuer may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

     (2) file with the Indenture Trustee and the Commission in accordance with the rules and
regulations prescribed from time to time by the Commission such additional information,
documents and reports with respect to compliance by the Issuer with the conditions and
covenants of this Indenture as may be required from time to time by such rules and
regulations; and

     (3) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA Section 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and by rules and regulations prescribed from time to time by the
Commission.

     (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on March
31 of each year.

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     SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after the end of each Fiscal Year of the Issuer, beginning with March 31, 2009, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report
dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall
comply with TIA Section 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are
listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any
stock exchange.

     SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to
the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be
provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the
direction of the Servicer, such other information regarding the Notes as the Indenture Trustee may
have in its possession, but only with the use of a password provided by the Indenture Trustee. Any
information that is disseminated in accordance with the provisions of this Section 7.05 shall not
be required to be disseminated in any other form or manner. Except for documents prepared by the
Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will
make no representation or warranties as to the accuracy or completeness of such documents and will
assume no responsibility therefor.

          The Indenture Trustee’s internet website shall be initially located at
https://tss.sfs.db.com/investpublic or at such other address as shall be specified by the
Indenture Trustee from time to time in writing to the parties hereto. In connection with providing
access to the Trustee’s internet website, the Indenture Trustee may require registration and the
acceptance of a disclaimer.

ARTICLE VIII

Accounts, Disbursements and Releases

     SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except
as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture
and any right to proceed thereafter as provided in Article V.

     SECTION 8.02 Accounts.

     (a) On or prior to the Closing Date, (i) the Issuer shall cause the Servicer to establish and
maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the

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extent set forth herein, the Certificateholders, the Collection Account as provided in Section
5.01 of the Sale and Servicing Agreement and (ii) the Issuer will establish and maintain with the
Securities Intermediary and pledge to the Indenture Trustee for the benefit of the Noteholders the
Yield Supplement Account in the name of the Indenture Trustee pursuant to the Yield Supplement
Agreement as provided in Section 5.08 of the Sale and Servicing Agreement and the Securities
Account Control Agreement.

     (b) On or prior to the Closing Date, the Issuer will cause the Seller to, pursuant to the
Securities Account Control Agreement, establish and maintain with the Securities Intermediary in
the name of the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as
provided in Section 5.07 of the Sale and Servicing Agreement.

     (c) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection
Account on 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 this Indenture) to the
Trust Collection Account and shall take all necessary or appropriate actions to transfer all of its
right, title and interest in the Collection Account, all funds or investments held therein and all
proceeds thereof, whether or not on behalf of the Securityholders, to the Owner Trustee for the
benefit of the Certificateholders, subject to the limitations set forth herein with respect to
amounts held for payment to Noteholders that do not promptly deliver a Note for payment on such
Distribution Date.

     (d) The Indenture Trustee shall transfer all amounts remaining on deposit in the Yield
Supplement Account on 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 this
Indenture) to the Owner Trustee for the benefit of the Certificateholders and shall take all
necessary or appropriate actions to transfer all of its right, title and interest in the Yield
Supplement Account, all funds or investments held therein and all proceeds thereof, whether or not
on behalf of the Securityholders, to the Owner Trustee for the benefit of the Certificateholders,
which amounts the Owner Trustee shall deposit into the Trust Collection Account, subject to the
limitations set forth herein with respect to amounts held for payment to Noteholders that do not
promptly deliver a Note for payment on such Distribution Date.

     SECTION 8.03 General Provisions Regarding Accounts.

     (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Collection Account shall be invested in Eligible Investments and
reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the
provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from
investments of moneys deposited in the Collection Account shall be deposited by the Indenture
Trustee in the Collection Account and paid to the Servicer as servicing compensation on any
Business Day on or after which such amount is deposited in the Collection Account, and any loss
resulting from such investments shall be charged to such account. The Servicer will not direct the
Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds
or to sell any investment held in the Collection Account unless the security interest Granted and
perfected in such account will continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in connection

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with any direction to the Indenture Trustee to make any such investment or sale, if requested
by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect.

     (b) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Reserve Account and the Yield Supplement Account shall be invested in
Eligible Investments and reinvested by the Indenture Trustee at the written direction of the
Servicer, subject to the provisions of Section 5.07 and Section 5.08, respectively, of the Sale and
Servicing Agreement and the provisions of the Securities Account Control Agreement. All income or
other gain from investments of moneys deposited in the Reserve Account shall be paid by the
Indenture Trustee to the Seller on any Business Day on or after which such amount is deposited in
the Reserve Account. All income or other gain from investments of moneys deposited in the Yield
Supplement Account shall be deposited into the Collection Account on each Distribution Date.
Subject to the right of the Indenture Trustee to make withdrawals therefrom, as directed by the
Servicer, for the purposes and in the amounts set forth in Section 5.06 of the Sale and Servicing
Agreement, the Reserve Account and all funds held therein shall be the property of the Seller and
not the property of the Trust, the Owner Trustee or the Indenture Trustee.

