Document:

<PAGE>

                                                                     EXHIBIT 4.8

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT
                         dated as of September 16, 2004

                                     Between

                         ABN AMRO BANK N.V. ("Party A")

                                       and

             NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST ("Party B")

                                     PART 1
                             TERMINATION PROVISIONS

In this Agreement:-

(a)   "SPECIFIED ENTITY" shall not apply.

(b)   "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to Party A
      and will not apply to Party B.

(c)   "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
      Party A and will not apply to Party B.

(d)   "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Party A
      and will not apply to Party B.

(e)   "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v) will
      not apply to Party A and will not apply to Party B.

(f)   "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to Party B.
      The "Cross Default" provisions of Section 5(a)(vi) will apply to Party A;
      provided, however, that it shall not constitute an Event of Default under
      this Section 5(a)(vi) if (i) such event, condition or failure arises in
      the ordinary course of business by mistake, oversight or transfer
      difficulties in the payment of money, such event, condition or failure is
      remedied on or before the third Business Day after the occurrence or
      existence of such event, condition or failure, and (ii) no Specified
      Indebtedness in an aggregate amount equal to or in excess of the Threshold
      Amount is accelerated as a result of such event, condition or failure.

      "SPECIFIED INDEBTEDNESS" shall mean any obligation (whether present or
      future, contingent or otherwise, as principal or surety or otherwise) in
      respect of borrowed money (which, for the avoidance of doubt, shall
      include, without limitation, bonds, notes, commercial paper or similar
      instruments issued or guaranteed by the relevant party; and shall exclude
      deposits received).

      "THRESHOLD AMOUNT" means with respect to Party A, an amount equal to three
      percent (3%) of its total equity share capital (as specified from time to
      time in its most recently published audited annual statement in accordance
      with generally accepted accounting principles), or its equivalent in any
      other currency

                                        1
<PAGE>

(g)   "MERGER WITHOUT ASSUMPTION" provisions of Section 5(a)(viii) will apply to
      Party A and will not apply to Party B.

(h)   "TAX EVENT" provisions of Section 5(b)(ii) will apply to Party A and will
      not apply to Party B.

(i)   "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
      Party A and will not apply to Party B.

(j)   "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not apply
      to Party A and will not apply to Party B.

(k)   "TERMINATION CURRENCY" means United States Dollars.

(l)   The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
      to either party.

(m)   PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
      Agreement:-

      (i)   Market Quotation will apply with respect to this Agreement.

      (ii)  The Second Method will apply to this Agreement.

(n)   ADDITIONAL TERMINATION EVENT will apply. The occurrence of each of the
      following events shall constitute an "Additional Termination Event" for
      purposes of Section 5(b)(v)

            (i) either (1) the Notes are accelerated following an Indenture
            Default (as defined in Section 5.01 of the Indenture) and such
            acceleration has not been waived pursuant to Section 5.02 or Section
            5.12 of the Indenture, or (2) the Trust Estate is liquidated
            pursuant to Section 5.04(a)(iv) of the Indenture (either such event,
            a "Liquidation Event"). Upon the occurrence of a Liquidation Event,
            Party A may, provided such Additional Termination Event is
            continuing, designate a day not earlier than the day such notice is
            effective as an Early Termination Date in respect of the Transaction
            that is subject to this Agreement. If an event or circumstance which
            would constitute an Event of Default by Party A under this Agreement
            gives rise to an Indenture Default under the Indenture, it will be
            treated as an Event of Default by Party A and not as an Additional
            Termination Event. If this Additional Termination Event occurs,
            Party B shall be the sole Affected Party; or

            (ii) without the consent of Party A (which consent shall not be
            unreasonable denied), the Indenture is amended or supplemented in
            any manner which would adversely affect any of Party A's rights or
            obligations under this Agreement. If this Additional Termination
            Event occurs, Party B shall be the sole Affected Party; or

            (iii) the occurrence of an Additional Termination Event as forth in
            Part 5(o) hereof. If this Additional Termination Event occurs, Party
            A shall be the sole Affected Party and all Transactions then
            outstanding between the parties shall be Affected Transactions

(o)   The provisions of Section 5(a)(vii)(2) will apply to Party A and will not
      apply to Party B.

                                        2
<PAGE>

                                     PART 2

                              TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATION. For the purpose of Section 3(e), each of Party A
and Party B will make the following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Sections 2(e), 6(d)(ii) or 6(e)) to be
      made by it to the other party under this Agreement. In making this
      representation, it may rely on:

      (i)   the accuracy of any representation made by the other party pursuant
            to Section 3(f);

      (ii)  the satisfaction of the agreement of the other party contained in
            Sections 4(a)(i) and 4(a)(iii) and the accuracy and effectiveness of
            any document provided by the other party pursuant to Sections
            4(a)(i) and 4(a)(iii); and

      (iii) the satisfaction of the agreement of the other party contained in
            Section 4(d);

      provided that it shall not be a breach of this representation where
      reliance is placed on clause (ii) and the other party does not deliver a
      form or document under Section 4(a)(iii) by reason of material prejudice
      to its legal or commercial position.

(b)   PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f), Party A will
make the following representations:

      (i)   It is a resident of The Netherlands for the purpose of the
            application of the existing tax treaties between The Netherlands and
            those countries where offices of Party B are located.

      (ii)  It is fully eligible for the benefits of the "Business Profits" or
            "Industrial and Commercial Profits" provision, as the case may be,
            the "Interest" provision or the "Other Income" provision (if any) of
            the Specified Treaty with respect to any payment described in such
            provisions and received or to be received by it in connection with
            this Agreement and no such payment is attributable to a trade or
            business carried on by it through a permanent establishment in the
            Specified Jurisdiction. With respect to Party A, Specified Treaty
            means the income tax treaty between the United States and The
            Netherlands; Specified Jurisdiction means the United States.

      (iii) It is a "non-U.S. branch of a foreign person" (as that term is used
            in section 1.1441-4(a)(3)(ii) of the United States Treasury
            Regulations) for United States federal income tax purposes, and
            payments received or to be received by it in connection with this
            Agreement will not be effectively connected with its conduct of a
            trade or business in the United States.

      (iv)  It is a "foreign person" (as that term is used in section
            1.6041-4(a)(4) of the United States Treasury Regulations) for United
            States federal income tax purposes.

For the purpose of Section 3(f), Party B will make the following representation:

      (i)   It is a trust organized or formed under the laws of the State of
            Delaware.

      (ii)  It is a United States Person for U.S. federal income tax purposes.

