Document:

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                                                                     Exhibit 4.3

                      NISSAN MASTER OWNER TRUST RECEIVABLES

                                     Issuer

                            [______________________]

                                Indenture Trustee

                                SERIES 200[_]-[_]

                              INDENTURE SUPPLEMENT

                              Dated as of [______]

                     Nissan Master Owner Trust Receivables,
                                SERIES 200[_]-[_]

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                                TABLE OF CONTENTS

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ARTICLE I      CREATION OF SERIES 200[_]-[_] NOTES...................................................     2

     Section 1.01.  Designation......................................................................     2

ARTICLE II     DEFINITIONS...........................................................................     2

     Section 2.01.  Definitions......................................................................     2

     Section 2.02.  Other Definitional Provisions....................................................    12

ARTICLE III    SERVICING FEE.........................................................................    13

     Section 3.01.  Servicing Compensation...........................................................    13

ARTICLE IV     RIGHTS OF SERIES 200[_]-[_] NOTEHOLDERS AND ALLOCATION AND
               APPLICATION OF COLLECTIONS............................................................    13

     Section 4.01.  Collections and Allocations......................................................    13

     Section 4.02.  Determination of Monthly Interest................................................    15

     Section 4.03.  [RESERVED].......................................................................    16

     Section 4.04.  Application of Available Amounts on Deposit in the Collection
                    Account, the Accumulation Account and Other Sources of Payment...................    16

     Section 4.05.  Investor Charge-Offs.............................................................    20

     Section 4.06.  Reallocated Principal Collections................................................    21

     Section 4.07.  Excess Interest Amounts..........................................................    21

     Section 4.08.  Excess Principal Amounts.........................................................    21

     Section 4.09.  Series Nominal Liquidation Amount, Overcollateralization
                    Amount and Invested Amount.......................................................    22

     Section 4.10.  Establishment of Accumulation Account............................................    22

     Section 4.11.  Accumulation Period..............................................................    24

     Section 4.12.  Establishment of Reserve Account.................................................    24

     Section 4.13.  Determination of [Note Interest Rate] [LIBOR]....................................    26

ARTICLE V      DELIVERY OF SERIES 200[_]-[_] NOTES; DISTRIBUTIONS;
               REPORTS TO SERIES 200[_]-[_] NOTEHOLDERS..............................................    27

     Section 5.01.  Delivery and Payment for Series 200[_]-[_] Notes.................................    27

     Section 5.02.  Distributions....................................................................    27

     Section 5.03.  Reports and Statements to Series 200[_]-[_] Noteholders..........................    28

ARTICLE VI     SERIES 200[_]-[_] EARLY AMORTIZATION EVENTS AND
               ADDITIONAL EVENT OF DEFAULT...........................................................    28
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                                TABLE OF CONTENTS
                                   (continued)

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     Section 6.01.  Series 200[_]-[_] Early Amortization Events......................................    28

ARTICLE VII    REDEMPTION OF SERIES 200[_]-[_] NOTES: SERIES FINAL
               MATURITY; FINAL DISTRIBUTIONS.........................................................    31

     Section 7.01.  Redemption of Series 200[_]-[_] Notes............................................    31

     Section 7.02.  Series Final Maturity............................................................    31

ARTICLE VIII   MISCELLANEOUS PROVISIONS..............................................................    32

     Section 8.01.  Ratification of Agreement........................................................    32

     Section 8.02.  Form of Delivery of Series 200[_]-[_] Notes......................................    32

     Section 8.03.  Amendments and Waivers...........................................................    32

     Section 8.04.  Counterparts.....................................................................    32

     Section 8.05.  Governing Law....................................................................    32

     Section 8.06.  Effect of Headings and Table of Contents.........................................    33

EXHIBIT A  Form of Series 200[_]-[_] Notes

EXHIBIT B  Form of Monthly Servicer's Statement

EXHIBIT C  Form of Authorized Officer Certificate
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                  SERIES 200[_]-[_] INDENTURE SUPPLEMENT, dated as of [______]
(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 [_________________], a
[_______] banking [association][corporation], 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 200[_]-[_] 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 200[_]-[_] 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 200[_]-[_] Notes;

                  (ii)     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 200[_]-[_] Notes equally and ratably
without prejudice, priority, or distinction between any Series 200[_]-[_] Note
and any other Series 200[_]-[_] Note, (b) the payment of all other sums payable
under the Series 200[_]-[_] Notes, the Indenture and this Indenture Supplement
and (c) the compliance with the terms and conditions of the Series 200[_]-[_]
Notes, the Indenture and this Indenture Supplement, all as provided herein or
therein.

                  The Indenture Trustee acknowledges such Grant, accepts the
trusts hereunder in

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accordance with the provisions hereof and agrees to perform the duties herein
required to the end that the interests of the Series 200[_]-[_] Noteholders
may be adequately protected.

                                   ARTICLE I

                       CREATION OF SERIES 200[_]-[_] NOTES

                  Section 1.01. Designation.

                  (a)      There is hereby created a Series of Notes to be
issued by the Issuer on the Series 200[_]-[_] 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 200[_]-[_] Notes." The
Series 200[_]-[_] Notes will be due and payable on the Series 200[_]-[_] Final
Maturity Date.

                  (b)      The Series 200[_]-[_] Notes will be included in
Excess Interest Sharing Group [___] and in Excess Principal Sharing Group [___].
The Series 200[_]-[_] Notes shall not be subordinated to any other Series.

                  (c)      The first Payment Date with respect to the Series
200[_]-[_] Notes shall be [_____], 200[_].

                  (d)      The Series 200[_]-[_] Notes are "Notes" and this
Indenture Supplement is an "Indenture Supplement" for all purposes under the
Indenture. If any provision of the Series 200[_]-[_] Notes or this Indenture
Supplement conflicts with or is inconsistent with any provision of the
Indenture, the provisions of the Series 200[_]-[_] Notes or this Indenture
Supplement, as the case may be, control.

                  (e)      Each term defined in Section 2.01 of this Indenture
Supplement relates only to Series 200[_]-[_] and this Indenture Supplement and
to no other Series or Indenture Supplement.

                                   ARTICLE II

                                   DEFINITIONS

                  Section 2.01. Definitions.

                  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).

                  "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 (i) the
close of business on the day

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immediately preceding the date on which an Early Amortization Period commences
and (ii) the last day of the Collection Period preceding the Payment Date on
which the Series 200[_]-[_] Outstanding Principal Amount is 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 (i) on the first Payment Date
with respect to the Accumulation Period, zero and (ii) 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 date of
determination, 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).

                  "Annex of Definitions" shall mean the Annex of Definitions
attached to the Indenture and the other Transaction Documents, 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, to the
extent such deposited amounts are deducted from the balance on which interest
accrues (in accordance with the applicable cash management agreement between
NMAC and a dealer) pursuant to the applicable Floorplan Financing Agreement.

                  "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 [__] 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 (i) the Series 200[_]-[_] Initial Principal Amount by (ii)
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 [_______________________].

                  "Covered Amount " means, for any day on which amounts are on
deposit in the Accumulation Account, an amount equal to product of (i) a
fraction, the numerator of which is 1 and the denominator of which is 360, (ii)
the Note Interest Rate with respect to the Interest Period in which such day
occurs and (iii) the aggregate amount on deposit in the Accumulation Account, if
any, on such day, after giving effect to any deposit thereto on such day.

                  "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 any Dealer or group of affiliated Dealers, the amount of Principal
Receivables which exceed the specified levels set forth in the definition of
"Required Participation Amount."

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                  "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 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
date of determination has been charged off as uncollectible on that date in
accordance with the Floorplan Financing Guidelines.

                  "Designated LIBOR Page" means the display on Bridge 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.

                  "Early Amortization Event" means any Early Amortization Event
specified in the definition of "Early Amortization Event" in the Annex of
Definitions or 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 (i) the last day of the Collection Period preceding the Payment Date on which
the Series 200[_]-[_] Invested Amount is to be paid in full or reduced to zero,
(ii) 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 (iii) the
Trust Termination Date.

                  "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
200[_]-[_], for any Payment Date, the excess (if any) of (i) the Series
200[_]-[_] Investor Available Interest Amounts for such Payment Date over (ii)
the full amount required to be paid, without

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duplication, pursuant to clauses (i) through (v) of Section 4.04(a) on such
Payment Date.

                  "Excess Interest Sharing Group [___]" means Series 200[_]-[_]
and each other Series specified in the related Indenture Supplement to be
included in Excess Interest Sharing Group [___] 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 [___].

                  "Excess Principal Amounts" means, with respect to Series
200[_]-[_], for any Payment Date, (i) during the Revolving Period, the Series
200[_]-[_] Investor Available Principal Amounts for such Payment Date, and (ii)
during the Accumulation Period or the Early Amortization Period, the excess, if
any, of (a) the Series 200[_]-[_] Investor Available Principal Amounts for such
Payment Date over (b) the full amount required to be paid, without duplication,
pursuant to clause (i) of Section 4.04(d) or clause (i) of Section 4.04(e) on
such Payment Date.

                  "Excess Principal Sharing Group [___]" means Series 200[_]-[_]
and each other Series specified in the related Indenture Supplement to be
included in Excess Principal Sharing Group [___] 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 [___].

                  "Final Maturity Date" means [___].

                  "Floorplan Financing Agreement" means the agreement or set of
agreements establishing a floorplan financing account between NMAC and a motor
vehicle dealer in the ordinary course of business for NMAC relating to
automobile and light-duty truck inventory of such dealer, among other things.

                  ["Fitch" means Fitch Inc.]

                  "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 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 and (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 (i) a fraction, the numerator
of which is the Series 200[_]-[_] 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 (ii) the
sum of:

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

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

Each of clauses [(A) and (B)] 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, dated as of [________],
between the Issuer and the Indenture Trustee, as the same may be amended,
supplemented or otherwise modified from time to time.

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

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                  "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
200[_]-[_] Issuance Date) to but excluding such Payment Date.

                  "Interest Shortfall" means, with respect to Series 200[_]-[_]
for any Payment Date, the excess, if any, of (a) the full amount required to be
paid, without duplication, pursuant to clauses (i) through (v) of Section
4.04(a) on such Payment Date over (b) the Series 200[_]-[_] 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.

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

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                  "Monthly Interest" has the meaning specified in subsection
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 Pool Balance 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
Series Nominal Liquidation Amount as of the first day of the related Collection
Period (or, in the case of the first Payment Date following the Series
200[_]-[_] Issuance Date, the Series 200[_]-[_] Nominal Liquidation Amount as of
such date); 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 200[_]-[_] Issuance Date and ending on
(and including) [________].

                  "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 [__]%.

                  "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 200[_]-[_] Overcollateralization Amount"
means, as of any date of determination, the Series 200[_]-[_]
Overcollateralization Percentage on the Series 200[_]-[_] Issuance Date of the
Series 200[_]-[_] Initial Principal Amount] on such date minus the reductions,
and plus the reinstatements [and increases (if any)], in the Primary Series
200[_]-[_] Overcollateralization Amount as provided in Section 4.09.

                  "Principal Shortfall" means, with respect to Series
200[_]-[_], (a) for any Payment Date with respect to the Revolving Period, zero,
(b) for any Payment Date with respect to the Accumulation Period, the excess, if
any, of the Controlled Deposit Amount with respect to such Payment Date over the
amount of Series 200[_]-[_] 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 200[_]-[_] Invested Amount over the
amount of Series 200[_]-[_] Investor Available Principal Amounts for such
Payment Date.

                  "Reallocated Principal Collections" means, with respect to any
Payment Date, the amount of Series 200[_]-[_] Investor Available Principal
Amounts reallocated in accordance with Section 4.06, which amount shall not
exceed the Series 200[_]-[_] 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 200[_]-[_] 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

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Series 200[_]-[_] Noteholders, plus (c) Additional Interest, if any, for
such Payment Date and any Additional Interest previously due but not distributed
to the Series 200[_]-[_] 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 (i) 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,
(ii) the action will not cause the Issuer to be treated as an association (or
publicly traded partnership) taxable as a corporation and (iii) 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" is the sum of (i) the sum of
the required participation percentages (including the Required Participation
Percentage) for each outstanding series multiplied by the respective initial
invested amount for each such outstanding series and (ii) the sum of the
required overcollateralization amounts for all outstanding series.

                  ["Required Participation Percentage" means, with respect to
Series 200[_]-[_], [_]%, unless either (a) the aggregate balance of principal
Receivables due from the [largest dealer or group of affiliated dealers (as
measured by aggregate balance of principal Receivables, net of Cash Management
Account deposits of such dealer or group of affiliated dealers, due from such
dealer or group of affiliated dealers as a percentage of the Pool Balance)] on
the close of business on the last day of any Collection Period is greater than
[_]% of the Pool Balance on that day and the average of such dealer's or group
of affiliated dealers' Monthly Payment Rate for each of the three preceding
Collection Periods is less than [ ]%, (b) the aggregate balance of principal
Receivables due from the [next [____] largest dealers or groups of affiliated
dealers (as measured by aggregate balance of principal Receivables, net of Cash
Management Account deposits of such dealers or groups of affiliated dealers, due
from such dealers or groups of affiliated dealers as a percentage of the Pool
Balance)] on the close of business on the last day of any Collection Period is
greater than [_]% of the Pool Balance on that day and the average of such
dealers' or groups of affiliated dealers' Monthly Payment Rate for each of the
three preceding Collection Periods is less than [ ]% or (c) the aggregate
balance of principal Receivables due from any other dealer or group of
affiliated dealers at such time is greater than [_]% of the Pool Balance on that
day, in which case the Required Participation Percentage, as of that last day
and with respect to that Collection Period and the immediately following
Collection Period only, will be [_]%. Furthermore, the Transferor may, upon ten
days' prior notice to the Indenture Trustee and Standard & Poor's, Moody's [and
Fitch], reduce the Required Participation Percentage to not less than 100%, so
long as any one of Standard & Poor's, Moody's [and Fitch] 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 200[_]-[_] Notes or
any other outstanding Series or class of Notes for which it is providing a
rating.]

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

                  "Reserve Account Initial Deposit" means $[________].

                  "Revolving Period" means the period beginning at the close of
business on the Series 200[_]-[_] Issuance Date and terminating on the earlier
of (i) the close of business on the day immediately preceding the date on which
an Early Amortization Period commences and (ii) 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 shall recommence if an Early Amortization Event has been
terminated as provided in Section 6.01.

                  "Series 200[_]-[_]" means the Series of Notes, the terms of
which are specified in this Indenture Supplement.

                  "Series 200[_]-[_] Allocable Defaulted Amounts" means, for any
day in a Collection Period, the product of (a) the Series 200[_]-[_] Allocation
Percentage for such day and (b) the aggregate principal balance of Receivables
which became Defaulted Receivables on such day other than the principal balance
of any such Receivable which has been reassigned to the Transferor or purchased
by the Servicer, as the case may be, pursuant to the Transfer and Servicing
Agreement.

                  "Series 200[_]-[_] Allocable Interest Collections" means, for
any day in a Collection Period, the product of (a) the Series 200[_]-[_]
Allocation Percentage for such day and (b) Interest Collections as to which such
day is the Date of Processing for such Interest Collections.

                  "Series 200[_]-[_] Allocable Principal Collections" means, for
any day in a Collection Period, the product of (a) the Series 200[_]-[_]
Allocation Percentage for such day

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and (b) Principal Collections as to which such day is the Date of Processing for
such Principal Collections.

                  "Series 200[_]-[_] 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 200[_]-[_] Nominal
Liquidation Amount for such day and the denominator of which is the sum of the
series nominal liquidation amounts for all outstanding series of notes issued by
the Issuer for such day.

                  "Series 200[_]-[_] Cut-Off Date" means [_____________],
200[__].

                  "Series 200[_]-[_] Expected Final Payment Date" means the
Payment Date occurring on [_________].

                  "Series 200[_]-[_] Final Maturity Date" means the first to
occur of (a) [________] and (b) the Trust Termination Date.

                  "Series 200[_]-[_] 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 200[_]-[_] 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 (i) the Series 200[_]-[_] Allocation
Percentage for such day and (ii) the Pool Balance on such day.

                  "Series 200[_]-[_] 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 200[_]-[_] Nominal
Liquidation Amount for such day and the denominator of which is the product of
(i) the Series 200[_]-[_] Allocation Percentage for such day and (ii) the Pool
Balance on such day.

                  "Series 200[_]-[_] Initial Principal Amount" means $[_______].

                  "Series 200[_]-[_] Invested Amount" means, as of any day
during a Collection Period, an amount equal to the Series 200[_]-[_] Outstanding
Principal Amount on such date minus the reductions, and plus the reinstatements
[and increases, if any], in the Series 200[_]-[_] Invested Amount as provided in
Section 4.09.

                  "Series 200[_]-[_] Invested Amount Deficit" means, as of any
date of determination, the amount, if any, by which (i) the Series 200[_]-[_]
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 200[_]-[_] Allocation Percentage for such date of amounts (other than
investment earnings), if any, on deposit in the Excess Funding Account on such
date, exceeds (ii) the Series 200[_]-[_] Invested Amount on such date.

                  "Series 200[_]-[_] 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 200[_]-[_]
Floating Allocation Percentage for such day and the Series 200[_]-[_] Allocable
Interest Collections for such day, plus (b) all net investment earnings

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<PAGE>
on amounts (if any) on deposit in the Accumulation Account, plus (c)
Reallocated Principal Collections for the Payment Date following such Collection
Period[, plus (d) 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
200[_]-[_] Investor Available Interest Amounts with respect to the Payment Date
following such Collection Period, [plus, (e) the amount, if any, of collections
of Interest 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 200[_]-[_] Investor Available Interest Amounts for such
Collection Period (but in no event to exceed the product of (i) the Series
200[_]-[_] Series Allocation Percentage, (ii) the Series 200[_]-[_] Floating
Allocation Percentage and (iii) the amount of such collections of Interest
Receivables), minus (f) the amount, if any, which the Issuer instructed the
Servicer pursuant to preceding clause (e) to include in Series 200[_]-[_]
Investor Available Interest Amounts with respect to the Collection Period
immediately preceding such Collection Period].

                  "Series 200[_]-[_] 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 200[_]-[_]
Allocable Principal Collections on such day and (i) during the Revolving Period,
the Series 200[_]-[_] Floating Allocation Percentage for such day or (ii) after
the Revolving Period, the Series 200[_]-[_] Fixed Allocation Percentage for such
day, plus (b) the amount of Series 200[_]-[_] Investor Available Interest
Amounts treated as Series 200[_]-[_] Investor Available Principal Amounts on the
Payment Date following such Collection Period to cover Series 200[_]-[_]
Investor Defaulted Amounts and to reimburse the Series 200[_]-[_] Nominal
Liquidation Amount Deficit plus (c) the amount of Series 200[_]-[_] Investor
Available Interest Amounts treated as Series 200[_]-[_] Investor Available
Principal Amounts on each Payment Date on and after the occurrence of an Event
of Default and a declaration that all Series 200[_]-[_] Notes are immediately
due and payable pursuant to Section 5.03(a) of the Indenture, minus (d)
Reallocated Principal Collections for the Payment Date following such Collection
Period.

                  "Series 200[_]-[_] 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 200[_]-[_] Floating
Allocation Percentage on such day and the Series 200[_]-[_] Allocable Defaulted
Amounts on such day.

                  "Series 200[_]-[_] Issuance Date" means [____________].

                  "Series 200[_]-[_] Nominal Liquidation Amount" means the sum
of (i) the Series 200[_]-[_] Invested Amount and (ii) the Series 200[_]-[_]
Overcollateralization Amount.

                  "Series 200[_]-[_] Nominal Liquidation Amount Deficit" means
as of any date of determination, the sum of (i) the Series 200[_]-[_] Invested
Amount Deficit and (ii) the Series 200[_]-[_] Overcollateralization Amount
Deficit.

                  "Series 200[_]-[_] Noteholder" means the Person in whose name
a Series 200[_]-[_] Note is registered in the Note Register.

                  "Series 200[_]-[_] Noteholders' Collateral" means the
Noteholders' Collateral for Series 200[_]-[_].

                  "Series 200[_]-[_] 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 200[_]-[_] Outstanding Principal Amount" means, with
respect to any date, an amount equal to (a) the Series 200[_]-[_] Initial
Principal Amount, minus (b) the

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<PAGE>

aggregate amount of any principal payments made to the Series 200[_]-[_]
Noteholders before such date.

                  "Series 200[_]-[_] Overcollateralization Amount" means the sum
of (i) the Primary Series 200[_]-[_] Overcollateralization Amount and (ii) the
Incremental Overcollateralization Amount.

                  "Series 200[_]-[_] Overcollateralization Amount Deficit"
means, as of any date of determination, the amount, if any, by which (x) the
aggregate amount of reallocations and reductions of the Series 200[_]-[_]
Overcollateralization Amount due to Investor Charge-Offs and Interest Shortfalls
with respect to Series 200[_]-[_] as provided in Section 4.09(b) through such
date exceeds (y) the aggregate amount of reimbursements of such reallocations
and reductions as provided in Section 4.09(c) through such date.

                  "Series 200[_]-[_] Overcollateralization Percentage" means
[__]%; provided, however, that if the rating of NML's long-term unsecured debt
is reduced below "[__]" (or withdrawn) by Standard & Poor's (and, if NML's
long-term unsecured debt is split rated, the lower rating shall control), then
the Series 200[_]-[_] Overcollateralization Percentage shall be [__]% until the
long-term unsecured debt of NML is rated at least "[__]" by Standard & Poor's.

                  "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 [__], 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 [__], 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
200[_]-[_] Invested Amount as of the Series 200[_]-[_] Issuance Date.

