<PAGE>

                                                                    EXHIBIT 10.1

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT
                       (1992 MULTICURRENCY - CROSS BORDER)

                          DATED AS OF [________], 2007

                                     BETWEEN

                          [NAME OF SWAP COUNTERPARTY],
                   A [JURISDICTION OF ORGANIZATION] [COMPANY]
                                   ("PARTY A")

                                       AND

                      FORD CREDIT AUTO OWNER TRUST 2007-X,
                           A DELAWARE STATUTORY TRUST
                                   ("PARTY B")

PART 1. TERMINATION PROVISIONS.

     (a)  "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

          Section 5(a)(v),     Not applicable.
          Section 5(a)(vi),    Not applicable.
          Section 5(a)(vii),   Not applicable.
          Section 5(b)(iv),    Not applicable.

          in relation to Party B for the purpose of:

          Section 5(a)(v),     Not applicable.
          Section 5(a)(vi),    Not applicable.
          Section 5(a)(vii),   Not applicable.
          Section 5(b)(iv),    Not applicable.

     (b)  "SPECIFIED TRANSACTION" will have the meaning specified in Section 14
          of this Agreement unless another meaning is specified here: No change
          from Section 14.

     (c)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii), the
          "MISREPRESENTATION" provisions of Section 5(a)(iv) and the "DEFAULT
          UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v) will not
          apply to Party B.

     (d)  The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will not
          apply to Party B except that Section 5(a)(iii)(1) will apply in
          respect of Party B's obligations under Paragraph 3(b) of the Credit
          Support Annex.

     (e)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to
          Party B and will apply to Party A with a Threshold Amount equal to 3
          percent of Party A's shareholders' equity (excluding deposits).

     (f)  BANKRUPCY

          Section 5(a)(vii)(2),(7) and (9) will not apply to Party B.

<PAGE>

          Section 5(a)(vii)(4) will not apply to Party B to the extent any such
          proceeding or petition was instituted or presented by Party A or any
          of its Affiliates.

          Section 5(a)(vii)(6) will not apply to Party B to the extent any such
          appointment is effected pursuant to the 2006-1 Basic Documents.

          Section 5(a)(vii)(8) will not apply to Party B to the extent that it
          applies to Section 5(a)(vii)(2),(4),(6) or (7), except to the extent
          such provisions are not disapplied with respect to Party B.

     (g)  TAX EVENT AND TAX EVENT UPON MERGER

          Section 5(b)(ii) will apply, provided that the words "(x) any action
          taken by a taxing authority, or brought in a court of competent
          jurisdiction, on or after the date on which a Transaction is entered
          into (regardless of whether such action is taken or brought with
          respect to a party to this Agreement) or (y)" are hereby deleted.

          Section 5(b)(iii) will apply, provided that Party A will not be
          entitled to designate an Early Termination Date by reason of a Tax
          Event Upon Merger in respect of which it is the Affected Party.

          Section 6(b)(ii) will apply, provided that the words "or if a Tax
          Event Upon Merger occurs and the Burdened Party is the Affected Party"
          are hereby deleted.

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

     (i)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
          apply to Party A or to Party B.

     (j)  PAYMENTS ON EARLY TERMINATION; GENERAL. Subject to Part 1(l) below,
          for the purpose of Section 6(e):

          (i)  Market Quotation will apply unless Party A is the Defaulting
               Party or the Affected Party and Party B has contracted to enter
               into a replacement Transaction on or prior to the Early
               Termination Date, in which event Loss will apply.

          (ii) The Second Method will apply.

          (iii) Notwithstanding anything to the contrary set forth in the
               Agreement, if (1) Party B designates an Early Termination Date
               pursuant to Part 5(m) or 5(o) in respect of which any Transaction
               is a Terminated Transaction and (2) Party B enters into a
               replacement transaction with a third party on or before such
               Early Termination Date, then (x) the amount, if any, payable by
               Party B to Party A in respect of such Early Termination Date and
               such Transaction will not exceed the amount received by Party B
               from such third party in consideration of entering into such
               replacement transaction and (y) the amount, if any, payable by
               Party A to Party B in respect of such Early Termination Date and
               such Transaction will not be less than the amount payable by
               Party B to such third party in consideration of entering into
               such replacement transaction.

     (k)  PAYMENTS ON EARLY TERMINATION DUE TO CERTAIN EVENTS. Notwithstanding
          Section 6, so long as (A) an Additional Termination Event occurs
          pursuant to Part 1(m)(v) or (vi), or (B) Party A is the Affected Party
          in respect of a Tax Event Upon Merger or the Defaulting Party in
          respect of any Event of Default, paragraphs (i) to (ix) below will
          apply:

          (i)  For the purposes of Section 6(d)(i), Party B's obligation with
               respect to the extent of information to be provided with its
               calculations is limited to information Party B has already

<PAGE>

               received in writing which Party B is able to release without
               breaching any contractual obligations or the provisions of any
               law applicable to Party B.

          (ii) The definition of "Market Quotation" shall be deleted in its
               entirety and replaced with the following:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, a Firm Offer which is (1) made by a Reference
               Market-maker that is an Eligible Replacement, (2) for an amount
               that would be paid to Party B (expressed as a negative number) or
               by Party B (expressed as a positive number) in consideration of
               an agreement between Party B and such Reference Market-maker to
               enter into a transaction (the "REPLACEMENT TRANSACTION") that
               would have the effect of preserving for such party the economic
               equivalent of any payment or delivery (whether the underlying
               obligation was absolute or contingent and assuming the
               satisfaction of each applicable condition precedent) by the
               parties under Section 2(a)(i) in respect of such Terminated
               Transactions or group of Terminated Transactions that would, but
               for the occurrence of the relevant Early Termination Date, have
               been required after that Date, (3) made on the basis that Unpaid
               Amounts in respect of the Terminated Transaction or group of
               Transactions are to be excluded but, without limitation, any
               payment or delivery that would, but for the relevant Early
               Termination Date, have been required (assuming satisfaction of
               each applicable condition precedent) after that Early Termination
               Date is to be included and (4) made in respect of a Replacement
               Transaction with commercial terms substantially the same as those
               of this Agreement (save for the exclusion of provisions relating
               to Transactions that are not Terminated Transactions)."

          (iii) The definition of "Settlement Amount" shall be deleted in its
               entirety and replaced with the following:

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by Party B) equal to:

               (A)  If a Market Quotation for the relevant Terminated
                    Transaction or group of Terminated Transactions is accepted
                    by Party B so as to become legally binding on or before the
                    day falling ten Local Business Days after the day on which
                    the Early Termination Date is designated (or such later day
                    as Party B may specify in writing to Party A, which in any
                    event will not be later than the Early Termination Date)
                    (such day, the "LATEST SETTLEMENT AMOUNT DETERMINATION
                    DAY"), the Termination Currency Equivalent of the amount
                    (whether positive or negative) of such Market Quotation; or

               (B)  If no Market Quotation for the relevant Terminated
                    Transaction or group of Terminated Transactions is accepted
                    by Party B so as to become legally binding on or before the
                    Latest Settlement Amount Determination Day, Party B's Loss
                    (whether positive or negative and without reference to any
                    Unpaid amounts) for the relevant Terminated Transaction or
                    group of Terminated Transactions."

