Document:

EXHIBIT 10.9

 

EXECUTION VERSION

 

 

 

ACCOUNT CONTROL AGREEMENT

 

 

between

 

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Grantor

 

 

and

 

 

THE BANK OF NEW YORK MELLON
  as Secured Party and Financial Institution

 

 

Dated as of December 1, 2010

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I   USAGE AND DEFINITIONS
    	
2
    
	
Section 1.1.
    	
Usage and Definitions
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE II   ESTABLISHMENT OF COLLATERAL ACCOUNTS
    	
2
    
	
Section 2.1.
    	
Description of Accounts
    	
2
    
	
Section 2.2.
    	
Account Modifications
    	
2
    
	
Section 2.3.
    	
Type of Account
    	
2
    
	
Section 2.4.
    	
Securities Account   Provisions
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE III   SECURED PARTY CONTROL
    	
3
    
	
Section 3.1.
    	
Control for Purposes of   UCC
    	
3
    
	
Section 3.2.
    	
Conflicting Orders or Instructions
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE IV   INVESTMENT OF FUNDS IN THE COLLATERAL ACCOUNTS
    	
3
    
	
Section 4.1.
    	
Investment of Funds
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE V   SUBORDINATION OF LIEN; WAIVER OF SET-OFF
    	
4
    
	
Section 5.1.
    	
Subordination
    	
4
    
	
Section 5.2.
    	
Set-off and Recoupment
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE VI   OTHER AGREEMENTS
    	
4
    
	
Section 6.1.
    	
Adverse Claim
    	
4
    
	
Section 6.2.
    	
Correspondence,   Statements and Confirmations
    	
4
    
	
Section 6.3.
    	
Representation of the   Financial Institution
    	
4
    
	
Section 6.4.
    	
Release of Financial   Institution
    	
4
    
	
Section 6.5.
    	
Termination
    	
5
    
	
Section 6.6.
    	
Existence of Other   Agreements
    	
5
    
	
Section 6.7.
    	
Notice
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE VII   MISCELLANEOUS
    	
5
    
	
Section 7.1.
    	
Amendment
    	
5
    
	
Section 7.2.
    	
Conflict With Other   Agreement
    	
5
    
	
Section 7.3.
    	
Location of Financial   Institution
    	
5
    
	
Section 7.4.
    	
GOVERNING LAW
    	
6
    
	
Section 7.5.
    	
Submission to   Jurisdiction
    	
6
    
	
Section 7.6.
    	
WAIVER OF JURY TRIAL
    	
6
    
	
Section 7.7.
    	
Successors
    	
6
    
	
Section 7.8.
    	
Notices
    	
6
    
	
Section 7.9.
    	
Severability
    	
7
    
	
Section 7.10.
    	
Counterparts
    	
7
    
	
Section 7.11.
    	
Headings
    	
7
    
	
Section 7.12.
    	
No Petition
    	
7
    
	
Section 7.13.
    	
Limitation of Liability   of Secured Party
    	
7
    
	
Section 7.14.
    	
Limitation of Liability   of the Owner Trustee
    	
7
    

 

i

 

ACCOUNT CONTROL AGREEMENT, dated as of December 1, 2010 (this “Agreement”), between FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as Grantor (the “Grantor”), THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee for the benefit of the Noteholders (in such capacity, the “Secured Party”), and THE BANK OF NEW YORK MELLON in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”).

 

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 Grantor, as 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.  All references to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York.

 

ARTICLE II
 ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

Section 2.1.           Description of Accounts.  The Financial Institution has established the following accounts (each, a “Collateral Account”):

 

“Collection Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A” with account number 232979;

 

“Excess Funding Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A” with account number 232984; and

 

“Back-up Servicer Reserve Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A” with account number 235974.

 

Section 2.2.           Account Modifications.  Neither the Financial Institution nor the Grantor will change the name or account number of any Collateral Account without the prior written consent of the Secured Party.

 

Section 2.3.           Type of Account.  The Financial Institution agrees that each Collateral Account is, and will be maintained as, either (a) a “securities account” (as defined in Section 8-501 of the UCC) or (b) a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).