                  ["Swap Agreement" shall mean any currency swap agreement,
entered into pursuant to Section [__] of the Trust Agreement and Section [__] of
the Transfer and Servicing Agreement, including all schedules and confirmations
thereto, entered into by the Issuer and the Swap Counterparty, as the same may
be amended, supplemented, renewed, extended or replaced from time to time.]

                  ["Swap Counterparty" shall mean an unaffiliated third party,
as swap counterparty under the Swap Agreement, or any successor or replacement
swap counterparty from time to time under the Swap Agreement.]

                  "Trust Termination Date" means the earlier of (i) [__________]
and (ii) the day following the day on which the right of all Series of Notes to
receive payments from the Trust Assets has terminated.

                  Section 2.02. Other Definitional Provisions.

                                       11

<PAGE>

                  (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."

                                   ARTICLE III

                                  SERVICING FEE

                  Section 3.01. Servicing Compensation.

                  The share of the Servicing Fee allocable to the Series
200[_]-[_] 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 200[_]-[_] 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 200[_]-[_] 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 200[_]-[_] NOTEHOLDERS
                  AND ALLOCATION AND APPLICATION OF COLLECTIONS

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<PAGE>

                  Section 4.01. Collections and Allocations.

                  (a)      Allocations. Interest Collections, Principal
Collections and Defaulted Receivables allocated to Series 200[_]-[_] pursuant to
Article VIII of the Indenture and Section 4.01(b) shall be allocated between the
Series 200[_]-[_] 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 (i) determine the Series
200[_]-[_] Allocation Percentage for such day and (ii) allocate Interest
Collections, Principal Collections and Defaulted Receivables to Series
200[_]-[_] based on the Series 200[_]-[_] Allocation Percentage on such day.

                  (c)      Allocations to Series 200[_]-[_] Noteholders. The
Servicer shall, prior to the close of business on each day during a Collection
Period, allocate to the Series 200[_]-[_] Noteholders the following amounts as
set forth below:

                  (i)      Allocations of Interest Collections. The Servicer
         shall allocate to the Series 200[_]-[_] Noteholders and deposit in the
         Collection Account for application as provided herein, an amount equal
         to the product of (A) the Series 200[_]-[_] Floating Allocation
         Percentage for such day and (B) the Series 200[_]-[_] Allocable
         Interest Collections as to which such day is the Date of Processing for
         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 200[_]-[_] 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 200[_]-[_] Noteholders and deposit into the
                  Collection Account for application as provided herein, an
                  amount equal to the product of (I) the Series 200[_]-[_]
                  Floating Allocation Percentage for such day and (II) the
                  Series 200[_]-[_] 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 200[_]-[_] Noteholders and deposit in
                  the Collection Account for application as provided herein, an
                  amount equal to the product of (I) the Series 200[_]-[_] Fixed
                  Allocation Percentage for such day and (II) the Series
                  200[_]-[_] Allocable Principal Collections for such day;
                  provided, that, so long as the conditions set

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<PAGE>

                  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 200[_]-[_] Noteholders the product of (A) the
         Series 200[_]-[_] Floating Allocation Percentage for such day and (B)
         the Series 200[_]-[_] 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 200[_]-[_] Allocable
         Interest Collections not allocated to the Series 200[_]-[_] Noteholders
         pursuant to Section 4.01(c)(i) above;

                  (ii)     the portion of the Series 200[_]-[_] Allocable
         Principal Collections not allocated to the Series 200[_]-[_]
         Noteholders pursuant to Section 4.01(c)(ii) above; and

                  (iii)    the portion of the Series 200[_]-[_] Allocable
         Defaulted Amounts not allocated to the Series 200[_]-[_] 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 200[_]-[_] 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 200[_]-[_] 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, on any day on which amounts are on deposit in the
Accumulation Account, before distributing to the holders of the Transferor
Interest any portion of their allocation of Series 200[_]-[_] Allocable Interest
Collections or Series 200[_]-[_] Allocable Principal Collections, the Servicer
shall first deduct therefrom the excess, if any, of the Covered Amount for such
day over all net investment earnings for such day on amounts on deposit in the
Accumulation Account and treat such amounts as Series 200[_]-[_] Investor
Available Interest Amounts with respect to the Payment Date next following such
day.

                  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
200[_]-[_] 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 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
200[_]-[_] Outstanding Principal Amount as of the close of business on the last
day of the preceding Collection Period

                                       14

<PAGE>

(or, with respect to the first Payment Date following the Series 200[_]-[_]
Issuance Date, the Series 200[_]-[_] 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 (x) the Monthly Interest for such Payment Date over
(y) 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 (i)(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 (ii) such Interest Deficiency (or the portion thereof which
has not been paid to the Series 200[_]-[_] Noteholders) will be payable as
provided herein with respect to the Series 200[_]-[_] Notes. Notwithstanding
anything to the contrary herein, the Additional Interest will be payable or
distributed to the Series 200[_]-[_] Noteholders only to the extent permitted by
applicable law.

                  Section 4.03. [RESERVED.]

                  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 200[_]-[_] 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)      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;

                  (ii)     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 200[_]-[_] 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 200[_]-[_] Noteholders on a prior Payment
         Date, will be distributed to the Paying Agent for payment to the Series
         200[_]-[_] Noteholders on such Payment Date;

                  (iii)    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 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);

                  (iv)     an amount equal to the sum of (y) the aggregate
         Series 200[_]-[_] Investor Defaulted Amounts for the related Collection
         Period and (z) the Series 200[_]-[_]

                                       15

<PAGE>

         Nominal Liquidation Amount Deficit, if any, will be applied as Series
         200[_]-[_] Investor Available Principal Amounts for such Payment Date
         to reinstate the Series 200[_]-[_] Nominal Liquidation Amount pursuant
         to Section 4.09(c);

                  (v)      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;

                  (vi)     on each Payment Date on and after the occurrence of
         an Event of Default and a declaration that all Series 200[_]-[_] Notes
         are immediately due and payable pursuant to Section 5.03(a) of the
         Indenture, remaining Series 200[_]-[_] Investor Available Interest
         Amounts for such Payment Date will be treated as Series 200[_]-[_]
         Investor Available Principal Amounts and will be distributed pursuant
         to Section 4.04(e) hereof, unless and until such declaration of
         acceleration has been rescinded and annulled pursuant to Section
         5.03(b) of the Indenture;

                  (vii)    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 Servicing Fee;

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

                  (ix)     all remaining Series 200[_]-[_] 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 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 2003-A 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 clauses (i) through (v) of Section 4.04(a), 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 2003-A: (i)
from Shared Excess Interest Amounts for such Payment Date available from
other outstanding Series in Excess Interest Sharing Group [___] as provided in
Section 4.07, provided that such amounts will be applied only to cover
shortfalls in the distributions and deposits required under clauses (i) through
(v) of Section 4.04(a) 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
clauses (i) through (iv) of Section 4.04(a) 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
clause (ii) of Section 4.04(a) and only to the extent of the Series 2003-A
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 200[_]-[_] 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:

                                       16

<PAGE>

                  (i)      such Series 200[_]-[_] 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 200[_]-[_] and applied to cover the Principal Shortfalls
         for other outstanding Series in Excess Principal Sharing Group [___] in
         accordance with Section 8.05(b) of the Indenture;

                  (ii)     the balance of such Series 200[_]-[_] 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 200[_]-[_] Investor
         Available Principal Amounts not applied pursuant to clauses (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.

                  (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 200[_]-[_] 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 (x) the Controlled
         Deposit Amount for such Payment Date and (y) the Series 200[_]-[_]
         Invested Amount for such Payment Date shall be deposited into the
         Accumulation Account;

                  (ii)     the balance of such Series 200[_]-[_] Investor
         Available Principal Amounts not applied pursuant to preceding clause
         (i) will be treated as Shared Excess Principal Amounts available from
         Series 200[_]-[_] and applied to cover Principal Shortfalls for other
         outstanding Series in Excess Principal Sharing Group [___] in
         accordance with Section 8.05(b) of the Indenture;

                  (iii)    the balance of such Series 200[_]-[_] Investor
         Available Principal Amounts not applied pursuant to clauses (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 200[_]-[_] Investor
         Available Principal Amounts not applied pursuant to clauses (i), (ii)
         or (iii) above will be distributed to the

                                       17

<PAGE>
         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 200[_]-[_]
Investor Available Principal Amounts on deposit in the Collection Account with
respect to such Payment Date, plus 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 200[_]-[_] 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 distributed to the Paying Agent for payment to the
         Series 200[_]-[_] Noteholders on such Payment Date and on each
         subsequent Payment Date until the Series 200[_]-[_] 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 200[_]-[_] Investor
         Available Principal Amounts will be treated as Shared Excess Principal
         Amounts available from Series 200[_]-[_] and applied to cover Principal
         Shortfalls for other outstanding Series in Excess Principal Sharing
         Group [___] in accordance with Section 8.05(b) of the Indenture; and

                  (iii)    the balance of the Series 200[_]-[_] Investor
         Available Principal Amounts not applied pursuant to clauses (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 200[_]-[_] 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 (i) distribute to the Paying Agent for payment to the
Series 200[_]-[_] Noteholders on such Payment Date the amount necessary to pay
the Series 200[_]-[_] 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 (x) first, be treated as Shared Excess Principal
Amounts available from Series 200[_]-[_] to be applied to cover Principal
Shortfalls for other outstanding Series in Excess Principal Sharing Group [___]
in accordance with Section 8.05(b) of the Indenture and (y) second, be
distributed to the holders of the Transferor Interest in accordance with the
Trust

                                       18

<PAGE>
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 200[_]-[_] 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 [___] will be so deposited or distributed to cover the Principal Shortfall
with respect to Series 200[_]-[_] as provided in Section 4.08.

                  (h)      If Series 200[_]-[_] 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 [___] 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 200[_]-[_] Noteholders, as applicable, the lesser of (i)
the product of the Series 200[_]-[_] 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 200[_]-[_] Investor
Defaulted Amounts, if any, for the related Collection Period. If, on any
Determination Date, the aggregate Series 200[_]-[_] Investor Defaulted Amounts
for the preceding Collection Period exceed the sum of:

                  (i)      the Series 200[_]-[_] Investor Available Interest
         Amounts for the related Payment Date applied to fund such Series
         200[_]-[_] Investor Defaulted Amounts pursuant to clause (iv) of
         Section 4.04(a); and

                  (ii)     amounts on deposit in the Reserve Account applied to
         fund such Series 200[_]-[_] Investor Defaulted Amounts pursuant to
         clause (iv) of Section 4.04(a) in accordance with clause (ii) of
         Section 4.04(b) and the Shared Excess Interest Amounts available from
         other outstanding Series in Excess Interest Sharing Group One applied
         to fund such Series 200[_]-[_] Investor Defaulted Amounts pursuant to
         clause (iv) of Section 4.04(a) in accordance with clause (iii) of
         Section 4.04(b)(such excess, collectively, an "Investor Charge Off");

then, on the related Payment Date, if the Series 200[_]-[_]
Overcollateralization Amount is greater than zero, the Series 200[_]-[_]
Overcollateralization Amount will be reduced by an amount not to exceed the
lesser of (1) the Series 200[_]-[_] Overcollateralization Amount and (2) the
amount of such Investor Charge-Offs, all as provided in Section 4.09.

                                       19

<PAGE>

                  Section 4.06. Reallocated Principal Collections.

                  On each Determination Date, the Servicer shall determine the
amount, if any, by which the Series 200[_]-[_] Investor Available Interest
Amounts for the related Collection Period (excluding Reallocated Principal
Collections for the related Payment Date) are insufficient to pay the amounts
due pursuant to Section 4.04(a)(ii) on the related Payment Date and cause the
amount of such insufficiency to be reallocated from the Series 200[_]-[_]
Investor Available Principal Amounts for the related Collection Period. On each
Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply,
Reallocated Principal Collections with respect to the related Collection Period
in accordance with clause (i) of Section 4.04(b), in an amount not to exceed the
Series 200[_]-[_] Overcollateralization Amount. If, on any Payment Date,
Reallocated Principal Collections for such Payment Date are so applied, then, if
the Series 200[_]-[_] Overcollateralization Amount is greater than zero (after
giving effect to any reductions thereof pursuant to Section 4.05), the Series
200[_]-[_] Overcollateralization Amount will be reduced by an amount not to
exceed the lesser of (1) the Series 200[_]-[_] 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
[___] for any Payment Date will be allocated to Series 200[_]-[_] in an amount
equal to the product of (i) the aggregate amount of Shared Excess Interest
Amounts with respect to all other Series in Excess Interest Sharing Group [___]
for such Payment Date and (ii) a fraction, the numerator of which is the
Interest Shortfall with respect to Series 200[_]-[_] 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 [___] 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
[___] for any Payment Date will be allocated to Series 200[_]-[_] in an amount
equal to the product of (i) the aggregate amount of Shared Excess Principal
Amounts with respect to all other Series in Excess Principal Sharing Group [___]
for such Payment Date and (ii) a fraction, the numerator of which is the
Principal Shortfall with respect to Series 200[_]-[_] 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 [___] 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 200[_]-[_] Overcollateralization Amount and the Incremental
Overcollateralization Amount as of the last

                                       20
<PAGE>

day of the related Collection Period. On each day during a Collection Period,
the Servicer, will, or will cause the Indenture Trustee, to calculate the Series
200[_]-[_] Invested Amount.

                  (b)      The Series 200[_]-[_] Nominal Liquidation Amount will
be reduced on any Payment Date by the following amounts:

                  (i)      the amount, if any, of Reallocated Principal
         Collections (not to exceed the Series 200[_]-[_] Overcollateralization
         Amount) used on such Payment Date to pay interest on the Series
         200[_]-[_] Notes pursuant to Section 4.04(b)(i); and

                  (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 200[_]-[_]
Nominal Liquidation Amount due to (A) clause (i) or (ii) above will be
allocated, first, to reduce the Series 200[_]-[_] Overcollateralization Amount
by the amount of such reduction until the Series 200[_]-[_]
Overcollateralization Amount is reduced to zero and (B) clause (ii) above will
be allocated, second, to reduce the Series 200[_]-[_] Invested Amount by any
remaining amount of such reduction until the Series 200[_]-[_] Invested Amount
is reduced to zero. In addition, the Series 200[_]-[_] Invested Amount will be
reduced by amounts on deposit in the Accumulation Account and payments of
principal of the Series 200[_]-[_] Notes. Each reduction of the Series
200[_]-[_] Overcollateralization Amount will be applied, first, to reduce the
Primary Series 200[_]-[_] Overcollateralization Amount and, second, to reduce
the Incremental Overcollateralization Amount.

                  (c)      The Series 200[_]-[_] Nominal Liquidation Amount will
be reinstated on any Payment Date by the sum of (i) the amount of Series
200[_]-[_] Investor Available Interest Amounts that are applied on such Payment
Date for such purpose pursuant to Section 4.04(a)(iv) and (ii) the amount of
Shared Excess Interest Amounts that are applied on such Payment Date for such
purpose pursuant to Sections 4.04(b). Each such reinstatement will be allocated
on such Payment Date, first, if the Series 200[_]-[_] Invested Amount has been
reduced and not fully reinstated, to the Series 200[_]-[_] Invested Amount until
it equals the Series 200[_]-[_] 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 200[_]-[_] Overcollateralization Amount until it has been fully
reinstated.

                  Section 4.10. Establishment of Accumulation Account.

                                       21
<PAGE>

                  (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 200[_]-[_] 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 200[_]-[_] 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 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 200[_]-[_] Noteholders. The Accumulation Account will be under the
sole dominion and control of the Indenture Trustee solely for the benefit of the
Series 200[_]-[_] 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 200[_]-[_] 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 200[_]-[_] 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

                                       22

<PAGE>
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).

                  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 [__] 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 200[_]-[_] 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, (i) the
Accumulation Period shall start no later than [________]; (ii) prior to delaying
the start of the Accumulation Period, each of Standard & Poor's, Moody's [and
Fitch] 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
200[_]-[_] Notes) for which it provides a rating as a result of a delay in the
start of the Accumulation Period, and (iii) 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 200[_]-[_] 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 200[_]-[____] 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 200[_]-[____] 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
200[_]-[____] Noteholders. The Reserve Account will be under the sole dominion
and control of the Indenture Trustee solely for the benefit of the Series
200[_]-[____] 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, 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 200[_]-[____] 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
200[_]-[____] 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 Transferor
on the Series 200[_]-[_] Issuance Date in the amount of the Reserve Account
Initial Deposit.

                  (d)      On each Payment Date, to the extent that Series
200[_]-[_] 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 clauses (i) through (iv) of Section
4.04(a), 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
200[_]-[_], 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 clause
(ii) of Section 4.04(b) and apply, or cause the Indenture Trustee to apply, such
amounts in accordance with clause (ii) of Section 4.04(b). If the Series
200[_]-[_] Notes are not paid in full on the Series 200[_]-[_] Final Maturity
Date, 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) for the Payment Date occurring on the Series
200[_]-[_] Final Maturity Date. Upon the payment in full of the Series
200[_]-[_] Notes under the Indenture and this Indenture Supplement, any funds
remaining in the Reserve Account will be treated as Excess Shared Principal
Amounts available from Series 200[_]-[_] and applied to cover Principal
Shortfalls for other outstanding Series in Excess Principal Sharing Group [_] in
accordance with Section 8.05(b) of the Indenture. Upon the payment in full of
the Series 200[_]-[_] 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 [_], 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.

                                       23

<PAGE>

                  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.

                  (b)      The Series 200[_]-[_] 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 200[_]-[_] NOTES;
             DISTRIBUTIONS; REPORTS TO SERIES 200[_]-[_] NOTEHOLDERS

                  Section 5.01. Delivery and Payment for Series 200[_]-[_]
                  Notes.

                  The Indenture Trustee will execute the Series 200[_]-[_] Notes
in accordance with Section 2.03 of the Indenture. The Indenture Trustee will
deliver the Series 200[_]-[_] Notes to or upon the order of the Issuer when so
authenticated.

                  Section 5.02. Distributions.

                                       24
<PAGE>

                  (a)      On each Payment Date, the Paying Agent will
distribute to each Series 200[_]-[_] Noteholder of record on the related Record
Date (other than as provided in Section 11.02 of the Indenture) such Series
200[_]-[_] 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 200[_]-[_] Notes pursuant to this Indenture Supplement.

                  (b)      On each Payment Date, the Paying Agent will
distribute to each Series 200[_]-[_] Noteholder of record on the related Record
Date (other than as provided in Section 11.02 of the Indenture) such Series
200[_]-[_] 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 200[_]-[_] 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 of this Indenture Supplement.]

                  (d)      Except as provided in Section 11.02 of the Indenture
with respect to a final distribution, distributions to Series 200[_]-[_]
Noteholders hereunder will be made (i) by wire transfer of immediately available
funds to an account designated by the Series 200[_]-[_] Noteholders and (ii)
without presentation or surrender of any Series 200[_]-[_] Notes or the making
of any notation thereon.

                  Section 5.03. Reports and Statements to Series 200[_]-[_]
                  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 form
time to time.

                  (b)      On each Payment Date, the Paying Agent, on behalf of
the Indenture Trustee, will deliver to each Series 200[_]-[_] 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 2004, 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 200[_]-[_] Noteholder, a
statement prepared by the Servicer containing the information that is required
to be contained in the statement to Series 200[_]-[_] 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 200[_]-[_] Noteholder with free and open access
(if required) to such statement.

                                       25
<PAGE>

                  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 200[_]-[_] 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 200[_]-[_] EARLY AMORTIZATION EVENTS

                  Section 6.01. Series 200[_]-[_] 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
200[_]-[_] Notes:

                  (i) failure by the Issuer, the Transferor, the Servicer or
         NMAC (if NMAC is no longer the Servicer), as applicable (a) 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, (b) 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 Days, (c) to comply with its
         covenant not to create any Lien on any Receivable, or (d) 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 (d)) 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 200[_]-[_] Note;

                  (ii) any representation or warranty made by (x) NMAC, as
         seller, in the Receivables Purchase Agreement or (y) 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 60 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 200[_]-[_] Note;
         provided, however, that an Early Amortization Event pursuant to this
         clause (ii) will not be deemed to have occurred hereunder if the
         Transferor has accepted reassignment of the related Receivable, or all
         of

                                       26
<PAGE>

         such Receivables, if applicable, during such period in accordance with
         the provisions of the Transfer and Servicing Agreement;

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

                  (iv)   on any Payment Date, the Primary Series 200[_]-[_]
         Overcollateralization Amount is reduced to an amount less than the
         product of (i) the applicable Series 200[_]-[_] Overcollateralization
         Percentage and (ii) the Series 200[_]-[_] Initial Principal Amount;
         provided, that, for the purpose of determining whether an Early
         Amortization Event has occurred pursuant to this clause (iv), any
         reduction of the Primary Series 200[_]-[_] Overcollateralization Amount
         resulting from reallocations of the Series 200[_]-[_] Investor
         Available Principal Amounts to pay interest on the Series 200[_]-[_]
         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 30 consecutive days following such Interest
         Determination Date;

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

                  (vi)   on any Determination Date, the three-month average
         Monthly Payment Rate for the three consecutive Collection Periods
         preceding such Determination Date is less than [__]%;

                  (vii)  on any Determination Date, the aggregate principal
         balance of Receivables relating to Used Vehicles and Pre-Owned Vehicles
         exceeds [__]% of the aggregate principal balance of Receivables of the
         Issuer as of the last day of the preceding Collection Period;

                  (viii)  for three consecutive Determination Dates, the amounts
         on deposit in the Excess Funding Account on each such Determination
         Dates exceed [   ]% of the sum of the invested amounts of all
         outstanding series issued by the Issuer;

                  (ix)    the Series 200[_]-[_] Outstanding Principal Amount is
         not repaid in full on the Series 200[_]-[_] Expected Final Payment
         Date; or

                  (x)    the occurrence of an Event of Default with respect to
         Series 200[_]-[_] Notes;

then, in the case of any event described in clauses (i), (ii) or (v) above, an
Early Amortization Event with respect to Series 200[_]-[_] 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 200[_]-[_] Noteholders
holding Series 200[_]-[_] Notes evidencing more than 50% of the Series
200[_]-[_] Outstanding Principal Amount by written notice to the Transferor,
NMAC, the Servicer and the Indenture Trustee (if given by Series 200[_]-[_]
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 (iii), (iv) or clauses (vi)
through (x) above, an Early Amortization Event with respect to Series
200[_]-[_] will be deemed to have occurred without any notice or other action on
the part of the Indenture Trustee or the Series 200[_]-[_] Noteholders
immediately upon the occurrence of that event.