                                        3
<PAGE>

                                     PART 3

                            DOCUMENTS TO BE DELIVERED

For the purpose of Section 4(a):

(a)   Tax forms, documents or certificates to be delivered are:

      Each party agrees to complete, accurately and in a manner reasonably
      satisfactory to the other party, and to execute, arrange for any required
      certification of, and deliver to the other party (or to such government or
      taxing authority as the other party reasonably directs), any form or
      document that may be required or reasonably requested in order to allow
      the other party to make a payment under this Agreement without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate, promptly upon the earlier of
      (i) reasonable demand by the other party and (ii) learning that the form
      or document is required.

<TABLE>
<CAPTION>
PARTY REQUIRED TO                       FORM/DOCUMENT/                                 DATE BY WHICH
DELIVER DOCUMENT                         CERTIFICATE                                  TO BE DELIVERED
<S>                         <C>                                           <C>
Party A                     (i) One properly completed and duly           (i) Upon execution and delivery of this
                            executed U.S. Internal Revenue Service        Agreement; (ii) promptly upon reasonable
                            Form W-8BEN (or applicable successor          demand by Party B; and (iii) promptly upon
                            thereto) and (ii) any other form or           learning that Form W-8BEN or any other form
                            document that may be reasonably               previously provided by Party A has become
                            requested, and that Party A is eligible       obsolete or incorrect, including upon a
                            to provide, in order to allow the             change in circumstances that makes any
                            requesting party to make a payment            information provided on or with the form
                            without (or with reduced) withholding         incorrect.
                            Tax.

Party B                     (i) One properly completed and duly           (i) Upon execution of this Agreement, (ii)
                            executed U.S. Internal Revenue Service        thereafter promptly upon reasonable demand
                            Form W-9 (or any successor form) and          by Party A and (iii) promptly upon learning
                            (ii) any other form or document that may      that such form previously provided by Party
                            be reasonably requested, and that Party       B has become obsolete or incorrect.
                            B is eligible to provide, in order to
                            allow the requesting party to make a
                            payment without (or with reduced)
                            withholding Tax.
</TABLE>

(b)   Other documents to be delivered are:

      (i)   Each party shall promptly deliver to the other party, certified
            evidence of the authority, incumbency and specimen signature of each
            authorized person executing any document on its behalf in connection
            with this Agreement upon execution of each document by any person.
            Covered by Section 3(d) representation.

      (ii)  Party A upon request shall promptly deliver to the other party, a
            copy of its most recent Annual Report containing consolidated
            financial statements, prepared in accordance with generally accepted
            accounting principles for institutions of its type in the
            jurisdiction of

                                        4
<PAGE>

            its organization and certified by independent public accountants.
            Covered by Section 3(d) representation.

      (iii) Party B shall promptly provide to Party A a conformed copy of each
            of the indenture (the "Indenture"), to be dated as of September 16,
            2004, between Party B and U.S. Bank National Association, as
            Indenture Trustee, and the Sale and Servicing Agreement (the "Sale
            and Servicing Agreement"), to be dated as of September 16, 2004,
            among Party B, Nissan Auto Receivables Corporation II, as Seller,
            and Nissan Motor Acceptance Corporation, as Servicer.

      (iv)  Party B shall supply (and/or shall instruct the Trustee to supply)
            Party A with copies of all accountings and reports required to be
            supplied to an entity that is a Noteholder (as defined in the
            Indenture). Copies of such accountings and/or reports shall be
            delivered to Party A at the following address:

                  ABN AMRO BANK N.V., LONDON BRANCH
                  199 Bishopsgate,
                  London EC2M 3XW,
                  United Kingdom
                  Attention:  Fixed Income Derivatives Documentation
                  Telex:  887139   Answerback: ABNALN G
                  Telephone:  44 20 7678 3311
                  Electronic Messaging System Details: Swift ABNA GB 2L
                  matthew.ackland@uk.abnamro.com fax: 44-207-857-9587
                  stephen.potter@uk.abnamro.com  fax: 44-207-678-9503

      (v)   Each party will, upon execution of this Agreement, deliver a legal
            opinion of counsel in form and substance satisfactory to the other
            party regarding this Agreement and any other matters as such other
            party may reasonably request.

                                     PART 4

                                  MISCELLANEOUS

(a)   GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the laws of the State of New York (without reference to choice
of law doctrine, except for Section 5-1401 of the New York General Obligations
Law).

(b)   "AFFILIATE" will have the meaning specified in Section 14.

(c)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)   MULTIBRANCH PARTY. For the purpose of Section 10:-

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

(e)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a):-

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<PAGE>

      (i)   Addresses for notices or communications to Party A:-

            (1)   For all purposes of this Agreement:

                  ABN AMRO BANK N.V., LONDON BRANCH
                  199 Bishopsgate,
                  London EC2M 3XW,
                  United Kingdom
                  Attention: Fixed Income Derivatives Documentation
                  Telex: 887139 Answerback: ABNALN G
                  Telefax: 44 20 7857 9428
                  Telephone: 44 20 7678 3311
                  Electronic Messaging System Details: Swift ABNA GB 2L

      (ii)  Address for notices or communications to Party B:

                  NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST
                  c/o Wilmington Trust Company, as Owner Trustee
                  Rodney Square North
                  1100 N. Market Street
                  Wilmington, DE 19890
                  Facsimile No.: 302-651-8882
                  Attn: Corporate Trust Administration

                  with a copy to the Administrative Agent (as defined in the
                  Indenture) at:

                  NISSAN MOTOR ACCEPTANCE CORPORATION, as Administrative Agent
                  990 West 190th Street
                  Torrance, CA 90502
                  Facsimile No.: 310-324-2542
                  Attn: Treasurer

                  with a copy to the Indenture Trustee (as defined in the
                  Indenture) at:

                  U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
                  Wrigley Building
                  400 N. Michigan Ave., 2nd Floor
                  Chicago, IL 60611
                  Facsimile No.: 312-836-6701
                  Attn: Nissan Auto Receivables 2004-C Owner Trust

(f)   CALCULATION AGENT. The Calculation Agent will be Wells Fargo Bank National
      Association.

(g)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

      Credit Support Document means in relation to Party A, the Credit Support
      Annex by Party A and Party B attached hereto and made a part hereof.

      Credit Support Document means in relation to Party B, the Credit Support
      Annex by Party A and Party B attached hereto and made a part hereof.

                                        6
<PAGE>

(h)   CREDIT SUPPORT PROVIDER.

