Document:

exv4w3

 

Exhibit 4.3

NISSAN MASTER OWNER TRUST RECEIVABLES

Issuer

[THE BANK OF NEW YORK TRUST COMPANY, N.A.

(as successor to JPMORGAN CHASE BANK, NATIONAL ASSOCIATION)]

Indenture Trustee

SERIES [___]

FORM OF INDENTURE SUPPLEMENT

Dated as of [___]

NISSAN MASTER OWNER TRUST RECEIVABLES,

SERIES [___]

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE I	 	CREATION OF SERIES [_____] NOTES	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 1.01.	 	Designation	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE II	 	DEFINITIONS	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 2.01.	 	Definition	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 2.02.	 	Other Definitional Provisions	 	 	14	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 2.03.	 	Registration of and Limitations on Transfer and Exchange of Notes	 	 	14	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 2.04.	 	Definitive Notes	 	 	15	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE III	 	SERVICING FEE	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.01.
	 	Servicing Compensation
	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE IV	 	RIGHTS OF SERIES [_____] NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.01.	 	Collections and Allocations	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.02.	 	Determination of Monthly Interest	 	 	18	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.03.	 	Advances	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.04.	 	Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of Payment	 	 	20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.05.	 	Investor Charge-Offs	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.06.	 	Reallocated Principal Collections	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.07.	 	Excess Interest Amounts	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.08.	 	Excess Principal Amounts	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.09.	 	Series Nominal Liquidation Amount, Overcollateralization Amount and Invested Amount	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.10.	 	Establishment of Accumulation Account	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.11.	 	Accumulation Period	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.12.	 	Establishment of Reserve Account	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 4.13.	 	Determination of LIBOR	 	 	31	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE V	 	DELIVERY OF SERIES [_____] NOTES; DISTRIBUTIONS; REPORTS TO SERIES [_____] NOTEHOLDERS	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 5.01.	 	Delivery and Payment for Series [_____] Notes	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 5.02.	 	Distributions	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 5.03.	 	Reports and Statements to Series [_____] Noteholders	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 5.04.	 	Tax Treatment	 	 	33	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VI	 	SERIES [_____] EARLY AMORTIZATION EVENTS	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 6.01.	 	Series [_____] Early Amortization Events	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VII	 	REDEMPTION OF SERIES [_____] NOTES; SERIES FINAL MATURITY; FINAL DISTRIBUTIONS	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 7.01.	 	Redemption of Series [_____] Notes	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 7.02.	 	Series Final Maturity	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VIII	 	MISCELLANEOUS PROVISIONS	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.01.	 	Ratification of Agreement	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.02.	 	Form of Delivery of Series [_____] Notes	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.03.	 	Amendments and Waivers	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.04.	 	Counterparts	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.05.	 	Governing Law	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Section 8.06.	 	Effect of Headings and Table of Contents	 	 	38	 

	 	 	 
	EXHIBIT A

	 	Form of Series [___] Notes
	 
	 	 
	EXHIBIT B

	 	Form of Monthly Servicer’s Statement
	 
	 	 
	EXHIBIT C

	 	Form of Authorized Officer Certificate
	 
	 	 
	APPENDIX A

	 	Regulation AB Representations, Warranties and Covenants

 

 

          SERIES [___] INDENTURE SUPPLEMENT, dated as [___] (as amended, supplemented or otherwise
modified from time to time, the “Indenture Supplement”), by and between NISSAN MASTER OWNER
TRUST RECEIVABLES, a Delaware statutory trust, as issuer (the “Issuer”), and [THE BANK OF
NEW YORK TRUST COMPANY, N.A. a banking association organized and existing under the laws of the
United States of America (as successor to JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national
association validly existing under the laws of the United States)], as indenture trustee (the
“Indenture Trustee”).

RECITALS

          A. Section 2.12 of the Indenture provides, among other things, that the Issuer and the
Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to
authorize the issuance by the Issuer of Notes in one or more Series.

          B. The parties to this Indenture Supplement, by executing and delivering this Indenture
Supplement, are providing for the creation of the Series [___] Notes and specifying the principal
terms thereof.

          In consideration of the mutual covenants and agreements contained in this Indenture
Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

GRANTING CLAUSES

          In addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee,
for the exclusive benefit of the Holders of the Series [___] Notes, all of the Issuer’s right,
title and interest (whether now owned or hereafter acquired) in, to and under:

     (i) all Collections on the Receivables allocated to the Holders of the Series [___]
Notes;

     (ii) the Accumulation Account, the Reserve Account and all amounts on deposit therein
from time to time; and

     (iii) all present and future claims, demands, causes of action and choses in action
regarding the foregoing and all payments on the foregoing and all proceeds of any nature
whatsoever regarding the foregoing, including all proceeds of the voluntary or involuntary
conversion thereof into cash or other liquid property and all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, general intangibles, goods,
checks, deposit accounts, instruments, investment property, money, insurance proceeds,
condemnation awards, rights to payment of any kind and other forms of obligations and
receivables, instruments and other property that at any time constitute any part of or are
included in the proceeds of the foregoing.

          The foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series
[___] Notes equally and ratably without prejudice, priority, or distinction between any Series
[___] Note and any other Series [___] Note, (b) the payment of all other sums payable under the
Series [___] Notes, the Indenture and this Indenture Supplement and (c) the
compliance with the terms and conditions of the Series [___] Notes, the Indenture and this
Indenture Supplement, all as provided herein or therein.

 

 

          The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with
the provisions hereof and agrees to perform the duties herein required to the end that the
interests of Series [___] Noteholders may be adequately protected.

ARTICLE I

CREATION OF SERIES [___] NOTES

          Section 1.01. Designation.

          (a) There is hereby created a Series of Notes to be issued by the Issuer on the Series [___]
Issuance Date pursuant to the Indenture and this Indenture Supplement to be known as the “Nissan
Master Owner Trust Receivables, Series [___] Notes” or the “Series [___] Notes.” The Series
[___] Notes will be due and payable on the Series [___] Final Maturity Date.

          (b) The Series [___] Notes will be included in Excess Interest Sharing Group One and in
Excess Principal Sharing Group One. The Series [___] Notes shall not be subordinated to any
other Series.

          (c) The first Payment Date with respect to the Series [___] Notes shall be [___].

          (d) The Series [___] Notes are “Notes” and this Indenture Supplement is an “Indenture
Supplement” for all purposes under the Indenture. If any provision of the Series [___] Notes or
this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture,
the provisions of the Series [___] Notes or this Indenture Supplement, as the case may be,
control.

          (e) Each term defined in Section 2.01 relates only to Series [___] and this
Indenture Supplement and to no other Series or Indenture Supplement.

ARTICLE II

DEFINITIONS

          Section 2.01. Definition.

          Whenever used in this Indenture Supplement, the following words and phrases have the following
meanings, and the definitions of such terms are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter genders of such
terms.

          “Accumulation Account” has the meaning specified in Section 4.10(a).

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          “Accumulation Period” means, unless an Early Amortization Period shall have occurred
prior thereto, the period commencing on the Accumulation Period Commencement Date and terminating
on the earlier of (a) the close of business on the day immediately preceding the date on which an
Early Amortization Period commences and (b) the last day of the Collection Period preceding the
Payment Date on which the Series [___] Outstanding Principal Amount is expected to be paid in
full.

          “Accumulation Period Commencement Date” means, the close of business on [___] or
such later date as is determined in accordance with Section 4.11.

          “Accumulation Period Length” has the meaning specified in Section 4.11.

          “Accumulation Shortfall” means (a) on the first Payment Date with respect to the
Accumulation Period, zero and (b) thereafter, on each Payment Date with respect to the Accumulation
Period, the excess, if any of the Controlled Deposit Amount for the preceding Payment Date over all
amounts deposited in the Accumulation Account pursuant to Section 4.04 on such Payment
Date.

          “Additional Interest” has the meaning set forth in Section 4.02(b).

          “Adjusted Pool Balance” means, as of any day in a Collection Period, the sum of the
Pool Balance and amounts on deposit in the Excess Funding Account (determined after giving effect
to amounts transferred to the Issuer on that date) on such day.

          “Advance” has the meaning set forth in Section 4.03.

          “Annex of Definitions” shall mean the Annex of Definitions attached to the Transfer
and Servicing Agreement, as amended, supplemented or otherwise modified from time to time.

          “Calculation Agent” means, initially, the Indenture Trustee and, thereafter, any other
Person designated by the Indenture Trustee to act in such capacity.

          “Cash Management Account” means one or more deposit, demand deposit or similar
accounts or any securities account administered by NMAC, into which a Dealer may, from time to
time, pursuant to a cash management agreement between NMAC and such Dealer, deposit funds for the
purpose of reducing the balance on which interest accrues under the Floorplan Financing Agreement
between NMAC and such Dealer.

          “Cash Management Account Balance” means, at any time, the aggregate of all amounts on
deposit in the Cash Management Account pursuant to the applicable cash management agreement between
NMAC and a Dealer.

          “Collection Period” means, (a) with respect to the [___] Payment Date, the period
commencing on (and including) [___] and ending on (and including) [___] and (b) with respect to
any other Payment Date, the calendar month preceding the month in which that Payment Date occurs.

3

 

          “Controlled Accumulation Amount” means, for any Payment Date with respect to the
Accumulation Period, $[___]; provided, however, that if the Accumulation Period
Length is determined to be less than six months pursuant to Section 4.11, the Controlled
Accumulation Amount for each Payment Date with respect to the Accumulation Period shall be equal to
the quotient obtained by dividing (a) the Series [___] Initial Invested Amount by
(b) the Accumulation Period Length.

          “Controlled Deposit Amount” means, for any Payment Date with respect to the
Accumulation Period, an amount equal to the sum of the Controlled Accumulation Amount for such
Payment Date and any Accumulation Shortfall existing on such Payment Date.

          “Corporate Trust Office” means the principal office of the Indenture Trustee,
                    , at which at any particular time its corporate trust business will
be administered.

          “Covered Amount” means, for any day on which amounts are on deposit in the
Accumulation Account, an amount equal to the product of (a) a fraction, the numerator of which is 1
and the denominator of which is 360, (b) the Note Interest Rate with respect to the Interest Period
in which such day occurs and (c) the sum of (i) the aggregate amount on deposit in the Accumulation
Account, if any, on such day, and (ii) the Series [___] Allocation Percentage of amounts on
deposit in the Excess Funding Account on such day, if any, in each case, after giving effect to any
deposit thereto on such day.

          “Currency Swap Agreement” shall mean any currency swap agreement, entered into
pursuant to Section 2.03 of the Trust Agreement and Section 5.08 of the Transfer and Servicing
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 swap counterparty
from time to time under the Currency Swap Agreement.

          “Date of Processing” means, with respect to any transaction, the date on which such
transaction is first recorded on the Servicer’s computer file of accounts (without regard to the
effective date of such recordation).

          “Dealer Overconcentrations” means, on any Payment Date, with respect to the following
Dealers or groups of affiliated Dealers, the sum of the following:

          (a) the amount by which the aggregate balance of Principal Receivables due from AutoNation,
Inc. and its affiliates, less any amounts on deposit in the Cash Management Account relating to
such Receivables, exceeds [___]% of the Pool Balance, in each case, on the last day of the
Collection Period immediately preceding such Payment Date;

          (b) the amount by which the aggregate balance of Principal Receivables, less any amounts on
deposit in the Cash Management Account relating to such Receivables, due from each of the next
three largest Dealers or groups of affiliated Dealers exceeds [___]% of the
Pool Balance, in each case, on the last day of the Collection Period immediately preceding
such Payment Date;

4

 

          (c) the amount by which the aggregate balance of Principal Receivables, less any amounts on
deposit in the Cash Management Account relating to such Receivables, due from the next largest
dealer or group of affiliated dealers exceeds [___]% of the Pool Balance, in each case, on the
last day of the Collection Period immediately preceding such Payment Date; and

          (d) the amount by which the aggregate balance of Principal Receivables, less any amounts on
deposit in the Cash Management Account relating to such Receivables, due from any other Dealer or
group of affiliated Dealers exceeds [___]% of the Pool Balance, in each case, on the last day of
the Collection Period immediately preceding such Payment Date.

          “Defaulted Amount” means, for any day in a Collection Period, an amount (which shall
not be less than zero) equal to (a) the principal balance of Receivables (net of any amounts on
deposit in the Cash Management Account with respect to such Receivables) that became Defaulted
Receivables on such day, minus (b) the principal amount of any such Defaulted Receivables
which are subject to reassignment to the Transferor in accordance with the terms of the Transfer
and Servicing Agreement (except that if an Insolvency Event occurs with respect to the Transferor,
the amount of such Defaulted Receivables that are subject to reassignment to the Transferor shall
be zero); minus (c) the principal amount of any such Defaulted Receivables which are to be
purchased by the Servicer in accordance with the terms of the Transfer and Servicing Agreement
(except that if an Insolvency Event occurs with respect to the Servicer, the amount of such
Defaulted Receivables that are subject to purchase by the Servicer shall be zero).

          “Defaulted Receivable” means each Receivable that on any day in a Collection Period
has been charged off as uncollectible on that date in accordance with the Floorplan Financing
Guidelines.

          “Designated LIBOR Page” means the display on Moneyline Telerate, Inc. or any successor
service or any page which may replace the designated page on such service or any successor service
that displays the London interbank rates of major banks for United States dollars.

          “Determination Date” means, for any Payment Date, the day that is two Business Days
before such Payment Date and is the date on which payments to Series [___] Noteholders are
determined.

          “Early Amortization Event” means any Early Amortization Event specified in the
definition of “Early Amortization Event” in Section 6.01.

          “Early Amortization Period” means a period beginning on the day on which an Early
Amortization Event occurs and terminating on the earliest of (a) the last day of the Collection
Period preceding the Payment Date on which the Series [___] Outstanding Principal Amount is to be
paid in full, (b) if the Early Amortization Period has commenced before the commencement of the
Accumulation Period, the day on which the Revolving Period
recommences under the circumstances described in the Indenture and in Section 6.01 and
(c) the Trust Termination Date.

5

 

          “Event of Default” means any Event of Default specified in the definition of “Event of
Default” in the Annex of Definitions.

          “Excess Interest Amounts” means, with respect to Series [___], for any Payment Date,
the excess (if any) of (a) the Series [___] Investor Available Interest Amounts for such Payment
Date over (b) the full amount required to be paid, without duplication, pursuant to Section
4.04(a)(i) through (vii) on such Payment Date.

          “Excess Interest Sharing Group One” means Series [___] and each other Series
specified in the related Indenture Supplement to be included in Excess Interest Sharing Group One
from which, or to which, Excess Interest Amounts (and comparable amounts with respect to each such
other Series) may be allocated to cover shortfalls in payments or deposits of the other Series in
Excess Interest Sharing Group One.

          “Excess Principal Amounts” means, with respect to Series [___], for any Payment
Date, (a) during the Revolving Period, the Series [___] Investor Available Principal Amounts for
such Payment Date, and (b) during the Accumulation Period or the Early Amortization Period, the
excess, if any, of (i) the Series [___] Investor Available Principal Amounts for such Payment
Date over (ii) the full amount required to be paid or deposited, without duplication, pursuant to
Section 4.04(d)(i) or Section 4.04(e)(i) on such Payment Date.

          “Excess Principal Sharing Group One” means Series [___] and each other Series
specified in the related Indenture Supplement to be included in Excess Principal Sharing Group One
from which, or to which, Excess Principal Amounts (and comparable amounts with respect to each such
other Series) may be allocated to cover shortfalls in payments or deposits of the other Series in
Excess Principal Sharing Group One.

          “Floorplan Financing Agreement” means, collectively, the group of related agreements
between and among NMAC (either as the originator of a floorplan financing account or by virtue of
an assignment and assumption by NMAC from the applicable originator of such account), the Dealer
with respect thereto and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) NMAC
agrees to extend credit to such Dealer to finance its purchase of New Vehicles, Pre-Owned Vehicles
and/or Used Vehicles, (b) NMAC has a security interest in the specific vehicles so financed by
NMAC, certain other vehicles, and a subordinated security interest in other collateral and the
proceeds thereof, (c) such Dealer agrees to repay advances made by NMAC at the time of sale or
lease of such financed vehicle, or pursuant to a payment schedule if such vehicle is not sold or
leased before the first payment is due pursuant to such schedule, and (d) the obligations of such
Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.

          “Floorplan Financing Guidelines” means the written policies and procedures of NMAC, as
such policies and procedures may be amended from time to time, (a) relating to the operation of its
floorplan financing business, including the written policies and procedures for determining (i) the
maximum amount lent to and interest rate charged to dealers for such

6

 

financing, (ii) the other terms and conditions relating to NMAC’s floorplan financing
accounts, (iii) the creditworthiness of dealers and (iv) the continued extension of credit to
dealers, (b) relating to the maintenance of accounts and collection of receivables and (c) relating
to the Cash Management Accounts maintained by NMAC on behalf of dealers.

          “Incremental Overcollateralization Amount” means, on any Payment Date, the product
obtained by multiplying (a) a fraction, the numerator of which is the Series [___]
Invested Amount on such Payment Date before giving effect to distributions on such date, and the
denominator of which is the Pool Balance as of the last day of the preceding Collection Period
by (b) the sum of:

          (i) the aggregate principal amount of Ineligible Receivables, other than Ineligible
Receivables that (A) became Defaulted Receivables during the preceding Collection Period or (B) are
subject to reassignment from the Issuer; plus

          (ii) the Dealer Overconcentrations, other than the aggregate principal balance of Receivables
which comprise the Dealer Overconcentrations that (1) became Defaulted Receivables during the
preceding Collection Period or (2) are subject to reassignment from the Issuer.

Each of clauses (i) and (ii) above shall be calculated on each Determination Date
using balances and amounts as of the last day of the Collection Period preceding such Determination
Date.

          “Indenture” means the Indenture, between the Issuer and the Indenture Trustee, dated
as of July 24, 2003, as amended and restated as of October 15, 2003, and as the same may be further
amended, supplemented or otherwise modified from time to time.

          “Interest Deficiency” has the meaning specified in Section 4.02(b).

          “Interest Determination Date” means, with respect to any Interest Period, the day that
is two London Business Days prior to the first day of such Interest Period.

          “Interest Period” means, with respect to any Payment Date, the period from and
including the Payment Date immediately preceding such Payment Date (or, in the case of the first
Payment Date, from and including the Series [___] Issuance Date) to but excluding such Payment
Date.

          “Interest Shortfall” means, with respect to Series [___] for any Payment Date, the
excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to
Section 4.04(a)(i) through (v) on such Payment Date over (b) the Series [___]
Investor Available Interest Amounts for such Payment Date.

          “Investor Charge-Offs” has the meaning specified in Section 4.05.

          “LIBOR” means, with respect to any Interest Period or portion thereof, the rate per
annum for deposits in U.S. dollars having a maturity of one month (commencing on the first day of
such Interest Period) as of 11:00 a.m. London time on the applicable Interest Determination Date
and determined pursuant to Section 4.13.

7

 

          “London Business Day” means any day on which dealings in deposits in United States
dollars are transacted in the London interbank market.

          “Monthly Interest” has the meaning specified in Section 4.02(a).

          “Monthly Payment Rate” means, with respect to any Collection Period, the percentage
equivalent of a fraction, the numerator of which is the Principal Collections with respect to such
Collection Period and the denominator of which is the average of the aggregate balance of Principal
Receivables on the first and last day of such Collection Period.

          “Monthly Servicing Fee” means, for any Payment Date, an amount equal to one-twelfth of
the product of (a) the Servicing Fee Rate and (b) the arithmetic average of the Series [___]
Nominal Liquidation Amount as of each day during the preceding Collection Period (or, in the case
of the first Payment Date following the Series [___] Issuance Date, the Series [___] Nominal
Liquidation Amount as of each day during the period beginning on the Series [___] Issuance Date
and ending on [___]); provided, that with respect to the first Payment Date, the Monthly
Servicing Fee will be calculated based on the number of days in the period commencing on (and
including) the Series [___] Issuance Date and ending on (and including) [___].

          “Nonrecoverable Advance” means any Outstanding Advance with respect to (a) any
Defaulted Receivable or (b) any Receivable as to which the Servicer reasonably believes that any
recovery from payments made on or with respect to such Receivable will not equal or exceed the
amount of such Advance.

          “Note Interest Rate” means, with respect to any Interest Period, a per annum rate
equal to LIBOR as determined on the related LIBOR Determination Date plus [___]% per
annum.

          “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 4.03(c) and
4.03(d) as applied to reimburse all unpaid Advances with respect to such Receivable.

          “Payment Date” means [___] and the 15th day of each calendar month thereafter, or if
such 15th day is not a Business Day, the next succeeding Business Day.

          “Pool Balance” means, on any date, the total amount of the principal balances of the
Receivables on such date, net of the Cash Management Account Balance on such date.

          “Primary Series [___] Overcollateralization Amount” means, as of any Payment Date,
the Series [___] Overcollateralization Percentage on the Series [___] Issuance Date of the
Series [___] Initial Principal Amount on such date minus the reductions, and plus the
reinstatements, in the Primary Series [___] Overcollateralization Amount as provided in
Section 4.09.

          “Principal Shortfall” means, with respect to Series [___], (a) for any Payment Date
with respect to the Revolving Period, zero, (b) for any Payment Date with respect to the

8

 

Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such
Payment Date over the amount of Series [___] Investor Available Principal Amounts for such
Payment Date and (c) for any Payment Date with respect to the Early Amortization Period, the
excess, if any, of the Series [___] Invested Amount over the amount of Series [___] Investor
Available Principal Amounts for such Payment Date.

          “Reallocated Principal Collections” means, with respect to any Payment Date, the
amount of Series [___] Investor Available Principal Amounts reallocated in accordance with
Section 4.06, which amount shall not exceed the Series [___] Overcollateralization Amount
for such Payment Date (after giving effect to any changes therein on such Payment Date).

          “Reassignment Amount” means, with respect to any Payment Date, after giving effect to
any deposits and distributions otherwise to be made on such Payment Date, the sum of (a) the Series
[___] Outstanding Principal Amount on such
Payment Date, plus (b) Monthly Interest for such
Payment Date and any Monthly Interest previously due but not distributed to the Series [___]
Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any Additional
Interest previously due but not distributed to the Series [___] Noteholders on a prior Payment
Date.

          “Required Federal Income Tax Opinion” means, with respect to the Issuer as to any
action, an opinion of counsel to the effect that, for federal income tax purposes (a) the action
will not adversely affect the tax characterization as debt of the notes of any outstanding Series
or Class issued by the Issuer that were characterized as debt at the time of their issuance, (b)
the action will not cause the Issuer to be treated as an association (or publicly traded
partnership) taxable as a corporation and (c) the action will not cause or constitute an event in
which gain or loss would be recognized by any holder of notes of any outstanding Series or Class
issued by the Issuer.

          “Required Participation Amount” means the sum of (a) the sum of the required
participation percentages (including the Required Participation Percentage) for each outstanding
Series multiplied by the respective initial Invested Amount (including the Series [___] Initial
Invested Amount) for each such outstanding Series and (b) the sum of the Required
Overcollateralization Amounts (including the Required Series [___] Overcollateralization Amount)
for all outstanding Series.

          “Required Participation Percentage” means, with respect to Series [___], [___]%.
The Transferor may, upon ten (10) days’ prior notice to the Indenture Trustee and [___], reduce
the Required Participation Percentage to not less than 100%, so long as neither [___] shall not
have notified the Transferor or the Servicer that any reduction will result in a reduction or
withdrawal of the rating (if any) of the Series [___] Notes or any other outstanding Series or
Class of Notes for which it is providing a rating.

          “Required Series [___] Overcollateralization Amount” means, for any Payment Date,
the sum of (a) the Series [___] Overcollateralization Percentage on such date of the Series
[___] Initial Principal Amount and (b) the Incremental Overcollateralization Amount on such date.

9

 

          “Reserve Account” has the meaning specified in Section 4.12(a).

          “Reserve Account Initial Deposit” means $[___].

          “Revolving Period” means the period beginning on the Series [___] Issuance Date and
terminating on the earlier of (a) the close of business on the day immediately preceding the date
on which an Early Amortization Period commences and (b) the close of business on the day
immediately preceding the date on which the Accumulation Period commences; provided,
however, that so long as the Accumulation Period has not commenced, the Revolving Period
may recommence if an Early Amortization Event has been terminated as provided in Section
6.01.

