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Exhibit 10.4

 
March 20, 2009

To:
THE ROYAL BANK OF SCOTLAND PLC
c/o RBS Financial Markets, Level 4,
135 Bishopsgate, London, EC2M 3UR
Attn: Swaps Administration
Tel: 020 7085 5000
Fax: 020 7085 5050

From:
FORD CREDIT AUTO OWNER TRUST 2009-A
c/o U.S. Bank Trust National Association,
as Owner Trustee
300 Delaware Avenue, Ninth Floor
Wilmington, Delaware 19801
Attn: Corporate Trust Department
Tel:  (302) 576-3704
Fax:  (302) 576-3717

Re:  Cap Transaction Reference No. IRG903263382

Ladies and Gentlemen:

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between The Royal Bank of Scotland plc ("Party
A") and Ford Credit Auto Owner Trust 2009-A ("Party B") on the Trade Date listed
below (the "Transaction").  This letter constitutes a "Confirmation" as referred
to in the Agreement specified below.

The definitions and provisions contained in the 2006 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.) (the
"Definitions") are incorporated into this Confirmation.  For these purposes, all
references in those Definitions to a "Swap Transaction" will be deemed to apply
to the Transaction referred to herein.  In the event of any inconsistency
between those Definitions and this Confirmation, this Confirmation will
govern.  Other capitalized terms used herein and not otherwise defined will have
the meanings given them in the Appendix A to the Sale and Servicing Agreement,
dated as of March 1, 2009 (as from time to time amended, supplemented or
otherwise modified and in effect, the "Sale and Servicing Agreement"), among
Ford Credit Auto Owner Trust 2009-A, as Issuer, Ford Credit Auto Receivables Two
LLC, as Depositor, and Ford Motor Credit Company LLC, as Servicer.  In the event
of any inconsistency between those terms and this Confirmation, this
Confirmation will govern.

1.  This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement and the Schedule and Credit Support Annex thereto, each dated
as of March 19, 2009, between you and us (as amended, restated, supplemented or
otherwise modified from time to time, the "Agreement").  All provisions
contained in the Agreement govern this Confirmation except as expressly modified
below.

 

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

 
Party A:
The Royal Bank of Scotland plc.
 
 
Party B:
Ford Credit Auto Owner Trust 2009-A.
 
 
Trade Date:
March 20, 2009.
 
 
Effective Date:
March 25, 2009.
 
 
Notional Amount:
The Notional Amount for each Calculation Period will be the amount set forth in
Column D of Appendix A attached hereto.  Start Dates and End Dates in Appendix A
are subject to adjustment in accordance with the Following Business Day
Convention.
 
 
Termination Date:
March 15, 2011, subject to adjustment in accordance with the Following Business
Day Convention.
 
 
Fixed Amounts
 
 
 
Fixed Rate Payer:
Party B.
 
 
Fixed Rate Payer
   
Payment Date:
The Effective Date or, if the Class A-2b Notes are not issued on such date, such
later date on which the Class A-2b Notes are issued.
 
 
Fixed Amount:
$1,625,500
 
 
Floating Amounts
 
 
 
Floating Rate Payer:
Party A.
 
 
CAP Rate:
3.015%.
 
 
Floating Rate
Payer Payment Date:
The 15th day of each calendar month, subject to adjustment in accordance with
the Following Business Day Convention, and the Termination Date.  The initial
Floating Rate Payer Payment Date will be April 15, 2009.
 
 
Floating Rate for
Initial Calculation Period:
 
0.52313% (exclusive of Spread).
 
 
Floating Rate Option:
USD-LIBOR-BBA.
 
 
Designated Maturity:
One month.
 

 
 
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Spread:
2.00%.
 
 
Floating Rate Day Count Fraction:
Actual/360.
 
 
Reset Dates:
The first day of each Floating Rate Payer Calculation Period.
 
 
Averaging:
Inapplicable.
 
 
Compounding:
Inapplicable.
 
 
Business Days:
New York.

