Document:

ex4_1.htm

     

     

    Exhibit
4.1

     

    Execution
Copy

     

     

    
      

      

    

    

    

     

    

    

    Ford
Credit Floorplan Master Owner Trust A

    Issuer

    

    

    The
Bank of New York Mellon

    (formerly
known as The Bank of New York)

    Indenture
Trustee

    ___________________________________

     

     

     

    Series
2009-2 Indenture Supplement

     

    Dated as
of October 1, 2009

     

    

    ___________________________________

     

     

     

     

     

     

    Series
2009-2 Floating Rate Asset Backed Notes,

     

    Class
A

    

    

    

    

    

    
      

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Table
of Contents

     

    Page

     

    ARTICLE
I

     

    Creation
of Series 2009-2 Notes

    
      	 
      	 
      	 
      
	
              Section
      1.01.

            	
              Designation.

            	
              2

            
	 
      	 
      	 
      

    

    ARTICLE
II

     

    Definitions

    
      	 
      	 
      	 
      
	
              Section
      2.01.

            	
              Definitions.

            	
              3

            
	
              Section
      2.02.

            	
              Other
      Definitional Provisions

            	
              18

            

    

     

    ARTICLE
III

    

    Servicing
Fee

    
      	 
      	 
      	 
      
	
              Section
      3.01.

            	
              Servicing
      Compensation

            	
              19

            
	 
      	 
      	 
      

    

    ARTICLE
IV

     

    Rights
of Series 2009-2 Noteholders and

    Allocation
and Application of Collections

    
      	 
      	 
      	 
      
	
              Section
      4.01.

            	
              Collections
      and Allocations.

            	
              19

            
	
              Section
      4.02.

            	
              Determination
      of Monthly Interest.

            	
              21

            
	
              Section
      4.03.

            	
              Determination
      of Monthly Principal Amount.

            	
              22

            
	
              Section
      4.04.

            	
              Application
      of Available Funds on Deposit in Collection Account and Other
      Sources.

            	
              22

            
	
              Section
      4.05.

            	
              Investor
      Charge-Offs.

            	
              26

            
	
              Section
      4.06.

            	
              Reallocated
      Principal Collections.

            	
              27

            
	
              Section
      4.07.

            	
              Excess
      Interest Collections.

            	
              27

            
	
              Section
      4.08.

            	
              Shared
      Principal Collections.

            	
              28

            
	
              Section
      4.09.

            	
              Available
      Subordinated Amount.

            	
              28

            
	
              Section
      4.10.

            	
              Principal
      Funding Account.

            	
              29

            
	
              Section
      4.11.

            	
              Reserve
      Fund.

            	
              30

            
	
              Section
      4.12.

            	
              Determination
      of LIBOR.

            	
              32

            
	
              Section
      4.13.

            	
              Accumulation
      Period Reserve Account.

            	
              33

            
	
              Section
      4.14.

            	
              Investment
      Instructions.

            	
              35

            
	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

    

    ARTICLE
V

    

    Delivery
of Series 2009-2 Notes; Distributions;

    Reports
to Series 2009-2 Noteholders

    
      	 
      	 
      	 
      
	
              Section
      5.01.

            	
              Delivery
      and Payment for Series 2009-2 Notes.

            	
              35

            
	
              Section
      5.02.

            	
              Note
      Owner Representations.

            	
              35

            
	
              Section
      5.03.

            	
              Distributions.

            	
              36

            
	
              Section
      5.04.

            	
              Reports
      and Statements to Series 2009-2 Noteholders.

            	
              36

            
	
              Section
      5.05.

            	
              Register.

            	
              37

            
	 
      	 
      	 
      

    

    ARTICLE
VI

    

    Series
2009-2 Amortization Events

    
      	 
      	 
      	 
      
	
              Section
      6.01.

            	
              Series
      2009-2 Amortization Events.

            	
              37

            
	 
      	 
      	 
      

    

    ARTICLE
VII

    

    Series
Final Maturity; Final Distributions

    
      	 
      	 
      	 
      
	
              Section
      7.01.

            	
              Series
      Final Maturity

            	
              39

            
	 
      	 
      	 
      

    

    ARTICLE
VIII

     

    Miscellaneous
Provisions

    
      	 
      	 
      	 
      
	
              Section
      8.01.

            	
              Ratification
      of Agreement

            	
              40

            
	
              Section
      8.02.

            	
              Form
      of Delivery of Series 2009-2 Notes

            	
              40

            
	
              Section
      8.03.

            	
              Counterparts

            	
              40

            
	
              Section
      8.04.

            	
              Governing
      Law

            	
              40

            
	
              Section
      8.05.

            	
              Effect
      of Headings and Table of Contents

            	
              41

            

    

    

    Exhibits

     

    
      	
              Exhibit
      A

            	
              Form
      of Class A Note

            	
              A-1

            
	
              Exhibit
      B

            	
              Form
      of Distribution Date Statement

            	
              B-1

            
	
              Exhibit
      C

            	
              Form
      of Monthly Allocation and Payment Instruction to Indenture
      Trustee

            	
              C-1

            

    

    

    

    
      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

    

    

    Series 2009-2 Indenture
Supplement, dated as of October 1, 2009, between Ford Credit Floorplan Master
Owner Trust A, a Delaware statutory trust, as Issuer, and The Bank of New York Mellon
(formerly known as The Bank of New York), a New York banking
corporation, as Indenture Trustee.

     

    Recitals

     

    A.           Section
2.12 of the Indenture provides, among other things, that the Issuer and the
Indenture Trustee may at any time and from time to time enter into an Indenture
Supplement to authorize the issuance by the Issuer of Notes in one or more
Series.

     

    B.           The parties to this
Indenture Supplement, by executing and delivering this Indenture Supplement, are
providing for the creation of the Series 2009-2 Notes and specifying the
Principal Terms thereof.

     

    In consideration of the
mutual covenants and agreements contained in this Indenture Supplement, and
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

     

    Granting
Clauses

     

    In
addition to the Grant of the Indenture, the Issuer hereby Grants to the
Indenture Trustee, for the exclusive benefit of the Holders of the Series 2009-2
Notes, all of the Issuer's right, title and interest (whether now owned or
hereafter acquired) in, to and under the following (collectively, the "Series
Collateral"):

     

    (i)           all
Collections on the Receivables allocated to the Holders of the Series 2009-2
Notes;

     

    (ii)           all
Collections on, if applicable, Interests in Other Floorplan Assets allocated to
the Holders of the Series 2009-2 Notes;

     

    (iii)           all
Eligible Investments and all monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property from time to
time on deposit in or credited to the Series Accounts (including any subaccount
thereof) and in all interest, proceeds, earnings, income, revenue, dividends and
other distributions thereof (including any accrued discount realized on
liquidation of any investment purchased at a discount); and

     

    (iv)           all
present and future claims, demands, causes of action and choses in action
regarding any of the foregoing and all payments on any of the foregoing and all
proceeds of any nature whatsoever regarding any of the foregoing, including all
proceeds of the voluntary or involuntary conversion thereof into cash or other
liquid property and all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any kind
and other forms of obligations and receivables, instruments and other property
that at any time constitute any part of or are included in the proceeds of any
of the foregoing.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    The
foregoing Grants are made in trust to secure (a) the Issuer's obligations under
the Series 2009-2 Notes equally and ratably without prejudice, priority, or
distinction between any Series 2009-2 Note and any other Series 2009-2 Notes,
(b) the payment of all other sums payable under the 2009-2 Notes, the Indenture
and this Indenture Supplement and (c) the compliance with the terms and
conditions of the Series 2009-2 Notes, the Indenture and this Indenture
Supplement, all as provided herein or therein.

     

    The
Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in
accordance with the provisions hereof and agrees to perform the duties
herein.

     

    ARTICLE
I

     

    Creation
of Series 2009-2 Notes

     

    Section
1.01.    Designation.

     

    (a)           There
is hereby created a Series of Notes to be issued by the Issuer on the Closing
Date pursuant to the Indenture and this Indenture Supplement to be known as the
"Series 2009-2 Floating Rate Asset Backed Notes" or the "Series 2009-2
Notes."  The Series 2009-2 Notes will be issued in one Class, which
will be known as the "Series 2009-2 Floating Rate Asset Backed Notes, Class
A".  The Series 2009-2 Notes will be due and payable on the Series
2009-2 Final Maturity Date.

     

    (b)           Series
2009-2 will be in Excess Interest Sharing Group One and in Principal Sharing
Group One. Series 2009-2 will not be a Shared Enhancement Series or in an
Interest Reallocation Group. Series 2009-2 will not be subordinated to any other
Series.

     

    (c)           The
Series 2009-2 Notes are "Notes" and this Indenture Supplement is an "Indenture
Supplement" for all purposes under the Indenture. If any provision of the Series
2009-2 Notes or this Indenture Supplement conflicts with or is inconsistent with
any provision of the Indenture, the provisions of the Series 2009-2 Notes or
this Indenture Supplement, as the case may be, control.

     

    (d)           Each
term defined in Section 2.01 of this Indenture Supplement relates only to Series
2009-2 and this Indenture Supplement and to no other Series or Indenture
Supplements.

     

    (e)           Notwithstanding
anything to the contrary in the Indenture, the Series 2009-2 Notes will be
issued in fully registered form in minimum amounts of $100,000 and in integral
multiples of $1,000 in excess thereof (except that one Class A Note may be
issued in a different amount so long as such amount exceeds
$100,000).

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

     

    ARTICLE II  

     

    Definitions

     

    Section
2.01.    Definitions.

     

    Whenever
used in this Indenture Supplement, the following words and phrases have the
following meanings, and the definitions of such terms are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

     

    "Accumulation
Period Factor" means, with respect to any Collection Period, a
fraction:

     

    (a)           the
numerator of which is equal to the sum of the "Initial Invested Amounts" (as
defined in the related Indenture Supplements) of all outstanding Series in
Principal Sharing Group One (including Series 2009-2); and

     

    (b)           the
denominator of which is equal to the sum of (i) the Initial Invested Amount,
plus (ii) the "Initial
Invested Amounts" (as defined in the related Indenture Supplements) of all
outstanding Series in Principal Sharing Group One (other than Series 2009-2)
that are not expected to be in their "Revolving Periods" (as defined in the
related Indenture Supplements) from such date to the Expected Final Payment
Date;

     

    provided, however, that this
definition may be changed at any time upon receipt by the Indenture Trustee of
an Officer's Certificate from the Transferors that such change will not have an
Adverse Effect.

     

    "Accumulation
Period Length" has the meaning specified in Section 4.04(e).