     (c) [Reserved.]

     (d) The Seller will grant to the Indenture Trustee, for the benefit of the Noteholders, a
security interest in all funds (including Eligible Investments) in the Reserve Account (including
the Reserve Account Initial Deposit) and the proceeds thereof, and the Issuer will grant to the
Indenture Trustee, for the benefit of the Noteholders, a security interest in all funds (including
Eligible Investments) in the Yield Supplement Account and the proceeds thereof, and the Indenture
Trustee shall have all of the rights of a secured party under the UCC with respect thereto;
provided that all income from the investment of funds in the Reserve Account, and the right to
receive such income are retained by the Seller and are not transferred, assigned or otherwise
conveyed hereunder; and provided, further, that amounts on deposit in the Yield Supplement Account
in excess of the Required Yield Supplement Amount will be deposited into the Collection Account for
distribution in accordance with the terms of Section 5.06(c) of the Sale and Servicing Agreement.
The Servicer will not direct the Indenture Trustee to make any investment of any funds or to sell
any investment held in the Reserve Account or the Yield Supplement Account unless the security
interest granted and perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion
of Counsel, acceptable to the Indenture Trustee, to such effect.

     (e) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the Collection Account, the Reserve Account or the Yield Supplement
Account resulting from any loss on any Eligible Investment included therein at the direction of the
Servicer, except for losses attributable to the Indenture Trustee’s failure to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal
obligor and not as trustee, in accordance with the terms thereof.

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     (f) If (i) the Servicer shall have failed to give investment directions for any funds on
deposit in the Collection Account, the Reserve Account or the Yield Supplement Account to the
Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer
and Indenture Trustee) on any Business Day or (ii) a Default or Event of Default shall have
occurred and be continuing with respect to the Notes but the Notes shall not have been declared due
and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and
payable following an Event of Default, amounts collected or receivable from the Trust Estate are
being applied in accordance with Section 5.05 as if there had not been such a declaration, then the
Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the
Accounts in one or more Eligible Investments specified in clauses (i), (iv) or (vi) of the
definition of Eligible Investments provided in the Sale and Servicing Agreement. If the Indenture
Trustee invests and reinvests funds in the Reserve Account or the Yield Supplement Account pursuant
to clause (ii) or clause (iii) above, the Indenture Trustee shall issue a prohibition notice to the
securities intermediary as provided in the Securities Account Control Agreement. If the Default or
Event of Default that caused the Indenture Trustee to assume control over the investment of funds
in the Reserve Account and the Yield Supplement Account has been waived and the acceleration, if
any, of the Notes has been rescinded, the Indenture Trustee shall issue a rescission of prohibition
notice to the securities intermediary as provided in the Securities Account Control Agreement.

     SECTION 8.04 Release of Trust Estate.

     (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys.

     (b) The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums
due the Indenture Trustee pursuant to Section 6.07 (as certified by an authorized officer of the
Issuer in the officer’s certificate delivered to the Trustee) have been paid, release any remaining
portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to
or to the order of the Issuer, or, in the case of the Reserve Account or the Yield Supplement
Account, to the Seller, any funds entitled thereto then on deposit in the Collection Account, the
Reserve Account and the Yield Supplement Account, as the case may be. The Indenture Trustee shall
release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt
of an Issuer Request accompanied by an Officer’s Certificate and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.01.

     SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer.

     (a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 of the Sale and
Servicing Agreement or any purchase of any Receivable by the Servicer pursuant to

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Section 4.06 or Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on
behalf of the Noteholders, shall, without further action, be deemed to release from the Lien of
this Indenture such repurchased Receivable, all monies due or to become due with respect thereto
and all proceeds thereof and the other property with respect to such Receivable, and all security
and any documents relating thereto, and the Seller or the Servicer, as applicable, shall thereupon
own each such Receivable, and all such related security and documents, free of any further
obligation to the Issuer, the Indenture Trustee or the Noteholders with respect thereto.

     (b) The Indenture Trustee shall execute such documents and instruments and take such other
actions as shall be reasonably requested by the Seller or the Servicer, as the case may be, to
effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the
Issuer pursuant to Section 9.02 of the Sale and Servicing Agreement.

     SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days notice when requested by the Issuer to take any action pursuant to Section 8.04(a),
accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and
shall require, to extent required by the TIA), except in connection with any action contemplated by
Section 8.04(b), as a condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the provisions of this
Indenture; provided, however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

     SECTION 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Without the consent of the Holders of any Notes but with prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto (which shall conform
to the provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

     (1) to correct or amplify the description of any property at any time subject to the
lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subjected to the lien of this Indenture, or to
subject to the lien of this Indenture additional property;

     (2) to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of
the Issuer contained herein and in the Notes;

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     (3) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes,
or to surrender any right or power herein conferred upon the Issuer;

     (4) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

     (5) to cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein or in any
supplemental indenture or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture to the extent such action
shall not adversely affect the interests of the Holders of the Notes;

     (6) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and to add to or change any of the provisions of
this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI; or

     (7) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any
similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA.

     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided, however, that such action
shall not materially and adversely affect the interests of any Noteholder.

     SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the
Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating
Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes,
voting as a single class (excluding for such purpose the outstanding principal amount of any Notes
held of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such
time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates), by Action of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in
any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby:

     (1) change the due date of any installment of principal of or interest on any Note, or
reduce the principal amount thereof, the Interest Rate thereon or redemption

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price therefor, or change any place of payment where, or the coin or currency in which,
any Note or the interest thereon is payable;

     (2) impair the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided in Article V,
to the payment of any such amount due on the Notes on or after the respective due dates
thereof;

     (3) reduce the percentage of the Outstanding Amount of the Notes, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this
Indenture;

     (4) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”;

     (5) reduce the percentage of the Outstanding Amount of the Notes required to direct the
Indenture Trustee to sell or liquidate the Trust Estate if the proceeds of that sale would
be insufficient to pay the principal amount of and accrued but unpaid interest on the Notes
pursuant to Section 5.04(c)(iv);

     (6) reduce any percentage required to amend the sections of the Indenture that specify
the applicable percentage of Outstanding Amount of the Notes necessary to amend the
Indenture; or

     (7) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive the Holder of any Note of the security provided by the
lien of this Indenture.

     The Indenture Trustee may in its discretion determine whether or not any Notes would be
adversely affected by any supplemental indenture and any such determination shall be conclusive
upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such determination made in good
faith.

     It shall not be necessary for any Action of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Action
shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes to
which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

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     Pursuant to the Trust Agreement and the Sale and Servicing Agreement, the Issuer may, from
time to time, at its option, enter into a Currency Swap Agreement with a Currency Swap Counterparty
to swap amounts payable to Certificateholders from U.S. Dollars to Japanese yen; provided, that (1)
at the time the Issuer enters into the Currency Swap Agreement, the rating agencies have confirmed
the then-existing ratings of the Notes, and (2) any payments to the Currency Swap Counterparty
(including termination payments) are payable only from amounts that are otherwise payable to the
Certificateholders. Any payments received by the Issuer from the Currency Swap Counterparty under
such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid
by the Indenture Trustee directly to or to the order of the Certificateholders on the related
Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuer, the
Indenture Trustee, the Owner Trustee, the Seller and the Servicer will enter into a supplement to
this Indenture, subject to this Section 9.02 and subject to the approval of the Owner Trustee and
the Certificateholders, that will specify the creation of any necessary accounts and modifications
of any provisions necessary or appropriate to effectuate the intention of such Currency Swap
Agreement.

     SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the
modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive upon request therefor, and subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of Counsel from external counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise.

     SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be deemed to be
modified and amended in accordance therewith with respect to the Notes, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and
all the terms and conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

     SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall conform to the
requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.

     SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if
required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and

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53

 

executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange
for Outstanding Notes.

ARTICLE X

Release

     SECTION 10.01 Optional Purchase of All Receivables. If the Servicer or any successor
to the Servicer shall notify the Owner Trustee and the Indenture Trustee of its intention to
exercise the option granted to it in Section 9.01 of the Sale and Servicing Agreement to repurchase
the outstanding Receivables primarily comprising the Owner Trust Estate, then the Owner Trustee and
the Indenture Trustee shall give written notice thereof to each Securityholder and the Rating
Agencies as soon as practicable after their receipt of notice from the Servicer. Upon deposit by
the Servicer or any successor to the Servicer of the amount necessary to effect such purchase of
the corpus of the Owner Trust Estate, the Indenture Trustee shall make the final distributions to
the Noteholders and Certificateholders as set forth in Section 5.06 of the Sale and Servicing
Agreement and shall promptly transfer all of its right, title and interest in and to any amounts or
investments remaining on deposit in the Collection Account to the Owner Trustee, and in the Reserve
Account and the Yield Supplement Account to the Seller (in any event excluding any portion thereof
necessary to make distributions to Noteholders described in Section 3.03), and release from the
lien of this Indenture all of the remaining Collateral. The Indenture Trustee shall execute,
deliver and file all agreements, certificates, instruments or other documents necessary or
reasonably requested by the Issuer in order to effect such release and the transfer to the Issuer
of the Collateral.