      Credit Support Provider means in relation to Party A, not applicable.

      Credit Support Provider means in relation to Party B, not applicable.

(i)   NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
      will apply to any Transactions.

(j)   PROCESS AGENT. For the purpose of Section 13(c):-

      Party A appoints no agent as its Process Agent.

      Party B appoints no agent as its Process Agent.

                                     PART 5

                                OTHER PROVISIONS

(a)   ISDA DEFINITIONS. The 2000 ISDA Definitions (the "2000 Definitions"), as
      published by the International Swaps and Derivatives Association, Inc.,
      shall be deemed a part of this Agreement as if fully set forth herein. The
      Definitions and the provisions of Section 14 of this Agreement shall be
      deemed a part of each Confirmation as if set forth in full therein.

(b)   INTERPRETATION. In the event of any inconsistency between the provisions
      of this Schedule and the Definitions, this Schedule will prevail. In the
      event of any inconsistency between the provisions of this Schedule and the
      printed Agreement of which it forms a part, this Schedule will prevail. In
      the event of any inconsistency between the provisions of any Confirmation
      and this Schedule, such Confirmation will prevail for the purpose of the
      relevant Transaction.

(c)   ADDITIONAL REPRESENTATIONS. Each party represents and warrants to the
      other that (i) it is entering into this Agreement, any Credit Support
      Document to which it is a party, each Transaction, and any other
      documentation relating to this Agreement that it is required by the
      Agreement to deliver as principal (and not as agent or in any other
      capacity, fiduciary or otherwise) and (ii) it is an "eligible contract
      participant" under, and as defined in, Section 1a of the Commodity
      Exchange Act (7 USC 1a), amended from time to time.

(d)   CONSENT TO RECORDING. Each party consents to the recording of the
      telephone conversations of trading, marketing and other relevant personnel
      of the parties in connection with this Agreement or any potential
      Transaction.

(e)   WAIVER OF JURY TRIAL. Each Party irrevocably waives any and all right to
      trial by jury in any legal proceeding instituted in connection with this
      Agreement or any Transaction to the fullest extent permitted by law.

(f)   RELATIONSHIP BETWEEN THE PARTIES. This Agreement is hereby amended by the
      addition of a new Section 15 as follows:

      "15. RELATIONSHIP BETWEEN THE PARTIES. Each party will be deemed to
      represent to the other party on the date on which it enters into a
      Transaction (absent a written agreement between the parties that expressly
      imposes affirmative obligations to the contrary for that Transaction):

      (a)   NON RELIANCE. It is acting for its own account, and it has made its
            own independent decisions to enter into that Transaction and as to
            whether that Transaction is appropriate

                                        7
<PAGE>

            or proper for it based upon its own judgment and upon advice from
            such advisors as it has deemed necessary. It is not relying on any
            communication (written or oral) of the other party as investment
            advice or as a recommendation to enter into that Transaction; it
            being understood that information and explanations related to the
            terms and conditions of a Transaction shall not be considered
            investment advice or a recommendation to enter into that
            Transaction. No communication (written or oral) received from the
            other party shall be deemed to be an assurance or guarantee as to
            the expected results of that Transaction.

      (b)   ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits
            of and understanding (on its own behalf or through independent
            professional advice), and understands and accepts, the terms,
            conditions and risks of that Transaction.

      (c)   STATUS OF PARTIES. The other party is not acting as a fiduciary for
            or an advisor to it in respect of that Transaction."

(g)   TRANSACTIONS. The only Transaction that may be entered into pursuant to
      this Agreement is the Transaction being executed on the date hereof
      pursuant to which Party B is the buyer of an interest rate cap and has
      satisfied all its payment obligations under Section 2(a)(i) of this
      Agreement, and shall at the time have no future payment obligations,
      whether absolute or contingent, under such Section.

(h)   PARTY A ACKNOWLEDGMENT. Notwithstanding anything to the contrary in this
      Agreement, Party A hereby

      (a) acknowledges and agrees that Party B has assigned all of its right,
      title and interest in, to and under this Agreement to the Indenture
      Trustee for the benefit of the Noteholders pursuant to the Indenture and
      that in the event of an Indenture Default (as defined in the Indenture)
      the Indenture Trustee shall be entitled to exercise all rights and
      remedies of a secured party with respect to this Agreement; and

      (b) agrees that, unless notified in writing by the Indenture Trustee of
      other payment instructions, any and all amounts payable by Party A to
      Party B shall be paid to the Indenture Trustee.

(i)   NO PETITION; LIMITED RECOURSE. Party A hereby agrees that it shall not
      institute against, or join any other Person in instituting against Party B
      any bankruptcy, reorganization, arrangement, insolvency, moratorium or
      liquidation proceedings or other proceedings under U.S. federal or state
      or other bankruptcy or similar laws. Notwithstanding the foregoing,
      nothing herein shall prevent Party A from participating in any such
      proceeding once commenced.

      Party A hereby acknowledges and agrees that Party B's obligations
      hereunder will be solely the limited recourse obligations of Party B, and
      that Party A will not have any recourse to any of the directors, officers,
      employees, shareholders or affiliates of Party B with respect to any
      claims, losses, damages, liabilities, indemnities or other obligations in
      connection with any transactions contemplated hereby. Notwithstanding any
      other provisions hereof, recourse in respect of any obligations of Party B
      to Party A hereunder or thereunder will be limited to the Collateral (as
      defined in the Indenture) and on the exhaustion thereof all claims against
      Party B arising from this Confirmation or any other transactions
      contemplated hereby or thereby shall be extinguished.

                                        8
<PAGE>

(j)   NO GROSS-UP FOR PARTY B. Section 2(d) of the Agreement shall not apply
      with respect to the Counterparty so that Party B shall not be obligated to
      gross up pursuant thereto.

(k)   AMENDMENT TO SECTION 7 OF THE AGREEMENT. Section 7 of the Agreement is
      hereby amended by

      (i) adding the words "and the confirmation of the Rating Agencies"
      immediately following the word "party" in the third line thereof; and

      (ii) adding the following sentence immediately following the final
      sentence thereof:

            "In addition, each transfer effected in accordance with this Section
            and each transfer effected pursuant to Section 6(b)(ii) shall be
            effective only if it is confirmed by the Rating Agencies."

(l)   NO SET-OFF. Without affecting the provisions of this Agreement requiring
      the calculation of certain net payment amounts, all payments under this
      Agreement will be made without Set-off or counterclaims.

