Document:

exv4w6

 

Exhibit 4.6

Execution copy 

Nissan Auto Receivables Corporation II

990 West 190th Street

Torrance, California 90502

Dated as of April 25, 2006

YIELD SUPPLEMENT AGREEMENT

Wells Fargo Bank, National Association

Wells Fargo Center

Sixth and Marquette Avenue

MAC N9311-161

Minneapolis, MN 55479

Attn: Asset Backed Securities Department

Nissan Auto Receivables 2006-B Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2006-B Owner Trust

Ladies and Gentlemen:

     Nissan Auto Receivables Corporation II (the “Company”) hereby confirms arrangements made as of
the date hereof with you, Wells Fargo Bank, National Association, as Indenture Trustee, and
Wilmington Trust Company, as Owner Trustee for the Nissan Auto Receivables 2006-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 2006-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 reinvestment income during the
related Collection Period on the Yield Supplement Account.

(Nissan 2006-B Yield Supplement Agreement)

 

 

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, 6.408%.
“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 $55,858,067.63 (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 2.00%, 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 of the Required Yield Supplement Amount for such Distribution Date
after giving effect to all

(Nissan 2006-B Yield Supplement Agreement)

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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 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

(Nissan 2006-B Yield Supplement Agreement)

3

 

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

990 West 190th Street

Torrance, California 90502

Attention: Treasurer

Facsimile No.: (310) 324-2542

Indenture Trustee:

Wells Fargo Bank, National Association

Wells Fargo Center

Sixth and Marquette Avenue

MAC N9311-161

Minneapolis, MN 55479

Attn: Asset Backed Securities Department

Facsimile No.: (612) 667-3464

Trust:

Nissan Auto Receivables 2006-B Owner Trust

In care of: Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attn: Nissan Auto Receivables 2006-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 2006-B Yield Supplement Agreement)

4

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO RECEIVABLES CORPORATION II	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	          /s/ Kazuhiko Kazama	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Kazuhiko Kazama	 	 
	 

	 	 	 	Title:
	 	Treasurer	 	 

Agreed and accepted as of April 25, 2006

NISSAN MOTOR ACCEPTANCE CORPORATION

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	By:	 	          /s/ Steven R. Lambert	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Steven R. Lambert	 	 
	 

	 	Title:
	 	President	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,	 	 
	AS INDENTURE TRUSTEE	 	 
	 
	 	 	 	 	 	 
	By:	 	          /s/ Marianna C. Stershic	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Marianna C. Stershic
	 	 
	 

	 	Title:
	 	Vice President	 	 

	 	 	 
	NISSAN AUTO RECEIVABLES 2006-B
	OWNER TRUST
	 
	 	 
	By:

	 	WILMINGTON TRUST COMPANY,
	 

	 	not in its individual capacity but solely as

Owner Trustee on behalf of the Trust

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	By:	 	          /s/ Michele C. Harra	 	 
	 	 	 	 	 
	 

	 	Name:

Title:
	 	Michele C. Harra

Financial Services Officer	 	 

(Nissan 2006-B Yield Supplement Agreement)

S-1exv10w1

 

EXHIBIT 10.1

AMENDMENT TO LEASE

     This Amendment to Lease (the “Amendment”) is made by and between Sealy Woodlands, L.P., a
Delaware limited partnership, hereinafter referred to as “Lessor”, and Zonagen, Inc., hereinafter
referred to as “Lessee”.

WITNESSETH

	A.	 	Lessor and Lessee hereby confirm and ratify, except as modified below, all of the terms,
conditions, and covenants in that certain written lease agreement dated May 11, 2004 (the
“Original Lease”) between Lessor and Lessee for the leasing of the following described
property:

Approximately 4,800 rentable square feet of office/warehouse space (the “Leased Premises”) located

at 2408 Timberloch Place, Suite B1, The Woodlands, Texas 77380.

	B.	 	Lessee warrants that Lessee has accepted and is now in possession of the Leased Premises and
Lessor and Lessee warrant that the Lease is valid and presently in full force and effect.
Except for the work which Lessor was required to perform pursuant to Exhibit “C” attached to
the Original Lease, Lessee accepted the Leased Premises in its “as is” condition as of the
date of the Original Lease.

	C.	 	All capitalized, defined terms used in the Original Lease shall have in this Amendment the
meanings ascribed to them in the Original Lease, unless specifically otherwise indicated in
this Amendment.