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

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

<PAGE>

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

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

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

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

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

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

     (m)  ADDITIONAL TERMINATION EVENTS. Each of the following will constitute
          an Additional Termination Event pursuant to Section 5(b)(v):

          (i)  Any acceleration of the Notes pursuant to Section 5.2(a) of the
               Indenture (provided such acceleration has not been rescinded
               pursuant to Section 5.2(b) of the Indenture) and liquidation of
               the Indenture Trust Estate with Party B as the sole Affected
               Party;

          (ii) Any amendment or supplement to the Indenture or to the Sale and
               Servicing Agreement that would materially adversely affect any of
               Party A's rights or obligations under this Agreement or any
               Transaction that is made without the consent of Party A, which
               consent will not be unreasonably withheld; provided that Party
               A's consent will be deemed to have been given if Party A does not
               object in writing within 10 Business Days of receipt of a written
               request for such consent, with Party B as the sole Affected
               Party;

          (iii) Failure of Party A to comply with the requirements of Part 5(n),
               with Party A as the sole Affected Party; and

          (iv) Failure of Party A to comply with the requirements of Part 5(s),
               with Party A as the sole Affected Party.

          (v)  MOODY'S FIRST RATING TRIGGERS.

               (A)  Party A failed to comply with the requirements of Part
                    5(o)(ii), with Party A as the sole Affected Party; or

               (B)  If Party A has elected to post collateral pursuant to Part
                    5(o)(ii)(C), Party A failed to comply with or perform any
                    obligation to be complied with or performed by Party A in
                    accordance with the Credit Support Annex, with Party A as
                    the sole Affected Party.

<PAGE>

          (vi) MOODY'S SECOND RATING TRIGGERS.

               (A)  Party A failed to post collateral pursuant to Part 5(o)(iv),
                    with Party A as the sole Affected Party, or

               (B)  (1) The Second Rating Trigger Requirements apply and 30 or
                    more Local Business Days have elapsed since the last time
                    the Second Rating Trigger Requirements did not apply and
                    (2)(a) at least one Eligible Replacement has made a Firm
                    Offer (which remains capable of becoming legally binding
                    upon acceptance) to be the transferee of a transfer to be
                    made in accordance with Part 5(p)(ii) below or (b) at least
                    one entity meeting at least the Second Trigger Required
                    Ratings has made a Firm Offer (which remains capable of
                    becoming legally binding upon acceptance by the offeree) to
                    provide an Eligible Guarantee in respect of all of Party A's
                    present and future obligations under this Agreement, with
                    Party A as the sole Affected Party.

PART 2. TAX REPRESENTATIONS.

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

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other than interest under Section 2(e),
          6(d)(ii) or 6(e)) to be made by it to the other party under this
          Agreement. In making this representation, it may rely on (i) the
          accuracy of any representation made by the other party pursuant to
          Section 3(f), (ii) the satisfaction of the agreement contained in
          Section 4(a)(i) or 4(a)(iii) and the accuracy and effectiveness of any
          document provided by the other party pursuant to Section 4(a)(i) or
          4(a)(iii), and (iii) the satisfaction of the agreement of the other
          party contained in Section 4(d), provided that it will not be a breach
          of this representation where reliance is placed on clause (ii) above
          and the other party does not deliver a form or document under Section
          4(a)(iii) by reason of material prejudice to its legal or commercial
          position.

     (b)  PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f):

          (i)  Party A makes the following representations: [TO BE PROVIDED BY
               PARTY A]

          (ii) Party B makes the following representations: It is a United
               States Person for U.S. federal income tax purposes and either (a)
               is a financial institution (within the meaning of Treasury
               Regulations section 1.1441-1(c)(5)) or (b) is not acting as an
               agent for a person that is not a United States Person for U.S.
               federal income tax purposes.

<PAGE>

PART 3. AGREEMENT TO DELIVER DOCUMENTS.

     (a)  For purposes of Section 4(a)(i) and (ii), each party agrees to deliver
          the following documents, as applicable:

<TABLE>
<CAPTION>
   PARTY
REQUIRED TO
  DELIVER                                                    DATE BY WHICH
  DOCUMENT           FORM/DOCUMENT/CERTIFICATE              TO BE DELIVERED
-----------   --------------------------------------   -------------------------
<S>           <C>                                      <C>
Party A and   Any form or document that may be         On the date of this
Party B       required or reasonably requested in      Agreement, and promptly
              order to allow the other party to make   upon the earlier of (i)
              a payment under this Agreement without   reasonable demand by the
              any deduction or withholding for or on   other party and (ii)
              account of any Tax or with such          learning that the form or
              deduction or withholding at a reduced    document is required.
              rate, including IRS Form W-9, Form
              8ECI or Form W-8BEN, as applicable.
</TABLE>

     (b)  Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY
REQUIRED TO                                                         COVERED BY
DELIVER                                     DATE BY WHICH          SECTION 3(D)
DOCUMENT     FORM/DOCUMENT/CERTIFICATE      TO BE DELIVERED       REPRESENTATION
-----------  -----------------------------  -------------------  ---------------
<S>          <C>                            <C>                  <C>
Party A      Annual audited financial       Promptly upon Party
             statements prepared in         B's request.
             accordance with generally
             accepted accounting
             principles in the country in
             which the party is organized.

Party A and  Certificate or other           Upon execution of    Yes
Party B      documents evidencing the       this Agreement.
             authority of the party
             entering into this Agreement
             or a Confirmation, as the
             case may be, including copies
             of any board resolutions and
             appropriate certificates of
             incumbency as to the officers
             executing such documents.

Party A and  Opinions of counsel in form    Upon execution of    No
Party B      and substance acceptable to    this Agreement.
             the other party.

[Party A     Guarantee by Credit Support    Upon execution of    No]
             Provider.                      this Agreement

[Party A     Opinion of counsel of counsel  Upon execution of    No]
             to guarantor in form and       this Agreement
             substance
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                            <C>                  <C>
             acceptable to Party B.

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

Party A      Executed Indemnification and   At or promptly       Yes
             Contribution Agreement, among  following execution
             Party A, Ford Motor Credit     of this Agreement.
             Company LLC and Ford Credit
             Auto Receivables Two LLC,
             relating to Party A's
             furnished information for use
             in the Prospectus

Party B      Copies of executed Indenture   Upon execution of    No
             and Sale and Servicing         such agreements.
             Agreement
</TABLE>

PART 4. MISCELLANEOUS

     (a)  ADDRESSES FOR NOTICES:

          (1)  TO PARTY A:

     All notices and communications to Party A will be delivered to the
     following address:

               Address:

               Facsimile:
               Phone:

          (2)  TO PARTY B:

     For the purpose of Section 12(a), notices will be delivered to the address
     or facsimile number specified in the Confirmation of such Transaction. Any
     notice delivered for purposes of Sections 5, 6 and 7 will be delivered to
     the following address:

               U.S. Bank Trust National Association,
               as Owner Trustee for
               Ford Credit Auto Owner Trust 2007-X
               300 Delaware Avenue, Ninth Floor
               Wilmington, Delaware 19801
               Attn: Corporate Trust Department
               Telephone: (302) 576-3700
               Fax: (302) 576-3717

<PAGE>

          with copies to:

               The Bank of New York,
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2007-X
               101 Barclay Street
               Floor 4 West
               New York, New York 10286
               Attn: Structured Finance Services -
               Asset Backed Securities, Ford 2007-X
               Telephone: (212) 815-4389
               Fax: (212) 815-2493

          and

               Ford Motor Credit Company LLC
               One American Road, Suite 2411
               Dearborn, Michigan 48126
               Attention: Corporate Secretary
               Telephone: (313) 323-1200
               Fax: (313) 248-7613

          and

               Ford Motor Credit Company LLC
               c/o Ford Motor Company WHQ
               One American Road, Suite 801-C1
               Dearborn, Michigan 48126
               Attention: Securitization Operations Supervisor
               Telephone: (313) 594-3495
               Fax: (313) 390-4133

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

          Party A appoints as its Process Agent: Not applicable.

          Party B appoints as its Process Agent: Not applicable.

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

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

          (i)  Party A is not a Multibranch Party.

          (ii) Party B is not a Multibranch Party.

     (e)  CALCULATION AGENT. The Calculation Agent is Party B.

