Document:

EXHIBIT 10.7

 

EXECUTION VERSION

 

 

 

 

AMENDED AND RESTATED
 BACK-UP SERVICING AGREEMENT

 

 

among

 

 

FORD CREDIT FLOORPLAN CORPORATION
 FORD CREDIT FLOORPLAN LLC,
 as Depositors

 

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Issuer

 

 

FORD MOTOR CREDIT COMPANY LLC,
 as Servicer

 

 

and

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Back-up Servicer

 

 

Dated as of October 1, 2009,
 as amended and restated as of December 1, 2010

 

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I
    	
USAGE AND DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage and Definitions
    	
1
    
	
Section 1.2.
    	
Amendment and   Restatement
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    	
BACK-UP SERVICING
    	
2
    
	
Section 2.1.
    	
Acceptance of   Appointment
    	
2
    
	
Section 2.2.
    	
Back-up Servicing   Duties
    	
2
    
	
Section 2.3.
    	
Back-up Servicing   Compensation
    	
3
    
	
Section 2.4.
    	
Representations,   Warranties and Covenants of Back-up Servicer
    	
4
    
	
Section 2.5.
    	
Confidential   Information
    	
5
    
	
Section 2.6.
    	
Audits of Back-up   Servicer
    	
6
    
	
Section 2.7.
    	
Regulation AB
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    	
OTHER MATTERS RELATING   TO BACK-UP SERVICER
    	
6
    
	
Section 3.1.
    	
Liability of Back-up   Servicer
    	
6
    
	
Section 3.2.
    	
Merger or Consolidation   of, or Assumption of, Obligations of Back-up Servicer
    	
7
    
	
Section 3.3.
    	
Back-up Servicer   Indemnification
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
TERMINATION
    	
8
    
	
Section 4.1.
    	
Resignation of Back-up   Servicer
    	
8
    
	
Section 4.2.
    	
Termination of Back-up   Servicer
    	
8
    
	
Section 4.3.
    	
Appointment of   Successor
    	
8
    
	
Section 4.4.
    	
Termination of   Agreement
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE V
    	
MISCELLANEOUS   PROVISIONS
    	
9
    
	
Section 5.1.
    	
Amendment
    	
9
    
	
Section 5.2.
    	
Notices
    	
9
    
	
Section 5.3.
    	
Third Party   Beneficiaries
    	
10
    
	
Section 5.4.
    	
GOVERNING LAW
    	
10
    
	
Section 5.5.
    	
Submission to   Jurisdiction
    	
10
    
	
Section 5.6.
    	
WAIVER OF JURY TRIAL
    	
10
    
	
Section 5.7.
    	
Severability
    	
10
    
	
Section 5.8.
    	
Counterparts
    	
10
    
	
Section 5.9.
    	
Headings
    	
11
    
	
Section 5.10.
    	
No Waiver; Cumulative   Remedies
    	
11
    
	
Section 5.11.
    	
No Petition
    	
11
    
	
Section 5.12.
    	
Further Assurances
    	
11
    
	
Section 5.13.
    	
Limitation of Liability   of Owner Trustee
    	
11
    
				

 

Exhibit A — Form of Back-up Servicer Notice

 

i

 

AMENDED AND RESTATED BACK-UP SERVICING AGREEMENT, dated as of October 1, 2009, as amended and restated as of December 1, 2010 (this “Agreement”), among FORD CREDIT FLOORPLAN CORPORATION, a Delaware corporation, and FORD CREDIT FLOORPLAN LLC, a Delaware limited liability company, each as a Depositor, FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Back-up Servicer.

 

BACKGROUND

 

The parties to this Agreement intend (a) to amend and restate the Back-up Servicing Agreement, dated as of October 1, 2009, among the parties, on the terms and conditions contained in this Agreement and (b) to acknowledge the removal of Ford Credit Floorplan Master Owner Trust B as a party to this Agreement.

 

The Depositors, the Servicer and the Issuer have entered into two Sale and Servicing Agreements which provide for, among other things, the servicing of certain Receivables held by the Issuer.

 

The Depositors, the Servicer and the Issuer desire that the Back-up Servicer perform certain back-up servicing duties in accordance with this Agreement, and to assume the role of Successor Servicer if the Servicer is terminated under the Sale and Servicing Agreements.

 

The Back-up Servicer is willing to perform the back-up servicing duties specified in this Agreement and to assume the role of Successor Servicer under the Sale and Servicing Agreements pursuant to the conditions described in the Sale and Servicing Agreements.

 

The parties agree as follows.

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not otherwise defined in this Agreement are defined in Appendix A to (a) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan Corporation, as Depositor, the Issuer and Ford Motor Credit Company LLC, as Servicer and (b) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan LLC, as Depositor, the Issuer and the Servicer.  Each Appendix A also contains rules as to usage applicable to this Agreement.  Each Appendix A is incorporated by reference into this Agreement.

 

In addition, the following terms have the following meanings:

 

“Back-up Servicer” means Wells Fargo Bank, National Association, a national banking association.

 

 

“Back-up Servicing Fee” means, for each Payment Date, the aggregate of the Monthly Back-up Servicing Fees for each Series, as specified in the related Indenture Supplement.

 

“Data Dictionary” means a data dictionary of the principal terms used in the Servicer’s source dealer floorplan finance receivables system, known as the “Dealer Finance” or “DF” system, that are required to perform the duties in Section 2.2(b) and to service the Receivables.

 

“Monthly Data File” means, for each Payment Date, a computer tape or electronic file in a format reasonably acceptable to the Back-up Servicer, containing the Monthly Investor Report for such Payment Date and the information with respect to the Notes and the Receivables necessary for preparation of such Monthly Investor Report.

 

Section 1.2.                                 Amendment and Restatement.  This Agreement amends and restates in full the Back-up Servicing Agreement, dated as of October 1, 2009, between the parties, with effect as of the date of this Agreement, and it is confirmed by the parties that (a) all prior actions made pursuant to such Back-up Servicing Agreement are effective as if made under this Agreement on the date made, and (b) no provision of this Agreement is intended to result in the duplication of any such prior action of any party.  Notwithstanding the foregoing, to the extent that any amendment to the Back-up Servicing Agreement, as set out in this Agreement, would reasonably be expected to have an Adverse Effect on the Noteholders of a Series issued before the date of this Agreement or would not otherwise be permitted, as determined by a court of competent jurisdiction, then such amendment will not be effective as against such Noteholders and the corresponding provision of the Back-up Servicing Agreement will continue to govern as it relates to such Noteholders and such Series.

 

ARTICLE II
 BACK-UP SERVICING

 

Section 2.1.                                 Acceptance of Appointment.  The Back-up Servicer accepts and agrees to perform the back-up servicing duties specified in this Agreement and agrees to assume the role of Successor Servicer under the Sale and Servicing Agreements pursuant to the conditions described in the Sale and Servicing Agreements; provided, however, that the Back-up Servicer, as Successor Servicer, will not be bound by any agreement to which the Servicer may be a party that is not a Transaction Document.  The Back-up Servicer agrees to perform the back-up servicing duties specified in this Agreement in accordance with its procedures for providing back-up servicing for other pools of receivables similar to the Receivables.

 

Section 2.2.                                 Back-up Servicing Duties.

 

(a)                                 The parties acknowledge that the Servicer and the Back-up Servicer have completed the following:

 

(i)                                     the Back-up Servicer has conducted a review of the Servicer’s servicing operations for dealer floorplan finance receivables and met with appropriate operations personnel to discuss the processes and procedures used by the Servicer in performing its servicing duties under the Sale and Servicing Agreements; and

 

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(ii)                                  the Servicer has provided the Back-up Servicer with the Data Dictionary, and the Back-up Servicer acknowledges that it has received the Data Dictionary and confirms that it has reviewed the Data Dictionary and that the Data Dictionary is sufficient for it to perform its duties in Section 2.2(b).