ARTICLE XI

Miscellaneous

     SECTION 11.01 Compliance Certificates and Opinions, etc.

     (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall, upon written request therefor from the
Indenture Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture,
no such written request from the Indenture Trustee need be furnished (and only such expressly
required documents need be delivered in connection therewith).

     (b) Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

     (1) a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto;

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     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such signatory, such signatory has made
such examination or investigation as is necessary to enable such signatory to express an
informed opinion as to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such signatory, such condition or
covenant has been complied with.

     (c) Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the
lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee (if so requested by the Indenture
Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each
person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

     Whenever the Issuer would be required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signatory thereof as to the matters described
in this clause (c) if such an Officer’s Certificate had been requested by the Indenture Trustee or
required by the TIA, regardless of whether such an Officer’s Certificate was so requested or
required, the Issuer shall deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuer of the securities to be so deposited and of all other
such securities made the basis of any such withdrawal or release since the commencement of the
then-current calendar year of the Issuer, as set forth in the certificates delivered pursuant to
clause (c), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not
be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer
as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes.

     Whenever any property or securities are to be released from the lien of this Indenture, the
Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of
such person the proposed release will not impair the security under this Indenture in contravention
of the provisions hereof.

     Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without
compliance with the requirements of the other provisions of this Section, (i) collect, liquidate,
sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or
required by the Basic Documents and (ii) make cash payments out of the Accounts as and to the
extent permitted or required by the Basic Documents so long as the Issuer shall deliver to the
Indenture Trustee every six months, commencing [July 24, 2008], an Officer’s Certificate of the
Issuer stating that all such dispositions of Collateral that occurred during the

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preceding six calendar months were in the ordinary course of the Issuer’s business and that
the proceeds thereof were applied in accordance with the Basic Documents.

     SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows,
or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

     SECTION 11.03 Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee,
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Action” of
the Noteholders signing such instrument or instruments.

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56

 

Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of
the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

     (b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies. Any request,
demand, authorization, direction, notice, consent, waiver or Action of Noteholders or other
documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Action of Noteholders is to be made upon,
given or furnished to or filed with:

     (a) the Indenture Trustee by any Noteholder or by the Issuer, it shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at
its Corporate Trust Office; or

     (b) the Issuer by the Indenture Trustee or by any Noteholder, it shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to:
Nissan Auto Receivables 2008-B Owner Trust, c/o Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2008-B Owner
Trust, with a copy to Nissan Motor Acceptance Corporation, 333 Commerce Street, 10th
Floor, B-10-C, Nashville, Tennessee 37201-1800, Attention: Treasurer, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The
Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture
Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors
Service, ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York
10007, and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s, a
division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041-0003,
Attention: Asset Backed Surveillance Department, or as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

     SECTION 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for
notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note Register, not later

 (Nissan 2008-B Indenture)

57

 

than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default or Event of Default.

     SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision
of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with
any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder, that is different from the methods provided for in this Indenture for
such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

     SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.

     The provisions of TIA Sections 310 through 317 that impose duties on any person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.

     SECTION 11.08 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

     SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.
All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees
and agents.

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     SECTION 11.10 Severability. If any one or more of the covenants, agreements,
provisions or terms of this Indenture 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 Indenture
and shall in no way affect the validity or enforceability of the other provisions of this Indenture
or of the Notes or the Certificates or the rights of the Holders thereof.

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     SECTION 11.12 Governing Law. This Indenture shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and
the obligations, rights and remedies of the parties hereunder shall be determined in accordance
with such laws.

     SECTION 11.13 Counterparts. This Indenture 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 11.14 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer and at its
expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder or for
the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

     SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or Certificates or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, any Certificateholder or
other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity. For all purposes of this Indenture, in the
performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be

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59

 

subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and
VIII of the Trust Agreement.

     SECTION 11.16 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time
file, join in any filing of, or cooperate or encourage others to file against the Seller or the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law, in connection with
any obligations relating to the Notes, the Certificates or any of the Basic Documents.