                                       27
<PAGE>

                  If the Revolving Period is terminated by the commencement of
an Early Amortization Period resulting from the failure by the Transferor to
transfer Receivables to the Issuer, as described in clause (1) of the definition
of "Early Amortization Event" in the Annex of Definitions, and no other Early
Amortization Event has occurred or not been waived or cured in accordance with
the Indenture, the Early Amortization Period resulting from such failure will
terminate and the Revolving Period will recommence as of the end of the first
Collection Period during which the Transferor would no longer be required to
convey Receivables to the Issuer; provided, that, the Revolving Period will not
recommence if the Accumulation Period has commenced.

                  If an Early Amortization Event (other than an Early
Amortization Event specified in the definition of "Early Amortization Event" in
the Annex of Definitions and other than an Early Amortization Event described in
clause (iii) of this Section) has occurred and the Accumulation Period has not
commenced, the Indenture Trustee shall request from Standard & Poor's, Moody's
[and Fitch] a confirmation that the recommencement of the Revolving Period will
not cause a reduction or withdrawal of the ratings of the Series 200[_]-[_]
Notes (if the Series 200[_]-[_] Notes are then rated by Standard & Poor's
Moody's [and Fitch]). If the Series 200[_]-[_] Noteholders holding Series
200[_]-[_] Notes evidencing more than 50% of the Series 200[_]-[_] Outstanding
Principal Amount consent to the recommencement of the Revolving Period and the
Rating Agency Condition is satisfied, the related Early Amortization Event shall
terminate and the Revolving Period shall recommence.

                                  ARTICLE VII

                     REDEMPTION OF SERIES 200[_]-[_] NOTES;
                   SERIES FINAL MATURITY; FINAL DISTRIBUTIONS

                  Section 7.01. Redemption of Series 200[_]-[_] Notes.

                  (a)      On any day occurring on or after the date on which
the Series 200[_]-[_] Outstanding Principal Amount is reduced to [$[__] or
less], the Issuer will have the option to redeem the Series 200[_]-[_] 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 200[_]-[_] Notes. Not later
than 12:00 noon, New York City time, on the date on which the Issuer is to
redeem the Series 200[_]-[_] 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 200[_]-[_] Invested Amount will be reduced to zero and the
Series 200[_]-[_] Noteholders will have no further interest in the Receivables.
The Reassignment Amount will be distributed in the manner set forth in Section
7.02.

                                       28
<PAGE>

                  Section 7.02. Series Final Maturity.

                  (a)      The amount to be paid by the Transferor with respect
to Series 200[_]-[_] 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 hereof 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 200[_]-[_] Outstanding
Principal Amount on such Payment Date will be distributed to the Paying Agent
for payment to the Series 200[_]-[_] 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 200[_]-[_] 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
200[_]-[_] Noteholders on any prior Payment Date will be distributed to the
Paying Agent for payment to the Series 200[_]-[_] Noteholders.

                  (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 200[_]-[_] Noteholders will be deemed distributed in full to the
Series 200[_]-[_] 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 200[_]-[_] Notes. The
Series 200[_]-[_] Notes will be delivered as Registered Notes as provided in
Section 2.03 of the Indenture.

                  Section 8.03. 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 200[_]-[_] Notes are outstanding, the Issuer determines that an amendment
to this Indenture Supplement is desirable for the Issuer to issue additional
Series 200[_]-[_] Notes, then the Issuer and the Indenture Trustee may enter
into such amendment without obtaining the consent of the Series 200[_]-[_]
Noteholders; provided, that (a) the Rating Agencies shall have advised the
Issuer and the Indenture Trustee that they will not, as a result of the
issuance, reduce or withdraw the rating of any class of any series outstanding
at the time of the issuance and that they will rate the additional Series
200[_]-[_] Notes the same as those Series 200[_]-[_] Notes currently
outstanding, (b) the Issuer has delivered to the Indenture Trustee and the Owner
Trustee a Required Federal Income Tax Opinion and (c) the Series 200[_]-[_]
Invested Amount of the Series 200[_]-[_] Notes and all amounts relating to the
Series 200[_]-[_] Overcollateralization Amount shall be adjusted
proportionately.]

                                       29
<PAGE>

                  Section 8.04. 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 8.05. Governing Law. THIS INDENTURE SUPPLEMENT AND
EACH SERIES 200[_]-[_] 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.

                  Section 8.06. 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.

                                       30
<PAGE>

                  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:[_____________________], not in its individual
                           capacity, but solely as Owner Trustee

                           By____________________________________________
                           Name:
                           Title:

                           [_____________________],
                           not in its individual capacity, but solely as
                           Indenture Trustee

                           By____________________________________________
                           Name:
                           Title:

<PAGE>

                                                                       EXHIBIT A

                                     FORM OF
                     NISSAN MASTER OWNER TRUST RECEIVABLES,
                             SERIES 200[_]-[_] NOTE

                  UNLESS THIS SERIES 200[_]-[_] 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 200[_]-[_] NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                  THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 200[_]-[_]
NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES 200[_]-[_]
NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS
SERIES 200[_]-[_] NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE
DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS
SERIES 200[_]-[_] NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT
OF THIS SERIES 200[_]-[_] NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE
OF THE INITIAL ISSUANCE OF THIS SERIES 200[_]-[_] NOTE, THE INDENTURE TRUSTEE IS
[__________].

                  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 200[_]-[_] NOTE, BY ACCEPTANCE OF
THIS SERIES 200[_]-[_] NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
AGREES TO TREAT THE SERIES 200[_]-[_] 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 200[_]-[_] NOTE SHALL BE DEEMED TO
REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN
ASSETS OF AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT
TO TITLE I OF ERISA, A "PLAN " AS DEFINED IN SECTION 4975 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, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW
THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II)
THE ACQUISITION AND HOLDING OF THE SERIES 200[_]-[_] NOTE WILL NOT GIVE RISE TO
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR
APPLICABLE LAW).

                                      A-1

<PAGE>

Registered    Series [___] Initial Outstanding Principal Amount $[__________](1)

No. R-__

                      NISSAN MASTER OWNER TRUST RECEIVABLES,

                             SERIES 200[_]-[_] NOTE

                  Nissan Master Owner Trust Receivables (herein referred to as
the "Issuer"), a Delaware statutory trust formed by a Trust Agreement dated as
of [_______], for value received, hereby promises to pay to
[___________________], 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
200[_]-[_] 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 200[_]-[_] Note at the Note Interest Rate on each Payment
Date until the principal amount of this Series 200[_]-[_] Note is paid in full.
Interest on this Series 200[_]-[_] 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 200[_]-[_] Issuance Date to but excluding such Payment
Date. Interest will be computed as provided in the Indenture Supplement.
Principal of this Series 200[_]-[_] Note will be paid in the manner specified on
the reverse hereof.

                  The principal of and interest on this Series 200[_]-[_] 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
200[_]-[_] Note set forth on the reverse hereof, which will have the same effect
as though fully set forth on the face of this Series 200[_]-[_] Note.

                  Unless the certificate of authentication hereon has been
executed by or on behalf of the Indenture Trustee, by manual signature, this
Series 200[_]-[_] 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.

--------------------------
(1) Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      A-2
<PAGE>

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

                           NISSAN MASTER OWNER TRUST
                           RECEIVABLES, as Issuer

                           By: [________________________], not in its individual
                           capacity, but solely as Owner Trustee

                           By_________________________________________________
                           Name:
                           Title:

Dated: [ ], 200[_]

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes described in the within-mentioned Indenture.

                           [_____________________], not in its individual
                           capacity, but solely as Indenture Trustee

                           By_________________________________________________
                           Name:
                           Title:

                                      A-3
<PAGE>

                      NISSAN MASTER OWNER TRUST RECEIVABLES,

                             SERIES 200[_]-[_] NOTE

                         Summary of Terms and Conditions

                  This Series 200[_]-[_] Note is one of a duly authorized issue
of Notes of the Issuer, designated as the Nissan Master Owner Trust Receivables,
Series 200[_]-[_] Note (the "Series 200[_]-[_] Notes"), issued under the
Indenture, dated as of [________] (the "Indenture"), between the Issuer and
[____________], as indenture trustee (the "Indenture Trustee"), as supplemented
by the Series 200[_]-[_] Indenture Supplement, dated as of [_______], (the
"Indenture Supplement"), between the Issuer and the Indenture Trustee 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 200[_]-[_] Notes are
subject to all of the terms of the Indenture and the Indenture Supplement. All
terms used in this Series 200[_]-[_] 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
t, as applicable. In the event of any conflict or inconsistency between the
Annex of Definitions or the Indenture Supplement, as applicable, and this Series
200[_]-[_] Note, the Annex of Definitions or the Indenture Supplement, as
applicable, controls.

                  The Series 200[_]-[_] Noteholder, by its acceptance of this
Series 200[_]-[_] Note, agrees that it will look solely to the property of the
Issuer allocated to the payment of this Series 200[_]-[_] Note for payment
hereunder and that the Indenture Trustee is not liable to the Series 200[_]-[_]
Noteholders for any amount payable under this Series 200[_]-[_] Note or the
Indenture or, except as expressly provided in the Indenture, subject to any
liability under the Indenture.

                  This Series 200[_]-[_] 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 200[_]-[_] Initial Principal Amount is
$[__________]. The Series 200[_]-[_] Outstanding Principal Amount on any date of
determination will be an amount equal to (a) the Series 200[_]-[_] Initial
Principal Amount, minus (b) the aggregate amount of principal payments made to
the Series 200[_]-[_] Noteholders on or before such date. Payments of principal
of the Series 200[_]-[_] 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 200[_]-[_] Notes are included in Excess Interest

                                      A-4
<PAGE>

Sharing Group [___] and Excess Principal Sharing Group [___].

                  On each Payment Date, the Paying Agent will distribute to each
Series 200[_]-[_] Noteholder of record on the related Record Date (except for
the final distribution in respect of this Series 200[_]-[_] Note) such Series
200[_]-[_] 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 200[_]-[_] Notes pursuant to the Indenture Supplement.
Except as provided in the Indenture with respect to a final distribution,
distributions to the Series 200[_]-[_] Noteholders shall be made (i) by [2:00
p.m.], New York City time, on the due date thereof, to an account designated by
the holder of this Series 200[_]-[_] Note, in United States dollars and in
immediately available funds and (ii) without presentation or surrender of any
Series 200[_]-[_] Note or the making of any notation thereon. Final payment of
this Series 200[_]-[_] Note will be made only upon presentation and surrender of
this Series 200[_]-[_] Note at the office or agency specified in the notice of
final distribution delivered by the Indenture Trustee to the Series 200[_]-[_]
Noteholders in accordance with the Indenture.

                  On any day occurring on or after the date on which the Series
200[_]-[_] Outstanding Principal Amount is reduced to [$[__] or less], the
Issuer will have the option to redeem the Series 200[_]-[_] Notes, at a purchase
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.

                  This Series 200[_]-[_] 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 200[_]-[_] 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.

                                      A-5
<PAGE>
                  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 200[_]-[_] 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 200[_]-[_] 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
<PAGE>

                                   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 200[_]-[_] 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: ___________________  _________(2)

                  Signature Guaranteed:

---------------------------
(2) 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
<PAGE>
                                                                       EXHIBIT B

                      FORM OF MONTHLY SERVICER'S STATEMENT

                                      B-1
<PAGE>

                                                                       EXHIBIT C

                     FORM OF AUTHORIZED OFFICER CERTIFICATE

                               [Name of Servicer]

                     NISSAN MASTER OWNER TRUST RECEIVABLES,
                                SERIES 200[_]-[_]

                  Pursuant to Section 3.04 of the Transfer and Servicing
Agreement, dated as of [________] (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 Indenture, dated as of [________] (as in effect on the date
hereof, the "Base Indenture"; and together with the Indenture Supplement, the
"Indenture"), each between the Issuer and [__________], 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"):

                  (i)    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.

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

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

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

                  (v)    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].

                  (vi)   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
<PAGE>

                  (vii) 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

                                      A-2<PAGE>
                                                                     EXHIBIT 4.4

                   NISSAN WHOLESALE RECEIVABLES CORPORATION II

                                   Transferor

                      NISSAN MASTER OWNER TRUST RECEIVABLES

                                     Issuer

                       NISSAN MOTOR ACCEPTANCE CORPORATION

                                    Servicer

                            -------------------------

                        TRANSFER AND SERVICING AGREEMENT

                            Dated as of July 24, 2003

                            -------------------------

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                        PAGE
<S>                   <C>                                                                               <C>
ARTICLE I       DEFINITIONS................................................................................1

     Section 1.01     Definitions..........................................................................1

     Section 1.02     Other Definitional Provisions........................................................1

ARTICLE II      TRANSFER OF RECEIVABLES....................................................................2

     Section 2.01     Transfer of Receivables..............................................................2

     Section 2.02     Acceptance by Owner Trustee..........................................................5

     Section 2.03     Representations and Warranties of Transferor Relating to Itself and this
                      Agreement............................................................................5

     Section 2.04     Representations and Warranties of Transferor Relating to Receivables and
                      Accounts.............................................................................8

     Section 2.05     Covenants of Transferor.............................................................10

     Section 2.06     Designation of Additional Accounts..................................................11

     Section 2.07     [Reserved.].........................................................................13

     Section 2.08     Removal of Receivables in Eligible Accounts.........................................13

     Section 2.09     Removal of Receivables in Ineligible Accounts.......................................15

     Section 2.10     Transfer of Ineligible Receivables..................................................16

ARTICLE III     ADMINISTRATION AND SERVICING OF RECEIVABLES...............................................16

     Section 3.01     Acceptance of Appointment and Other Matters Relating to Servicer....................16

     Section 3.02     Servicing Compensation..............................................................18

     Section 3.03     Representations, Warranties and Covenants of Servicer...............................18

     Section 3.04     Preparation of Payment Date Statements..............................................21

     Section 3.05     Annual Servicer's Certificate.......................................................21

     Section 3.06     Annual Independent Public Accountants' Servicing Report.............................22

     Section 3.07     Notices to NMAC.....................................................................22

     Section 3.08     Adjustments.........................................................................22

     Section 3.09     Reports.............................................................................22

ARTICLE IV      OTHER MATTERS RELATING TO TRANSFEROR......................................................23

     Section 4.01     Liability of Transferor.............................................................23

     Section 4.02     Merger or Consolidation of, or Assumption of, Obligations of Transferor.............23
</Table>

                                      -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                        PAGE
<S>                   <C>                                                                               <C>
     Section 4.03     Limitation on Liability of Transferor...............................................24

     Section 4.04     Transferor Indemnification of Issuer, Owner Trustee and Indenture Trustee...........24

     Section 4.05     Subsequent Transferors..............................................................25

ARTICLE V       OTHER MATTERS RELATING TO SERVICER........................................................25

     Section 5.01     Liability of Servicer...............................................................25

     Section 5.02     Merger or Consolidation of, or Assumption of, Obligations of Servicer...............25

     Section 5.03     Limitation on Liability of Servicer and Others......................................26

     Section 5.04     Servicer Indemnification of Issuer, Owner Trustee and Indenture Trustee.............26

     Section 5.05     Resignation of Servicer.............................................................27

     Section 5.06     Access to Certain Documentation and Information Regarding Receivables...............28

     Section 5.07     Examination of Records..............................................................28

     Section 5.08     Swap Agreement......................................................................28

ARTICLE VI      SERVICER DEFAULTS.........................................................................29

     Section 6.01     Servicer Defaults...................................................................29

     Section 6.02     Indenture Trustee to Act; Appointment of Successor..................................30

     Section 6.03     Notification to Noteholders.........................................................31

ARTICLE VII     TERMINATION...............................................................................31

     Section 7.01     Termination of Agreement............................................................31

ARTICLE VIII    MISCELLANEOUS PROVISIONS..................................................................32

     Section 8.01     Amendment; Waiver of Past Defaults..................................................32

     Section 8.02     Protection of Right, Title and Interest to Issuer...................................34

     Section 8.03     [Reserved.].........................................................................35

     Section 8.04     No Petition.........................................................................35

     Section 8.05     Governing Law.......................................................................35

     Section 8.06     Notices.............................................................................35

     Section 8.07     Severability of Provisions..........................................................36

     Section 8.08     Further Assurances..................................................................36
</Table>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                        PAGE
<S>                   <C>                                                                               <C>
     Section 8.09     No Waiver; Cumulative Remedies......................................................36

     Section 8.10     Counterparts........................................................................36

     Section 8.11     Third-Party Beneficiaries...........................................................36

     Section 8.12     Rule 144A Information...............................................................36

     Section 8.13     Action by Owner Trustee or Indenture Trustee........................................37

     Section 8.14     Merger and Integration..............................................................37

     Section 8.15     Headings............................................................................37
</Table>

                                      -iii-
<PAGE>

         TRANSFER AND SERVICING AGREEMENT, dated as of July 24, 2003 (as
modified, supplemented, amended or restated from time to time, this "Agreement")
by and among NISSAN WHOLESALE RECEIVABLES CORPORATION II, a Delaware corporation
("NWRC II", or the "Transferor"), NISSAN MASTER OWNER TRUST RECEIVABLES, a
Delaware business trust ("NMOTR", or the "Issuer"), and NISSAN MOTOR ACCEPTANCE
CORPORATION, a California corporation ("NMAC", or the "Servicer").

                                    RECITALS

         A. The parties hereto desire, among other things, to provide for the
transfer by the Transferor to the Issuer on the first Series Issuance Date and
from time to time thereafter of the Receivables arising in connection with the
Accounts and to provide for the servicing of such Receivables by the Servicer.

         B. Such Receivables have been originally purchased by the Transferor
from NMAC, as Seller, pursuant to the Receivables Purchase Agreement and, upon
the transfer of such Receivables by the Transferor to the Issuer pursuant to the
terms hereof, will secure the Notes issued by the Issuer from time to time under
the Indenture and the Indenture Supplements.

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

                             STATEMENT OF AGREEMENT

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.01 DEFINITIONS.

         All terms used herein and not otherwise defined herein have the
meanings ascribed to them in the Annex of Definitions, attached as Annex A
hereto. Whenever used in this Agreement, 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.

         Section 1.02 OTHER DEFINITIONAL PROVISIONS.

         (a) All terms used herein and not otherwise defined herein or in the
Annex of Definitions have the meanings ascribed to them in the Trust Agreement,
the Indenture or, with respect to any Series, the related Indenture Supplement,
as applicable.

         (b) All terms used herein and defined herein or in the Annex of
Definition have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein.

         (c) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
this Agreement, the Annex of Definitions or in any such certificate or other
document, and accounting terms partly defined in this

                                       1
<PAGE>

Agreement, the Annex of Definitions 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 Agreement. To the extent that
the definitions of accounting terms in this Agreement, the Annex of Definitions
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
Agreement, the Annex of Definitions or in any such certificate or other document
will control.

         (d) Any reference to each Rating Agency only applies to any specific
rating agency if such rating agency is then rating any outstanding Series.

         (e) Unless otherwise specified, references to any dollar amount as on
any particular date mean such amount at the close of business on such day.

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

                                   ARTICLE II
                             TRANSFER OF RECEIVABLES

         Section 2.01 TRANSFER OF RECEIVABLES.