     

    "Accumulation
Period Reserve Account" has the meaning specified in Section
4.13(a).

     

    "Accumulation
Period Reserve Account Available Amount" means, with respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until termination of the Accumulation Period Reserve Account pursuant
to Section 4.13(e), the lesser of:

     

    (a)           the
amounts on deposit in the Accumulation Period Reserve Account on such
Distribution Date (excluding any amounts relating to investment earnings and
before giving effect to any (i) deposits made or to be made therein
pursuant to Sections 4.04(a)(vii) and (b)(i) on such Distribution Date or
(ii) any withdrawal made or to be made therefrom pursuant to Section
4.13(c) on such Distribution Date); and

     

    (b)           the
Accumulation Period Reserve Account Required Amount for such Distribution
Date.

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    "Accumulation Period Reserve
Account Cash Deposit Subaccount" has the meaning specified in Section
4.13(a).

     

    "Accumulation
Period Reserve Account Deposit Amount" means, with respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until termination of the Accumulation Period Reserve Account pursuant
to Section 4.13(e), the excess of (a) the Accumulation Period Reserve
Account Required Amount for such Distribution Date, over (b) the
Accumulation Period Reserve Account Available Amount for such Distribution
Date.

     

    "Accumulation
Period Reserve Account Funding Date" means the Distribution Date
occurring in the second Collection Period preceding the scheduled commencement
of the Controlled Accumulation Period (or such earlier or later date as may be
directed by the Servicer; provided that, if the
Accumulation Period Reserve Account Funding Date occurs on a later date, the
Accumulation Period Reserve Account is expected to be fully funded by the
commencement of the Controlled Accumulation Period).

     

    "Accumulation
Period Reserve Account Required Amount" means, with respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until the Accumulation Period Reserve Account is terminated pursuant to
Section 4.13(e), an amount equal to 0.25% of the Class A Note Initial Principal
Balance.

     

    "Accumulation
Period Reserve Account Securities Subaccount" has the meaning specified
in Section 4.13(a).

     

    "Accumulation
Period Reserve Draw Amount" means, with respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date
relating to the Early Amortization Period, the excess, if any, of (a) the
Covered Amount determined as of such Distribution Date, over (b) the portion of
the Available Investor Interest Collections for such Distribution Date
constituting net investment earnings from the Reserve Fund, the Principal
Funding Account and the Accumulation Period Reserve Account.

     

    "Adjusted Invested
Amount" means, with respect to the Series 2009-2 Notes as of any date of
determination, the excess of (a) the Invested Amount as of such date, over (b) the amounts on
deposit in the Principal Funding Account (excluding amounts relating to
investment earnings) on such date; provided that, for the
purpose of calculating the Transferor Amount during an Accumulation Period or
Amortization Period for this Series, the Adjusted Invested Amount for this
Series will be reduced by the amount of any Principal Collections on deposit in
the Collection Account (excluding any net investment earnings on amounts on
deposit therein) allocable to this Series.

     

    "Adjusted Pool
Balance" has the meaning specified in the Indenture.

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    "Adjustment
Payments" has the meaning specified in the Transfer and Servicing
Agreements.

     

    "Available
Investor Interest Collections" means, with respect to any Distribution
Date, an amount equal to the sum of (a) the Investor Interest Collections with
respect to such Distribution Date, plus (b) all interest and
investment earnings on Eligible Investments credited to the Reserve Fund, the
Principal Funding Account and the Accumulation Period Reserve Account (net of
losses and investment expenses) during the period commencing on and including
the Distribution Date immediately preceding such Distribution Date and ending on
but excluding such Distribution Date, plus (c) all withdrawals from
the Accumulation Period Reserve Account pursuant to Section 4.13(c); plus (d) on the
termination of the Accumulation Period Reserve Account pursuant to Section
4.13(e), all remaining amounts on deposit in the Accumulation Period Reserve
Account (excluding amounts relating to investment earnings and after giving
effect to Section 4.13(c)), plus (e) the Monthly
Transferor Servicing Fee for such Distribution Date.

     

    "Available
Investor Principal Collections" means, with respect to any Distribution
Date, an amount equal to the excess of (a) the sum of (i) the Investor Principal
Collections for such Distribution Date, plus (ii) the Series 2009-2
Excess Funding Amount, plus (iii) any Shared
Principal Collections with respect to other Series in Principal Sharing Group
One (including any amounts on deposit in the Excess Funding Account that are
allocated to Series 2009-2 pursuant to the Indenture for application as Shared
Principal Collections), plus (iv) upon the
termination of the Reserve Fund pursuant to Section 4.11(e), all remaining
amounts on deposit in the Reserve Fund (excluding amounts relating to investment
earnings and after giving effect to Section 4.04(b)(iii)), over (b) any Reallocated
Principal Collections for such Distribution Date.

     

    "Available
Subordinated Amount" means (a) for the first Determination Date, an
amount equal to the Required Subordinated Amount for such Determination Date and
(b) for any subsequent Determination Date, an amount equal to the lesser of (i)
the Required Subordinated Amount for such Determination Date and (ii) an amount
equal to:

     

    (A)           the
Available Subordinated Amount for the prior Determination Date; minus

     

    (B)           the
amount of any Available Transferor Principal Collections used to cover certain
shortfalls on the related Distribution Date as provided in Section 4.04(b)(ii);
minus

     

    (C)           the
amount of the Available Subordinated Amount reallocated to the Invested Amount
on the related Distribution Date as provided in Sections 4.05 and 4.06 in order
to avoid a reduction of the Invested Amount; plus

     

    (D)           the
amount of any Available Investor Interest Collections available to be
distributed as provided in Section 4.04(a)(ix) to the Transferor Interest
Account for

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    distribution
to the holders of the Transferor Interest in accordance with the Trust
Agreement; minus

     

    (E)           the
Incremental Subordinated Amount for the prior Determination Date; plus

     

    (F)           the
Incremental Subordinated Amount for such Determination Date; minus

     

    (G)           the
Subordinated Percentage of the increase in the Series 2009-2 Excess Funding
Amount since the prior Distribution Date to the succeeding Distribution Date;
plus

     

    (H)           the
Subordinated Percentage of the decrease in the Series 2009-2 Excess Funding
Amount since the prior Distribution Date to the succeeding Distribution Date;
plus

     

    (I)           any
increases thereof pursuant to Section 4.09(c).

     

    "Available
Transferor Collections" has the meaning specified in Section
4.01(b).

     

    "Available
Transferor Interest Collections" has the meaning specified in Section
4.01(b)(iii).

     

    "Available
Transferor Principal Collections" has the meaning specified in Section
4.01(b)(iv).

     

    "Back-up Servicing
Fee Rate" means 0.009% per annum or such lesser percentage as may be
specified by the Back-up Servicer, if any, in an Officer's Certificate delivered
to the Indenture Trustee.  If no Back-up Servicing Agreement is in
effect on any date of determination, all references to the Back-up Servicing Fee
Rate in this Agreement will be deemed to be deleted from this Agreement and to
have no further effect.

     

     "Benefit
Plan" means an employee benefit plan or other retirement plan or
arrangement that is subject to Title I of ERISA, Section 4975 of the Code or any
Similar Law.

     

    "Business
Day" has the meaning specified in the Indenture.

     

    "Class A
Additional Interest" has the meaning specified in Section
4.02.

     

    "Class A Interest
Shortfall" has the meaning specified in Section 4.02.

     

    "Class A Monthly
Interest" has the meaning specified in Section 4.02.

     

    "Class A Note
Initial Principal Balance" means $1,500,000,000.

     

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    "Class A Note
Interest Rate" means, with respect to each Interest Period, a per annum
rate of 1.55% in excess of LIBOR, as determined on the LIBOR Determination Date
with respect to such Interest Period.

     

    "Class A Note
Principal Balance" means, as of any date of determination, the Class A
Note Initial Principal Balance, minus the aggregate amount of
any principal payments made to the Class A Noteholders before such
date.

     

    "Class A
Noteholder" means the Person in whose name a Class A Note is registered
in the Note Register.

     

    "Class A
Notes" means any one of the Series 2009-2 Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A.

     

    "Closing
Date" means October 9, 2009.

     

    "Code"
means the Internal Revenue Code of 1986, as amended.

     

    "Controlled
Accumulation Amount" means, for any Distribution Date with respect to the
Controlled Accumulation Period, $250,000,000; provided, however, that if
the Accumulation Period Length is determined to be less than six months pursuant
to Section 4.04(e), the Controlled Accumulation Amount for each Distribution
Date with respect to the Controlled Accumulation Period will be equal to (a) the
product of (i) the Class A Note Initial Principal Balance, times (ii) the Accumulation
Period Factor for such Collection Period, divided by (b) the Required
Accumulation Factor Number.

     

    "Controlled
Accumulation Period" means, unless an Early Amortization Period has
commenced prior thereto, the period beginning on the first day of the March 2012
Collection Period or such later date as is determined in accordance with Section
4.04(e) and ending on the earlier to occur of (a) the close of business on the
day immediately preceding the commencement of the Early Amortization Period and
(b) the end of the Collection Period immediately preceding the Distribution Date
on which the Class A Note Principal Balance will be paid in full.

     

    "Controlled
Deposit Amount" means, for any Distribution Date with respect to the
Controlled Accumulation Period, an amount equal to the sum of (a) the Controlled
Accumulation Amount for such Distribution Date and (b) any Deficit Controlled
Accumulation Amount for the immediately preceding Distribution
Date.

     

    "Covered
Amount" means, as of any Distribution Date on which the Servicer
calculates the Accumulation Period Reserve Draw Amount pursuant to Section
4.13(c), an amount equal to one-twelfth of the product of (a) the amounts
on deposit in the Principal Funding Account as of the immediately preceding
Distribution Date (excluding amounts relating to investment earnings and after
giving effect to any deposit therein on such preceding Distribution Date), times (b) the Class A Note
Interest Rate for the related Interest Period.

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    "DBRS"
means DBRS, Inc.

     

    "Dealer
Overconcentration" means, for any Determination Date, the excess, if any,
of (a) the aggregate amount of the Issuer's Principal Receivables arising in
connection with all the Accounts of a Dealer or a group of affiliated Dealers as
of the last day of the related Collection Period, over (b) 2% (or 5% in the
case of Dealers affiliated with AutoNation, Inc. (or its successors in
interest)) of the Pool Balance as of the last day of such Collection Period (or,
in either case, a higher percentage so long as the Rating Agency Condition has
been satisfied).