 

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Section 2.4.           Securities Account Provisions.  If and to the extent any Collateral Account is a securities account (within the meaning of Section 8-501 of the UCC) the Financial Institution agrees that:

 

(a)           all securities, financial assets or other investment property (other than cash) credited to each Collateral Account will be registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution.  In no case will any financial asset credited to any Collateral Account be registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor unless the foregoing have been specially indorsed to the Financial Institution or in blank; and

 

(b)           all financial assets delivered to the Financial Institution pursuant to the Indenture will be promptly credited to the appropriate Collateral Account; and each item of property (whether investment property, financial asset, security or instrument) credited to any Collateral Account will be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC.

 

ARTICLE III
 SECURED PARTY CONTROL

 

Section 3.1.           Control for Purposes of UCC.  If the Financial Institution receives any order from the Secured Party or its authorized agent (a) directing disposition of funds in any Collateral Account or (b) directing transfer or redemption of the financial assets relating to the Collateral Accounts (a “Secured Party Order”), the Financial Institution will comply with the Secured Party Order without further consent by the Grantor or any other person.

 

Section 3.2.           Conflicting Orders or Instructions.  Notwithstanding anything to the contrary contained in this Agreement, if at any time, the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor.  The Financial Institution will (a) have no obligation to investigate or inquire as to whether the Secured Party is entitled pursuant to the Indenture or otherwise to deliver any Secured Party Order and (b) be entitled to rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and given by the appropriate party.

 

ARTICLE IV
 INVESTMENT OF FUNDS IN THE COLLATERAL ACCOUNTS

 

Section 4.1.           Investment of Funds.  If (i) the Financial Institution has not otherwise received a Secured Party Order regarding the investment of funds held in the Collateral Accounts by 11:00 a.m. New York time (or such other time as may be agreed between the Financial Institution and the Grantor) on the Business Day preceding a Payment Date, or (ii) a Default or Event of Default has occurred and is continuing with respect to the Notes and the Indenture Trustee has provided notice of such continuing Default or Event of Default to the Financial Institution, the Financial Institution will, to the fullest extent practicable, invest and reinvest

 

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funds in such Collateral Account in accordance with the last investment instruction received, which will be deemed to be effective with respect to such investment.

 

ARTICLE V
 SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

Section 5.1.           Subordination.  If the Financial Institution has, or subsequently obtains, by agreement, by operation of law or otherwise a security interest in any Collateral Account (or any portion thereof), the Financial Institution agrees that such security interest will be subordinate to the security interest of the Secured Party.

 

Section 5.2.           Set-off and Recoupment.  The financial assets, money and other items credited to each Collateral Account will not be subject to deduction, set-off, recoupment, banker’s lien, or any other right in favor of any person other than the Secured Party.  However, the Financial Institution may set off (a) all amounts due to the Financial Institution in respect of customary fees and expenses for the routine maintenance and operation of each Collateral Account, (b) the face amount of any checks which have been credited to a Collateral Account but are subsequently returned unpaid because of uncollected or insufficient funds and (c) any advances made in connection with the settlement of any investment made with respect to the Collateral Accounts.

 

ARTICLE VI
 OTHER AGREEMENTS

 

Section 6.1.           Adverse Claim.  Except for the claims and interests of the Secured Party and the Grantor, the Financial Institution does not know of any lien on, or claim to, or interest in, any Collateral Account or in any “financial asset” (as defined in Section 8-102(a) of the UCC), cash or funds credited thereto.

 

Section 6.2.           Correspondence, Statements and Confirmations.  The Financial Institution will promptly send copies of all statements, confirmations and other correspondence concerning any Collateral Account and, if applicable, any financial assets credited thereto, simultaneously to the Grantor and the Secured Party.

 

Section 6.3.           Representation of the Financial Institution.  The Financial Institution represents that this Agreement is the valid and legally binding obligation of the Financial Institution.

