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EXHIBIT 4.5
ADMINISTRATION AGREEMENT
among
NISSAN AUTO RECEIVABLES 2000-B OWNER TRUST,
as Issuer
NISSAN MOTOR ACCEPTANCE CORPORATION,
as Administrator
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Indenture Trustee
Dated as of June 21, 2000
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TABLE OF CONTENTS
PAGE
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1. DUTIES OF THE ADMINISTRATOR............................................2
2. RECORDS................................................................7
3. COMPENSATION...........................................................7
4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER...................7
5. INDEPENDENCE OF THE ADMINISTRATOR......................................7
6. NO JOINT VENTURE.......................................................7
7. OTHER ACTIVITIES OF ADMINISTRATOR......................................8
8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR............8
9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL........................9
10. NOTICES................................................................9
11. AMENDMENTS............................................................10
12. SUCCESSOR AND ASSIGNS.................................................11
13. GOVERNING LAW.........................................................11
14. NO PETITION...........................................................11
15. HEADINGS..............................................................11
16. COUNTERPARTS..........................................................11
17. SEVERABILITY OF PROVISIONS............................................11
18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES............................11
19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE........12
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ADMINISTRATION AGREEMENT, dated as of June 21, 2000, among NISSAN AUTO
RECEIVABLES 2000-B OWNER TRUST, a Delaware business trust (the "Issuer"), NISSAN
MOTOR ACCEPTANCE CORPORATION, a California corporation, as administrator (the
"Administrator"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity but solely as Indenture
Trustee (as defined below).
W I T N E S S E T H:
WHEREAS, beneficial ownership interests in the Issuer represented by the
Nissan Auto Receivables 2000-B Owner Trust Asset Backed Certificates (the
"Certificates") have been issued in connection with the formation of the Issuer
pursuant to the Amended and Restated Trust Agreement, dated as of June 21, 2000
(the "Trust Agreement"), between Nissan Auto Receivables Corporation ("NARC"), a
Delaware corporation, as depositor, and Wilmington Trust Company, as owner
trustee (the "Owner Trustee") to the owners thereof (the "Owners");
WHEREAS, the Issuer is issuing the Nissan Auto Receivables 2000-B Owner
Trust 6.83125% Asset Backed Notes Class A-1, the Nissan Auto Receivables 2000-B
Owner Trust 7.15000% Asset Backed Notes Class A-2, the Nissan Auto Receivables
2000-B Owner Trust 7.25000% Asset Backed Notes Class A-3, and the Nissan Auto
Receivables 2000-B Owner Trust 7.27000% Asset Backed Notes Class A-4
(collectively, the "Notes") pursuant to the Indenture, dated as of June 21, 2000
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and Norwest Bank Minnesota, National Association, as indenture trustee
(the "Indenture Trustee"; capitalized terms used herein and not defined herein
shall have the meanings ascribed thereto in the Indenture, the Trust Agreement
or the Sale and Servicing Agreement, dated as of June 21, 2000, among the
Issuer, Nissan Motor Acceptance Corporation ("NMAC"), as servicer, and NARC, as
seller (the "Sale and Servicing Agreement"), as the case may be);
WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Certificates and the Notes, including the Purchase
Agreement, dated as of June 21, 2000 (the "Purchase Agreement"), between NMAC,
as seller, and NARC, as purchaser, the Trust Agreement, the Indenture, this
Agreement, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Note Depository Agreement, and the Sale and Servicing Agreement
(collectively, the "Basic Documents");
WHEREAS, pursuant to the Basic Documents, the Issuer is required to
perform certain duties in connection with the Certificates, the Notes and the
Collateral;
WHEREAS, the Issuer desires to appoint NMAC as administrator to perform
certain of the duties of the Issuer under the Basic Documents and to provide
such additional services consistent with the terms of this Agreement and the
Basic Documents as the Issuer may from time to time request; and
WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer on the
terms set forth herein;
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NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:
1. DUTIES OF THE ADMINISTRATOR.
(a) Duties with respect to the Note Depository Agreement and the
Indenture.