     

    "Defaulted
Amount" means, for any Determination Date, an amount (never less than
zero) equal to (a) the amount of all Principal Receivables that became Defaulted
Receivables during the related Collection Period, plus (b) if applicable, the
principal portion of any Interests in Other Floorplan Assets that defaulted
during the related Collection Period, minus (c) the amount of any
such Defaulted Receivables or such Interests in Other Floorplan Assets that, in
each case, are subject to reassignment to the Transferors in accordance with the
terms of the Transfer and Servicing Agreements (except that if an Insolvency
Event occurs with respect to a Transferor, the amount of such Defaulted
Receivables that are subject to reassignment to such Transferor will be zero),
minus (d) the amount of
any such Defaulted Receivables or such Interests in Other Floorplan Assets that,
in each case, are subject to assignment to the Servicer in accordance with the
terms of the Transfer and Servicing Agreements (except that if an Insolvency
Event occurs with respect to the Servicer, the amount of such Defaulted
Receivables that are subject to assignment to the Servicer will be
zero).

     

    "Deficit
Controlled Accumulation Amount" means (a) for the first Distribution Date
with respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Accumulation Amount for such first Distribution Date, over the amount deposited
into the Principal Funding Account on such first Distribution Date and (b) for
each subsequent Distribution Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Deposit Amount for such subsequent
Distribution Date, over
the amount deposited into the Principal Funding Account on such
subsequent Distribution Date.

     

    "Development
Dealer Overconcentration" means, for any Determination Date, the excess,
if any, of (a) the aggregate amount of the Issuer's Principal Receivables that
are Development Dealer Receivables as of the last day of the related Collection
Period, over (b) 4% of
the Pool Balance as of the last day of such Collection Period (or, a higher
percentage so long as the Rating Agency Condition has been
satisfied).

     

    "Development
Dealer Receivables" has the meaning specified in the Transfer and
Servicing Agreements.

     

    "Distribution
Date" means the 15th day of each calendar month, or if such 15th day is
not a Business Day, the next succeeding Business Day, commencing on November 16,
2009.

     

    "Distribution
Date  Statement" has the meaning specified in Section
5.04(a).

     

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    "Early
Amortization Period" means the period beginning on the first day of the
Collection Period in which an Amortization Event with respect to Series 2009-2
occurs (or, if the Servicer is required to make daily deposits of Collections
into the Collection Account pursuant to Section 8.04(b) of the Indenture, on the
day on which such an Amortization Event occurs) and ending on the earlier to
occur of (a) the end of the Collection Period immediately preceding the
Distribution Date on which the Class A Note Principal Balance will be paid in
full and (b) the Series 2009-2 Final Maturity Date.

     

    "ERISA"
means the Employee Retirement Income Security Act of 1974, as
amended.

     

    "Excess Interest
Collections" has, with respect to Series 2009-2, the meaning specified in
Section 4.07.

     

    "Excess Transferor
Percentage" means:

     

    (a)           for
allocating Interest Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the sum
of the "Floating Investor Percentages" (as defined in the related Indenture
Supplements) for all outstanding Series (including Series 2009-2) with respect
to such Collection Period and (ii) the percentage equivalent of a fraction, the
numerator of which is the Trust Available Subordinated Amount as of the
Determination Date occurring in the immediately preceding Collection Period, and
the denominator of which is the Adjusted Pool Balance as of the close of
business on the last day of the immediately preceding Collection Period;
and

     

    (b)           for
allocating Principal Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the
"Floating Investor Percentages" (as defined in the related Indenture
Supplements) for all outstanding Series (including Series 2009-2) that are in
their "Revolving Periods" (as defined in the related Indenture Supplements) with
respect to such Collection Period and the "Fixed Investor Percentages" (as
defined in the related Indenture Supplements) for all outstanding Series
(including Series 2009-2) that are not in their "Revolving Periods" (as defined
in the related Indenture Supplements) with respect to such Collection Period and
(ii) the percentage equivalent of a fraction, the numerator of which is the
Trust Available Subordinated Amount as of the Determination Date occurring in
the immediately preceding Collection Period, and the denominator of which is the
Adjusted Pool Balance as of the close of business on the last day of the
immediately preceding Collection Period.

     

    "Expected Final
Payment Date" means the September 2012 Distribution Date.

     

    "Fixed Investor
Percentage" means, with respect to any Collection Period (or portion
thereof occurring after the end of the Revolving Period), the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the
Invested Amount as of the close of business on the last day of the Revolving
Period and (b) the denominator of which is the greater of (i) the

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    Adjusted
Pool Balance as of the close of business on the last day of the immediately
preceding Collection Period and (ii) the sum of the numerators used to calculate
the applicable "Investor Percentages" (as defined in the related Indenture
Supplements) for allocating Principal Collections to all outstanding Series
(including Series 2009-2) with respect to such Collection Period.

     

    "Fleet
Overconcentration" means, for any Determination Date, the excess, if any,
of (a) the aggregate amount of the Issuer's Principal Receivables that are Fleet
Receivables as of the last day of the related Collection Period, over (b) 4% of the Pool
Balance as of the last day of such Collection Period (or, a higher percentage so
long as the Rating Agency Condition has been satisfied).

     

    "Floating Investor
Percentage" means, with respect to any Collection Period, the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the
Adjusted Invested Amount as of the close of business on the last day of the
immediately preceding Collection Period (or with respect to the first Collection
Period, the Initial Invested Amount) and (b) the denominator of which is the
Adjusted Pool Balance as of the close of business on the last day of the
immediately preceding Collection Period (or with respect to the first Collection
Period, the Adjusted Pool Balance as of the Series Cut-Off Date).

     

    "Incremental
Subordinated Amount" means, for any Determination Date, the product
of:

     

    (a)           a
fraction, (i) the numerator of which is the greater of (A) zero and (B) an
amount equal to (1) the Adjusted Invested Amount as of the related Distribution
Date (after giving effect to any changes to be made in such amount on such
Distribution Date), plus
(2) the product of the Initial Invested Amount multiplied by the excess
of the Required Pool Percentage over 100%, plus (3) the Required
Subordinated Amount on such Determination Date (without giving effect to the
Incremental Subordinated Amount), minus (4) the Series 2009-2
Excess Funding Amount as of such Determination Date (after giving effect to any
changes in such amount on such Determination Date) and (ii) the denominator of
which is the Pool Balance as of such Determination Date; times

     

    (b)           the
Non-Conforming Receivable Amount as of such Determination Date.

     

    "Indenture"
means the Amended and Restated Indenture, dated as of August 1, 2001, as amended
and restated as of May 1, 2008, between the Issuer and the Indenture Trustee, as
the same may be amended, supplemented or otherwise modified from time to
time.

     

    "Indenture
Supplement" means this Series 2009-2 Indenture Supplement, as the same
may be amended, supplemented or otherwise modified from time to
time.

     

    "Initial Invested
Amount" means, with respect to the Series 2009-2 Notes,
$1,500,000,000.

     

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    "Interest
Collections Shortfall" has, with respect to Series 2009-2, the meaning
specified in Section 4.07.

     

    "Interest
Period" means, with respect to any Distribution Date, the period from and
including the Distribution Date immediately preceding such Distribution Date
(or, in the case of the first Distribution Date, from and including the Closing
Date) to but excluding such Distribution Date.

     

    "Invested
Amount" means, with respect to the Series 2009-2 Notes as of any date of
determination, an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the
aggregate amount of any principal payments made to the Class A Noteholders
before such date, minus
(c) the cumulative amount of unreimbursed Investor Charge-Offs
immediately before such date.

     

    "Investor
Charge-Off" has the meaning specified in Section 4.05.

     

    "Investor Default
Amount" means, with respect to any Distribution Date, an amount equal to
the product of (a) the Floating Investor Percentage for the related Collection
Period, times (b) the
Defaulted Amount for such Collection Period.

     

    "Investor Interest
Collections" means, with respect to any Distribution Date, an amount
equal to the product of (a) the Floating Investor Percentage for the related
Collection Period, times
(b) the Interest Collections for such Collection Period.

     

    "Investor
Percentage" means, with respect to any Collection Period (a) with respect
to Interest Collections and Defaulted Amounts at any time and Principal
Collections during the Revolving Period, the Floating Investor Percentage and
(b) with respect to Principal Collections during the Controlled Accumulation
Period or the Early Amortization Period, the Fixed Investor
Percentage.

     

    "Investor
Principal Collections" means, with respect to any Distribution Date, an
amount equal to the sum of (a) the product of (i) the Investor Percentage
applicable for the related Collection Period, times (ii) Principal
Collections for such Collection Period, plus (b) any Available
Investor Interest Collections, Reserve Fund Available Amounts, Excess Interest
Collections from other Series in Excess Interest Sharing Group One and Available
Transferor Collections that, as provided in Sections 4.04(a) and (b), are to be
treated as Investor Principal Collections with respect to such Distribution
Date.

     

    "LIBOR"
means, with respect to any Interest Period, the London interbank offered rate
for one-month United States dollar deposits determined by the Indenture Trustee
for such Interest Period pursuant to Section 4.12.

     

    "LIBOR
Determination Date" means, with respect to any Interest Period, the date
that is two London Banking Days prior to the commencement of such Interest
Period.

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    "London Banking
Day" means any day on which commercial banks are open for general
business (including dealings in foreign exchange and foreign currency deposits)
in London.

     

    "Manufacturer
Overconcentration" means, for any Determination Date,
either:

     

    (a)           the
excess, if any, of (i) the aggregate amount of the Issuer's Principal
Receivables that relate to a particular Manufacturer (other than Ford or one of
its associated Manufacturers) with a long-term credit rating of at least "A-" by
Standard & Poor's and Fitch (if rated by Fitch), and "A3" by Moody's (if
rated by Moody's) as of the last day of the related Collection Period, over (ii) 10% of the
Pool Balance as of the last day of such Collection Period (or a higher
percentage so long as the Rating Agency Condition has been satisfied);
or

     

    (b)           the
excess, if any, of (i) the aggregate amount of the Issuer's Principal
Receivables that relate to a particular Manufacturer (other than Ford or one of
its associated Manufacturers) with a long-term credit rating of "BBB+" or lower
by Standard & Poor's or unrated by Standard & Poor's, or "BBB+" or lower
by Fitch (if rated by Fitch), or "Baa1" or lower by Moody's (if rated by
Moody's) as of the last day of the related Collection Period, over (ii) 6% of the Pool
Balance as of the last day of such Collection Period (or a higher percentage so
long as the Rating Agency Condition has been satisfied).