 

(b)                                 No later than the second Business Day after each Payment Date (beginning with the November 2009 Payment Date), the Servicer will deliver to the Back-up Servicer or post to a password-protected website to which the Back-up Servicer has been provided access, the Monthly Data File.  The Back-up Servicer will use the Monthly Data File to confirm the information contained in the Monthly Investor Report, to the extent such information is contained in the Monthly Data File.  On or before the fifth Business Day after the Payment Date, the Back-up Servicer will deliver to the Servicer and the Indenture Trustee a notice substantially in the form of Exhibit A certifying that it has confirmed the accuracy of the Monthly Investor Report, except for the discrepancies in the Monthly Investor Report described in such notice.  The Servicer will deliver a copy of the notice to the Rating Agencies.  If the Back-up Servicer reports any discrepancies, the Servicer and the Back-up Servicer will use reasonable efforts to reconcile such discrepancies in good faith prior to the next Payment Date or, if such reconciliation cannot be completed by the next Payment Date, as soon as reasonably practicable thereafter.  In the absence of a reconciliation, the Monthly Investor Report prepared by the Servicer will control for the purpose of calculations and payments for each succeeding Payment Date until such reconciliation is complete.  The Servicer will notify the Indenture Trustee of the results of such reconciliation on or prior to the Payment Date following such reconciliation (which notice may be included in the related Monthly Investor Report).

 

(c)                                  At least once each calendar year, the Back-up Servicer will conduct a review, including the review described in Section 2.2(a)(i), of the Servicer’s servicing operations for dealer floorplan finance receivables and meet with appropriate operations personnel to discuss any material changes in processes and procedures that have occurred since the last review.

 

(d)                                 The Servicer agrees to provide the Back-up Servicer with any information it may reasonably request in order to facilitate a transfer of the servicing duties under the Sale and Servicing Agreements.

 

Section 2.3.                                 Back-up Servicing Compensation.

 

(a)                                 As compensation for its back-up servicing activities under this Agreement and reimbursement for its expenses in excess of the expenses in Section 2.3(b), the Back-up Servicer is entitled to receive the Back-up Servicing Fee on each Payment Date (beginning with the November 2009 Payment Date) on or before the termination of this Agreement pursuant to Section 4.4.  The Back-up Servicing Fee is payable to the Back-up Servicer solely to the extent amounts are available for payment in accordance with the Indenture Supplements.

 

(b)                                 The Servicer will also pay, or cause to be paid, the following amounts to the Back-up Servicer:

 

(i)                                     on or before the initial date of this Agreement, a one-time acceptance fee of $10,000 for undertaking the obligations of the Back-up Servicer under this Agreement;

 

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(ii)                                  on or before the Closing Date of any new Series of Notes under the Indenture, an acceptance fee of $2,500;

 

(iii)                               within 30 days of receipt of a detailed billing statement, the reasonable fees and expenses of external counsel to the Back-up Servicer in connection with (A) the initial review of this Agreement and the Transaction Documents, subject to a cap of $15,000, and (B) the review of the documentation for any new Series of Notes, subject to a cap of $5,000 for each new Series of Notes;

 

(iv)                              upon completion of the Back-up Servicer’s review of the Data Dictionary, a one-time fee of $15,000 for the review of the Data Dictionary; and

 

(v)                                 within 30 days of receipt of a detailed billing statement, the reasonable fees and expenses, including travel expenses incurred by the Back-up Servicer in connection with the annual reviews pursuant to Section 2.2(c), subject to an annual cap of $20,000.

 

(c)                                  If the Back-up Servicer is appointed as the Successor Servicer under the Sale and Servicing Agreements, the Back-up Servicer will be entitled to be reimbursed for Transition Costs.  Up to $200,000 of such Transition Costs (in the aggregate for all of the Sale and Servicing Agreements) will be paid to the Back-up Servicer by the Indenture Trustee from the Back-up Servicer Reserve Account in accordance with Section 6.2 of the Sale and Servicing Agreements, and any Transition Costs in excess of such amount will be paid to the Back-up Servicer pursuant to Section 4.2(a) of the Indenture Supplements.  In no event will the Indenture Trustee be personally responsible for the payment of any Transition Costs.

 

(d)                                 Except as otherwise provided in this Section 2.3, the Back-up Servicer will be required to pay all expenses incurred by it in connection with its back-up servicing activities under this Agreement.

 

Section 2.4.                                 Representations, Warranties and Covenants of Back-up Servicer.

 

(a)                                 Representations and Warranties.  The Back-up Servicer makes the following representations and warranties to the Issuer:

 

(i)                                     Organization and Good Standing.  It is duly organized and validly existing as a national banking association or other legal entity in good standing under the laws of its jurisdiction of organization.  It is qualified as a foreign corporation or other legal entity in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Agreement.

 

(ii)                                  Power, Authorization and Enforceability.  It has the power and authority to execute deliver and perform the terms of this Agreement.  It has authorized the execution, delivery and performance of the terms of this Agreement.  This Agreement constitutes its legal, valid and binding obligation and is enforceable against it, except as

 

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may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(iii)                               No Conflicts and No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms of this Agreement will not (A) conflict with or result in a breach of the terms or provisions of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which it is a debtor or guarantor, (B) result in the creation or imposition of any Lien upon any of its properties or assets pursuant to the terms of any such indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument, (C) violate its Organizational Documents, or (D) violate any law or, to its knowledge, any order, rule or regulation applicable to it of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over it or its properties, in each case, which conflict, breach, default, Lien, or violation would reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Agreement.

 

(iv)                              No Proceedings.  To its knowledge, there are no proceedings or investigations pending or overtly threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over it or its properties: (A) asserting the invalidity of any of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on its ability to perform its obligations under, or the validity or enforceability of, this Agreement.

 

(b)                                 Covenants.  The Back-up Servicer covenants to the Issuer that:

 

(i)                                     Compliance with Requirements of Law.  It will satisfy all obligations on its part to be fulfilled under or in connection with the Receivables and the Accounts, will maintain in effect all qualifications required under its Organizational Documents and Applicable Law in order to service properly the Receivables and the Accounts and will comply in all material respects with all of its Organizational Documents and Applicable Law in connection with its obligations under this Agreement, the failure to comply with which would have a material adverse effect on the interests of the Noteholders or the holders of the Depositor Interest.

 

(c)                                  Notice of Breach.  The representations and warranties in Section 2.4(a) will survive the termination of any Series of Notes.  Upon discovery by either Depositor, the Owner Trustee, the Indenture Trustee or the Servicer of a material breach of any of the foregoing representations and warranties, the party discovering such breach will give prompt written notice to the other parties.

 

Section 2.5.                                 Confidential Information.  Wells Fargo Bank, National Association acknowledges that it has executed and delivered to Ford Credit a confidentiality agreement, dated as of July 16, 2009, relating to the Issuer and for the benefit of Ford Credit.  Wells Fargo Bank, National Association acknowledges such confidentiality agreement and agrees that all of

 

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the obligations of Wells Fargo Bank, National Association to Ford Credit under such confidentiality agreement are incorporated by reference in this Agreement as obligations of the Back-up Servicer as if made in this Agreement for the benefit of the parties to this Agreement.

 

Section 2.6.                                 Audits of Back-up Servicer.  The Back-up Servicer agrees that, with reasonable prior notice, it will permit any authorized representative of the Servicer, during the Back-up Servicer’s normal business hours, to examine and audit the books of account, records, reports and other documents and materials of the Back-up Servicer relating to (a) the performance of the Back-up Servicer’s obligations under this Agreement, (b) any payments of fees and expenses of the Back-up Servicer in connection with such performance and (c) any claim made by the Back-up Servicer under this Agreement.  In addition, the Back-up Servicer will permit such representatives to make copies and extracts of any such books and records and to discuss the same with the Back-up Servicer’s officers and employees.  The Servicer will, and will cause its authorized representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Servicer may reasonably determine that such disclosure is consistent with its obligations under this Agreement.  The Back-up Servicer will maintain all such pertinent books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Agreement.