 

Section 6.4.           Release of Financial Institution.  The Grantor and the Secured Party agree that the Financial Institution is released from any and all liabilities to the Grantor and the Secured Party arising from the terms of this Agreement and the compliance of the Financial Institution with the terms hereof, except to the extent that such liabilities arise from the Financial Institution’s negligence.  In no event will the Financial Institution be liable, directly or indirectly, to any person or entity for any indirect, special, incidental or consequential damages of any kind whatsoever (including lost profit), even if the Financial Institution has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

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Section 6.5.           Termination.  The obligations of the Financial Institution to the Secured Party pursuant to this Agreement will continue in effect until the security interests of the Secured Party in each Collateral Account have been terminated pursuant to the terms of the Indenture and the Secured Party has notified the Financial Institution of such termination in writing.  The Financial Institution may terminate its obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee pursuant to the Indenture; provided that such termination will not be effective until the Collateral Accounts have been established with, and transferred to, another securities intermediary which has agreed to assume the obligations of the Financial Institution under this Agreement. The termination of this Agreement will not terminate any Collateral Account or alter the obligations of the Financial Institution to the Grantor pursuant to any other agreement with respect to any Collateral Account.

 

Section 6.6.           Existence of Other Agreements.  The Financial Institution confirms and agrees that:

 

(a)           There are no other agreements entered into between the Financial Institution and the Grantor with respect to any Collateral Account other than the Indenture;

 

(b)           The Financial Institution has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating any Collateral Account pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) or instructions (within the meaning of Section 9-104 of the UCC) of such other person; and

 

(c)           The Financial Institution has not entered into, and until the termination of this Agreement will not enter into, any agreement purporting to limit or condition the obligation of the Financial Institution to comply with entitlement orders or instructions.

 

Section 6.7.           Notice.  If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Collateral Account (or in any financial asset, cash or funds carried therein), the Financial Institution will promptly notify the Secured Party.

 

ARTICLE VII
 MISCELLANEOUS

 

Section 7.1.           Amendment.  No amendment or modification of this Agreement or waiver of any right under this Agreement will be binding on any party to this Agreement unless it is in writing and is signed by all of the parties to this Agreement.

 

Section 7.2.           Conflict With Other Agreement.  In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement will prevail.

 

Section 7.3.           Location of Financial Institution.  Regardless of any provision in any other agreement, for purposes of the UCC, New York will be the location of the bank for purposes of Sections 9-301, 9-304 and 9-305 of the UCC and the securities intermediary for purposes of Sections 9-301 and 9-305 and Section 8-110 of the UCC.

 

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Section 7.4.           GOVERNING LAW.  THIS AGREEMENT AND EACH COLLATERAL ACCOUNT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.5.           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 7.6.           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 7.7.           Successors.  The terms of this Agreement will be binding upon, and will be for the benefit of, the parties hereto and their respective successors and assigns and will apply to any successor account to any Collateral Account.

 

Section 7.8.           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, 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

 

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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 7.9.           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 7.10.         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 7.11.         Headings.  The headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of this Agreement.

 

Section 7.12.         No Petition.  Notwithstanding any prior termination of this Agreement, the Secured Party, the Financial Institution 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 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 Transaction Documents.

 

Section 7.13.         Limitation of Liability of Secured Party.  For all purposes of this Agreement, the Secured Party, as Indenture Trustee under the Indenture, will be subject to, and entitled to the benefits of, the terms and provisions of the Indenture applicable to the Indenture Trustee.

 

Section 7.14.         Limitation of Liability of the Owner Trustee.  Notwithstanding anything in this Agreement to the contrary, this Agreement has been signed on behalf of the Grantor by U.S. Bank Trust National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Grantor and in no event will U.S. Bank Trust National Association in its individual capacity or any beneficial owner of the Grantor have any liability for the representations, warranties, covenants, agreements or other obligations of the Grantor under this Agreement, as to all of which recourse may be had solely to the assets of the Grantor .  For all purposes of this Agreement, in the performance of any duties or obligations of the Grantor 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]

 

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EXECUTED BY:

 

	
 
    	
FORD   CREDIT FLOORPLAN MASTER OWNER 
    
	
 
    	
 
    	
TRUST   A, as Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION,
   not in its individual   capacity but solely as Owner
   Trustee of Ford Credit Floorplan Master Owner
   Trust A
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Julia Linian
    