     

    "Medium &
Heavy Truck Overconcentration" means, for any Determination Date, the
excess, if any, of (a) the aggregate amount of the Issuer's Principal
Receivables that are Medium & Heavy Truck Receivables as of the last day of
the related Collection Period, over (b) 2% of the Pool
Balance as of the last day of such Collection Period (or, a higher percentage so
long as the Rating Agency Condition has been satisfied).

     

    "Monthly
Back-up
Servicing Fee" means, with respect to any Distribution Date, an amount
equal to the greater of (a) one-twelfth of the product of (i) the Back-up
Servicing Fee Rate, (ii) the percentage equivalent of a fraction, the numerator
of which is the Floating Investor Percentage for the related Collection Period
and the denominator of which is the sum of the "Floating Investor Percentages"
(as defined in the related Indenture Supplements) for all outstanding Series
(including Series 2009-2) with respect to such Collection Period and (iii) the
total amount of Principal Receivables and, if applicable, the principal portion
of any Interests in Other Floorplan Assets as of the close of business on the
last day of the immediately preceding Collection Period, and (b)
$4,000.  If no Back-up Servicing Agreement is in effect on any date of
determination, all references to the Monthly Back-up Servicing Fee in this
Agreement will be deemed to be deleted from this Agreement and to have no
further effect.

     

    "Monthly Principal
Amount" means the monthly principal distributable in respect of the
Series 2009-2 Notes as determined pursuant to Section 4.03.

     

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    "Monthly Principal
Payment Rate" means, with respect to any Collection Period, the
percentage equivalent of a fraction (a) the numerator of which is the Principal
Collections with respect to such Collection Period and (b) the denominator of
which is the Pool Balance as of the first day of such Collection
Period.

     

    "Monthly Servicing
Fee" means, with respect to any Distribution Date, an amount equal to
one-twelfth of the product of (a) the Servicing Fee Rate, (b) the percentage
equivalent of a fraction, the numerator of which is the Floating Investor
Percentage for the related Collection Period and the denominator of which is the
sum of the "Floating Investor Percentages" (as defined in the related Indenture
Supplements) for all outstanding Series (including Series 2009-2) with respect
to such Collection Period and (c) the total amount of Principal Receivables and,
if applicable, the principal portion of any Interests in Other Floorplan Assets
as of the close of business on the last day of the immediately preceding
Collection Period, or with respect to the first Collection Period, the total
amount of Principal Receivables as of the Series Cut-Off Date, in either case,
excluding the principal portion of any Interests in Other Floorplan Assets owned
by the Issuer that are not serviced by the Servicer.

     

    "Monthly
Transferor
Servicing Fee" means, with respect to any Distribution Date, an amount
equal to one-twelfth of the product of (a) the product of (i) the sum of the
Servicing Fee Rate and the Back-up Servicing Fee Rate, (ii) 100% minus the sum of the
"Floating Investor Percentages" (as defined in the related Indenture
Supplements) for all outstanding Series (including Series 2009-2) with respect
to such Collection Period and (iii) the total amount of Principal Receivables
and, if applicable, the principal portion of any Interests in Other Floorplan
Assets as of the close of business on the last day of the immediately preceding
Collection Period, and (b) the percentage equivalent of a fraction, the
numerator of which is the Floating Investor Percentage for the related
Collection Period and the denominator of which is the sum of the "Floating
Investor Percentages" (as defined in the related Indenture Supplements) for all
outstanding Series (including Series 2009-2) with respect to such Collection
Period.

     

    "Non-Conforming
Receivable Amount" means, for any Determination Date, the excess, if any,
of:

     

    (a)           the
sum of (i) Principal Receivables constituting Ineligible Receivables for such
Determination Date, plus
(ii) the aggregate amount of Dealer Overconcentrations, Development
Dealer Overconcentrations, Fleet Overconcentrations, Manufacturer
Overconcentrations, Medium & Heavy Truck Overconcentrations and Used Vehicle
Overconcentrations for such Determination Date; over

     

    (b)           the
sum of (i) Principal Receivables constituting Ineligible Receivables that became
Defaulted Receivables during the period beginning on the immediately preceding
Determination Date and ending on the day immediately preceding the current
Determination Date, plus
(ii) the aggregate amount of Principal Receivables contributing to Dealer
Overconcentrations, Development Dealer Overconcentrations, Fleet
Overconcentrations, Manufacturer Overconcentrations, Medium & Heavy
Truck

     

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    Overconcentrations
and Used Vehicle Overconcentrations that, in each case, became Defaulted
Receivables during the period beginning on the immediately preceding
Determination Date and ending on the day immediately preceding the current
Determination Date.

     

    "Percentage
Interest" means the portion of the Transferor Interest, expressed as a
percentage, as stated on the face of each Certificate (as defined in the Trust
Agreement), if certificated, and otherwise as indicated in the books and records
of the Owner Trustee in accordance with the Trust Agreement.

     

    "Pool
Balance" has the meaning specified in the Indenture.

     

    "Principal Funding
Account" has the meaning specified in Section 4.10(a).

     

    "Principal Funding
Account Cash Deposit Subaccount" has the meaning specified in Section
4.10(a).

     

    "Principal Funding
Account Securities Subaccount" has the meaning specified in Section
4.10(a).

     

    "Principal Sharing
Group One" means Series 2009-2 and each other Series specified in the
related Indenture Supplements to be included in Principal Sharing Group
One.

     

    "Principal
Shortfall" has, with respect to Series 2009-2, the meaning specified in
Section 4.08.

     

    "Principal
Terms" has the meaning specified in the Indenture.

     

    "Rating
Agency" means each of Standard & Poor's, Moody's and
DBRS.

     

    "Rating Agency
Condition" means, for any action or request, that (a) Standard &
Poor's and DBRS have notified the Transferors, the Servicer, and the Indenture
Trustee that such action or request will not result in a reduction or withdrawal
of its then-current rating of any of the Notes of this Series and (b) the Issuer
has given at least ten Business Days' prior written notice to Moody's (such
notice to be provided to the lead rating analyst), and Moody's has not notified
the Transferors, the Servicer and the Indenture Trustee in writing that such
action will result in such Rating Agency reducing or withdrawing its then
current rating on any of the Notes of this Series; provided, that Moody's may,
at its option, notify the Transferors, the Servicer and the Indenture Trustee
that such action or request will not result in a reduction or withdrawal of its
then-current rating of any of the Notes of this Series.

     

    "Reallocated
Principal Collections" means, with respect to any Distribution Date, the
amount of Investor Principal Collections applied in accordance with Section 4.06
in an amount not to exceed the Available Subordinated Amount for that
Distribution Date (after giving effect to any change in that amount on that
date).

     

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    "Reassignment
Amount" means, with respect to any Distribution Date, after giving effect
to any deposits and distributions otherwise to be made on such Distribution
Date, the sum of (a) the Class A Note Principal Balance on such Distribution
Date, plus (b) the
Class A Monthly Interest for such Distribution Date, together with any Class A
Monthly Interest previously due but not paid to the Series 2009-2 Noteholders on
prior Distribution Dates, plus (c) any Class A
Additional Interest for such Distribution Date.

     

    "Reference
Banks" means four major banks in the London interbank market selected by
the Servicer.

     

    "Required
Accumulation Factor Number" means a fraction, rounded upwards to the
nearest whole number, the numerator of which is one and the denominator of which
is equal to the lowest Monthly Principal Payment Rate on the Accounts, expressed
as a decimal, for the twelve months preceding the date of such calculation;
provided, however, that
this definition may be changed at any time upon receipt by the Indenture Trustee
of an Officer's Certificate from the Servicer that such change will not have an
Adverse Effect.

     

    "Required Pool
Percentage" means, 104%, except that the Transferors may reduce this
percentage so long as the Rating Agency Condition is satisfied.

     

    "Required
Subordinated Amount" means, as of any date of determination, the sum
of:

     

    (a)           the
greater of (i) zero and (ii) the product of (A) the Subordinated Percentage,
times (B) the excess of
the Initial Invested Amount over the Series 2009-2 Excess Funding Amount on such
date (after giving effect to any changes in such amount on such date); plus

     

    (b)           the
Incremental Subordinated Amount for such date.

     

    "Required
Transferor Amount" has the meaning specified in the
Indenture.

     

    "Reserve
Fund'' has
the meaning specified in Section 4.11(a).

     

    "Reserve Fund
Available Amount" means,
with respect to any Distribution Date, the lesser of (a) the amount on deposit
in the Reserve Fund on such date (excluding any net investment earnings on
amounts on deposit therein and before giving effect to any (i) deposit made or
to be made therein pursuant to Section 4.04(a) on such date or (ii) any
withdrawal made or to be made therefrom pursuant to Section 4.04(b)(iii) on such
date) and (b) the Reserve Fund Required Amount for such Distribution
Date.

     

    "Reserve Fund Cash
Deposit Subaccount" has
the meaning specified in Section 4.11(a).

     

    "Reserve Fund
Deposit Amount" means,
with respect to any Distribution Date, the excess, if any, of (a) the Reserve
Fund Required Amount for such Distribution Date, over (b) the Reserve Fund
Available Amount for such Distribution Date.

     

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    "Reserve Fund
Initial Amount" means
$15,000,000.

     

    "Reserve Fund
Required Amount" means,
with respect to any Distribution Date, an amount equal to the product of 1.00%,
times the
Adjusted Invested Amount on such Distribution Date (after giving effect to any
changes therein on such Distribution Date); provided, however, that
the Reserve Fund Required Amount for the Closing Date is the Reserve Fund
Initial Amount; provided,
further, that
for any Distribution Date with respect to the Early Amortization Period, the
Reserve Fund Required Amount for such Distribution Date will be the product of
5.00%, times the
Class A Note Initial Principal Balance; and, provided, further, that the
Transferors may reduce either of these percentages so long as the Rating Agency
Condition is satisfied.

     

    "Reserve Fund
Securities Subaccount" has
the meaning specified in Section 4.11(a).

     

    "Reuters Screen
LIBOR01 Page" means the display page currently so designated on the
Reuters Capital Markets service (or such other page as may replace such page in
that service for the purpose of displaying comparable rates or
prices).

     

    "Revolving
Period" means the period beginning on the Closing Date and ending on the
earlier of the close of business on the day immediately preceding the date on
which the Controlled Accumulation Period or the Early Amortization Period
commences.

     

    "Securities
Intermediary" has the meaning specified in the Indenture.

     

    "Series
2009-2" means the Series of Notes, the Principal Terms of which are
specified in this Indenture Supplement.

     

    "Series 2009-2
Amortization Event" has the meaning specified in Section
6.01.