 

Section 2.7.                                 Regulation AB.  Wells Fargo Bank, National Association acknowledges, in its capacity as Back-up Servicer under this Agreement, that if it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to ensure compliance with the requirements of Sections 3.5 and 3.6 of the Sale and Servicing Agreements and with Item 1122 of Regulation AB.  Such required documentation will be delivered to the Servicer by March 15 of each calendar year.

 

ARTICLE III
 OTHER MATTERS RELATING TO BACK-UP SERVICER

 

Section 3.1.                                 Liability of Back-up Servicer.

 

(a)                                 The Back-up Servicer will be liable in accordance with this Agreement only to the extent of the obligations specifically undertaken by the Back-up Servicer in its capacity as Back-up Servicer.

 

(b)                                 The Back-up Servicer will not be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Servicer, the Depositors, the Noteholders or any other Person for any action taken, or not taken, in good faith pursuant to this Agreement or for errors in judgment.  All such liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Back-up Servicer.  Notwithstanding the foregoing, this Section 3.1 will not protect the Back-up Servicer against any liability that would otherwise be imposed by reason of the Back-up Servicer’s willful misconduct, bad faith or negligence in the performance of its duties under this Agreement.

 

(c)                                  The Back-up Servicer and any officer, director, employee or agent of the Back-up Servicer may rely in good faith on the advice of counsel or on any document believed to be

 

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genuine and to have been executed by the proper party in respect of any matters arising under this Agreement.  The Back-up Servicer will be under no obligation to appear in, prosecute or defend any legal action that is not incidental to its duties under this Agreement and that, in its opinion, may cause it to incur any expense or liability.

 

(d)                                 The Back-up Servicer will not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Back-up Servicer under this Agreement or on which the Back-up Servicer must rely in order to perform its obligations under this Agreement, and the Issuer, the Owner Trustee, the Indenture Trustee, the Servicer, the Depositors, the Noteholders or any other Person will look only to the Servicer to perform such obligations.  The Back-up Servicer will have no responsibility and will not be in default under this Agreement or incur any liability for any failure, error, malfunction or any delay in carrying out any of its duties under this Agreement if such failure or delay results from the Back-up Servicer acting in accordance with information prepared or supplied by any Person other than the Back-up Servicer or the failure of any such other Person to prepare or provide such information.  The Back-up Servicer will have no responsibility, will not be in default and will incur no liability for (i) any act or failure to act of any third party, including the Servicer, (ii) any inaccuracy or omission in a notice or communication received by the Back-up Servicer from any third party, (iii) the invalidity or unenforceability of any Receivable under Applicable Law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) except as provided in Section 3.3, the acts or omissions of any successor Back-up Servicer.

 

(e)                                  Except for the obligations undertaken by the Back-up Servicer in this Agreement, the Back-up Servicer will have no obligation to take any action, or to perform any of the duties of the Servicer, under the Sale and Servicing Agreements or the other Transaction Documents until such time as the Back-up Servicer has become the Successor Servicer pursuant to Section 6.2 of the Sale and Servicing Agreement.

 

Section 3.2.                                 Merger or Consolidation of, or Assumption of, Obligations of Back-up Servicer.  Any Person (a) into which the Back-up Servicer may be merged or consolidated, (b) resulting from any merger or consolidation to which the Back-up Servicer will be a party, (c) which acquires by conveyance, transfer or lease substantially all of the assets of the Back-up Servicer, or (d) succeeding to the business of the Back-up Servicer, which Person in any of the foregoing cases is an Eligible Servicer and executes an agreement of assumption to perform every obligation of the Back-up Servicer under this Agreement and will be the successor to the Back-up Servicer under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement; provided, however, that nothing contained in this Agreement will be deemed to release the Back-up Servicer from any obligation.

 

Section 3.3.                                 Back-up Servicer Indemnification.  The Back-up Servicer will indemnify and hold harmless each of the Issuer, the Depositors, the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents from and against any and all loss, liability, claim, expense, damage or injury arising out of the breach of this Agreement by the Back-up Servicer, the violation of federal or state securities laws by the Back-up Servicer, the willful misconduct, bad faith or negligence of the Back-up Servicer in the performance of its duties or by reason of the reckless disregard of its obligations and duties under

 

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this Agreement.  The Back-up Servicer’s obligations under this Section 3.3 will survive the termination of this Agreement and/or the Issuer or the resignation or removal of the Back-up Servicer.

 

ARTICLE IV
 TERMINATION

 

Section 4.1.                                 Resignation of Back-up Servicer.  The Back-up Servicer may not resign as Back-up Servicer, except:

 

(a)                                 upon determination that (i) the performance of its duties under this Agreement is no longer permissible under Applicable Law and (ii) there is no reasonable action that the Back-up Servicer could take to make the performance of its duties under this Agreement permissible under Applicable Law; or

 

(b)                                 with the consent of the Servicer and the appointment of a successor Back-up Servicer under Section 4.3.

 

Any determination permitting the resignation of the Back-up Servicer under Section 4.1(a) must be evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the Servicer, the Owner Trustee and the Indenture Trustee.  No resignation pursuant to Section 4.1(a) will become effective until a successor Back-up Servicer has been appointed and accepted its appointment under Section 4.3.

 

Section 4.2.                                 Termination of Back-up Servicer.  The Servicer may terminate all of the rights and obligations (other than as provided in Section 3.3) of the Back-up Servicer under this Agreement (a) upon a breach of any of the representations, warranties, covenants or obligations of the Back-up Servicer contained in this Agreement, (b) if the long-term, unsecured debt ratings of the Back-up Servicer are lower than “BBB-” from Standard & Poor’s or “Baa3” from Moody’s, (c) upon the occurrence of an Insolvency Event with respect to the Back-up Servicer or (d) upon satisfaction of the Rating Agency Condition for each Series.  No termination pursuant to this Section 4.2 will become effective until a successor Back-up Servicer has been appointed and accepted its appointment pursuant to Section 4.3.  The Servicer will notify the Rating Agencies and the Indenture Trustee prior to any termination of the Back-up Servicer pursuant to this Section 4.2.

 

Section 4.3.                                 Appointment of Successor.  Following the resignation or termination of the Back-up Servicer under Section 4.1 or 4.2, the Servicer will appoint a Person qualifying as an Eligible Servicer as the successor Back-up Servicer.  If a successor Back-up Servicer is not appointed within 60 days after (a) the giving of notice of resignation and the delivery of the Opinion of Counsel under Section 4.1, or (b) termination of the Back-up Servicer under Section 4.2, the Back-up Servicer may petition a court of competent jurisdiction to appoint any Person qualifying as an Eligible Servicer as the successor Back-up Servicer under this Agreement.  The successor Back-up Servicer will accept its appointment by entering into a new back-up servicing agreement that is on substantially the same terms as this Agreement.  The predecessor Back-up Servicer agrees to cooperate with any successor Back-up Servicer appointed by the Servicer in effecting the transfer of the responsibilities and rights of the predecessor Back-up Servicer under

 

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this Agreement, including the delivery to the successor Back-up Servicer of all documents, records and electronic information related to the Receivables in the possession of the predecessor Back-up Servicer.

 

Section 4.4.                                 Termination of Agreement.  This Agreement will terminate, except with respect to the duties described in Section 3.3, on the earliest to occur of (a) the appointment of the Back-up Servicer as Successor Servicer under the Sale and Servicing Agreements, (b) in the sole discretion of the Servicer, without cause, upon not less than 30 days’ notice to the Back-up Servicer, if the long-term, unsecured debt ratings of the Servicer are at least “BBB-” from Standard & Poor’s and “Baa3” from Moody’s, (c) in the sole discretion of the Servicer, the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (d) the Trust Termination Date.  The Servicer will notify the Rating Agencies prior to any termination of this Agreement pursuant to clause (b) above.

 

ARTICLE V
 MISCELLANEOUS PROVISIONS

 

Section 5.1.                                 Amendment.