     (f)  GOVERNING LAW. This Agreement will be governed by and construed in
          accordance with the laws of the State of New York.

     (g)  SINGLE AGREEMENT. Section 1(c) will be amended by the addition of the
          words ", the credit support annex entered into between Party A and
          Party B in relation to this Master Agreement" after the words "Master
          Agreement".

<PAGE>

     (h)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) will apply to
          all Transactions under this Agreement.

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

     (j)  WAIVER OF JURY TRIAL. Each party waives, to the fullest extent
          permitted by applicable law, its right to have a jury trial in respect
          to any proceedings related to this Agreement. Each party certifies
          that no representative, agent or attorney of the other party has
          represented, expressly or otherwise, that such other party would not,
          in the event of such a suit, action or proceeding, seek to enforce the
          foregoing waiver.

     (k)  The definition of "LOCAL BUSINESS DAY" in Section 14 will be amended
          by the addition of the words "or any Credit Support Document" after
          "Section 2(a)(i)" and the addition of the words "or Credit Support
          Document" after "Confirmation".

PART 5. OTHER PROVISIONS.

     (a)  NON RELIANCE. In connection with the negotiation of, the entering
          into, and the execution of this Master Agreement, any Credit Support
          Document to which it is a party, each Transaction and any other
          documentation relating to this Master Agreement to which it is a party
          or that is required by this Master Agreement to deliver, each of Party
          A and Party B represents and agrees that:

          (i)  it is not relying (for the purposes of making any investment
               decision or otherwise) upon any advice, counsel or
               representations (whether written or oral) of the other party to
               this Master Agreement, such Credit Support Document, each
               Transaction or such other documentation other than the
               representations expressly set forth in this Master Agreement,
               such Credit Support Document and in any Confirmation;

          (ii) it has consulted with its own legal, regulatory, tax, business,
               investment, financial and accounting advisors to the extent it
               has deemed necessary, and it has made its own investment, hedging
               and trading decisions (including decisions regarding the
               suitability of any Transaction pursuant to this Master Agreement)
               based upon its own judgment and upon any advice from such
               advisors as it has deemed necessary and not upon any view
               expressed by the other party to this Master Agreement, such
               Credit Support Document, each Transaction or such other
               documentation;

          (iii) it has a full understanding of all the terms, conditions and
               risks (economic and otherwise) of the Master Agreement, such
               Credit Support Document, each Transaction and such other
               documentation and is capable of assuming and willing to, and
               will, assume (financially and otherwise) those risks;

          (iv) it is an "eligible contract participant" as defined in Section
               1a(12) of the Commodity Exchange Act (7 U.S.C. 1a), as amended by
               the Commodity Futures Modernization Act of 2000;

          (v)  it is entering into this Master Agreement, such Credit Support
               Document, each Transaction and such other documentation for the
               purposes of managing its borrowings or investments, hedging its
               underlying assets or liabilities or in connection with a line of
               business;

          (vi) it is entering into this Master Agreement, such Credit Support
               Document, each Transaction and such other documentation as
               principal, and not as agent or in any other capacity, fiduciary
               or otherwise; and

          (vii) the other party to this Master Agreement, such Credit Support
               Document, each Transaction and such other documentation (a) is
               not acting as a fiduciary or financial, investment or commodity
               trading advisor for it, (b) has not given to it (directly or
               indirectly through any

<PAGE>

               other person) any assurance, guaranty or representation
               whatsoever as to the merits (either legal, regulatory, tax,
               financial, accounting or otherwise) of this Master Agreement,
               such Credit Support Document, each Transaction or such other
               documentation, and (c) has not committed to unwind the
               Transactions.

     (b)  TAX PROVISIONS.

          (i)  Notwithstanding the definition of "Indemnifiable Tax" in Section
               14 of this Agreement, in relation to payments by Party A, any Tax
               shall be an Indemnifiable Tax and, in relation to payments by
               Party B, no Tax shall be an Indemnifiable Tax.

          (ii) Section 2(d)(i)(4) of this Agreement shall be deleted in its
               entirety and replaced with the words "if such Tax is an
               Indemnifiable Tax, pay to Y, in addition to the payment which Y
               is otherwise entitled under this Agreement, such additional
               amount as is necessary to ensure that the net amount actually
               received by Y (free and clear of Indemnifiable Taxes, whether
               against X or Y) will equal the full amount Y would

     (c)  ADDITIONAL REPRESENTATION BY PARTY A. Section 3 is amended by adding
          the following additional representation by Party A only:

          "(h) PARI PASSU. Its obligations under this Agreement rank pari passu
          with all of its other unsecured, unsubordinated obligations except
          those obligations preferred by operation of law."

     (d)  NO PETITION. Party A covenants and agrees that prior to the date that
          is one year and one day after the payment in full of (i) all of the
          Notes and any other securities issued by Party B and (ii) any other
          securities issued by a trust as to which Ford Credit Auto Receivables
          Two LLC is a depositor (or, if later, the expiration of all applicable
          preference periods under the United States Bankruptcy Code or other
          applicable law), it will not institute against, or join with any other
          Person in instituting against, Party B or Ford Credit Auto Receivables
          Two LLC any bankruptcy, reorganization, arrangement, insolvency or
          liquidation proceedings or other proceedings under United States
          federal or state bankruptcy or similar law in connection with any
          obligations under this Agreement. The provisions of this paragraph
          will survive the termination of this Agreement.

     (e)  LIMITED RECOURSE; SUBORDINATION.

          (i)  Notwithstanding anything to the contrary contained in this
               Agreement, the obligations of Party B under this Agreement and
               any Transaction hereunder are solely the obligations of Party B
               and will be payable solely to the extent of funds received by and
               available to Party B in accordance with the priority of payment
               provisions under the Indenture and on the Payment Dates specified
               therein. Party A acknowledges that Party B has pledged its assets
               constituting the Indenture Trust Estate to the Indenture Trustee.
               Upon exhaustion of the assets of Party B and the proceeds thereof
               in accordance with the Indenture and the Sale and Servicing
               Agreement, Party A will not be entitled to take any further steps
               against Party B to recover any sums due but unpaid under this
               Agreement, all claims in respect of which will be extinguished.
               No recourse may be taken for the payment of any amount owing in
               respect of any obligation of, or claim against, Party B arising
               out of or based upon this Agreement or any Transaction against
               any holder of a beneficial interest, employee, officer or
               Affiliate of Party B and, except as specifically provided in this
               Agreement, no recourse may be taken for the payment of any amount
               owing in respect of any obligation of, or claim against, Party B
               based on or arising out of this Agreement against the
               Administrator (as defined in the Administration Agreement), Ford
               Credit Auto Receivables Two LLC or any stockholder, holder of a
               beneficial interest, employee, officer, director, incorporator or
               Affiliate of such person; provided, however, that the foregoing
               will not relieve any such person or entity from any liability
               they might otherwise have as a result of their gross negligence
               or willful misconduct.

<PAGE>

          (ii) The parties intend that Part 5(e)(i) of this Schedule constitute
               an enforceable subordination agreement under Section 510(a) of
               the Bankruptcy Code and will survive the termination of this
               Agreement.

     (f)  PARTY B PLEDGE. Notwithstanding Section 7 to the contrary, Party A
          acknowledges that (i) Party B will pledge its rights under this
          Agreement to the Indenture Trustee for the benefit of the Noteholders
          and the Swap Counterparties pursuant to the Indenture and agrees to
          such pledge and (ii) Party A (as a Secured Party under the Basic
          Documents) has no voting rights in connection with any action to be
          taken on behalf of the Secured Parties. The Indenture Trustee will not
          be deemed to be a party to this Agreement, provided, -------- however,
          the Indenture Trustee, acting on behalf of the holders of the Notes,
          will have the right to enforce this Agreement against ------- Party A.
          Party A will be entitled to rely on any notice or communication from
          the Indenture Trustee to that effect. Party A acknowledges that Party
          B will pledge substantially all its assets to the Indenture Trustee
          for the benefit of the Noteholders and Party A and that all payments
          hereunder, including payments on early termination, will be made in
          accordance with the priority of payment provisions of the Indenture
          and the Sale and Servicing Agreement and on the Payment Dates
          specified therein.