     

    "Series 2009-2
Excess Funding Amount" means, as of any date of determination, the
product of (a) the amount on deposit in the Excess Funding Account (excluding
amounts relating to investment earnings) on such date, times (b) a fraction (i) the
numerator of which is the Adjusted Invested Amount as of such date and (ii) the
denominator of which is the sum of the adjusted invested amounts of each
outstanding Series (including Series 2009-2) being allocated a portion of the
funds on deposit in the Excess Funding Account.

     

    "Series 2009-2
Final Maturity Date" means the September 2014 Distribution
Date.

     

    "Series 2009-2
Note" means a Class A Note.

     

    "Series 2009-2
Noteholder" means a Class A Noteholder.

     

    "Series 2009-2
Noteholders' Collateral" means the Noteholders' Collateral for Series
2009-2.

     

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

    

    "Series Account
Cash Deposit Subaccounts" means, with respect to Series 2009-2, the
Principal Funding Account Cash Deposit Subaccount, the Reserve Fund Cash Deposit
Subaccount and the Accumulation Period Reserve Account Cash Deposit
Subaccount.

     

    "Series
Accounts" means, with respect to Series 2009-2, the Principal Funding
Account, the Reserve Fund and the Accumulation Period Reserve
Account.

     

    "Series Account
Securities Subaccounts" means, with respect to Series 2009-2, the
Principal Funding Account Securities Subaccount, the Reserve Fund Securities
Subaccount and the Accumulation Period Reserve Account Securities
Subaccount.

     

    "Series
Collateral" has the meaning specified in the Granting Clauses of this
Indenture Supplement.

     

    "Series Cut-Off
Date" means the close of business on September 30, 2009.

     

    "Servicing Fee
Rate" means 1% per annum or such lesser percentage as may be specified by
the Servicer in an Officer's Certificate delivered to the Indenture Trustee
stating that, in the reasonable belief of the Servicer, such change in
percentage will not result in an Adverse Effect.

     

    "Shared Principal
Collections" has, with respect to Series 2009-2, the meaning specified in
Section 4.08.

     

    "Similar
Law" means any federal, state, local or non-U.S. law or regulation
substantially similar to the provisions of Title I of ERISA or Section 4975 of
the Code.

     

    "Subordinated
Percentage" means the percentage equivalent of a fraction (a) the
numerator of which is the Subordination Factor and (b) the denominator of which
is the excess of 100%, over
the Subordination Factor.

     

    "Subordination
Factor" means, for the Series 2009-2 Notes, 32.00%.

     

    "Transferor
Amount" has the meaning specified in the Indenture.

     

    "Transferor
Interest Collections" means, with respect to any Collection Period, the
product of (a) the applicable Transferor Percentage for such Collection Period,
times (b) the Interest
Collections for such Collection Period.

     

    "Transferor
Percentage" has the meaning specified in the Indenture.

     

    "Transferor
Principal Collections" means, with respect to any Collection Period, the
product of (a) the applicable Transferor Percentage for such Collection Period,
times (b) the Principal
Collections for such Collection Period.

     

    "Transition
Costs" has the meaning specified in the Transfer and Servicing
Agreements.

     

    

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

    

    "Trust Available
Subordinated Amount" means, as of any date of determination, the sum of
the "Available Subordinated Amounts" (as defined in the related Indenture
Supplements) as of such date for all outstanding Series (including Series
2009-2).

     

    "Used Vehicle
Overconcentration" means, for any Determination Date, the excess, if any,
of (a) the aggregate amount of the Issuer's Principal Receivables relating to
Used Vehicles as of the last day of the related Collection Period, over (b) 20% of the Pool
Balance as of the last day of such Collection Period (or a higher percentage so
long as the Rating Agency Condition has been satisfied).

     

    Section 2.02.   Other Definitional
Provisions.

     

    (a)           All
terms used herein and not otherwise defined herein have the meanings ascribed to
them in the Indenture, the Transfer and Servicing Agreement or the Trust
Agreement, as applicable.  For the avoidance of doubt, the defined
term "Transferor"
includes Ford Credit Floorplan Corporation, in its capacity as transferor to
Ford Credit Floorplan Master Owner Trust B, and the defined term "Transfer and
Servicing Agreement" includes the Fourth Amended and Restated Transfer
and Servicing Agreement, dated as of August 16, 2001, as amended and restated as
of October 1, 2009, among Ford Credit Floorplan Corporation, as transferor, Ford
Motor Credit Company LLC, as servicer, and Ford Credit Floorplan Master Owner
Trust B.

     

    (b)           All
terms defined in this Indenture Supplement have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto unless
otherwise defined therein.

     

    (c)           As
used in this Indenture Supplement and in any certificate or other document made
or delivered pursuant hereto or thereto, accounting terms not defined in this
Indenture Supplement or in any such certificate or other document, and
accounting terms partly defined in this Indenture Supplement or in any such
certificate or other document to the extent not defined, have the respective
meanings given to them under generally accepted accounting principles or
regulatory accounting principles, as applicable and as in effect on the date of
this Indenture Supplement. To the extent that the definitions of accounting
terms in this Indenture Supplement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted
accounting principles or regulatory accounting principles in the United States,
the definitions contained in this Indenture Supplement or in any such
certificate or other document control.

     

    (d)           Unless
otherwise specified, references to any dollar amount as of any particular date
means such amount at the close of business on such day.

     

    (e)           The
words "hereof," "herein" and "hereunder" and words of similar import when used
in this Indenture Supplement refer to this Indenture Supplement as a whole and
not to any particular provision of this Indenture Supplement. References to any
subsection, Section, Schedule or Exhibit are references to subsections,
Sections, Schedules and Exhibits in or to this

     

    

    
      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

    Indenture
Supplement, unless otherwise specified.  The term "including" means
"including without limitation."

     

     

    ARTICLE
III

     

    Servicing
Fee

     

    Section 3.01.   Servicing
Compensation.

     

    The share
of the Servicing Fee allocable to the Series 2009-2 Noteholders with respect to
any Distribution Date is equal to the Monthly Servicing Fee.  The
portion of the Servicing Fee that is not allocable to the Series 2009-2
Noteholders will be paid by the holders of the Transferor Interest or the
Noteholders of other Series (as provided in the related Indenture Supplements)
and in no event will the Issuer, the Indenture Trustee or the Series 2009-2
Noteholders be liable for the share of the Servicing Fee to be paid by the
holders of the Transferor Interest or the Noteholders of any other
Series.

     

     

    ARTICLE
IV

     

    Rights
of Series 2009-2 Noteholders

    and
Allocation and Application of Collections

     

    Section 4.01.   Collections and
Allocations.

     

    (a)           Allocations.  As
provided in Section 8.04(a) of the Indenture, Interest Collections and Principal
Collections, as well as Defaulted Receivables, will be allocated between Series
2009-2 and the Transferor Interest and then applied in respect thereof pursuant
to this Article IV.

     

    (b)           Allocations to Transferor
Interest.  The Servicer will on each Deposit Date make the
following allocations to the Transferor Interest:

     

    (i)           an
amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Interest Collections for such Collection Period will
be deducted from the Transferor Interest Collections for such Collection Period
and distributed to the Transferor Interest Account for distribution to the
holders of the Transferor Interest in accordance with the Trust Agreement; provided, that  an
amount equal to the Monthly Transferor Servicing Fee for each Series (including
Series 2009-2) will be deducted from the amount to be distributed to the holders
of the Transferor Interest and such amount will be deposited into the Collection
Account;

     

    (ii)           an
amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Principal Collections for such Collection Period will
be deducted from the Transferor Principal Collections for such Collection Period
and distributed to the Transferor Interest Account for distribution to the
holders of the

     

    

    
      
        
           

        

        
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    Transferor
Interest in accordance with the Trust Agreement, but only to the extent that the
Transferor Amount on such Deposit Date (determined after giving effect to any
Principal Receivables or, if applicable, Interests in Other Floorplan Assets
transferred to the Issuer) exceeds the Required Transferor Amount for the
immediately preceding Determination Date; provided, that an amount
equal to the Monthly Transferor Servicing Fee for each Series (including Series
2009-2) not distributed pursuant to clause (i) above will be deducted from the
amount to be distributed to the holders of the Transferor Interest and such
amount will be deposited into the Collection Account;

     

    (iii)           an
amount equal to the excess of (A) the Transferor Interest Collections for the
related Collection Period, over (B) the amount
calculated pursuant to clause (i) above will constitute "Available
Transferor Interest Collections" for such Collection Period;
and

     

    (iv)           an
amount equal to the excess of (A) the Transferor Principal Collections for the
related Collection Period, over (B) the amount
calculated pursuant to clause (ii) above will constitute "Available
Transferor Principal Collections" for such Collection
Period.

     

    Unless
the Servicer is allocating pursuant to another method which satisfies the Rating
Agency Condition for each outstanding Series, the sum of Available Transferor
Interest Collections and Available Transferor Principal Collections for any
Collection Period (such sum being "Available
Transferor Collections" for such Collection Period) will be deposited
into the Collection Account for application as provided herein and in any other
Indenture Supplements, but only to the extent that (i) (A) such funds are needed
to cover (pursuant to Section 4.04(b)(ii)) shortfalls in distributions and
deposits required to be made from Available Investor Interest Collections for
the related Distribution Date and Excess Interest Collections for such
Distribution Date available for the Series 2009-2 Notes from other Series in
Excess Interest Sharing Group One or (B) such funds are needed to cover similar
shortfalls for other Series or (ii) during an Early Amortization Period, such
funds (with respect to Available Transferor Principal Collections, in an amount
not to exceed the Available Subordinated Amount) are needed to cover amounts
payable pursuant to Section 4.04(c)(i) for the related Distribution Date. Any
remaining Available Transferor Collections not required to be deposited into the
Collection Account will be distributed to the Transferor Interest Account for
distribution to the holders of the Transferor Interest in accordance with the
Trust Agreement, but only to the extent that the Transferor Amount on such
Deposit Date (determined after giving effect to any Principal Receivables or, if
applicable, Interests in Other Floorplan Assets transferred to the Issuer)
exceeds the Required Transferor Amount for the immediately preceding
Determination Date (after giving effect to the allocations, distributions,
withdrawals and deposits to be made on the Distribution Date immediately
following such Determination Date).

     

    The
allocations made from Collections in respect of the Transferor Interest pursuant
to this Section 4.01(b) do not apply to funds deposited into the Collection
Account that do not represent Collections. Such funds that do not represent
Collections include payment of the

     

    

    
      
        
           

        

        
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    purchase
price for the Noteholders' Collateral pursuant to Section 2.03(c) or 6.01 of the
Transfer and Servicing Agreements or Section 5.05 or 11.04 of the
Indenture.