          “Series [___]” means the Series of Notes, the terms of which are specified in this
Indenture Supplement.

          “Series [___] Allocable Defaulted Amounts” means, for any day in a Collection
Period, the product of (a) the Series [___] Allocation Percentage for such day and (b) the
Defaulted Amounts processed on such day.

          “Series [___] Allocable Interest Collections” means, for any day in a Collection
Period, the product of (a) the Series [___] Allocation Percentage for such day and (b) Interest
Collections as to which such day is the Date of Processing for such Interest Collections.

          “Series [___] Allocable Principal Collections” means, for any day in a Collection
Period, the product of (a) the Series [___] Allocation Percentage for such day and (b) Principal
Collections as to which such day is the Date of Processing for such Principal Collections.

          “Series [___] Allocation Percentage” means, for any day in a Collection Period, the
percentage equivalent, which shall never exceed 100%, of a fraction, the numerator of which is the
Series [___] Nominal Liquidation Amount for such day (or with respect to any day in the [___]
Collection Period, the Series [___] Nominal Liquidation Amount as of the Series [___] Issuance
Date) and the denominator of which is the sum of the Series Nominal Liquidation Amounts for all
outstanding Series of Notes (including Series [___]) for such day (or with respect to any day in
the [___] Collection Period, the sum of the Series Nominal Liquidation Amounts for all
outstanding Series of Notes (including Series [___]) as of the Series [___] Issuance Date
(after giving effect to the application of proceeds from the issuance of the Series [___]
Notes)). Notwithstanding the foregoing, during any day in a Collection Period in which there is an
Early Amortization Event or during the Accumulation Period, the Series [___] Nominal Liquidation
Amount and Trust Nominal Liquidation Amount with respect to such Series shall be as of the last day
of the preceding Collection Period.

          “Series [___] Cut-Off Date” means [___].

          “Series [___] Expected Final Payment Date” means the Payment Date occurring on
[___].

          “Series [___] Final Maturity Date” means [___].

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          “Series [___] Fixed Allocation Percentage” means, for any day during a Collection
Period or portion thereof occurring after the end of the Revolving Period, the percentage
equivalent (not to exceed 100%) of a fraction, the numerator of which is the Series [___] Nominal
Liquidation Amount as of the close of business on the last day of the Revolving Period and the
denominator of which is the product of (a) the Series [___] Allocation Percentage for such day in
the Collection Period and (b) the Pool Balance as of the last day of the proceeding Collection
Period.

          “Series [___] Floating Allocation Percentage” means, for any day during a Collection
Period, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the
Series [___] Nominal Liquidation Amount for such day (or with respect to any day in the [___]
Collection Period, the Series [___] Nominal Liquidation Amount as of the Series [___] Issuance
Date) and the denominator of which is the product of (a) the Series [___] Allocation Percentage
for such day and (b) the Pool Balance as of the last day of the proceeding Collection Period.
Notwithstanding the foregoing, during any day in a Collection Period in which there is an Early
Amortization Event or during the Accumulation Period, the Series [___] Nominal Liquidation Amount
shall be as of the last day of the preceding Collection Period.

          “Series [___] Initial Invested Amount” means $[___].

          “Series [___] Initial Principal Amount” means $[___].

          “Series [___] Invested Amount” means, as of any day during a Collection Period, an
amount equal to the Series [___] Initial Invested Amount minus the reductions, and
plus the reinstatements and increases, if any, in the Series [___] Invested Amount as
provided in Section 4.09.

          “Series [___] Invested Amount Deficit” means, as of any Payment Date, the amount, if
any, by which (a) the Series [___] Outstanding Principal Amount on such date less the amount
(other than investment earnings), if any, on deposit in the Accumulation Account on such date and
the Series [___] Allocation Percentage for such date of amounts (other than investment earnings),
if any, on deposit in the Excess Funding Account on such date, exceeds (b) the Series [___]
Invested Amount on such date.

          “Series [___] Investor Available Interest Amounts” means, with respect to any
Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period,
the product of the Series [___] Floating Allocation Percentage for such day and the Series
[___] Allocable Interest Collections for such day, plus (b) all net investment earnings
on amounts (if any) on deposit in the Accumulation Account and the Reserve Account, plus
(c) the sum of, for each day during such Collection Period, the product of the Series [___]
Allocation Percentage for such day and all net investment earnings on amounts (if any) on deposit
in the Collection Account and the Excess Funding Account on such day, plus (d) Reallocated
Principal Collections for the Payment Date following such Collection Period, plus (e) the
aggregate amount of funds, if any, which pursuant to the last sentence of Section 4.01(d)
are required to be included in Series [___] Investor Available Interest Amounts with respect to
the Payment Date following such Collection Period, plus, (f) the amount, if any, of
collections of Interest

11

 

Receivables as to which the Date of Processing occurs in the Collection Period following such
Collection Period (but prior to the Payment Date following such Collection Period) which the Issuer
instructs the Servicer to include in Series [___] Investor Available Interest Amounts for such
Collection Period (but in no event to exceed the product of (i) the Series [___] Series
Allocation Percentage, (ii) the Series [___] Floating Allocation Percentage and (iii) the amount
of such collections of Interest Receivables), plus (g) all Advances made by the Servicer
pursuant to Section 4.03, minus (h) the amount, if any, which the Issuer instructed
the Servicer pursuant to preceding clause (f) to include in Series [___] Investor
Available Interest Amounts with respect to the Collection Period immediately preceding such
Collection Period; provided, however, that in calculating Series [___] Investor
Available Interest Amounts, amounts to be paid to the Servicer as reimbursement for Outstanding
Advances pursuant to Sections 4.04(a)(i) and 4.01(a)(ii) on the related Payment
Date shall be excluded.

          “Series [___] Investor Available Principal Amounts” means, with respect to any
Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period,
the product of the Series [___] Allocable Principal Collections on such day and (i) during the
Revolving Period, the Series [___] Floating Allocation Percentage for such day or (ii) after the
Revolving Period, the Series [___] Fixed Allocation Percentage for such day, plus (b) the
amount of Series [___] Investor Available Interest Amounts treated as Series [___] Investor
Available Principal Amounts on the Payment Date following such Collection Period to cover Series
[___] Investor Defaulted Amounts and to reimburse the Series [___] Nominal Liquidation Amount
Deficit, plus (c) the amount of Series [___] Investor Available Interest Amounts treated
as Series [___] Investor Available Principal Amounts on each Payment Date on and after the
occurrence of an Event of Default and a declaration that all Series [___] Notes are immediately
due and payable pursuant to Section 5.03(a) of the Indenture, minus (d) Reallocated
Principal Collections for such Collection Period.

          “Series [___] Investor Defaulted Amounts” means, with respect to any Collection
Period, an amount equal to the sum of, for each day during such Collection Period, the product of
the Series [___] Floating Allocation Percentage on such day and the Series [___] Allocable
Defaulted Amounts on such day.

          “Series [___] Issuance Date” means [___].

          “Series [___] Nominal Liquidation Amount” means, for any day in a Collection Period,
the sum of (i) the Series [___] Invested Amount on such day and (ii) the Series [___]
Overcollateralization Amount as of the Payment Date on or preceding such day (but, in no event,
less than zero), in each case, after giving effect to the allocations, distributions, withdrawals
and deposits to be made on such day.

          “Series [___] Nominal Liquidation Amount Deficit” means as of any Payment Date, the
sum of (a) the Series [___] Invested Amount Deficit and (b) the Series [___]
Overcollateralization Amount Deficit.

          “Series [___] Noteholder” means the Person in whose name a Series [___] Note is
registered in the Note Register.

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          “Series [___] Noteholders’ Collateral” means the Noteholders’ Collateral for Series
[___].

          “Series [___] Notes” means any one of the Notes executed by the Issuer and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit
A.

          “Series [___] Outstanding Principal Amount” means, with respect to any date, an
amount equal to (a) the Series [___] Initial Principal Amount, minus (b) the aggregate
amount of any principal payments made to the Series [___] Noteholders before such date.

          “Series [___] Overcollateralization Amount” means the sum of (a) the Primary Series
[___] Overcollateralization Amount and (b) the Incremental Overcollateralization Amount.

          “Series [___] Overcollateralization Amount Deficit” means, as of any Payment Date,
the amount, if any, by which (a) the aggregate amount of reallocations and reductions of the Series
[___] Overcollateralization Amount due to Investor Charge-Offs and Interest Shortfalls with
respect to Series [___] as provided in Section 4.09(b) through such date exceeds (b) the
aggregate amount of reimbursements of such reallocations and reductions as provided in Section
4.09(c) through such date.

          “Series [___] Overcollateralization Percentage” means [___]%; provided,
however, that if the rating of NML’s long-term unsecured debt is reduced below [___] (or
withdrawn) by [___], then the Series [___] Overcollateralization Percentage shall be [___]%
until the long-term unsecured debt of NML is rated at least [___] by [___]; provided,
however, that the Transferor may, in its sole discretion, increase the Series [___]
Overcollateralization Percentage so long as the cumulative amount of those increases does not
exceed [___]% of the Series [___] Initial Principal Amount.

          “Servicing Fee Rate” means [___]% per annum or such lesser percentage as may be
specified by the Servicer in an Officer’s Certificate delivered to the Indenture Trustee stating
that, in the reasonable belief of the Servicer, such change in percentage will not result in a
Significant Adverse Effect.

          “Shared Excess Interest Amounts” means, for any Payment Date, for each Series in
Excess Interest Sharing Group One, the sum of the Excess Interest Amounts for each of those Series.

          “Shared Excess Principal Amounts” means, for any Payment Date, for each Series in
Excess Principal Sharing Group One, the sum of the Excess Principal Amounts for each of those
Series.

          “Specified Reserve Account Balance” means with respect to any Payment Date, an amount
equal to the product of [___]% and the Series [___] Initial Invested Amount as of the Series
[___] Issuance Date.

          “Trust Agreement” means the Trust Agreement, dated as of May 13, 2003 between the
Transferor and the Owner Trustee, pursuant to which the Issuer was formed, as
amended and restated as of July 24, 2003, as further amended and restated as of October 15,
2003, and as the same may be further amended, supplemented or otherwise modified from time to time.

13

 

          “Trust Termination Date” means the date on which the Issuer will terminate as
specified in the Trust Agreement.

          “Warehouse Series Indenture Supplement” means the Second Amended and Restated
Indenture Supplement, Warehouse Series, dated as of July 30, 2004, between the Issuer and the
Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to
time.

          Section 2.02. Other Definitional Provisions.

          (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in
the Annex of Definitions.

          (b) All terms defined in this Indenture Supplement have the same defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined
therein.

          (c) As used in this Indenture Supplement and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined in this Indenture Supplement or
in any such certificate or other document, and accounting terms partly defined in this Indenture
Supplement or in any such certificate or other document to the extent not defined, have the
respective meanings given to them under generally accepted accounting principles or regulatory
accounting principles, as applicable and as in effect on the date of this Indenture Supplement. To
the extent that the definitions of accounting terms in this Indenture Supplement or in any such
certificate or other document are inconsistent with the meanings of such terms under generally
accepted accounting principles or regulatory accounting principles in the United States, the
definitions contained in this Indenture Supplement or in any such certificate or other document
control.

          (d) Unless otherwise specified, references to any dollar amount as on deposit or outstanding
on any particular date means such amount at the close of business on such day.

          (e) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Indenture Supplement refer to this Indenture Supplement as a whole and not to any particular
provision of this Indenture Supplement. References to any subsection, Section, Schedule or Exhibit
are references to subsections, Sections, Schedules and Exhibits in or to this Indenture Supplement,
unless otherwise specified. The term “including” means “including without limitation.”

          Section 2.03. Registration of and Limitations on Transfer and Exchange of Notes.

          (a) By acquiring a Series [___] Note, each purchaser and transferee shall be deemed to
represent, warrant and covenant that either (a) it is not acquiring the Series [___]
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

14

 

ERISA,
a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), or an entity deemed to hold the plan assets of any of the foregoing by reason of
investment by an employee benefit plan or plan in such entity (each, a “Benefit Plan”); or (b) the
acquisition, holding and disposition of the Note will not give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code.

          Section 2.04. Definitive Notes.

     If any of the following events occurs:

          (a) (i) the Transferor or the Administrator advises the Indenture Trustee in writing that the
Clearing Agency or Foreign Clearing Agency is no longer willing or able to properly discharge its
responsibilities as Clearing Agency or Foreign Clearing Agency with respect to the Book-Entry Notes
for Series [___] and (ii) the Transferor, the Indenture Trustee or the Administrator is unable to
locate and reach an agreement on satisfactory terms with a qualified successor; or

          (b) the Transferor, the Indenture Trustee or the Administrator, as applicable, at its option
and to the extent permitted by law, elects to terminate the book-entry system through the Clearing
Agency or Foreign Clearing Agency with respect to the Series [___] Notes; or

          (c) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners of at
least a majority of the Outstanding Principal Amount of the Series [___] Notes advise the
Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through the
applicable Clearing Agency Participants in writing that the continuation of a book-entry system
through the appropriate Clearing Agency or Foreign Clearing Agency is no longer in the best
interests of the Beneficial Owners of the Series [___] Notes;

then, the Indenture Trustee will, through the appropriate Clearing Agency or Foreign Clearing
Agency, notify all Beneficial Owners of the Series [___] Notes of the occurrence of such event
and of the availability of Definitive Notes to Beneficial Owners of the Series [___] Notes. Upon
surrender to the Indenture Trustee of the certificates representing the Series [___] Notes,
accompanied by registration instructions from the applicable Clearing Agency, the Issuer will
execute and the Indenture Trustee will authenticate Definitive Notes for Series [___] and will
recognize the registered holders of such Definitive Notes as Noteholders under the Indenture.
Neither the Issuer nor the Indenture Trustee will be liable for any delay in delivery of such
instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and will be
protected in relying on, such instructions. Upon the issuance of Definitive Notes for Series
[___], all references herein to obligations imposed upon or to be performed by the applicable
Clearing Agency or Foreign Clearing Agency will be deemed to be imposed upon and performed by the
Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and the
Indenture Trustee will recognize the registered holders of the Definitive Notes for Series [___]
as Noteholders of such Series under the Indenture. Definitive Notes will be transferable and
exchangeable at the offices of the Transfer Agent and Registrar. No service charge will be
imposed for any registration of transfer or exchange, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

15

 

ARTICLE III

SERVICING FEE

          Section 3.01. Servicing Compensation.

          The share of the Servicing Fee allocable to the Series [___] Noteholders with respect to any
Payment Date is equal to the Monthly Servicing Fee. The portion of the Servicing Fee that is not
allocable to the Series [___] Noteholders will be paid by the holders of the Transferor Interest
or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no
event will the Issuer, the Indenture Trustee or the Series [___] Noteholders be liable for the
share of the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders
of any other Series. The Servicer may, by prior written notice to the Indenture Trustee, elect to
waive the Monthly Servicing Fee for any Collection Period. Such waived Monthly Servicing Fee will
be reimbursed on the Payment Date related to the subsequent Collection Period pursuant to
Section 4.04(a).

ARTICLE IV

RIGHTS OF SERIES [___] NOTEHOLDERS

AND ALLOCATION AND APPLICATION OF COLLECTIONS

          Section 4.01. Collections and Allocations.

          (a) Allocations. Interest Collections, Principal Collections and Defaulted
Receivables allocated to Series [___] pursuant to Article VIII of the Indenture and Section
4.01(b) shall be allocated between the Series [___] Noteholders and the holders of the
Transferor Interest pursuant to Section 4.01(c) and (d) and then distributed as set
forth in this Article IV.

          (b) Series Allocations. Prior to the close of business on each day during a
Collection Period, the Servicer will (a) determine the Series [___] Allocation Percentage for
such day and (b) allocate Interest Collections, Principal Collections and Defaulted Receivables to
Series [___] based on the Series [___] Allocation Percentage on such day.

          (c) Allocations to Series [___] Noteholders. The Servicer shall, prior to the close
of business on each day during a Collection Period, allocate to the Series [___] Noteholders the
following amounts as set forth below:

     (i) Allocations of Interest Collections. The Servicer shall allocate
to the Series [___] Noteholders and deposit in the Collection Account for
application as provided herein, an amount equal to the product of (A) the Series
[___] Floating Allocation Percentage for such day and (B) the Series [___]
Allocable Interest Collections as to which such day is the Date of Processing for

16

 

such Collections; provided, that, so long as the conditions set forth
in Section 8.04(b) of the Indenture are satisfied, the Servicer shall not be
required to deposit such allocated amounts into the Collection Account until the
Business Day preceding the Payment Date in the month following such Collection
Period.

     (ii) Allocations of Principal Collections. The Servicer shall allocate
to the Series [___] Noteholders the following amounts as set forth below:

     (A) Allocations During the Revolving Period. During the
Revolving Period, the Servicer shall allocate to the Series [___]
Noteholders and deposit into the Collection Account for application as
provided herein, an amount equal to the product of (1) the Series [___]
Floating Allocation Percentage for such day and (2) the Series [___]
Allocable Principal Collections for such day; provided, that, so
long as the conditions set forth in Section 8.04(b) of the Indenture are
satisfied, the Servicer shall not be required to deposit such allocated
amounts into the Collection Account until the Business Day preceding the
Payment Date in the month following such Collection Period.

     (B) Allocations During the Accumulation Period and the Early
Amortization Period. During the Accumulation Period and the Early
Amortization Period, the Servicer shall allocate to the Series [___]
Noteholders and deposit in the Collection Account for application as
provided herein, an amount equal to the product of (1) the Series [___]
Fixed Allocation Percentage for such day and (2) the Series [___]
Allocable Principal Collections for such day; provided, that, so
long as the conditions set forth in Section 8.04(b) of the Indenture are
satisfied, the Servicer shall not be required to deposit such allocated
amounts into the Collection Account until the Business Day preceding the
Payment Date in the month following such Collection Period.

     (iii) Allocations of Defaulted Amounts. The Servicer shall allocate to
the Series [___] Noteholders the product of (A) the Series [___] Floating
Allocation Percentage for such day and (B) the Series [___] Allocable Defaulted
Amounts on such day.

          (d) Allocation to Holders of the Transferor Interest. Prior to the close of business,
on each day during a Collection Period, the Servicer shall allocate and, in the case of clauses
(i) and (ii) below (except as set forth in the provisos following clause (iii)
below), distribute to the holders of the Transferor Interest in accordance with the Trust Agreement
the following amounts:

     (i) the portion of the Series [___] Allocable Interest Collections not
allocated to the Series [___] Noteholders pursuant to Section 4.01(c)(i)
above;

17

 

     (ii) the portion of the Series [___] Allocable Principal Collections not
allocated to the Series [___] Noteholders pursuant to Section 4.01(c)(ii)
above; and

     (iii) the portion of the Series [___] Allocable Defaulted Amounts not
allocated to the Series [___] Noteholders pursuant to Section 4.01(c)(iii)
above;

provided, however, that the Servicer will not distribute to the holders of the
Transferor Interest their allocation of Series [___] Allocable Interest Collections if and to the
extent that the Adjusted Pool Balance does not equal or exceed the Required Participation Amount as
of such day; and provided further that the Servicer will not distribute to the
holders of the Transferor Interest their allocation of Series [___] Allocable Principal
Collections if and to the extent that the Adjusted Pool Balance does not equal or exceed the
Required Participation Amount as of such day. Subject to the immediately succeeding sentence, any
amount not distributed to the holders of the Transferor Interest in accordance with the provisos to
the preceding sentence shall be deposited by the Servicer (on the date not so distributed) into the
Excess Funding Account. Notwithstanding the foregoing, before distributing to the holders of the
Transferor Interest any portion of their allocation of Series [___] Allocable Interest
Collections or Series [___] Allocable Principal Collections or depositing any portion of their
allocation of Series [___] Allocable Interest Collections or Series [___] Principal Collections
into the Excess Funding Account, (i) on any day on which amounts are on deposit in the Accumulation
Account, the Servicer shall first deduct therefrom the excess, if any, of the Covered Amount for
such day over the sum of all net investment earnings for such day on (A) amounts on deposit in the
Accumulation Account and the Reserve Account and (B) the Series [___] Allocation Percentage of
amounts (if any) on deposit in the Excess Funding Account and the Collection Account, and treat
such amounts as Series [___] Investor Available Interest Amounts and (ii) after giving full
effect to preceding clause (i), on any day on which the Maximum Facility Amount exceeds the
Warehouse Series Outstanding Principal Amount on such day (as each such term is defined in the
Warehouse Series Indenture Supplement), the Servicer shall deduct from any such amounts then
remaining, an amount equal to the product of (A) the Daily Unused Facility Fee (as defined in the
Warehouse Series Indenture Supplement) for such day and (B) the Series [___] Allocation
Percentage for such day (not to exceed the remaining amount which would otherwise be distributed to
the holders of the Transferor Interest on such day), and include such amounts in the Warehouse
Series Investor Available Interest Amounts (as defined in the Warehouse Series Indenture
Supplement) to be distributed on the immediately succeeding Payment Date (as defined in the
Warehouse Series Indenture Supplement) pursuant to Section 4.04(a)(iii) of the Warehouse Series
Indenture Supplement, but only to the extent necessary to cover any shortfall (determined without
giving effect to any Shared Excess Interest Amounts for such Payment Date available from other
outstanding Series in Excess Interest Sharing Group One) with respect to the Unused Facility Fee
(as defined in the Warehouse Series Indenture Supplement) for such Payment Date.

          Section 4.02. Determination of Monthly Interest.

          (a) The amount of monthly interest (the “Monthly Interest”) distributable from the
Collection Account with respect to the Series [___] Notes on any Payment Date will be an amount
equal to the product of (i) a fraction, the numerator of which is the actual number

18

 

of days in the related Interest Period and the denominator of which is 360, (ii) the Note
Interest Rate with respect to the related Interest Period and (iii) the Series [___] Outstanding
Principal Amount as of the first day of the related Interest Period, after giving effect to any
deposits and distributions to be made on such date (or, with respect to the first Payment Date
following the Series [___] Issuance Date, the Series [___] Initial Principal Amount).

          (b) On the Determination Date immediately preceding each Payment Date, the Servicer will
determine the excess, if any (such excess, the “Interest Deficiency”), of (i) the Monthly
Interest for such Payment Date over (ii) the aggregate amount of funds allocated and available to
pay such Monthly Interest on such Payment Date. If the Interest Deficiency with respect to any
Payment Date is greater than zero, on each subsequent Payment Date until such Interest Deficiency
is fully paid, an additional amount (the “Additional Interest”) equal to the
product of (iii)(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate with
respect to the related Interest Period and (iv) such Interest Deficiency (or the portion thereof
which has not been paid to the Series [___] Noteholders) will be payable as provided herein with
respect to the Series [___] Notes. Notwithstanding anything to the contrary herein, the
Additional Interest will be payable or distributed to the Series [___] Noteholders only to the
extent permitted by applicable law.

          Section 4.03. Advances.

          (a) The Servicer shall have the right but not the obligation to make a payment (each, an
“Advance”) with respect to each Receivable (other than a Receivable arising in connection with a
Redesignated Account on or after the Redesignation Date or a Receivable reassigned to or
repurchased by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the
Transfer and Servicing Agreement) in an amount equal to the lesser of (i) any shortfall in the
amounts available to make the payments pursuant to Section 4.04(a)(iii) through (v)
(excluding any Reallocated Principal Collections applied by the Indenture Trustee as Series [___]
Investor Available Interest Amounts for the related Payment Date pursuant to Section
4.04(a)(iv)), and (ii) the product of (A) the Series [___] Floating Allocation Percentage and
(B) the excess, if any, of (1) interest owed by such Dealer during the related Collection Period,
over (2) the interest actually received by the Servicer with respect to such Receivable from the
Dealer or from payments made by the Servicer pursuant Section 2.03(c), 2.04(c) or 3.03(c) of the
Transfer and Servicing Agreement, as the case may be, during such Collection Period.

          (b) The Servicer shall not make an Advance in respect of a Receivable to the extent that the
Servicer, in its sole discretion, shall determine that the Advance constitutes a Nonrecoverable
Advance. The Servicer also shall not make Advances on any Receivables arising from an Account if a
previous Advance on any Receivable arising from such Account shall have become 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 Payment Date.