         (a) By execution of this Agreement, the Transferor does hereby (x)
transfer, assign, set over and otherwise convey, without recourse (except as
expressly provided herein), to the Issuer, for the benefit of the Noteholders
and any Series Enhancers, the following property and (y) grant a security
interest in the following property to the Issuer, for the benefit of the
Noteholders and any Series Enhancers, in each case, on and as of the dates
specified below:

                  (i) on the first Series Issuance Date, (A) all of its right,
         title and interest in, to and under each Receivable arising in
         connection with each Initial Account and all Related Security,
         including Transferor's interest in the security interests granted by
         the Dealers in the related Vehicles and any subordinated security
         interests in other Collateral, with respect thereto owned by the
         Transferor at the close of business on the Cut-Off Date, (B) all of its
         rights under the related Sales and Service Agreement, (C) all of its
         rights under intercreditor agreements with third-party creditors of
         Dealers with respect to the designated Accounts, (D) all of its right
         under the related Repurchase Agreements, (E) all of its rights under
         each related Floorplan Financing Agreement, (F) the proceeds of the
         foregoing, with respect thereto owned by the Transferor at the close of
         business on the Cut-Off Date, (G) all monies due or to become due and
         all amounts received with respect thereto and all proceeds (including
         "proceeds," as defined in the UCC) and Recoveries thereof and (H) all
         of its rights, remedies, powers and privileges with respect to such
         Receivable under the related Floorplan Financing Agreement and the
         Receivables Purchase Agreement;

                                       2
<PAGE>

                  (ii) on the applicable Addition Date, (A) all of its right,
         title and interest in, to and under each Receivable arising in
         connection with each Additional Account and all Related Security,
         including Transferor's interest in the security interests granted by
         the Dealers in the related Vehicles and any subordinated security
         interests in other Collateral, with respect thereto owned by the
         Transferor at the close of business on the applicable Additional
         Cut-Off Date, (B) all of its rights under the related Sales and Service
         Agreement, (C) all of its rights under intercreditor agreements with
         third-party creditors of Dealers with respect to the designated
         Accounts, (D) all of its right under the related Repurchase Agreements,
         (E) all of its rights under each related Floorplan Financing Agreement,
         (F) the proceeds of the foregoing, with respect thereto owned by the
         Transferor at the close of business on the Additional Cut-Off Date, (G)
         all monies due or to become due and all amounts received with respect
         thereto and all proceeds (including "proceeds," as defined in the UCC)
         and Recoveries thereof and (H) all of its rights, remedies, powers and
         privileges with respect to such Receivable under the related Floorplan
         Financing Agreement and the Receivables Purchase Agreement; and

                  (iii) on each Business Day occurring before the earlier of (x)
         the occurrence of an Early Amortization Event specified in clause (2)
         of the definition thereof or (y) the Trust Termination Date, on which
         day a new Receivable is created in connection with the Accounts (each
         such Business Day being a "Transfer Date"), (A) all of its right, title
         and interest in, to and under such Receivable and all Related Security,
         including Transferor's interest in the security interests granted by
         the Dealers in the related Vehicles and any subordinated security
         interests in other Collateral, with respect thereto owned by the
         Transferor at the close of business on the applicable Transfer Date and
         not previously transferred to the Issuer pursuant hereto, (B) all of
         its rights under the related Sales and Service Agreement, (C) all of
         its rights under intercreditor agreements with third-party creditors of
         Dealers with respect to the designated Accounts, (D) all of its right
         under the related Repurchase Agreements, (E) all of its rights under
         each related Floorplan Financing Agreement, (F) the proceeds of the
         foregoing, with respect thereto owned by the Transferor at the close of
         business on the Transfer Date, (G) all monies due or to become due and
         all amounts received with respect thereto and all proceeds (including
         "proceeds," as defined in the UCC) and Recoveries thereof and (H) all
         of its rights, remedies, powers and privileges with respect to such
         Receivable under the related Floorplan Financing Agreement and the
         Receivables Purchase Agreement.

         (b) The foregoing transfers, and any subsequent transfers of additional
assets, do not constitute, and are not intended to result in, the creation or an
assumption by the Issuer or the Owner Trustee of any obligation of the
Transferor, the Servicer, the Seller, NML, NNA or any other Person in connection
with the Accounts, the related Receivables or under any agreement or instrument
relating thereto, including any obligation to any Dealers, NML or NNA. The
foregoing transfers are not transfers of the Accounts; they are transfers of the
Receivables arising in connection therewith.

         (c) In connection with such transfers, the Transferor will record and
file, at its own expense, a financing statement on form UCC-1 or any other
applicable form (and continuation statements when applicable) with respect to
the Receivables transferred by the Transferor for the sale of chattel paper,
payment intangibles, general intangibles or accounts (each as defined in the

                                       3
<PAGE>

UCC as in effect in the applicable jurisdiction) meeting the requirements of
applicable law in such manner and in such jurisdictions as are necessary to
perfect the sale and assignment of the Receivables and the Related Security to
the Issuer, and to deliver a file-stamped copy of such financing statements or
other evidence of such filing to the Issuer on or before the first Series
Issuance Date, in the case of the Initial Accounts, and (if any additional
filing is so necessary) the applicable Addition Date, in the case of Additional
Accounts. The Owner Trustee or Indenture Trustee will be under no obligation
whatsoever to file such financing statement, or a continuation statement to such
financing statement, or to make any other filing under applicable law in
connection with such transfers.

         (d) In connection with such transfers, at its own expense, on or before
the first Series Issuance Date, in the case of the Initial Accounts, and the
applicable Addition Date, in the case of Additional Accounts, the Transferor
will:

                  (i) indicate in its computer files, and cause the Seller to
         indicate in its computer files as required by the Receivables Purchase
         Agreement, that the Receivables arising in connection with the Accounts
         and the Related Security: (A) have been sold or assigned, as the case
         may be, to the Transferor pursuant to the related Receivables Purchase
         Agreement, then (B) transferred by the Transferor to the Issuer
         pursuant to this Agreement and then (C) pledged by the Issuer to the
         Indenture Trustee for the benefit of the Noteholders and any Series
         Enhancers pursuant to the Indenture;

                  (ii) in the case of the Initial Accounts, deliver to the Owner
         Trustee (or cause the Seller to do so) a computer file or written list
         of such Initial Accounts specifying the identity of such Initial
         Accounts and the Principal Receivables arising in connection therewith
         as of the Cut-Off Date (such file or list, the "Initial Account
         Schedule"); and

                  (iii) in the case of Additional Accounts, deliver to the Owner
         Trustee (or cause the Seller to do so) a computer file or written list
         of such Additional Accounts specifying the identity of such Additional
         Accounts and the Principal Receivables arising in connection therewith
         as of the Additional Cut-Off Date (such file or list, an "Additional
         Account Schedule").

The Account Schedule, as amended, supplemented or otherwise modified from time
to time will be marked as Schedule 1 to this Agreement and is hereby
incorporated into and made a part of this Agreement. The Owner Trustee is under
no obligation whatsoever to verify the accuracy or completeness of the
information contained in the Account Schedule at any time.

         (e) As consideration for the transfer of Receivables arising in
connection with each Initial Account and the Related Security, on the first
Series Issuance Date the Issuer will pay to the Transferor an amount equal to
$1,316,539,846.26 in the form of cash, an increase in value of the Transferor
Interest (if the Transferor is the holder of the Transferor Interest) and other
valuable consideration having value reasonably equivalent to the value of the
assets so conveyed on such date. On any date after the first Series Issuance
Date on which the Transferor has acquired from NMAC additional Receivables and
Related Security pursuant to the Receivables Purchase Agreement, the Issuer
shall purchase such assets from the Transferor. In consideration for any such
purchase of Receivables and the Related Security, the Issuer will pay to the
Transferor an

                                       4
<PAGE>

amount equal to the amount paid therefor by the Transferor in the form of any
cash drawn from amounts on deposit in the Collection Account or the Excess
Funding Account which amounts have not been allocated to the Noteholders or the
holders of the Transferor Interest pursuant to the Indenture or any Indenture
Supplement and other valuable consideration having value reasonably equivalent
to the value of the assets so conveyed on such date. The purchase price will not
be materially less favorable than prices for transactions of a generally similar
character at the time of the acquisition, taking into account the quality of
such Receivables, the Transferor's cost of acquiring such Receivables and a
reasonable return on such costs, and other pertinent factors; provided that such
consideration will in any event not be less than reasonably equivalent value
therefor.

         Section 2.02 ACCEPTANCE BY OWNER TRUSTEE.

         (a) The Owner Trustee hereby acknowledges its acceptance, on behalf of
the Issuer, of all right, title and interest previously held by the Transferor
to the property, now existing and hereafter created, conveyed to the Issuer
pursuant to Section 2.01. The Owner Trustee further acknowledges that, before or
simultaneously with the execution and delivery of this Agreement, the Transferor
has delivered to the Owner Trustee the Account Schedule relating to the Initial
Accounts.

         (b) The Owner Trustee has no power to create, assume or incur
indebtedness or other liabilities in the name of the Issuer other than as
contemplated in this Agreement and the other Transaction Documents.

         Section 2.03 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR RELATING TO
ITSELF AND THIS AGREEMENT.

         (a) Representations and Warranties. The Transferor hereby represents
and warrants to the Issuer (and agrees that the Owner Trustee and the Indenture
Trustee may conclusively rely on each such representation and warranty in
accepting the Receivables on behalf of the Issuer and in authenticating the
Notes, respectively) as of each Series Issuance Date (unless another date is
specified below) that:

                  (i) Organization and Good Standing. The Transferor is a
         corporation duly formed and validly existing and in good standing under
         the laws of the jurisdiction of its organization and has, in all
         material respects, full power, authority and legal right to own its
         properties and conduct its business as such properties are currently
         owned and such business is currently conducted, and to execute, deliver
         and perform its obligations under this Agreement and the Receivables
         Purchase Agreement.

                  (ii) Due Qualification. The Transferor is duly qualified to do
         business and, where necessary, is in good standing as a foreign
         corporation (or is exempt from such requirement) and has obtained all
         necessary licenses and approvals in each jurisdiction where the conduct
         of its business requires such qualification, except where the failure
         to so qualify or obtain licenses or approvals would not have a material
         adverse effect on its ability to perform its obligations under this
         Agreement or the Receivables Purchase Agreement.

                                       5
<PAGE>

                  (iii) Due Authorization. The Transferor has duly authorized by
         all necessary action on its part the execution and delivery of this
         Agreement and the Receivables Purchase Agreement and the consummation
         by the Transferor of the transactions provided for or contemplated by
         this Agreement and the Receivables Purchase Agreement.

                  (iv) No Conflict. The Transferor's execution and delivery of
         this Agreement and the Receivables Purchase Agreement, its performance
         of the transactions contemplated by this Agreement and the Receivables
         Purchase Agreement and the fulfillment of the terms hereof and thereof
         applicable to it, will not conflict with, result in any breach of any
         of the material terms and provisions of, or constitute (with or without
         notice or lapse of time or both) a material default under, any material
         indenture, contract, agreement, mortgage, deed of trust or other
         instrument to which the Transferor is a party or by which it or its
         properties are bound.

                  (v) No Violation. The Transferor's execution and delivery of
         this Agreement and the Receivables Purchase Agreement, its performance
         of the transactions contemplated by this Agreement and the Receivables
         Purchase Agreement and the fulfillment of the terms hereof and thereof
         applicable to it, will not conflict with or violate any material
         Requirements of Law applicable to it.

                  (vi) No Proceedings. There are no proceedings pending or, to
         the best of its knowledge, no proceedings threatened or investigations
         pending or threatened against the Transferor before or by any
         Governmental Authority (A) asserting the invalidity of this Agreement
         or the Receivables Purchase Agreement, (B) seeking to prevent the
         consummation of any of the transactions contemplated by this Agreement
         or the Receivables Purchase Agreement, (C) seeking any determination or
         ruling that, in its reasonable judgment, would materially and adversely
         affect its performance of its obligations under this Agreement or the
         Receivables Purchase Agreement, (D) seeking any determination or ruling
         that would materially and adversely affect the validity or
         enforceability of this Agreement or the Receivables Purchase Agreement
         or (E) seeking to affect adversely the income tax characterization of
         the Issuer under the United States federal or any other applicable
         state or local jurisdiction's, income single business or franchise tax
         systems.

                  (vii) All Consents Required. All material authorizations,
         consents, orders, approvals or other actions of any Governmental
         Authority required to be obtained or effected by the Transferor in
         connection with its execution and delivery of this Agreement and the
         Receivables Purchase Agreement, its performance of the transactions
         contemplated by this Agreement and the Receivables Purchase Agreement
         and the fulfillment of the terms hereof and thereof applicable to it,
         have been duly obtained or effected and are in full force and effect.

                  (viii) Enforceability. This Agreement and the Receivables
         Purchase Agreement each constitutes a legal, valid and binding
         obligation of the Transferor, enforceable against it in accordance with
         the terms hereof or thereof, except as such enforceability may be
         limited by applicable bankruptcy, insolvency, reorganization,
         moratorium or other similar laws now or hereafter in effect affecting
         the enforcement of creditors' rights in general and

                                       6
<PAGE>

         except as such enforceability may be limited by general principles of
         equity (whether considered in a suit at law or in equity).

                  (ix) Account Schedule. As of the Cut-Off Date, the Initial
         Account Schedule is an accurate and complete listing in all material
         respects of all the Initial Accounts and the information contained
         therein with respect to the identity of such Initial Accounts and the
         Principal Receivables arising in connection therewith is true and
         correct in all material respects. As of the applicable Additional
         Cut-Off Date, the Additional Account Schedule is an accurate and
         complete listing in all material respects of all the related Additional
         Accounts and the information contained therein with respect to the
         identity of such Additional Accounts and the Principal Receivables
         arising in connection therewith is true and correct in all material
         respects as of the Additional Cut-Off Date.

                  (x) Valid Transfer. This Agreement or, in the case of
         Additional Accounts, the related Assignment constitutes a valid
         transfer and assignment to the Issuer of all right, title and interest
         of the Transferor in the related Receivables and the Related Security
         and the proceeds thereof and all of the Transferor's rights, remedies,
         powers and privileges with respect to the Receivables under the
         Receivables Purchase Agreement and, upon the filing of the financing
         statements described in Section 2.01(c) and, in the case of the
         Receivables and the Related Security hereafter created and the proceeds
         thereof, upon the creation thereof, the Issuer will have a first
         priority perfected ownership interest in such property, except for
         Permitted Liens and the Liens permitted under Section 2.05. Except as
         otherwise provided in this Agreement, neither the Transferor nor any
         Person claiming through or under it has any claim to or interest in the
         Trust Assets.

         (b) Notice of Breach. The representations and warranties set forth in
Section 2.03(a) survive the transfer and assignment of the Receivables and
Related Security to the Issuer. Upon discovery by the Transferor, the Owner
Trustee, the Indenture Trustee or the Servicer of a material breach of any of
the foregoing representations and warranties, the party discovering such breach
will give prompt written notice to the other parties and to any Series
Enhancers.

         (c) Reassignment upon Breach. If any breach of any of the
representations and warranties set forth in Section 2.03(a) has a material
adverse effect on the Noteholders' Collateral in Receivables transferred to the
Issuer by the Transferor, then any of the Owner Trustee, the Indenture Trustee
or the Holders of Notes evidencing at least a majority of the Outstanding
Principal Amount of all Notes of all outstanding Series, by notice then given in
writing to the Transferor (and to the Owner Trustee, the Indenture Trustee, the
Servicer and any Series Enhancer if given by the Noteholders), may direct the
Transferor to accept reassignment of all the Receivables transferred by it to
the Issuer within 60 days of such notice (or such longer period as may be
specified in such notice), and the Transferor is obligated to accept such
reassignment on the Determination Date immediately succeeding the expiration of
such 60-day period (or such longer period as may be specified) on the terms and
conditions set forth below; provided, however, that no such reassignment is
required to be made if, by the end of such 60-day period (or such longer period
as may be specified), the representations and warranties set forth in Section
2.03(a) are satisfied in all material respects, and any material adverse effect
on the Noteholders' Collateral in Receivables caused by the breach has been
cured.

                                       7
<PAGE>

         In connection with any reassignment pursuant to this Section, the
Transferor will deposit into the Collection Account in immediately available
funds on the Business Day preceding the Payment Date on which such reassignment
obligation arises, in payment for such reassignment, an amount equal to the sum
of the Reassignment Amounts with respect to each outstanding Series in the
related Indenture Supplement. Notwithstanding anything to the contrary in this
Agreement, such deposited amount will be distributed to the Noteholders on such
Payment Date in accordance with the Indenture and each Indenture Supplement in
payment of their Notes and will result in a corresponding increase in the
Transferor Interest. The Owner Trustee will execute such documents and
instruments of transfer or assignment and take such other actions as are
reasonably requested by the Transferor to effect the conveyance of such
Receivables pursuant to this Section. If the Owner Trustee, the Indenture
Trustee or the Noteholders give notice directing the Transferor to accept
reassignment of all the Receivables transferred by the Transferor as provided
above, the obligation of the Transferor to accept such reassignment and make the
required deposit into the Collection Account pursuant to this Section
constitutes the sole remedy with respect to an event of the type specified in
the first sentence of this Section 2.03(c) available to the Noteholders (or the
Owner Trustee, any Series Enhancer or the Indenture Trustee on behalf of the
Noteholders).

         Section 2.04 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR RELATING TO
RECEIVABLES AND ACCOUNTS.

         (a) Representations and Warranties. The Transferor hereby represents
and warrants to the Issuer that:

                  (i) As of the first Series Cut-Off Date, each Additional
         Cut-Off Date or the Transfer Date, as the case may be, each Receivable
         and its Related Security to be transferred by it to the Issuer on the
         related Series Issuance Date, Addition Date or Transfer Date, as the
         case may be, are being transferred free and clear of any Lien (except
         for Permitted Liens and Liens permitted under Section 2.05), and all
         consents, licenses, approvals or authorizations of or registrations or
         declarations with any Governmental Authority required to be obtained,
         effected or given by the Transferor in connection with the transfer of
         such Receivable and Related Security on such date have been duly
         obtained, effected or given and are in full force and effect.

                  (ii) (A) Each Initial Account is an Eligible Account as of the
         Cut-Off Date and (B) each Additional Account is an Eligible Account as
         of the applicable Additional Cut-Off Date and (C) each Account is an
         Eligible Account as of each Series Cut-Off Date.

                  (iii) As of the first Series Cut-Off Date, each Additional
         Cut-Off Date or the Transfer Date, as the case may be, each Receivable
         transferred by the Transferor to the Issuer on the related Series
         Issuance Date, Addition Date or Transfer Date, is an Eligible
         Receivable or, if such Receivable is not an Eligible Receivable, such
         Receivable is being transferred in accordance with Section 2.10.

         (b) Notice of Breach. The representations and warranties set forth in
Section 2.04(a) survive the transfer and assignment of the Receivables and
Related Security to the Issuer. Upon discovery by the Transferor, the Owner
Trustee, the Indenture Trustee or the Servicer of a material

                                       8
<PAGE>

breach of any of the foregoing representations and warranties, the party
discovering such breach will give prompt written notice to the other parties and
to any Series Enhancers.

         (c) Reassignment upon Breach. If any representation or warranty under
Section 2.04(a) is not true and correct as of the date specified therein and
such breach has a material adverse effect on a Receivable, then, within 30 days
(or such longer period as may be agreed to by the Indenture Trustee and the
Servicer) of the earlier to occur of the discovery of any such breach by the
Transferor, or receipt by the Transferor of written notice of any such breach
given by the Owner Trustee, the Indenture Trustee, the Servicer or any Series
Enhancers, the Transferor will accept reassignment of such Receivable on the
Determination Date immediately succeeding the expiration of such 30-day period
(or such longer period as may agreed to by the Indenture Trustee and the
Servicer) on the terms and conditions set forth in the next succeeding
paragraph; provided, however, that no such reassignment will be required to be
made if, by the end of such 30-day period (or such longer period as may be
agreed to by the Indenture Trustee and the Servicer), the representations and
warranties set forth in Section 2.04(a) are then true and correct in all
material respects and any material adverse effect caused by the breach has been
cured.

         In connection with any reassignment of a Receivable pursuant to this
Section, the Transferor will direct the Servicer to deduct, subject to the next
sentence, the principal amount of such Receivable from the Pool Balance on or
before the end of the Collection Period in which such reassignment obligation
arises. If such deduction would cause the Adjusted Pool Balance to fall below
the Required Participation Amount, then (i) pursuant to Section 2.06, the
Transferor shall designate additional Eligible Accounts as Additional Accounts,
such that the Adjusted Pool Balance exceeds the Required Participation Amount,
or (ii) the Transferor shall deposit into the Excess Funding Account in
immediately available funds the Transferor Deposit Amount; provided, however,
that if the Transferor fails to transfer such Receivable and Related Security
arising in connection with such Additional Accounts, or if the related
Transferor Deposit Amount is not deposited as required by this sentence, then
the principal amount of such Receivable will not be deducted from the Pool
Balance for purposes of determining whether the Adjusted Pool Balance has fallen
below the Required Participation Amount and collections in respect of such
Receivable will continue to be included in Interest Collections and Principal
Collections. Upon reassignment of any such Receivable, but only after the
transfer by the Transferor of Receivables and Related Security with respect to
Additional Accounts or payment by the Transferor of the Transferor Deposit
Amount, if any, the Issuer will automatically and without further action be
deemed to transfer, assign, set over and otherwise convey to the Transferor,
without recourse, representation or warranty, all the right, title and interest
of the Issuer in and to such Receivable, all Related Security and all moneys due
or to become due with respect thereto and all proceeds thereof. The Owner
Trustee will execute such documents and instruments of transfer or assignment
and take such other actions as are reasonably requested by the Transferor to
effect the conveyance of such Receivable pursuant to this Section. The
obligation of the Transferor to accept reassignment of any such Receivable and
to pay any related Transferor Deposit Amount constitutes the sole remedy with
respect to the event of the type specified in the first sentence of this Section
2.04(c) available to the Noteholders (or the Owner Trustee, any Series Enhancer
or the Indenture Trustee on behalf of the Noteholders).

                                       9
<PAGE>

         Section 2.05 COVENANTS OF TRANSFEROR.

         The Transferor hereby covenants that:

         (a) No Liens. Except for the conveyances hereunder or as provided in
the Transaction Documents, the Transferor will not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist
any Lien (other than Permitted Liens) on, any Receivable or any Related
Security, whether now existing or hereafter created, or any interest therein, or
the Transferor's rights, remedies, powers or privileges with respect to such
Receivables under the Receivables Purchase Agreement to which it is a party, and
the Transferor will defend the right, title and interest of the Issuer and the
Indenture Trustee in, to and under such Receivables and the Related Security,
whether now existing or hereafter created, and such rights, remedies, powers and
privileges, against all claims of third parties claiming through or under the
Transferor.