(i) The Administrator agrees to perform all its duties as
Administrator under the Basic Documents and the duties of the
Issuer under the Note Depository Agreement and the Indenture. In
addition, the Administrator shall consult with the Owner Trustee
regarding the duties of the Issuer under the Indenture and the
Note Depository Agreement. The Administrator shall monitor the
performance of the Issuer and shall advise the Owner Trustee when
action by the Issuer or the Owner Trustee is necessary to comply
with the Issuer's duties under the Indenture and the Note
Depository Agreement. The Administrator shall prepare for
execution by the Issuer or shall cause the preparation by other
appropriate persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of
the Issuer to prepare, file or deliver pursuant to the Indenture
and the Note Depository Agreement. In furtherance of the
foregoing, the Administrator shall take all appropriate action
that is the duty of the Issuer to take pursuant to the Indenture
including, without limitation, such of the foregoing as are
required with respect to the following matters under the
Indenture (references are to sections of the Indenture):
(A) preparing or obtaining the documents and
instruments required for the proper authentication of
Notes and delivering the same to the Indenture Trustee
(Section 2.02);
(B) appointing the Note Registrar and giving the
Indenture Trustee notice of any appointment of a new Note
Registrar and the location, or change in location, of the
Note Register (Section 2.04);
(C) preparing the notification to Noteholders of
the final principal payment on their Notes (Section
2.07(b));
(D) preparing, obtaining and/or filing of all
instruments, opinions and certificates and other documents
required for the release of Collateral (Section 2.09);
(E) maintaining an office in the Borough of
Manhattan, City of New York, for the registration of
transfer or exchange of Notes (Section 3.02);
(F) causing newly appointed Paying Agents, if any,
to deliver to the Indenture Trustee the instrument
specified in the Indenture regarding funds held in trust
(Section 3.03);
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(G) directing the Indenture Trustee to deposit
moneys with Paying Agents, if any, other than the
Indenture Trustee (Section 3.03);
(H) obtaining and preserving or causing the Owner
Trustee to obtain and preserve the Issuer's qualification
to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the
validity and enforceability of the Indenture, the Notes,
the Collateral and each other instrument and agreement
included in the Trust Estate (Section 3.04);
(I) preparing all supplements, amendments,
financing statements, continuation statements, instruments
of further assurance and other instruments, in accordance
with Section 3.05 of the Indenture, necessary to protect
the Trust Estate (Sections 3.05 and 3.07(c));
(J) furnishing the required Opinions of Counsel on
the Closing Date and at such other times, in accordance
with Sections 3.06 and 8.06 of the Indenture, and
delivering the annual Officer's Certificates and certain
other statements as to compliance with the Indenture, in
accordance with Section 3.09 of the Indenture (Sections
3.06, 3.09 and 8.06);
(K) identifying to the Indenture Trustee in an
Officer's Certificate any Person with whom the Issuer has
contracted to perform its duties under the Indenture
(Section 3.07);
(L) notifying the Indenture Trustee and the Rating
Agencies of any Servicer Default pursuant to the Sale and
Servicing Agreement and, if such Servicer Default arises
from the failure of the Servicer to perform any of its
duties under the Sale and Servicing Agreement, taking all
reasonable steps available to remedy such failure (Section
3.07(d));
(M) preparing and obtaining documents and
instruments required in connection with the consolidation,
merger or transfer of assets of the Issuer (Section 3.10);
(N) delivering notice to the Indenture Trustee of
each Event of Default and each other default by the
Servicer or the Seller under the Sale and Servicing
Agreement (Section 3.19);
(O) monitoring the Issuer's obligations as to the
satisfaction and discharge of the Indenture and the
preparation of an Officer's Certificate and obtaining the
Opinion of Counsel and the Independent Certificate (as
defined in the Indenture) related thereto (Section 4.01);
(P) preparing and mailing the notification of the
Indenture Trustee and Noteholders with respect to special
payment dates, if any (Section 5.04(d));
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(Q) preparing and, after execution by the Issuer