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          (c) 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 4.04(a)(i): (i) subsequent payments made by or on behalf of the related
Dealer (ii) all amounts received, including any insurance proceeds, by the Transferor or the
Servicer (including all recoveries), and (iii) payments made by the Servicer pursuant to Section
2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement.

          (d) 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
Payment Date, the Indenture 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 4.04(a)(ii).

          (e) Notwithstanding anything to the contrary in this Indenture Supplement, for so long as NMAC
is the Servicer, in lieu of causing the Servicer first to deposit and then the Indenture Trustee to
remit to the Servicer the amounts described in Section 4.03(c)(i) through (iii)
reimbursable in respect on Outstanding Advances, or the amounts described in Section
4.03(d) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such amounts
from deposits otherwise to be made into the Collection Account.

          (f) If the Servicer shall determine not to make an Advance related to delinquency or
non-payment of any Receivable pursuant to this Section 4.03 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.

          Section 4.04. Application of Available Amounts on Deposit in the Collection Account, the
Accumulation Account and Other Sources of Payment.

          (a) On each Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Series [___] Investor Available Interest Amounts on
deposit in the Collection Account with respect to such Payment Date (together with other amounts
specified in this Indenture Supplement) to make the following distributions or deposits in the
following priority:

          (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
4.03(c);

          (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 4.03(d);

          (iii) if NMAC or one of its Affiliates is no longer the Servicer, an amount equal to
the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing
Fee previously due but not distributed to the Servicer on a prior Payment Date, will be
distributed to the Servicer;

20

 

          (iv) an amount equal to Monthly Interest for such Payment Date, plus the amount of any
Monthly Interest previously due but not distributed to the Series [___] Noteholders on a
prior Payment Date, plus the amount of any Additional Interest for such Payment Date, plus
the amount of any Additional Interest previously due but not distributed to the Series
[___] Noteholders on a prior Payment Date, will be distributed to the Paying Agent for
payment to the Series [___] Noteholders on such Payment Date;

          (v) if NMAC or one of its Affiliates is the Servicer, an amount equal to the Monthly
Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously
due but not distributed to the Servicer on a prior Payment Date, will be distributed to the
Servicer (to the extent not previously retained by the Servicer in accordance with Section
8.04 of the Indenture);

          (vi) an amount equal to the sum of (y) the aggregate Series [___] Investor Defaulted
Amounts for the related Collection Period and (z) the Series [___] Nominal Liquidation
Amount Deficit, if any, will be applied as Series [___] Investor Available Principal
Amounts for such Payment Date to reinstate the Series [___] Nominal Liquidation Amount
pursuant to Section 4.09(c);

          (vii) an amount, if any, equal to the excess of the Specified Reserve Account Balance
over all amounts on deposit in the Reserve Account on such Payment Date, will be deposited
in the Reserve Account;

          (viii) on each Payment Date on and after the occurrence of an Event of Default and a
declaration that all Series [___] Notes are immediately due and payable pursuant to
Section 5.03(a) of the Indenture, remaining Series [___] Investor Available Interest
Amounts for such Payment Date will be treated as Series [___] Investor Available Principal
Amounts and will be distributed pursuant to Section 4.04(e), unless and until such
declaration of acceleration has been rescinded and annulled pursuant to Section 5.03(b) of
the Indenture;

          (ix) if the Servicer elected to waive the Monthly Servicing Fee for the preceding
Collection Period, the Indenture Trustee will apply any remaining funds to reimburse the
Servicer for such waived Monthly Servicing Fee;

          (x) an amount equal to the Interest Shortfalls for other outstanding Series in Excess
Interest Sharing Group One will be treated as Shared Excess Interest Collections available
from Series [___] and applied to cover the Interest Shortfalls for other outstanding
Series in Excess Interest Sharing Group One in accordance with Section 8.05(a) of the
Indenture; and

          (xi) all remaining Series [___] Investor Available Interest Amounts for such Payment
Date will be distributed to the holders of the Transferor Interest in accordance with the
Trust Agreement, or, to the extent amounts are payable to a Swap Counterparty pursuant to a
Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such
Swap Counterparty; provided, however, that if, on

21

 

such Payment Date, the Adjusted Pool Balance is less than the Required Participation
Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the
amount that would otherwise have been distributed to the holders of the Transferor Interest
the amount of such insufficiency.

          (b) If Series [___] Investor Available Interest Amounts for any Payment Date (excluding
Reallocated Principal Collections for such Payment Date) are insufficient to make all distributions
and deposits required under Section 4.04(a)(i) through (vii), available amounts
from the following sources on such Payment Date will be applied in the following order to make up
the Interest Shortfall with respect to Series [___]: (i) from Shared Excess Interest Amounts for
such Payment Date available from other outstanding Series in Excess Interest Sharing Group One as
provided in Section 4.07, provided that such amounts will be applied only to cover
shortfalls in the distributions and deposits required under Section 4.04(a)(i) through
(vii) and in the order of priorities as set forth in Section 4.04(a), (ii) from
amounts on deposit in the Reserve Account on such Payment Date as provided in Section 4.12,
provided that such amounts will be applied only to cover shortfalls in the distributions
and deposits required under Section 4.04(a) (iii) through (vi) and in the order of
priorities as set forth in Section 4.04(a) and (iii) from Reallocated Principal Collections
for such Payment Date as provided in Section 4.06, provided, that such amounts will
be applied only to cover shortfalls in the distributions required under Section 4.04(a)(iv)
and only to the extent of the Series [___] Overcollateralization Amount.

          (c) On each Payment Date with respect to the Revolving Period, the Servicer will apply, or
cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, Series
[___] Investor Available Principal Amounts on deposit in the Collection Account with respect to
such Payment Date, to make the following distributions or deposits in the following priority:

     (i) such Series [___] Investor Available Principal Amounts on deposit in the
Collection Account for the related Collection Period will be treated as Shared
Excess Principal Amounts available from Series [___] and applied to cover the
Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group
One in accordance with Section 8.05(b) of the Indenture;

     (ii) the balance of such Series [___] Investor Available Principal Amounts
not applied pursuant to clause (i) above, will be distributed to the Issuer
to be used by the Issuer, to the extent necessary, to acquire Receivables (if any)
available to be transferred to the Issuer by the Transferor pursuant to the Transfer
and Servicing Agreement; and

     (iii) the balance of such Series [___] Investor Available Principal Amounts
not applied pursuant to clause (i) or (ii) above will be distributed
to the holders of the Transferor Interest in accordance with the Trust Agreement,
or, to the extent amounts are payable to a Swap Counterparty pursuant to a Swap
Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to
such Swap Counterparty; provided, however, that if, on such Payment
Date, the Adjusted Pool Balance is less than the Required Participation Amount, then
the Indenture Trustee shall deposit into the Excess Funding Account from the amount
that would otherwise have been distributed to the holders of the Transferor
Interest the amount of such insufficiency.

22

 

          (d) On each Payment Date with respect to the Accumulation Period, the Servicer will apply, or
cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, the Series
[___] Investor Available Principal Amounts on deposit in the Collection Account with respect to
such Payment Date (together with other amounts specified in this Indenture Supplement) to make the
following distributions or deposits in the following priority:

     (i) an amount equal to the lesser of (A) the Controlled Deposit Amount for such
Payment Date and (B) the Series [___] Invested Amount for such Payment Date shall
be deposited into the Accumulation Account;

     (ii) the balance of such Series [___] Investor Available Principal Amounts
not applied pursuant to preceding clause (i) will be treated as Shared
Excess Principal Amounts available from Series [___] and applied to cover
Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group
One in accordance with Section 8.05(b) of the Indenture;

     (iii) the balance of such Series [___] Investor Available Principal Amounts
not applied pursuant to clause (i) or (ii) above, will be
distributed to the Issuer to be used by the Issuer, to the extent necessary, to
acquire Receivables (if any) available to be transferred to the Issuer by the
Transferor pursuant to the Transfer and Servicing Agreement; and

     (iv) the balance of such Series [___] Investor Available Principal Amounts
not applied pursuant to clause (i), (ii) or (iii) above will
be distributed to the holders of the Transferor Interest in accordance with the
Trust Agreement, or, to the extent amounts are payable to a Swap Counterparty
pursuant to a Swap Agreement as described in Section 5.08 of the Transfer and
Servicing Agreement, to such Swap Counterparty; provided, however,
that if, on such Payment Date, the Adjusted Pool Balance is less than the Required
Participation Amount, then the Indenture Trustee shall deposit into the Excess
Funding Account from the amount that would otherwise have been distributed to the
holders of the Transferor Interest the amount of such insufficiency.

          (e) On each Payment Date with respect to the Early Amortization Period, the Servicer will
apply, or cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, the
Series [___] Investor Available Principal Amounts on deposit in the Collection Account with
respect to such Payment Date, plus all amounts on deposit in the Accumulation Account (together
with other amounts specified in this Indenture Supplement), to make the following distributions or
deposits in the following priority:

     (i) an amount equal to the Series [___] Invested Amount (determined without
giving effect to any reduction thereto arising from amounts on deposit in the
Accumulation Account) for such Payment Date will be

23

 

distributed to the Paying Agent for payment to the Series [___]
Noteholders on such Payment Date and on each subsequent Payment Date until the
Series [___] Invested Amount (determined without giving effect to any reduction
thereto arising from amounts on deposit in the Accumulation Account) has been paid
in full;

     (ii) the balance of such Series [___] Investor Available Principal Amounts
will be treated as Shared Excess Principal Amounts available from Series [___] and
applied to cover Principal Shortfalls for other outstanding Series in Excess
Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture; and

     (iii) the balance of the Series [___] Investor Available Principal Amounts
not applied pursuant to clause (i) or (ii) above will be distributed
to the holders of the Transferor Interest in accordance with the Trust Agreement,
or, to the extent amounts are payable to a Swap Counterparty pursuant to a Swap
Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to
such Swap Counterparty; provided, however, that if, on such Payment
Date, the Adjusted Pool Balance is less than the Required Participation Amount, then
the Indenture Trustee shall deposit into the Excess Funding Account from the amount
that would otherwise have been distributed to the holders of the Transferor Interest
the amount of such insufficiency.

     (f) On the earlier of (i) the first Payment Date with respect to the Early Amortization Period
and (ii) the Payment Date which is also the Series [___] Expected Final Payment Date, the
Servicer shall, or shall cause the Indenture Trustee, by written notice to the Indenture Trustee,
to withdraw from the Accumulation Account all amounts then on deposit in the Accumulation Account
and (iii) distribute to the Paying Agent for payment to the Series [___] Noteholders on such
Payment Date the amount necessary to pay the Series [___] Invested Amount (determined without
giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account)
in full and (ii) the balance, if any, of the amounts so withdrawn from the Accumulation Account
will (A) first, be treated as Shared Excess Principal Amounts available from Series [___] to be
applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing
Group One in accordance with Section 8.05(b) of the Indenture and (B) second, be distributed to the
holders of the Transferor Interest in accordance with the Trust Agreement; provided,
however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required
Participation Amount, then the Indenture Trustee will deposit into the Excess Funding Account from
the amount that would otherwise have been distributed to the holders of the Transferor Interest the
amount of such insufficiency.

     (g) If Series [___] Investor Available Principal Amounts for any Payment Date (together with
amounts, if any, available for application on such Payment Date pursuant to Section
4.04(f)) are insufficient to make in full the deposits or distributions required pursuant to
Section 4.04(d)(i) or 4.04(e)(i), as applicable, then Shared Excess Principal
Amounts for such Payment Date from other outstanding Series in Excess Principal Sharing Group One
will be so deposited or distributed to cover the Principal Shortfall with respect to Series [___] as
provided in Section 4.08.

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     (h) If Series [___] Investor Available Principal Amounts for any Payment Date (together with
amounts, if any, available for application on such Payment pursuant to Section 4.04(f)) and
Shared Excess Principal Amounts for such Payment Date from other outstanding Series in Excess
Principal Sharing Group One are insufficient to make in full the deposits and distributions
required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, the Indenture
Trustee, acting in accordance with written instructions from the Servicer, will withdraw from the
Excess Funding Account and distribute to the Paying Agent for deposit into the Accumulation Account
or payment to the Series [___] Noteholders, as applicable, the lesser of (i) the product of the
Series [___] Allocation Percentage and the amount on deposit in the Excess Funding Account and
(ii) the amount of such insufficiency.

     Section 4.05. Investor Charge-Offs.

     On the Determination Date immediately preceding each Payment Date, the Servicer will calculate
the aggregate Series [___] Investor Defaulted Amounts, if any, for the related Collection Period.
If, on any Determination Date, the aggregate Series [___] Investor Defaulted Amounts for the
preceding Collection Period exceed the sum of:

     (i) the Series [___] Investor Available Interest Amounts for the related
Payment Date applied to fund such Series [___] Investor Defaulted Amounts pursuant
to Section 4.04(a)(vi); and

     (ii) the Shared Excess Interest Amounts available from other outstanding Series
in Excess Interest Sharing Group One applied to fund such Series [___] Investor
Defaulted Amounts pursuant to Section 4.04(a)(vi) in accordance with
Section 4.04(b)(i) and amounts on deposit in the Reserve Account applied to
fund such Series [___] Investor Defaulted Amounts pursuant to Section
4.04(a)(vi) in accordance with Section 4.04(b)(ii) (such excess,
collectively, an “Investor Charge-Off”);

then, on the related Payment Date, if the Series [___] Overcollateralization Amount is greater
than zero, the Series [___] Overcollateralization Amount will be reduced by an amount not to
exceed the lesser of (1) the Series [___] Overcollateralization Amount and (2) the amount of such
Investor Charge-Offs, all as provided in Section 4.09.

     Section 4.06. Reallocated Principal Collections.

     On each Determination Date, the Servicer shall determine the amount, if any, by which the
Series [___] Investor Available Interest Amounts for the preceding Collection Period (excluding
Reallocated Principal Collections for the related Payment Date), together with other amounts
specified in Section 4.04(b)(i) and (ii), are insufficient to pay the amounts due
pursuant to Section 4.04(a)(iv) on the related Payment Date and cause the amount of such
insufficiency to be reallocated from the Series [___] Investor Available Principal Amounts for
such Collection Period and, to the extent still necessary to pay such insufficiency, from amounts
that would constitute Series [___] Investor Available Principal Amounts for the current

25

 

Collection Period. On each Payment Date, the Servicer will apply, or cause the Indenture Trustee
to apply, Reallocated Principal Collections with respect to the preceding Collection Period (and,
if necessary, with respect to the current Collection Period) in accordance with Section
4.04(b)(iii), in an amount not to exceed the Series [___] Overcollateralization Amount. If,
on any Payment Date, Reallocated Principal Collections for such Payment Date are so applied, then,
if the Series [___] Overcollateralization Amount is greater than zero (after giving effect to any
reductions thereof pursuant to Section 4.05), the Series [___] Overcollateralization
Amount will be reduced by an amount not to exceed the lesser of (1) the Series [___]
Overcollateralization Amount and (2) the amount of such Reallocated Principal Collections, all as
provided in Section 4.09.

     Section 4.07. Excess Interest Amounts.

     Subject to Section 8.05(a) of the Indenture, Shared Excess Interest Amounts with respect to
other Series in Excess Interest Sharing Group One for any Payment Date will be allocated to Series
[___] in an amount equal to the product of (a) the aggregate amount of Shared Excess Interest
Amounts with respect to all other Series in Excess Interest Sharing Group One for such Payment Date
and (b) a fraction, the numerator of which is the Interest Shortfall with respect to Series [___]
for such Payment Date and the denominator of which is the aggregate amount of Interest Shortfalls
with respect to all Series in Excess Interest Sharing Group One for such Payment Date.

     Section 4.08. Excess Principal Amounts.

     Subject to Section 8.05(b) of the Indenture, Shared Excess Principal Amounts with respect to
other Series in Excess Principal Sharing Group One for any Payment Date will be allocated to Series
[___] in an amount equal to the product of (a) the aggregate amount of Shared Excess Principal
Amounts with respect to all other Series in Excess Principal Sharing Group One for such Payment
Date and (b) a fraction, the numerator of which is the Principal Shortfall with respect to Series
[___] for such Payment Date and the denominator of which is the aggregate amount of Principal
Shortfalls with respect to all Series in Excess Principal Sharing Group One for such Payment Date.

     Section 4.09. Series Nominal Liquidation Amount, Overcollateralization Amount and Invested
Amount.

     (a) On each Determination Date for the related Payment Date, the Servicer will, or will cause
the Indenture Trustee, to calculate the Primary Series [___] Overcollateralization Amount and the
Incremental Overcollateralization Amount. On each day during a Collection Period, the Servicer,
will, or will cause the Indenture Trustee, to calculate the Series [___] Invested Amount.

     (b) The Series [___] Nominal Liquidation Amount will be reduced on any Payment Date by the
following amounts:

     (i) the amount, if any, of Reallocated Principal Collections (including any
Reallocated Principal Collections from the Collection Period occurring in the same
month as the Payment Date) (not to exceed the Series [___] Overcollateralization Amount) used on such Payment Date to pay interest on the
Series [___] Notes pursuant to Section 4.04(b)(iii); and

26

 

     (ii) the amount, if any, of Investor Charge-Offs for the related Collection
Period pursuant to Section 4.05.

On each Payment Date, the amount of any reduction in the Series [___] Nominal Liquidation Amount
due to (A) clause (i) or (ii) above will be allocated, first, to reduce the Series
[___] Overcollateralization Amount by the amount of such reduction until the Series [___]
Overcollateralization Amount is reduced to zero and (B) clause (ii) above will be
allocated, second, to reduce the Series [___] Invested Amount by any remaining amount of such
reduction until the Series [___] Invested Amount is reduced to zero. In addition, the Series
[___] Invested Amount will be reduced by amounts deposited into the Accumulation Account and
payments of principal of the Series [___] Notes. Each reduction of the Series [___]
Overcollateralization Amount will be applied, first, to reduce the Primary Series [___]
Overcollateralization Amount and, second, to reduce the Incremental Overcollateralization Amount.

     (c) The Series [___] Nominal Liquidation Amount will be reinstated on any Payment Date by
the sum of (i) the amount of Series [___] Investor Available Interest Amounts that are applied on
such Payment Date for such purpose pursuant to Section 4.04(a)(vi), (ii) the amount of
Shared Excess Interest Amounts that are applied on such Payment Date for such purpose pursuant to
Sections 4.04(b)(i) and (iii) the amounts on deposit in the Reserve Account that
are applied on such Payment Date for such purpose pursuant to Section 4.04(b)(ii). Each
such reinstatement will be allocated on such Payment Date, first, if the Series [___] Invested
Amount has been reduced and not fully reinstated, to the Series [___] Invested Amount until it
equals the Series [___] Outstanding Principal Amount and, second, any remaining reinstatement
amount will be allocated to the Incremental Overcollateralization Amount until it has been fully
reinstated and then to the Primary Series [___] Overcollateralization Amount until it has been
fully reinstated.

     (d) The Primary Series [___] Overcollateralization Amount and the Series [___] Invested
Amount will be increased on any date on which the Issuer issues additional Series [___] Notes in
accordance with Section 8.03(b). The amount of any such increase in the Primary Series
[___] Overcollateralization Amount and the Series [___] Invested Amount will be in proportion
to the increase in the aggregate Series [___] Outstanding Principal Amount resulting from the
issuance of such additional Series [___] Notes.

     Section 4.10. Establishment of Accumulation Account.

     (a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of
the Indenture Trustee, solely for the benefit of the Series [___] Noteholders, a Qualified
Account bearing a designation clearly indicating that the funds and other property credited thereto
are held solely for the benefit of the Series [___] Noteholders (the “Accumulation
Account”). The Indenture Trustee will possess all right, title and interest in all Eligible
Investments and all monies, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the

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Accumulation Account and in all interest, proceeds, earnings, income, revenue, dividends and other
distributions thereof (including any accrued discount realized on liquidation of any investment
purchased at a discount) solely for the benefit of the Series [___] Noteholders. The parties
hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the
Accumulation Account, and will have sole dominion and control of the Accumulation Account for the
benefit of the Series [___] Noteholders. Except as expressly provided in the Indenture and the
Transfer and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s
lien against, and no right to otherwise deduct from, any funds and other property held in the
Accumulation Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder
or any Series Enhancers. If, at any time, the Accumulation Account ceases to be a Qualified
Account, the Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent), will
establish a new Accumulation Account meeting the conditions specified above, transfer any monies,
instruments, securities, security entitlements, documents, certificates of deposit and other
property to such new Accumulation Account and from the date such new Accumulation Account is
established, it will be the “Accumulation Account.” Pursuant to the authority granted to the
Servicer in Section 3.01(a) of the Transfer and Servicing Agreement, the Servicer has the power,
revocable by the Indenture Trustee, to make withdrawals and payments from the Accumulation Account
and to instruct the Indenture Trustee to make withdrawals and payments from the Accumulation
Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties under the
Transfer and Servicing Agreement, the Indenture and this Indenture Supplement, as applicable.

     (b) Funds on deposit in the Accumulation Account will, at the written direction of the
Servicer, be invested by the Indenture Trustee or its nominee (including the Securities
Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will
be held by the Indenture Trustee solely for the benefit of the Series [___] Noteholders. The
Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee
(including a securities intermediary) and will be credited to the Accumulation Account maintained
by the Indenture Trustee with the Securities Intermediary. Funds on deposit in the Accumulation
Account will be invested in Eligible Investments that will mature so that all such funds will be
available no later than the close of business on the Business Day next preceding each Payment Date.
On each Payment Date with respect to the Accumulation Period and on the first Payment Date with
respect to the Early Amortization Period, all interest and other investment earnings (net of losses
and investment expenses) on funds on deposit in the Accumulation Account will be withdrawn from the
Accumulation Account and treated as Series [___] Investor Available Interest Amounts with respect
to the related Collection Period for application in accordance with Section 4.04(a). Net
investment earnings on funds on deposit in the Accumulation Account will not be considered
principal amounts on deposit therein for purposes of this Indenture Supplement. The Indenture
Trustee will bear no responsibility or liability for any losses resulting from investment or
reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of
Eligible Investments in accordance with the provisions of the Indenture, this Indenture Supplement
or the Transfer and Servicing Agreement.

     (c) The Servicer or the Indenture Trustee, acting at the written direction of the Servicer,
shall (i) make withdrawals from the Accumulation Account in the amounts and for the purposes set
forth in this Indenture Supplement and (ii) on each Payment Date with respect to the
Accumulation Period, make deposits into the Accumulation Account in the amounts specified in,
and otherwise in accordance with, Section 4.04(d), (g) and (h).

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     Section 4.11. Accumulation Period. The Accumulation Period is scheduled to begin at
the close of business on [___]; provided, however, that if the Accumulation
Period Length (as described below) is determined to be less than six months, the date on which the
Accumulation Period actually begins may be delayed to the close of business on the last day of the
month preceding the month that is the number of whole months prior to the month in which the Series
[___] Expected Final Payment Date occurs which is at least equal to the Accumulation Period
Length (so that the number of full Collection Periods in the Accumulation Period will at least
equal the Accumulation Period Length). On or prior to [___] and, thereafter, on or prior to the
first Business Day of each Collection Period prior to the Collection Period in which the
Accumulation Period is scheduled to begin, the Issuer, acting directly or through the
Administrator, may at its option, elect to delay the start of the Accumulation Period and thereby
reduce the number of full Collection Periods in the Accumulation Period (the “Accumulation
Period Length”), provided, that, (a) the Accumulation Period shall start no
later than [___]; (b) prior to delaying the start of the Accumulation Period, [___] shall have
notified the Issuer and the Indenture Trustee that it will not withdraw or reduce the ratings of
any outstanding Notes (including the Series [___] Notes) for which it provides a rating as a
result of a delay in the start of the Accumulation Period, and (c) prior to delaying the start of
the Accumulation Period, an Authorized Officer of the Issuer shall have delivered to the Indenture
Trustee an Officer’s Certificate to the effect that delaying the start of the Accumulation Period
will not delay any payment of principal to the Series [___] Noteholders. Once the Accumulation
Period has commenced, the Accumulation Period Length cannot be changed.

     Section 4.12. Establishment of Reserve Account.