 3.  Account Details.

 
Payments to Party A:
The Royal Bank of Scotland plc
ABA #: 021-000-021
Correspondent Bank: JP Morgan Chase, New York
Favor: The Royal Bank of Scotland Financial Markets Fixed Income and Interest
Rate Derivative Operations, London
Account #: 400930153

 

 
Payments to Party B:
The Bank of New York Mellon
ABA #: 021-000-018
Acct #: 111-565
Attn:  John Bobko
For further credit to:  Ford Credit Auto Owner Trust 2009-A - Collection Acct
TAS # 235766
 
 
Party A Operations Contact:
The Royal Bank of Scotland plc
c/o RBS Financial Markets, Level 4,
135 Bishopsgate, London, EC2M 3UR
Attn: Swaps Administration
Tel: 020 7085 5000
Fax: 020 7085 5050
 
 
Party B Operations Contact:
Ford Credit Auto Owner Trust 2009-A
c/o U.S. Bank Trust National Association,
   as Owner Trustee
300 Delaware Avenue, Ninth Floor
Wilmington, Delaware 19801
Attn:  Corporate Trust Administration
Tel: (302) 576-3704
Fax:  (302) 576-3717
 

 
 
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     with copies to:
 
The Bank of New York Mellon,
   as Indenture Trustee for
   Ford Credit Auto Owner Trust 2009-A
101 Barclay Street
Floor 4 West
New York, New York 10286
Attn: Structured Finance Services -
Asset Backed Securities, Ford 2009-A
Tel: (212) 815-4389
Fax:  (212) 815-2493
 
and
 
Ford Motor Credit Company LLC
c/o Ford Motor Company
World Headquarters, Suite 801-C1
One American Road
Dearborn, Michigan  48126
Attn:  Securitization Operations Supervisor
Tel: (313) 206-5899
Fax: (313) 390-4133

 4.  Offices.

The Office of Party A for this Transaction is:   London
The Office of Party B for this Transaction is:    Not Applicable

5.  Additional Provisions.

(a)             It will constitute an Additional Termination Event in respect of
which this Transaction will be an Affected Transaction under the Agreement if an
Early Termination Date (a "Related Swap Early Termination Date") occurs or is
designated under any Related Swap; provided, that, notwithstanding anything to
the contrary in the Agreement, the Related Swap Early Termination Date shall
automatically be the Early Termination Date in respect of this Transaction
without any requirement that either party designate such an Early Termination
Date.

(b)             It will constitute an Additional Termination Event in respect of
which this Transaction will be an Affected Transaction and Party B will be the
sole Affected Party (provided, that notwithstanding Section 6(b)(iv) of the
Agreement, both Party A and Party B will have the right to designate an Early
Termination Date in respect of such Additional Termination Event) if (i) the
Class A-2b Notes are not issued within 12 Business Days of the Trade Date or
(ii) Party B provides notice that the Note Balance of the Class A-2b Notes will
be reduced to zero on any Payment Date before the Termination Date.  Party B
will provide the notice contemplated in clause (ii) above not less than 5
Business Days prior to the related Payment Date and the parties agree that,
notwithstanding anything in Section 6 of the Agreement to the contrary, the
related Early Termination Date, if designated, will occur prior to such Payment
Date and any payments to be made in respect of such Early Termination Date will
be made on such Payment Date with interest thereon as contemplated by Section
6(d)(ii) of the Agreement.
 
 
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(c)             For purposes of this paragraph 5, the following terms have the
following meanings:

"Related Swaps" means the Swap Transactions between Party A and Party B
evidenced by the Confirmations, dated March 19, 2009 and March 20, 2009,
respectively, bearing the reference numbers D903263381 and IRG903263383, and
each governed by the Agreement.

(d)             Notwithstanding Part 4(i) of the Agreement, subparagraph (ii) of
Section 2(c) of the Agreement will not apply to this Transaction and the Related
Swaps, starting on the Effective Date.

(e)             Agency Role of Greenwich Capital Markets, Inc.  In connection
with this Agreement, Greenwich Capital Markets, Inc. has acted as agent on
behalf of Party A. Greenwich Capital Markets, Inc. has not guaranteed and is not
otherwise responsible for the obligations of Party A under this Agreement.

[SIGNATURE PAGE FOLLOWS]

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

  Best Regards,           FORD CREDIT AUTO OWNER TRUST 2009-A          
By:      U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity
            but solely as Owner Trustee
         
 
By:
/s/ Nicole Poole       Name: Nicole Poole        Title:   Vice President       
   

Accepted and confirmed as of the Trade Date written above:

THE ROYAL BANK OF SCOTLAND PLC

By:           GREENWICH CAPITAL
                 MARKETS, INC., its agent

By:      /s/ Deborah Pfeifer                                    
Name: Deborah Pfeifer
Title:   Senior Vice President
 

 

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APPENDIX A

SCHEDULE OF NOTIONAL AMOUNTS
 
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