and the Indenture Trustee, filing with the Commission and
any applicable state agencies of documents required to be
filed on a periodic basis with the Commission and any
applicable state agencies (including any summaries thereof
required by rules and regulations prescribed thereby), and
transmitting of such summaries to the Noteholders (Section
7.03);
(R) preparing any Issuer Request and Officer's
Certificates and obtaining any Opinions of Counsel and
Independent Certificates necessary for the release of the
Trust Estate (Section 8.04);
(S) preparing Issuer Orders and obtaining Opinions
of Counsel with respect to the execution of any
supplemental indentures, and mailing notices to the
Noteholders with respect thereto (Sections 9.01, 9.02 and
9.03);
(T) executing and delivering new Notes conforming
to the provisions of any supplemental indenture, as
appropriate (Section 9.06);
(U) preparing all Officer's Certificates, Opinions
of Counsel and Independent Certificates with respect to
any requests by the Issuer to the Indenture Trustee to
take any action under the Indenture (Section 11.01(a));
(V) preparing and delivering Officer's Certificates
and obtaining Independent Certificates, if necessary, for
the release of property from the lien of the Indenture
(Section 11.01(b));
(W) notifying the Rating Agencies, upon any failure
of the Indenture Trustee to give such notification, of the
information required pursuant to Section 11.04 of the
Indenture (Section 11.04);
(X) preparing and delivering to the Noteholders and
the Indenture Trustee any agreements with respect to
alternate payment and notice provisions (Section 11.06);
and
(Y) recording the Indenture, if applicable (Section
11.14).
(ii) The Administrator shall also:
(A) pay the Indenture Trustee from time to time the
reasonable compensation provided for in the Indenture with
respect to services rendered by the Indenture Trustee
under the Indenture (which compensation shall not be
limited by any provision of law in regard to the
compensation of a trustee of an express trust);
(B) reimburse the Indenture Trustee upon its
request for all reasonable expenses, disbursements and
advances incurred or made by the
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Indenture Trustee in accordance with any provision of the
Indenture (including the reasonable compensation, expenses
and disbursements of its agents and counsel) to the extent
the Indenture Trustee is entitled to such reimbursement by
the Issuer under the Indenture;
(C) indemnify the Indenture Trustee for, and hold
it harmless against, any losses, liability or expense
incurred without negligence or bad faith on the part of
the Indenture Trustee, arising out of or in connection
with the acceptance or administration of the trusts and
duties contemplated by the Indenture, including the
reasonable costs and expenses of defending themselves
against any claim or liability in connection therewith to
the extent the Indenture Trustee is entitled to such
indemnification from the Issuer under the Indenture;
(D) pay the reasonable expense of any examination
or investigation by the Owner Trustee undertaken pursuant
to Section 7.01(e) of the Trust Agreement, and if such
expense is paid by the Owner Trustee, then such expense
shall be reimbursed by the Administrator upon demand.
(b) Additional Duties.
(i) In addition to the duties of the Administrator set
forth above, the Administrator shall perform such calculations,
and shall prepare for execution by the Issuer or the Owner
Trustee or shall cause the preparation by other appropriate
persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the
Basic Documents, and at the request of the Owner Trustee shall
take all appropriate action that it is the duty of the Issuer or
the Owner Trustee to take pursuant to the Basic Documents.
Subject to Section 5 of this Agreement, and in accordance with
the reasonable written directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the
performance of such other activities in connection with the
Collateral (including the Basic Documents) as are not covered by
any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the
Administrator.
(ii) Notwithstanding anything in this Agreement or the
Basic Documents to the contrary, the Administrator shall be
responsible for promptly notifying the Owner Trustee in the event
that any withholding tax is imposed on the Issuer's payments (or
allocations of income) to a Certificateholder as contemplated in
Section 5.02(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld
by the Owner Trustee pursuant to such provision.