     (a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of
the Indenture Trustee, solely for the benefit of the Series [___] Noteholders, a Qualified
Account bearing a designation clearly indicating that the funds and other property credited thereto
are held solely for the benefit of the Series [___] Noteholders (the “Reserve Account”).
The Indenture Trustee will possess all right, title and interest in all Eligible Investments and
all monies, instruments, securities, securities entitlements, documents, certificates of deposit
and other property from time to time on deposit in or credited to the Reserve Account and in all
interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including
any accrued discount realized on liquidation of any investment purchased at a discount) solely for
the benefit of the Series [___] Noteholders. The parties hereto acknowledge that the Indenture
Trustee will be the sole entitlement holder of the Reserve Account, and will have sole dominion and
control of the Reserve Account for the benefit of the Series [___] Noteholders. Except as
expressly provided in the Indenture and the Transfer and Servicing Agreement, the Servicer agrees
that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any
funds and other property held in the Reserve Account for any amount owed to it by the Indenture
Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, the Reserve Account
ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf), within ten
Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent), will establish a new Reserve Account meeting the conditions specified above,
transfer any monies, instruments,

29

 

securities, security entitlements, documents, certificates of deposit and other property to such
new Reserve Account and from the date such new Reserve Account is established, it will be the
“Reserve Account.” Pursuant to the authority granted to the Servicer in Section 3.01(a) of the
Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee,
to make withdrawals and payments from the Reserve Account and to instruct the Indenture Trustee to
make withdrawals and payments from the Reserve Account for the purposes of carrying out the
Servicer’s or the Indenture Trustee’s duties under the Transfer and Servicing Agreement, the
Indenture and this Indenture Supplement, as applicable.

     (b) Funds on deposit in the Reserve Account will, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in
Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the
Indenture Trustee solely for the benefit of the Series [___] Noteholders. The Indenture Trustee
will cause each Eligible Investment to be delivered to it or its nominee (including a securities
intermediary) and will be credited to the Reserve Account maintained by the Indenture Trustee with
the Securities Intermediary. Funds on deposit in the Reserve Account will be invested in Eligible
Investments that will mature so that all such funds will be available no later than the close of
business on the Business Day next preceding each Payment Date. On each Payment Date, all interest
and other investment earnings (net of losses and investment expenses) on funds on deposit in the
Reserve Account will be withdrawn from the Reserve Account and treated as Series [___] Investor
Available Interest Amounts with respect to the related Collection Period for application in
accordance with Section 4.04(a). Net investment earnings on funds on deposit in the
Reserve Account will not be considered principal amounts on deposit therein for purposes of this
Indenture Supplement. The Indenture Trustee will bear no responsibility or liability for any
losses resulting from investment or reinvestment of any funds in accordance with this Section
4.12(b) nor for the selection of Eligible Investments in accordance with the provisions of the
Indenture, this Indenture Supplement or the Transfer and Servicing Agreement.

     (c) The Reserve Account will be funded by the Issuer on the Series [___] Issuance Date in
the amount of the Reserve Account Initial Deposit.

     (d) On each Payment Date, to the extent that Series [___] Investor Available Interest
Amounts on deposit in the Collection Account with respect to such Payment Date, are insufficient to
make all distributions and deposits required under Section 4.04(a)(iii) through
(vi), and to the extent that amounts set forth in Section 4.04(b)(i) are
insufficient to make up the Interest Shortfall with respect to Series [___], the Servicer or the
Indenture Trustee, acting at the written direction of the Servicer, will withdraw amounts then on
deposit in the Reserve Account, up to the amounts of any such Interest Shortfall, pursuant to
Section 4.04(b)(ii) and apply, or cause the Indenture Trustee to apply, such amounts in
accordance with Section 4.04(b)(ii). If the Series [___] Notes are not paid in full on
the earlier of (i) the Series [___] Final Maturity Date and (ii) the first Payment Date on or
after the occurrence of an Event of Default and a declaration that all of the Series [___] Notes
are immediately due and payable as set forth in Section 5.03(a) of the Indenture, any funds
remaining in the Reserve Account, after application of amounts therein on such date in accordance
with Section 4.04(a), will be applied pursuant to Section 4.04(e) on such date.
Upon the payment in full of the Series [___] Notes under the Indenture and this Indenture
Supplement, any funds remaining in the Reserve Account

30

 

will be treated as Shared Excess Principal Amounts available from Series [___] and applied to
cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in
accordance with Section 8.05(b) of the Indenture. Upon the payment in full of the Series [___]
Notes under the Indenture and this Indenture Supplement and to the extent such amounts are not
needed to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group
One, as directed in writing by the Servicer, the Indenture Trustee shall distribute to the holders
of the Transferor Interest, pursuant to the Trust Agreement, any amounts remaining on deposit in
the Reserve Account. Upon any such distribution to the holders of the Transferor Interest as set
forth in the preceding sentence, the Issuer, Transferor, Owner Trustee, Indenture Trustee, Series
Enhancers and Noteholders will have no further rights in, or claims to, such amounts.

     Section 4.13. Determination of LIBOR.

     (a) On each Interest Determination Date, the Calculation Agent will determine LIBOR based on
the rate displayed on the Designated LIBOR Page on such date. If the Designated LIBOR Page by its
terms provides only for a single rate, then LIBOR for the applicable Interest Period will be the
rate for deposits in United States dollars having a maturity of one month (commencing on the first
day of such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m. London time
on the applicable Interest Determination Date. If at least two offered rates appear, LIBOR for the
applicable Interest Period will be the arithmetic mean of the offered rates for deposits in United
States dollars having a maturity of one month (commencing on the first day of such Interest Period)
that appears on the Designated LIBOR Page as of 11:00 a.m. London time, on the applicable Interest
Determination Date.

     With respect to any Interest Determination Date on which no offered rate appears on the
Designated LIBOR Page, LIBOR for the applicable Interest Determination Date will be the rate
calculated by the Calculation Agent as the arithmetic mean of at least two quotations obtained by
the Calculation Agent after requesting the principal London offices of each of four major reference
banks in the London interbank market, which may include the Calculation Agent and its affiliates,
as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotations
for deposits in United States dollars for the period of one month, commencing on the second London
Business Day immediately following the applicable Interest Determination Date, to prime banks in
the London interbank market at approximately 11:00 a.m., London time, on such Interest
Determination Date and in a principal amount that is representative of a single transaction in
United States dollars in that market at that time. If at least two such quotations are provided,
LIBOR determined on the applicable Interest Determination Date will be the arithmetic mean of the
quotations. If fewer than two quotations referred to in this paragraph are provided, LIBOR
determined on the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New
York, New York, on the applicable Interest Determination Date by three major banks, which may
include the Calculation Agent and its affiliates, in New York, New York selected by the Calculation
Agent for loans in United States dollars to leading European banks in a principal amount that is
representative of a single transaction in United States dollars in that market at that time. If
the banks so selected by the Calculation Agent are not quoting as mentioned in this paragraph,
LIBOR for the applicable Interest Determination Date will be LIBOR in effect on the preceding Interest Determination
Date.

31

 

     (b) The Note Interest Rate applicable to the then-current and the immediately preceding
Interest Periods may be obtained by contacting the Indenture Trustee at its Corporate Trust Office
or such other contact information as may be designated by the Indenture Trustee for such purpose by
prior written notice by the Indenture Trustee to each Noteholder from time to time.

     (c) On each Interest Determination Date, the Indenture Trustee will send to the Servicer, the
Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following
Interest Period.

ARTICLE V

DELIVERY OF SERIES [___] NOTES;

DISTRIBUTIONS; REPORTS TO SERIES [___] NOTEHOLDERS

     Section 5.01. Delivery and Payment for Series [___] Notes.

     The Indenture Trustee will execute the Series [___] Notes in accordance with Section 2.03 of
the Indenture. The Indenture Trustee will deliver the Series [___] Notes to or upon the order of
the Issuer when so authenticated.

     Section 5.02. Distributions.

     (a) On each Payment Date, the Paying Agent will distribute to each Series [___] Noteholder
of record on the related Record Date (other than as provided in Section 11.02 of the Indenture)
such Series [___] Noteholder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay interest on the Series [___] Notes pursuant
to this Indenture Supplement.

     (b) On each Payment Date, the Paying Agent will distribute to each Series [___] Noteholder
of record on the related Record Date (other than as provided in Section 11.02 of the Indenture)
such Series [___] Noteholder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay principal on the Series [___] Notes pursuant
to this Indenture Supplement.

     (c) The distributions to be made pursuant to this Section are subject to the provisions of
Sections 2.03, 6.01 and 7.01 of the Transfer and Servicing Agreement, Section 11.02 of the
Indenture and Section 7.01.

     (d) Except as provided in Section 11.02 of the Indenture with respect to a final distribution,
distributions to Series [___] Noteholders hereunder will be made (i) by wire transfer of
immediately available funds to an account designated by the Series [___]
Noteholders and (ii) without presentation or surrender of any Series [___] Notes or the
making of any notation thereon.

32

 

     Section 5.03. Reports and Statements to Series [___] Noteholders.

     (a) Not later than the second Business Day preceding each Payment Date, the Servicer will mail
or deliver to the Owner Trustee, the Indenture Trustee, the Paying Agent and each Rating Agency (i)
a statement substantially in the form of Exhibit B prepared by the Servicer and (ii) a
certificate of an Authorized Officer substantially in the form of Exhibit C;
provided that the Servicer may amend the form of Exhibit B and Exhibit C
from time to time.

     (b) On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, will deliver
to each Series [___] Noteholder a copy of each statement or certificate delivered pursuant to
paragraph (a).

     (c) On or before January 31 of each calendar year, beginning with calendar year [___], the
Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each
Person who at any time during the preceding calendar year was a Series [___] Noteholder, a
statement prepared by the Servicer containing the information that is required to be contained in
the statement to Series [___] Noteholders, as set forth in paragraph (b) above, aggregated for
such calendar year together with other information as is required to be provided by an issuer of
indebtedness under the Code. Such obligation of the Servicer will be deemed to have been satisfied
to the extent that substantially comparable information is provided by the Paying Agent pursuant to
any requirements of the Code as from time to time in effect. Any statement delivered pursuant to
this paragraph (c) may be delivered by the Indenture Trustee by electronic transmission so long as
the Indenture Trustee shall have provided each Series [___] Noteholder with free and open access
(if required) to such statement.

     Section 5.04. Tax Treatment.

     Each of the parties to this Indenture Supplement hereby severally covenants and agrees, in
each case as to itself individually, to treat the Series [___] Notes as indebtedness for
applicable United States federal, state, and local income and franchise tax law and for purposes of
any other tax imposed on, or measured by, income.

ARTICLE VI

SERIES [___] EARLY AMORTIZATION EVENTS

     Section 6.01. Series [___] Early Amortization Events.

     If any one of the Early Amortization Events specified in the Indenture or any one of the
following events occurs with respect to the Series [___] Notes:

     (a) failure by the Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the
Servicer), as applicable (i) to make any payment or deposit required by the terms of the Transfer
and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or
this Indenture Supplement, including but not limited to any Transferor Deposit Amounts, on or
before the date occurring two Business Days after the date such payment or deposit is required to
be made, (ii) to deliver a Payment Date Statement on the date required under the Transfer and
Servicing Agreement, or within the applicable grace period which will not exceed five Business

33

 

Days, (iii) to comply with its covenant not to create any Lien on any Receivable, or (iv) to
observe or perform in any material respect any other covenants or agreements set forth in the
Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this
Indenture Supplement which failure (in the case of this clause (iv)) continues unremedied
for a period of 45 days after the date on which notice of such failure requiring the same to be
remedied, has been given to the Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer
the Servicer), as applicable, by the Indenture Trustee, or to the Issuer, the Transferor, the
Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, and the Indenture Trustee by
any Holder of a Series [___] Note;

     (b) any representation or warranty made by (i) NMAC, as seller, in the Receivables Purchase
Agreement or (ii) the Transferor in the Transfer and Servicing Agreement, or any information
required to be delivered by NMAC or the Transferor to identify the Accounts, proves to have been
incorrect in any material respect when made or when delivered, which continues to be incorrect in
any material respect for a period of 45 days after the date on which written notice of such
failure, requiring the same to be remedied, has been given to the Issuer, NMAC or the Transferor,
as applicable, by the Indenture Trustee, or to the Issuer, NMAC or the Transferor, as applicable,
and the Indenture Trustee by any Holder of a Series [___] Note; provided,
however, that an Early Amortization Event pursuant to this clause (b) will not be
deemed to have occurred hereunder if the Transferor has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in accordance with the
provisions of the Transfer and Servicing Agreement;

     (c) the occurrence of an Insolvency Event with respect to the Issuer, Transferor, NNA, NMAC or
NML;

     (d) a failure by the Transferor to transfer to the Issuer Receivables in Additional Accounts
within ten Business Days after the day on which it is required to convey those Receivables under
the Transfer and Servicing Agreement;

     (e) on any Payment Date, the Primary Series [___] Overcollateralization Amount is reduced to
an amount less than the product of (i) the applicable Series [___] Overcollateralization
Percentage and (ii) the Series [___] Initial Principal Amount; provided, that, for the
purpose of determining whether an Early Amortization Event has occurred pursuant to this clause
(e), any reduction of the Primary Series [___] Overcollateralization Amount resulting from
reallocations of the Series [___] Investor Available Principal Amounts to pay interest on the
Series [___] Notes in the event LIBOR is equal to or greater than the Reference Rate upon which
interest on the Receivables is calculated on the applicable Interest Determination Date will be
considered an Early Amortization Event only if LIBOR remains equal to or greater than such
Reference Rate for the next thirty (30) consecutive days following such Interest Determination
Date;

     (f) any Servicer Default occurs, or NMAC no longer acts as Servicer under the Transfer and
Servicing Agreement;

34

 

     (g) on any Determination Date, the average of the Monthly Payment Rates for the three
consecutive Collection Periods preceding such Determination Date is less than [___]%;

     (h) for two consecutive Determination Dates, the aggregate principal balance of Receivables
relating to Used Vehicles and Pre-Owned Vehicles (net of amounts on deposit in the Cash Management
Account relating to such Receivables) exceeds [___]% of the Pool Balance as of the last day of
the preceding Collection Period;

     (i) for three (3) consecutive Determination Dates, the amounts on deposit in the Excess
Funding Account on each such Determination Date exceed [___]% of the sum of the Invested Amounts
of all outstanding Series issued by the Issuer;

     (j) the Series [___] Outstanding Principal Amount is not repaid in full on the Series
[___] Expected Final Payment Date;

     (k) the Issuer or the Transferor becomes an investment company within the meaning of the
Investment Company Act of 1940; or

     (l) the occurrence of an Event of Default with respect to Series [___] Notes;

then, in the case of any event described in clauses (a), (b) or (f) above,
an Early Amortization Event with respect to Series [___] will be deemed to have occurred only if,
after the applicable grace period described in those clauses, if any, either the Indenture Trustee
or Series [___] Noteholders holding Series [___] Notes evidencing more than [___]% of the
Series [___] Outstanding Principal Amount by written notice to the Transferor, NMAC, the Servicer
and the Indenture Trustee (if given by Series [___] Noteholders), declare that an Early
Amortization Event has occurred as of the date of that notice. In the case of any Early
Amortization Event described in the Indenture or any event described in clause (c),
(d), (e) or clauses (g) through (l) above, an Early Amortization
Event with respect to Series [___] will be deemed to have occurred without any notice or other
action on the part of the Indenture Trustee or the Series [___] Noteholders immediately upon the
occurrence of that event.

     If an Early Amortization Event (other than an Early Amortization Event specified in clause
(c) or (k) above) has occurred and the Accumulation Period has not commenced, the
Indenture Trustee shall request from [___] a confirmation that recommencement of the Revolving
Period will not cause a reduction or withdrawal of the ratings of the Series [___] Notes (if the
Series [___] Notes are then rated by [___]). If the Series [___] Noteholders holding Series
[___] Notes evidencing more than [___]% of the Series [___] Outstanding Principal Amount
consent to the recommencement of the Revolving Period and [___] (if the Series [___] Notes are
then rated by [___]) have notified the Indenture Trustee that recommencement of the Revolving
Period will not cause a reduction or withdrawal of the ratings of the Series [___] Notes, the
related Early Amortization Event shall terminate and the Revolving Period shall recommence.
Notwithstanding anything to the contrary herein, if an Early Amortization Event specified in clause (c) or (j) above has occurred,
the Revolving Period shall not recommence under any circumstances.

35

 

ARTICLE VII

REDEMPTION OF SERIES [___] NOTES;

SERIES FINAL MATURITY; FINAL DISTRIBUTIONS

     Section 7.01. Redemption of Series [___] Notes.

     (a) On any day occurring on or after the date on which the Series [___] Outstanding
Principal Amount is reduced to [___]% or less of the Series [___] Initial Principal Amount, the
Issuer will have the option to redeem the Series [___] Notes, in whole but not in part, at a
redemption price equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment
Date following such day.

     (b) The Issuer will give the Servicer and the Indenture Trustee at least 30 days prior written
notice of the date on which the Issuer intends to exercise its option to redeem the Series [___]
Notes. Not later than 12:00 noon, New York City time, on the date on which the Issuer is to redeem
the Series [___] Notes, the Issuer will deposit into the Collection Account in immediately
available funds an amount equal to the excess of the Reassignment Amount over amounts then on
deposit in the Collection Account and available to be applied to the payment of the Reassignment
Amount. Such redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the foregoing, the Series
[___] Invested Amount will be reduced to zero and the Series [___] Noteholders will have no
further interest in the Receivables. The Reassignment Amount will be distributed in the manner set
forth in Section 7.02.

     Section 7.02. Series Final Maturity.

     (a) The amount to be paid by the Transferor with respect to Series [___] in connection with
reassignment of the Noteholders’ Collateral pursuant to Section 2.03 of the Transfer and Servicing
Agreement will be the Reassignment Amount for the first Payment Date following the Collection
Period in which the reassignment obligation arises under the Transfer and Servicing Agreement.
With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section
2.03 of the Transfer and Servicing Agreement, the Reassignment Amount deposited into the Collection
Account pursuant to Section 7.01 and the proceeds from any Foreclosure Remedy pursuant to
Section 5.05 of the Indenture, the Indenture Trustee will, in accordance with the written direction
of the Servicer, not later than 12:00 noon, New York City time, on the related Payment Date, make
distributions of the following amounts (in the priority set forth below and, in each case after
giving effect to any deposits and distributions otherwise to be made on such date) in immediately
available funds: (A) the Series [___] Outstanding Principal Amount on such Payment Date will be
distributed to the Paying Agent for payment to the Series [___] Noteholders and (B) an amount
equal to the sum of (1) Monthly Interest for such Payment Date, (2) any Monthly Interest previously
due but not distributed to the Series [___] Noteholders on any prior Payment Date and (3) Additional
Interest, if any, for such Payment Date and any Additional Interest previously due but not
distributed to the Series [___] Noteholders on any prior Payment Date will be distributed to the
Paying Agent for payment to the Series [___] Noteholders.

36

 

     (b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or
the Transfer and Servicing Agreement, all amounts distributed to the Paying Agent pursuant to
Section 7.02(a) for payment to the Series [___] Noteholders will be deemed distributed in
full to the Series [___] Noteholders on the date on which such funds are distributed to the
Paying Agent pursuant to this Section and will be deemed to be a final distribution pursuant to
Section 11.02 of the Indenture.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     Section 8.01. Ratification of Agreement. As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement is to be read, taken and construed as one and the same
instrument.

     Section 8.02. Form of Delivery of Series [___] Notes. The Series [___] Notes will
be delivered as Registered Notes as provided in Section 2.03 of the Indenture.

     Section 8.03. Compliance with Regulation AB. The Indenture Trustee and the Issuer
shall perform, and the Issuer shall instruct the Servicer and the Administrator 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 8.04. Amendments and Waivers.

     (a) This Indenture Supplement may only be amended, modified or supplemented, and the terms
hereof may only be waived, in accordance with Section 10.01 or 10.02 of the Indenture, as
applicable.

     (b) If, at any time and from time to time when the Series [___] Notes are outstanding, the
Issuer determines that an amendment to this Indenture Supplement is desirable for the Issuer to
issue additional Series [___] Notes, then the Issuer and the Indenture Trustee may enter into
such amendment without obtaining the consent of the Series [___] Noteholders; provided,
that (a) the Rating Agency Condition has been satisfied, (b) the Issuer has delivered to the
Indenture Trustee and the Owner Trustee a Required Federal Income Tax Opinion and (c) the Series
[___] Invested Amount of the Series [___] Notes and all amounts relating to the Series [___]
Overcollateralization Amount shall be adjusted proportionately.

     Section 8.05. Counterparts. This Indenture Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which will be an original,
but all of which will constitute one and the same instrument.

     Section 8.06. Governing Law. THIS INDENTURE SUPPLEMENT AND EACH SERIES [___] NOTE
ARE TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES.

37

 

     Section 8.07. Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and are not intended to affect
the construction hereof.

38

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture Supplement
to be duly executed by their respective authorized officers, all as of the day and year first
written above.

	 	 	 	 	 
	 	 	NISSAN MASTER OWNER TRUST
 RECEIVABLES, as Issuer
	 
	 	 	 	 
	 	 	By: [Wilmington Trust Company], not in its
individual capacity, but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	[THE BANK OF NEW YORK TRUST
COMPANY, N.A. (as
successor to JPMorgan
Chase Bank, National
Association)], not in its
individual capacity, but
solely as Indenture Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

S-1

 

EXHIBIT A

FORM OF

NISSAN MASTER OWNER TRUST RECEIVABLES,

SERIES [_____] NOTE

     UNLESS THIS SERIES [___] NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SERIES [___] 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.

                         1. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES [___] NOTE MAY BE REDUCED FROM TIME TO
TIME BY DISTRIBUTIONS ON THIS SERIES [___] NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING
THE INITIAL ISSUANCE OF THIS SERIES [___] NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS SERIES [___]
NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES [___] NOTE BY INQUIRY
OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS SERIES [___] NOTE, THE
INDENTURE TRUSTEE IS [THE BANK OF NEW YORK TRUST COMPANY, N.A. (AS SUCCESSOR TO JPMORGAN CHASE
BANK, NATIONAL ASSOCIATION)].

     THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL
AGENCY OR NISSAN WHOLESALE RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN
NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES.

     THE HOLDER OF THIS SERIES [___] NOTE, BY ACCEPTANCE OF THIS SERIES [___] NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE SERIES [___] NOTES AS INDEBTEDNESS
FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR
PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

     THE HOLDER OF THIS SERIES [___] NOTE SHALL 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

A-1

 

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” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING
BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, (EACH, A “BENEFIT
PLAN”); OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE SERIES [___] NOTE WILL NOT GIVE
RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

A-2

 

			
	Registered
	 	$        
            

	 	 	 
	No. R-___

	 	Cusip No.
	 

	 	ISIN No.

NISSAN MASTER OWNER TRUST RECEIVABLES,

SERIES [___] NOTE

     Nissan Master Owner Trust Receivables (herein referred to as the “Issuer”), a Delaware
statutory trust formed by a Trust Agreement dated as of May 13, 2003, as amended and restated by an
Amended and Restated Trust Agreement, dated as of October 15, 2003, for value received, hereby
promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, the
principal sum of $___, or such lesser amount, as determined in accordance with the
Indenture (referred to herein) and the Indenture Supplement (referred to herein), on the Series
[___] Final Maturity Date, except as otherwise provided below or in the Indenture Supplement. The
Issuer will pay interest on the unpaid principal amount of this Series [___] Note at the Note
Interest Rate on each Payment Date until the principal amount of this Series [___] Note is paid
in full. Interest on this Series [___] Note will accrue for each Payment Date from and including
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or,
for the initial Payment Date, from and including the Series [___] Issuance Date to but excluding
such Payment Date. Interest will be computed as provided in the Indenture Supplement. Principal of
this Series [___] Note will be paid in the manner specified on the reverse hereof.

     The principal of and interest on this Series [___] 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.

     Reference is made to the further provisions of this Series [___] Note set forth on the
reverse hereof, which will have the same effect as though fully set forth on the face of this
Series [___] Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual signature, this Series [___] Note will not be entitled to any
benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be
valid for any purpose.