     (g)  SEVERABILITY. If any term, provision, covenant, or condition of this
          Agreement, or the application thereof to any party or circumstance,
          will be held to be invalid or unenforceable (in whole or in part) for
          any reason, the remaining terms, provisions, covenants, and conditions
          hereof will continue in full force and effect as if this Agreement had
          been executed with the invalid or unenforceable portion eliminated, so
          long as this Agreement as so modified continues to express, without
          material change, the original intentions of the parties as to the
          subject matter of this Agreement and the deletion of such portion of
          this Agreement will not substantially impair the respective benefits
          or expectations of the parties to this Agreement.

     (h)  RECORDING OF CONVERSATIONS. Each party (i) consents to the recording
          of the telephone conversations of the trading and marketing personnel
          of the parties in connection with this Agreement and any potential or
          actual Transaction and (ii) agrees to obtain any necessary consent of,
          and to give notice of such recording to, its personnel.

     (i)  CONSENT BY PARTY A TO AMENDMENTS TO CERTAIN DOCUMENTS. Before any
          amendment, modification or supplement is made to the Indenture or the
          Purchase Agreement or the Sale and Servicing Agreement that (i) would
          materially adversely affect any of Party A's rights or obligations
          under this Agreement or any Transaction or (ii) modify the obligations
          or impair the ability of Party B to fully perform any of Party B's
          obligations under this Agreement or any Transaction in such a way that
          would materially adversely affect any of Party A's rights or
          obligations under this Agreement or any Transaction, Party B will
          provide Party A with a copy of the proposed amendment, modification or
          supplement and will obtain the consent of Party A prior to its
          adoption, which consent will not be unreasonably withheld, provided
          that Party A's consent will be deemed to have been given if Party A
          does not object in writing within 10 Business Days of receipt of a
          written request for such consent.

     (j)  SET OFF.

          (i)  All payments under this Agreement will be made without set-off or
               counterclaim, except as expressly provided for in Section 2(c),
               Section 6 or Part 1(l)(ix).

          (ii) Section 6(e) will be amended by the deletion of the following
               sentence; "The amount, if any, payable in respect of an Early
               Termination Date and determined pursuant to this Section will be
               subject to any Set-off."

     (k)  LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding anything
          contained in this Agreement to the contrary, this instrument (and any
          Confirmation pursuant to this instrument) has been or will be signed
          on behalf of Party B by U.S. Bank Trust National Association not in
          its individual capacity but solely in its capacity as Owner Trustee of
          Party B and in no event will U.S. Bank Trust National Association in
          its individual capacity or any beneficial owner of Party B have any
          liability for the

<PAGE>

          representations, warranties, covenants, agreements or other
          obligations of Party B under this Agreement or under any such
          Confirmation, as to all of which recourse will be had solely to the
          assets of Party B. For all purposes of this Agreement and any
          Confirmation, in the performance of any duties or obligations of Party
          B hereunder, the Owner Trustee will be subject to, and entitled to the
          benefits of, the terms and provisions of the Trust Agreement;
          provided, however, that the foregoing will not relieve the Owner
          Trustee from any liability it might otherwise have under the Trust
          Agreement as a result of its gross negligence or willful misconduct.

     (l)  DEFINITIONS. Unless otherwise specified in a Confirmation, this
          Agreement and the relevant Transaction between the parties are subject
          to the 2000 ISDA Definitions (the "Definitions"), as published by the
          International Swaps and Derivatives Association, Inc., and will be
          governed in all relevant respects by the provisions set forth in the
          Definitions, without regard to any amendment to the Definitions
          subsequent to the date hereof. The provisions of the Definitions are
          incorporated by reference in and will be deemed a part of this
          Agreement, except that references in the Definitions to a "Swap
          Transaction" will be deemed references to a "Transaction" for purposes
          of this Agreement. In the event of any inconsistency between the
          provisions of this Agreement and the Definitions, this Agreement will
          prevail. In the event of any inconsistency between the provision of
          any Confirmation and this Agreement or the Definitions, such
          Confirmation will prevail for the purpose of the relevant Transaction.

          For the purpose of this Agreement:

               "CREDIT SUPPORT ANNEX" means any credit support annex entered
          into between Party A and Party B relating to this Agreement, as
          amended, supplemented or otherwise modified from time to time.

               "CREDIT SUPPORT DOCUMENT" means the Credit Support Annex and any
          Eligible Guarantee.

               "CREDIT SUPPORT PROVIDER" means in relation to Party A, (1) Party
          A in its capacity as a party to the Credit Support Annex and (2) the
          guarantor under any Eligible Guarantee, and in relation to Party B,
          Party B in its capacity as a party to the Credit Support Annex.

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

               "ELIGIBLE REPLACEMENT" means an entity (A) with the First Trigger
          Required Ratings and/or the Second Trigger Required Ratings or (B)
          whose present and future obligations owing to Party B are guaranteed
          pursuant to an Eligible Guarantee provided by a guarantor with the
          First Trigger Required Ratings and/or the Second Trigger Required
          Ratings.

               "FIRM OFFER" means an offer which, when made, was capable of
          becoming legally binding upon acceptance.

               "MOODY'S SHORT-TERM RATING" means a rating assigned by Moody's
          under its short-term rating scale in respect of an entity's
          short-term, unsecured and unsubordinated debt obligations

               "RELEVANT ENTITIES" means Party A and any guarantor under an
          Eligible Guarantee in respect of all of Party A's present and future
          obligations under this Agreement.

<PAGE>

     (m)  ADDITIONAL DEFINED TERMS. Capitalized terms used but not defined in
          this Agreement (including this Schedule) or any Confirmation are
          defined in the Sale and Servicing Agreement, dated as of [ ], 2007
          (including Appendix A to such Sale and Servicing Agreement), as
          amended, supplemented or otherwise modified, among Party B, Ford Motor
          Credit Company LLC, as Servicer, and Ford Credit Auto Receivables Two
          LLC, as Depositor.

     (n)  DOWNGRADE OR WITHDRAWAL OF PARTY A'S RATING BY S&P OR FITCH. In the
          event that (x) Party A's long or short term unsecured and
          unsubordinated debt rating (or bank deposit rating) is withdrawn or
          reduced below "A" or "A-1" by S&P (or if it has no short term
          unsecured debt rating by S&P, a long term unsecured debt rating of
          "A+") or (y) Party A's short term unsecured debt rating is withdrawn
          or reduced below "F1" by Fitch or long term unsecured and
          unsubordinated debt rating is withdrawn or reduced below "A" by Fitch
          (such rating thresholds in clauses (x) and (y), the "Approved Rating
          Thresholds"), within 30 days of such rating downgrade (unless each
          such Rating Agency has reconfirmed the rating of each Class of Notes
          which was in effect immediately prior to such downgrade), Party A will
          (i) assign each Transaction to another counterparty with the Approved
          Rating Thresholds and approved by Party B (which approval will not be
          unreasonably withheld) on terms identical to this Schedule and the
          related Confirmation, (ii) obtain a guaranty, or a contingent
          agreement of, another person with Approved Rating Thresholds to honor
          Party A's obligations under this Agreement, provided that such other
          person is approved by Party B (which approval will not be unreasonably
          withheld), (iii) post mark-to-market collateral, pursuant to a
          collateral support agreement acceptable to Party B, which will be
          sufficient to restore any downgrade in the ratings of each Class of
          Notes issued by Party B attributable to Party A's failure to comply
          with the Approved Rating Thresholds, or (iv) establish any other
          arrangement satisfactory to Party B and to the applicable Rating
          Agency, in each case, sufficient to satisfy the Rating Agency
          Confirmation. However, Party A will be required to take the action
          described in clause (i), (ii) or (iv) above, in any event within 10
          Business Days of such failure, if Party A fails to have either (A) a
          short-term unsecured debt rating of at least "A-3" by S&P or, if Party
          A does not have a short-term rating by S&P, a long-term unsecured debt
          rating of at least "BBB-" by S&P or if Party A is no longer rated by
          S&P, or (B) a short-term unsecured debt rating of at least "F2" by
          Fitch or a long-term unsecured debt rating of at least "BBB+" by
          Fitch. All costs and expenses in connection with effecting any
          arrangements pursuant to clauses (i), (ii), (iii) or (iv) will be for
          the account of Party A.