(iii) Notwithstanding anything in this Agreement or the
Basic Documents to the contrary, the Administrator shall be
responsible for performance of the duties of the Administrator
set forth in Section 5.04(a), (b),
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(c), (d), (e) and (f) of the Trust Agreement with respect to,
among other things, accounting and reports to the
Certificateholders; provided, however, that the Owner Trustee
shall remain exclusively responsible for the mailing of the
Schedule K-1s necessary to enable each Certificateholder to
prepare its federal and state income tax returns.
(iv) The Administrator shall satisfy its obligations with
respect to clauses (ii) and (iii) above and under the Trust
Agreement by retaining, at the expense of the Administrator, a
firm of independent public accountants (the "Accountants") which
shall perform the obligations of the Administrator thereunder;
provided, however, that the Certificateholder is not the
Administrator or any of its Affiliates.
In connection with paragraph (ii) above, the Accountants
will provide, prior to December 1 of each year, a letter in form
and substance satisfactory to the Owner Trustee as to whether any
tax withholding is then required and, if required, the procedures
to be followed with respect thereto to comply with the
requirements of the Code; provided, however, that the
Certificateholder is not the Administrator or any of its
Affiliates. The Accountants shall be required to update the
letter in each instance that any additional tax withholding is
subsequently required or any previously required tax withholding
shall no longer be required.
(v) The Administrator shall perform the duties of the
Administrator specified in Section 10.02 of the Trust Agreement
required to be performed in connection with the removal of the
Owner Trustee, and any other duties expressly required to be
performed by the Administrator under the Trust Agreement.
(vi) In carrying out the foregoing duties or any of its
other obligations under this Agreement, the Administrator may
enter into transactions with or otherwise deal with any of its
Affiliates; provided, however, that the terms of any such
transactions or dealings shall be in accordance with any
directions received from the Issuer and shall be, in the
Administrator's opinion, no less favorable to the Issuer than
would be available from unaffiliated parties.
(c) Non-Ministerial Matters.
(i) With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the
Administrator shall not take any action unless within a
reasonable time before the taking of such action the
Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld
consent or provided an alternative direction, and all approvals
required under the Basic Documents shall have been obtained. For
the purpose of the preceding sentence, "non-ministerial matters"
shall include, without limitation:
(A) the amendment of the Indenture or execution of any
supplement to the Indenture;
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(B) the initiation of any claim or lawsuit by the
Issuer and the compromise of any action, claim or lawsuit brought
by or against the Issuer (other than in connection with the
collection of the Receivables);
(C) the amendment, change or modification of any of
the Basic Documents;
(D) the appointment of successor Note Registrars or
successor Paying Agents pursuant to the Indenture or the
appointment of successor Administrators, or the consent to the
assignment by the Note Registrar, Paying Agent or Indenture
Trustee of its obligations, in each case under the Indenture; and
(E) the removal of the Indenture Trustee.
(ii) Notwithstanding anything to the contrary in this Agreement,
the Administrator shall not be obligated to, and shall not (x) make
any payments to the Noteholders under the Basic Documents, (y) sell
the Trust Estate pursuant to Section 5.04 of the Indenture or (z)
take any other action that the Issuer directs the Administrator not
to take on its behalf.
2. RECORDS. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer, the Owner
Trustee and the Indenture Trustee at any time during normal business hours upon
reasonable advance written notice.
3. COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to a fee of
$200.00 per month which shall be solely an obligation of the Servicer.
4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.
5. INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer, the Owner Trustee or the Indenture
Trustee with respect to the manner in which it accomplishes the performance of
its obligations hereunder. Unless expressly authorized by the Issuer hereunder
or otherwise, the Administrator shall have no authority to act for or represent
the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise
be or be deemed an agent of the Issuer, the Owner Trustee or the Indenture
Trustee.