A-3

 

     IN WITNESS WHEREOF, the Issuer has caused this Series [___] Note to be duly executed.

	 	 	 	 	 
	 	 	NISSAN MASTER OWNER TRUST
RECEIVABLES, as Issuer
	 
	 	 	 	 
	 	 	By: [WILMINGTON TRUST COMPANY], not in
its individual capacity, but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Dated: [___]
	 	 	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the Series described therein and referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	 	[THE BANK OF NEW YORK TRUST
COMPANY, N.A. (as
successor to JPMorgan
Chase Bank, National
Association)], not in its
individual capacity, but solely as Indenture Trustee
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

A-4

 

NISSAN MASTER OWNER TRUST RECEIVABLES,

SERIES [___] NOTE

Summary of Terms and Conditions

     This Series [___] Note is one of a duly authorized issue of Notes of the Issuer, designated
as the Nissan Master Owner Trust Receivables, Series [___] Note (the “Series [___]
Notes”), issued under the Amended and Restated Indenture, dated as of October 15, 2003 (the
“Indenture”), between the Issuer and [The Bank of New York Trust Company, N.A. (as
successor to JPMorgan Chase Bank, National Association)], as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series [___] Indenture Supplement, dated as of [___],
between the Issuer and the Indenture Trustee (the “Indenture Supplement”), and representing
the right to receive certain payments from the Issuer. The term “Indenture,” unless the context
otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement. The
Series [___] Notes are subject to all of the terms of the Indenture and the Indenture Supplement.
All terms used in this Series [___] Note that are defined in the Annex of Definitions relating
to the Indenture and the other Transaction Documents or the Indenture Supplement have the meanings
assigned to them in or pursuant thereto, as applicable. In the event of any conflict or
inconsistency between the Annex of Definitions or the Indenture Supplement, as applicable, and this
Series [___] Note, the Annex of Definitions or the Indenture Supplement, as applicable, controls.

     The Series [___] Noteholder, by its acceptance of this Series [___] Note, agrees that it
will look solely to the property of the Issuer allocated to the payment of this Series [___] Note
for payment hereunder and that the Indenture Trustee is not liable to the Series [___]
Noteholders for any amount payable under this Series [___] Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the Indenture.

     This Series [___] Note does not purport to summarize the Indenture and reference is made to
the Indenture and the Indenture Supplement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the
Indenture Trustee.

     The Series [___] Initial Principal Amount is $[___]. The Series [___] Outstanding
Principal Amount on any date of determination will be an amount equal to (a) the Series [___]
Initial Principal Amount, minus (b) the aggregate amount of principal payments made to the Series
[___] Noteholders on or before such date. Payments of principal of the Series [___] Notes will
be made in accordance with the provisions of the Indenture and the Indenture Supplement.

     Subject to the terms and conditions of the Indenture and the Trust Agreement, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Issuer, to issue one or more new
Series of Notes. The Series [___] Notes are included in Excess Interest Sharing Group One and
Excess Principal Sharing Group One.

A-5

 

     On each Payment Date, the Paying Agent will distribute to each Series [___] Noteholder of
record on the related Record Date (except for the final distribution in respect of this Series
[___] Note) such Series [___] Noteholder’s pro rata share of the amounts held by the Paying
Agent that are allocated and available on such Payment Date to pay interest and principal on the
Series [___] Notes pursuant to the Indenture Supplement. Except as provided in the Indenture with
respect to a final distribution, distributions to the Series [___] Noteholders shall be made (a)
on the due date thereof, to an account designated by the holder of this Series [___] Note, in
United States dollars and in immediately available funds and (b) without presentation or surrender
of any Series [___] Note or the making of any notation thereon. Final payment of this Series
[___] Note will be made only upon presentation and surrender of this Series [___] Note at the
office or agency specified in the notice of final distribution delivered by the Indenture Trustee
to the Series [___] Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the Series [___] Outstanding Principal
Amount is reduced to [___]% or less of the Series [___] Initial Principal Amount, the Issuer
will have the option to redeem the Series [___] Notes, at a purchase price equal to (a) if such
day is a Payment Date, the Reassignment Amount for such Payment Date or (b) if such day is not a
Payment Date, the Reassignment Amount for the Payment Date following such day.

     This Series [___] Note does not represent an obligation of, or an interest in, the
Transferor, Nissan Motor Acceptance Corporation, Nissan Motor Co., Ltd. or any Affiliate of any of
them and is not insured or guaranteed by any governmental agency or instrumentality.

     Each Series [___] Noteholder, by accepting a Note, hereby covenants and agrees that it will
not at any time institute against the Issuer or the Transferor, or join in instituting against the
Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar
law.

     The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, Transferor or
the Indenture Trustee will treat the person in whose name this Series [___] Note is registered as
the owner hereof for all purposes, and none of the Issuer, the Transferor, the Indenture Trustee or
any agent of the Issuer, Transferor or the Indenture Trustee will be affected by notice to the
contrary.

     THIS SERIES [___] NOTE IS TO BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER ARE TO BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

A-6

 

ASSIGNMENT

    
 Social Security or other identifying number of assignee
           
         
           
         

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address
of assignee) the within Series [___] 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:    
          
         
           
          
          
            1

Signature Guaranteed:

 

			
	1	 	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 whatsoever.

A-7

 

EXHIBIT B

FORM OF MONTHLY SERVICER’S STATEMENT

B-1

 

EXHIBIT C

FORM OF AUTHORIZED OFFICER CERTIFICATE

[Name of Servicer]

NISSAN MASTER OWNER TRUST RECEIVABLES,

SERIES [___]

     Pursuant to Section 3.04 of the Amended and Restated Transfer and Servicing Agreement, dated
as of October 15, 2003 (as in effect on the date hereof, the “Transfer and Servicing
Agreement”), among Nissan Wholesale Receivables Corporation II, as transferor (the
“Transferor”), Nissan Master Owner Trust Receivables, as issuer (the “Issuer”) and
Nissan Motor Acceptance Corporation, as servicer (the “Servicer”) and Section 5.03(a) of
the Indenture Supplement, dated as of [___] as in effect on the date hereof, the “Indenture
Supplement”) to the Amended and Restated Indenture, dated as of October 15, 2003 between (as in
effect on the date hereof, the “Base Indenture”; and together with the Indenture
Supplement, the “Indenture”), each between the Issuer and [The Bank of New York Trust
Company, N.A. (as successor to JPMorgan Chase Bank, National Association)], as indenture trustee
(the “Indenture Trustee”), the Servicer is required to prepare a Payment Date Statement.
The undersigned, a duly Authorized Officer of the Servicer, does hereby certify in this Certificate
(this “Certificate”):

     (b) Capitalized terms used in this Certificate have their respective meanings set forth in the
Annex of Definitions attached to the Indenture and the other Transaction Documents or the Indenture
Supplement, as applicable.

     (c) This Certificate is being delivered pursuant to Section 5.03(a) of the Indenture
Supplement.

     (d) The undersigned is the Servicer under the Indenture and the Transfer and Servicing
Agreement. The undersigned is an Authorized Officer of the Servicer.

     
(e) The date of this Certificate is on, or prior to, the Determination Date related to the
Payment Date occurring on      
          
          
    .

     (f) As of the date hereof, to the best knowledge of the undersigned, the Servicer has
performed in all material respects all its obligations under the Indenture and the Transfer and
Servicing Agreement through the Collection Period preceding such Payment Date [or, if there has
been a default in the performance of any such obligation, set forth in detail the (i) nature of
such default, (ii) the action taken by the Transferor and Servicer, if any, to remedy such default
and (iii) the current status of each such default].

     (g) As of the date hereof, no Early Amortization Event or Event of Default has occurred and is
continuing under (and as defined in) the Indenture and, to the best knowledge of the undersigned,
no event or condition exists which with notice and/or the passage of time, would constitute an
Early Amortization Event or Event of Default.

C-1

 

     
(h) The Payment Date Statement with respect to the Payment Date occurring on
          
           
            
        is true, complete and accurate in all material respects.

     
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this ___
day of          
           .

	 	 	 	 	 	 	 
	 

	 	[
	 	 	 	],
	 

	 	 	 	 	 	 
	 

	 	 	 	     as Servicer	 	 

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title

C-2

 

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

     Neither the Issuer nor the Transferor 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 Transferor 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) or the Transferor, as the case may 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.

Appendix A

 

 

     Notwithstanding the foregoing, the parties 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 Aexv4w8

 

EXHIBIT 4.8

(Multicurrency—Cross Border)

ISDA®

International Swap Dealers Association, Inc.

MASTER AGREEMENT

dated as of                     

[[Cap] [Swap] Counterparty] and Nissan Master Owner Trust Receivables have entered and/or
anticipate entering into one or more transactions (each a “Transaction”) that are or will be
governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents
and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming
those Transactions.

Accordingly, the parties agree as follows:

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings
therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and
the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively referred
to as this “Agreement”), and the parties would not otherwise enter into any Transactions.

	2.	 	Obligations

(a) General Conditions.

(i) Each party will make each payment or delivery specified in each Confirmation to be made
by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that date in
the place of the account specified in the relevant Confirmation or otherwise pursuant to
this Agreement, in freely transferable funds and in the manner customary for payments in the
required currency. Where settlement is by delivery (that is, other than by payment), such
delivery will be made for receipt on the due date in the manner customary
for the relevant obligation unless otherwise specified in the relevant Confirmation or
elsewhere in this Agreement.

Copyright
© 1992 by International Swap Dealers Association, Inc.

 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect to the other
party has occurred and is continuing, (2) the condition precedent that no Early Termination
Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement.

(b) Change of Account. Either party may change its account for receiving a payment or delivery by
giving notice to the other party at least five Local Business Days prior to the scheduled date for
the payment or delivery to which such change applies unless such other party gives timely notice of
a reasonable objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:

(i) in the same currency; and

(ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party’s obligation to make payment of any such
amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess of the larger
aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount will be determined
in respect of all amounts payable on the same date in the same currency in respect of such
Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii)
above will not apply to the Transactions identified as being subject to the election, together with
the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for different groups of
Transactions and will apply separately to each pairing of Offices through which the parties make
and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by
any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party
(“X”) will:

(1) promptly notify the other party (“Y”) of such requirement;

ISDA® 1992

2

 

(2) pay to the relevant authorities the full amount required to be deducted or
withheld (including the full amount required to be deducted or withheld from any
additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier
of determining that such deduction or withholding is required or receiving notice
that such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other
documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to
which Y is otherwise entitled under this Agreement, such additional amount as is
necessary to ensure that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y
would have received had no such deduction or withholding been required. However, X
will not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for:

(A) the failure by Y to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be
accurate and true unless such failure would not have occurred but for (I)
any action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law.

(ii) Liability. If:

(1) X is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, to make any deduction or withholding in respect of
which X would not be required to pay an additional amount to Y under Section
2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related
liability for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or
4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the performance
of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be
required to pay interest (before as well as after judgment) on the overdue amount

ISDA® 1992

3

 

to the other party on demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of actual payment, at the
Default Rate. Such interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other party on demand if and
to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

	3.	 	Representations

Each party represents to the other party (which representations will be deemed to be repeated by
each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that:

(a) Basic Representations.

(i) Status. It is duly organized and validly existing under the laws of the jurisdiction of
its organization or incorporation and, if relevant under such laws, in good standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other
documentation relating to this Agreement that it is required by this Agreement to deliver
and to perform its obligations under this Agreement and any obligations it has under any
Credit Support Document to which it is a party and has taken all necessary action to
authorize such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or
conflict with any law applicable to it, any provision of its constitutional documents, any
order or judgment of any court or other agency of government applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained
by it with respect to this Agreement or any Credit Support Document to which it is a party
have been obtained and are in full force and effect and all conditions of any such consents
have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its
knowledge, Termination Event with respect to it has occurred and is continuing and no such event or
circumstance would occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party.

ISDA® 1992

4

 

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any
of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality,
validity or enforceability against it of this Agreement or any Credit Support Document to which it
is a party or its ability to perform its obligations under this Agreement or such Credit Support
Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by
or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in every material
respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it
for the purpose of this Section 3(f) is accurate and true.

	4.	 	Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under
this Agreement or under any Credit Support Document to which it is a party:

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under
subparagraph (iii) below, to such government or taxing authority as the other party reasonably
directs:

(i) any forms, documents or certificates relating to taxation specified in the Schedule or
any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required
or reasonably requested in writing in order to allow such other party or its Credit Support
Provider to make a payment under this Agreement or any applicable Credit Support Document
without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such
form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to
be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if none is specified,
as soon as reasonably practicable.

(b) Maintain Authorizations. It will use all reasonable efforts to maintain in full force and
effect all consents of any governmental or other authority that are required to be obtained by it
with respect to this Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

ISDA® 1992

5

 

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders
to which it may be subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section
3(f) to be accurate and true promptly upon learning of such failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon
it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is
incorporated, organized, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is located (“Stamp
Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon
the other party or in respect of the other party’s execution or performance of this Agreement by
any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

	5.	 	Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any of the following
events constitutes an event of default (an “Event of Default”) with respect to such party:

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under
this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such
failure is not remedied on or before the third Local Business Day after notice of such
failure is given to the party;

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement or delivery
under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party;

(iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any
applicable grace period has elapsed;

ISDA® 1992

6

 

(2) the expiration or termination of such Credit Support Document or the failing or
ceasing of such Credit Support Document to be in full force and effect for the
purpose of this Agreement (in either case other than in accordance with its terms)
prior to the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the other
party; or

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support
Document;

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document proves to
have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated;

(v) Default under Specified Transaction. The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party (1) defaults under a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified
Transaction (or such default continues for at least three Local Business Days if there is no
applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person
or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar
condition or event (however described) in respect of such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually or
collectively) in an aggregate amount of not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or
becoming capable at such time of being declared, due and payable under such agreements or
instruments, before it would otherwise have been due and payable or (2) a default by such
party, such Credit Support Provider or such Specified Entity (individually or collectively)
in making one or more payments on the due date thereof in an aggregate amount of not less
than the applicable Threshold Amount under such agreements or instruments (after giving
effect to any applicable notice requirement or grace period);

(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:

ISDA® 1992

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(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors; (4)
institutes or has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law
or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; (5) has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or
merger); (6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained,
in each case within 30 days thereafter; (8) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an analogous
effect to any of the events specified in clauses (1) to (7) (inclusive); or (9)
takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially
all its assets to, another entity and, at the time of such consolidation, amalgamation,
merger or transfer:

(1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or
any Credit Support Document to which it or its predecessor was a party by operation
of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or

(2) the benefits of any Credit Support Document fail to extend (without the consent
of the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any event specified
below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is specified
pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v)
below:

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(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date
on which a Transaction is entered into, or due to the promulgation of, or any change in, the
interpretation by any court, tribunal or regulatory authority with competent jurisdiction of
any applicable law after such date, it becomes unlawful (other than as a result of a breach
by the party of Section 4(b)) for such party (which will be the Affected Party):

(1) to perform any absolute or contingent obligation to make a payment or delivery
or to receive a payment or delivery in respect of such Transaction or to comply with
any other material provision of this Agreement relating to such Transaction; or

(2) to perform, or for any Credit Support Provider of such party to perform, any
contingent or other obligation which the party (or such Credit Support Provider) has
under any Credit Support Document relating to such Transaction;

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Payment
Date (1) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be
deducted or withheld for or on account of a Tax (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such
Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of
an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Indemnifiable Tax in respect of which the other party is
not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or
(B)), in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which
will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii);

(iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule
as applying to the party, such party (“X”), any Credit Support Provider of X or any
applicable Specified Entity of X consolidates or amalgamates with, or merges with or into,
or transfers all or substantially all its assets, to, another entity and such action does
not constitute an event described in Section 5(a)(viii) but the creditworthiness of the

ISDA® 1992

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resulting, surviving or transferee entity is materially weaker than that of X, such Credit
Support Provider or such Specified Entity, as the case may be, immediately prior to such
action (and, in such event, X or its successor or transferee, as appropriate, will be the
Affected Party); or

(v) Additional Termination Event. If any “Additional Termination Event” is specified in the
Schedule or any Confirmation as applying, the occurrence of such event (and, in such event,
the Affected Party or Affected Parties shall be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute
or give rise to an Event of Default also constitutes an Illegality, it will be treated as an
Illegality and will not constitute an Event of Default.

	6.	 	Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect
to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the
“Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the
relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in
respect of all outstanding Transactions will occur immediately upon the occurrence with respect to
such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the institution of the
relevant proceeding or the presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous
thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming
aware of it, notify the other party, specifying the nature of that Termination Event and
each Affected Transaction and will also give such other information about that Termination
Event as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1)
or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition
to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i)
all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist.

ISDA® 1992

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If the Affected Party is not able to make such a transfer it will give notice to the other
party to that effect within such 20 day period, whereupon the other party may effect such a
transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional
upon the prior written consent of the other party, which consent will not be withheld if
such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs
and there are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to
avoid that Termination Event.

(iv) Right to Terminate. If:

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as
the case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an
Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the
Burdened Party is not the Affected Party,

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon
Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if
there is more than one Affected Party, or the party which is not the Affected Party in the
case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, by not more than 20 days notice to the other party and provided that
the relevant Termination Event is then continuing, designate a day not earlier than the day
such notice is effective as an Early Termination Date in respect of all Affected
Transactions.

(c) Effect of Designation.

(i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the
Early Termination Date will occur on the date so designated, whether or not the relevant
Event of Default or Termination Event is then continuing.

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of
this Agreement. The amount, if any, payable in respect of an Early Termination Date shall
be determined pursuant to Section 6(e).

ISDA® 1992

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(d) Calculations.

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early
Termination Date, each party will make the calculations on its part, if any,
contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including all relevant quotations and specifying any
amount payable under Section 6(e)) and (2) giving details of the relevant account to which
any amount payable to it is to be paid. In the absence of written confirmation from the
source of a quotation obtained in determining a Market Quotation, the records of the party
obtaining such quotation will be conclusive evidence of the existence and accuracy of such
quotation.

(ii) Payment Date. An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is
effective (in the case of an Early Termination Date which is designated or occurs as a
result of an Event of Default) and on the day which is two Local Business Days after the day
on which notice of the amount payable is effective (in the case of an Early Termination Date
which is designated as a result of a Termination Event). Such amount will be paid together
with (to the extent permitted under applicable law) interest thereon (before as well as
after judgment) in the Termination Currency, from (and including) the relevant Early
Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate.
Such interest will be calculated on the basis of daily compounding and the actual number of
days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions
shall apply based on the parties’ election in the Schedule of a payment measure, either “Market
Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be
deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The
amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off.

(i) Events of Default. If the Early Termination Date results from an Event of Default:

(1) First Method and Market Quotation. If the First Method and Market Quotation
apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a
positive number, of (A) the sum of the Settlement Amount (determined by the
Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party.

(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party
will pay to the Non-defaulting Party, if a positive number, the Non-defaulting
Party’s Loss in respect of this Agreement.

(3) Second Method and Market Quotation. If the Second Method and Market Quotation
apply, an amount will be payable equal to (A) the sum of the Settlement Amount
(determined by the Non-defaulting Party) in respect of the Terminated Transactions
and the Termination Currency Equivalent of the Unpaid

ISDA® 1992

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Amounts owing to the Non-defaulting Party less (B) the Termination Currency
Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it
is a negative number, the Non-defaulting Party will pay the absolute value of that
amount to the Defaulting Party.

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be
payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If
that amount is a positive number, the Defaulting Party will pay it to the
Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay
the absolute value of that amount to the Defaulting Party.

(ii) Termination Events. If the Early Termination Date results from a Termination Event:

(1) One Affected Party. If there is one Affected Party, the amount payable will be
determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be references to
the Affected Party and the party which is not the Affected Party, respectively, and,
if Loss applies and fewer than all the Transactions are being terminated, Loss shall
be calculated in respect of all Terminated Transactions.

(2) Two Affected Parties. If there are two Affected Parties:

(A) if Market Quotation applies, each party will determine a Settlement
Amount in respect of the Terminated Transactions, and an amount will be
payable equal to (I) the sum of (a) one-half of the difference between the
Settlement Amount of the party with the higher Settlement Amount (“X”) and
the Settlement Amount of the party with the lower Settlement Amount (“Y”)
and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X
less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to
Y; and

(B) if Loss applies, each party will determine its Loss in respect of this
Agreement (or, if fewer than all the Transactions are being terminated, in
respect of all Terminated Transactions) and an amount will be payable equal
to one-half of the difference between the Loss of the party with the higher
Loss (“X”) and the Loss of the party with the lower Loss (“Y”).

If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will
pay the absolute value of that amount to Y.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs
because “Automatic Early Termination” applies in respect of a party, the amount determined
under this Section 6(e) will be subject to such adjustments as are appropriate and permitted
by law to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the
relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

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(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount
is payable for the loss of bargain and the loss of protection against future risks and
except as otherwise provided in this Agreement neither party will be entitled to recover any
additional damages as a consequence of such losses.

	7.	 	Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this
Agreement may be transferred (whether by way of security or otherwise) by either party without the
prior written consent of the other party, except that:

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all its assets to, another entity
(but without prejudice to any other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it
from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the
relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the
currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the
Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a
currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in
respect of this Agreement, (ii) for the payment of any amount relating to any early termination in
respect of this Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in
full of the aggregate amount to which such party is entitled pursuant

ISDA® 1992

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to the judgment or order, will be entitled to receive immediately from the other party the amount
of any shortfall of the Contractual Currency received by such party as a consequence of sums paid
in such other currency and will refund promptly to the other party any excess of the Contractual
Currency received by such party as a consequence of sums paid in such other currency if such
shortfall or such excess arises or results from any variation between the rate of exchange at which
the Contractual Currency is converted into the currency of the judgment or order for the purposes
of such judgment or order and the rate of exchange at which such party is able, acting in a
reasonable manner and in good faith in converting the currency received into the Contractual
Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or
order actually received by such party. The term “rate of exchange” includes, without limitation,
any premiums and costs of exchange payable in connection with the purchase of or conversion into
the Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute
separate and independent obligations from the other obligations in this Agreement, will be
enforceable as separate and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to
demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the
parties with respect to its subject matter and supersedes all oral communication and prior writings
with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and
executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations
of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers,
remedies and privileges provided by law.

(e) Counterparts and Confirmations.

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which
will be deemed an original.

ISDA® 1992

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(ii) The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be
entered into as soon as practicable and may be executed and delivered in counterparts
(including by facsimile transmission) or be created by an exchange of telexes or by an
exchange of electronic messages on an electronic messaging system, which in each case will
be sufficient for all purposes to evidence a binding supplement to this Agreement. The
parties will specify therein or through another effective means that any such counterpart,
telex or electronic message constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect
of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of
any right, power or privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in interpreting this Agreement.

	10.	 	Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to the other party
that, notwithstanding the place of booking office or jurisdiction of incorporation or organization
of such party, the obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be repeated by such party
on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives payments or deliveries
for the purpose of a Transaction without the prior written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make
and receive payments or deliveries under any Transaction through any Office listed in the Schedule,
and the Office through which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

	11.	 	Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all
reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party
by reason of the enforcement and protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

ISDA® 1992

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	12.	 	Notices

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in
any manner set forth below (except that a notice or other communication under Section 5 or 6 may
not be given by facsimile transmission or electronic messaging system) to the address or number or
in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:

(i) if in writing and delivered in person or by courier, on the date it is delivered;

(ii) if sent by telex, on the date the recipient’s answerback is received;

(iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission report generated
by the sender’s facsimile machine);

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is attempted;
or

(v) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a
Local Business Day or that communication is delivered (or attempted) or received, as applicable,
after the close of business on a Local Business Day, in which case that communication shall be
deemed given and effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the address, telex or
facsimile number or electronic messaging system details at which notices or other communications
are to be given to it.

	13.	 	Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law
specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement
(“Proceedings”), each party irrevocably:

(i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be
governed by English law, or to the non-exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New
York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and

(ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have
been brought in an inconvenient forum and further waives the right to object, with respect
to such Proceedings, that such court does not have any jurisdiction over such party.