 

(a)                                 This Agreement may be amended by the Issuer, the Depositors, the Servicer and the Back-up Servicer, with prior notice to the Rating Agencies for each Series, but without the consent of any Noteholder:

 

(i)                                     in order to cure any ambiguity, to correct or supplement any provision in this Agreement that may be inconsistent with any other provision in this Agreement, or to add provisions which are not inconsistent with the other provisions of this Agreement, if the Issuer delivers to the Indenture Trustee an Officer’s Certificate stating that such amendment will not have an Adverse Effect; or

 

(ii)                                  for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders if: (A) the Issuer delivers to the Indenture Trustee an Officer’s Certificate stating that such amendment will not have an Adverse Effect, and (B) the Rating Agency Condition has been satisfied with respect to such amendment.

 

(b)                                 This Agreement may also be amended by the Issuer, the Depositors, the Servicer and the Back-up Servicer, with prior notice to the Rating Agencies for each Series, and with the consent of Noteholders of a majority of the Note Balance of all adversely affected Series, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders.

 

Section 5.2.                                 Notices.  All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement must be in writing and will be deemed to have been given and made:

 

(a)                                 upon delivery or, in the case of a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail;

 

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(b)                                 in the case of a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(c)                                  in the case of an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(d)                                 in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery (without the requirement of confirmation of receipt) of an email to such recipient stating that such electronic posting has occurred.

 

Any such notice, request, demand, consent or other communication must be delivered or addressed as set forth on Schedule B to the Sale and Servicing Agreements or at such other address as any party may designate by notice to the other parties.

 

Section 5.3.                                 Third Party Beneficiaries.  This Agreement will inure to the benefit of and be binding upon the parties to this Agreement.  The Owner Trustee and the Indenture Trustee for the benefit of the Secured Parties will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the parties to this Agreement.  Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

 

Section 5.4.                                 GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 5.5.                                 Submission to Jurisdiction.  The parties submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement.  The parties irrevocably waive, to the fullest extent they may do so, any objection that they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Section 5.6.                                 WAIVER OF JURY TRIAL.  EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

Section 5.7.                                 Severability.  If any of the covenants, agreements or terms of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining covenants, agreements or terms of this Agreement and will in no way affect the validity, legality or enforceability of the remaining Agreement.

 

Section 5.8.                                 Counterparts.  This Agreement may be executed in any number of counterparts.  Each counterpart will be an original, and all counterparts will together constitute one and the same instrument.

 

10

 

Section 5.9.                                 Headings.  The headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of this Agreement.

 

Section 5.10.                          No Waiver; Cumulative Remedies.  No failure or delay of the Owner Trustee, the Indenture Trustee or the Noteholders in exercising any power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of any power, right or remedy precludes any other or further exercise of such power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies provided in this Agreement are in addition to any powers, rights and remedies provided by law.

 

Section 5.11.                          No Petition.  Each of the Servicer, Ford Credit (if it is no longer the Servicer), the Back-up Servicer and the Owner Trustee, by entering into this Agreement, each Noteholder, by accepting a Note, each holder of an interest in the Depositor Interest, by accepting such interest, and the Indenture Trustee, by accepting the benefits of this Agreement, covenants and agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all Notes, it will not institute against, or join any other Person in instituting against, the Depositor or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to the Notes or any of the Transaction Documents.  This Section 5.11 will survive the resignation or removal of the Owner Trustee under the Trust Agreement or the Indenture Trustee under the Indenture and the termination of this Agreement.

 

Section 5.12.                          Further Assurances.  The Servicer and the Back-up Servicer agree to do and perform any and all acts and to execute any and all further instruments required or reasonably requested by the Depositors, the Owner Trustee or the Indenture Trustee in order to effect more fully the purposes of this Agreement.

 

Section 5.13.                          Limitation of Liability of Owner Trustee.  Notwithstanding anything in this Agreement to the contrary, this Agreement has been signed on behalf of the Issuer by U.S. Bank Trust National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event will U.S. Bank Trust National Association in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement, as to all of which recourse may be had solely to the assets of the Issuer.  For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

11

 

EXECUTED BY:

 

	
 
    	
FORD   CREDIT FLOORPLAN CORPORATION,
    
	
 
    	
as a Depositor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott D. Krohn
    
	
 
    	
 
    	
Name:
    	
Scott   D. Krohn
    
	
 
    	
 
    	
Title:
    	
President   and Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   CREDIT FLOORPLAN LLC,
    
	
 
    	
as a Depositor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott D. Krohn
    
	
 
    	
 
    	
Name:
    	
Scott   D. Krohn
    
	
 
    	
 
    	
Title:
    	
President   and Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   MOTOR CREDIT COMPANY LLC,
    
	
 
    	
as Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Susan J. Thomas
    
	
 
    	
 
    	
Name:
    	
Susan   J. Thomas
    
	
 
    	
 
    	
Title:
    	
Secretary
    

 

[Signature Page to Back-up Servicing Agreement]

 

 

	
 
    	
FORD CREDIT FLOORPLAN   MASTER OWNER TRUST A, as Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity, but solely   as Owner Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Julia Linian
    
	
 
    	
 
    	
Name:
    	
Julia   Linian
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Back-up Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Marianna C. Stershic
    
	
 
    	
 
    	
Name:
    	
Marianna   C. Stershic
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
Acknowledged   and agreed with respect
    	
 
    
	
to   its removal as a party to this Agreement:
    	
 
    
	
 
    	
 
    
	
FORD CREDIT FLOORPLAN   MASTER OWNER TRUST B
    	
 
    
	
 
    	
 
    
	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity, but solely   as Owner Trustee
    	
 
    
					

 

 

	
By:
    	
/s/   Julia Linian
    	
 
    
	
 
    	
Name:
    	
Julia   Linian
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    	
 
    

 

[Signature Page to Back-up Servicing Agreement]

 

 

Exhibit A

 

FORM OF BACK-UP SERVICER NOTICE

 

Wells Fargo Bank, National Association

Sixth Street and Marquette Avenues, MAC N9311-161

Minneapolis, Minnesota 55479

 

[date]

 

The Bank of New York Mellon,
 as Indenture Trustee

101 Barclay Street, Floor 4W

New York, New York 10286

Attention: Corporate Trust Administration

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 801-C1

One American Road

Dearborn, Michigan 48126

Attention: Securitization Operations Supervisor

 

Re:                             Ford Credit Floorplan Master Owner Trust A

 

Reference is made to the Amended and Restated Back-up Servicing Agreement, dated as of October 1, 2009, as amended and restated as of December 1, 2010 (the “Agreement”), among Ford Credit Floorplan Corporation and Ford Credit Floorplan LLC, as Depositors, Ford Motor Credit Company LLC, as Servicer, Ford Credit Floorplan Master Owner Trust A, as Issuer, and Wells Fargo Bank, National Association, as Back-up Servicer.  Capitalized terms used but not defined in this notice have the meanings specified in the Agreement.

 

Pursuant to Section 2.2(b) of the Agreement, the Back-up Servicer confirms that it has reviewed the Monthly Investor Report and the Monthly Data File provided by the Servicer for the [                  ] Collection Period and certifies that it has confirmed the accuracy of the Monthly Investor Report except for any discrepancies in the Monthly Investor Report described in the attached report.

 

	
 
    	
Very   Truly Yours,
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Back-up Servicer
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:EXHIBIT 10.8

 

EXECUTION VERSION

 

	
 
    

 

 

SECOND AMENDED AND RESTATED
 ADMINISTRATION AGREEMENT

 

 

among

 

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Issuer

 

 

FORD MOTOR CREDIT COMPANY LLC,
 as Administrator

 

 

and

 

 

THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

 

 

Dated as of August 1, 2001,
 as amended and restated as of December 1, 2010

 

 

	
 
    

 

 

TABLE OF CONTENTS

 

	
ARTICLE I USAGE AND DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage   and Definitions
    	
1
    
	
Section 1.2.
    	
Amendment   and Restatement
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II ENGAGEMENT OF ADMINISTRATOR
    	
2
    
	
Section 2.1.
    	