     

    (c)           Allocations to Series
2009-2.  The Servicer will on each Deposit Date allocate to the
Series 2009-2 Noteholders and deposit into the Collection Account for
application as provided herein the following amounts:

     

    (i)           an
amount equal to the sum of (A) the product of the Floating Investor Percentage
for the related Collection Period and the Interest Collections for such
Collection Period and (B) the Monthly Transferor Servicing Fee, but only to the
extent necessary to cause the amounts then on deposit in the Collection Account
due to deposits therein pursuant to this clause (i) to equal the amounts to be
distributed on the related Distribution Date pursuant to clauses (i) through
(xii) of Section 4.04(a); and

     

    (ii)           an
amount equal to the product of the Investor Percentage applicable for the
related Collection Period and the Principal Collections for such Collection
Period, but only to the extent necessary to cause the amounts then on deposit in
the Collection Account due to deposits therein pursuant to this clause (ii) to
equal the amounts to be distributed on the related Distribution Date pursuant to
Section 4.04(b)(iv) or (c), as applicable.

     

    Section 4.02.   Determination of Monthly
Interest.

     

    The
amount of monthly interest (the "Class A Monthly
Interest") distributable from the Collection Account with respect to the
Class A Notes on any Distribution Date will be calculated by the Servicer and
will be an amount equal to the product of (i) a fraction, the numerator of which
is the actual number of days in the related Interest Period and the denominator
of which is 360, times
(ii) the Class A Note Interest Rate in effect with respect to the related
Interest Period, times
(iii) the Class A Note Principal Balance as of the close of business on
the last day of the related Collection Period.

     

    On the
Determination Date relating to each Distribution Date, the Servicer will
determine the excess, if any (such excess, the "Class A Interest
Shortfall"), of (1) the Class A Monthly Interest for such Distribution
Date, over (2) the
aggregate amount of funds allocated and available to pay such Class A Monthly
Interest on such Distribution Date. If the Class A Interest Shortfall with
respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class A Interest Shortfall is fully paid, an
additional amount (the "Class A
Additional Interest") calculated by the Servicer and equal to the product
of (i) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (ii) the Class A Note
Interest Rate in effect with respect to the related Interest Period, times (iii) such Class A
Interest Shortfall (including any unpaid Class A Interest Shortfalls for prior
Distribution Dates) will be payable as provided herein with respect to the Class
A Notes. Notwithstanding anything to the contrary herein, the Class
A

     

    

    
      
        
           

        

        
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    Additional
Interest will be payable or distributed to the Class A Noteholders only to the
extent permitted by applicable law.

     

    Section 4.03.   Determination of Monthly Principal
Amount.

     

    The
amount of monthly principal distributable from the Collection Account with
respect to the Class A Notes on each Distribution Date (the "Monthly Principal
Amount"), beginning with the Distribution Date in the month following the
month in which the Controlled Accumulation Period or, if earlier, the Early
Amortization Period, begins, will be equal to the least of (i) the Available
Investor Principal Collections with respect to such Distribution Date, (ii) for
each Distribution Date with respect to the Controlled Accumulation Period, the
Controlled Deposit Amount for such Distribution Date and (iii) the Adjusted
Invested Amount as of such Distribution Date (after taking into account any
adjustments to be made on such Distribution Date pursuant to Sections 4.05 and
4.06).

     

    Section 4.04.   Application of Available Funds on
Deposit in Collection Account and Other Sources.

     

    (a)           On
each Distribution Date, the Servicer will apply, or direct the Indenture Trustee
to apply by written instruction to the Indenture Trustee, Available Investor
Interest Collections with respect to such Distribution Date on deposit in the
Collection Account to make the following distributions or deposits in the
following priority:

     

    (i)           an
amount equal to the Class A Monthly Interest for such Distribution Date,
together with any Class A Monthly Interest previously due but not paid to the
Class A Noteholders on prior Distribution Dates and any Class A Additional
Interest for such Distribution Date, will be distributed to the Paying Agent for
payment to the Class A Noteholders;

     

    (ii)           an
amount equal to the fees, expenses and indemnities due to the Owner Trustee, the
Delaware Trustee and the Indenture Trustee for the Series 2009-2 Notes, and any
expenses incurred by the Issuer for the Series 2009-2 Notes in accordance with
the Transaction Documents, in each case, to the extent not paid by the Servicer
or the Administrator, up to a maximum of $150,000 per year, will be distributed
to the Owner Trustee, the Delaware Trustee, the Indenture Trustee and the
Issuer, as applicable;

     

    (iii)           pro rata (A) an amount equal
to the Monthly Back-up Servicing Fee for such Distribution Date, if any,
together with any Monthly Back-up Servicing Fees previously due but not
distributed to the Back-up Servicer on prior Distribution Dates, will be
distributed to the Back-up Servicer, and (B) if Ford Credit or one of its
Affiliates is no longer the Servicer, an amount equal to the Monthly Servicing
Fee for such Distribution Date, together with any Monthly Servicing Fees
previously due but not distributed to the Servicer on prior Distribution Dates,
will be distributed to the Servicer

     

    

    
      
        
           

        

        
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    (unless
such amount has been netted against deposits into the Collection Account in
accordance with Section 8.04(c) of the Indenture);

     

    (iv)           an
amount equal to the Investor Default Amount for such Distribution Date will be
treated as Investor Principal Collections for such Distribution
Date;

     

    (v)           an
amount equal to the Reserve Fund Deposit Amount for such Distribution Date will
be deposited into the Reserve Fund;

     

    (vi)           an
amount equal to the sum of Investor Charge-Offs that have not been previously
reimbursed will be treated as Investor Principal Collections for such
Distribution Date;

     

    (vii)           beginning
on the Accumulation Period Reserve Account Funding Date, an amount equal to the
Accumulation Period Reserve Account Deposit Amount for such Distribution Date
will be deposited into the Accumulation Period Reserve Account;

     

    (viii)           if
Ford Credit or one of its Affiliates is the Servicer, an amount equal to the
Monthly Servicing Fee for such Distribution Date, together with any Monthly
Servicing Fees previously due but not distributed to the Servicer on prior
Distribution Dates, will be distributed to the Servicer (unless such amount has
been netted against deposits into the Collection Account in accordance with
Section 8.04(c) of the Indenture);

     

    (ix)           an
amount equal to the excess of the Required Subordinated Amount over the
Available Subordinated Amount will be distributed to the Transferor Interest
Account for distribution to the holders of the Transferor Interest in accordance
with the Trust Agreement to increase the Available Subordinated Amount by the
amount so distributed (unless such amount has been netted against deposits into
the Collection Account in accordance with Section 8.04(c) of the
Indenture);

     

    (x)           an
amount equal to the fees, expenses and indemnities due to the Owner Trustee, the
Delaware Trustee and the Indenture Trustee for the Series 2009-2 Notes, and any
expenses incurred by the Issuer for the Series 2009-2 Notes in accordance with
the Transaction Documents, in each case, to the extent not paid by the Servicer
or the Administrator or pursuant to clause (ii) above, will be distributed to
the Owner Trustee, the Delaware Trustee, the Indenture Trustee and the Issuer,
as applicable;

     

    (xi)           pro rata, (A) any amounts due
to the Back-up Servicer under the Back-up Servicing Agreement and remaining
unpaid will be distributed to the Back-up Servicer and (B) any Transition Costs
incurred by the Successor Servicer in excess of the amount on deposit in the
Back-up Servicer Reserve Account will be distributed to the Successor
Servicer;

     

    

    
      
        
           

        

        
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    (xii)           an
amount equal to the Interest Collections Shortfalls for other outstanding Series
in Excess Interest Sharing Group One will be treated as Excess Interest
Collections available from Series 2009-2 and applied to cover the Interest
Collections Shortfalls for other outstanding Series in Excess Interest Sharing
Group One; and

     

    (xiii)           all
remaining Available Investor Interest Collections for such Distribution Date
will be distributed to the Transferor Interest Account for distribution to the
holders of the Transferor Interest in accordance with the Trust Agreement
(unless such amount has been netted against deposits into the Collection Account
in accordance with Section 8.04(c) of the Indenture).

     

    (b)           If
Available Investor Interest Collections with respect to any Distribution Date
are insufficient to distribute or deposit the full amounts required under
certain of the clauses of Section 4.04(a), the Servicer will apply, or direct
the Indenture Trustee to apply by written instructions to the Indenture Trustee,
on such Distribution Date available funds from the following sources in the
following order to make up any shortfalls:

     

    (i)           from
Excess Interest Collections available from other outstanding Series in Excess
Interest Sharing Group One, but only to cover shortfalls in the distributions
and deposits required under clauses (i) through (xi) of Section 4.04(a) in that
order;

     

    (ii)           from
Available Transferor Interest Collections and Available Transferor Principal
Collections (with respect to Available Transferor Principal Collections, in an
amount not exceeding the Available Subordinated Amount (before giving effect to
Section 4.05) for such Distribution Date), but only to cover shortfalls in the
distributions and deposits required under clauses (i) through (vi) of Section
4.04(a) in that order; provided that, if the amount
of Available Transferor Collections is insufficient to cover such shortfalls for
Series 2009-2, as well as any similar shortfalls for other Series, then
Available Transferor Collections will be allocated to Series 2009-2 based on the
ratio that the Available Subordinated Amount for Series 2009-2 bears to the
aggregate Available Subordinated Amount for all Series (including Series 2009-2)
having such shortfalls; and, provided, further, that if
the amount of Available Transferor Collections exceeds the aggregate amount of
such shortfalls for all Series (including Series 2009-2), then the excess
Available Transferor Collections will be applied to cover any unpaid Adjustment
Payments;

     

    (iii)           from
the Reserve Fund Available Amount, but only to cover shortfalls in the
distributions and deposits required under clauses (i) through (iv) of Section
4.04(a) in that order; and

     

    (iv)           from
the Reallocated Principal Collections for such Distribution Date, but only to
cover shortfalls in the distribution required under clause (i) of Section
4.04(a).