(m)   AMENDMENT TO SECTION 9(b) OF THE AGREEMENT. Section 9(b) of the Agreement
      is amended by adding the following sentence immediately following the end
      of the first sentence thereof:

      "In addition, no amendment modification or waiver in respect of this
      Agreement will be effective unless the Rating Agencies consent to such
      amendment."

(n)   AMENDMENT TO SECTION 6(e) OF THE AGREEMENT. Section 6(e) of the Agreement
      is amended by deleting the last sentence of the introductory paragraph
      thereof.

(o)   RATINGS DOWNGRADE PROVISIONS. Unless written notification to the contrary
      has been received from the Rating Agencies, following the occurrence of a
      Ratings Event, the parties shall comply with the following provisions, as
      applicable.

      I.    If a Ratings Event shall occur and be continuing with respect to
      Party A, then Party A shall, within 5 Local Business Days of the
      occurrence of such Ratings Event, give notice of the occurrence of such
      Ratings Event to Party B. Following such notice, Party A may either

            (A) at its sole option and expense, provide, or cause to be
            provided, a Third Party Credit Support Document to Party B; or

            (B) at its sole option and expense, use reasonable efforts to
            transfer or assign Party A's rights and obligations under the
            Agreement and all Confirmations to another party; or

            (C) at its sole option and expense, establish such other
            arrangements with Party B.

      Each of I(A), I(B) and I(C) above shall be subject to satisfaction of the
      Rating Agency Condition.

      If, on or prior to the date that is 30 calendar days after the occurrence
      of a Ratings Event, Party A has provided a Third Party Credit Support
      Document as provided in I(A) above or such other arrangements as provided
      in I(C) above and the Rating Agency Condition has been satisfied, then,
      for so long as such Third Party Credit Support Document or such other
      arrangement is in

                                        9
<PAGE>

      effect, and the Rating Agency Condition continues to be satisfied, Party A
      shall have no further obligations in respect of this Part 5(o)(I).

      If,

            (i) on or prior to the date that is 30 calendar days after the
            occurrence of a Ratings Event, Party A has not provided a Third
            Party Credit Support Document as provided in I(A) above, transferred
            its rights and obligations as provided in I(B) above or established
            such other arrangements as provided in I(C) above, or

            (ii) Party A has provided a Third Party Credit Support Document as
            provided in I(A) above but such Third Party Credit Support Document
            or such other arrangement, as the case may be, has ceased to be in
            effect and/or the Rating Agency Condition is no longer satisfied, or

            (iii) Party A's long-term senior unsecured debt rating is lower than
            BBB- by S&P

      then, on the first Local Business Day following the date that is 30
      calendar days after the occurrence of the Ratings Event (in respect of (i)
      above) or on the first Local Business Day following the date on which (A)
      the Third Party Credit Support Document or such other arrangement referred
      to in (ii) above has ceased to be in effect and/or fails to satisfy the
      Rating Agency Condition or (B) Party A's long-term senior unsecured debt
      rating falls below BBB- by S&P, Party A shall deliver Eligible Collateral
      to Party B in accordance with the terms of an Approved Credit Support
      Document and on such terms satisfactory to the Rating Agencies.
      Notwithstanding Party A's posting of Eligible Collateral in accordance
      with the terms of the Approved Credit Support Document, Party A shall use
      best efforts to either transfer its rights and obligations to an
      acceptable third party or, in case of clause (i) or (ii) only, to provide
      a Third Party Credit Support Document. Notwithstanding the foregoing,
      Party A's obligations under this Part 5(o)(I) to find a transferee or
      provide a Third Party Credit Support Document and to post Eligible
      Collateral under the Approved Credit Support Document shall remain in
      effect only for so long as a Ratings Event is continuing with respect to
      Party A.

      The failure by Party A to comply with the provisions hereof shall
      constitute an Additional Termination Event, with Party A as the sole
      Affected Party and all Transactions then outstanding between the parties
      as Affected Transactions.

      II.   As used herein:

      "Approved Credit Support Document" means a security agreement in the form
      of the 1994 ISDA Credit Support Annex (ISDA Agreements Subject to New York
      Law Only), as modified by the Paragraph 13 thereto, which Paragraph 13
      will be in the form of Annex A to this Agreement;

      "Indenture" means the Indenture, dated as of September 16, 2004, between
      Party B and U.S. Bank National Association, as Indenture Trustee;

      "Moody's" means Moody's Investors Service, Inc. or any successor thereto;

      "Rating Agencies" means S&P and Moody's;

      "Rating Agency Condition" has the meaning specified in the Indenture;

                                       10
<PAGE>

      "Ratings Event" shall occur with respect to Party A (to the extent that
      Party A's relevant obligations are rated by Moody's or S&P) if (a) Party
      A's long-term senior unsecured debt rating is lower than A1 by Moody's or
      lower than A+ by S&P or (b) Party A's short-term debt rating is lower than
      P-1 by Moody's or lower than A-1 by S&P or (c) any of the Rating Agency
      ratings set forth in (a) or (b) above is suspended or withdrawn;

      "S&P" means by Standard & Poor's Ratings Service or any successor thereto;
      and

      "Third Party Credit Support Document" means any agreement or instrument
      (including any guarantee, insurance policy, security agreement or pledge
      agreement) whose terms provide for the guarantee of Party A's obligations
      under this Agreement by a third party.

                                       11
<PAGE>

IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized officers as of the date hereof.

      ABN AMRO BANK N.V.              NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST

                                      By: Wilmington Trust Company, as Owner
                                      Trustee

/s/ Frederick P. Engler               /s/ Kathleen A. Pedelini
----------------------------------    ------------------------------------------
Name: Frederick P. Engler             Name: Kathleen A. Pedelini

Title: Senior Vice President          Title: Financial Services Officer

Date: September 16, 2004              Date: September 16, 2004

/s/ Daniel H. Bley
----------------------------------
Name: Daniel H. Bley

Title: Senior Vice President

Date: September 16, 2004

                                       12<PAGE>

                                                                    EXHIBIT 4.9

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                     ISDA(R)

              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                              ISDA Master Agreement

                         dated as of September 16, 2004

                                     between

    ABN AMRO BANK N.V.        and            NISSAN AUTO RECEIVABLES 2004-C
                                                    OWNER TRUST

       ("Party A")                                   ("Party B")

This Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

Accordingly, the parties agree as follows:-

PARAGRAPH 1. INTERPRETATION

(a)   DEFINITIONS AND INCONSISTENCY. Capitalized terms not otherwise defined
herein or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the
other provisions of this Schedule, this Annex will prevail, and in the event of
any inconsistency between Paragraph 13 and the other provisions of this Annex,
Paragraph 13 will prevail.