Engagement
    	
2
    
	
Section 2.2.
    	
Compensation
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE III DUTIES OF ADMINISTRATOR
    	
2
    
	
Section 3.1.
    	
Duties   of the Administrator with respect to the DTC Letters
    	
2
    
	
Section 3.2.
    	
Duties   of the Administrator with respect to the Indenture and the Indenture   Supplements
    	
2
    
	
Section 3.3.
    	
Duties   of Administrator with respect to Hedge Agreements
    	
5
    
	
Section 3.4.
    	
Additional   Duties
    	
6
    
	
Section 3.5.
    	
Audits   of the Administrator
    	
7
    
	
Section 3.6.
    	
Additional   Information to be Furnished to the Issuer
    	
8
    
	
Section 3.7.
    	
Prohibition   on Certain Actions
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE IV INDEMNIFICATION
    	
8
    
	
Section 4.1.
    	
Indemnification
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE V RESIGNATION AND REMOVAL OF THE   ADMINISTRATOR; TERM OF AGREEMENT
    	
9
    
	
Section 5.1.
    	
Resignation   and Removal of the Administrator
    	
9
    
	
Section 5.2.
    	
Appointment   of Successor Administrator
    	
9
    
	
Section 5.3.
    	
Action   upon Termination, Resignation or Removal
    	
10
    
	
Section 5.4.
    	
Term   of Agreement
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE VI MISCELLANEOUS
    	
10
    
	
Section 6.1.
    	
Independence   of Administrator
    	
10
    
	
Section 6.2.
    	
Transactions   with Affiliates; Other Transactions
    	
10
    
	
Section 6.3.
    	
Amendments
    	
10
    
	
Section 6.4.
    	
Notices
    	
11
    
	
Section 6.5.
    	
Assignment
    	
11
    
	
Section 6.6.
    	
Third-Party   Beneficiary
    	
12
    
	
Section 6.7.
    	
GOVERNING   LAW
    	
12
    
	
Section 6.8.
    	
Submission   to Jurisdiction
    	
12
    
	
Section 6.9.
    	
WAIVER   OF JURY TRIAL
    	
12
    
	
Section 6.10.
    	
Severability
    	
12
    
	
Section 6.11.
    	
Counterparts
    	
12
    
	
Section 6.12.
    	
Headings
    	
12
    
	
Section 6.13.
    	
No   Petition
    	
12
    
	
Section 6.14.
    	
Not   Applicable to Ford Credit in Other Capacities
    	
13
    
	
Section 6.15.
    	
Limitation   of Liability of Owner Trustee and Indenture Trustee
    	
13
    

 

i

 

SECOND AMENDED AND RESTATED ADMINISTRATION AGREEMENT, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (this “Agreement”), among FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Administrator, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee.

 

BACKGROUND

 

The parties to this Agreement intend to amend the Administration Agreement, dated as of August 1, 2001, as previously amended and restated as of December 19, 2002, among the parties, on the terms and conditions contained in this Agreement.

 

The Issuer was formed pursuant to the Trust Agreement and may issue one or more Series of Notes from time to time pursuant to the Indenture and one or more Indenture Supplements.

 

The Issuer has entered into certain agreements in connection with the issuance of the Notes, including the Indenture, the Indenture Supplements, the Sale and Servicing Agreements, DTC Letters relating to a Series of Notes or Interest Rate Hedges relating to a Series of Notes.

 

The Issuer and the Owner Trustee desire to have the Administrator perform certain duties of the Issuer and the Owner Trustee under the Transaction Documents on the terms set forth in this Agreement.

 

The parties agree as follows:

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.           Usage and Definitions.  Capitalized terms used but not otherwise defined in this Agreement are defined in Appendix A to (a) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan Corporation, as Depositor, the Issuer and Ford Motor Credit Company LLC, as Servicer, and (b) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan LLC, as Depositor, the Issuer and the Servicer.  Each Appendix A also contains rules as to usage applicable to this Agreement.  Each Appendix A is incorporated by reference into this Agreement.

 

Section 1.2.           Amendment and Restatement.This Agreement amends and restates in full the Amended and Restated Administration Agreement, dated as of August 1, 2001, as amended and restated as of December 19, 2002, between the parties, with effect as of the date of this Agreement, and it is confirmed by the parties that (a) all prior actions made pursuant to such Amended and Restated Administration Agreement are effective as if made under this Agreement on the date made, and (b) no provision of this Agreement is intended to result in the duplication of any such prior action of any party.  Notwithstanding the foregoing, to the extent that any amendment to the Amended and Restated Administration Agreement, as set out in this

 

1

 

Agreement, would reasonably be expected to have an Adverse Effect on the Noteholders of a Series issued before the date of this Agreement or would not otherwise be permitted, as determined by a court of competent jurisdiction, then such amendment will not be effective as against such Noteholders and the corresponding provision of the Amended and Restated Administration Agreement, will continue to govern as it relates to such Noteholders and such Series.

 

ARTICLE II
 ENGAGEMENT OF ADMINISTRATOR

 

Section 2.1.           Engagement.  The Issuer and the Owner Trustee engage the Administrator to perform certain duties of the Issuer and the Owner Trustee under the Transaction Documents on the terms set forth in this Agreement and the Administrator accepts such engagement.

 

Section 2.2.           Compensation.  As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related to its obligations under this Agreement, the Depositors will pay the Administrator a fee in an amount agreed upon by the Depositors and the Administrator.

 

ARTICLE III
 DUTIES OF ADMINISTRATOR

 

Section 3.1.           Duties of the Administrator with respect to the DTC Letters.  The Administrator agrees to perform all its duties as Administrator and the duties of the Issuer under the DTC Letters.  The Administrator will monitor the performance of the Issuer and will advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the DTC Letters.  The Administrator will prepare, or cause to be prepared, for execution by the Issuer, or execute as Administrator on behalf of the Issuer, all documents, reports, filings, instruments, certificates and opinions that are the duty of the Issuer to prepare, file or deliver pursuant to the DTC Letters.

 

Section 3.2.           Duties of the Administrator with respect to the Indenture and the Indenture Supplements.  The Administrator will consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Indenture Supplements.  The Administrator will monitor the performance of the Issuer and will advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture and the Indenture Supplements.  The Administrator will prepare, or cause to be prepared, for execution by the Issuer, or execute as Administrator on behalf of the Issuer, all documents, reports, filings, instruments, certificates, notices and opinions that are the duty of the Issuer to prepare, file or deliver pursuant to the Indenture and the Indenture Supplements.  The Administrator will take all administrative action that is the duty of the Issuer or the Owner Trustee to take pursuant to the Indenture and the Indenture Supplements including (references are to sections of the Indenture):

 

(a)           preparing or obtaining the documents and instruments required for authentication of the Notes and delivering such documents and instruments to the Indenture Trustee (Section 2.2);

 

2

 

(b)           causing the Note Register to be kept and giving the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.5(a));

 

(c)           determining whether the requirements of UCC Section 8—401(a) are met (Section 2.5);

 

(d)           determining whether the requirements of UCC Section 8-405 are met (Section 2.6) and preparing an Issuer Request requesting the Indenture Trustee to authenticate and deliver replacement Notes in lieu of mutilated, destroyed, lost or stolen Notes (Section 2.6);

 

(e)           causing the Indenture Trustee to release property from the Lien of the Indenture (Section 2.9);

 

(f)            preparing Definitive Notes in accordance with the instructions of the Clearing Agency (Section 2.12);

 

(g)           ensuring that the Indenture Trustee maintains an office or agency in the Borough of Manhattan, The City of New York, for registration of transfer or exchange of Notes (Section 3.2);

 

(h)           directing the Indenture Trustee to deposit monies with any Note Paying Agents other than the Indenture Trustee (Section 3.3);

 

(i)            causing any newly appointed Note Paying Agents to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.3(b));

 

(j)            directing any Note Paying Agent to pay to the Indenture Trustee all sums to be held by the Indenture Trustee (Section 3.3(c));