     

    

    
      
        
           

        

        
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    (c)           On
each Distribution Date, the Servicer will apply, or direct the Indenture Trustee
to apply by written instruction to the Indenture Trustee, Available Investor
Principal Collections on deposit in the Collection Account with respect to such
Distribution Date to make the following distributions or deposits in the
following priority:

     

    (i)           on
any Distribution Date during a Controlled Accumulation Period or Early
Amortization Period, if the Monthly Principal Amount for such Distribution Date
exceeds the amount deposited to the Principal Funding Account from the Excess
Funding Account pursuant to clause (i) of Section 4.04(d) on such Distribution
Date, the amount of such excess will be withdrawn from the Available Investor
Principal Collections on deposit in the Collection Account and deposited into
the Principal Funding Account; provided, that on any
Distribution Date during an Early Amortization Period, if the sum of (A) such
amount deposited to the Principal Funding Account from the Excess Funding
Account plus (B) such
Available Investor Principal Collections for such Distribution Date is
insufficient to fund a deposit to the Principal Funding Account of the Adjusted
Invested Amount, then Available Transferor Interest Collections and Available
Transferor Principal Collections (with respect to Available Transferor Principal
Collections, in an amount not to exceed the Available Subordinated Amount) will
be allocated to, or deposited to, the Principal Funding Account in order to pay
the remainder of such Adjusted Invested Amount;

     

    (ii)           remaining
Available Investor Principal Collections will be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in
accordance with Section 4.08 hereof and Section 8.05(c) of the Indenture;
and

     

    (iii)           remaining
Available Investor Principal Collections not applied pursuant to clauses (i) and
(ii) above will be distributed to the Transferor Interest Account for
distribution to the holders of the Transferor Interest in accordance with the
Trust Agreement (unless such amount has been netted against deposits into the
Collection Account in accordance with Section 8.04(c) of the Indenture), but
only to the extent that such balance is not otherwise required to be deposited
into the Excess Funding Account pursuant to Section 8.03(b) of the
Indenture.

     

    (d)           The
Servicer will apply, or will direct the Indenture Trustee to apply by written
instruction to the Indenture Trustee, the following amounts, from the Excess
Funding Account and the Principal Funding Account to the extent of available
funds in such accounts:

     

    (i)           on
each Distribution Date during a Controlled Accumulation Period or an Early
Amortization Period, the lesser of (A) the Series 2009-2 Excess Funding Amount
and (B) the Monthly Principal Amount for such Distribution Date, will be
withdrawn from the Excess Funding Account and deposited into the Principal
Funding Account; and

     

    
          (ii)           on
each Distribution Date during a Controlled Accumulation Period or an Early
Amortization Period, an amount up to the Monthly Principal Amount for
such

    

     

    

    
      
        
           

        

        
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    Distribution
Date will be distributed from the Principal Funding Account to the Paying Agent
for payment to the Class A Noteholders.

    (e)           The
Controlled Accumulation Period is scheduled to commence on the first day of the
March 2012 Collection Period; provided, however, that, if
the Accumulation Period Length (determined as described below) is less than six
Collection Periods, the date on which the Controlled Accumulation Period
actually commences will be delayed to the first day of the Collection Period
that is the number of whole Collection Periods before the Expected Final Payment
Date at least equal to the Accumulation Period Length and, as a result, the
number of Collection Periods in the Controlled Accumulation Period will at least
equal the Accumulation Period Length. On or before each Determination Date
beginning with the Determination Date in the February 2012 Collection Period and
ending when the Controlled Accumulation Period begins, the Servicer will
determine the "Accumulation
Period Length," which will equal the number of whole Collection Periods
such that the sum of the Accumulation Period Factors for each Collection Period
during such period will be equal to or greater than the Required Accumulation
Factor Number; provided,
however, that the Accumulation Period Length will not be determined to be
less than one Collection Period; and provided, further, that the
determination of the Accumulation Period Length may be changed at any time upon
receipt by the Indenture Trustee of an Officer's Certificate from the Servicer
that such change will not have an Adverse Effect.

     

    (f)           The
amount of all distributions and deposits that are required to be made by the
Indenture Trustee pursuant to Sections 4.04, 4.06, 4.09, 4.10, 4.13 and 4.14
will be set forth in written instructions provided by the Servicer to the
Indenture Trustee no later than the second (2nd)
Business Day prior to the related Distribution Date or other date on which the
related distribution or deposit is required to be made by the Indenture
Trustee.

     

    (g)           All
distributions that are made by the Indenture Trustee to the Transferor Interest
Account for distribution to the holders of the Transferor Interest pursuant to
this Indenture Supplement will be made in accordance with such written
remittance instructions as may be provided to the Indenture Trustee by the Owner
Trustee from time to time.

     

    Section 4.05.   Investor
Charge-Offs.

     

    On each
Determination Date, the Servicer will calculate the Investor Default Amount, if
any, for the related Distribution Date. If the Investor Default Amount for any
Distribution Date exceeds the sum of:

     

    (i)           the
Available Investor Interest Collections for such Distribution Date applied to
fund such Investor Default Amount pursuant to Section 4.04(a)(iv);

     

    
      (ii)           the
Excess Interest Collections available from other outstanding Series in Excess
Interest Sharing Group One for such Distribution Date applied to fund
such

    

     

    
 

    
      
        
           

        

        
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    Investor Default Amount pursuant to Section
4.04(a)(iv) in accordance with Section 4.04(b)(i);

     

    (iii)           the
Available Transferor Collections retained in the Collection Account for such
Distribution Date applied to fund such Investor Default Amount pursuant to
Section 4.04(a)(iv) in accordance with Section 4.04(b)(ii); and

     

    (iv)           the
Reserve Fund Available Amount for such Distribution Date applied to fund such
Investor Default Amount pursuant to Section 4.04(a)(iv) in accordance with
Section 4.04(b)(iii);

     

    then, if
the Available Subordinated Amount is greater than zero (after giving effect to
any reductions thereof pursuant to Section 4.04(b)(ii)), a portion of the
Available Subordinated Amount for the related Determination Date, in an amount
not to exceed the lesser of (1) the Available Subordinated Amount and (2) the
amount of such unfunded Investor Default Amount, will be reallocated to the
Series 2009-2 Notes in order to avoid a reduction of the Invested Amount. Any
excess of the amount of such unfunded Investor Default Amount over the amount of
the Available Subordinated Amount reallocated pursuant to this Section will
constitute an "Investor
Charge-Off" for such Distribution Date and will reduce the Invested
Amount. The amount of any Available Subordinated Amount reallocated pursuant to
this Section will reduce the Available Subordinated Amount by the amount so
reallocated.

     

    Section 4.06.   Reallocated Principal
Collections.

     

    On each
Distribution Date, the Servicer will apply, or direct the Indenture Trustee by
written instruction to the Indenture Trustee to withdraw from the Collection
Account and apply, Reallocated Principal Collections with respect to such
Distribution Date and apply such amounts on such Distribution Date in accordance
with Section 4.04(b)(iv).  If, on any Distribution Date, Reallocated
Principal Collections for such Distribution Date are so applied, then, if the
Available Subordinated Amount is greater than zero (after giving effect to any
reductions thereof pursuant to Sections 4.04(b)(ii) and 4.05), a portion of the
Available Subordinated Amount, in an amount not to exceed the lesser of (1) the
Available Subordinated Amount and (2) the amount of such Reallocated Principal
Collections, will be reallocated to the Series 2009-2 Notes in order to avoid a
reduction of the Invested Amount.  The amount of any Available
Subordinated Amount reallocated pursuant to this Section will reduce the
Available Subordinated Amount by the amount so reallocated.

     

    Section 4.07.   Excess Interest
Collections.

     

    Subject
to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to
the Excess Interest Sharing Series in Excess Interest Sharing Group One for any
Distribution Date will be allocated to Series 2009-2 in an amount equal to the
product of (i) the aggregate amount of Excess Interest Collections with respect
to all the Excess Interest Sharing Series in Excess Interest Sharing Group One
for such Distribution Date and (ii) a fraction, the numerator

     

    

    
      
        
           

        

        
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    of which
is the Interest Collections Shortfall for Series 2009-2 for such Distribution
Date and the denominator of which is the aggregate amount of Interest
Collections Shortfalls for all the Excess Interest Sharing Series in Excess
Interest Sharing Group One for such Distribution Date. The "Interest
Collections Shortfall" for Series 2009-2 for any Distribution Date will
equal the excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to clauses (i) through (xi) of Section 4.04(a) on such
Distribution Date, over
(b) the Available Investor Interest Collections for such Distribution
Date. The "Excess Interest
Collections" with respect to Series 2009-2 for any Distribution Date will
equal the excess, if any, of (a) the Available Investor Interest Collections for
such Distribution Date, over
(b) the full amount required to be distributed, without duplication,
pursuant to clauses (i) through (xi) of Section 4.04(a) on such Distribution
Date.

     

    Section 4.08.   Shared Principal
Collections.

     

    Subject
to Section 8.05(c) of the Indenture, the aggregate amount of Shared Principal
Collections with respect to the Principal Sharing Series in Principal Sharing
Group One for any Distribution Date will be allocated to Series 2009-2 in an
amount equal to the product of (i) such aggregate amount, times (ii) a fraction, the
numerator of which is the Principal Shortfall for Series 2009-2 for such
Distribution Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Principal Sharing Series in Principal Sharing
Group One for such Distribution Date. The "Principal
Shortfall" for Series 2009-2 for any Distribution Date will equal (a) for
any Distribution Date with respect to the Revolving Period, zero, and (b) for
any Distribution Date with respect to the Controlled Accumulation Period or the
Early Amortization Period, the excess, if any, of the Monthly Principal Amount
with respect to such Distribution Date, over the amount of Available
Investor Principal Collections for such Distribution Date (excluding any portion
thereof attributable to Shared Principal Collections).  The "Shared Principal
Collections" with respect to Series 2009-2 for any Distribution Date will
equal the excess, if any, of (a) the Available Investor Principal Collections
for such Distribution Date (without giving effect to clause (a)(ii) of the
definition thereof), over
(b) the full amount required to be deposited or distributed, without
duplication, pursuant to Section 4.04(c) on such Distribution Date.

     

    Section 4.09.   Available Subordinated
Amount.

     

    (a)           On
each Distribution Date, the Servicer will apply, or direct the Indenture Trustee
by written instruction to the Indenture Trustee to withdraw the Available
Transferor Collections on deposit in the Collection Account with respect to such
Distribution Date and apply, such amounts to the extent necessary on such
Distribution Date in accordance with Section 4.04(b)(ii).  The amount
of any such Available Transferor Principal Collections so applied on any
Distribution Date will reduce the Available Subordinated Amount by the amount so
applied.  The balance of Available Transferor Collections on deposit
in the Collection Account on any Distribution Date, after giving effect to any
distributions or deposits thereof in accordance with Section 4.04(b)(ii), will
be distributed by the Indenture Trustee, at the written direction of the
Servicer, to the Transferor Interest Account for distribution to the holders of
the Transferor

     

    

    
      
        
           

        

        
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    Interest
in accordance with the Trust Agreement, but only to the extent that the
Transferor Amount (determined after giving effect to any Principal Receivables
or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer
on such Distribution Date) exceeds the Required Transferor Amount for the
immediately preceding Determination Date.  In addition, during an
Early Amortization Period, Available Transferor Interest Collections and
Available Transferor Principal Collections (with respect to Available Transferor
Principal Collections, in an amount not to exceed the Available Subordinated
Amount), will be available for distribution in accordance with Section
4.04(c)(i).  However, the amount of any such Available Transferor
Principal Collections so applied on any Distribution Date will not reduce the
Available Subordinated Amount by the amount so applied.