(b)   SECURED PARTY AND PLEDGOR. All references in this Annex to the "Secured
Party" will be to either party when acting in that capacity and all
corresponding references to the "Pledgor" will be to the other party when acting
in that capacity; provided, however, that if Other Posted Support is held by a
party to this Annex, all references herein to that party as the Secured Party
with respect to that Other Posted Support will be to that party as the
beneficiary thereof and will not subject that support or that party as the
beneficiary thereof to provisions of law generally relating to security
interests and secured parties.

                                                                    ISDA(R) 1994

                                       1
<PAGE>

PARAGRAPH 2. SECURITY INTEREST

Each party, as the Pledgor, hereby pledges to the other party, as the Secured
Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all Posted Collateral Transferred to or received by the Secured Party hereunder.
Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be
released immediately and, to the extent possible, without any further action by
either party.

PARAGRAPH 3. CREDIT SUPPORT OBLIGATIONS

(a)   DELIVERY AMOUNT. Subject to Paragraphs 4 and 5, upon a demand made by the
Secured Party on or promptly following a Valuation Date, if the Delivery Amount
for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount,
then the Pledgor will Transfer to the Secured Party Eligible Credit Support
having a Value as of the date of Transfer at least equal to the applicable
Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise specified
in Paragraph 13, the "DELIVERY AMOUNT" applicable to the Pledgor for any
Valuation Date will equal the amount by which:

      (i) the Credit Support Amount

      exceeds

      (ii) the Value as of that Valuation Date of all Posted Credit Support held
      by the Secured Party.

(b)   RETURN AMOUNT. Subject to Paragraphs 4 and 5, upon a demand made by the
Pledgor on or promptly following a Valuation Date, if the Return Amount for that
Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount,
then the Secured Party will Transfer to the Pledgor Posted Credit Support
specified by the Pledgor in that demand having a Value as of the date of
Transfer as close as practicable to the applicable Return Amount (rounded
pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the
"RETURN AMOUNT" applicable to the Secured Party for any Valuation Date will
equal the amount by which:

      (i) the Value as of that Valuation Date of all Posted Credit Support held
      by the Secured Party

      exceeds

      (ii) the Credit Support Amount.

"CREDIT SUPPORT AMOUNT" means, unless otherwise specified in Paragraph 13, for
any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus
(ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any,
minus (iii) all Independent Amounts applicable to the Secured Party, if any,
minus (iv) the Pledgor's Threshold; provided, however, that the Credit Support
Amount will be deemed to be zero whenever the calculation of Credit Support
Amount yields a number less than zero.

PARAGRAPH 4. CONDITIONS PRECEDENT, TRANSFER TIMING, CALCULATIONS AND
SUBSTITUTIONS

(a)   CONDITIONS PRECEDENT. Each Transfer obligation of the Pledgor under
Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and
6(d) is subject to the conditions precedent that:

        (i) no Event of Default, Potential Event of Default or Specified
        Condition has occurred and is continuing with respect to the other
        party; and

        (ii) no Early Termination Date for which any unsatisfied payment
        obligations exist has occurred or been designated as the result of an
        Event of Default or Specified Condition with respect to the other party.

(b)   TRANSFER TIMING. Subject to Paragraphs 4(a) and 5 and unless otherwise
specified, if a demand for the Transfer of Eligible Credit Support or Posted
Credit Support is made by the Notification Time, then the relevant Transfer will
be made not later than the close of business on the next Local Business Day; if
a demand is made after

                                                                    ISDA(R) 1994

                                        2
<PAGE>

the Notification Time, then the relevant Transfer will be made not later than
the close of business on the second Local Business Day thereafter.

(c)   CALCULATIONS. All calculations of Value and Exposure for purposes of
Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation
Time. The Valuation Agent will notify each party (or the other party, if the
Valuation Agent is a party) of its calculations not later than the Notification
Time on the Local Business Day following the applicable Valuation Date (or in
the case of Paragraph 6(d), following the date of calculation).

(d)   SUBSTITUTIONS.

      (i) Unless otherwise specified in Paragraph 13, upon notice to the Secured
      Party specifying the items of Posted Credit Support to be exchanged, the
      Pledgor may, on any Local Business Day, Transfer to the Secured Party
      substitute Eligible Credit Support (the "Substitute Credit Support"); and

      (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
      Pledgor the items of Posted Credit Support specified by the Pledgor in its
      notice not later than the Local Business Day following the date on which
      the Secured Party receives the Substitute Credit Support, unless otherwise
      specified in Paragraph 13 (the "Substitution Date"); provided that the
      Secured Party will only be obligated to Transfer Posted Credit Support
      with a Value as of the date of Transfer of that Posted Credit Support
      equal to the Value as of that date of the Substitute Credit Support.

PARAGRAPH 5. DISPUTE RESOLUTION

If a party (a "Disputing Party") disputes (I) the Valuation Agent's calculation
of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is
not the other party) not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject
to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to
the other party not later than the close of business on the Local Business Day
following (X) the date that the demand is made under Paragraph 3 in the case of
(I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties
will consult with each other in an attempt to resolve the dispute and (4) if
they fail to resolve the dispute by the Resolution Time, then:

      (i) In the case of a dispute involving a Delivery Amount or Return Amount,
      unless otherwise specified in Paragraph 13, the Valuation Agent will
      recalculate the Exposure and the Value as of the Recalculation Date by:

        (A) utilizing any calculations of Exposure for the Transactions (or Swap
        Transactions) that the parties have agreed are not in dispute;

        (B) calculating the Exposure for the Transactions (or Swap Transactions)
        in dispute by seeking four actual quotations at mid-market from
        Reference Market-makers for purposes of calculating Market Quotation,
        and taking the arithmetic average of those obtained; provided that if
        four quotations are not available for a particular Transaction (or Swap
        Transaction), then fewer than four quotations may be used for that
        Transaction (or Swap Transaction); and if no quotations are available
        for a particular Transaction (or Swap Transaction), then the Valuation
        Agent's original calculations will be used for that Transaction (or Swap
        Transaction); and

        (C) utilizing the procedures specified in Paragraph 13 for calculating
        the Value, if disputed, of Posted Credit Support.