6. NO JOINT VENTURE. Nothing contained in this Agreement shall (i)
constitute the Administrator and any of the Issuer, the Owner Trustee or the
Indenture Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) be construed
to impose any liability as such on any of them or (iii) be deemed
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to confer on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.
7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its or
their sole discretion, from acting as an administrator for any other person or
entity, or in a similar capacity therefor, even though such person or entity may
engage in business activities similar to those of the Issuer, the Owner Trustee
or the Indenture Trustee.
8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.
(a) This Agreement shall continue in force until the termination
of the Issuer, upon which event this Agreement shall automatically
terminate.
(b) Subject to Sections 8(e) and 8(f), the Administrator may
resign by providing the Issuer with at least 30 days' prior written
notice.
(c) Subject to Sections 8(e) and 8(f), the Issuer may remove the
Administrator without cause by providing the Administrator at least 30
days' prior written notice.
(d) Subject to Sections 8(e) and 8(f), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice
of termination from the Issuer to the Administrator if any of the
following events shall occur:
(i) the Administrator shall fail to perform in any material
respect any of its duties under this Agreement and, after notice
of such default, shall not cure such default within 10 days (or,
if such default cannot be cured in such time, shall not give
within such 10 days such assurance of timely and complete cure as
shall be reasonably satisfactory to the Issuer);
(ii) the entry of a decree or order by a court or agency or
supervisory authority having jurisdiction in the premises for the
appointment of a trustee in bankruptcy, conservator, receiver or
liquidator for the Administrator in any bankruptcy, insolvency,
readjustment of debt, marshalling of assets and liabilities or
similar proceedings, or for the winding up or liquidation of
their respective affairs, and the continuance of any such decree
or order unstayed and in effect for a period of 90 consecutive
days; or
(iii) the consent by the Administrator to the appointment of
a trustee in bankruptcy, conservator or receiver or liquidator in
any bankruptcy, insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings of or relating to
the Administrator of or relating to substantially all of their
property, or the Administrator shall admit in writing its
inability to pay its debts generally as they become due, file a
petition to take advantage of any applicable insolvency or
reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations.
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The Administrator agrees that if any of the events
specified in clauses (ii) or (iii) of this Section shall occur, it shall
give written notice thereof to the Issuer, the Owner Trustee and the
Indenture Trustee within seven days after the occurrence of such event.
(e) No resignation or removal of the Administrator pursuant to
this Section shall be effective until (i) a successor Administrator
shall have been appointed by the Issuer and (ii) such successor
Administrator shall have agreed in writing to be bound by the terms of
this Agreement on substantially the same terms as the Administrator is
bound hereunder.
(f) The appointment of any successor Administrator shall be
effective only after each Rating Agency (other than Moody's) has
provided to the Owner Trustee and the Indenture Trustee notice that the
proposed appointment will not result in the reduction or withdrawal of
any rating, if any, then assigned by such Rating Agency to any Class of
Notes or the Certificates. Promptly after the appointment of any
successor Administrator, the Owner Trustee will provide notice of such
appointment to Moody's (so long as ▇▇▇▇▇'▇ is then rating any
outstanding Notes).
(g) Subject to Section 8(e) and 8(f), the Administrator
acknowledges that upon the appointment of a Successor Servicer pursuant
to the Sale and Servicing Agreement, the Administrator shall immediately
resign and such Successor Servicer shall automatically succeed to the
rights, duties and obligations of the Administrator under this
Agreement.
9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b) or (c) or
(d), the Administrator shall be entitled to be paid all fees and reimbursable
expenses accruing to it to the date of such termination, resignation or removal.
The Administrator shall forthwith upon such termination pursuant to Section 8(a)
deliver to or to the order of the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
8(b) or (c) or (d), the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.