     (o)  DOWNGRADE OR WITHDRAWAL OF PARTY A'S RATING BY MOODY'S

          (i)  An entity shall have the "FIRST TRIGGER REQUIRED RATINGS" (A)
               where such entity is the subject of a Moody's Short-term Rating,
               if such rating is "Prime-1" and its long-term, unsecured and
               unsubordinated debt obligations are rated "A2" or above by
               Moody's and (B) where such entity is not the subject of a Moody's
               Short-term Rating, if its long-term, unsecured and unsubordinated
               debt obligations are rated "A1" or above by Moody's.

          (ii) The "FIRST RATING TRIGGER REQUIREMENTS" shall apply so long as no
               Relevant Entity has the First Trigger Required Ratings. Within 30
               Local Business Days after the First Rating Trigger Requirements
               apply, Party A will, at its own cost, (A) procure an Eligible
               Guarantee in respect of all of Party A's present and future
               obligations under this Agreement to be provided by a guarantor
               meeting the First Trigger Required Ratings, (B) effect a transfer
               in accordance with Part 5(p)(ii) below or (C) post collateral in
               the amount and manner as set forth in the Credit Support Annex.

          (iii) An entity shall have the "SECOND TRIGGER REQUIRED RATINGS" (A)
               where such entity is the subject of a Moody's Short-term Rating,
               if such rating is "Prime-2" or above and its long-term, unsecured
               and unsubordinated debt obligations are rated "A3" or above by
               Moody's and (B) where such entity is not the subject of a Moody's
               Short-term Rating, if its long-term, unsecured and unsubordinated
               debt obligations are rated "A3" or above by Moody's.

          (iv) The "SECOND RATING TRIGGER REQUIREMENTS" shall apply so long as
               no Relevant Entity has the Second Trigger Required Ratings.
               Within 30 Local Business Days after the Second

<PAGE>

               Rating Trigger Requirements apply, Party A will post collateral
               in the amount and manner as set forth in the Credit Support
               Annex. Party A will also, at its own cost, use commercially
               reasonable efforts to, as soon as reasonably practicable, procure
               either (A) an Eligible Guarantee in respect of all of Party A's
               present and future obligations under this Agreement to be
               provided by a guarantor meeting at least the Second Trigger
               Required Ratings or (B) a transfer in accordance with Part
               5(p)(ii) below.

     (p)  TRANSFERS

          (i)  Section 7 of this Agreement shall not apply to Party A and,
               subject to Section 6(b)(ii) and clause (ii) below, Party A may
               not transfer (whether by way of security or otherwise) any
               interest or obligation in or under this Agreement without the
               prior written consent of Party B and without complying with Part
               5(q) below.

          (ii) Party A may (at its own cost) transfer all or substantially all
               of its rights and obligations with respect to this Agreement to
               any other entity (a "TRANSFEREE") that is an Eligible
               Replacement, provided that Party B shall determine in its sole
               discretion, acting in a commercially reasonable manner, whether
               or not a transfer relates to all or substantially all of Party
               A's rights and obligations under this Agreement. Following such
               transfer, all references to Party A shall be deemed to be
               references to the Transferee.

          (iii) If an entity has made a Firm Offer (which remains capable of
               becoming legally binding upon acceptance) to be the transferee of
               a transfer to be made in accordance with (ii) above, Party B
               shall (at Party A's cost) at Party A's written request, take any
               reasonable steps required to be taken by it to effect such
               transfer.

     (q)  APPROVAL OF AMENDMENTS, TRANSFERS OR ASSIGNMENT. Notwithstanding any
          other provisions of this Agreement, no amendments to this Agreement
          will be effected, nor may the rights and obligations of Party A be
          transferred or assigned, without the prior written confirmation of
          each Rating Agency that such amendment, transfer or assignment will
          not cause such Rating Agency to reduce or withdraw its then current
          rating on any of the Notes.

     (r)  PARTY B AGENT. Party A acknowledges that Party B has appointed Ford
          Motor Credit Company LLC as its agent under the Administration
          Agreement to carry out certain functions on behalf of Party B, and
          that Ford Motor Credit Company LLC shall be entitled to give notices
          and to perform and satisfy the obligations of Party B hereunder on
          behalf of Party B.

     (s)  REGULATION AB FINANCIAL DISCLOSURE.

          Party A acknowledges that for so long as there are reporting
          obligations with respect to any Transaction under this Agreement under
          Regulation AB, the Depositor is required under Regulation AB to
          disclose certain information set forth in Regulation AB regarding
          Party A or its group of affiliated entities, if applicable, depending
          on the aggregate "significance percentage" of this Agreement and any
          other derivative contracts between Party A or its group of affiliated
          entities, if applicable, and Party B, as calculated from time to time
          in accordance with Item 1115 of Regulation AB.

          If the Depositor determines, reasonably and in good faith, that the
          "significance percentage" of this Agreement has increased to 9%, then
          on any Business Day after the date of such determination the Depositor
          may request from Party A the same information set forth in Item
          1115(b) of Regulation AB that would have been required if the
          significance percentage had in fact increased to 10% (such request, a
          "Swap Financial Disclosure Request" and such requested information,
          subject to the last sentence of this paragraph, the "Swap Financial
          Disclosure"). Party A and Party B further agree that the Swap
          Financial Disclosure provided to meet the Swap Financial Disclosure
          Request will be the information set forth in Item 1115(b)(1) or Item
          1115(b)(2) of Regulation AB, as applicable, and as specified by Party
          B.

<PAGE>

          Upon the occurrence of a Swap Financial Disclosure Request, Party A,
          at its own expense, shall within 30 days after receipt of such Swap
          Financial Disclosure Request (or within 10 days after Party A being
          informed of the significance percentage reaching 10% after such Swap
          Financial Disclosure Request): (i) provide the Depositor with the Swap
          Financial Disclosure, (ii) subject to Rating Agency Confirmation and
          approval by Party B (which approval will not be unreasonably
          withheld), secure another entity to replace Party A as party to this
          Agreement on terms substantially similar to this Agreement which
          entity is able and will provide the Swap Financial Disclosure for such
          entity within the time period specified above or (iii) subject to
          Rating Agency Confirmation and approval by Party B (which approval
          will not be unreasonably withheld), obtain a guaranty of Party A's
          obligations under this Agreement from an affiliate of Party A that is
          able to provide the Swap Financial Disclosure for such affiliate, such
          that disclosure provided in respect of the affiliate will satisfy any
          disclosure requirements applicable to Party A, and cause such
          affiliate to provide Swap Financial Disclosure within the time period
          specified above. If permitted by Regulation AB, any required Swap
          Financial Disclosure may be provided by incorporation by reference
          from reports filed pursuant to the Exchange Act.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

EXECUTED BY:

FORD CREDIT AUTO OWNER TRUST 2007-X     [NAME OF SWAP COUNTERPARTY]