	
 
    	
 
    	
Name:   Julia Linian
    
	
 
    	
 
    	
Title:   Assistant Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
as   Secured Party
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther D. Antoine
    
	
 
    	
 
    	
Name:   Esther D. Antoine
    
	
 
    	
 
    	
Title:   Senior Associate
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
as   Financial Institution
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther D. Antoine
    
	
 
    	
 
    	
Name:   Esther D. Antoine
    
	
 
    	
 
    	
Title:   Senior Associate
    

 

[Signature Page to Account Control Agreement]EXHIBIT 10.10

 

 

 

DISPUTE RESOLUTION SUPPLEMENT

 

among

 

FORD MOTOR CREDIT COMPANY LLC,
 as Seller and Servicer

 

FORD CREDIT FLOORPLAN CORPORATION,
 as Depositor

 

and

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Issuer

 

Dated as of              , 20

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I   USAGE AND DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage and Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II   SUPPLEMNTAL TERMS
    	
1
    
	
Section 2.1.
    	
Receivables Purchase Agreement
    	
1
    
	
Section 2.2.
    	
Sale and Servicing   Agreement
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE III   MISCELLANEOUS
    	
5
    
	
Section 3.1.
    	
Ratification of   Agreement
    	
5
    
	
Section 3.2.
    	
GOVERNING LAW
    	
5
    
	
Section 3.3.
    	
Counterparts
    	
5
    

 

i

 

DISPUTE RESOLUTION SUPPLEMENT, dated as of        , 20   (this “Supplement”), among FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Seller and Servicer, FORD CREDIT FLOORPLAN CORPORATION, a Delaware corporation, as Depositor, and FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as Issuer.

 

BACKGROUND

 

The Seller and the Depositor are parties to the Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the “Receivables Purchase Agreement”) and the Depositor, the Servicer and the Issuer are parties to the Firth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the “Sale and Servicing Agreement” and, together with the Receivables Purchase Agreement, the “Agreements”).

 

In connection with securitization transactions sponsored by Ford Credit, the parties have determined to supplement the Receivables Purchase Agreement and the Sale and Servicing Agreement to include certain dispute resolution terms as stated below.

 

The parties agree as follows:

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not defined in this Supplement are defined in Appendix A to the Sale and Servicing Agreement.  Appendix A also contains usage rules that apply to this Supplement.  Appendix A is incorporated by reference in this Supplement.

 

ARTICLE II
 SUPPLEMNTAL TERMS

 

Section 2.1.                                 Receivables Purchase Agreement.  The Receivables Purchase Agreement is supplemented by the addition of the following terms as Section 2.3(d):

 

“(d)                           Dispute Resolution.  The Seller agrees to be bound by the dispute resolution terms in Section 2.12 of the Sale and Servicing Agreement as if they were part of this Agreement.”

 

Section 2.2.                                 Sale and Servicing Agreement.  The Sale and Servicing Agreement is supplemented as follows:

 

(a)                                 Definitions.  The following definitions are added alphabetically to Appendix A:

 

“ADR Organization” means [The American Arbitration Association] or, if [The American Arbitration Association] no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by the Seller.

 

 

“ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration.

 

“Asset Representations Review Agreement” has, for a Shelf-Eligible Series, the meaning stated in the related Indenture Supplement.

 

“Requesting Party” has the meaning stated in Section 2.12 of the Sale and Servicing Agreement.

 

“Review” has, for a Shelf-Eligible Series, the meaning stated in the Asset Representations Review Agreement.

 

“Review Report” has, for a Shelf-Eligible Series, the meaning stated in the Asset Representations Review Agreement.

 

“Shelf-Eligible Series” means each Series of Notes registered with the Securities and Exchange Commission on Form SF-3, and any other Series of Notes having the benefit of the asset representations review, dispute resolution and noteholder communication provisions described in Form SF-3 and designated as a “Shelf-Eligible Series” in the related Indenture Supplement.

 

“Test Fail” has, for a Shelf-Eligible Series, the meaning stated in the Asset Representations Review Agreement.