 

(k)           obtaining and preserving the Issuer’s qualification to do business in each jurisdiction in which such qualification is or will be necessary to protect the validity and enforceability of the Indenture, the Notes and the Collateral (Section 3.4);

 

(l)            preparing all supplements and amendments to the Indenture and all financing statements, continuation statements, instruments of further assurance and other instruments as may be required in connection with such supplement or amendment and taking such other action as is necessary or advisable to protect the Collateral (Section 3.5);

 

(m)          notifying the Indenture Trustee in an Officer’s Certificate of any Person with whom the Issuer has contracted to perform its duties under the Indenture (Section 3.6(b));

 

(n)           notifying the Indenture Trustee and the Rating Agencies of any Servicer Termination Event under the Sale and Servicing Agreements and, if such Servicer Termination Event arises from the failure of the Servicer to perform any of its duties and obligations under the Sale and Servicing Agreements with respect to the Receivables, taking all reasonable steps available to cause the Servicer to remedy such failure (Section 3.6(d));

 

3

 

(o)           effecting the recording of the Indenture, if applicable, and obtaining an Opinion of Counsel (Section 3.8);

 

(p)           delivering the Opinion of Counsel on the Closing Date, the annual Opinions of Counsel as to the Collateral, the annual Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections 3.8 and 3.9);

 

(q)           preparing and obtaining the documents and instruments required for the consolidation or merger of the Issuer with or into any other Person or the conveyance or transfer by the Issuer of any of its properties or assets to any other Person (Section 3.10);

 

(r)            notifying the Indenture Trustee and the Rating Agencies of each Event of Default under the Indenture (Section 3.15);

 

(s)            monitoring the Issuer’s obligations as to the satisfaction and discharge of the Indenture, preparing an Officer’s Certificate and obtaining the required Opinions of Counsel (Section 4.1);

 

(t)            notifying the Indenture Trustee (with a copy of such notice to any Qualified Institution (if not the Indenture Trustee) maintaining any Bank Accounts) of the occurrence of an event set forth in Section 5.1(a)(iii) of the Indenture, which with the giving of notice and the lapse of time would become an Event of Default, describing such Default, the status of such Default and what action the Administrator is taking or proposes to take with respect to such Default (Section 5.1);

 

(u)           complying with any written directive of the Indenture Trustee with respect to the sale of the Collateral at one or more public or private sales called and conducted in any manner permitted by law if an Event of Default has occurred and is continuing (Section 5.6);

 

(v)           causing the Servicer to comply with its duties and obligations under the Sale and Servicing Agreements (Section 5.17);

 

(w)          removing the Indenture Trustee upon the occurrence of one the events specified in Section 6.8(b) of the Indenture and appointing a successor Indenture Trustee upon the resignation or removal of the Indenture Trustee (Section 6.8);

 

(x)           notifying the Rating Agencies of the events specified in Section 6.9(a) of the Indenture (Section 6.9);

 

(y)           preparing any written instruments required to confirm the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee (Section 6.10);

 

(z)           inspecting the Indenture Trustee’s books and records (Section 6.13);

 

(aa)         furnishing the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note Registrar (Section 7.1);

 

4

 

(bb)         preparing and, after execution by the Issuer, filing with the Securities and Exchange Commission and delivering to the Indenture Trustee documents and reports required to be filed with the Securities and Exchange Commission and any additional information, documents and reports (or summaries) with respect to compliance by the Issuer with the conditions and covenants of the Indenture required to be filed with the Securities and Exchange Commission under rules and regulations prescribed by the Securities and Exchange Commission (Section 7.3);

 

(cc)         notifying the Indenture Trustee of the listing of the Notes on any stock exchange (Section 7.4(b));

 

(dd)         notifying the Indenture Trustee if notice by publication is required (Section 7.5);

 

(ee)         preparing, obtaining and filing the instruments, opinions, certificates and other documents required for the release of property from the Lien of the Indenture (Section 8.6);

 

(ff)          preparing Issuer Orders and Officer’s Certificates, providing prior notice to the Rating Agencies, obtaining Opinions of Counsel, evidence of satisfaction or the Rating Agency Condition and the necessary consents with respect to the execution of supplemental indentures and preparing such supplemental indentures and notices with respect to the execution of such supplemental indentures (Sections 9.1 and 9.2);

 

(gg)         causing the execution of, and after execution by the Issuer, the delivery of new Notes conforming to any supplemental indenture (Section 9.6);

 

(hh)         preparing all Officer’s Certificates and obtaining Opinions of Counsel and Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.1(a)); and

 

(ii)           preparing Officer’s Certificates and obtaining Independent Certificates, if necessary, for the release of property from the Lien of the Indenture (Section 11.1(c)).

 

Section 3.3.           Duties of Administrator with respect to Hedge Agreements.  The Administrator will consult with the Owner Trustee regarding the duties of the Issuer under any Interest Rate Hedges.  The Administrator will monitor the performance of the Issuer and will advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under any Interest Rate Hedges.  The Administrator will prepare, or cause to be prepared, for execution by the Issuer, or execute as Administrator on behalf of the Issuer, all documents that are the duty of the Issuer to prepare or deliver pursuant to any Interest Rate Hedges.  The Administrator will take all action that is the duty of the Issuer or the Owner Trustee to take pursuant to any Interest Rate Hedges, including:

 

(a)           Promptly following the early termination of any Interest Rate Hedge due to a “termination event” or “event of default” (as such terms are defined in such Interest Rate Hedge) (unless the Indenture Trustee is selling or liquidating the Collateral), the Administrator will use reasonable efforts to cause the Issuer to enter into a replacement interest rate hedge on terms similar to those of such Interest Rate Hedge with an eligible hedge counterparty.  If and to the extent any termination payments that are received from a Hedge Counterparty are to be applied

 

5

 

as an initial payment to a replacement Hedge Counterparty, the Administrator will direct the Indenture Trustee to retain such amounts and will provide the Indenture Trustee with written instructions regarding the application and payment of such amounts.  If a Hedge Counterparty is required to collateralize the related Interest Rate Hedge, the Administrator will coordinate with the Indenture Trustee the establishment of collateral accounts, the holding of securities deposited therein and the investment of any cash deposited therein.

 

(b)           The Administrator will notify the Indenture Trustee of the occurrence or existence of a default, event of default or similar condition or event with respect to any Hedge Counterparty or any credit support provider for a Hedge Counterparty.

 

(c)           The Administrator will notify each Hedge Counterparty of any proposed amendment or supplement to any of the Receivables Purchase Agreements, the Sale and Servicing Agreements, the Indenture or the Trust Agreement and obtain the consent of each Hedge Counterparty, in each case, if and to the extent required pursuant to such agreement or the Interest Rate Hedges.

 

(d)           The Administrator will provide the Rating Agencies with a copy of any proposed amendment or supplement to any Interest Rate Hedge at least five days prior to the effective date of such amendment or supplement.  Such proposed amendment or supplement will be effective only after satisfaction of the Rating Agency Condition, unless such amendment or supplement clarifies any term or provision, corrects any inconsistency, cures any ambiguity or corrects any typographical error in such Interest Rate Hedge.

 

(e)           If the Administrator is designated as the Calculation Agent (as such term is defined in any Interest Rate Hedge) pursuant to any Interest Rate Hedge, it will perform such calculations and duties with respect to such Interest Rate Hedge.  The Administrator will calculate and notify each Hedge Counterparty and the Indenture Trustee of the notional amount of the applicable Interest Rate Hedge as of each Payment Date on or before the 12th day of the month in which such Payment Date occurs.  The Administrator will also obtain the determination of LIBOR from the Calculation Agent under the Indenture, will calculate the amount of all payments, receipts and termination payments payable on each Payment Date and will notify each Hedge Counterparty and the Indenture Trustee of such amounts prior to such Payment Date.

 

Section 3.4.           Additional Duties.

 

(a)           The Administrator will perform all duties required to be performed by the Administrator pursuant to the Indenture.