         (b) Account Allocations. If the Transferor is unable for any reason to
transfer Receivables to the Issuer, then the Transferor agrees that it will
allocate, after the occurrence of such event, Collections received in respect of
each related Account as follows: (i) Principal Collections will be allocated to
a Receivable on the basis of the Vehicle to which such Receivable relates; and
(ii) Interest Collections in respect of such Account will be allocated to the
Issuer on the basis of the ratio of the Principal Receivables owned by the
Issuer in connection with such Account on the date of determination to the total
amount of Principal Receivables in connection with such Account on such date of
determination, and the remainder of such Interest Collections will be allocated
to the Transferor.

         (c) Delivery of Collections. If the Transferor, the Seller or any
Affiliate thereof receives payments in respect of the Receivables transferred to
the Issuer by the Transferor, the Transferor and the Seller will pay or cause to
be paid to the Servicer or any Successor Servicer all such payments as soon as
practicable after receipt thereof, but in no event later than two Business Days
after receipt.

         (d) Notice of Liens. The Transferor will notify the Owner Trustee and
the Indenture Trustee promptly after becoming aware of any Lien on any
Receivable transferred by the Transferor other than Permitted Liens and the
Liens permitted under the Transaction Documents.

         (e) Compliance with Law. The Transferor will comply in all material
respects with all Requirements of Law applicable to it.

         (f) Transferor Interest. Except for (A) the conveyances hereunder, in
connection with any transaction permitted by clause (i) of Section 4.02(a) and
as provided in Section 4.05 of this Agreement or Section 2.12 of the Indenture
or (B) conveyances with respect to which the Rating Agency Condition has been
satisfied and with respect to which a Required Federal Income Tax Opinion has
been delivered to the Owner Trustee and the Indenture Trustee, the Transferor
agrees not to sell, transfer, assign, participate, pledge, exchange or otherwise
convey or pledge, hypothecate or otherwise grant a security interest in the
share of the Transferor Interest owned by it and any such attempted sale,
transfer, assignment, exchange, conveyance, pledge, hypothecation or grant will
be void; provided, however, that nothing in this Section 2.05(f) prevents the
owner of an interest in the Transferor Interest from granting to an Affiliate a
participation interest or other

                                       10
<PAGE>

beneficial interest in the rights to receive cash flows related to the
Transferor Interest so long as (1) such interest does not grant such Affiliate
any rights hereunder or delegate to such Affiliate any obligations or duties
hereunder, (2) the transferor of such interest obtains the prior written consent
of the Transferor and (3) a Required Federal Income Tax Opinion has been
delivered to the Owner Trustee and the Indenture Trustee.

         (g) Certificate of Incorporation. (x) The Transferor will comply in all
material respects with the Certificate of Incorporation and (y) the Transferor
agrees not to amend, alter, modify, repeal or change in any way the Certificate
of Incorporation without (1) providing notice thereof to Moody's (if Moody's is
then rating any Class or Series of Notes), (2) satisfaction of the Rating Agency
Condition, and (iii) if such amendment, alteration, modification, repeal or
change relates to or affects Article Four, Six, Seven, Eight or Nine of the
Certificate of Incorporation, obtaining the written consent of at least a
majority of the Outstanding Principal Amount of all Notes of all Outstanding
Series.

         (h) Directors. The board of directors of the Transferor shall consider
the interests of the Transferor's creditors when making decisions.

         Section 2.06 DESIGNATION OF ADDITIONAL ACCOUNTS.

         (a) Required Addition or Deposit. If, at the close of business on any
day, the Adjusted Pool Balance on such day is less than the Required
Participation Amount on such day, then the Transferor shall either (i) designate
additional Eligible Accounts as Additional Accounts such that, after giving
effect to the transfer to the Issuer on the applicable Addition Date of all
Eligible Receivables (and the Related Security) arising in connection with such
Additional Accounts, the Adjusted Pool Balance at the close of business on such
Addition Date will be at least equal to such Required Participation Amount or
(ii) deposit into the Excess Funding Account in immediately available funds the
amount by which the Adjusted Pool Balance would be less than such Required
Participation Amount. The Transferor will satisfy the conditions specified in
Section 2.06(e) in designating such Additional Accounts and transferring the
related Receivables to the Issuer.

         (b) Optional Addition. The Transferor may from time to time, at its
sole discretion, subject to the conditions specified in Section 2.06(e),
designate additional Eligible Accounts as Additional Accounts and transfer to
the Issuer the Receivables (and the Related Security) arising in connection with
such Additional Accounts.

         (c) Replacement Addition. If, at the close of business on any day, the
Servicer's records indicate that an Account has become an Ineligible Account,
and the Transferor is required to redesignate any such Account as a Redesignated
Account in the manner provided in Section 2.09(b), then the Transferor may
designate additional Eligible Account(s) as Additional Account(s) to replace the
Ineligible Account, in the manner provided in Section 2.09(c), and transfer to
the Issuer the Receivables (and the Related Security) arising in connection with
such Additional Account(s).

         (d) Addition Notices. All Receivables and Related Security arising in
connection with any Additional Accounts owned by the Transferor at the close of
business on the applicable Additional Cut-Off Date will be transferred to the
Issuer on a date (the "Addition Date") specified

                                       11
<PAGE>

in a written notice provided by the Transferor (or the Servicer on its behalf)
to the Owner Trustee, the Indenture Trustee, any Series Enhancers and the Rating
Agencies specifying the Additional Cut-Off Date and the Addition Date for such
Additional Accounts (the "Addition Notice") on or before the second Business Day
but not more than the 30th day before the related Addition Date (the "Notice
Date").

         (e) Conditions. The Transferor is permitted to transfer to the Issuer
the Receivables and all Related Security related thereto arising in connection
with any Additional Accounts designated by the Transferor pursuant to Section
2.06(a), (b) or (c) only upon satisfaction of each of the following conditions
on or before the related Addition Date:

                  (i) the Transferor (or the Servicer on its behalf) has
         provided the Owner Trustee and the Indenture Trustee with a timely
         Addition Notice;

                  (ii) the Transferor has delivered to the Owner Trustee a duly
         executed written assignment (including an acceptance by the Owner
         Trustee) in substantially the form of Exhibit A (the "Assignment"),
         along with the applicable Additional Account Schedule in accordance
         with Section 2.01(d)(iii);

                  (iii) the Transferor has delivered to the Servicer all
         Collections with respect to such Additional Accounts since the
         Additional Cut-Off Date;

                  (iv) the Transferor has represented and warranted that:

                           (A) each such Additional Account is an Eligible
                  Account as of the Additional Cut-Off Date;

                           (B) no selection procedures reasonably believed by
                  the Transferor to be adverse to the interests of the
                  Noteholders or any Series Enhancers were used in selecting
                  such Additional Accounts;

                           (C) the Additional Account Schedule delivered
                  pursuant to clause (ii) above is true and correct in all
                  material respects as of the Additional Cut-Off Date;

                           (D) as of each of the Notice Date and the Addition
                  Date, none of the Seller, the Transferor or the Servicer is
                  insolvent or will be made insolvent by the transfer and none
                  of them is aware of any events or circumstances that could
                  reasonably be expected to lead to its insolvency; and

                           (E) the addition of the Receivables arising in
                  connection with such Additional Accounts will not, in the
                  reasonable belief of the Transferor, cause an Early
                  Amortization Event to occur;

                  (v) the Transferor has delivered to the Owner Trustee, the
         Indenture Trustee and any Series Enhancers an Officer's Certificate
         confirming, to the best of such officer's knowledge, the satisfaction
         of each of the conditions set forth in clauses (i) through (iv) above.
         Each of the Owner Trustee and the Indenture Trustee may conclusively
         rely on such

                                       12
<PAGE>

         Officer's Certificate and has no duty to make inquiries with regard to
         the matters set forth therein and will incur no liability in so
         relying; and

                  (vi) the Transferor has delivered to the Owner Trustee, the
         Indenture Trustee and any Series Enhancers reasonable evidence
         confirming the validity and perfection of the transfer of Accounts
         included as Additional Accounts.

         (f) Representations and Warranties. The Transferor hereby represents
and warrants on each applicable Addition Date as to the matters set forth in
clause (iv) of Section 2.06(e). These representations and warranties will
survive the transfer of the respective Receivables and the Related Security to
the Issuer. Upon discovery by the Transferor, the Servicer, the Owner Trustee,
the Indenture Trustee or any Series Enhancers of a material breach of any of
these representations and warranties, the party discovering such breach will
give prompt written notice to the other parties and to any Series Enhancers. If
any such breach has a material adverse effect on the related Receivable, the
provisions of Section 2.03(c) will apply.

         Section 2.07 [RESERVED.]

         Section 2.08 REMOVAL OF RECEIVABLES IN ELIGIBLE ACCOUNTS.

         (a) Optional Redesignation. On any date, the Transferor has the right
to redesignate any Eligible Accounts as Redesignated Accounts and thereby either
repurchase from the Issuer the outstanding related Receivables and all Related
Security in connection with such Redesignated Accounts, including all amounts
then held by the Issuer or thereafter received by the Issuer in respect of such
Receivables, or cease the transfer to the Issuer of Receivables and Related
Security arising in such Redesignated Accounts after the Redesignation Date;
provided, however, that, in any calendar year, the Transferor will have the
option to redesignate Eligible Receivables pursuant to this Section 2.08 in
amount not to exceed 5% of the highest Pool Balance at any time during such
calendar year.

         (b) Conditions. Any redesignation of Eligible Accounts as provided in
Section 2.08(a) is subject to the satisfaction of the following conditions:

                  (i) the Transferor has delivered to the Servicer (if the
         Servicer is not NMAC) on such Redesignation Date a written notice,
         substantially in the form attached as Exhibit B, directing the Servicer
         to select as Redesignated Accounts those Eligible Accounts whose
         Principal Receivables approximately equal the amount of Receivables
         specified by the Transferor to be removed from the Trust Assets on the
         Redesignation Date;

                  (ii) the Transferor (or the Servicer on its behalf) has, on or
         before the Redesignation Date, delivered to the Owner Trustee and the
         Indenture Trustee the applicable Redesignated Account Schedule; and

                  (iii) the Transferor has represented and warranted that:

                           (A) the redesignation of any such Eligible Accounts
                  (and the related Receivables) on the Redesignation Date will
                  not, in the reasonable belief of the

                                       13
<PAGE>

                  Transferor, cause an Early Amortization Event to occur or
                  cause the Adjusted Pool Balance to be less than the Required
                  Participation Amount;

                           (B) the Redesignated Accounts were not chosen through
                  a selection process that was materially adverse to the
                  interests of the Noteholders, the holders of the Transferor
                  Interest or any Series Enhancers; and

                           (C) the Redesignated Account Schedule delivered
                  pursuant to clause (ii) above is true and correct in all
                  material respects as of its date.

         On the Redesignation Date with respect to any such Redesignated
Account, the Transferor will cease to transfer to the Issuer any Receivables
arising in connection with such Redesignated Account and all such Receivables,
including all amounts then held by the Issuer or thereafter received by the
Issuer in respect of such Receivables, will be deemed removed from the Trust
Assets for all purposes. Unless such redesignation is accompanied by repurchase
of the related outstanding Receivables, Principal Collections relating to such
Redesignated Account will be allocated first to outstanding Receivables owned by
the Issuer relating to such Account until the amount of such Receivables
(measured as of the Redesignation Date) has been reduced to zero, and Interest
Collections will be allocated to the Issuer on the basis of the ratio of the
Principal Receivables owned by the Issuer in connection with such Account on the
date of determination to the total amount of Principal Receivables in connection
with such Account on such date of determination, and the remainder of such
Interest Collections will be allocated to the Transferor. After the
Redesignation Date and upon written request of the Servicer, the Owner Trustee
will deliver to the Transferor a Reassignment.

         (c) Covenants. The Transferor hereby covenants that on or promptly
following the Redesignation Date with respect to the redesignation of any
Eligible Account as provided in Section 2.08(a):

                  (i) the Transferor (or the Servicer on its behalf) will
         deliver to the Owner Trustee, the Indenture Trustee and any Series
         Enhancers a Redesignation Notice, substantially in the form attached as
         Exhibit B, specifying such Redesignation Date on which the
         redesignation of Receivables in one or more Eligible Accounts occurred;
         and

                  (ii) the Transferor will deliver to the Owner Trustee, the
         Indenture Trustee and any Series Enhancers an Officer's Certificate
         confirming, to the best of such officer's knowledge, the satisfaction
         of each of the conditions set forth in clauses (i) through (iii) of
         Section 2.08(b) and clause (i) of this Section 2.08(c). Each of the
         Owner Trustee and the Indenture Trustee may conclusively rely on such
         Officer's Certificate and has no duty to make inquiries with regard to
         the matters set forth therein and will incur no liability in so
         relying.

         On any Redesignation Date, if the Notes are no longer outstanding, or
the Account to be redesignated has been liquidated and has a balance of zero,
then the foregoing requirement set forth in clause (i) to deliver a
Redesignation Notice to the Series Enhancers shall not apply.

         (d) Representations and Warranties. The Transferor hereby represents
and warrants on each applicable Redesignation Date as to the matters set forth
in clause (iii) of Section 2.08(b).

                                       14
<PAGE>

These representations and warranties will survive the removal of the respective
Receivables and the Related Security from the Issuer. Upon discovery by the
Transferor, the Servicer, the Owner Trustee, the Indenture Trustee or any Series
Enhancers of a material breach of any of these representations and warranties,
the party discovering such breach will give prompt written notice to the other
parties and to any Series Enhancers. If any such breach has a material adverse
effect on the related Receivable, the provisions of Section 2.03(c) will apply.

         Section 2.09 REMOVAL OF RECEIVABLES IN INELIGIBLE ACCOUNTS.

         (a) As of the date on which the Servicer's records indicate that an
Account has become an Ineligible Account, Transferor will be required to
redesignate any such Account as a Redesignated Account in the manner provided in
Section 2.09(b).

         (b) With respect to each Ineligible Account, the Transferor (or the
Servicer on its behalf) will take the following actions and make the following
determinations:

                  (i) by the Payment Date occurring in the calendar month
         immediately succeeding the calendar month in which the Redesignation
         Date for such Account occurred, deliver to the Owner Trustee, the
         Indenture Trustee and any Series Enhancers a Redesignation Notice
         (which may be incorporated into the Payment Date Statement prepared by
         the Servicer) specifying the applicable Redesignation Date; and

                  (ii) by the Determination Date occurring in the calendar month
         immediately following the calendar month in which the Redesignation
         Date for such Account occurred, deliver to the Owner Trustee and the
         Indenture Trustee the applicable Redesignated Account Schedule, and
         represent and warrant that such Redesignated Account Schedule is true
         and complete in all material respects as of the applicable
         Redesignation Date (each of the Owner Trustee and the Indenture Trustee
         being entitled to conclusively rely on such Redesignated Account
         Schedule and having no duty to make inquiries with regard to the
         matters set forth therein and incurring no liability in so relying).

         On the Redesignation Date with respect to any such Redesignated
Account, the Transferor will cease to transfer to the Issuer any Receivables
arising in connection with such Redesignated Account and all such Receivables,
including all amounts then held by the Issuer or thereafter received by the
Issuer in respect of such Receivables, will be deemed removed from the Trust
Assets for all purposes.

         (c) On each applicable Redesignation Date, the Transferor shall, in
connection with the redesignation of an Ineligible Account, either (i) transfer
a Replacement Account to the Issuer and deposit into the Excess Funding Account
in immediately available funds the Transferor Replacement Amount with respect to
such Ineligible Account in an amount that represents the excess, if any, between
the Principal Receivables of such Ineligible Account over the Principal
Receivables of such Replacement Account as measured on the date of such transfer
or (ii) deposit into the Excess Funding Account in immediately available funds
the Transferor Replacement Amount with respect to such Ineligible Account in an
amount equal to the Principal Receivables of such Ineligible Account. The
Transferor, at its sole discretion, may repurchase all related Receivables with
respect to such Redesignated Account. If the Transferor does not repurchase

                                       15
<PAGE>

such related Receivables, Principal Collections relating to such Redesignated
Account will be allocated first to outstanding Receivables owned by the Issuer
relating to such Account until the amount of such Receivables (as of the related
Redesignation Date) has been reduced to zero, and Interest Collections will be
allocated to the Issuer on the basis of the ratio of the Principal Receivables
owned by the Issuer in connection with such Redesignated Account on the date of
determination to the total amount of Principal Receivables in connection with
such Redesignated Account on such date of determination, and the remainder of
such Interest Collections will be allocated to the Holder of the Transferor
Interest.

         After the Redesignation Date and upon written request of the Servicer
in connection with any repurchase of the related Receivables of any Redesignated
Account, the Owner Trustee will deliver to the Transferor a Reassignment.

         Section 2.10 TRANSFER OF INELIGIBLE RECEIVABLES.

         The Transferor will transfer to the Issuer on each Transfer Date any
and all Ineligible Receivables arising in connection with any Eligible Account
and on the applicable Transfer Date, the Overcollateralization Amount (or any
Incremental Overcollateralization Amount as specified in the related Indenture
Supplement) and the Required Participation Amount shall be adjusted in
accordance with the related Indenture Supplement.

                                   ARTICLE III
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 3.01 ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
SERVICER.

         (a) The Servicer will service, manage, administer and make collections
on the Receivables, all in accordance with its customary and usual servicing
procedures for servicing dealer floorplan receivables comparable to the
Receivables that the Servicer services for its own account or others, in
accordance with the Floorplan Financing Agreements and in accordance with the
applicable Floorplan Financing Guidelines. The Servicer has full power and
authority, acting alone or through any party properly designated by it
hereunder, to do any and all things in connection with such servicing and
administration that it may deem necessary or desirable. Without limiting the
generality of the foregoing and subject to Section 6.01, the Servicer is hereby
authorized and empowered, unless such power and authority is revoked by the
Indenture Trustee upon the occurrence of a Servicer Default pursuant to Section
6.01, to do any of the following:

                  (i) to make deposits into the Collection Account and to
         instruct the Indenture Trustee in writing or the Owner Trustee to make
         withdrawals and payments from the Collection Account, the Excess
         Funding Account and any Series Account as set forth in this Agreement,
         the Indenture or any Indenture Supplement and, in connection therewith,
         perform all calculations (including any allocations of funds and other
         amounts) required to be performed by the Servicer as provided in this
         Agreement, the Indenture or any Indenture Supplement;

                  (ii) to instruct the Indenture Trustee in writing or the Owner
         Trustee to take any action required or permitted under any Series
         Enhancement;

                                       16
<PAGE>

                  (iii) to execute and deliver, on behalf of the Issuer, any and
         all instruments of satisfaction or cancellation, or of partial or full
         release or discharge, and all other comparable instruments, with
         respect to the Receivables and, after the delinquency of any Receivable
         and to the extent permitted under and in compliance with applicable
         Requirements of Law, to commence enforcement proceedings with respect
         to such Receivables;

                  (iv) to make any filings, reports, notices, applications,
         registrations with, and seek any consents or authorizations from, the
         Securities and Exchange Commission and any state securities authority
         on behalf of the Issuer as may be necessary or advisable to comply with
         any federal or state securities laws or reporting requirement;

                  (v) to delegate certain of its servicing, collection,
         enforcement and administrative duties hereunder with respect to the
         Accounts and the Receivables to any Person who agrees to conduct such
         duties in accordance with the applicable Floorplan Financing Guidelines
         and this Agreement; provided, however, that the Servicer will notify
         the Indenture Trustee, the Owner Trustee, the Rating Agencies and any
         Series Enhancers in writing of any such delegation other than in the
         ordinary course of its business or to a Person that is not one of the
         Servicer's Affiliates; and, provided further, that no delegation will
         relieve the Servicer of its liability and responsibility with respect
         to such delegated duties and will not constitute a resignation within
         the meaning of Section 5.05; and

                  (vi) to execute and deliver any filings, certificates,
         affidavits or other instruments required under the Sarbanes-Oxley Act
         of 2002, to the extent permitted by applicable law.

         The Indenture Trustee and the Owner Trustee will furnish the Servicer
with any powers of attorney and other documents reasonably necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties hereunder.

         (b) If the Transferor is unable for any reason to transfer Receivables
to the Issuer in accordance with the provisions of this Agreement then, in any
such event, the Servicer agrees (i) to give prompt written notice thereof to the
Indenture Trustee, the Owner Trustee, any Series Enhancers and (ii) after the
occurrence of such event, to allocate Collections received in respect of each
related Account in accordance with Section 2.05(b).

         (c) The Servicer will not, and any Successor Servicer will not, be
obligated to use servicing procedures, offices, employees or accounts for
servicing the Receivables different from the procedures, offices, employees and
accounts used by the Servicer in connection with servicing other floorplan
receivables.

         (d) The Servicer will comply with and perform its servicing obligations
with respect to the Accounts and Receivables in accordance with the applicable
Floorplan Financing Agreements relating to the Accounts and the applicable
Floorplan Financing Guidelines, except insofar as any failure to so comply or
perform would not materially and adversely affect the rights of the Issuer or
the Noteholders and any Series Enhancers. Subject to compliance with all
Requirements of Law, the Servicer may change the terms and provisions of any of
the Floorplan Financing Agreements or

                                       17
<PAGE>

its Floorplan Financing Guidelines in any respect (including the calculation of
the amount or the timing of charge-offs and the rate of the interest charge
assessed thereon), only if:

                  (i) as a result of such change, in the reasonable judgment of
         the Servicer, no Early Amortization Event will occur at any time and
         none of the Series Enhancers, if any, or the Noteholders will be
         adversely affected;

                  (ii) such change is made applicable to the comparable segment
         of floorplan accounts owned or serviced by the Servicer that have
         characteristics the same as, or substantially similar to, the Accounts
         that are the subject of such change; and

                  (iii) in the case of a reduction in the rate of such interest
         charges, the Servicer does not reasonably expect any such reduction to
         result in the weighted average of the Reference Rates applicable to the
         Receivables (net of the applicable rate used to calculate the Servicing
         Fee) for any Collection Period being less than the weighted average of
         the sum of the Note Interest Rates (in the case of a Series with a
         fixed Note Interest Rate and a swap agreement, the floating rate
         payable by the Issuer under the swap agreement) and the applicable rate
         used to calculate the Servicing Fee for the related Interest Period
         (each such term as defined in the related Indenture Supplement).