ISDA® 1992

17

 

Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or
any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in
any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified
opposite its name in the Schedule to receive, for it and on its behalf, service of process in any
Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in the manner
provided for notices in Section 12. Nothing in this Agreement will affect the right of either
party to serve process in any other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective of their use or
intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance
or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the
extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:

“Additional Termination Event” has the meaning specified in Section 5(b).

“Affected Party” has the meaning specified in Section 5(b).

“Affected Transactions” means (a) with respect to any Termination Event consisting of an
Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event and (b) with respect to any other Termination Event, all Transactions.

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or indirectly, the person
or any entity directly or indirectly under common control with the person. For this purpose,
“control” of any entity or person means ownership of a majority of the voting power of the entity
or person.

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“Applicable Rate” means:

(a) in respect of obligations payable or deliverable (or which would have been but for Section
2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after
the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the
Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

(d) in all other cases, the Termination Rate.

“Burdened Party” has the meaning specified in Section 5(b).

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change
in or amendment to, any law (or in the application or official interpretation of any law) that
occurs on or after the date on which the relevant Transaction is entered into.

“consent” includes a consent, approval, action, authorization, exemption, notice, filing,
registration or exchange control consent.

“Credit Event Upon Merger” has the meaning specified in Section 5(b).

“Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement.

“Credit Support Provider” has the meaning specified in the Schedule.

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual
cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant
amount plus 1% per annum.

“Defaulting Party” has the meaning specified in Section 6(a).

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

“Illegality” has the meaning specified in Section 5(b).

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a
payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person
related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or
having been organized, present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such jurisdiction,

ISDA® 1992

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but excluding a connection arising solely from such recipient or related person having executed,
delivered, performed its obligations or received a payment under, or enforced, this Agreement or a
Credit Support Document).

“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the
practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be
construed accordingly.

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to
any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if
not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the
address for notice provided by the recipient and, in the case of a notice contemplated by Section
2(b), in the place where the relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case
may be, and a party, the Termination Currency Equivalent of an amount that party reasonably
determines in good faith to be its total losses and costs (or gain, in which case expressed as a
negative number) in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at
the election of such party but without duplication, loss or cost incurred as a result of its
terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any
gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each applicable condition
precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine
its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as
of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine
its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in
the relevant markets.

“Market Quotation” means, with respect to one or more Terminated Transactions and a party making
the determination, an amount determined on the basis of quotations from Reference Market-makers.
Each quotation will be for an amount, if any, that would be paid to such party (expressed as a
negative number) or by such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document with respect to the
obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the
“Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent
and assuming the satisfaction of each

ISDA® 1992

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applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant
Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in
respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but,
without limitation, any payment or delivery that would, but for the relevant Early Termination
Date, have been required (assuming satisfaction of each applicable condition precedent) after that
Early Termination Date is to be included. The Replacement Transaction would be subject to such
documentation as such party and the Reference Market-maker may, in good faith, agree. The party
making the determination (or its agent) will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the relevant Early Termination
Date. The day and time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if each party is so
obliged, after consultation with the other. If more than three quotations are provided, the Market
Quotation will be the arithmetic mean of the quotations, without regard to the quotations having
the highest and lowest values. If exactly three such quotations are provided, the Market Quotation
will be the quotation remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed
that the Market Quotation in respect of such Terminated Transaction or group of Terminated
Transactions cannot be determined.

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant
amount.

“Non-defaulting Party” has the meaning specified in Section 6(a).

“Office” means a branch or office of a party, which may be such party’s head or home office.

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time
or both, would constitute an Event of Default.

“Reference Market-makers” means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the highest credit standing
which satisfy all the criteria that such party applies generally at the time in deciding whether to
offer or to make an extension of credit and (b) to the extent practicable, from among such dealers
having an office in the same city.

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is
incorporated, organized, managed and controlled or considered to have its seat, (b) where an Office
through which the party is acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through which such payment is
made.

“Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section
2(a)(i) with respect to a Transaction.

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“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or
similar right or requirement to which the payer of an amount under Section 6 is entitled or subject
(whether arising under this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer.

“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:

(a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for
each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is
determined; and

(b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts)
for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation
cannot be determined or would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result.

“Specified Entity” has the meaning specified in the Schedule.

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

“Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement
with respect thereto) now existing or hereafter entered into between one party to this Agreement
(or any Credit Support Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or similar tax.

“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature
(including interest, penalties and additions thereto) that is imposed by any government or other
taxing authority in respect of any payment under this Agreement other than a stamp, registration,
documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event Upon Merger” has the meaning specified in Section 5(b).

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“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a
Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all
Transactions (in either case) in effect immediately before the effectiveness of the notice
designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately
before that Early Termination Date).

“Termination Currency” has the meaning specified in the Schedule.

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination
Currency, such Termination Currency amount and, in respect of any amount denominated in a currency
other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency
determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market
Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the
Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent
(selected as provided below) for the purchase of such Other Currency with the Termination Currency
at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date
as would be customary for the determination of such a rate for the purchase of such Other Currency
for value on the relevant Early Termination Date or that later date. The foreign exchange agent
will, if only one party is obliged to make a determination under Section 6(e), be selected in good
faith by that party and otherwise will be agreed by the parties.

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof
or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of
funding such amounts.

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate
of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would
have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to
such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in
respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or
would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or
prior to such Early Termination Date and which has not been so settled as at such Early Termination
Date, an amount equal to the fair market value of that which was (or would have been) required to
be delivered as of the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such amounts, from (and
including) the date such amounts or obligations were or would have been required to have been paid
or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts
of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above shall be
reasonably determined by the party obliged to make the determination under Section 6(e) or, if each
party is so obliged, it shall be the average of the
Termination Currency Equivalents of the fair market values reasonably determined by both parties.

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IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	(Name of Party)
	 	 	 	(Name of Party)
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

ISDA® 1992

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ISDA

International Swap Dealers Association, Inc.

SCHEDULE

to the

Master Agreement

dated as of                     

	 	 	 	 	 
	between
	 	 	 	 
	 

	 	 	 	 
	 

	 	(“Party A”)
	 	 
	 
	 	 	 	 
	and
	 	 	 	 
	 
	 	 	 	 
	 

	 	NISSAN MASTER OWNER TRUST RECEIVABLES	 	 
	 

	 	(“Party B”)	 	 

Part 1. Termination Provisions.

	(a)	 	The following shall apply:
	 
	 	 	(i) Termination by Party A — Events of Default Notwithstanding the provisions of Section
5(a), the only events which will constitute Events of Default when they occur in relation
to Party B will be those events specified in Sections 5(a)(i) (Failure To Pay Or Deliver)
and Section 5(a)(vii) (Bankruptcy), other than the events specified in Section
5(a)(vii)(2).
	 
	 	 	Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of
Section 5(a)(iii) (Credit Support Default), the provisions of Section 5(a)(iv)
(Misrepresentation), the provisions of Section 5(a)(v) (Default Under Specified
Transaction), the provisions of Section 5(a)(vi) (Cross Default), the provisions of
Section 5(a)(vii)(2) (insolvency) and the provisions of Section 5(a)(viii) (Merger Without
Assumption) will in no circumstances be regarded as having given rise to an Event of
Default with respect to Party B.
	 
	 	 	(ii) Termination by Party A — Termination Events Notwithstanding the provisions of
Section 5(b), and save as otherwise provided herein, the only events which will constitute
Termination Events when they occur in relation to Party B will be those

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	 	 	events specified in Section 5(b)(i) (Illegality) and Section 5(b)(v) (Additional
Termination Event). Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon
Merger) will not be regarded as having given rise to a Termination Event with respect to
Party B and Party A may not designate an Early Termination Date related to the provisions
of Section 5(b)(ii) (Tax Event) or the provisions of Section 5(iii) (Tax Event Upon
Merger).
	 
	 	 	(iii) Termination by Party B - Events of Default and Termination Events. Save as otherwise
provided herein, the provisions of Section 5 will apply with respect to Party A without
amendment save for the provisions of Section 5(b)(iii) will apply to Party A provided that
Party A shall not be entitled to designate an Early Termination Date by reason of a Tax
Event Upon Merger in respect of which it is the Affected Party. For purposes of Section
5(a)(vi) (Cross Default), the Threshold Amount applicable to Party A shall be [___]% of
Shareholders equity (excluding deposits).
	 
	(b)	 	“Specified Entity” none specified in relation to either Party A or Party B.
	 
	(c)	 	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement.
	 
	(d)	 	The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not apply
to Party A and will not apply to Party B.
	 
	(e)	 	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:
	 
	 	 	Market Quotation will apply and the Second Method will apply; provided,
however, with respect to an early termination in which Party A is the Defaulting
Party or sole Affected Party in respect of an Additional Termination Event or Tax Event
Upon Merger, notwithstanding Section 6 of this Agreement, the following amendment to this
Agreement set forth in paragraphs (i) to (ix) below shall apply:
	 
	 	 	The definition of “Market Quotation” shall be deleted in its entirety and replaced with the
following:
	 
	 	 	“Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer
which is (1) made by a Reference Market-maker that is an Eligible Replacement with Rated
Debt, (2) for an amount that would be paid to Party B (expressed as a negative number) or by
Party B (expressed as a positive number) in

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	 	 	consideration of an agreement between Party B and such Reference Market-maker to enter into
a transaction (the “Replacement Transaction”) that would have the effect of preserving for
such party the economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each applicable
condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transactions or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that Date, (3) made on the basis
that Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to
be excluded but, without limitation, any payment or delivery that would, but for the
relevant Early Termination Date, have been required (assuming satisfaction of each
applicable condition precedent) after that Early Termination Date is to be included and (4)
made in respect of a Replacement Transaction with commercial terms substantially the same as
those of this Agreement (save for the exclusion of provisions relating to Transactions that
are not Terminated Transactions).”
	 
	 	 	(iii) The definition of “Settlement Amount” shall be deleted in its entirety and replaced
with the following:
	 
	 	 	“Settlement Amount” means, with respect to any Early Termination Date, an amount (as
determined by Party B) equal to:

	 	(a)	 	If a Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by Party B so as to become legally binding on or
before the day falling ten Local Business Days after the day on which the Early
Termination Date is designated (or such later day as Party B may specify in writing to
Party A, which in any event will not be later than the Early Termination Date) (such
day, the “Latest Settlement Amount Determination Day”), the Termination Currency
Equivalent of the amount (whether positive or negative) of such Market Quotation; or
	 
	 	(b)	 	If no Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by Party B so as to become legally binding on or
before the Latest Settlement Amount Determination Day, Party B’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for the relevant Terminated
Transaction or group of Terminated Transactions.

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(iv) For the purpose of clause (4) of the definition of Market Quotation, Party B shall
determine in its sole discretion, acting in a commercially reasonable manner, whether a Firm
Offer is made in respect of a Replacement Transaction with commercial terms substantially
the same as those of this Agreement (save for the exclusion of provisions relating to
Transactions that are not Terminated Transactions).

(v) Party B undertakes to use its reasonable efforts to obtain at least one Market Quotation
before the Latest Settlement Amount Determination Day.

(vi) Party B will be deemed to have discharged its obligations under (v) above if it
requests Party A to obtain Market Quotations, where such request is made in writing within
two Local Business Days after the day on which the Early Termination Date is designated.

(vii) if Party B requests Party A in writing to obtain Market Quotations, Party A shall use
its reasonable efforts to do so before the Latest Settlement Amount Determination Day.

(viii) Any amount calculated as being due in respect of an Early Termination Date will be
payable in accordance with Section 6(d)(ii), provided that if such payment is owed to Party
B, it will be payable on the day that notice of the amount payable is given to Party A.

(ix) If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
shall be deleted in its entirety and replaced with the following:

“Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party
B shall pay to Party A an amount equal to the absolute value of the Settlement Amount in
respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination
Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to
Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B, provided
that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance
with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this
Agreement, any amount payable by Party A under (3) shall not be netted-off against any
amount payable by Party B under (1).”

	(f)	 	“Termination Currency” means U.S. Dollars.

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	(g)	 	Additional Termination Event will apply. Each of the following events shall constitute an
Additional Termination Event hereunder:

(i) Acceleration of the Notes. The following shall constitute an Additional
Termination Event in which Party B shall be the sole Affected Party: Any
acceleration of the Notes outstanding occurs following an event of default under the
Indenture.

(ii) Regulation AB Financial Disclosure. The following shall constitute an
Additional Termination Event in which Party A shall be the sole Affected Party:
The failure of Party A to materially comply with or materially perform any agreement
or undertaking to be complied with or performed by Party A under Part 5(t).

(iii) S&P Downgrade of Party A. The failure by Party A to post Eligible Collateral
in accordance with the terms of the Credit Support Annex or to obtain a guarantee in
accordance with Part 5(q) or to transfer its rights and obligations hereunder to a
Qualified Counterparty in accordance with Part 5(q) shall constitute an Additional
Termination Event for which Party A shall be the sole Affected Party.

(iv) Moody’s First Rating Trigger Collateral. The following shall constitute an
Additional Termination Event in which Party A is the sole Affected Party: Party A
has failed to comply with or perform any obligation to be complied with or performed
by Party A in accordance with the Credit Support Annex from time to time entered
into between Party A and Party B in relation to this Agreement and either (x) the
Moody’s Second Rating Trigger Requirements do not apply or (y) less than 30 Local
Business Days have elapsed since the last time the Moody’s Second Rating Trigger
Requirements did not apply.

(v) Moody’s Second Rating Trigger Replacement. The following shall constitute an
Additional Termination Event in which Party A is the sole Affected Party: (x) The
Moody’s Second Rating Trigger Requirements apply and 30 or more Local Business Days
have elapsed since the last time the Moody’s Second Rating Trigger Requirements did
not apply and (y) (A) at least one Eligible Replacement has made a Firm Offer (which
remains capable of becoming legally binding upon acceptance) to be the transferee of
a transfer to be made in

ISDA
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accordance with Part 5(e) below and/or (B) at least one entity with the Moody’s
First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings
has made a Firm Offer (which remains capable of becoming legally binding upon
acceptance by the offeree) to provide an Eligible Guarantee in respect of all of
Party A’s present and future obligations under this Agreement.

For the purpose of Part 1(e) and sub-paragraphs (iv) and (v) above:

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is
provided by a guarantor as principal debtor rather than surety and is directly
enforceable by Party B, where either (A) a law firm has given a legal opinion
confirming that none of the guarantor’s payments to Party B under such guarantee
will be subject to withholding for tax or (B) such guarantee provides that, in the
event that any of such guarantor’s payments to Party B are subject to withholding
for tax, such guarantor is required to pay such additional amount as is necessary to
ensure that the net amount actually received by Party B (free and clear of any
withholding tax) will equal the full amount Party B would have received had no such
withholding been required.

“Eligible Replacement” means an entity (A) with the Moody’s First Trigger Required
Ratings and/or the Moody’s Second Trigger Required Ratings that is the subject of a
legal opinion given by a law firm confirming that none of its payments to Party B
will be subject to withholding for tax or (B) whose present and future obligations
owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a
guarantor with the Moody’s First Trigger Required Ratings and/or the Moody’s Second
Trigger Required Ratings.

“Firm Offer” means an offer which, when made, was capable of becoming legally
binding upon acceptance.

“Moody’s Short-term Rating” means a rating assigned by Moody’s under its short-term
rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt
obligations

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“Relevant Entities” means Party A and any guarantor under an Eligible Guarantee in
respect of all of Party A’s present and future obligations under this Agreement.

(A) The “Moody’s First Rating Trigger Requirements” shall apply so long as no
Relevant Entity has the Moody’s First Trigger Required Ratings. An entity shall
have the “Moody’s First Trigger Required Ratings” (x) where such entity is the
subject of a Moody’s Short-term Rating, if such rating is “Prime-1” and its
long-term, unsecured and unsubordinated debt obligations are rated “A2” or above by
Moody’s and (y) where such entity is not the subject of a Moody’s Short-term Rating,
if its long-term, unsecured and unsubordinated debt obligations are rated “A1” or
above by Moody’s.

(B) So long as the Moody’s First Rating Trigger Requirements apply, Party A will at
its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, (x) procure an Eligible Guarantee in respect of all of Party A’s
present and future obligations under this Agreement to be provided by a guarantor
with the Moody’s First Trigger Required Ratings, (y) transfer to Party B the amount
of Eligible Collateral required under the Credit Support Annex or (y) transfer this
Agreement in accordance with Part 5(e) below.

(C) The “Moody’s Second Rating Trigger Requirements” shall apply so long as no
Relevant Entity has the Moody’s Second Trigger Required Ratings. An entity shall
have the “Moody’s Second Trigger Required Ratings” (x) where such entity is the
subject of a Moody’s Short-term Rating, if such rating is “Prime-2” or above and its
long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by
Moody’s and (y) where such entity is not the subject of a Moody’s Short-term Rating,
if its long-term, unsecured and unsubordinated debt obligations are rated “A3” or
above by Moody’s.

(D) So long as the Moody’s Second Rating Trigger Requirements apply, Party A will at
its own cost use commercially reasonable efforts to, as soon as reasonably
practicable, either (x) procure an Eligible Guarantee in respect of all of Party A’s
present and future obligations under this Agreement to be provided by a guarantor
with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
Required Ratings or (y) transfer this Agreement in accordance
with Part 5(e) below, and in both the case of (x) and (y), transfer to Party B the
amount of Eligible Collateral required under the Credit Support Annex.

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In the event of an Early Termination Date in respect of a Party A Rating Downgrade,
a Moody’s First Rating Trigger Replacement or a Moody’s Second Rating Trigger
Replacement and the entering into by Party B of alternative swap arrangements, Party
A shall pay all reasonable out-of-pocket expenses, including legal fees and stamp
taxes, relating to the entering into of such alternative swap arrangements.

Part 2. Tax Representations

	(a)	 	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make
the following representation 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
Section 2(e), 6(d)(ii) or 6(e) of this Agreement) 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 representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this
Agreement and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of
the agreement of the other party contained in Section 4(d) of this Agreement, 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) of
this Agreement by reason of material prejudice to its legal or commercial position.
	 
	(b)	 	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B
will make the representations in (i) and (ii) below.

	 	(i)	 	Party A represents that it is a [type of entity] organized under the
laws of ___.

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	 	(ii)	 	Party B represents that it is a Delaware statutory trust organized or formed
under the laws of the State of Delaware.

Part 3. Agreement to Deliver Documents.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the
following documents, as applicable:

	(a)	 	Tax forms, documents or certificates to be delivered are:
	 
	 	 	Party A and Party B shall promptly deliver to the other party (or as directed) any form or
document accurately completed and in a manner reasonably satisfactory to the other party
that may be required or reasonably requested in order to allow the other party to make a
payment under a Transaction without any deduction or withholding for or on account of any
Tax or with such deduction or withholding at a reduced rate, promptly upon reasonable demand
by the other party.

	 	(b)	 	Other documents to be delivered are:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by Section
		 		 		 	3(d) Representation
	Party required to deliver document	 	Form/Document/Certificate	 	Date by which to be delivered	 	of this Agreement
	Party A and Party B

	 	Evidence of the
authority of the
signatories of this
Agreement including
specimen signatures
of such
signatories.
	 	Upon execution of
this Agreement.
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	An opinion of
counsel addressed
to Party B in form
and substance
reasonably
acceptable to Party
B.
	 	Upon execution of
this Agreement.
	 	No

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	 	 	 	 	 	 	Covered by Section
		 		 		 	3(d) Representation
	Party required to deliver document	 	Form/Document/Certificate	 	Date by which to be delivered	 	of this Agreement
	Party B

	 	An opinion of Party
B’s counsel
addressed to Party
A in form and
substance
reasonably
acceptable to Party
A.
	 	Upon execution of
this Agreement.
	 	No
	 
	 	 	 	 	 	 
	Party B

	 	A duly executed
certificate of the
secretary or
assistant secretary
of the Owner
Trustee of Party B
certifying the name
and true signature
of each person
authorized to
execute this
Agreement and enter
into Transactions
for Party B.
	 	Upon execution of
this Agreement.
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Copies of executed
Indenture and
Transfer and
Servicing
Agreement.
	 	Upon execution of
such Agreements.
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Financial data
relating to Party
A, as required
pursuant to Part
5(t) of this
Schedule.
	 	As required
pursuant to Part
5(t) of this
Schedule.
	 	Yes

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Part 4. Miscellaneous.

	(a)	 	Addresses for Notices. For the purpose of Section 12(a) of this Agreement:
	 
	 	 	Address for notices or communications to Party A:

	 	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Attention:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Telex No.: Not applicable	 	Answerback: Not applicable	 	 
	 	 	Facsimile No.:                     	 	Telephone No.:                     	 	 
	 	 	Electronic Messaging System Details: Not applicable
	 
	 	 	 	 	 	 	 	 
	 	 	Address for notices or communications to Party B:

	 	 	 	 	 	 	 
	 

	 	Address:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telex No.:
	 	Not applicable    Answerback:    Not applicable	 	 

	 	 	 	 	 	 	 	 	 
	 	 	Facsimile No.:                     	 	Telephone No.:                     	 	 
	 	 	Electronic Messaging System Details: Not applicable

With a copy to:

Nissan Motor Acceptance Corporation

BellSouth Tower

333 Commerce Street, 10th Floor, B-10-C

Nashville, Tennessee 37201-1800

Attention:                     

Telephone No.:                     

Facsimile No.:                     

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	 	 	With a copy to the Indenture Trustee at:  
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Telex No.:	 	Not applicable          Answerback:          Not applicable

	 	 	 	 	 	 	 	 	 
	 	 	Facsimile No.:                     	 	Telephone No.:                     	 	 
	 	 	Electronic Messaging System Details: Not applicable

	(b)	 	Process Agent. For the purpose of Section 13(c) of this Agreement:

	 	 	 	 	 	 	 
	Party A appoints as its Process Agent
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Party B appoints as its Process Agent
	 	Not applicable	 	 	 	 

	(c)	 	Notices. Section 12(a) of the Agreement is amended by adding the words in the third line
thereof after the phrase “messaging system” and before the “)” the words “; provided,
however, any such notice or other communication may be given by facsimile transmission if
telex is unavailable, no telex number is supplied by the party providing notice, or if answer
back confirmation is not received from the party to whom the telex is sent.”
	 
	(d)	 	Offices. The provisions of Section 10(a) of this Agreement will apply to this Agreement.
	 
	(e)	 	Multibranch Party. For the purpose of Section 10(c) of this Agreement:
	 
	 	 	Party A [is] [is not] a Multibranch Party [and if so, may act through the following
offices: [PLEASE SPECIFY]].
	 
	 	 	Party B is not a Multibranch Party.
	 
	(f)	 	Calculation Agent. The Calculation Agent is Party B, unless otherwise specified in a
Confirmation in relation to the relevant Transaction.

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	(g)	 	Credit Support Document. Details of any Credit Support Document:

	 	 	 
	With respect to Party A:

	 	The Credit Support Annex and any guarantee in support
of Party A’s obligation under this Agreement.
	 
	 	 
	With respect to Party B:

	 	Not applicable.

	(h)	 	Credit Support Provider. Credit Support Provider means in relation to

	 	 	 
	Party A:

	 	The guarantor under any guarantee in
support of Party A’s obligations under this Agreement.
	 
	 	 
	Party B:

	 	Not applicable.

	(i)	 	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 laws doctrine except Section 5-1401
and Section 5-1402 of the New York General Obligation Law).
	 
	(j)	 	Netting of Payments. The limitation set forth in Section 2(c)(ii) of this Agreement will
apply and therefore the netting in Section 2(c) of this Agreement will be limited to the same
Transaction.
	 
	(k)	 	“Affiliate” will have the meaning specified in Section 14 of this Agreement.
	 
	(l)	 	No Gross Up by Party B. Section 2(d)(i)(4) is hereby deleted and replaced by the following:

“(4) (A) If Party A is the party so required to deduct or withhold, then Party A shall
make such additional payment as is necessary to ensure that the net amount actually
received by Party B (free and clear of all Taxes, whether assessed against it or Party B)
will equal the full amount Party B would have received had no such deduction or
withholding been required; and

(B) if Party B is the party so required to deduct or withhold, then Party B shall make
the relevant payment subject to such deduction or withholding and Party B will not be
required to gross up.

For the avoidance of doubt, the fact that any payment is made by Party B subject to the
provisions of (B) above shall at no time affect the obligations of Party A under (A)
above.”