      (ii) In the case of a dispute involving the Value of any Transfer of
      Eligible Credit Support or Posted Credit Support, the Valuation Agent will
      recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

                                                                    ISDA(R) 1994

                                        3
<PAGE>

Following a recalculation pursuant to this Paragraph, the Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) not
later than the Notification Time on the Local Business Day following the
Resolution Time. The appropriate party will, upon demand following that notice
by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

PARAGRAPH 6. HOLDING AND USING POSTED COLLATERAL

(a)   CARE OF POSTED COLLATERAL. Without limiting the Secured Party's rights
under Paragraph 6(c), the Secured Party will exercise reasonable care to assure
the safe custody of all Posted Collateral to the extent required by applicable
law, and in any event the Secured Party will be deemed to have exercised
reasonable care if it exercises at least the same degree of care as it would
exercise with respect to its own property. Except as specified in the preceding
sentence, the Secured Party will have no duty with respect to Posted Collateral,
including, without limitation, any duty to collect any Distributions, or enforce
or preserve any rights pertaining thereto.

(b)   ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

      (i) GENERAL. Subject to the satisfaction of any conditions specified in
      Paragraph 13 for holding Posted Collateral, the Secured Party will be
      entitled to hold Posted Collateral or to appoint an agent (a "Custodian")
      to hold Posted Collateral for the Secured Party. Upon notice by the
      Secured Party to the Pledgor of the appointment of a Custodian, the
      Pledgor's obligations to make any Transfer will be discharged by making
      the Transfer to that Custodian. The holding of Posted Collateral by a
      Custodian will be deemed to be the holding of that Posted Collateral by
      the Secured Party for which the Custodian is acting.

      (ii) FAILURE TO SATISFY CONDITIONS. If the Secured Party or its Custodian
      fails to satisfy any conditions for holding Posted Collateral, then upon a
      demand made by the Pledgor, the Secured Party will, not later than five
      Local Business Days after the demand, Transfer or cause its Custodian to
      Transfer all Posted Collateral held by it to a Custodian that satisfies
      those conditions or to the Secured Party if it satisfies those conditions.

      (iii) LIABILITY. The Secured Party will be liable for the acts or
      omissions of its Custodian to the same extent that the Secured Party would
      be liable hereunder for its own acts or omissions.

(c)   USE OF POSTED COLLATERAL. Unless otherwise specified in Paragraph 13 and
without limiting the rights and obligations of the parties under Paragraphs 3,
4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an
Affected Party with respect to a Specified Condition and no Early Termination
Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then the Secured Party
will, notwithstanding Section 9-207 of the New York Uniform Commercial Code,
have the right to:

      (i) sell, pledge, rehypothecate, assign, invest, use, commingle or
      otherwise dispose of, or otherwise use in its business any Posted
      Collateral it holds, free from any claim or right of any nature whatsoever
      of the Pledgor, including any equity or right of redemption by the
      Pledgor; and

      (ii) register any Posted Collateral in the name of the Secured Party, its
      Custodian or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted
Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
authorized under this Agreement, the Secured Party will be deemed to continue to
hold all Posted Collateral and to receive Distributions made thereon, regardless
of whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

(d)   DISTRIBUTIONS AND INTEREST AMOUNT.

      (i) DISTRIBUTIONS. Subject to Paragraph 4(a), if the Secured Party
      receives or is deemed to receive Distributions on a Local Business Day, it
      will Transfer to the Pledgor not later than the following Local

                                                                    ISDA(R) 1994

                                        4
<PAGE>

      Business Day any Distributions it receives or is deemed to receive to the
      extent that a Delivery Amount would not be created or increased by that
      Transfer, as calculated by the Valuation Agent (and the date of
      calculation will be deemed to be a Valuation Date for this purpose).

      (ii) INTEREST AMOUNT. Unless otherwise specified in Paragraph 13 and
      subject to Paragraph 4(a), in lieu of any interest, dividends or other
      amounts paid or deemed to have been paid with respect to Posted Collateral
      in the form of Cash (all of which may be retained by the Secured Party),
      the Secured Party will Transfer to the Pledgor at the times specified in
      Paragraph 13 the Interest Amount to the extent that a Delivery Amount
      would not be created or increased by that Transfer, as calculated by the
      Valuation Agent (and the date of calculation will be deemed to be a
      Valuation Date for this purpose). The Interest Amount or portion thereof
      not Transferred pursuant to this Paragraph will constitute Posted
      Collateral in the form of Cash and will be subject to the security
      interest granted under Paragraph 2.

PARAGRAPH 7. EVENTS OF DEFAULT

For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will
exist with respect to a party if:

      (i) that party fails (or fails to cause its Custodian) to make, when due,
      any Transfer of Eligible Collateral, Posted Collateral or the Interest
      Amount, as applicable, required to be made by it and that failure
      continues for two Local Business Days after notice of that failure is
      given to that party;

      (ii) that party fails to comply with any restriction or prohibition
      specified in this Annex with respect to any of the rights specified in
      Paragraph 6(c) and that failure continues for five Local Business Days
      after notice of that failure is given to that party; or

      (iii) that party fails to comply with or perform any agreement or
      obligation other than those specified in Paragraphs 7(i) and 7(ii) and
      that failure continues for 30 days after notice of that failure is given
      to that party.

PARAGRAPH 8. CERTAIN RIGHTS AND REMEDIES

(a)   SECURED PARTY'S RIGHTS AND REMEDIES. If at any time (1) an Event of
Default or Specified Condition with respect to the Pledgor has occurred and is
continuing or (2) an Early Termination Date has occurred or been designated as
the result of an Event of Default or Specified Condition with respect to the
Pledgor, then, unless the Pledgor has paid in full all of its Obligations that
are then due, the Secured Party may exercise one or more of the following rights
and remedies:

      (i) all rights and remedies available to a secured party under applicable
      law with respect to Posted Collateral held by the Secured Party;

      (ii) any other rights and remedies available to the Secured Party under
      the terms of Other Posted Support, if any;

      (iii) the right to Set-off any amounts payable by the Pledgor with respect
      to any Obligations against any Posted Collateral or the Cash equivalent of
      any Posted Collateral held by the Secured Party (or any obligation of the
      Secured Party to Transfer that Posted Collateral); and

      (iv) the right to liquidate any Posted Collateral held by the Secured
      Party through one or more public or private sales or other dispositions
      with such notice, if any, as may be required under applicable law, free
      from any claim or right of any nature whatsoever of the Pledgor, including
      any equity or right of redemption by the Pledgor (with the Secured Party
      having the right to purchase any or all of the Posted Collateral to be
      sold) and to apply the proceeds (or the Cash equivalent thereof) from the
      liquidation of the Posted Collateral to any amounts payable by the Pledgor
      with respect to any Obligations in that order as the Secured Party may
      elect.