For purposes of clause (iii) of the preceding sentence, so long as the Reference
Rate is based on the prime rate of one or more banks (which bank or banks may
change from time to time), downward fluctuations in the Reference Rate will not
be deemed to be a reduction in the rate of such interest charges; provided that
a reduction in the margin added to such Reference Rate to determine the interest
charge would be a reduction in such interest charge.

         Section 3.02 SERVICING COMPENSATION.

         (a) As full compensation for its servicing activities hereunder and
reimbursement for its expenses as set forth in the immediately following
paragraph, the Servicer is entitled to receive the Servicing Fee on each Payment
Date on or before the Trust Termination Date payable in arrears. The "Servicing
Fee" is the aggregate of the Monthly Servicing Fees specified in the Indenture
Supplements. The Servicing Fee is payable to the Servicer solely to the extent
amounts are available for payment in accordance with the terms of the Indenture
Supplements.

         (b) The Servicer will be required to pay all expenses incurred by it in
connection with its servicing activities hereunder, including (i) all reasonable
fees and disbursements of the Owner Trustee, the Indenture Trustee and
independent accountants, (ii) taxes imposed on the Servicer and (iii) expenses
incurred in connection with making distributions and providing reports to the
Noteholders and others.

         Section 3.03 REPRESENTATIONS, WARRANTIES AND COVENANTS OF SERVICER.

         (a) Representations and Warranties. NMAC, as Servicer, hereby makes,
and any Successor Servicer by its appointment hereunder will make, on each
Series Issuance Date (and on the date of any such appointment) the following
representations, warranties and covenants:

                                       18
<PAGE>

                  (i) Organization and Good Standing. It is a corporation duly
         organized, validly existing and in good standing under the applicable
         laws of the jurisdiction of its organization and has, in all material
         respects, full corporate power, authority and legal rights to own its
         properties and conduct its floorplan receivable servicing business as
         such properties are currently owned and as such business is currently
         conducted, and to execute, deliver and perform its obligations under
         this Agreement.

                  (ii) Due Qualification. It is duly qualified to do business
         and, where necessary, is in good standing as a foreign corporation (or
         is exempt from such requirements) and has obtained all necessary
         licenses and approvals in each jurisdiction where the servicing of the
         Receivables as required by this Agreement requires such qualification,
         except where the failure to so qualify or obtain licenses or approvals
         would not have a material adverse effect on its ability to perform its
         obligations under this Agreement.

                  (iii) Due Authorization. It has duly authorized by all
         necessary action on its part the execution and delivery of this
         Agreement and the consummation of the transactions provided for or
         contemplated by this Agreement.

                  (iv) No Conflict. Its execution and delivery of this
         Agreement, its performance of the transactions contemplated by this
         Agreement and the fulfillment of the terms hereof applicable to it,
         will not conflict with, result in any breach of any of the material
         terms and provisions of, or constitute (with or without notice or lapse
         of time or both) a material default under, any material indenture,
         contract, agreement, mortgage, deed of trust or other instrument to
         which the Servicer is a party or by which it or its properties are
         bound.

                  (v) No Violation. Its execution and delivery of this
         Agreement, its performance of the transactions contemplated by this
         Agreement and its fulfillment of the terms hereof applicable to it will
         not conflict with or violate any material Requirement of Law applicable
         to it.

                  (vi) No Proceedings. There are no proceedings pending or, to
         the best of its knowledge, no proceedings threatened or investigations
         pending or threatened against it before or by any Governmental
         Authority (A) asserting the invalidity of this Agreement, (B) seeking
         to prevent the consummation of any of the transactions contemplated by
         this Agreement, (C) seeking any determination or ruling that, in its
         reasonable judgment, would materially and adversely affect its
         performance of its obligations under this Agreement or (D) seeking any
         determination or ruling that would materially and adversely affect the
         validity or enforceability of this Agreement.

                  (vii) All Consents Required. All material authorizations,
         consents, orders, approvals or other actions of any Governmental
         Authority required to be obtained or effected by the Servicer in
         connection with its execution and delivery of this Agreement, its
         performance of the transactions contemplated by this Agreement and the
         fulfillment of the terms hereof applicable to it, have been duly
         obtained or effected and are in full force and effect.

                                       19
<PAGE>

                  (viii) Enforceability. This Agreement constitutes its legal,
         valid and binding obligation of the Servicer, enforceable against it in
         accordance with the terms hereof, except as enforceability may be
         limited by applicable bankruptcy, insolvency, reorganization,
         moratorium or other similar laws now or hereinafter in effect affecting
         the enforcement of creditors' rights and except as such enforceability
         may be limited by general principles of equity (whether considered in a
         proceeding at law or in equity).

                  (ix) Compliance with Requirements of Law. It will duly satisfy
         all obligations on its part to be fulfilled under or in connection with
         the Receivables and the Accounts, will maintain in effect all
         qualifications required under Requirements of Law in order to service
         properly the Receivables and the Accounts and will comply in all
         material respects with all Requirements of Law in connection with
         servicing the Receivables and the Accounts the failure to comply with
         which would have a material adverse effect on the interests of the
         Noteholders, the holders of the Transferor Interest or any Series
         Enhancers.

                  (x) No Rescission or Cancellation. It will not permit any
         rescission or cancellation of a Receivable except as ordered by a court
         of competent jurisdiction or other Governmental Authority.

                  (xi) Protection of Beneficiaries' Rights. It will take no
         action, nor omit to take any action, that would impair the rights of
         the Noteholders, the holders of the Transferor Interest or any Series
         Enhancers in the Receivables nor will it reschedule, revise or defer
         payments due on any Receivable except in accordance with the applicable
         Floorplan Financing Guidelines.

                  (xii) Negative Pledge. Except for the Liens permitted by the
         Transaction Documents and Permitted Liens, it will not sell, pledge,
         assign or transfer to any other Person, or grant, create, incur, assume
         or suffer to exist any Lien on, any Receivable transferred and assigned
         to the Issuer, whether now existing or hereafter created, or any
         interest therein, and it will defend the rights, title and interest of
         the Issuer in, to and under any Receivable transferred and assigned to
         the Issuer, whether now existing or hereafter created, against all
         claims of third parties claiming through or under the Transferor or the
         Servicer.

         (b) Notice of Breach. The representations and warranties set forth in
Section 3.03(a) survive the transfer and assignment of the Receivables and
Related Security to the Issuer. Upon discovery by the Transferor, the Owner
Trustee, the Indenture Trustee or the Servicer of a material breach of any of
the foregoing representations and warranties, the party discovering such breach
will give prompt written notice to the other parties and to any Series
Enhancers.

         (c) Purchase upon Breach. If any representation or warranty set forth
in clauses (ix) through (xii) of Section 3.03(a) is not true and correct in any
material respect as of the date specified therein with respect to any Receivable
and such breach has a material adverse effect on a Receivable included in the
Noteholders' Collateral, then, within 30 days (or such longer period as may be
agreed to by the Indenture Trustee) of the earlier to occur of the discovery of
any such breach by the Servicer, or receipt by the Servicer of written notice of
any such breach given by the Owner Trustee, the Indenture Trustee, the
Transferor or any Series Enhancers, the Servicer will

                                       20
<PAGE>

purchase such Receivable on or before the Determination Date immediately
succeeding the expiration of such 30-day period (or such longer period as may be
agreed to by the Indenture Trustee) on the terms and conditions set forth in the
next succeeding paragraph; provided, however, that no such purchase will be
required to be made if, by the end of such 30-day period (or such longer period
as may be agreed to by the Indenture Trustee) the representations and warranties
are then true and correct in all material respects and any material adverse
effect caused by the breach has been cured.

         The Servicer will effect such purchase by depositing into the
Collection Account in immediately available funds an amount equal to the
Purchase Price of such Receivable. Upon purchase of any such Receivable, but
only after the deposit by the Servicer of the Purchase Price of such Receivable,
the Issuer will automatically and without further action be deemed to transfer,
assign, set over and otherwise convey to the Servicer, without recourse,
representation or warranty, all the right, title and interest of the Issuer in
and to such Receivable, all Related Security and all moneys due or to become due
with respect thereto and all proceeds thereof. The Owner Trustee will execute
such documents and instruments of transfer or assignment and take such other
actions as are reasonably requested by the Servicer to effect the conveyance of
such Receivables pursuant to this Section. The obligation of the Servicer to
purchase any such Receivable and to deposit the Purchase Price of such
Receivable into the Collection Account, constitutes the sole remedy with respect
to the event of the type specified in the first sentence of this Section 3.03(c)
available to the Noteholders (or the Owner Trustee or the Indenture Trustee on
behalf of the Noteholders).

         Section 3.04 PREPARATION OF PAYMENT DATE STATEMENTS.

         On or before each Payment Date, with respect to each outstanding
Series, the Servicer will deliver to any Series Enhancers, the Rating Agencies,
the Owner Trustee, the Indenture Trustee and each Noteholder a Payment Date
Statement for such Payment Date substantially in the form set forth in the
related Indenture Supplement.

         Section 3.05 ANNUAL SERVICER'S CERTIFICATE.

         The Servicer will deliver to the Owner Trustee, the Indenture Trustee
and each Series Enhancer on or before the last day of the third month after the
end of each fiscal year of the Servicer, beginning June 30, 2004, an Officer's
Certificate with respect to the prior fiscal year of the Servicer ended such
calendar year (or with respect to the initial Officer's Certificate, the period
from the date of the initial Series Issuance Date to March 31, 2004), dated as
of March 31 of such year, stating that (i) a review of the activities of the
Servicer during such fiscal year (or such shorter period) and of its performance
under this Agreement was made under such officer's supervision and (ii) to the
best of such officer's knowledge, based on such review, the Servicer has
fulfilled in all material respects its obligations under this Agreement
throughout such year, or, if there has been a material default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof. A copy of such certificate may be
obtained by any Noteholder by a request in writing to the Indenture Trustee
addressed to the Corporate Trust Office.

                                       21
<PAGE>

         Section 3.06 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.

         The Servicer will cause a firm of independent certified public
accountants, who may also render other services to the Servicer or to the
Transferor, to deliver to the Indenture Trustee, the Owner Trustee and each
Series Enhancer on or before the last day of the third month after the end of
each fiscal year of the Servicer, beginning June 30, 2004, with respect to the
prior fiscal year (or with respect to the initial reports, the period from the
date of the initial Series Issuance Date to March 31, 2004), the following: (a)
the consolidated financial statements of the Servicer, together with a report
that such firm has audited the consolidated financial statements of the Servicer
in accordance with generally accepted auditing standards, that such firm is
independent of the Servicer within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants ("AICPA"), and
expressing such firm's opinion thereon; and (b) a report indicating that such
firm has examined, in accordance with standards established by AICPA,
management's assertion about the Servicer's compliance with the minimum
servicing standards identified in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP") as such
standards relate to automobile and light-duty truck wholesale loans serviced for
others, and expressing such firm's opinion on such management assertion (the
"Annual USAP Report") or any similar internal control audit report that is
acceptable to each Rating Agency. A copy of such Annual USAP Report may be
obtained by any Noteholder by a request in writing to the Indenture Trustee
addressed to the Corporate Trust Office.

         Section 3.07 NOTICES TO NMAC.

         If NMAC is no longer acting as Servicer, any Successor Servicer
appointed pursuant to Section 6.02 will deliver or make available to NMAC, as
the case may be, each certificate and report required to be prepared, forwarded
or delivered thereafter pursuant to Sections 3.04, 3.05 and 3.06.

         Section 3.08 ADJUSTMENTS.

         If (i) the Servicer makes a deposit into the Collection Account in
respect of a Collection of a Receivable and such Collection was received by the
Servicer in the form of a check that is not honored for any reason or (ii) the
Servicer makes a mistake with respect to the amount of any Collection and
deposits an amount that is less than or more than the actual amount of such
Collection, the Servicer will appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or
mistake. Any Receivable in respect of which a dishonored check is received will
be deemed not to have been paid.

         Section 3.09 REPORTS.

         The Servicer will, on behalf of the Issuer, cause to be filed with the
Securities and Exchange Commission any periodic reports required to be filed
under the provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Securities and Exchange Commission thereunder, and
also cause to be filed those reports required to be filed by the Issuer pursuant
to Section 7.03 of the Indenture. The Transferor will, at the expense of the
Servicer, cooperate in any reasonable request of the Servicer in connection with
such filings.

                                       22
<PAGE>

                                   ARTICLE IV
                      OTHER MATTERS RELATING TO TRANSFEROR

         Section 4.01 LIABILITY OF TRANSFEROR.

         The Transferor will be liable for all of its obligations, covenants,
representations and warranties arising under or related to this Agreement or the
other Transaction Documents. Except as provided in the preceding sentence, the
Transferor will be liable only to the extent of the obligations specifically
undertaken by it in its capacity as Transferor hereunder.

         Section 4.02 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF, OBLIGATIONS
OF TRANSFEROR.

         (a) The Transferor may not dissolve, liquidate, consolidate with or
merge into any other Person or convey, transfer or sell its properties and
assets substantially as an entirety to any Person unless:

                  (i) the Person (if other than the Transferor) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Transferor
         substantially as an entirety, the case may be, will be organized and
         existing under the laws of the United States of America or any state
         thereof or the District of Columbia, and expressly assumes, by a
         supplemental agreement executed and delivered to the Owner Trustee and
         the Indenture Trustee, in form reasonably satisfactory to the Owner
         Trustee and the Indenture Trustee, the performance of every covenant
         and obligation of the Transferor hereunder;

                  (ii) the Person (if other than the Transferor) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Transferor
         substantially as an entirety, as the case may be, has delivered to the
         Owner Trustee and the Indenture Trustee (with a copy to each Rating
         Agency):

                           (A) an Officer's Certificate and an Opinion of
                  Counsel, upon the written request of the Owner Trustee and the
                  Indenture Trustee, each stating that (1) such consolidation,
                  merger, conveyance, transfer or sale and such supplemental
                  agreement provided in clause (i) above comply with this
                  Section, (2) such supplemental agreement is a valid and
                  binding obligation of such Person enforceable against such
                  Person in accordance with its terms, except as such
                  enforceability may be limited by applicable bankruptcy,
                  insolvency, reorganization, moratorium or other similar laws
                  affecting creditors' rights generally from time to time in
                  effect or general principles of equity and (3) all conditions
                  precedent herein provided for relating to such transaction
                  have been complied with; and

                           (B) a Required Federal Income Tax Opinion; and

                  (iii) the Rating Agency Condition has been satisfied with
         respect to such consolidation, merger, conveyance or transfer.

                                       23
<PAGE>

         (b) Except as permitted by Section 2.05(f), the Transferor's
obligations, rights or any part thereof hereunder will not be assignable nor may
any Person succeed to the Transferor's obligations or rights hereunder except
(i) for conveyances, mergers, consolidations, assumptions, sales or transfers in
accordance with the provisions of Section 4.02(a) and (ii) for conveyances,
mergers, consolidations, assumptions, sales or transfers to other entities (A)
that the Transferor and the Servicer determine will not result in a Significant
Adverse Effect, (B) that meet the requirements of clause (iii) of the preceding
paragraph and (C) for which such purchaser, transferee, pledgee or entity
expressly assumes, in a supplemental agreement executed and delivered to the
Owner Trustee and the Indenture Trustee in writing, in form satisfactory to the
Owner Trustee and the Indenture Trustee, the performance of every covenant and
obligation of the Transferor thereby conveyed.

         Section 4.03 LIMITATION ON LIABILITY OF TRANSFEROR.

         Subject to Section 4.01, neither the Transferor nor any of its
directors, members, managers, officers, employees or agents will be under any
liability to the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, any other Transferor, any Series Enhancers or any other Person for
any action taken or for refraining from the taking of any action in the capacity
as a Transferor under this Agreement whether arising from express or implied
duties under this Agreement; provided, however, that this provision does not
protect the Transferor or any such Person against any liability which would
otherwise be imposed by reason of willful wrongdoing, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Transferor and any of its directors,
members, managers, officers, employees or agents may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder.

         Section 4.04 TRANSFEROR INDEMNIFICATION OF ISSUER, OWNER TRUSTEE AND
INDENTURE TRUSTEE.

         (a) The Transferor will indemnify and hold harmless each of the Issuer,
the Owner Trustee, the Indenture Trustee and any trustees predecessor thereto
and their respective directors, officers, employees and agents from and against
any and all loss, liability, claim, expense, damage or injury suffered or
sustained thereby by reason of (1) any acts or omissions of the Transferor in
connection with this Agreement or (2) the acceptance or performance of the
trusts and duties contained herein in the case of the Owner Trustee and the
Indenture Trustee; provided, however, that that the Transferor will not
indemnify the Issuer, the Owner Trustee or the Indenture Trustee for:

                  (i) any such loss, liability, claim, expense, damage or injury
         arising from the willful misconduct, negligence or bad faith of the
         Owner Trustee or from the willful misconduct, negligence or bad faith
         of the Indenture Trustee, as applicable;

                  (ii) any liabilities, cost or expense of the Issuer with
         respect to any action taken by the Owner Trustee or the Indenture
         Trustee at the request of any such Noteholders or Series Enhancers to
         the extent that the Owner Trustee or the Indenture Trustee is fully
         indemnified by such Noteholders or Series Enhancers with respect to
         such action; or

                                       24
<PAGE>

                  (iii) with respect to any United States federal, state or
         local income or franchise taxes (or any interest or penalties with
         respect thereto) required to be paid by the Issuer or any Noteholder or
         Series Enhancer in connection herewith or with the Indenture to any
         taxing authority.

         (b) Subject to Section 4.01, any indemnification pursuant to this
Section will only be payable from amounts payable to the Transferor in respect
of the Transferor Interest that are in excess of any Transferor Deposit Amount
or Transferor Replacement Amount required to be deposited by the Transferor into
the Excess Funding Account pursuant to the Transaction Documents. The
Transferor's obligations under this Section survives the termination of this
Agreement or the Issuer or the earlier removal or resignation of the Owner
Trustee or the Indenture Trustee, as applicable.

         Section 4.05 SUBSEQUENT TRANSFERORS.

         The Transferor may designate any one of its Affiliates as a transferor
of Receivables to be acquired by the Issuer (each such transferor, a "Subsequent
Transferor") so long as (i) the Subsequent Transferor enters into a transfer and
servicing agreement substantially similar to this Agreement and (ii) the
designating Transferor directs the Owner Trustee to make the appropriate entries
in its books and records to reflect such Subsequent Transferor's interest in the
Transferor Interest; provided, however, that prior to any such designation and
direction the conditions set forth in clauses (iii) and (iv) of Section 3.06(b)
of the Trust Agreement have been satisfied with respect thereto.

                                    ARTICLE V
                       OTHER MATTERS RELATING TO SERVICER

         Section 5.01 LIABILITY OF SERVICER.

         The Servicer will be liable under this Article V only to the extent of
the obligations specifically undertaken by the Servicer in its capacity as
Servicer.

         Section 5.02 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF, OBLIGATIONS
OF SERVICER.

         (a) The Servicer may not dissolve, liquidate, consolidate with or merge
into any other Person or convey, transfer or sell its properties and assets
substantially as an entirety to any Person unless:

                  (i) the Person (if other than the Servicer) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Servicer
         substantially as an entirety, the case may be, will be and existing
         under the laws of the United States of America or any state thereof or
         the District of Columbia, and expressly assumes, by a supplemental
         agreement executed and delivered to the Owner Trustee and the Indenture
         Trustee, in form reasonably satisfactory to the Owner Trustee and the
         Indenture Trustee, the performance of every covenant and obligation of
         the Servicer hereunder;

                                       25
<PAGE>

                  (ii) the Person (if other than the Servicer) formed by or
         surviving such consolidation or merger or that acquires by conveyance,
         transfer or sale the properties and assets of the Servicer
         substantially as an entirety, as the case may be, has delivered to the
         Owner Trustee and the Indenture Trustee (with a copy to each Rating
         Agency):

                           (A) an Officer's Certificate and an Opinion of
                  Counsel, upon the written request of the Owner Trustee and the
                  Indenture Trustee, each stating that (1) such consolidation,
                  merger, conveyance, transfer or sale and such supplemental
                  agreement provided in clause (i) above comply with this
                  Section, (2) such supplemental agreement is a valid and
                  binding obligation of such Person enforceable against such
                  Person in accordance with its terms, except as such
                  enforceability may be limited by applicable bankruptcy,
                  insolvency, reorganization, moratorium or other similar laws
                  affecting creditors' rights generally from time to time in
                  effect or general principles of equity and (3) all conditions
                  precedent herein provided for relating to such transaction
                  have been complied with; and

                           (B) an Officer's Certificate stating that such Person
                  is an Eligible Servicer; and

                  (iii) the Servicer has given the Rating Agencies notice of
         such consolidation, merger or transfer of assets.

         Section 5.03 LIMITATION ON LIABILITY OF SERVICER AND OTHERS.