     SECTION 11.17 Inspection. The Issuer agrees that, on reasonable prior notice, it
will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours,
to examine all the books of account, records, reports and other papers of the Issuer, to make
copies and extracts therefrom, to cause (at the expense of the requesting party) such books to be
audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances
and accounts with the Issuer’s officers, employees, and Independent certified public accountants,
all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee
shall and shall cause its representatives to hold in confidence all such information except to the
extent disclosure may be required by law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

The remainder of this page intentionally left blank.

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60

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized and duly attested, all as of the
day and year first above written.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity but
solely as Owner Trustee
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 		 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

	 
	 	 	 	 	 	 
	 

	 	By:
	 		 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 		 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 (Nissan 2008-B Indenture)

S-1

 

	 	 	 	 	 
	STATE OF DELAWARE

	 	 )	 	 
	 

	 	   )	 ss	 
	COUNTY OF NEW CASTLE

	 	)	 	 

Sworn to
and subscribed before me this                      day of June, 2008, by                                    
     .

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	  Notary Public	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 
	 	 	My Commission Expires:	 	 	 	 
	 

	 	 	 	 	 	 

Notary Seal

 (Nissan 2008-B Indenture)

S-2

 

	 	 	 	 	 
	STATE
OF NEW YORK
	 	)	 	 
	 

	 	)	 ss	 
	COUNTY
OF                              

	 	)	 	 

Sworn
to and subscribed before me this                      day of June, 2008, by                                    
     .

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	  Notary
Seal	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 
	 	 	My Commission Expires:	 	 	 	 
	 

	 	 	 	 	 	 

Notary
Seal

 (Nissan 2008-B Indenture)

S-3

 

EXHIBIT A

FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

     THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL
AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH
AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND
INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON DEPOSIT IN
THE RESERVE ACCOUNT AND THE YIELD SUPPLEMENT ACCOUNT.

     EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT
THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
“PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR ANY
OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE
NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION
4975 OF THE CODE OR ANY SIMILAR LAW.

 (Nissan 2008-B Indenture)

4

 

NISSAN AUTO RECEIVABLES 2008-B OWNER TRUST

[                    ]% ASSET BACKED NOTES,

CLASS [A-1] [A-2] [A-3] [A-4]

			
	No. R-                                        
	 	$                                        
	 
	 	    CUSIP NO.                                        
	 
	 	

   
          
     
     
     
                       ISIN No. __________________

          Nissan Auto Receivables 2008-B Owner Trust, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to                                         , or registered assigns, the principal sum of
            
           
            
      DOLLARS ($    
            
           
             ) payable on each Distribution Date in an aggregate amount, if
any, payable from the Collection Account in respect of the principal on the Class [A-1] [A-2] [A-3]
[A-4] Notes pursuant to Section 3.01 of the Indenture dated as of June 19, 2008 (the “Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as Indenture Trustee (the “Indenture
Trustee”) and Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of June
19, 2008 (the “Sale and Servicing Agreement”), among the Issuer, NARC II, as Seller, and NMAC, as
Servicer (which amounts shall be limited to the portion of Available Amounts specified in such
sections); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Distribution Date occurring on
                                                             (the “Class
[A-1] [A-2] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used but not
defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing
Agreement, as the case may be.

          The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Distribution Date (after giving effect
to all payments of principal made on the preceding Distribution Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note will accrue for each
Distribution Date, [{for the Class A-1 Notes}during the period from (and including) the
Distribution Date during the calendar month preceding such Distribution Date (or in the case of the
first Distribution Date, or if no interest has yet been paid, from (and including) the Closing
Date) to (but excluding) such Distribution Date] [{for the Class A-2, Class A-3 and Class A-4
Notes}during the period from (and including) the 15th day of the preceding calendar month (or in
the case of the first Distribution Date, or if no interest has yet been paid, from (and including)
the Closing Date) to (but excluding) the 15th day of the month in which such Distribution Date
occurs]. Interest will be computed on the basis specified in the Indenture for each Interest
Period. Such principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

 (Nissan 2008-B Indenture)

5

 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 (Nissan 2008-B Indenture)

6

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below.

     Date: June           , 2008

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES 2008-B
OWNER TRUST
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY, 

not in its individual
capacity but solely as Owner Trustee under the

Trust Agreement
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

 (Nissan 2008-B Indenture)

7

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

     Date: June         , 2008

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

not in its
individual capacity but solely as Indenture Trustee
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 (Nissan 2008-B Indenture)

8

 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as [___]%
Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4] (herein called the “Class [A-1][A-2][A-3][A-4]
Notes”), all issued under the Indenture, to which Indentures and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
[A-1][A-2][A-3][A-4] Notes are subject to all terms of the Indenture.