                                                                    ISDA(R) 1994

                                        5
<PAGE>

Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice
of any sale of that Posted Collateral by the Secured Party, except any notice
that is required under applicable law and cannot be waived.

(b)   PLEDGOR'S RIGHTS AND REMEDIES. If at any time an Early Termination Date
has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then (except in the case
of an Early Termination Date relating to less than all Transactions (or Swap
Transactions) where the Secured Party has paid in full all of its obligations
that are then due under Section 6(e) of this Agreement):

      (i) the Pledgor may exercise all rights and remedies available to a
      pledgor under applicable law with respect to Posted Collateral held by the
      Secured Party;

      (ii) the Pledgor may exercise any other rights and remedies available to
      the Pledgor under the terms of Other Posted Support, if any;

      (iii) the Secured Party will be obligated immediately to Transfer all
      Posted Collateral and the Interest Amount to the Pledgor; and

      (iv) to the extent that Posted Collateral or the Interest Amount is not so
      Transferred pursuant to (iii) above, the Pledgor may:

            (A) Set-off any amounts payable by the Pledgor with respect to any
            Obligations against any Posted Collateral or the Cash equivalent of
            any Posted Collateral held by the Secured Party (or any obligation
            of the Secured Party to Transfer that Posted Collateral); and

            (B) to the extent that the Pledgor does not Set-off under (iv)(A)
            above, withhold payment of any remaining amounts payable by the
            Pledgor with respect to any Obligations, up to the Value of any
            remaining Posted Collateral held by the Secured Party, until that
            Posted Collateral is Transferred to the Pledgor.

(c)   DEFICIENCIES AND EXCESS PROCEEDS. The Secured Party will Transfer to the
Pledgor any proceeds and Posted Credit Support remaining after liquidation,
Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in
full of all amounts payable by the Pledgor with respect to any Obligations; the
Pledgor in all events will remain liable for any amounts remaining unpaid after
any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b).

(d)   FINAL RETURNS. When no amounts are or thereafter may become payable by the
Pledgor with respect to any Obligations (except for any potential liability
under Section 2(d) of this Agreement), the Secured Party will Transfer to the
Pledgor all Posted Credit Support and the Interest Amount, if any.

PARAGRAPH 9. REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated as of each date on which it, as the Pledgor, Transfers Eligible
Collateral) that:

      (i) it has the power to grant a security interest in and lien on any
      Eligible Collateral it Transfers as the Pledgor and has taken all
      necessary actions to authorize the granting of that security interest and
      lien;

      (ii) it is the sole owner of or otherwise has the right to Transfer all
      Eligible Collateral it Transfers to the Secured Party hereunder, free and
      clear of any security interest, lien, encumbrance or other restrictions
      other than the security interest and lien granted under Paragraph 2;

      (iii) upon the Transfer of any Eligible Collateral to the Secured Party
      under the terms of this Annex, the Secured Party will have a valid and
      perfected first priority security interest therein (assuming that any
      central clearing corporation or any third-party financial intermediary or
      other entity not within the control

                                                                    ISDA(R) 1994

                                        6
<PAGE>

      of the Pledgor involved in the Transfer of that Eligible Collateral gives
      the notices and takes the action required of it under applicable law for
      perfection of that interest); and

      (iv) the performance by it of its obligations under this Annex will not
      result in the creation of any security interest, lien or other encumbrance
      on any Posted Collateral other than the security interest and lien granted
      under Paragraph 2.

PARAGRAPH 10. EXPENSES

(a)   GENERAL. Except as otherwise provided in Paragraphs 10(b) and 10(c), each
party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

(b)   POSTED CREDIT SUPPORT. The Pledgor will promptly pay when due all taxes,
assessments or charges of any nature that are imposed with respect to Posted
Credit Support held by the Secured Party upon becoming aware of the same,
regardless of whether any portion of that Posted Credit Support is subsequently
disposed of under Paragraph 6(c), except for those taxes, assessments and
charges that result from the exercise of the Secured Party's rights under
Paragraph 6(c).

(c)   LIQUIDATION/APPLICATION OF POSTED CREDIT SUPPORT. All reasonable costs and
expenses incurred by or on behalf of the Secured Party or the Pledgor in
connection with the liquidation and/or application of any Posted Credit Support
under Paragraph 8 will be payable, on demand and pursuant to the Expenses
Section of this Agreement, by the Defaulting Party or, if there is no Defaulting
Party, equally by the parties.

PARAGRAPH 11. MISCELLANEOUS

(a)   DEFAULT INTEREST. A Secured Party that fails to make, when due, any
Transfer of Posted Collateral or the Interest Amount will be obligated to pay
the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property
that were required to be Transferred, from (and including) the date that Posted
Collateral or Interest Amount was required to be Transferred to (but excluding)
the date of Transfer of that Posted Collateral or Interest Amount. This interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed.

(b)   FURTHER ASSURANCES. Promptly following a demand made by a party, the other
party will execute, deliver, file and record any financing statement, specific
assignment or other document and take any other action that may be necessary or
desirable and reasonably requested by that party to create, preserve, perfect or
validate any security interest or lien granted under Paragraph 2, to enable that
party to exercise or enforce its rights under this Annex with respect to Posted
Credit Support or an Interest Amount or to effect or document a release of a
security interest on Posted Collateral or an Interest Amount.

(c)   FURTHER PROTECTION. The Pledgor will promptly give notice to the Secured
Party of, and defend against, any suit, action, proceeding or lien that involves
Posted Credit Support Transferred by the Pledgor or that could adversely affect
the security interest and lien granted by it under Paragraph 2, unless that
suit, action, proceeding or lien results from the exercise of the Secured
Party's rights under Paragraph 6(c).

(d)   GOOD FAITH AND COMMERCIALLY REASONABLE MANNER. Performance of all
obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith
and in a commercially reasonable manner.

(e)   DEMANDS AND NOTICES. All demands and notices made by a party under this
Annex will be made as specified in the Notices Section of this Agreement, except
as otherwise provided in Paragraph 13.

(f)   SPECIFICATIONS OF CERTAIN MATTERS. Anything referred to in this Annex as
being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly.

                                                                    ISDA(R) 1994

                                        7
<PAGE>

PARAGRAPH 12. DEFINITIONS

As used in this Annex:-

"CASH" means the lawful currency of the United States of America.