10. NOTICES. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:
(a) if to the Issuer or the Owner Trustee, to:
Nissan Auto Receivables 2000-B Owner Trust
In care of: Wilmington Trust Company
▇▇▇▇▇▇ Square North
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Nissan Auto Receivables 2000-B Owner Trust
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with a copy to
Nissan Auto Receivables 2000-B Owner Trust
In care of: Nissan Motor Acceptance Corporation
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇ ▇▇▇▇▇, General Counsel
(b) if to the Administrator, to:
Nissan Motor Acceptance Corporation
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇ ▇▇▇▇▇, General Counsel
(c) if to the Indenture Trustee, to:
Norwest Bank Minnesota, National Association
Norwest Center
Sixth and Marquette Avenue,
MAC ▇▇▇▇▇-▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇,
Attn: Asset Backed Securities Department
or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand delivered
to the address of such party as provided above.
11. AMENDMENTS. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator,
and the Indenture Trustee, with the consent of the Owner Trustee but without the
consent of any Noteholders or the Certificateholders, for the purpose of adding
any provisions to or modifying or changing in any manner or eliminating any of
the provisions of this Agreement, provided that such amendment does not and will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or Certificateholder. This
Agreement may also be amended from time to time by the Issuer, the
Administrator, and the Indenture Trustee with the consent of the Owner Trustee
and (i) the holders of Notes evidencing a majority of the Outstanding Amount of
the Notes, voting as a single class; or (ii) in the case of any amendment that
does not adversely affect the Indenture Trustee or the Noteholders (as evidenced
by an Officer's Certificate of the Servicer and an outside Opinion of Counsel
indicating that such amendment will not adversely affect the Indenture Trustee
or the Noteholders), the holders of the Certificates evidencing a majority of
the outstanding Certificate Balance of the Certificates (but excluding for
purposes of calculation and action all Certificates held by the Seller, the
Servicer or any of their Affiliates unless at such time all Certificates are
then owned by the Seller, the Servicer and their Affiliates), for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement
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or of modifying in any manner the rights of those Noteholders or
Certificateholders which are not covered by the immediately preceding sentence.
12. SUCCESSOR AND ASSIGNS. This Agreement may not be assigned by the
Administrator unless such assignment is consented to in writing by the Issuer,
the Owner Trustee and the Indenture Trustee, and the conditions precedent to
appointment of a successor Administrator set forth in Section 8 are satisfied.
An assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrator is
bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned
by the Administrator without the consent of the Issuer, the Owner Trustee and
the Indenture Trustee to a corporation or other organization that is a successor
(by merger, consolidation or purchase of assets) to the Administrator, provided
that such successor organization executes and delivers to the Issuer, the Owner
Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment
in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.
13. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions (other than Section 5-1401 of the General Obligations
Law of the State of New York), and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.
14. NO PETITION. The Administrator, by entering into this Administration
Agreement, hereby covenants and agrees that it will not at any time institute
against the Issuer, or join in any institution against the Issuer of any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law, in connection with any obligations relating to the Notes, the
Certificates or any of the Basic Documents.
15. HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.
16. COUNTERPARTS. This Agreement may be executed in counterparts, each
of which when so executed shall together constitute but one and the same
agreement.
17. SEVERABILITY OF PROVISIONS. If any one or more of the agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid or unenforceable in any jurisdiction, then such agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the other rights of
the parties hereto.
18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this
Agreement shall affect any obligation, right or benefit NMAC may have in any
other capacity or under any Basic Document.
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19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE.
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Wilmington Trust Company, not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer, and Norwest Bank
Minnesota, National Association, not in its individual capacity but solely in
its capacity as Indenture Trustee under the Indenture and in no event shall
Wilmington Trust Company in its individual capacity, Norwest Bank Minnesota,
National Association, in its individual capacity, or any Certificateholder have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.
NISSAN AUTO RECEIVABLES 2000-B OWNER TRUST
By: WILMINGTON TRUST COMPANY
not in its individual capacity but solely as
Owner Trustee
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Financial Services Officer
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, not
in its individual capacity but solely as
Indenture Trustee
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Assistant Vice President
NISSAN MOTOR ACCEPTANCE CORPORATION,
as Administrator
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: President
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