         Subject to Section 5.01, neither the Servicer nor any of its directors,
officers, employees or agents will be under any liability to the Issuer, the
Owner Trustee, the Indenture Trustee, the Noteholders, any Series Enhancers or
any other Person for any action taken or for refraining from the taking of any
action in the capacity as Servicer under this Agreement whether arising from
express or implied duties under this Agreement; provided, however, that this
provision does not protect the Servicer or any such Person against any liability
which would otherwise be imposed by reason of willful wrongdoing, bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder. The Servicer and any of its directors,
officers, employees or agents may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Servicer will not be under any obligation to appear in,
prosecute or defend any legal action which is not incidental to its servicing
responsibilities hereunder and that in its reasonable opinion may involve it in
any expense or liability.

         Section 5.04 SERVICER INDEMNIFICATION OF ISSUER, OWNER TRUSTEE AND
INDENTURE TRUSTEE.

         (a) The Servicer will indemnify and hold harmless each of the Issuer,
the Owner Trustee, the Indenture Trustee and any trustees predecessor thereto
and their respective directors, officers, employees and agents from and against
any and all loss, liability, claim, expense, damage or injury suffered or
sustained thereby by reason of (1) any acts or omissions of the Servicer in
connection with this Agreement or (2) the acceptance or performance of the
trusts and duties contained herein in the case of the Owner Trustee and the
Indenture Trustee; provided, however,

                                       26
<PAGE>

that that the Transferor will not indemnify the Issuer, the Owner Trustee or the
Indenture Trustee for:

                  (i) any such loss, liability, claim, expense, damage or injury
         arising from the willful misconduct, negligence or bad faith of the
         Owner Trustee or from the willful misconduct, negligence or bad faith
         of the Indenture Trustee, as applicable;

                  (ii) any liabilities, costs or expenses of the Issuer with
         respect to any action taken by the Owner Trustee or the Indenture
         Trustee at the request of any such Noteholders or Series Enhancers to
         the extent that the Owner Trustee or the Indenture Trustee is fully
         indemnified by such Noteholders or Series Enhancers with respect to
         such action; or

                  (iii) with respect to any United States federal, state or
         local income or franchise taxes (or any interest or penalties with
         respect thereto) required to be paid by the Issuer or any Noteholder or
         Series Enhancer in connection herewith or with the Indenture to any
         taxing authority.

         (b) Any indemnification pursuant to this Section will not be payable
from the Trust Assets. The Servicer's obligations under this Section survives
the termination of this Agreement or the Issuer or the earlier removal or
resignation of the Owner Trustee or the Indenture Trustee, as applicable.

         Section 5.05 RESIGNATION OF SERVICER.

         The Servicer may not resign from the obligations and duties hereby
imposed on it, except:

                  (i) upon determination that (A) the performance of its duties
         hereunder is no longer permissible under applicable law and (B) there
         is no reasonable action that the Servicer could take to make the
         performance of its duties hereunder permissible under applicable law;
         or

                  (ii) upon the assumption of such obligations and duties by a
         successor Servicer in compliance with the requirements set forth in
         Section 5.02.

Any determination permitting the resignation of the Servicer must be evidenced
as to clause (i) above, upon the written request of the Owner Trustee and the
Indenture Trustee, by an Opinion of Counsel to such effect delivered to the
Owner Trustee and the Indenture Trustee. No resignation will become effective
until the Indenture Trustee or a Successor Servicer has assumed the
responsibilities and obligations of the Servicer in accordance with Section
5.02. If within 120 days of the date of the determination that the Servicer may
no longer act as Servicer under clause (i) above the Indenture Trustee is unable
to appoint a Successor Servicer, the Indenture Trustee will serve as Successor
Servicer. The Indenture Trustee may, however, delegate certain of its servicing,
collection, enforcement and administrative duties hereunder with respect to the
Accounts and the Receivables to any Person who agrees to conduct such duties in
accordance with the applicable Floorplan Financing Guidelines and this
Agreement, or later appoint a Successor Servicer. Notwithstanding the foregoing,
the Indenture Trustee will, if it is legally unable so to act, petition a court
of competent jurisdiction to appoint any Person qualifying as an Eligible
Servicer as the

                                       27
<PAGE>

Successor Servicer hereunder. The Indenture Trustee will give prompt notice to
each Rating Agency and each Series Enhancer upon the appointment of a Successor
Servicer.

         Section 5.06 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
RECEIVABLES.

         The Servicer will provide to the Owner Trustee and the Indenture
Trustee access to the documentation regarding the Accounts and the related
Receivables in such cases where the Owner Trustee or the Indenture Trustee, as
applicable, is required in connection with the enforcement of the rights of the
Noteholders, or by applicable statutes or regulations to review such
documentation, such access being afforded without charge but only (i) upon
reasonable request, (ii) during normal business hours, (iii) subject to the
Servicer's normal security and confidentiality procedures and (iv) at offices
designated by the Servicer. Nothing in this Section will derogate from the
obligation of the Transferor, the Owner Trustee, the Indenture Trustee or the
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Dealers and the failure of the Servicer to provide access as
provided in this Section as a result of such law will not constitute a breach of
this Section.

         Section 5.07 EXAMINATION OF RECORDS.

         The Transferor and the Servicer will indicate generally in its computer
files or other records that the Receivables arising in connection with the
Accounts have been transferred to the Issuer pursuant to this Agreement for the
benefit of the Noteholders and any Series Enhancers. Each Transferor and the
Servicer will, before the sale or transfer to a third party of any receivable
held in its custody, examine its computer and other records to determine that
such receivable is not a Receivable.

         Section 5.08 SWAP AGREEMENT.

         (a) Pursuant to the Trust Agreement, the Issuer may, from time to time,
if so directed by the Transferor in writing delivered to the Administrator,
enter into a currency Swap Agreement with a Swap Counterparty to swap amounts
payable to the Holders of the Transferor Interest from U.S. dollars to Japanese
yen; provided, that (1) at the time the Issuer enters into the Swap Agreement,
the Rating Agency Condition shall be satisfied, and (2) any payments to the Swap
Counterparty (including termination payments) are payable only from amounts that
are otherwise payable to the Holders of the Transferor Interest; provided
further, that any expenses of the Issuer associated with the negotiation,
execution and delivery of such currency Swap Agreement will be deducted from the
amount paid by the Indenture Trustee to the Holders of the Transferor Interest
on the related Payment Date. Any payments received by the Issuer from the Swap
Counterparty under such a Swap Agreement shall not be deposited in the
Collection Account and shall be paid by the Indenture Trustee directly to or to
the order of the Holders of the Transferor Interest on the related Payment Date.

         (b) If the Issuer is directed by the Transferor to enter into a
currency Swap Agreement, the Issuer will instruct the Servicer to recommend to
the Issuer a currency swap arrangement the terms of which the Servicer
determines to represent terms at which two unrelated swap

                                       28
<PAGE>

counterparties might enter into such transaction. The Issuer will enter into any
currency Swap Agreement so recommended by the Servicer.

         (c) In connection with executing any such Swap Agreement, the Issuer,
Indenture Trustee, Owner Trustee, Transferor and Servicer will enter into an
amendment to this Agreement, subject to Section 8.01 in a form approved by the
Transferor, that will specify the creation of any necessary accounts and
modifications of any provisions hereof to the extent necessary or appropriate to
effectuate the intention of such Swap Agreement.

                                   ARTICLE VI
                                SERVICER DEFAULTS

         Section 6.01 SERVICER DEFAULTS.

         (a) If any Servicer Default shall have occurred, so long as the
Servicer Default has not been remedied, either the Indenture Trustee or the
Holders of Notes evidencing more than 50% of the Outstanding Principal Amount of
all Notes, by notice then given to the Servicer and the Owner Trustee (and to
the Indenture Trustee if given by the Noteholders) (a "Termination Notice"), may
terminate all but not less than all the rights and obligations of the Servicer
as Servicer under this Agreement; provided, however, that if within 60 days of
receipt of a Termination Notice the Indenture Trustee does not receive any bids
from Eligible Servicers in accordance with Section 6.02(c) to act as a Successor
Servicer and receives an Officer's Certificate of the Servicer to the effect
that the Servicer cannot in good faith cure the Servicer Default which gave rise
to the Termination Notice, the Indenture Trustee will grant a right of first
refusal to the Transferor which would permit the Transferor at its option to
acquire the Noteholders' Collateral serviced by the Servicer on the Payment Date
in the next calendar month. The price for the Noteholders' Collateral will be
equal to the sum of the Reassignment Amounts with respect to each outstanding
Series in the related Indenture Supplement. The Transferor will notify the
Indenture Trustee prior to the Record Date for the Payment Date of the
acquisition if it is exercising such right of first refusal. If the Transferor
exercises such right of first refusal, the Transferor will deposit the price
into the Collection Account not later than 1:00 p.m., New York City time, on
such Payment Date in immediately available funds. The price will be allocated
and distributed to the Noteholders on such Payment Date in accordance with the
Indenture and each Indenture Supplement in payment of their Notes and will
result in a corresponding increase in the Transferor Interest.

         (b) After receipt by the Servicer of a Termination Notice, and on the
date that a Successor Servicer is appointed by the Indenture Trustee pursuant to
Section 6.02, all authority and power of the Servicer under this Agreement will
pass to and be vested in the Successor Servicer (a "Servicing Transfer"); and,
without limitation, the Indenture Trustee is hereby authorized and empowered
(upon the failure of the Servicer to cooperate) to execute and deliver, on
behalf of the Servicer, as attorney-in-fact or otherwise, all documents and
other instruments upon the failure of the Servicer to execute or deliver such
documents or instruments, and to do and accomplish all other acts or things
necessary or appropriate to effect the purposes of such Servicing Transfer. The
Servicer agrees to cooperate with the Indenture Trustee and such Successor
Servicer in effecting the termination of the responsibilities and rights of the
Servicer to conduct servicing hereunder, including the transfer to such
Successor Servicer of all authority of the Servicer to service the Receivables
provided for under this Agreement, including all authority over all Collections
that are

                                       29
<PAGE>

held by the Servicer for deposit on the date of transfer, or that have been
deposited by the Servicer, in the Collection Account, or that thereafter are
received with respect to the Receivables, and in assisting the Successor
Servicer. The Servicer will within 20 Business Days transfer its electronic
records relating to the Receivables to the Successor Servicer in such electronic
form as the Successor Servicer may reasonably request and will promptly transfer
to the Successor Servicer all other records, correspondence and documents
necessary for the continued servicing of the Receivables in the manner and at
such times as the Successor Servicer reasonably requests. To the extent that
compliance with this Section requires the Servicer to disclose to the Successor
Servicer information of any kind which the Servicer deems to be confidential,
the Successor Servicer will enter into such customary licensing and
confidentiality agreements as the Servicer deems reasonably necessary to protect
its interests.

         Section 6.02 INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

         (a) On and after the receipt by the Servicer of a Termination Notice
pursuant to Section 6.01(a), the Servicer will continue to perform all servicing
functions under this Agreement until the date specified in the Termination
Notice or otherwise specified by the Indenture Trustee or until a date mutually
agreed upon by the Servicer and the Indenture Trustee. The Indenture Trustee
will as promptly as possible after the giving of a Termination Notice appoint an
Eligible Servicer as a successor servicer (the "Successor Servicer"), and such
Successor Servicer will accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. If a Successor Servicer has not been
appointed or has not accepted its appointment at the time when the Servicer
ceases to act as Servicer, the Indenture Trustee without further action will
automatically be appointed the Successor Servicer. The Indenture Trustee, as
Servicer, may delegate any of its servicing obligations to an Affiliate or agent
in accordance with Sections 3.01(a), 5.02 and 5.05. Notwithstanding the
foregoing, the Indenture Trustee will, if it is legally unable so to act,
petition at the expense of the Servicer a court of competent jurisdiction to
appoint any Person qualifying as an Eligible Servicer as the Successor Servicer
hereunder. The Indenture Trustee will give prompt notice to each Rating Agency
and each Series Enhancer upon the appointment of a Successor Servicer.

         (b) Upon its appointment, the Successor Servicer will be the successor
in all respects to the Servicer with respect to servicing functions under this
Agreement and will be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof, and all references in this Agreement to the Servicer will be deemed to
refer to the Successor Servicer. Any Successor Servicer, by its acceptance of
its appointment, will automatically agree to be bound by the terms and
provisions of any Series Enhancement Agreement.

         (c) In connection with any Termination Notice, the Indenture Trustee
will review any bids which it obtains from Eligible Servicers and may appoint
any Eligible Servicer submitting such a bid as a Successor Servicer for
servicing compensation not in excess of the aggregate Servicing Fees for all
Series plus the sum of the amounts with respect to each Series and with respect
to each Payment Date equal to any Interest Collections allocable to Noteholders
of such Series which are payable to the Owner Trustee for distribution to the
holders of the Transferor Interest in accordance with the Trust Agreement after
payment of all amounts owing to the Noteholders of such Series with respect to
such Payment Date or required to be deposited in the

                                       30
<PAGE>

applicable Series Accounts with respect to such Payment Date and any amounts
required to be paid to any Series Enhancer for such Series with respect to such
Payment Date pursuant to the terms of any Series Enhancement Agreement;
provided, however, that the holders of the Transferor Interest will be
responsible for payment of the Transferor's portion of such aggregate Servicing
Fees and all other such amounts in excess of such aggregate Servicing Fees. Each
holder of the Transferor Interest agrees that, if NMAC (or any Successor
Servicer) is terminated as Servicer hereunder, the portion of the Interest
Collections that the Transferor is entitled to receive pursuant to this
Agreement, the Indenture or any Indenture Supplement will be reduced by an
amount sufficient to pay the Transferor's share of the compensation of the
Successor Servicer.

         (d) All authority and power granted to the Successor Servicer under
this Agreement will automatically cease and terminate upon termination of the
Issuer pursuant to Section 8.01 of the Trust Agreement, and will pass to and be
vested in the Transferor and, without limitation, the Transferor is hereby
authorized and empowered to execute and deliver, on behalf of the Successor
Servicer, as attorney-in-fact or otherwise, all documents and other instruments,
and to do and accomplish all other acts or things necessary or appropriate to
effect the purposes of such transfer of servicing rights. The Successor Servicer
agrees to cooperate with the Transferor in effecting the termination of the
responsibilities and rights of the Successor Servicer to conduct servicing of
the Receivables. The Successor Servicer will transfer its electronic records
relating to the Receivables to NMAC or its designee in such electronic form as
it may reasonably request and will transfer all other records, correspondence
and documents to it in the manner and at such times as it may reasonably
request. To the extent that compliance with this Section requires the Successor
Servicer to disclose to NMAC information of any kind which the Successor
Servicer deems to be confidential, NMAC will enter into such customary licensing
and confidentiality agreements as the Successor Servicer may deem necessary to
protect its interests.

         Section 6.03 NOTIFICATION TO NOTEHOLDERS.

         Within five Business Days after the Servicer becomes aware of any
Servicer Default, the Servicer will give written notice thereof to the Owner
Trustee, the Indenture Trustee, each Rating Agency and each Series Enhancer and
the Indenture Trustee will give notice to the Noteholders. Upon any termination
or appointment of a Successor Servicer pursuant to this Article VI, the
Indenture Trustee will give prompt notice thereof to the Noteholders.

                                   ARTICLE VII
                                   TERMINATION

         Section 7.01 TERMINATION OF AGREEMENT.

         This Agreement and the respective obligations and responsibilities of
the Transferor and the Servicer under this Agreement will terminate, except with
respect to the duties described in Section 4.04, on the Trust Termination Date.

                                       31
<PAGE>

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

         Section 8.01 AMENDMENT; WAIVER OF PAST DEFAULTS.

         (a) This Agreement may be amended by the parties hereto from time to
time prior to, or in connection with, the issuance of the first Series of Notes
under the Indenture without the requirement of any consents or the satisfaction
of any conditions set forth below. This Agreement may be amended from time to
time by the Servicer, the Transferor and the Owner Trustee, by a written
instrument signed by each of them, without the consent of any of the
Noteholders; provided that:

                  (i) the Transferor has delivered to the Indenture Trustee and
         the Owner Trustee an Officer's Certificate, dated the date of any such
         amendment, stating that the Transferor reasonably believes that such
         amendment will not have a Significant Adverse Effect;

                  (ii) the Rating Agency Condition has been satisfied with
         respect to any such amendment; and

                  (iii) the Transferor has delivered to the Indenture Trustee
         and the Owner Trustee a Required Federal Income Tax Opinion;

provided, however, the Servicer, the Transferor and the Owner Trustee, may enter
into one or more amendments, without the consent of the Holders of any Notes or
prior notice to the Rating Agencies in order to cure any ambiguity, to correct
or supplement any provision herein or in any amendment hereto that may be
inconsistent with any other provision herein or in any amendment hereto or to
make any other provisions with respect to matters or questions arising under
this Agreement or in any amendment hereto so long as a final amendment to this
Agreement signed by the parties hereto is delivered to each Rating Agency within
ten days of its execution and such amendment does not have a Significant Adverse
Effect.

         Additionally, notwithstanding the preceding sentence, this Agreement
may be amended by the Servicer and the Owner Trustee at the direction of the
Transferor without the consent of any of the Noteholders or Series Enhancers to
add, modify or eliminate such provisions as may be necessary or advisable in
order to enable all or a portion of the Issuer (1) to qualify as, and to permit
an election to be made to cause the Issuer to be treated as, a "financial asset
securitization investment trust" as described in the Code, and (2) to avoid the
imposition of state or local income or franchise taxes imposed on the Issuer's
property or its income; provided, however, that:

                  (i) the Transferor delivers to the Indenture Trustee and the
         Owner Trustee an Officer's Certificate to the effect that the proposed
         amendments meet the requirements set forth in this subsection;

                  (ii) the Rating Agency Condition has been satisfied with
         respect to such amendment;

                  (iii) the Transferor has delivered to the Indenture Trustee
         and the Owner Trustee a Required Federal Income Tax Opinion; and

                                       32
<PAGE>

                  (iv) such amendment does not affect the rights, duties or
         obligations of the Indenture Trustee or the Owner Trustee hereunder.

         (b) This Agreement may also be amended from time to time by the
Servicer, the Transferor, the Indenture Trustee and the Owner Trustee, with the
consent of the Holders of Notes evidencing not less than 66-2/3% of the
Outstanding Principal Amount of the Notes of all affected Series for which the
Transferor has not delivered an Officer's Certificate stating that there is no
Significant Adverse Effect, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Noteholders; provided, that the
Transferor has delivered to the Indenture Trustee and the Owner Trustee a
Required Federal Income Tax Opinion; and provided, however, that no such
amendment may:

                  (i) reduce in any manner the amount of or delay the timing of
         any distributions (changes in Early Amortization Events that decrease
         the likelihood of the occurrence thereof will not be considered delays
         in the timing of distributions for purposes of this clause) to be made
         to Noteholders or deposits of amounts to be so distributed or the
         amount available under any Series Enhancement without the consent of
         each affected Noteholder;

                  (ii) change the definition of or the manner of calculating the
         interest of any Noteholder in the Trust Assets without the consent of
         each affected Noteholder; or

                  (iii) reduce the aforesaid percentage required to consent to
         any such amendment without the consent of each Noteholder.

         (c) Promptly after the execution of any such amendment or consent
(other than an amendment pursuant to paragraph (a)), the Owner Trustee will
notify the Indenture Trustee and each Noteholder, and the Servicer will notify
each Rating Agency and each Series Enhancer, of the substance of such amendment.

         (d) If Noteholders are required to consent to any proposed amendments
pursuant to this Section, such Noteholders need not consent to or approve the
particular form of such amendment. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof by Noteholders is subject
to such reasonable requirements as the Indenture Trustee prescribes.

         (e) Notwithstanding anything in this Section to the contrary, no
amendment may be made to this Agreement that would adversely affect in any
material respect the interests of any Series Enhancer without the consent of
such Series Enhancer.

         (f) Any Indenture Supplement executed in accordance with the provisions
of Article X of the Indenture will not be considered an amendment of this
Agreement for the purposes of this Section.

         (g) The Holders of Notes evidencing more than 66-2/3% of the
Outstanding Principal Amount of the Notes of each Series or, with respect to any
Series with two or more Classes, of each Class (or, with respect to any default
that does not relate to all Series, 66-2/3% of the Outstanding Principal Amount
of the Notes of each Series to which such default relates or, with respect to
any such Series with two or more Classes, of each Class) may, on behalf of all

                                       33
<PAGE>

Noteholders, waive any default by the Transferor or the Servicer in the
performance of their obligations hereunder and its consequences, except the
failure to make any distributions required to be made to Noteholders or to make
any required deposits of any amounts to be so distributed. Upon any such waiver
of a past default, such default will cease to exist, and any default arising
therefrom will be deemed to have been remedied for every purpose of this
Agreement. No such waiver will extend to any subsequent or other default or
impair any right consequent thereon except to the extent expressly so waived.

         (h) The Owner Trustee may, but is not obligated to, enter into any such
amendment which affects the Owner Trustee's rights, duties or immunities under
this Agreement or otherwise. In connection with the execution of any amendment
hereunder, the Owner Trustee is entitled to receive the Opinion of Counsel
described in Section 8.02(d).

         Section 8.02 PROTECTION OF RIGHT, TITLE AND INTEREST TO ISSUER.

         (a) The Servicer will cause this Agreement, all amendments hereto
and/or all financing statements and continuation statements and any other
necessary documents covering the Indenture Trustee's and the Owner Trustee's
right, title, and interest in and to the Issuer to be promptly recorded,
registered and filed, and at all times to be kept recorded, registered and
filed, all in such manner and in such places as may be required by law to
preserve and protect the right, title and interest of the Noteholders and the
Indenture Trustee and the Owner Trustee hereunder to all property comprising the
Issuer. The Servicer will deliver to the Indenture Trustee file-stamped copies
of, or filing receipts for, any document recorded, registered or filed as
provided above, as soon as available following such recording, registration or
filing. The Transferor will cooperate fully with the Servicer in connection with
the obligations set forth above and will execute any and all documents
reasonably required to fulfill the intent of this Section.