By: U.S. BANK TRUST NATIONAL
    ASSOCIATION,
    not in its individual capacity      By:
    but solely as Owner Trustee             ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


By:
    ---------------------------------   Date: [_________], 2007
Name:
      -------------------------------
Title:
       ------------------------------

Date: [_________], 2007

                        [SIGNATURE PAGE TO SWAP SCHEDULE]

<PAGE>

                                                                    [TRADE DATE]

To:   [NAME OF SWAP COUNTERPARTY]
      Contact: [__________________]
      Attention: [__________________]
      Fax: [__________________]
      Telephone: [__________________]

From: FORD CREDIT AUTO OWNER TRUST 2007-X
      c/o U.S. Bank Trust National Association,
      as Owner Trustee
      300 Delaware Avenue, Ninth Floor
      Wilmington, Delaware 19801
      Attention: Corporate Trust Department
      Telephone: (302) 552-3200
      Facsimile: (302) 552-3129

      Re: Interest Rate Swap Reference No. [POOL NO]

Ladies and Gentlemen:

          The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between [NAME OF SWAP
COUNTERPARTY] ("Party A") and Ford Credit Auto Owner Trust 2007-X ("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 2000 ISDA Definitions
(as published by the International Swaps and Derivatives Association, Inc.) 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.

          1. This Confirmation supplements, forms part of, and is subject to,
the ISDA Master Agreement dated as of [DATE OF MASTER AGREEMENT], as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined will have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

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

<TABLE>
<S>                        <C>
Party A:                   [NAME OF SWAP COUNTERPARTY].

Party B:                   Ford Credit Auto Owner Trust 2007-X.

Trade Date:                [TRADE DATE].
</TABLE>




<PAGE>

<TABLE>
<S>                        <C>
Effective Date:            [EFFECTIVE DATE].

Notional Amount:           For the first Calculation Period (from and including,
                           [______] to but excluding, [________]), the Notional
                           Amount of this Transaction for purposes of
                           calculating payments due by either party on the first
                           Payment Date will be $[______]. With respect to any
                           subsequent Calculation Period up through and
                           including the Calculation Period ending on but
                           excluding [________], the Notional Amount will be the
                           Note Balance for the Class [________] Notes (after
                           giving effect to all amounts paid on the Payment Date
                           that is the first day of such Calculation Period) as
                           stated on the Servicer's monthly investor report
                           relating to such Payment Date (the "Actual Balance").
                           Party B will determine the Notional Amount and will
                           inform Party A of such determination by the twelfth
                           day of each calendar month using the aggregate
                           outstanding principal balance for the Class
                           [________] Notes prior to giving effect to any
                           payments of principal of Class [________] Notes on
                           the following Payment Date, as shown in the
                           Servicer's monthly investor report relating to such
                           Payment Date.

Termination Date:          The earlier of [________]and the date the aggregate
                           outstanding principal balance of the Class [________]
                           Notes has been reduced to zero.

Fixed Amounts

   Fixed Rate Payer:       Party B.

   Fixed Rate Payer

   Payment Date:           The 15th day of each calendar month, subject to
                           adjustment in accordance with the Following Business
                           Day Convention.

   Period End Date:        The 15th day of each calendar month, with No
                           Adjustment. (This means that each Calculation Period
                           for the Fixed Amount will have 30 days, except for
                           the Initial Calculation Period, which will commence
                           on [_____] and end on [________].)

   Fixed Rate:             [__________]%

   Fixed Rate Day

   Count Fraction:         30/360

Floating Amounts

   Floating Rate Payer:    Party A.

   Floating Rate Payer

   Payment Dates:          The 15th day of each calendar month, subject to
                           adjustment in accordance with the Following Business
                           Day Convention.

   Floating Rate for
</TABLE>




<PAGE>

<TABLE>
<S>                        <C>
   Initial Calculation
   Period:                 To be determined (excluding spread)

   Floating Rate Option:   USD-LIBOR-BBA.

   Designated Maturity:    One month.

   Spread:                 Plus [_________]%

   Floating Rate Day

   Count Fraction:         Actual/360.

   Reset Dates:            The first day of each Floating Rate Payer Calculation
                           Period.

   Business Days:          New York and Delaware.

3.  Account Details

Payments to Party A:       [___________]
                           ABA # [___________]
                           Acct # [___________]
                           Attn: [___________]

Payments to Party B:       The Bank of New York, in favor of
                           Ford Credit Auto Owner Trust 2007-X

                           The Bank of New York
                           ABA # 021000018
                           Acct # [___________]
                           Acct Name: [Ford 2007-X] Collection Account
                           Ref: Interest Rate Swap

Party A Operations
Contact:                   [Name of Swap Counterparty]
                           Attn:  [_____________]
                           Fax:   [_____________]

Party B Operations
Contact:                   Ford Credit Auto Owner Trust 2007-X
                           U.S. Bank Trust
                           National Association, as Owner Trustee
                           300 Delaware Avenue, Ninth Floor
                           Wilmington, Delaware 19801
                           Attn: Corporate Trust Administration
                           Telephone: [(____) - __________]
                           Fax: [(____) - __________]

   with a copy to:--

                           The Bank of New York
</TABLE>




<PAGE>

<TABLE>
<S>                        <C>
                           as Indenture Trustee for
                           Ford Credit Auto Owner Trust 2007-X
                           101 Barclay Street
                           Floor 4 West
                           New York, New York 10286
                           Attn: Structured Finance Services -
                           Asset Backed Securities, Ford 2007-X
                           Telephone: [(____) - __________]
                           Fax: [(____) - __________]; and

                           Ford Motor Credit Company LLC
                           Ford Motor Company World Headquarters
                           Office of the General Counsel
                           One American Road
                           Suite 1034-A1
                           Dearborn, Michigan  48126
                           Attention: Secretary
                           Telephone: (313) 594-9876
                           Fax:(313)248-7613
</TABLE>




<PAGE>

          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 2007-X

By: U.S. BANK TRUST
    NATIONAL ASSOCIATION,
    not in its individual capacity
    but solely as Owner Trustee


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


[NAME OF SWAP COUNTERPARTY]


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

                     [SIGNATURE PAGE FOR SWAP CONFIRMATION]
<PAGE>

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

                                 (ISDA(R) LOGO)

              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX

                             TO THE SCHEDULE TO THE

                              ISDA MASTER AGREEMENT
                      (1992 - MULTICURRENCY--CROSS BORDER)

                            DATED AS OF [TRADE DATE]

                                     BETWEEN
                           [NAME OF SWAP COUNTERPARTY]
                   A [JURISDICTION OF ORGANIZATION] [COMPANY]
                                   ("PARTY A")

                                       AND

                      FORD CREDIT AUTO OWNER TRUST 2007-X,
                           A DELAWARE STATUTORY TRUST
                                   ("PARTY B")

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

Accordingly, the parties agree as follows:--

PARAGRAPH 1. INTERPRETATION

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

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

PARAGRAPH 2. SECURITY INTEREST

Each party, as the Pledgor, hereby pledges to the other party, as the Secured
Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all

   Copyright(C) 1994 by International Swaps and Derivatives Association, Inc.

<PAGE>

Posted Collateral Transferred to or received by the Secured Party hereunder.
Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be
released immediately and, to the extent possible, without any further action by
either party.

PARAGRAPH 3. CREDIT SUPPORT OBLIGATIONS

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

     (i) the Credit Support Amount

     exceeds

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

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

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

     exceeds

     (ii) the Credit Support Amount.

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

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

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

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

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

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

                                                                    ISDA(R) 1994


                                        2

<PAGE>

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

(d) SUBSTITUTIONS.