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Part 5. Other Provisions.

	(a)	 	ISDA Definitions
	 
	 	 	The definitions and provisions contained in the 2000 ISDA Definitions (the “2000
Definitions”) as published by the International Swaps and Derivatives Association, Inc.,
are incorporated by reference into this Agreement. The Agreement and each Transaction
will be governed by the 2000 Definitions as they may be officially amended and
supplemented from time to time by ISDA.
	 
	 	 	For the sake of clarity, unless otherwise specified in this Agreement, the following
documents shall govern in the order in which they are listed in the event of any
inconsistency between any of the documents:

(i) the Confirmation;

(ii) the Schedule;

(iii) the 2000 Definitions; and

(iv) the printed form of ISDA Master Agreement.

	(b)	 	Relationship Between Parties
	 
	 	 	Each party will be deemed to represent to the other party on the date on which it enters
into a Transaction that (absent a written agreement between the parties that expressly
imposes affirmative obligations to the contrary for the Transaction):

(i) 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
or proper for it based upon its own judgement 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. It has not received from the other party any assurance or guarantee as
to the expected results of that Transaction.

ISDA
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(ii) 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. It is also
capable of assuming, and assumes, the risks of that Transaction.

(iii) Status of Parties. Each party is acting as principal and not as agent and the other
party is not acting as a fiduciary for or as an advisor to it in respect of that
Transaction.

(iv) Eligible Contract Participant. It is an “eligible contract participant” as
defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7 U.S.C. Section 1a(12).

(v) FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. §
1823(e), the necessary action to authorize referred to in the representation in Section
3(a)(ii) includes all authorizations required under the Federal Deposit Insurance Act as
amended, including amendments effected by the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, and under any agreement, writ, decree, or order entered into with
such party’s supervisory authorities. At all times during the term of this Agreement,
such party will continuously include and maintain as part of its official written books
and records this Agreement, this Schedule and all other exhibits, supplements, and
attachments hereto and documents incorporated by reference herein, all Confirmations, and
evidence of all necessary authorizations.

(vi) ERISA. It continuously represents that it is not (i) an employee benefit plan (an
“ERISA Plan”) as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal
Revenue Code of 1986, as amended, (ii) a person or entity acting on behalf of an ERISA
Plan or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.”
It will provide notice to the other party in the event that it is aware that it is in
breach of any aspect of this representation or is aware that with the passing of time,
giving of notice or expiry of any applicable grace period, it will breach this
representation.

	(c)	 	Waiver of Jury Trial. Each party hereby irrevocably waives any and all rights to trial by
jury with respect to any legal proceeding arising out of or relating to this Agreement or any
Transaction contemplated hereby.

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	(d)	 	Severability. Any provision of this Agreement which 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 of the Agreement or
affecting the validity or enforceability of such provision in any other jurisdiction unless
such severance shall substantially impair the benefits of the remaining portions of this
Agreement or changes the reciprocal obligations of the parties. The parties hereto shall
endeavour in good faith negotiations to replace the prohibited or unenforceable provision with
a valid provision, the economic effect of which comes as close as possible to that of the
prohibited or unenforceable provision.
	 
	(e)	 	Transfers. Notwithstanding the provisions of Section 7:

(i) No transfer by Party A of this Agreement or any interest or obligation in or of Party
A under this Agreement shall be effective unless:

	 	(A)	 	Party B consents to such transferee;
	 
	 	(B)	 	The Rating Agency Condition shall have been satisfied;
	 
	 	(C)	 	Party A shall have given Party B, the Servicer and the
Indenture Trustee at least twenty days prior written notice of the proposed
transfer; and
	 
	 	(D)	 	such transfer otherwise complies with the terms of the
Indenture and the other Transaction Agreements.

     Upon the effectiveness of any transfer, each of Party A and Party B shall be released
(in each case to the extent of the obligations so transferred) from its obligations as a
party to this Agreement without any further notification or other action.

(ii) Except to the extent contemplated by the Indenture, neither this Agreement nor any
interest in or under this Agreement may be transferred by Party B to any other entity save
with Party A’s prior written consent (such consent not to be unreasonably withheld or
delayed).

	(f)	 	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby
consents to the Permitted Security Interest.

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	 	 	“Permitted Security Interest” means the pledge and assignment by Party B of the Swap
Collateral to the Indenture Trustee pursuant to the Indenture, and the granting to the
Indenture Trustee of a security interest in the Swap Collateral pursuant to the Indenture.
	 
	 	 	“Swap Collateral” means all right, title and interest of Party B in this Agreement, each
Transaction hereunder, and all present and future amounts payable by Party A to Party B
under or in connection with this Agreement or any Transaction governed by this Agreement,
including, without limitation, any transfer or termination of any such Transaction.
	 
	 	 	“Indenture Trustee” means [The Bank of New York Trust Company, N.A. (as successor to
JPMorgan Chase Bank, National Association)], or any successor, acting as Indenture Trustee
pursuant to the Indenture.
	 
	(g)	 	Absence of Certain Events. Section 3(b) of this Agreement is hereby amended by inserting the
parenthetical “(with respect to Party A only)” immediately after the phrase “No Event of
Default or”.
	 
	(h)	 	Events of Default. Section 5(a)(i) of this Agreement is hereby amended by changing the word
“third” to “first” in the phrase “if such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to the party” and the addition of the
following at the end thereof:
	 
	 	 	“, it being understood that amounts payable by Party B are not due except to the extent
set forth in the Transfer and Servicing Agreement.”
	 
	(i)	 	Payment on Early Termination. If an Early Termination Date occurs in respect of which Party
A is the Defaulting Party or the sole Affected Party with respect to an Additional Termination
Event, Party B will not be required to pay any amounts payable to Party A under Section 6(e)
in respect of such Early Termination Date, and Party A will not be permitted to set-off in
respect of such amounts, until payment in full of all amounts outstanding under the Notes.
	 
	(j)	 	No Set-Off. Party A and Party B hereby waive any and all right of set-off with respect to
any amounts due under this Agreement or any Transaction, provided that nothing herein shall be
construed to waive or otherwise limit the netting provisions contained in Sections 2(c) of
this Agreement.

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	(k)	 	Indenture. Party B hereby acknowledges that Party A is a secured party under the Indenture
with respect to this Agreement, and Party B agrees for the benefit of Party A that it will not
amend the Indenture in a manner which materially and adversely affects the rights or
obligations of Party A under the Indenture unless Party A shall have consented in writing to
such action (and such consent shall be deemed to have been given if Party A does not object in
writing within ten (10) business days after receipt of a written request for such consent).
	 
	(l)	 	No Recourse. The liability of Party B to Party A hereunder is limited in recourse solely to
the amounts payable to Party A from the Available Amounts and Advances made on such
Distribution Date.
	 
	(m)	 	No Petition. Party A hereby covenants and agrees that
prior to the date which is one year (or, if longer, the applicable
preference period) and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all
securities issued by any Bankruptcy Remote Party (i) it shall not
authorize any Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other
proceeding commenced against such Bankruptcy Remote Party, or to make
a general assignment for the benefit of any party hereto or any other
creditor of such Bankruptcy Remote Party, and (ii) it shall not
commence or join with any other Person in commencing any proceeding
against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. This section shall survive
the termination of this Agreement.
 
	 
	 	 	
 As used above, “Bankruptcy Remote Party“ means any of Nissan Wholesale
Receivables Corporation II and Party B.
	 
	(n)	 	Confirmation. Each party acknowledges and agrees that the Confirmation executed as of the
date hereof and designated as Party A Global ID No. ___shall be the only Transaction
governed by this Agreement (it being understood that, in the event such Confirmation shall be
amended (in any respect), such amendment shall not

ISDA
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	 	 	constitute (for purposes of this paragraph) a separate Transaction or a separate
Confirmation). Party A and Party B shall not enter into any additional Confirmations or
Transactions hereunder.
	 
	(o)	 	Potential Events of Default. Section 2(a)(iii) is amended by the deletion of the words “or
Potential Event of Default”.
	 
	(p)	 	Limitation of Liability. Notwithstanding anything contained herein to the contrary, in
executing this Agreement (including the Schedule, Credit Support Annex and each Confirmation)
on behalf of Party B, each of [Wilmington Trust Company] (the “Owner Trustee”) and the
Indenture Trustee is acting solely in its capacity as owner trustee of Party B and as
indenture trustee, respectively, and not in its individual capacity, and in no event shall
either one of them, in their individual capacity, have any liability for the representations,
warranties, covenants, agreements or other obligations of Party B hereunder, for which
recourse shall be had solely to the assets of Party B, except to the extent of its fraud,
breach of trust or willful misconduct.
	 
	(q)	 	S&P Downgrade of Party A. In the event (i) S&P assigns a short-term debt rating lower than
“A-1” to Party A or (ii) S&P assigns a long-term debt rating lower than “A+” to Party A (if
Party A only has a long-term debt rating) (each such event, a “Party A Rating Downgrade”),
Party A shall (A) promptly, but in no event later than two (2) Local Business Days following
the date of such Party A Rating Downgrade, give Party B, the Servicer and the Indenture
Trustee written notice of the occurrence of such Party A Rating Downgrade, and (B) use
commercially reasonable efforts to find a Qualified Counterparty promptly and transfer, in
accordance with and subject to the limitations of Part 5(e), its rights and obligations to
Qualified Counterparty. Party A shall continue to perform its obligations and use
commercially reasonable efforts to find a Qualified Counterparty until a Qualified
Counterparty is in place. The cost of finding and putting into place a Qualified Counterparty
shall be borne by Party A. Not later than thirty (30) calendar days after such Party A Rating
Downgrade, if Party A has not transferred its obligations to a Qualified Counterparty in
accordance with the foregoing provisions, Party A shall either (i) obtain (at Party A’s
expense) an unconditional guarantee or other similar assurance in respect of Party A’s
obligations under this Agreement from a guarantor that has Rated Debt and which guarantee and
guarantor satisfy the Rating Agency Condition; or (ii) transfer within thirty (30) days of
such downgrade and from time to time thereafter to Party B under the Credit Support Annex the
amount of Eligible Collateral required under the Credit Support Annex. In the event Party A
complies with the requirements set forth

ISDA
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	 	 	in the preceding sentence and the Party A Rating Downgrade relates only to an action taken
by S&P, Party A shall not be required to find a replacement counterparty until the time at
which (i) S&P assigns a long-term senior unsecured debt rating lower than BBB+ to Party A or
(ii) S&P withdraws its ratings assigned to Party A (each such event, a “Level Two S&P Party
A Downgrade”), at which time Party A must (i) transfer within one Local Business Day of such
downgrade and from time to time thereafter to Party B under the Credit Support Annex the
amount of Eligible Collateral required under the Credit Support Annex and (ii) immediately
(but in no event later than thirty (30) calendar days of such downgrade) find and put into
place a Qualified Counterparty. The cost of finding and putting into place a Qualified
Counterparty shall be borne by Party A. Once a Qualified Counterparty is in place, Party B
shall return any such Eligible Collateral to Party A pursuant to the terms of the Credit
Support Annex and to the extent such Eligible Collateral has not already been applied in
accordance with this Agreement or the Credit Support Annex. Party B shall have the right to
terminate this Agreement if at any time Party A fails to comply with any of its obligations
under this paragraph in full and in a timely manner.
	 
	(r)	 	Definitions.

(i) As used herein:

“Credit Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party
B dated as of ___.

“Depositor” means Nissan Wholesale Receivables Corporation II.

“Eligible Collateral” has the meaning set forth in the Credit Support Annex.

“Free Writing Prospectus” means any free writing prospectus prepared in connection with
the public offering of the Notes.

“Preliminary Prospectus Supplement” means any preliminary prospectus supplement prepared
in connection with the public offering and sale of the Notes.

“Prospectus Supplement” means any preliminary prospectus supplement prepared in connection
with the public offering and sale of the Notes.

“Qualified Counterparty” means a counterparty that (a) has Rated Debt and (b) becomes a
party to this Agreement (or party to an agreement in form and substance

ISDA
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satisfactory to Party B, the Servicer and the Indenture Trustee) in accordance with Part
5(e) of this Schedule and pursuant to documentation which is not less favorable to Party B
than this Agreement.

“Moody’s” means Moody’s Investors Service, Inc. or its successor.

“Notes” mean the asset-backed notes issued by Party B under the Indenture.

“Rated Debt” means, with respect to a counterparty, (1) in the case of S&P, (i) S&P
assigns (x) a long-term debt rating equal to or higher than “A” to the counterparty, and
(y) assigns a short-term debt rating equal to or higher than “A-1” to the counterparty (if
the counterparty has both long-term and short-term debt ratings), or (ii) S&P assigns a
long-term debt rating equal to or higher than “A+” to the counterparty (if the
counterparty only has a long-term debt rating), and (2) in the case of Moody’s (i) Moody’s
assigns (x) a long-term debt rating equal to or higher than “A2” to the counterparty, and
(y) a short-term debt rating equal to or higher than “P1” to the counterparty (if the
counterparty has both long-term and short-term debt ratings), or (ii) Moody’s assigns a
long-term debt rating equal to or higher than “A1” to the counterparty (if the
counterparty only has a long-term debt rating).

“Rating Agencies” means S&P and Moody’s.

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating
Agency, prior 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.

“S&P” means Standard & Poor’s, a division of the McGraw-Hill Companies Inc. or its
successor.

“Servicer” means Nissan Motor Acceptance Corporation or its successor.

Reference is made to that certain Indenture, dated as of July 24, 2003, as amended and
restated as of October 15, 2003 between Party B as the Issuer thereunder and the Indenture
Trustee, and as supplemented by the Indenture Supplement, dated as of ___, between
Party B as the Issuer thereunder and the Indenture Trustee (the “Indenture”), and the
Transfer and Servicing Agreement dated as of July 24, 2003 and amended and restated as of
October 15, 2003 (the “Transfer and Servicing

ISDA
Schedule

21

 

Agreement“) among Party B as the Issuer, Nissan Wholesale Receivables Corporation II and
Nissan Motor Acceptance Corporation. Capitalized terms used but not defined in this
Agreement or this Schedule will have the meanings ascribed to them in the Indenture or
Transfer and Servicing Agreement.

	(s)	 	Amendments. Section 9(b) of this Agreement is hereby amended by inserting the following at
the end thereof:
	 
	 	 	it being a further condition to any such amendment or modification that the Rating Agency
Condition shall have been satisfied.
	 
	(t)	 	Regulation AB Financial Disclosure.
	 
	 	 	Subject to the last two paragraphs of this clause (t), so long as Party B, the Depositor
or any of such parties’ Affiliates (collectively, “Nissan”) shall file reports in respect
of the Notes with the Securities and Exchange Commission (the “SEC“) pursuant to Sections
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act“),
Party A agrees to Deliver within ten (10) calendar days of receipt of a written request
therefor by Party B or the Depositor, such information relating to Party A as may be
necessary to enable Nissan to comply with any SEC disclosure requirements, including
without limitation information concerning Party A required by Items 1115 of Regulation AB
and Forms 8-K, 10-D and 10-K. To the extent necessary to comply with Regulation AB, Party
A shall obtain any necessary auditor’s consents related to any financial statements of
Party A required to be incorporated by reference into any report filed by Nissan with the
SEC and promptly to forward to the Depositor any such auditor consents obtained. The
information provided, or authorized to be incorporated by reference, by Party A pursuant
to this Part 5(t) is referred to as the “Additional Information.”
	 
	 	 	For the purpose of this Part 5(t):
	 
	 	 	“Deliver“ includes actual delivery or transmission of information in an EDGAR-compatible
format or, in the case of any financial information required to be delivered pursuant to
Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K, making such financial information
available in an EDGAR-compatible format for incorporation by reference to the extent
permitted by Regulation AB, together with actual delivery of all necessary auditor’s
consents.

ISDA
Schedule

22

 

“EDGAR“ means the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

“Regulation AB“ means 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 SEC 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 SEC, or as may be provided by the SEC or its staff
from time to time.

If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as
reasonably calculated by the Depositor, the “significance percentage” of this Agreement
for any class of the Notes is 10% or more, Party A shall within five (5) Local Business
Days following receipt of request therefor provide the Additional Information required
under Item 1115(b)(1) of Regulation AB for Party A. If Party A is unable to provide such
information, Party A shall within five (5) Local Business Days following receipt of
request therefor, at the sole expense of Party A, without any expense or liability to the
Depositor or Party B, either (i) post Eligible Collateral, in form, substance and amount
satisfactory to the Depositor, or (ii) cause a Qualified Counterparty (which satisfies the
Rating Agency Condition and any other requirements of this Agreement) to replace Party A
as party to this Agreement that has agreed to Deliver any information, report,
certification or accountants’ consent when and as required under this Part 5(t)
hereof. 

If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as
reasonably calculated by the Depositor, the “significance percentage” of this Agreement
for any class of the Notes is 20% or more, Party A shall within five (5) Local Business
Days following receipt of request therefor provide the Additional Information required
under Item 1115(b)(2) of Regulation AB for Party A. If Party A is unable to provide such
information, Party A shall within five (5) Local Business Days following receipt of
request therefor, at the sole expense of Party A, without any expense or liability to the
Depositor or Party B, cause a Qualified Counterparty (which satisfies the Rating Agency
Condition and any other requirements of this Agreement to replace Party A as party to this
Agreement that has agreed to Deliver any information, report, certification or
accountants’ consent when and as required under this Part 5(t) hereof. 

ISDA
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Party A represents and warrants that the statements appearing in the Preliminary
Prospectus Supplement relating to Party B and the Notes, dated
___ and the
Prospectus Supplement relating to Party B and the Notes, dated ___, under the
heading the captions “Summary — Swap Counterparty” and “The Swap Counterparty”.
(collectively, “Prospectus Information”) are true and correct in all material respects and
do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading.

(A) Party A shall indemnify and hold harmless Nissan and its directors or officers and
any person controlling Nissan, from and against any and all losses, claims, damages and
liabilities (including legal fees and expenses) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Prospectus Information or
in any Additional Information or caused by any omission or alleged omission to state in
the Prospectus Information or any Additional Information, as applicable, a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

(B) Nissan Motor Acceptance Corporation, as Sponsor (“Sponsor”), shall indemnify and
hold harmless Party A, and its directors or officers and any person controlling Party A,
from and against any and all losses, claims, damages and liabilities caused by any
untrue statement or alleged untrue statement of a material fact contained in the
Preliminary Prospectus Supplement and the Prospectus, dated ___, relating
to the Notes, and the Prospectus Supplement, dated ___ relating to the
Notes (together with the accompanying base prospectus) (collectively, the “Prospectus
Disclosure”) or caused by any omission or alleged omission to state in the Prospectus
Disclosure a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that the Sponsor shall not be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement in or omission or alleged omission
made in any such Prospectus Disclosure in the Prospectus Information or the Additional
Information.

Promptly after the indemnified party under this Part 5(t) receives notice of the
commencement of any such action, the indemnified party will, if a claim in respect thereof
is to be made pursuant to this Part 5(t), promptly notify the indemnifying party

ISDA
Schedule

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in writing of the commencement thereof. In case any such action is brought against the
indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice
at the indemnifying party’s expense to represent the indemnified party in any action for
which indemnification is sought (in which case the indemnifying party shall not thereafter
be responsible for the fees and expenses of any separate counsel retained by the
indemnified party except as set forth below); provided, however, that such counsel shall
be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying
party’s election to appoint counsel to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) such indemnified party shall have been advised by such
counsel that there may be one or more legal defenses available to it which are different
from or additional to those available to the indemnifying party and in the reasonable
judgment of such counsel it is advisable for such indemnified party to employ separate
counsel, (ii) a conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party, (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice
of the institution of such action or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying party.
The indemnifying party will not, without the prior written consent of the indemnified
party, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. No indemnified party
will settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be

ISDA
Schedule

25

 

sought hereunder without the consent of the indemnifying party, which consent shall not be
unreasonably withheld.

	 	 	 	 	 	 	 
	 	 	NISSAN MASTER OWNER TRUST RECEIVABLES	 	 
	 
	 	 	 	 	 	 
	 	 	By: [WILMINGTON TRUST COMPANY], not in its

individual capacity, but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	[	 	 	 	 	]
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	and, for purposes of Part 5(t) only:	 	 
	 
	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

ISDA
Schedule

26

 

ISDA®

International Swaps and Derivatives Association, Inc.

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA MASTER AGREEMENT

dated as of                     

between

                                         (“Party A”)

and

Nissan Master Owner Trust Receivables (“Party B”)

This Annex supplements, forms part of, and is subject to, the ISDA
Master Agreement referred to above (this “Agreement”), is part of
its Schedule and is a Credit Support Document under this Agreement
with respect to Party A.

Accordingly, the parties agree as follows:

Paragraphs 1 — 12. Incorporation

Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex
(Bilateral Form) (ISDA Agreements Subject to New York Law Only) published
in 1994 by the International Swaps and Derivatives Association, Inc. are
incorporated herein by reference and made a part hereof:

Paragraph 13. Elections and Variables

	(a)	 	Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes
no additional obligations of Secured Party and, for purposes of the definition of Obligations
in Paragraph 12, includes no additional obligations of Pledgor.
	 
	(b)	 	Credit Support Obligations.

	 	(i)	 	“Delivery Amount” will have the meanings specified in Paragraph 3(a) except that
the words “upon a demand made by the Secured Party on or promptly following a Valuation
Date” shall be deleted and replaced by the words “on each Valuation Date”.

ISDA Credit Support Annex

 

 

	 	(ii)	 	“Credit Support Amount” (x) means the Credit Support Amount required under
Paragraph 13(n) (in the case of a Party A Rating Downgrade or Level Two S&P Party A
Downgrade relating to an action taken by S&P); or (y) has the meaning specified under the
relevant definition of Ratings Criteria (in the case of Moody’s First Trigger Event or
Moody’s Second Trigger Event); in each case as calculated on a daily basis by the
Valuation Agent. The Credit Support Amount shall be calculated by reference to the
provisions set forth in this Annex which would result in Party A transferring the
greatest amount of Eligible Credit Support to Party B or, if applicable, which would
result in Party B returning the least amount of Posted Credit Support. In circumstances
where more than one of the Ratings Criteria or Party A Rating Downgrade or Level Two S&P
Party A Downgrade apply, the Credit Support Amount shall be calculated by reference to
the Ratings Criteria or Party A Rating Downgrade or Level Two S&P Party A Downgrade which
would result in Party A transferring the greatest amount of Eligible Credit Support or,
if applicable, which would result in Party B returning the least amount of Posted Credit
Support.
	 
	 	(iii)	 	Eligible Collateral. The following items will qualify as “Eligible Collateral”:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Moody’s Second	 	 
	 	 	 	 	Percentage:*	 	Ratings Trigger	 	Ratings Trigger**	 	S&P**
	(A)

	 	Cash: US Dollars
	 	 	 	___%
	 	___%
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(B)

	 	U.S. Treasury
Securities:
	 	 	 	___%
	 	___%
	 	___%
	 

	 	negotiable debt
obligations issued
by the U.S.
Treasury Department
(“Treasuries”)
having a remaining
maturity of up to
and not more than 1
year.	 	 	 	 	 	 	 	 