	D.	 	The parties intend for the Original Lease together with any amendments to be read together as
one unified document (the “Lease”).

The Lease is hereby amended as follows:

	1.	 	Leased Premises.

Pursuant to Article 1 of the Lease, the Leased Premises shall be amended as follows:

Beginning April 1, 2006, the Leased Premises shall be redesignated, and the
Leased Premises now set out in the Lease (2408 Timberloch Place, Suite B1-2,
The Woodlands, Texas 77380, containing 4,800 rentable square feet — the
“Former Leased Premises”), will be changed and designated as 2408 Timberloch
Place, Suite B-6, The Woodlands, Texas 77380, containing 7,117 rentable
square feet (the “New Leased Premises”), as shown on the attached Exhibit A.

Lessee agrees to vacate the Former Leased Premises in a “broom clean”
condition, normal wear and tear expected, subject to all terms and
conditions of the Lease, by midnight March 31, 2006.

 

 

	2.	 	Term.

Pursuant to Article 2 of the Lease, the Term will continue through to its existing
expiration date of June 30, 2010.

	3.	 	Base Monthly Rent.

Pursuant to Article 4 and Exhibit C of the Lease, the Base Monthly Rent is hereby amended as
follows:

Beginning April 1, 2006 through April 30, 2006, the Base Monthly Rent shall
be $4,744.67 per month.

Beginning May 1, 2006 through April 30, 2008, the Base Monthly Rent shall be
$4,892.94 per month.

Beginning May 1, 2008 through June 30, 2010, the Base Monthly Rent shall be
$5,041.21 per month.

	4.	 	Operating Expenses.

Pursuant to Articles 7, 8, and 10 of the Lease, Lessee shall pay its Proportionate Share of
Operating Expenses in excess of such expenses for the Base Year 2004.

	5.	 	Acceptance of Premises, Condition, and Suitability.

Lessee will accept the New Leased Premises in its “as-is” condition.

	6.	 	Early Access.

Lessor will permit Lessee early access to the New Leased Premises, free of Base Monthly Rent
and Operating Expense charges, upon the full execution of this Amendment and Lessor’s
receipt of Lessee’s certificate of liability insurance naming Lessor as additional insured.

	7.	 	Hazardous Substances.

Lessee shall have no responsibility or liability relating to or arising from the existence
of Hazardous Substances located in or on the New Leased Premises which existed prior to, or
as of, the date Lessee first occupies the New Leased Premises. Lessor agrees to indemnify
and hold Lessee harmless from and against all reasonable costs incurred by Lessee in
connection with the remediation or removal of Hazardous Substances from the New Leased
Premises which are at levels or in conditions that are in violation of applicable
environmental laws and for which Lessee is not responsible pursuant to the Lease, provided
that Lessee has first given Lessor written notice thereof and a reasonable opportunity to
perform such remediation or removal work.

2

 

	8.	 	Except as herein expressly specified, all terms and conditions of the Lease shall remain in
full force and effect.

	 	 	 	 	 
	WITNESSES:	 	LESSEE:
	 	 	ZONAGEN, INC.
	 
	 	 	 	 
	                    /s/ Tara Stewart                              

	 	By:
	 	                               /s/ Joseph S. Podolski                              
	 
	 	 	 	 
	 	 	Printed Name:                               Joseph S. Podolski                              
	 
	 	 	 	 
	 

	 	Its:
	 	                              President and CEO                              
	 
	 	 	 	 
	 

	 	Date:
	 	                              March 9, 2006                              
	 
	 	 	 	 
	 	 	LESSOR:
	 	 	SEALY WOODLANDS, L.P.,
	 	 	a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	Sealy Woodlands General Partner, L.P.,
	 

	 	 	 	its general partner
	 
	 	 	 	 
	 

	 	
	 	By: Sealy G.P. Woodlands, L.P.,
	 

	 	 	 	        its general partner
	 
	 	 	 	 
	 

	 	 
	 	By: Sealy Woodlands Investors, L.L.C.,
	 

	 	 	 	        its general partner
	 
	 	 	 	 
	            
                                
                
                    

	 	By:
	 	                              /s/ Scott P. Sealy                              
	 

	 	 	 	Scott P. Sealy, Manager
	 
	 	 	 	 
	 

	 	Date:
	 	                               3/17/06                              

3

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