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

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

PARAGRAPH 5. DISPUTE RESOLUTION

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

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

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

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

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

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

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

                                                                    ISDA(R) 1994


                                        3

<PAGE>

PARAGRAPH 6. HOLDING AND USING POSTED COLLATERAL

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

(b) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

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

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

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

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

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

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

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

(d) DISTRIBUTIONS AND INTEREST AMOUNT

     (i) DISTRIBUTIONS. Subject to Paragraph 4(a), if the Secured Party receives
     or is deemed to receive Distributions on a Local Business Day, it will
     Transfer to the Pledgor not later than the following Local Business Day any
     Distributions it receives or is deemed to receive to the extent that a
     Delivery Amount would not be created or increased by that Transfer, as
     calculated by the Valuation Agent (and the date of calculation will be
     deemed to be a Valuation Date for this purpose).

                                                                    ISDA(R) 1994


                                        4

<PAGE>

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

PARAGRAPH 7. EVENTS OF DEFAULT

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

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

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

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

PARAGRAPH 8. CERTAIN RIGHTS AND REMEDIES

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

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

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

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

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

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

                                                                    ISDA(R) 1994


                                        5

<PAGE>

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

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

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

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

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

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

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

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

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

PARAGRAPH 9. REPRESENTATIONS

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

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

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

     (iii) upon the Transfer of any Eligible Collateral to the Secured Party
     under the terms of this Annex, the Secured Party will have a valid and
     perfected first priority security interest therein (assuming that any
     central clearing corporation or any third-party financial intermediary or
     other entity not within the control of the Pledgor involved in the Transfer
     of that Eligible Collateral gives the notices and takes the action required
     of it under applicable law for perfection of that interest); and

                                                                    ISDA(R) 1994


                                        6

<PAGE>

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

PARAGRAPH 10. EXPENSES

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

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

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

PARAGRAPH 11. MISCELLANEOUS

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

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

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

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

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

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

                                                                    ISDA(R) 1994


                                        7

<PAGE>

PARAGRAPH 12. DEFINITIONS

As used in this Annex:--

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

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

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

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

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

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

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

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

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

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

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

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

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

     (z) 360.

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

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

                                                                    ISDA(R) 1994


                                        8

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                                                    ISDA(R) 1994


                                        9

<PAGE>

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

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

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

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

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

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

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

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

     (i) Eligible Collateral or Posted Collateral that is:

          (A) Cash, the amount thereof; and

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

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

     (iii) Other Eligible Support and Other Posted Support, as specified in
     Paragraph 13.

                                                                    ISDA(R) 1994


                                       10

<PAGE>

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations:

     With respect to Party A: None.

     With respect to Party B: None.

(b) CREDIT SUPPORT OBLIGATIONS.

     (i) DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a),
          except that the words "upon a demand made by the Secured Party on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date".

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

          (C) "CREDIT SUPPORT AMOUNT" has the following meaning:

               (1) if the First Rating Trigger Requirements apply to Party A,
               the following amount as determined by the Valuation Agent:

                    Max(0, Exposure payable to the Secured Party + Notional
               Amount on such Valuation Date * the respective potential increase
               below)

                   POTENTIAL INCREASE OF MID-MARKET VALUATION

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF HEDGE IN YEARS   POSTING FREQUENCY (WEEKLY)
---------------------------------------   --------------------------
<S>                                       <C>
                   1                                0.25%
                   2                                0.50%
                   3                                0.70%
</TABLE>

               or

               (2) if the Second Rating Trigger Requirements apply to Party A,
               the following amount as determined by the Valuation Agent:

                    Max(0, Floating Amount on next Payment Date, Exposure
                    payable to the Secured Party + Notional Amount on such
                    Valuation Date * the respective potential increase below)

                   POTENTIAL INCREASE OF MID-MARKET VALUATION

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF HEDGE IN YEARS   POSTING FREQUENCY (WEEKLY)
---------------------------------------   --------------------------
<S>                                       <C>
                   1                                0.60%
                   2                                1.20%
                   3                                1.70%
</TABLE>

     (ii) ELIGIBLE COLLATERAL. The following items will qualify as "ELIGIBLE
     COLLATERAL" for the party specified:

                                                                    ISDA(R) 1994


                                       11

<PAGE>

<TABLE>
<CAPTION>
                                                                                VALUATION              VALUATION
                                                                              PERCENTAGE FOR         PERCENTAGE FOR
                                                                               FIRST RATING          SECOND RATING
                                                                           TRIGGER REQUIREMENTS   TRIGGER REQUIREMENTS
                                                                           --------------------   --------------------
<S>                                                                        <C>                    <C>
(A)     Cash in U.S. Dollars                                                       100%                   100%

(B)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   100%
        Treasury Department having a remaining maturity of not more than
        one year

(C)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   99%
        Treasury Department having a remaining maturity of more than one
        year but not more than 2 years

(D)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   98%
        Treasury Department having a remaining maturity of more than 2
        years but not more than 3 years

(E)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   97%
        Treasury Department having a remaining maturity of more than 3
        years but not more than 5 years

(F)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   95%
        Treasury Department having a remaining maturity of more than 5
        years but not more than 7 years

(G)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   94%
        Treasury Department having a remaining maturity of more than 7
        years but not more than 10 years

(H)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   89%
        Treasury Department having a remaining maturity of more than 10
        years but not more than 20 years

(I)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   87%
        Treasury Department having a remaining maturity of more than 20
        years

(J)     Floating rate negotiable debt obligations issued by the U.S.               100%                   99%
        Treasury Department

(K)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   99%
        not more than one year

(L)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   98%
        more than one year but not more than 2 years

(M)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   97%
        more than 2 years but not more than 3 years

(N)     Fixed rate U.S. Agency Debentures having a remaining maturity              100%                   96%
         of more than 3 years but not more than 5 years

(O)     Fixed rate U.S. Agency Debentures having a remaining                       100%                   94%
</TABLE>

                                                                    ISDA(R) 1994


                                       12

<PAGE>

<TABLE>
<S>                                                                        <C>                    <C>
        maturity of more than 5 years but not more than 7 years

(P)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   93%
        more than 7 years but not more than 10 years

(Q)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   88%
        more than 10 years but not more than 20 years

(R)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   86%
        more than 20 years

(S)     Floating rate U.S. Agency Debentures                                       100%                   98%
</TABLE>

     (III) THRESHOLDS.

          (A)  "INDEPENDENT AMOUNT" means with respect to Party A: zero.
               "INDEPENDENT AMOUNT" means with respect to Party B: zero.

          (B)  "THRESHOLD" means with respect to Party A: infinity, provided
               that for so long as no Relevant Entity has the First Trigger
               Required Ratings and either (i) no Relevant Entity has had the
               First Trigger Required Ratings since this Annex was executed or
               (ii) at least 30 Local Business days have elapsed since the last
               time a Relevant Entity had the First Trigger Required Ratings,
               the Threshold with respect to Party A shall be zero.

               "THRESHOLD" means with respect to Party B: infinity.

          (C)  "MINIMUM TRANSFER AMOUNT" means with respect to Party A:
               U.S.$100,000. "MINIMUM TRANSFER AMOUNT" means with respect to
               Party B: U.S.$100,000.

          (D)  ROUNDING. The Delivery Amount will be rounded up to the nearest
               integral multiple of U.S.$10,000. The Return Amount will be
               rounded down to the nearest integral multiple of U.S.$10,000.

(c) VALUATION AND TIMING.

     (i) "VALUATION AGENT" means Party A in all circumstances.

     (ii) "VALUATION DATE" means the first Local Business Day in each week which
     if treated as a Valuation Date would result in a Delivery Amount or Return
     Amount.

     (iii) "VALUATION TIME" means the close of business in the city of the
     Valuation Agent on the Local Business Day immediately preceding the
     Valuation Date or date of calculation, as applicable, provided that the
     calculations of Value and Credit Support Amount will, as far as
     practicable, be made as of approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 4:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. The following
Termination Event(s) will be a "SPECIFIED CONDITION" for the party specified
(that party being the Affected Party if the Termination Event occurs with
respect to that party): None.