     The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes,
(collectively, the “Notes”) are and, except as otherwise provided in the Indenture of the Sale and
Servicing Agreement, will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class [A-1][A-2][A-3][A-4] Notes will be payable on each Distribution Date in
an amount described in the Indenture. “Distribution Date” means the fifteenth day of each month,
or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 15,
2008.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due
and payable on the date on which an Event of Default shall have occurred and be continuing and the
Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates),
have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture or following the exercise by the Servicer of its option to purchase the Receivables
pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the Indenture.
In case of an unrescinded acceleration upon an Event of Default, all payments of interest and
principal will be made to the Noteholders, as set forth in Section 5.06(d) of the Sale and
Servicing Agreement. In case of the optional purchase of the Receivables, all interest and all
principal payments on the Class [A-1][A-2][A-3][A-4] Notes shall be made pro rata to the Class
[A-1][A-2][A-3][A-4] Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be paid to
the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the
Record Date by wire transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to such Note on a
Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as
provided below. Any reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution
Date, and the amount then due and payable shall be payable

 (Nissan 2008-B Indenture)

9

 

only upon presentation and surrender of this Note at the Indenture Trustee’s principal
Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the Class
[A-1][A-2][A-3][A-4] Rate to the extent lawful.

     As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon
one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) the Seller or any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable,
to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

     The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in
the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with
or encourage others to file against the Seller or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the Basic Documents.

 (Nissan 2008-B Indenture)

10

 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for
federal, state and local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a
Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by
notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer and the Indenture Trustee, when authorized by
an Issuer Order, with prior notice to the Rating Agencies and with the consent of the Holders of a
majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such
purpose the outstanding principal amount of any Notes held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of the Indenture
also contains provisions permitting the Holders of a majority of the Outstanding Amount of the
Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any
Notes held of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at
such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of
their Affiliates), on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

 (Nissan 2008-B Indenture)

11

 

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

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.

 (Nissan 2008-B Indenture)

12

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee:                                        

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

 

(name and address of assignee)

     the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        , attorney, to transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

	 	 	 	 	 
	Dated:

	 	 	 	*/
	
 
	 	 
	 
	Signature Guaranteed:

	 	 	 	 
	 
	 

	 	 	 	*/
	 

	 	 	 	 
	 
	 	 

 

*/   NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in STAMP or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 (Nissan 2008-B Indenture)

13

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions and Incorporation by Reference
	 	 	2	 
	SECTION 1.01 Definitions
	 	 	2	 
	SECTION 1.02 Usage of Terms
	 	 	8	 
	SECTION 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	9	 
	ARTICLE II The Notes
	 	 	9	 
	SECTION 2.01 Form
	 	 	9	 
	SECTION 2.02 Execution, Authentication and Delivery
	 	 	9	 
	SECTION 2.03 Temporary Notes
	 	 	10	 
	SECTION 2.04 Registration; Registration of Transfer and Exchange
	 	 	10	 
	SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	11	 
	SECTION 2.06 Persons Deemed Owners
	 	 	12	 
	SECTION 2.07 Payments of Principal and Interest
	 	 	12	 
	SECTION 2.08 Cancellation
	 	 	13	 
	SECTION 2.09 Release of Collateral
	 	 	13	 
	SECTION 2.10 Book-Entry Notes
	 	 	13	 
	SECTION 2.11 Notices to Clearing Agency
	 	 	14	 
	SECTION 2.12 Definitive Notes
	 	 	14	 
	SECTION 2.13 Tax Treatment
	 	 	15	 
	ARTICLE III Covenants, Representations and Warranties
	 	 	15	 
	SECTION 3.01 Payment of Principal and Interest
	 	 	15	 
	SECTION 3.02 Maintenance of Office or Agency
	 	 	16	 
	SECTION 3.03 Money for Payments To Be Held in Trust
	 	 	16	 
	SECTION 3.04 Existence
	 	 	17	 
	SECTION 3.05 Protection of Trust Estate
	 	 	18	 
	SECTION 3.06 Opinions as to Trust Estate
	 	 	18	 
	SECTION 3.07 Performance of Obligations; Servicing of Receivables
	 	 	19	 
	SECTION 3.08 Negative Covenants
	 	 	21	 
	SECTION 3.09 Annual Statement as to Compliance
	 	 	21	 
	SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms
	 	 	21	 
	SECTION 3.11 Successor or Transferee
	 	 	23	 

 (Nissan 2008-B Indenture)