         (b) Within 30 days after the Transferor or the Servicer makes any
change in its name, identity or corporate structure which would make any
financing statement or continuation statement filed in accordance with Section
8.02(a) seriously misleading within the meaning of Section 9-506 of the UCC as
in effect in the applicable jurisdiction, the Transferor or the Servicer, as
applicable, will give the Owner Trustee notice of any such change and will file
such financing statements or amendments as may be necessary to continue the
perfection of the Issuer's security interest in the Receivables and the proceeds
thereof.

         (c) The Transferor and the Servicer will give the Owner Trustee and the
Indenture Trustee prompt written notice of any relocation of any office from
which it services Receivables or keeps records concerning the Receivables or of
its principal executive office and whether, as a result of such relocation, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing
statement and will file such financing statements or amendments as may be
necessary to perfect or to continue the perfection of the Issuer's security
interest in the Receivables and the proceeds thereof. The Transferor and the
Servicer will at all times maintain each office from which it services
Receivables and its principal executive office within the United States of
America.

                                       34
<PAGE>

         (d) The Servicer will deliver to the Owner Trustee, the Indenture
Trustee and any Series Enhancer, upon the execution and delivery of each
amendment of this Agreement or any Indenture Supplement, an Opinion of Counsel
to the effect that any such amendment of this Agreement:

                  (i) has been entered into in accordance with the terms of this
         Agreement;

                  (ii) has been duly authorized, executed and delivered by the
         Transferor and the Servicer and constitutes the legal, valid and
         binding agreement of the Transferor and the Servicer, as applicable,
         enforceable in accordance with its terms.

         Section 8.03 [RESERVED.]

         Section 8.04 NO PETITION.

         Each of the Servicer, NMAC (if it is no longer the Servicer) and the
Owner Trustee, by entering into this Agreement, each Noteholder, by accepting a
Note, each holder of an interest in the Transferor Interest, by accepting such
interest, and each Series Enhancer, by accepting the benefits of this Agreement,
hereby covenants and agrees that it will not at any time institute against the
Transferor or the Issuer any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law.

         Section 8.05 GOVERNING LAW.

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

         Section 8.06 NOTICES.

         All notices, demands, instructions and other communications required or
permitted under this Agreement must be in writing and will be deemed to have
been duly given if personally delivered or sent by first class or express mail
(postage prepaid), national overnight courier service or by facsimile
transmission or other electronic communication device capable of transmitting or
creating a written record and followed by first class mail. Unless otherwise
specified in a notice sent in accordance with the provisions of this Section,
notices, demands, instructions and other communications in writing will be given
to the respective parties at their respective addresses as follows: (i) in the
case of the Transferor, 990 West 190th Street, Torrance, California 90502,
Attention: Secretary, (ii) in the case of NMAC, 990 West 190th Street, Torrance,
California 90502, Attention: Secretary, and (iii) in the case of the Issuer or
Owner Trustee, to Nissan Master Owner Trust Receivables, c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890, Attention: Nissan Master Owner Trust Receivables; or, as to each party,
at such other address as may be designated by such party in a written notice to
each other party. All notices are effective on receipt.

                                       35
<PAGE>

         Section 8.07 SEVERABILITY OF PROVISIONS.

         Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

         Section 8.08 FURTHER ASSURANCES.

         The Transferor and the Servicer agree to do and perform, from time to
time, any and all acts and to execute any and all further instruments required
or reasonably requested by the Owner Trustee or the Indenture Trustee more fully
to effect the purposes of this Agreement, including the execution of any
financing statements or continuation statements relating to the Receivables for
filing under the provisions of the UCC of any applicable jurisdiction.

         Section 8.09 NO WAIVER; CUMULATIVE REMEDIES.

         No failure to exercise and no delay in exercising, on the part of the
Owner Trustee, the Indenture Trustee or the Noteholders, any right, remedy,
power or privilege under this Agreement will operate as a waiver thereof; nor
will any single or partial exercise of any right, remedy, power or privilege
under this Agreement preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges provided under this Agreement are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

         Section 8.10 COUNTERPARTS.

         This Agreement 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 together will constitute one and the same instrument.

         Section 8.11 THIRD-PARTY BENEFICIARIES.

         This Agreement will be binding upon and inure to the benefit of the
parties hereto, the Indenture Trustee, the Noteholders, the holders of the
Transferor Interest, any Series Enhancers and their respective successors and
permitted assigns. Except as otherwise expressly provided in this Agreement, no
other Person will have any right or obligation hereunder.

         Section 8.12 RULE 144A INFORMATION.

         For so long as any of the Notes of any Series or Class are "restricted
securities" within the meaning of Rule 144(a)(3) under the Securities Act of
1933, as amended, each of the Transferor, the Trustee, the Servicer and any
Series Enhancers agree to cooperate with one another to provide to any
Noteholders of such Series or Class and to any prospective purchaser of Notes
designated by such Noteholder, upon the request of such Noteholder or
prospective purchaser, any information required to be provided to such holder or
prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Securities Act of 1933, as amended.

                                       36
<PAGE>

         Section 8.13 ACTION BY OWNER TRUSTEE OR INDENTURE TRUSTEE.

         Upon any application or request by a Transferor or Servicer to the
Owner Trustee or the Indenture Trustee to take any action under any provision
under this Agreement, the Transferor or the Servicer, as the case may be, will
furnish to the Owner Trustee or the Indenture Trustee, as the case may be, an
Officer's Certificate stating that all conditions precedent, if any, provided
for in this Agreement relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such Counsel all such
conditions precedent, if any, have been complied with. The Owner Trustee or the
Indenture Trustee, as the case may be, is entitled to conclusively rely on such
Officer's Certificate or Opinion of Counsel as authority for any action
undertaken in connection therewith.

         Section 8.14 MERGER AND INTEGRATION.

         Except as specifically stated otherwise herein, this Agreement sets
forth the entire understanding of the parties relating to the subject matter
hereof, and all prior understandings, written or oral, are superseded by this
Agreement. This Agreement may not be modified, amended, waived, or supplemented
except as provided herein.

         Section 8.15 HEADINGS.

         The headings herein are for purposes of reference only and do not
otherwise affect the meaning or interpretation or any provision of this
Agreement.

                                       37
<PAGE>

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

                                   NISSAN WHOLESALE RECEIVABLES
                                   CORPORATION II,
                                   as Transferor

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

                                   NISSAN MASTER OWNER TRUST
                                   RECEIVABLES, as Issuer

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

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

                                   NISSAN MOTOR ACCEPTANCE CORPORATION,
                                   as Servicer

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

                                       S-1
<PAGE>

                                                                       EXHIBIT A

            FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS

                          (As required by Section 2.06
                    of the Transfer and Servicing Agreement)

         This ASSIGNMENT NO. ___ OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as
of [________ __, 200_], is by and among NISSAN WHOLESALE RECEIVABLES CORPORATION
II, as Transferor, NISSAN MOTOR ACCEPTANCE CORPORATION, as Servicer, and NISSAN
MASTER OWNER TRUST RECEIVABLES, as Issuer, pursuant to the Transfer and
Servicing Agreement referred to below.

                                    RECITALS

         A. The Transferor, the Servicer and the Issuer are parties to a
Transfer and Servicing Agreement, dated as of July 24, 2003 (as amended,
supplemented or otherwise modified from time to time, the "Transfer and
Servicing Agreement").

         B. Pursuant to the Transfer and Servicing Agreement, the Transferor
wishes to designate Additional Accounts as Accounts and to transfer the
Receivables and Related Security arising in connection with such Additional
Accounts, whether now existing or hereafter created, to the Issuer, to be
further pledged to the Indenture Trustee.

         C. The Issuer is willing to accept such designation and sale subject to
the terms and conditions hereof.

         The Transferor, the Servicer and the Issuer hereby agree as follows:

                             STATEMENT OF AGREEMENT

         1. Defined Terms. All capitalized terms used herein have the meanings
ascribed to them in the Annex of Definitions or the Transfer and Servicing
Agreement unless otherwise defined herein:

                  "Addition Date" means, with respect to the Additional Accounts
         designated hereby, __________, 20__.

                  "Additional Cut-Off Date" means, with respect to the
         Additional Accounts designated hereby, _________, 20__.

         2. Designation of Additional Accounts. The Transferor hereby delivers
herewith an updated Account Schedule reflecting such Additional Accounts, along
with the Additional Account Schedule specifying for each such Additional
Account, as of the Additional Cut-Off Date, its account number and the aggregate
amount of Principal Receivables of such Account.

         3. Transfer of Receivables. The Transferor does hereby transfer,
assign, set over and otherwise convey, without recourse (except as expressly
provided in the Transfer and Servicing Agreement), to the Issuer, on the
Addition Date all of its right, title and interest in, to and under the

                                      A-1
<PAGE>

Receivables arising in connection with such Additional Accounts and all Related
Security with respect thereto, owned by the Transferor and existing at the close
of business on the Additional Cut-Off Date and thereafter created from time to
time, all monies due or to become due and all amounts received with respect
thereto and all proceeds (including "proceeds" as defined in the UCC as in
effect in the applicable jurisdiction) and Recoveries thereof. The foregoing
transfer, assignment, set-over and conveyance does not constitute and is not
intended to result in the creation, or an assumption by the Issuer, of any
obligation of the Servicer, the Transferor, Nissan Motor Co., Ltd., Nissan North
America Inc. or any other Person in connection with the Accounts, the
Receivables or under any agreement or instrument relating thereto, including any
obligation to any Dealers or Nissan North America Inc.

         In connection with such transfer, the Transferor agrees to record and
file, at its own expense, a financing statement on form UCC-1 (and continuation
statements when applicable) with respect to the Receivables now existing and
hereafter created for the sale of chattel paper, payment intangibles, general
intangibles or accounts (as defined in the UCC as in effect in the applicable
jurisdiction) meeting the requirements of applicable state law in such manner
and in such jurisdictions as are necessary to perfect the transfer and
assignment of the Receivables and the Related Security to the Issuer, and to
deliver a file-stamped copy of such financing statements or other evidence of
such filing to the Issuer on or before the Addition Date. The Issuer is under no
obligation whatsoever to file such financing statement, or a continuation
statement to such financing statement, or to make any other filing under the UCC
in connection with such transfer.

         In connection with such transfer, the Transferor further agrees, at its
own expense, on or before the Addition Date, to indicate in its computer files
that the Receivables and the Related Security (A) have been transferred or
assigned to the Issuer pursuant to this Assignment and then (B) pledged by the
Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders and any Series Enhancers.

         4. Acceptance by Issuer. Subject to the satisfaction of the conditions
set forth in Section 2.06(d) of the Transfer and Servicing Agreement, the Issuer
hereby acknowledges its acceptance of all right, title and interest to the
property, now existing and hereafter created, transferred to the Issuer pursuant
to Section 3 of this Assignment. The Issuer further acknowledges that, before or
simultaneously with the execution and delivery of this Assignment, the
Transferor delivered to the Issuer the updated Account Schedule and the
Additional Account Schedule described in Section 2 of this Assignment.

         5. Representations and Warranties of Transferor. The Transferor hereby
represents and warrants to the Issuer, on behalf of the Issuer, as of the date
of this Assignment and as of the Addition Date that:

                  (i) Organization and Good Standing. The Transferor is a
         corporation duly formed and validly existing and in good standing under
         the laws of the jurisdiction of its organization and has, in all
         material respects, full power, authority and legal right to own its
         properties and conduct its business as such properties are currently
         owned and such business is currently conducted, and to execute, deliver
         and perform its obligations under this Assignment.

                                      A-2
<PAGE>

                  (ii) Due Qualification. The Transferor is duly qualified to do
         business and, where necessary, is in good standing as a foreign
         corporation (or is exempt from such requirement) and has obtained all
         necessary licenses and approvals in each jurisdiction where the conduct
         of its business requires such qualification, except where the failure
         to so qualify or obtain licenses or approvals would not have a material
         adverse effect on its ability to perform its obligations under this
         Assignment.

                  (iii) Due Authorization. The Transferor has duly authorized by
         all necessary action on its part the execution and delivery of this
         Assignment and the consummation by the Transferor of the transactions
         provided for or contemplated by this Assignment.

                  (iv) No Conflict. The Transferor's execution and delivery of
         this Assignment, its performance of the transactions contemplated by
         this Assignment and the fulfillment of the terms hereof applicable to
         it, will not conflict with, result in any breach of any of the material
         terms and provisions of, or constitute (with or without notice or lapse
         of time or both) a material default under, any material indenture,
         contract, agreement, mortgage, deed of trust or other instrument to
         which the Transferor is a party or by which it or its properties are
         bound.

                  (v) No Violation. The Transferor's execution and delivery of
         this Assignment, its performance of the transactions contemplated by
         this Assignment and the fulfillment of the terms hereof applicable to
         it, will not conflict with or violate any material Requirements of Law
         applicable to it.

                  (vi) No Proceedings. There are no proceedings pending or, to
         the best of its knowledge, no proceedings threatened or investigations
         pending or threatened against the Transferor before or by any
         Governmental Authority (A) asserting the invalidity of this Assignment
         or the applicable Related Documents, (B) seeking to prevent the
         consummation of any of the transactions contemplated by this
         Assignment, (C) seeking any determination or ruling that, in its
         reasonable judgment, would materially and adversely affect its
         performance of its obligations under this Assignment, (D) seeking any
         determination or ruling that would materially and adversely affect the
         validity or enforceability of this Assignment or (E) seeking to affect
         adversely the income tax characterization of the Issuer under the
         United States federal or any other applicable state or local
         jurisdiction's income, single business or franchise tax systems.

                  (vii) All Consents Required. All material authorizations,
         consents, orders, approvals or other actions of any Governmental
         Authority required to be obtained or effected by the Transferor in
         connection with its execution and delivery of this Assignment, its
         performance of the transactions contemplated by this Assignment and the
         fulfillment of the terms hereof and thereof applicable to it, have been
         duly obtained or effected and are in full force and effect.

                  (viii) Enforceability. This Assignment constitutes a legal,
         valid and binding obligation of the Transferor, enforceable against it
         in accordance with the terms hereof or thereof, except as such
         enforceability may be limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other similar laws now or hereafter in
         effect affecting the

                                      A-3
<PAGE>

         enforcement of creditors' rights in general and except as such
         enforceability may be limited by general principles of equity (whether
         considered in a suit at law or in equity).

                  (ix) Valid Transfer. This Assignment constitutes a valid
         transfer and assignment to the Issuer of all right, title and interest
         of the Transferor in the related Receivables and the Related Security
         and the proceeds thereof and all of the Transferor's rights, remedies,
         powers and privileges with respect to the Receivables under the
         Receivables Purchase Agreement and, upon the filing of the financing
         statements described in Section 2.01 and, in the case of the
         Receivables and the Related Security hereafter created and the proceeds
         thereof, upon the creation thereof, the Issuer will have a first
         priority perfected ownership interest in the Receivables and related
         Vehicles, as well as a subordinated security interest granted in any
         parts inventory, equipment, fixtures, service accounts, realty or
         personal guarantees with respect to a related Dealer, and except for
         Permitted Liens and the Liens permitted under Section 2.05. Except as
         otherwise provided in this Assignment, neither the Transferor nor any
         Person claiming through or under it has any claim to or interest in the
         Trust Assets.

         6. Ratification of Agreement. As supplemented by this Assignment, the
Transfer and Servicing Agreement is in all respects ratified and confirmed and
the Transfer and Servicing Agreement as so supplemented by this Assignment is to
be read, taken and construed as one and the same instrument.

         7. Counterparts. This Assignment may be executed in two or more
counterparts (and by different parties in separate counterparts), each of which
will be an original but all of which together shall constitute one and the same
instrument.

         8. Governing Law. This Assignment 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-4
<PAGE>

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

                                 NISSAN WHOLESALE RECEIVABLES
                                 CORPORATION II,
                                 as Transferor

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

                                 NISSAN MASTER OWNER TRUST
                                 RECEIVABLES,
                                 as Issuer

                                 By Wilmington Trust Company, not in its
                                 individual capacity, but solely as Owner
                                 Trustee

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

                                 NISSAN MOTOR ACCEPTANCE CORPORATION,
                                 as Servicer

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

                                      A-5
<PAGE>

                                                                       EXHIBIT B

          FORM OF REASSIGNMENT OF RECEIVABLES IN REDESIGNATED ACCOUNTS

                      (Pursuant to Section 2.08 and 2.09(c)
                    of the Transfer and Servicing Agreement)

         This REASSIGNMENT NO. ___ OF RECEIVABLES IN REDESIGNATED ACCOUNTS,
dated as of [________ __, 200_], is by and among NISSAN WHOLESALE RECEIVABLES
CORPORATION II, as Transferor, NISSAN MOTOR ACCEPTANCE CORPORATION, as Servicer,
and NISSAN MASTER OWNER TRUST RECEIVABLES, as Issuer, pursuant to the Transfer
and Servicing Agreement referred to below.

                                    RECITALS

         A. The Transferor, the Servicer and the Issuer are parties to a
Transfer and Servicing Agreement, dated as of July 24, 2003 (as amended,
supplemented or otherwise modified from time to time, the "Transfer and
Servicing Agreement").

         B. Pursuant to the Transfer and Servicing Agreement, the Transferor
wishes or is required to redesignate certain Accounts as Redesignated Accounts
and to remove all of the Receivables and Related Security and to cause the
Issuer to reconvey such Receivables and Related Security, whether now existing
or hereafter created, and all amounts currently held by the Buyer or thereafter
received by the Issuer in respect of such Redesignated Accounts.

         C. The Issuer is willing to accept such redesignation and to reconvey
such Receivables, Related Security and any related amounts held or received by
the Issuer subject to the terms and conditions hereof.

         The Transferor, the Servicer and the Issuer hereby agree as follows:

                             STATEMENT OF AGREEMENT

         1. Defined Terms. All capitalized terms used herein have the meanings
ascribed to them in the Annex of Definitions or the Transfer and Servicing
Agreement unless otherwise defined herein:

                  "Redesignation Date" means, with respect to the Redesignated
         Accounts designated hereby ____________, ________.

         2. Notice of Redesignated Accounts. The Transferor (or the Servicer on
its behalf) has delivered to the Issuer, any Series Enhancers and the Rating
Agencies the Redesignation Notice as provided in Section [2.08(b)(i)]
[2.09(c)(i)].

         3. Redesignated Accounts. The Transferor hereby delivers herewith the
Redesignated Account Schedule specifying for each such Redesignated Account, as
of the Redesignation Date, its account number and the aggregate amount of
Principal Receivables of such Account.

                                      B-1
<PAGE>

         4. Conveyance of Receivables. The Issuer does hereby transfer, assign,
set over and otherwise convey to the Transferor, without recourse,
representation or warranty on and after the Redesignation Date, all right, title
and interest of the Issuer in, to and under all Receivables now existing at the
close of business on the Redesignation Date and thereafter created from time to
time until the termination of the Issuer in Redesignated Accounts redesignated
hereby, all Related Security thereof, all monies due or to become due and all
amounts received with respect thereto (including all Interest Receivables), all
proceeds (as defined in Section 9-102 of the UCC as in effect in the applicable
jurisdiction and Recoveries) thereof relating thereto.

         If requested by the Transferor, in connection with such transfer, the
Issuer agrees to execute and deliver to the Transferor on or before the date of
this Reassignment, a termination statement with respect to the Receivables
existing at the close of business on the Redesignation Date and thereafter
created from time to time and Related Security thereof in the Redesignated
Accounts reassigned hereby (which may be a single termination statement with
respect to all such Receivables and Related Security) evidencing the release by
the Issuer of its lien on the Receivables in the Redesignated Accounts and the
Related Security, and meeting the requirements of applicable state law, in such
manner and such jurisdictions as are necessary to remove such lien.

         5. Acceptance by Issuer. The Issuer hereby acknowledges that, before or
simultaneously with the execution and delivery of this Reassignment, the
Transferor delivered to the Issuer the updated Redesignated Account Schedule
described in Section 2 of this Reassignment.

         6. Legal, Valid and Binding Obligation. The Transferor hereby
represents and warrants to the Issuer as of the date of this Reassignment and as
of the Redesignation Date that this Reassignment constitutes a legal, valid and
binding obligation of the Transferor, enforceable against the Transferor in
accordance with its terms except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect affecting the enforcement of creditors' rights
generally and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity).

         7. Ratification of Agreement. As supplemented by this Reassignment, the
Transfer and Servicing Agreement is in all respects ratified and confirmed and
the Transfer and Servicing Agreement as so supplemented by this Reassignment is
to be read, taken and construed as one and the same instrument.

         8. Counterparts. This Reassignment may be executed in two or more
counterparts (and by different parties in separate counterparts), each of which
will be an original but all of which together shall constitute one and the same
instrument.

         9. Governing Law. This Reassignment 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.

                                      B-2
<PAGE>

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

                                     NISSAN WHOLESALE RECEIVABLES
                                     CORPORATION II,
                                     as Transferor

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

                                     NISSAN MASTER OWNER TRUST
                                     RECEIVABLES,
                                     as Issuer

                                     By Wilmington Trust Company, not in its
                                     individual capacity, but solely as Owner
                                     Trustee

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

                                     NISSAN MOTOR ACCEPTANCE CORPORATION,
                                     as Servicer

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

                                   B-3

<PAGE>

                                                                      Schedule 1

                                ACCOUNT SCHEDULE

                                  Schedule 1-1

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