(e) SUBSTITUTION.

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

                                                                    ISDA(R) 1994


                                       13

<PAGE>

     (ii) CONSENT. Not applicable.

(f) DISPUTE RESOLUTION.

     (i) "RESOLUTION TIME" means 4:00 p.m., New York time, on the Local Business
     Day following the date on which the notice is given that gives rise to a
     dispute under Paragraph 5.

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date,
     the Value of the outstanding Posted Credit Support or of any transfer of
     Eligible Credit Support or Posted Credit Support, as the case may be, will
     be calculated as follows:

          (A)  with respect to any Eligible Credit Support or Posted Credit
               Support comprising securities ("SECURITIES") the sum of (a)(x)
               the last bid price on such date for such Securities on the
               principal national securities exchange on which such Securities
               are listed, multiplied by the applicable Valuation Percentage; or
               (y) where any Securities are not listed on a national securities
               exchange, the bid price for such Securities quoted as at the
               close of business on such date by any principal market maker
               (which shall not be and shall be independent from the Valuation
               Agent) for such Securities chosen by the Valuation Agent,
               multiplied by the applicable Valuation Percentage; or (z) if no
               such bid price is listed or quoted for such date, the last bid
               price listed or quoted (as the case may be), as of the day next
               preceding such date on which such prices were available,
               multiplied by the applicable Valuation Percentage; plus (b) the
               accrued interest where applicable on such Securities (except to
               the extent that such interest shall have been paid to the Pledgor
               pursuant to Paragraph 6(d)(ii) or included in the applicable
               price referred to in subparagraph (a) above) as of such date; and

          (B)  with respect to any Cash, the amount thereof in U.S. dollars.

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

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. A Custodian of Party
     B will be entitled to hold Posted Collateral on behalf of Party B pursuant
     to Paragraph 6(c). Party B's Custodian is the Indenture Trustee for Party
     B. Initially, the Custodian for Party B is the Bank of New York.

     (ii) USE OF POSTED COLLATERAL. Paragraph 6(c)(i) will not apply to the
     Party B but Paragraph 6(c)(ii) will apply to Party B.

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "INTEREST RATE" will be the weighted average rate of
     interest earned by the Secured Party in respect of the portion of the
     Posted Credit Support comprised of cash.

     (ii) TRANSFER OF INTEREST AMOUNT. The transfer of the Interest Amount will
     be made on the second Local Business Day following the end of each calendar
     month and on any other Local Business Day on which Posted Credit Support in
     the form of cash is transferred to the Secured Party pursuant to Paragraph
     3(b), in each case to the extent that a Delivery Amount would not be
     created or increased by that transfer, provided that Party B shall not be
     obliged to so transfer any Interest Amount unless and until it has earned
     and received such interest.

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

                                                                    ISDA(R) 1994


                                       14

<PAGE>

     (iv) "DISTRIBUTIONS" means, with respect to any Eligible Credit Support
     comprised in the Posted Credit Support consisting of securities, all
     principal, interest and other payments and distributions of cash or other
     property to which a holder of securities of the same type, nominal value,
     description and amount as such Eligible Credit Support would have received
     from time to time.

     (v) "DISTRIBUTION DATE" means, with respect to any Eligible Credit Support
     comprised in the Posted Credit Support other than cash, each date on which
     a holder of such Eligible Credit Support would have received Distributions
     or, if that date is not a Local Business Day, the next following Local
     Business Day.

(i) ADDITIONAL REPRESENTATION(S).

          There are no additional representations by either party.

(j) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     shall have such meaning as the parties shall agree in writing from time to
     time.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support shall have such meaning as the parties shall agree in writing from
     time to time.

(K) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, save that
any demand, specification or notice:

     (A)  shall be given to or made at the following addresses:

          If to Party A:

               [NAME OF SWAP COUNTERPARTY]
               Contact: [__________]
               Attention: [__________]
               Fax: [__________]
               Telephone: [__________]

          If to Party B: The addresses set forth in the Schedule.

          or at such other address as the relevant party may from time to time
          designate by giving notice (in accordance with the terms of this
          subparagraph) to the other party;

     (B)  shall be deemed to be effective at the time such notice is actually
          received unless such notice is received on a day which is not a Local
          Business Day or after the Notification Time on any Local Business Day
          in which event such notice shall be deemed to be effective on the next
          succeeding Local Business Day.

(l) ADDRESSES FOR TRANSFERS.

     Party A: To be notified to Party B by Party A at the time of the request
     for the transfer.

     Party B: To be notified to Party A by Party B upon request by Party A.

(m) OTHER PROVISIONS.

     (i)  EARLY TERMINATION

          The heading for Paragraph 7 shall be deleted and replaced with "Early
          Termination" and the following shall be added after the word "Default"
          in the first line of Paragraph 7, "in relation to all

                                                                    ISDA(R) 1994


                                       15

<PAGE>

          Transactions or a Termination Event in relation to all Transactions".

     (ii) COSTS OF TRANSFER ON EXCHANGE

          Notwithstanding Paragraph 9, the Pledgor will be responsible for, and
          will reimburse the Secured Party for, all transfer and other taxes and
          other costs involved in the transfer of Eligible Credit Support either
          from the Pledgor to the Secured Party or from the Secured Party to the
          Pledgor pursuant to Paragraph 4(d).

     (iii) CUMULATIVE RIGHTS

          The rights, powers and remedies of the Secured Party under this Annex
          shall be in addition to all rights, powers and remedies given to the
          Secured Party by the Agreement or by virtue of any statute or rule of
          law, all of which rights, powers and remedies shall be cumulative and
          may be exercised successively or concurrently without impairing the
          rights of the Secured Party in the Posted Credit Support created
          pursuant to this Annex.

     (iv) SINGLE PLEDGOR AND SINGLE SECURED PARTY

          For the avoidance of doubt Party A shall always be the Pledgor and
          Party B shall always be the Secured Party.

     (v)  "EXPOSURE" has the meaning specified in Paragraph 12, except that
          after the word "Agreement" the words "(assuming, for this purpose
          only, that Part 1(l) of the Schedule is deleted)" shall be inserted.

     (VI) ADDITIONAL DEFINED TERMS. Capitalized terms used but not defined in
          this Annex have the meanings assigned to them in the Agreement and the
          Schedule thereto. In the event of any inconsistency between the
          provisions of this Annex and the provisions in the Agreement or the
          Schedule thereto, this Annex will prevail.

     (VII) TRANSFER TIMING. Paragraph 4(b) shall be deleted and replaced with
          the following:

          Subject to Paragraphs 4(a) and 5 and unless otherwise specified, any
          transfer of Eligible Credit Support or Posted Credit Support (whether
          by the Pledgor pursuant to Paragraph 3(a) or by the Secured Party
          pursuant to Paragraph 3(b)) shall be made not later than the close of
          business on the next Local Business Day, provided that, in the case of
          any transfer of Posted Credit Support by the Secured Party pursuant to
          Paragraph 3(b), if the demand for the transfer of Posted Credit
          Support is received by the Secured Party after the Notification Time,
          then such transfer will be made not later than the close of business
          on the second Local Business Day thereafter.

                            [SIGNATURE PAGE FOLLOWS]

                                                                    ISDA(R) 1994


                                       16

<PAGE>

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

FORD CREDIT AUTO OWNER TRUST 2007-X     [NAME OF SWAP COUNTERPARTY]

By: U.S. BANK TRUST
    NATIONAL ASSOCIATION,
    not in its individual capacity
    but solely as Owner Trustee

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

                         [SIGNATURE PAGE TO SWAP ANNEX]

   Copyright(C) 1994 by International Swaps and Derivatives Association, Inc.