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.12 No Other Business
	 	 	23	 
	SECTION 3.13 No Borrowing
	 	 	24	 
	SECTION 3.14 Servicer’s Notice Obligations
	 	 	24	 
	SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities
	 	 	24	 
	SECTION 3.16 Capital Expenditures
	 	 	24	 
	SECTION 3.17 Removal of Administrator
	 	 	24	 
	SECTION 3.18 Restricted Payments
	 	 	24	 
	SECTION 3.19 Notice of Events of Default
	 	 	25	 
	SECTION 3.20 Further Instruments and Actions
	 	 	25	 
	SECTION 3.21 Representations and Warranties
	 	 	25	 
	SECTION 3.22 Regulation AB Representations, Warranties and Covenants
	 	 	26	 
	ARTICLE IV  Satisfaction and Discharge
	 	 	26	 
	SECTION 4.01 Satisfaction and Discharge of Indenture
	 	 	26	 
	SECTION 4.02 Application of Trust Money
	 	 	27	 
	SECTION 4.03 Repayment of Moneys Held by Paying Agent
	 	 	27	 
	ARTICLE V   Remedies
	 	 	27	 
	SECTION 5.01 Events of Default
	 	 	27	 
	SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	 	 	29	 
	SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee
	 	 	29	 
	SECTION 5.04 Remedies; Priorities
	 	 	31	 
	SECTION 5.05 Optional Preservation of the Receivables
	 	 	33	 
	SECTION 5.06 Limitation of Suits
	 	 	33	 
	SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest

	 	 	34	 
	SECTION 5.08 Restoration of Rights and Remedies
	 	 	34	 
	SECTION 5.09 Rights and Remedies Cumulative
	 	 	34	 
	SECTION 5.10 Delay or Omission Not a Waiver
	 	 	34	 
	SECTION 5.11 Control by Noteholders
	 	 	34	 
	SECTION 5.12 Waiver of Past Defaults
	 	 	35	 
	SECTION 5.13 Undertaking for Costs
	 	 	35	 

 (Nissan 2008-B Indenture)

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 	 
	SECTION 5.14 Waiver of Stay or Extension Laws
	 	 	36	 
	SECTION 5.15 Action on Notes
	 	 	36	 
	SECTION 5.16 Performance and Enforcement of Certain Obligations
	 	 	36	 
	ARTICLE VI The Indenture Trustee
	 	 	37	 
	SECTION 6.01 Duties of Indenture Trustee
	 	 	37	 
	SECTION 6.02 Rights of Indenture Trustee
	 	 	38	 
	SECTION 6.03 Individual Rights of Indenture Trustee
	 	 	39	 
	SECTION 6.04 Indenture Trustee’s Disclaimer
	 	 	39	 
	SECTION 6.05 Notice of Defaults
	 	 	40	 
	SECTION 6.06 Reports by Indenture Trustee to Holders
	 	 	40	 
	SECTION 6.07 Compensation and Indemnity
	 	 	41	 
	SECTION 6.08 Replacement of Indenture Trustee
	 	 	41	 
	SECTION 6.09 Successor Indenture Trustee by Merger
	 	 	42	 
	SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	42	 
	SECTION 6.11 Eligibility; Disqualification
	 	 	44	 
	SECTION 6.12 Preferential Collection of Claims Against Issuer
	 	 	44	 
	SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale
and Servicing Agreement
	 	 	44	 
	ARTICLE VII  Noteholders’ Lists and Reports
	 	 	44	 
	SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders
	 	 	44	 
	SECTION 7.02 Preservation of Information; Communications to Noteholders
	 	 	45	 
	SECTION 7.03 Reports by Issuer
	 	 	45	 
	SECTION 7.04 Reports by Indenture Trustee
	 	 	46	 
	SECTION 7.05 Indenture Trustee Website
	 	 	46	 
	ARTICLE VIII Accounts, Disbursements and Releases
	 	 	46	 
	SECTION 8.01 Collection of Money
	 	 	46	 
	SECTION 8.02 Accounts
	 	 	46	 
	SECTION 8.03 General Provisions Regarding Accounts
	 	 	47	 
	SECTION 8.04 Release of Trust Estate
	 	 	49	 

 (Nissan 2008-B Indenture)