 

(b)                                 Dispute Resolution Terms.  The following terms are added as Section 2.12:

 

“Section 2.12                       Dispute Resolution.

 

(a)                                 Referral to Dispute Resolution.  If the Issuer, the Owner Trustee, the Indenture Trustee or a Noteholder (the “Requesting Party”) for a Shelf-Eligible Series requests that the Depositor and/or Ford Credit, as Seller under the Receivables Purchase Agreement, repurchase a Receivable due to an alleged breach of a representation and warranty in Section 2.4(a) or in Section 2.3(a) of the Receivables Purchase Agreement (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days after the Depositor or the Seller receives the Repurchase Request, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration.  However, if the Receivable subject to a Repurchase Request was part of a Review and the Review Report showed no Test Fails for the Receivable, the Repurchase Request for the Receivable will be deemed to be resolved.  The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-day period.  The Depositor and the Seller agree to participate in the dispute resolution method selected by the Requesting Party.

 

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(b)                                 Mediation.  If the Requesting Party selects mediation for dispute resolution:

 

(i)                                     The mediation will be administered by the ADR Organization using its ADR Rules.  However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section 2.12, the procedures in this Section 2.12 will control.

 

(ii)                                  A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules.  The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, commercial finance or asset-backed securitization matters.

 

(iii)                               The mediation will start within [15] days after the selection of the mediator and conclude within [30] days after the start of the mediation.

 

(iv)                              Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

 

(v)                                 If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to arbitration under this Section 2.12.

 

(c)                                  Arbitration.  If the Requesting Party selects arbitration for dispute resolution:

 

(i)                                     The arbitration will be administered by the ADR Organization using its ADR Rules.  However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section 2.12, the procedures in this Section 2.12 will control.

 

(ii)                                  A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules.  The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, commercial finance or asset-backed securitization matters.  The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration.  Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule.  The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

 

(iii)                               The arbitrator will have the authority to schedule, hear and determine any motions according to New York law, and will do so at the motion of any party.  Discovery will be completed with [30] days of selection of the arbitrator and will be limited for each party to [two] witness depositions not to exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions.

 

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However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary.  Briefs will be limited to no more than [ten] pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief.  The evidentiary hearing on the merits will start no later than [60] days after the selection of the arbitrator and will proceed for no more than [six] consecutive Business Days with equal time allocated to each party for the presentation of direct evidence and cross examination.  The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

 

(iv)                              The arbitrator will make its final determination no later than [90] days after its selection.  The arbitrator will resolve the dispute according to the terms of this Agreement and the other Transaction Documents, and may not modify or change this Agreement or the other Transaction Documents in any way.  The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them.  In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion.  The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties.  The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction.

 

(v)                                 By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

 

(vi)                              The Requesting Party may not bring a putative or certificated class action to arbitration.  If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

 

(d)                                 Additional Conditions.  For each mediation or arbitration:

 

(i)                                     Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected by the Depositor or the Seller.  Any party or witness may participate by teleconference or video conference.

 

(ii)                                  The Depositor, the Seller and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

 

(iii)                               Neither the Depositor nor the Seller will be required to produce personally identifiable customer information for purposes of any mediation or arbitration.

 

4

 

The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding.  The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 2.12), except as required by law, regulatory requirement or court order.  If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.”

 

ARTICLE III
 MISCELLANEOUS

 

Section 3.1.                                 Ratification of Agreement.  Each of the Receivables Purchase Agreement and the Sale and Servicing Agreement, as supplemented by this Supplement, is ratified and confirmed.

 

Section 3.2.                                 GOVERNING LAW.  THIS SUPPLEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.3.                                 Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

 

5

 

	
EXECUTED   BY:
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   MOTOR CREDIT COMPANY LLC,
    
	
 
    	
as Seller and Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   CREDIT FLOORPLAN CORPORATION,
    
	
 
    	
as Depositor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   CREDIT FLOORPLAN MASTER OWNER
    
	
 
    	
TRUST A, as Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
,   not in its
    
	
 
    	
 
    	
individual   capacity, but solely as Owner Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Dispute Resolution Supplement (FCF Corp)]

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