 

(b)           In addition to the duties of the Administrator set forth in Sections 3.1, 3.2 and 3.3, the Administrator will perform calculations and will prepare, file and deliver on behalf of the Issuer or the Owner Trustee, all such documents that the Issuer or the Owner Trustee is required to prepare, file or deliver pursuant to the Transaction Documents, and at the request of the Owner Trustee will take all appropriate action that the Issuer or the Owner Trustee is required to take pursuant to the Transaction Documents.  Subject to Section 6.1 of this Agreement, the Administrator will administer, perform or supervise the performance of such other activities in connection with the Collateral (including those under the Transaction Documents) that are not

 

6

 

covered by any of the foregoing provisions and that are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator.

 

(c)           The Administrator will be responsible for performing the duties of the Owner Trustee set forth in Section 2.11 of the Trust Agreement, except that if the Owner Trustee is notified by the Administrator that the Issuer is deemed to be taxable as a partnership for U.S. federal income tax purposes, the Owner Trustee will retain responsibility for the distribution to the Depositors and the holders of the Depositor Interest such information as may be required to enable the Depositor and any such holder to prepare its U.S. federal and State income tax returns.

 

(d)           The Administrator will be responsible for notifying the Owner Trustee if any withholding tax is imposed on the Issuer’s payments (or allocations of income) to the holders of the Depositor Interest as contemplated by Section 4.1(c) of the Trust Agreement, the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to Section 4.1(c) of the Trust Agreement and the procedures to be followed to comply with the requirements under the Code.  The Administrator will notify the Owner Trustee in each instance that any additional tax withholding is subsequently required or any previously required tax withholding is no longer required.

 

(e)           The Administrator will perform the duties of the Administrator specified in Sections 7.2, 7.3 and 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee and any other duties required to be performed by the Administrator pursuant to the Trust Agreement.

 

(f)            The Administrator will either prepare, execute and deliver, or will direct the Servicer or the Depositors, as applicable, to prepare, execute and deliver, on behalf of the Issuer all certificates and other documents required to be delivered by the Sarbanes-Oxley Act of 2002.

 

(g)           Upon final distribution of any funds to the holders of the Depositor Interest, the Administrator will direct the Owner Trustee to cause the Certificate of Trust to be cancelled in accordance with Section 8.1(c) of the Trust Agreement.

 

Section 3.5.           Audits of the Administrator.  The Administrator will, upon reasonable prior notice, permit any authorized representative of the Issuer, the Depositors, the Owner Trustee or the Indenture Trustee, during the Administrator’s normal business hours, to examine and audit the books of account, records, reports and other documents and materials of the Administrator relating to the performance of the Administrator’s obligations under this Agreement.  In addition, the Administrator will permit such representatives to make copies and extracts of any such books and records and to discuss the same with the Administrator’s officers and Independent certified public accountants, all at such reasonable times and as often as may reasonably be requested.  Each of the Issuer, the Depositors, the Owner Trustee or the Indenture Trustee will, and will cause its authorized representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that such party, may reasonably determine that such disclosure is consistent with its obligations under this Agreement.

 

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Section 3.6.           Additional Information to be Furnished to the Issuer.  The Administrator will furnish to the Issuer such additional information regarding the Collateral as the Issuer may reasonably request.

 

Section 3.7.           Prohibition on Certain Actions.  Notwithstanding anything to the contrary in this Agreement, the Administrator will not (a) make any payments to the Noteholders under the Transaction Documents, (b) sell the Collateral pursuant to Section 5.6 of the Indenture or (c) take any other action that the Owner Trustee or the Indenture Trustee directs the Administrator not to take on its behalf.

 

ARTICLE IV
 INDEMNIFICATION

 

Section 4.1.           Indemnification.

 

(a)           The Depositors and the Administrator will, jointly and severally, indemnify, defend and hold harmless the Indenture Trustee (in each of its capacities under the Transaction Documents, including as Financial Institution) and its officers, directors, employees and agents (each, an “Indemnified Person”), from and against any and all costs, expenses, losses, damages, claims and liabilities (including the reasonable compensation, expenses and disbursements of the Indenture Trustee’s agents, counsel, accountants and experts) incurred by it in connection with the administration of and the performance of its duties under the Indenture or any Indenture Supplement, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under the Indenture or any Indenture Supplement and the other Transaction Documents, but excluding any cost, expense, loss, damage, claim or liability (i) incurred by the Indenture Trustee through the Indenture Trustee’s willful misconduct, bad faith or negligence (except for errors in judgment) or (ii) arising from the Indenture Trustee’s breach of any of its representations or warranties set forth in the Indenture.

 

(b)           The Depositors and the Administrator will, jointly and severally, indemnify, defend and hold harmless the Owner Trustee and its officers, directors, employees and agents (each, an “Indemnified Person”), from and against any and all costs, expenses, losses, damages, claims and liabilities (including the reasonable compensation, expenses and disbursements of the Owner Trustee’s agents, counsel, accountants and experts) incurred by it in connection with the administration of and the performance of its duties under the Trust Agreement, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under the Indenture, but excluding any cost, expense, loss, damage, claim or liability (i) incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct, bad faith or negligence (except for errors in judgment) or (ii) arising from the Owner Trustee’s breach of any of its representations or warranties set forth in the Trust Agreement.

 

(c)           Promptly upon receipt by any Indemnified Person of notice of the commencement of any Proceeding against any such Indemnified Person, such Indemnified Person will, if a claim in respect of such Proceeding is to be made against the Depositors or the Administrator under Section 4.1(a) or (b), notify the Depositors and the Administrator of the commencement of such

 

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Proceeding.  The Depositors or the Administrator may participate in and assume the defense and settlement of any such Proceeding at its expense, and no settlement of such Proceeding may be made without the approval of the Depositor or the Administrator and such Indemnified Person, which approvals will not be unreasonably withheld, delayed or conditioned.  After notice from the Depositors or the Administrator to the Indemnified Person of the Depositors’ or the Administrator’s intention to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Depositors or the Administrator so assumes the defense of such Proceeding in a manner reasonably satisfactory to the Indemnified Person, as applicable, the Depositors or the Administrator will not be liable for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Depositors or the Administrator and an Indemnified Person, in which case the Depositors or the Administrator will pay for the separate counsel to the Indemnified Person which is reasonably satisfactory to the Administrator.  The obligations of the Administrator under this Article IV will survive the termination of this Agreement.

 

ARTICLE V
 RESIGNATION AND REMOVAL OF THE ADMINISTRATOR;
 TERM OF AGREEMENT

 

Section 5.1.           Resignation and Removal of the Administrator.

 

(a)           Subject to Section 5.2(a), the Administrator may resign its duties under this Agreement by providing the Issuer, the Owner Trustee and the Indenture Trustee with at least 60 days’ prior notice.

 

(b)           Subject to Section 5.2(a), if any of the following events occurs and is continuing, the Owner Trustee, with the consent of Noteholders of Notes evidencing not less than a majority of the Note Balance of the each Series (or if no Notes are Outstanding, the holders of the Depositor Interest), by notice to the Administrator may terminate all of the rights and obligations of the Administrator under this Agreement:

 

(i)           the Administrator defaults in the performance of any of its duties under this Agreement and, after notice of such default by the Issuer, the Indenture Trustee or the Owner Trustee, does not cure such default within 15 days (or, if such default cannot be cured in such time, does not give within 15 days such assurance of cure as is reasonably satisfactory to the Issuer); or

 

(ii)          an Insolvency Event occurs with respect to the Administrator.

 

(c)           The Administrator will notify the Issuer and the Indenture Trustee within five Business Days after the occurrence of an Insolvency Event with respect to the Administrator.

 

Section 5.2.           Appointment of Successor Administrator.

 

(a)           No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of a majority of the Note Balance of each Series, or if no Notes are Outstanding, by the holders of the Depositor Interest, (ii) such successor Administrator has

 

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executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement, and (iii) the Rating Agency Condition has been satisfied with respect to the proposed appointment.  The Issuer will notify the Indenture Trustee of any such resignation or removal.