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer
	 	 	49	 
	SECTION 8.06 Opinion of Counsel
	 	 	50	 
	ARTICLE IX Supplemental Indentures
	 	 	50	 
	SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	 	 	50	 
	SECTION 9.02 Supplemental Indentures with Consent of Noteholders
	 	 	51	 
	SECTION 9.03 Execution of Supplemental Indentures
	 	 	53	 
	SECTION 9.04 Effect of Supplemental Indenture
	 	 	53	 
	SECTION 9.05 Conformity with Trust Indenture Act
	 	 	53	 
	SECTION 9.06 Reference in Notes to Supplemental Indentures
	 	 	53	 
	ARTICLE X Release
	 	 	54	 
	SECTION 10.01 Optional Purchase of All Receivables
	 	 	54	 
	ARTICLE XI Miscellaneous
	 	 	54	 
	SECTION
11.01 Compliance Certificates and Opinions, etc.
	 	 	54	 
	SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	 	 	56	 
	SECTION 11.03 Acts of Noteholders
	 	 	56	 
	SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies
	 	 	57	 
	SECTION 11.05 Notices to Noteholders; Waiver
	 	 	57	 
	SECTION 11.06 Alternate Payment and Notice Provisions
	 	 	58	 
	SECTION 11.07 Conflict with Trust Indenture Act
	 	 	58	 
	SECTION 11.08 Effect of Headings and Table of Contents
	 	 	58	 
	SECTION 11.09 Successors and Assigns
	 	 	58	 
	SECTION 11.10 Severability
	 	 	59	 
	SECTION 11.11 Benefits of Indenture
	 	 	59	 
	SECTION 11.12 Governing Law
	 	 	59	 
	SECTION 11.13 Counterparts
	 	 	59	 
	SECTION 11.14 Recording of Indenture
	 	 	59	 
	SECTION 11.15 Trust Obligation
	 	 	59	 
	SECTION 11.16 No Petition
	 	 	60	 
	SECTION 11.17 Inspection
	 	 	60	 

 (Nissan 2008-B Indenture)

-iv-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	EXHIBIT A FORM OF CLASS [A-1][A-2][A-3][A-4] NOTE
	 	 	 	 

 (Nissan 2008-B Indenture)

-v-

 

CROSS-REFERENCE TABLE

(not a part of this Indenture)

			
	 	 	 
	TIA 

Section
	 	Indenture

Section

				
	(§)310(a) (1)
	 	6.11	 
	(a) (2)
	 	6.11	 
	(a) (3)
	 	6.10	(b)(i)
	(a) (4)
	 	N.A.	 
	(a) (5)
	 	6.11	 
	(b)
	 	5.04	 
	 
	 	6.08	 
	 
	 	6.11	 
	 
	 	11.04	 
	(c)
	 	N.A.	 
	(§)311(a)
	 	6.12	 
	(b)
	 	6.12	 
	(c)
	 	N.A.	 
	(§)312(a)
	 	7.01	 
	(b)
	 	7.01	 
	 
	 	7.02	(b)
	(c)
	 	7.02	(c)
	(§)313(a)
	 	7.04	 
	(b) (1)
	 	N.A.	 
	(b) (2)
	 	7.04	 
	(c)
	 	7.04	 
	 
	 	11.04	 
	(d)
	 	7.04	 
	(§)314(a)
	 	7.03	 
	 
	 	3.09	 
	 
	 	11.04 	 
	 
	 	7.04	 
	(b)
	 	3.06	 
	 
	 	11.14	 
	 
	 	7.04	 
	(c) (1)
	 	11.01	 
	 
	 	6.02	 
	 
	 	8.05	(b)
	 
	 	6.02	 
	 
	 	11.01	 
	(c) (2)
	 	11.01	 
	 
	 	3.06	 
	 
	 	3.10	 
	 
	 	6.02	 
	 
	 	8.05	(b)
	 
	 	8.06	 
	(c) (3)
	 	11.01	 

 (Nissan 2008-B Indenture)

vi

 

			
	 	 	 
	TIA

Section
	 	Indenture

Section

				
	(d)
	 	11.01	(c)
	(e)
	 	11.01	 
	(f)
	 	N.A.	 
	(§)315(a)
	 	6.01	 
	(b)
	 	6.05	 
	(c)
	 	N.A.	 
	(d)
	 	6.01	(c)
	(e)
	 	5.13	 
	(§)316(a)(1) (A)
	 	5.11	 
	 
	 	6.01	(c)
	(a) (1) (B)
	 	5.12	 
	(a) (2)
	 	N.A.	 
	(b)
	 	5.07	 
	 
	 	9.02	 
	 
	 	5.13	(c)
	(c)
	 	N.A.	 
	(§)317(a) (1)
	 	5.04	 
	(a) (2)
	 	5.03	(c)
	 
	 	5.03	(d)
	 
	 	5.04	 
	(b)
	 	3.03	 
	(§)318(a)
	 	11.07	 

 

			
	N.A. means not applicable.

 (Nissan 2008-B Indenture)

-vi-

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