ISDA Credit Support Annex

28

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Moody’s Second	 	 
	 	 	 	 	Percentage:*	 	Ratings Trigger	 	Ratings Trigger**	 	S&P**
	(C)

	 	Treasuries having a
remaining maturity
of greater than 1
year but not more
than 10 years.
	 	 	 	___%
	 	___% (___)

___% (___)
	 	___% (___)

___% (___)
	 
	 	 	 	 	 	 	 	 	 	 
	(D)

	 	Treasuries having a
remaining maturity
of greater than 10
years.
	 	 	 	___%
	 	___% (___)

___% (___)
	 	___% (___)

___% (___)
	 
	 	 	 	 	 	 	 	 	 	 
	(E)

	 	Agency Securities:
Debenture
obligations of the
Federal National
Mortgage
Association (FNMA),
Federal Home Loan
Mortgage
Corporation (FHLMC)
(collectively,
“Agency
Securities”) having
a remaining
maturity of not
more than 1 year.
	 	 	 	___%
	 	___%
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(F)

	 	Agency Securities
having a remaining
maturity of greater
than 1 year but not
more than 5 years.
	 	 	 	___%
	 	___% (___)
	 	___% (___)

ISDA Credit Support Annex

29

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Moody’s Second	 	 
	 	 	 	 	Percentage:*	 	Ratings Trigger	 	Ratings Trigger**	 	S&P**
	(G)

	 	Agency Securities
having a remaining
maturity of greater
than 5 years but
not more than 10
years.
	 	 	 	___%
	 	___% (___)
	 	___% (___)
	 
	 	 	 	 	 	 	 	 	 	 
	(H)

	 	Agency Securities
having a remaining
maturity of greater
than 10 years but
not more than 20
years.
	 	 	 	___%
	 	___%
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(I)

	 	Agency Securities
having a remaining
maturity of greater
than 20 years but
not more than 30
years.
	 	 	 	___%
	 	___%
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(J)

	 	FHLMC Certificates.
Mortgage
participation
certificates issued
by FHLMC evidencing
undivided interests
or participations
in pools of first
lien conventional
or FHA/VA
residential
mortgages or deeds
of trust,
guaranteed by
FHLMC, and having a
remaining maturity
of not more than 30
years.
	 	 	 	% to be 

determined
	 	% to be 

determined
	 	___%

ISDA Credit Support Annex

30

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Moody’s Second	 	 
	 	 	 	 	Percentage:*	 	Ratings Trigger	 	Ratings Trigger**	 	S&P**
	(K)

	 	FNMA Certificates.
Mortgage-backed
pass-through
certificates issued
by FNMA evidencing
undivided interests
in pools of first
lien mortgages or
deeds of trust on
residential
properties,
guaranteed by FNMA,
having a remaining
maturity of not
more than 30 years.
	 	 	 	% to be

determined
	 	% to be

determined
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(L)

	 	GNMA Certificates.
Mortgage-backed
pass-through
certificates issued
by private
entities,
evidencing
undivided interests
in pools of first
lien mortgages or
deeds of trust on
single family
residences,
guaranteed by the
Government National
Mortgage
Association (GNMA)
with the full faith
and credit of the
United States, and
having a remaining
maturity of not
more than 30 years.
	 	 	 	% to be 

determined
	 	% to be 

determined
	 	___%

ISDA Credit Support Annex

31

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Valuation	 	Moody’s First	 	Moody’s Second	 	 
	 	 	 	 	Percentage:*	 	Ratings Trigger	 	Ratings Trigger**	 	S&P**
	(M)

	 	Commercial Paper.
Commercial Paper
with a rating of at
least P-1 by
Moody’s and at
least A-1+ by S&P
and having a
remaining maturity
of not more than 30
days.
	 	 	 	% to be
determined
	 	% to be
determined
	 	___%
	 
	 	 	 	 	 	 	 	 	 	 
	(N)

	 	Other. Other items
of Credit Support
approved in writing
by each applicable
rating agency with
such valuation
percentages as
determined by each
applicable rating
agency.
	 	 	 	% to be 

determined
	 	% to be 

determined
	 	% to be 

determined

 

*    The Valuation Percentage shall equal the percentage specified under such Rating Agency’s name
above. If Party A is rated by more than one Rating Agency specified above, the Valuation
Percentage shall equal the lowest of the applicable percentages
specified above.

** A parenthetical in the form of (a-b yr) means a security having a remaining maturity greater
than or equal to a years and less than b years.

ISDA Credit Support Annex

32

 

	 	(iv)	 	There shall be no “Other Eligible Support” for Party A for purposes of this Annex.
	 
	 	(v)	 	Thresholds.

	 	(A)	 	“Independent Amount” means with respect to Party A: Not
Applicable.
	 
	 	 	 	“Independent Amount” means with respect to Party B: Not Applicable.
	 
	 	(B)	 	“Threshold” means with respect to Party A: Infinity; provided
that for so long as (i) Party A is not above the Moody’s First Trigger Required
Ratings and either (x) Party A had been below the Moody’s First Trigger
Required Ratings since this Annex was executed or (y) at least 30 Local
Business Days have elapsed since the last time Party A had been below the
Moody’s First Trigger Required Ratings, or (ii) (x) a Party A Rating Downgrade
has occurred and has been continuing for at least 30 days, or (y) a Level Two
S&P Party A Downgrade has occurred and is continuing, the Threshold with
respect to Party A shall be zero; further, provided, if a Moody’s Second Rating
Trigger Requirement has occurred and is continuing pursuant to the Agreement,
the Threshold shall be zero in the event Party A fails to assign all of its
rights and obligations under the Agreement on or before the 20th day after the
date of a Moody’s Second Rating Trigger Requirement (as described in Part 1(g)
of the Schedule) continues to exist. Party A will post Eligible Collateral on
or prior to the 20th day following a Moody’s Second Rating Trigger
Requirement.
	 
	 	 	 	“Threshold” means with respect to Party B: Not Applicable.
	 
	 	(C)	 	“Minimum Transfer Amount” means with respect to Party A:
$___.
	 
	 	 	 	“Minimum Transfer Amount” means with respect to Party B: $___.
	 
	 	(D)	 	Rounding. The Delivery Amount will be rounded up and the
Return Amount will be rounded down to the nearest integral multiple of
$10,000.00, respectively.

	(c)	 	Valuation and Timing.

	 	(i)	 	“Valuation Agent” means Party A; provided, however, that if an Event of Default
shall have occurred with respect to which Party A is the Defaulting Party, Party B
shall have the right to designate as Valuation Agent an independent party, 

ISDA Credit Support Annex

33

 

	 	 	 	reasonably
acceptable to Party A, the cost for which shall be borne by Party A. All calculations
by the Valuation Agent must be made in accordance with standard market practice,
including, in the event of a dispute as to the Value of any Eligible Credit Support or
Posted Credit Support, by making reference to quotations received by the Valuaton Agent
from one or more pricing sources.
	 
	 	(ii)	 	“Valuation Date” means: each Local Business Day on which the Credit Support
Amount would be greater than zero.
	 
	 	(iii)	 	“Valuation Time” means:

	 	o	 	the close of business in the city of the Valuation Agent
on the Valuation Date or date of calculation, as applicable;
	 
	 	þ	 	the close of business on the Local Business Day before the
Valuation Date or date of calculation, as applicable;

provided that the calculations of Value and Exposure will be made as of approximately the
same time on the same date.

(iv) “Notification Time” means 1:00 p.m., New York time, on a Local Business Day.

(v) Notwithstanding the definition of Valuation Agent and Valuation Date, at any time while
the long-term unsecured debt or counterparty rating of Party A’s Credit Support Provider is
not above “BBB”, the calculations of Exposure and the Value of any Eligible Credit Support
or Posted Credit Support must be verified by an external mark monthly. The external mark
must be obtained by an independent third party, and cannot be verified by the same entity
more than four times in any 12-month period. In addition, the external mark-to-market
valuations should reflect the higher of two bids from counterparties that would be eligible
and willing to provide the swap in the absence of the current provider. The Value of any
Eligible Credit Support or Posted Credit Support and Exposure should be based on the greater
of the calculations of the Valuation Agent and the external marks, and any deficiencies in
Value and Exposure must be cured within three days.

(vi) Notice to S&P. At any time at which Party A (or, to the extent applicable, its Credit
Support Provider) does not have a long-term unsubordinated and unsecured debt rating of at
least “BBB+” from S&P, the Valuation Agent shall provide to S&P not later than the
Notification Time on the Local Business Day following each Valuation Date its

ISDA Credit Support Annex

34

 

calculations
of the Secured Party’s Exposure and the S&P Value of any Eligible Credit Support or Posted
Credit Support for that Valuation Date. The Valuation Agent shall also provide to S&P any
external marks received pursuant to the preceding paragraph.

	(d)	 	Conditions Precedent. No event shall constitute a “Specified Condition”.
	 
	(e)	 	Substitution.

	 	(i)	 	“Substitution Date” means the Local Business Day in New York on which the
Secured Party is able to confirm irrevocable receipt of the Substitute Credit Support,
provided that (x) such receipt is confirmed before 3:00 p.m. (New York time) on such
Local Business Day in New York and (y) the Secured Party has received, before 1:00 p.m.
(New York time) on the immediately preceding Local Business Day in New York, the notice
of substitution described in Paragraph 4(d)(i).
	 
	 	(ii)	 	Consent. The Pledgor is not required to obtain the Secured Party’s consent for any
substitution pursuant to Paragraph 4(d).

	(f)	 	Dispute Resolution.

	 	(i)	 	“Resolution Time” means 1:00 p.m., New York time, on the Local Business Day
following the date on which a notice is given that gives rise to a dispute under
Paragraph 5.

	 	(ii)	 	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit
Support will be calculated as follows: for Cash, the U.S. dollar value thereof, and for
each item of Eligible Collateral (except for Cash), an amount in U.S. dollars equal to
the product of (i) either (A) the bid price for such security quoted on such day by a
principal market-maker for such security selected in good faith by the Secured Party or
(B) the most recent publicly available bid price for such security as reported by a
quotation service or in a medium selected in good faith and in a commercially reasonable
manner by Secured Party, multiplied by (ii) the percentage figure listed in Paragraph
13(b)(ii) hereof with respect to such security.

	 	(iii)	 	Alternative. The provisions of Paragraph 5 will apply.

	(g)	 	Holding and Using Posted Collateral.

ISDA Credit Support Annex

35

 

	 	(i)	 	Eligibility to Hold Posted Collateral; Custodians. Secured Party will not be
entitled to hold Posted Collateral itself, and instead the Secured Party will be entitled
to hold Posted Collateral through the Indenture Trustee which Posted Collateral (i) shall
not be commingled or used with any other asset held by the Indenture Trustee but shall be
held in a separate trust account for this purpose only and (ii) shall not be transferred
to any other person or entity but Party A
pursuant to the provisions herein except (x) in any case contemplated by Paragraph
8(a) of this Annex with respect to Party A or (y) as directed by Party A; provided,
however, that if the Indenture Trustee does not have a short-term debt rating of at
least “A-1“ by S&P, then a third party custodian with a short-term debt rating of at
least “A-1“ by S&P must hold such Posted Collateral.

	 	(ii)	 	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to
Secured Party and without prejudice to Secured Party’s rights under Paragraph 8 of the
Credit Support Annex, Secured Party will not take any action specified in such Section
6(c).

	(h)	 	Distributions and Interest Amount.

	 	(i)	 	The “Interest Rate”, with respect to Eligible Collateral in the form of Cash,
for any day, will be the lesser of (x) the rate opposite the caption “Federal funds
(effective)” for such day as published by the Federal Reserve Publication H.15 (519) or
any successor publication as published by the Board of Governors of the Federal Reserve
System and (y) the rate of interest actually received on such Cash.

	 	(ii)	 	The “Transfer of Interest Amount” will be made within 3 Local Business Days
after the last Local Business Day of each calendar month in an amount not to exceed the
interest actually received.

	 	(iii)	 	Alternative Interest Amount. The provisions of Paragraph 6(d)(ii) will apply.

	(i)	 	Additional Representations. None.

	(j)	 	Other Eligible Support and Other Posted Support. Not Applicable.

	(k)	 	Demands and Notices. All demands, specifications and notices made by a party to this Annex
will be made to the following:

ISDA Credit Support Annex

36

 

Party A: As set forth in the Schedule.

Party B: As set forth in the Schedule.

	(l)	 	Addresses for Transfers.

	 	 	 	 	 
	Party A:

	 	Cash/Interest Payments: (USD Only):
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	Eligible Collateral (other than cash):	 	 
	 
	 	 	 	 
	Party B:

	 	Nissan Master Owner Trust Receivables	 	 
	 

	 	c/o                                                             	 	 
	 

	 	                                                            	 	 
	 

	 	                                                            	 	 
	 

	 	                                                            	 	 
	 

	 	Attention:                                        	 	 
	 

	 	Telephone:                                        	 	 
	 

	 	Facsimile:                                        	 	 

	(m)	 	Other Provisions.

(i) This Credit Support Annex is a Security Agreement under the New York UCC.

(ii) Paragraph 1(b) of this Annex is amended by deleting it and restating it in full as
follows:

“(b) Secured Party and Pledgor. All references in this Annex to the “Secured
Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A;
provided, however, that if Other Posted Support is held by Party B, all references
herein to the Secured Party with respect to that Other Posted Support will be to
Party B as the beneficiary thereof and will not subject that support or Party B as
the beneficiary thereof to provisions of law generally relating to security
interests and secured parties.”

ISDA Credit Support Annex

37

 

	 	(iii)	 	Paragraph 2 of this Annex is amended by deleting the first sentence thereof
and restating that sentence in full as follows:
	 
	 	 	 	“Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as
security for the Pledgor’s 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.”
	 
	 	(iv)	 	Only Party A makes the representations contained in Paragraph 9 of this Annex.
	 
	 	(v)	 	Paragraph 12 of this Annex is amended by deleting the definitions of “Pledgor”
and “Secured Party” and replacing them with the following:”
	 
	 	 	 	“ ‘Secured Party’ means Party B.
	 
	 	 	 	‘Pledgor’ means Party A.”
	 
	 	(vi)	 	Paragraph 12 is hereby amended by adding, in alphabetical order, the following:
	 
	 	 	 	“Moody’s” means Moody’s Investor Services, Inc., or any successor to the rating
business of such entity.”
	 
	 	 	 	“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor to the rating business of such entity.”
	 
	 	(vii)	 	Notwithstanding anything to the contrary in Paragraph 10, the Pledgor will be
responsible for, and will reimburse the Secured Party for all transfer and other taxes
and other costs involved in any Transfer of Eligible Collateral.

	(n)	 	S&P Criteria
	 
	 	 	“S&P Credit Support Amount” means, for any Valuation Date, the excess, if any, of (I) (A)
for any Valuation Date on which (i) a Party A Rating Downgrade has occurred and been
continuing for at least 30 days, or (ii) a Level Two S&P Party A Downgrade has occurred and
is continuing, an amount equal to the sum of (1) 100% of the Secured Party’s Exposure for
such Valuation Date and (2) the VB for such Transaction, or (B) for any other Valuation
Date, zero, over (II) the Threshold for Party A for such Valuation Date.

ISDA Credit Support Annex

38

 

	 	 	“VB” means the Notional Amount (as defined in the Confirmation for each outstanding
Transaction under this Agreement) times the relevant percentage set out in Table A below:

	TABLE A	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Volatility Buffer
	 
	 	 	 	 	 	 	Less than 10 years,	 	 	 	 
	 	 	 	 	 	 	but more than 5	 	 	Greater than 10	 
	 	 	Less than 5 years to	 	 	years to	 	 	years to	 
	 	 	Termination Date of	 	 	Termination Date of	 	 	Termination Date of	 
	Counterparty	 	the Transaction.	 	 	the Transaction.	 	 	the Transaction.	 
	The rating by S&P
of Party A’s
short-term
unsecured,
unsubordinated
obligations is at
least equal to
“A-2”
	 	 	—	%	 	 	—	%	 	 	—	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	The rating by S&P
of Party A’s
short-term
unsecured,
unsubordinated
obligations is
equal to “A-3”
	 	 	—	%	 	 	—	%	 	 	—	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	The rating by S&P
of Party A’s
long-term
unsecured,
unsubordinated
obligations is
equal to or less
than “BB+”
	 	 	—	%	 	 	—	%	 	 	—	%

	(o)	 	Moody’s Criteria
	 
	 	 	“Moody’s First Trigger Event” means that no Relevant Entity has credit ratings from Moody’s
at least equal to the Moody’s First Trigger Ratings Threshold.

ISDA Credit Support Annex

39

 

	 	 	“Moody’s First Trigger Ratings Threshold” means, with respect to Party A, the guarantor
under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term
unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term
unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity
does not have a short-term unsecured and unsubordinated debt rating or counterparty rating
from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating
from Moody’s of “A1”.
	 
	 	 	“Moody’s Second Trigger Event” means that no Relevant Entity has credit ratings from Moody’s
at least equal to the Moody’s Second Trigger Ratings Threshold.
	 
	 	 	“Moody’s Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term
unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term
unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity
does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a
long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.
	 
	 	 	Moody’s Credit Support Amount.* With respect to a Moody’s First Trigger Event or a Moody’s
Second Trigger Event relating to an action taken by Moody’s, the “Credit Support Amount”
shall mean with respect to a Pledgor on a Valuation Date the sum of:

	 	(i)	 	With respect to a Moody’s First Trigger Event:
	 
	 	  	 	(A)  the greater of the Secured Party’s Exposure and $0, plus
	 
	 	  	 	(B)  Notional Amount times the relevant percentage set out in Table B below.
	 
	 	(ii)	 	With respect to a Moody’s Second Trigger Event:
	 
	 	  	 	(A)  the greater of the Secured Party’s Exposure, $0 or the amount owed by Party A on
the next Payment Date (as such term is defined in the Confirmation for each
outstanding Transaction under this Agreement), plus

	 
	 	  	 	(B)  Notional Amount times the relevant percentage set out in Table B below.

ISDA Credit Support Annex

40

 

*  To the extent that both the Moody’s Credit Support Amount and the S&P Credit Support
Amount apply, the greater of the two amounts shall be the Credit
Support Amount.

TABLE
B

	 	 	 	 	 
	Weighted	 	 	 	 
	Average Life of	 	Moody’s First Trigger	 	Moody’s Second Trigger
	Hedge in Years	 	Event has Occurred	 	Event has Occurred
	1

	 	___%
	 	___%
	2
	 	___%
	 	___%
	3
	 	___%
	 	___%
	4
	 	___%
	 	___%
	5
	 	___%
	 	___%
	6
	 	___%
	 	___%
	7
	 	___%
	 	___%
	8
	 	___%
	 	___%
	9
	 	___%
	 	___%
	10
	 	___%
	 	___%
	11
	 	___%
	 	___%
	12
	 	___%
	 	___%
	13
	 	___%
	 	___%
	14
	 	___%
	 	___%
	15
	 	___%
	 	___%
	16
	 	___%
	 	___%

ISDA Credit Support Annex

41

 

	 	 	 	 	 
	Weighted	 	 	 	 
	Average Life of	 	Moody’s First Trigger	 	Moody’s Second Trigger
	Hedge in Years	 	Event has Occurred	 	Event has Occurred
	17
	 	___%
	 	___%
	18
	 	___%
	 	___%
	19
	 	___%
	 	___%
	20
	 	___%
	 	___%
	21
	 	___%
	 	___%
	22
	 	___%
	 	___%
	23
	 	___%
	 	___%
	24
	 	___%
	 	___%
	25
	 	___%
	 	___%
	26
	 	___%
	 	___%
	27
	 	___%
	 	___%
	28
	 	___%
	 	___%
	29
	 	___%
	 	___%
	30
	 	___%
	 	___%

ISDA Credit Support Annex

42

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Accepted and agreed:	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	NISSAN MASTER OWNER TRUST

RECEIVABLES	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Name:

Title:

Date:	 	By:	 	 	 	[Wilmington Trust Company],

not in its individual
capacity but solely as owner trustee
	 

	 	 	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Name:

Title:

Date:	 	 

ISDA Credit Support Annex

43

 

SWAP TRANSACTION CONFIRMATION

	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	To:	 	Nissan Master Owner Trust Receivables	 	(“Party B”)
	 	 	c/o [Wilmington Trust Company], as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	Nissan Motor Acceptance Corporation	 	 
	 	 	BellSouth Tower	 	 
	 	 	333 Commerce Street	 	 
	 	 	10th Floor, B-10-C	 	 
	 	 	Nashville, TN 37201-1800	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Facsimile:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	From:

	 	 	 	 	 	(“Party A”)
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Facsimile:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Ref. No.
	 	 	 	 	 	 
	 	 	 	 	 

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below (the “Transaction”). This
Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified
below.

1. The definitions and provisions contained in (i) the 2000 ISDA Definitions (the “ISDA
Definitions”), as published by the International Swaps and Derivatives Association, Inc, and (ii)
the Indenture, dated as of July 24, 2003, as amended and restated as of October 15, 2003, and as
supplemented by the Indenture Supplement, dated as of                     , between Party B and [The Bank of
New York Trust Company, N.A. (as successor to J.P.Morgan Chase Bank, National Association), as the
indenture trustee relating to the issuance by Party B of certain debt obligations (the
“Indenture”), are incorporated into this Confirmation. In the event of any inconsistency between
the ISDA Definitions and this Confirmation, this Confirmation will

Swap Confirmation
 

44

 

govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein
have the meanings ascribed to them in the Indenture.

2. The terms of the particular Transaction to which the Confirmation relates are as follows:

	 	 	 
	Transaction Type:

	 	Interest Rate Swap
	 
	 	 
	Currency for Payments:

	 	U.S. Dollars
	 
	 	 
	Notional Amount:

	 	For the Initial Calculation Period, the
Notional Amount shall be equal to USD
$                    . For each subsequent
Calculation Period, the Notional Amount shall
be equal to the aggregate note balance of the
Class A-[ ] Notes on the first day of such
Calculation Period. With respect to any
Payment Date, the aggregate note balance of
the Class A-[ ] Notes will be determined
using the Servicer’s Certificate issued on
the Determination Date immediately preceding
the Payment Date (giving effect to any
reductions of the note balance of the Class
A-[ ] Notes reflected in such Servicer’s
Certificate).
	 
	 	 
	Initial Calculation Period:

	 	                     to but excluding                     .
	 
	 	 
	Term:
	 	 
	 
	 	 
	Trade Date:

	 	                    
	 
	 	 
	Effective Date:

	 	                    
	 
	 	 
	Termination Date:

	 	The earlier of (i)                      and (ii)
the date on which the note balance of the
Class A-[ ] Notes is reduced to zero.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:

	 	Party B
	 
	 	 
	Calculation Period End
Dates:

	 	Monthly on the 15th of each month,
commencing                     , through and
including the Termination Date; No Adjustment.
	 
	 	 
	Payment Dates:

	 	Monthly on the 15th of each month,
commencing                     , through and
including the Termination Date.

Swap Confirmation
 

45

 

	 	 	 
	Business Day Convention:

	 	Following
	 
	 	 
	Business Day:

	 	Principal place of business of Party A, New
York, Delaware, Minnesota, Tennessee and
Texas
	 
	 	 
	Fixed Rate:

	 	___%
	 
	 	 
	Fixed Rate Day Count
Basis:

	 	30/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	Party A
	 
	 	 
	Calculation Period End
Dates:

	 	Monthly on the 15th of each month,
commencing                     , through and
including the Termination Date, subject to
adjustment in accordance with the Following Business Day Convention.
	 
	 	 
	Payment Dates:

	 	Monthly on the 15th of each month,
commencing                     , through and
including the Termination Date.
	 
	 	 
	Business Day Convention:

	 	Following
	 
	 	 
	Business Day:
	 	 
	For Payment Dates:

	 	Principal place of business of Party A, New
York, Delaware, Minnesota, Tennessee and
Texas
	 
	 	 
	For the
determination of
the Floating Rate:

	 	London
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	1 Month
	 
	 	 
	Spread:
	 	 
	 
	 	 
	Floating Rate Day Count:

	 	None
	 
	 	 
	Count: Basis:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	The first day of each Calculation Period.

Swap Confirmation
 

46

 

	 	 	 
	Compounding:

	 	Inapplicable

3. The additional provisions of this Confirmation are as follows:

	 	 	 	 	 
	Calculation Agent:

	 	As set forth in the Agreement.
	 	 
	 
	 	 	 	 
	Payments to Party A:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Payments to Party B:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

4. Documentation

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of                      (including the Schedule thereto) as amended and supplemented from time
to time (the “Agreement”) between you and us. All provisions contained in the Agreement govern
this Confirmation except as expressly modified herein. Unless otherwise provided in the Agreement,
this Confirmation is governed by the laws of the State of New York.

The remainder of this page intentionally left blank.

 Swap Confirmation
 

47

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us.

	 	 	 	 	 
	 	Very truly yours,

[______________________]

 	 
	 	By  	 	 
	 	Name:  	 	 
	 	Title 	 
	 

Accepted and confirmed as of the date first above written:

	 	 	 	 
	NISSAN MASTER OWNER TRUST RECEIVABLES

 	 
	By:  	[Wilmington Trust Company],
not in its individual capacity but solely
as owner trustee
 	 
	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 

Swap Confirmation
 

48

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