 

(b)           Upon the appointment of a Successor Servicer pursuant to the Sale and Servicing Agreements, the Administrator will immediately resign and such Successor Servicer will automatically become the Administrator under this Agreement.

 

Section 5.3.           Action upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Administrator pursuant to Sections 5.1 or 5.2(b), the Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal.  If this Agreement is terminated pursuant to Section 5.4, the Administrator will promptly deliver to the Issuer all property and documents relating to the Collateral then in the custody of the Administrator.  If the Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator to the successor Administrator.

 

Section 5.4.           Term of Agreement.  This Agreement will continue in force until the termination of the Issuer in accordance with Section 8.1 of the Trust Agreement, upon which event this Agreement will automatically terminate.

 

ARTICLE VI
 MISCELLANEOUS

 

Section 6.1.           Independence of Administrator.  The Administrator will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless expressly authorized by the Issuer, the Administrator will have no authority to act for or represent the Issuer or the Owner Trustee in any way and will not otherwise be deemed an agent of the Issuer or the Owner Trustee.  Nothing contained in this Agreement will constitute the Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.           Transactions with Affiliates; Other Transactions.  In carrying out any of its obligations under this Agreement, the Administrator may enter into transactions or otherwise deal with any of its Affiliates.  Nothing in this Agreement will prevent the Administrator or its Affiliates from engaging in other businesses or from acting in a similar capacity as an administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Issuer.

 

Section 6.3.           Amendments.  This Agreement may be amended by a written amendment executed and delivered by the Issuer, the Administrator and the Indenture Trustee, with the consent of the Owner Trustee, without the consent of the Noteholders, so long as the Issuer or the Administrator delivers an Opinion of Counsel to the Indenture Trustee and the Owner

 

10

 

Trustee to the effect that such amendment will not materially adversely affect the interest of the Noteholders.  This Agreement also may be amended by the Issuer, the Administrator and the Indenture Trustee with the consent of the Owner Trustee and the Noteholders of a majority of the Note Balance of each Series; provided that no such amendment may reduce the percentage of the Noteholders required to consent to any such amendment, without the consent of each Noteholder adversely affected.

 

Section 6.4.           Notices.

 

(a)           All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement must be in writing and will be deemed to have been given:

 

(i)         upon delivery or, in the case of a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail;

 

(ii)        in the case of a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)       in the case of an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)       in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery (without the requirement of confirmation of receipt) of an email to such recipient stating that such electronic posting has occurred.

 

Any such notice, request, demand, consent or other communication must be delivered or addressed as set forth on Schedule B to the Sale and Servicing Agreements or at such other address as any party may designate by notice to the other parties.

 

(b)           Any notice required or permitted to be mailed to a Noteholder (i) in the case of Definitive Notes, must be sent by overnight delivery, mailed by registered first class mail, postage prepaid, or sent by fax, to the address of such Person as shown in the Note Register or (ii) in the case of Book-Entry Notes, must be delivered pursuant to the applicable procedures of the Clearing Agency.  Any notice so mailed within the time prescribed in this Agreement will be conclusively presumed to have been properly given, whether or not the Noteholder receives such notice.

 

Section 6.5.           Assignment.  This Agreement may not be assigned by the Administrator unless the Administrator obtains the consent of the Issuer and the Owner Trustee and satisfaction of the Rating Agency Condition for such action.  Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee or satisfaction of the Rating Agency Condition to a Person that is a successor (by merger, consolidation or purchase of assets) to the Administrator or to an Affiliate of the Administrator; provided that such Person or such Affiliate executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such Person or such Affiliate agrees to be bound under this Agreement in the same manner as the Administrator is bound under this

 

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Agreement.  Subject to the foregoing, this Agreement will bind any successors or assigns of the parties to this Agreement.

 

Section 6.6.           Third-Party Beneficiary.  This Agreement will inure to the benefit of and be binding upon the parties to this Agreement.  The Owner Trustee will be a third-party beneficiary of this Agreement.  Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

 

Section 6.7.           GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.8.           Submission to Jurisdiction.  The parties submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement.  The parties irrevocably waive, to the fullest extent they may do so, any objection that they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Section 6.9.           WAIVER OF JURY TRIAL.  EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

Section 6.10.         Severability.  If any of the covenants, agreements or terms of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining covenants, agreements or terms of this Agreement and will in no way affect the validity, legality or enforceability of the remaining Agreement.

 

Section 6.11.         Counterparts.  This Agreement may be executed in any number of counterparts.  Each counterpart will be an original, and all counterparts will together constitute one and the same instrument.

 

Section 6.12.         Headings.  The headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

 

Section 6.13.         No Petition.

 

(a)           Notwithstanding any prior termination of this Agreement, the Depositors, the Administrator, the Owner Trustee and the Indenture Trustee will not, before the date which is one year and one day (or, if longer, any applicable preference period) after the payment in full of the Notes, institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any U.S. federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Agreement or any of the Tranasction Documents.

 

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(b)           Notwithstanding any prior termination of this Agreement, the Issuer, the Administrator, the Owner Trustee and the Indenture Trustee will not, before the date which is one year and one day (or, if longer, any applicable preference period) after the payment in full of all securities issued by either Depositors or by a trust for which such Depositor was depositor, institute against, or join any other Person in instituting against, such Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any U.S. federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Agreement or any of the Transaction Documents.

 

Section 6.14.         Not Applicable to Ford Credit in Other Capacities.  Nothing in this Agreement will affect any right or obligation Ford Credit may have in any other capacity.

 

Section 6.15.         Limitation of Liability of Owner Trustee and Indenture Trustee.

 

(a)           This Agreement has been signed on behalf of the Issuer by U.S. Bank Trust National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will U.S. Bank Trust National Association in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement or in any of the certificates, notices or agreements delivered pursuant to this Agreement.  For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

 

(b)           This Agreement has been signed by The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee.  In no event will The Bank of New York Mellon have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement or in any of the certificates, notices or agreements delivered pursuant to this Agreement, as to all of which recourse will be had solely to the assets of the Issuer.  For all purposes of this Agreement, the Indenture Trustee will be subject to, and entitled to the benefits of, the terms and provisions of the Indenture.

 

[Remainder of Page Intentionally Left Blank]

 

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EXECUTED BY:

 

	
 
    	
FORD   CREDIT FLOORPLAN MASTER OWNER 
    
	
 
    	
 
    	
TRUST   A, as Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION, 
   not in its individual capacity, but solely as Owner 
   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By::
    	
/s/   Julia Linian
    
	
 
    	
 
    	
Name:   Julia Linian
    
	
 
    	
 
    	
Title:   Assistant Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
not   in its individual capacity,
    
	
 
    	
 
    	
but   solely as Indenture Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther D. Antoine
    
	
 
    	
 
    	
Name:   Esther D. Antoine
    
	
 
    	
 
    	
Title:   Senior Associate
    
	
 
    	
 
    	
 
    
	
 
    	
FORD   MOTOR CREDIT COMPANY LLC,
    
	
 
    	
 
    	
as   Administrator
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott D. Krohn
    
	
 
    	
 
    	
Name:   Scott D. Krohn
    
	
 
    	
 
    	
Title:   Assistant Treasurer
    

 

	
ACKNOWLEDGED AND AGREED WITH
    	
 
    
	
 
    	
RESPECT   TO THE AMENDMENT OF
    	
 
    
	
 
    	
THIS   AGREEMENT:
    	
 
    
	
 
    	
 
    	
 
    
	
U.S. BANK TRUST NATIONAL ASSOCIATION,
    	
 
    
	
 
    	
not   in its individual capacity,
    	
 
    
	
 
    	
but   solely as Owner Trustee
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Julia Linian
    	
 
    
	
 
    	
Name:   Julia Linian
    	
 
    
	
 
    	
Title:   Assistant Vice President
    	
 
    

 

[Signature Page to Administration Agreement (MOTA)]

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