"CREDIT SUPPORT AMOUNT" has the meaning specified in Paragraph 3.

"CUSTODIAN" has the meaning specified in Paragraphs 6(b)(i) and 13.

"DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

"DISPUTING PARTY" has the meaning specified in Paragraph 5.

"DISTRIBUTIONS" means with respect to Posted Collateral other than Cash, all
principal, interest and other payments and distributions of cash or other
property with respect thereto, regardless of whether the Secured Party has
disposed of that Posted Collateral under Paragraph 6(c). Distributions will not
include any item of property acquired by the Secured Party upon any disposition
or liquidation of Posted Collateral or, with respect to any Posted Collateral in
the form of Cash, any distributions on that collateral, unless otherwise
specified herein.

"ELIGIBLE COLLATERAL" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"ELIGIBLE CREDIT SUPPORT" means Eligible Collateral and Other Eligible Support.

"EXPOSURE" means for any Valuation Date or other date for which Exposure is
calculated and subject to Paragraph 5 in the case of a dispute, the amount, if
any, that would be payable to a party that is the Secured Party by the other
party (expressed as a positive number) or by a party that is the Secured Party
to the other party (expressed as a negative number) pursuant to Section
6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions)
were being terminated as of the relevant Valuation Time; provided that Market
Quotation will be determined by the Valuation Agent using its estimates at
mid-market of the amounts that would be paid for Replacement Transactions (as
that term is defined in the definition of "Market Quotation").

"INDEPENDENT AMOUNT" means, with respect to a party, the amount specified as
such for that party in Paragraph 13; if no amount is specified, zero.

"INTEREST AMOUNT" means, with respect to an Interest Period, the aggregate sum
of the amounts of interest calculated for each day in that Interest Period on
the principal amount of Posted Collateral in the form of Cash held by the
Secured Party on that day, determined by the Secured Party for each such day as
follows:

      (x) the amount of that Cash on that day; multiplied by

      (y) the Interest Rate in effect for that day; divided by

      (z) 360.

"INTEREST PERIOD" means the period from (and including) the last Local Business
Day on which an Interest Amount was Transferred (or, if no Interest Amount has
yet been Transferred, the Local Business Day on which Posted Collateral in the
form of Cash was Transferred to or received by the Secured Party) to (but
excluding) the Local Business Day on which the current Interest Amount is to be
Transferred.

"INTEREST RATE" means the rate specified in Paragraph 13.

"LOCAL BUSINESS DAY", unless otherwise specified in Paragraph 13, has the
meaning specified in the Definitions Section of this Agreement, except that
references to a payment in clause (b) thereof will be deemed to include a
Transfer under this Annex.

                                                                    ISDA(R) 1994

                                        8
<PAGE>

"MINIMUM TRANSFER AMOUNT" means, with respect to a party, the amount specified
as such for that party in Paragraph 13; if no amount is specified, zero.

"NOTIFICATION TIME" has the meaning specified in Paragraph 13.

"OBLIGATIONS" means, with respect to a party, all present and future obligations
of that party under this Agreement and any additional obligations specified for
that party in Paragraph 13.

"OTHER ELIGIBLE SUPPORT" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"OTHER POSTED SUPPORT" means all Other Eligible Support Transferred to the
Secured Party that remains in effect for the benefit of that Secured Party.

"PLEDGOR" means either party, when that party (i) receives a demand for or is
required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has
Transferred Eligible Credit Support under Paragraph 3(a).

"POSTED COLLATERAL" means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or
received by the Secured Party under this Annex and not Transferred to the
Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the
Secured Party under Paragraph 8. Any Interest Amount or portion thereof not
Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in
the form of Cash.

"POSTED CREDIT SUPPORT" means Posted Collateral and Other Posted Support.

"RECALCULATION DATE" means the Valuation Date that gives rise to the dispute
under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs
under Paragraph 3 prior to the resolution of the dispute, then the
"Recalculation Date" means the most recent Valuation Date under Paragraph 3.

"RESOLUTION TIME" has the meaning specified in Paragraph 13.

"RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

"SECURED PARTY" means either party, when that party (i) makes a demand for or is
entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds
or is deemed to hold Posted Credit Support.

"SPECIFIED CONDITION" means, with respect to a party, any event specified as
such for that party in Paragraph 13.

"SUBSTITUTE CREDIT SUPPORT" has the meaning specified in Paragraph 4(d)(i).

"SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

"THRESHOLD" means, with respect to a party, the amount specified as such for
that party in Paragraph 13; if no amount is specified, zero.

"TRANSFER" means, with respect to any Eligible Credit Support, Posted Credit
Support or Interest Amount, and in accordance with the instructions of the
Secured Party, Pledgor or Custodian, as applicable:

      (i) in the case of Cash, payment or delivery by wire transfer into one or
      more bank accounts specified by the recipient;

      (ii) in the case of certificated securities that cannot be paid or
      delivered by book-entry, payment or delivery in appropriate physical form
      to the recipient or its account accompanied by any duly executed
      instruments of transfer, assignments in blank, transfer tax stamps and any
      other documents necessary to constitute a legally valid transfer to the
      recipient;

                                                                    ISDA(R) 1994

                                        9
<PAGE>

      (iii) in the case of securities that can be paid or delivered by
      book-entry, the giving of written instructions to the relevant depository
      institution or other entity specified by the recipient, together with a
      written copy thereof to the recipient, sufficient if complied with to
      result in a legally effective transfer of the relevant interest to the
      recipient; and

      (iv) in the case of Other Eligible Support or Other Posted Support, as
      specified in Paragraph 13.

"VALUATION AGENT" has the meaning specified in Paragraph 13.

"VALUATION DATE" means each date specified in or otherwise determined pursuant
to Paragraph 13.

"VALUATION PERCENTAGE" means, for any item of Eligible Collateral, the
percentage specified in Paragraph 13.

"VALUATION TIME" has the meaning specified in Paragraph 13.

"VALUE" means for any Valuation Date or other date for which Value is calculated
and subject to Paragraph 5 in the case of a dispute, with respect to:

      (i) Eligible Collateral or Posted Collateral that is:

            (A) Cash, the amount thereof; and

            (B) a security, the bid price obtained by the Valuation Agent
            multiplied by the applicable Valuation Percentage, if any;

      (ii) Posted Collateral that consists of items that are not specified as
      Eligible Collateral, zero; and

      (iii) Other Eligible Support and Other Posted Support, as specified in
      Paragraph 1.

                                                                    ISDA(R) 1994

                                       10

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