     

    (b)           The
Available Subordinated Amount may also be reallocated to the Invested Amount in
order to avoid a reduction of the Invested Amount pursuant to (i) unfunded
Investor Default Amounts pursuant to Section 4.05 or (ii) Reallocated Principal
Collections pursuant to Section 4.06. The amount of the Available Subordinated
Amount so reallocated on any Distribution Date will reduce the Available
Subordinated Amount by the amount so reallocated.

     

    (c)           Notwithstanding
any other provision herein, the Transferors may elect to increase the Available
Subordinated Amount; provided
that the cumulative amount of such increases pursuant to this Section
4.09(c) does not exceed 3.50% of the Class A Initial Principal
Balance.

     

    Section 4.10.   Principal Funding
Account.

     

    (a)           The
Indenture Trustee, for the benefit of the Series 2009-2 Noteholders, will
establish and maintain with the Indenture Trustee in the name of the Indenture
Trustee, on behalf of the Issuer, a Qualified Account (including any subaccounts
thereof) bearing a designation clearly indicating that the funds and other
property credited thereto are held for the benefit of the Series 2009-2
Noteholders (the "Principal Funding
Account").  The Principal Funding Account will consist of two
segregated subaccounts: (i) the "Principal Funding
Account Securities Subaccount" to which financial assets (other than cash
and money) credited to the Principal Funding Account will be credited and (ii)
the "Principal Funding
Account Cash Deposit Subaccount" to which cash and money deposited in the
Principal Funding Account will be credited.  The Indenture Trustee
will possess all right, title and interest in all Eligible Investments and all
monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or
credited to the Principal Funding Account and in all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof (including
any accrued discount realized on liquidation of any investment purchased at a
discount) for the benefit of the Series 2009-2 Noteholders.  Except as
expressly provided in this Indenture Supplement and the Transfer and Servicing
Agreements, the Servicer agrees that it has no right of setoff or banker's lien
against, and no right to otherwise deduct from, any funds and other property
held in the Principal Funding Account for any amount owed to it by the Indenture
Trustee, the Issuer or any Noteholder.  If, at any time, (x) the
Principal Funding Account ceases to be a Qualified Account or (y) the Indenture
Trustee no longer maintains the Principal Funding Account, then within ten
Business Days (or such longer

     

    

    
      
        
           

        

        
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    period
which satisfies the Rating Agency Condition), the Issuer (or the Servicer on its
behalf) will establish a new Principal Funding Account meeting the conditions
specified above, transfer any monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property to such new
Principal Funding Account and from the date such new Principal Funding Account
is established, it will be the "Principal Funding Account."  Any
Eligible Institution at which the successor Principal Funding Account is
established will deliver a written acceptance of its appointment and will agree
to be bound by the provisions in the Indenture relating to the Securities
Intermediary and the Bank as they relate to the Principal Funding Account. The
Indenture Trustee, at the written direction of the Servicer, will (i) make
withdrawals from the Principal Funding Account from time to time, in the amounts
and for the purposes set forth in this Indenture Supplement and (ii) on each
Distribution Date (from and after the commencement of the Controlled
Accumulation Period) before the earlier of payment in full of the Series 2009-2
Notes and the Series 2009-2 Final Maturity Date, make deposits into the
Principal Funding Account in the amounts specified in, and in accordance with,
Section 4.04(d)(i).

     

    (b)           Funds
on deposit in the Principal Funding Account will, at the written direction of
the Servicer, be invested by the Indenture Trustee (including the Securities
Intermediary) in Eligible Investments selected by the Servicer. All such
Eligible Investments will be held by the Indenture Trustee or its nominee for
the benefit of the Noteholders. The Indenture Trustee will cause each Eligible
Investment to be delivered to it (including a securities intermediary) and will
be credited to the Principal Funding Account Securities
Subaccount.  Funds on deposit in the Principal Funding Account will be
invested in Eligible Investments that will mature so that such funds will be
available no later than the following Distribution Date. On each Distribution
Date, all interest and other investment earnings (net of losses and investment
expenses) on funds on deposit in the Principal Funding Account will be treated
as Available Investor Interest Collections with respect to the last day of the
related Collection Period.  The Indenture Trustee will bear no
responsibility or liability for any losses resulting from investment or
reinvestment of any funds in accordance with this Section 4.10(b) nor for the
selection of Eligible Investments in accordance with the provisions of this
Indenture Supplement, the Indenture or the Transfer and Servicing
Agreements.

     

    Section
4.11.    Reserve
Fund.

     

    (a)           The
Indenture Trustee, for the benefit of the Series 2009-2 Noteholders, will
establish and maintain with the Indenture Trustee or its nominee in the name of
the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including
any subaccounts thereof) bearing a designation clearly indicating that the funds
and other property credited thereto are held for the benefit of the Series
2009-2 Noteholders (the "Reserve
Fund").  The Reserve Fund will consist of two segregated
subaccounts: (i) the "Reserve Fund
Securities Subaccount" to which financial assets (other than cash and
money) credited to the Reserve Fund will be credited and (ii) the "Reserve Fund Cash
Deposit Subaccount" to which cash and money deposited in the Reserve Fund
will be credited.  The Indenture Trustee will possess all right, title
and interest in all

     

    

    
      
        
           

        

        
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    Eligible
Investments and all monies, cash, instruments, securities, securities
entitlements, documents, certificates of deposit and other property from time to
time on deposit in or credited to the Reserve Fund and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof
(including any accrued discount realized on liquidation of any investment
purchased at a discount) for the benefit of the Series 2009-2
Noteholders.  Except as expressly provided in this Indenture
Supplement and the Transfer and Servicing Agreements, the Servicer agrees that
it has no right of setoff or banker's lien against, and no right to otherwise
deduct from, any funds and other property held in the Reserve Fund for any
amount owed to it by the Indenture Trustee, the Issuer or any
Noteholder.  If, at any time, (x) the Reserve Fund ceases to be a
Qualified Account or (y) the Indenture Trustee no longer maintains the Reserve
Fund, then within ten Business Days (or such longer period which satisfies the
Rating Agency Condition), the Issuer (or the Servicer on its behalf) will
establish a new Reserve Fund meeting the conditions specified above, transfer
any monies, instruments, securities, security entitlements, documents,
certificates of deposit and other property to such new Reserve Fund and from the
date such new Reserve Fund is established, it will be the "Reserve
Fund."  Any Eligible Institution at which the successor Reserve Fund
is established will deliver a written acceptance of its appointment and will
agree to be bound by the provisions in the Indenture relating to the Securities
Intermediary and the Bank as they relate to the Reserve Fund.  The
Indenture Trustee, at the written direction of the Servicer, will make deposits
to and withdrawals from the Reserve Fund from time to time, in the amounts and
for the purposes set forth in this Indenture Supplement.

     

    (b)           Funds
on deposit in the Reserve Fund will, at the written direction of the Servicer,
be invested by the Indenture Trustee or its nominee (including the Securities
Intermediary) in Eligible Investments selected by the Servicer.  All
such Eligible Investments will be held by the Indenture Trustee or its nominee
for the benefit of the Series 2009-2 Noteholders.  The Indenture
Trustee will cause each Eligible Investment to be delivered to it or its nominee
(including a securities intermediary) and will be credited to the Reserve Fund
Securities Subaccount.  Funds on deposit in the Reserve Fund will be
invested in Eligible Investments that will mature so that such funds will be
available no later than the following Distribution Date.  On each
Distribution Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Reserve Fund will be treated as
Available Investor Interest Collections for such Distribution
Date.  The Indenture Trustee will bear no responsibility or liability
for any losses resulting from investment or reinvestment of any funds in
accordance with this Section 4.11(b) nor for the selection of Eligible
Investments in accordance with the provisions of this Indenture Supplement, the
Indenture or the Transfer and Servicing Agreements.

     

    (c)           The
Reserve Fund will be funded by the Transferors on the Closing Date in the amount
of the Reserve Fund Initial Amount, and will be increased and decreased
thereafter as described herein.

     

    (d)           If
on any Distribution Date, after giving effect to all withdrawals from and
deposits to the Reserve Fund, the amount on deposit in the Reserve Fund
(excluding amounts 

    

    
      
        
           

        

        
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    relating
to investment earnings) exceeds the Reserve Fund Required Amount then in effect,
the Indenture Trustee will, at the written direction of the Servicer, distribute
such excess to the Transferor Interest Account for distribution to the holders
of the Transferor Interest in accordance with the Trust Agreement.

     

    (e)           Upon
the earlier to occur of the date on which the Series 2009-2 Notes are paid in
full and the Series Final Maturity Date, any funds remaining in the Reserve
Fund, after giving effect to any deposits and withdrawals made therefrom on such
date, will be treated as Available Investor Principal
Collections.  The Reserve Fund will thereafter be deemed to have
terminated for purposes of this Indenture Supplement.

     

    Section 4.12.   Determination of
LIBOR.

     

    (a)           On
each LIBOR Determination Date, the Indenture Trustee will determine LIBOR on the
basis of the rate for deposits in United States dollars for a one-month period
which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on
such date.  If such rate does not appear on Reuters Screen LIBOR01
Page, the rate for that LIBOR Determination Date will be determined on the basis
of the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 a.m., London time, on that day to prime
banks in the London interbank market for a one-month period.  The
Indenture Trustee will request the principal London office of each of the
Reference Banks to provide a quotation of its rate.  If at least two
such quotations are provided, the rate for that LIBOR Determination Date will be
the arithmetic mean of the quotations.  If fewer than two quotations
are provided as requested, the rate for that LIBOR Determination Date will be
the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Servicer, at approximately 11:00 a.m. (New York City time) on
that day for loans in United States dollars to leading European banks for a
one-month period.

     

    (b)           On
each LIBOR Determination Date, the Indenture Trustee will send to the Servicer,
the Issuer and the Administrator by facsimile transmission, notification of
LIBOR for the following Interest Period.

     

    (c)           The
Servicer will provide on the Distribution Date Statement the Class A Note
Interest Rate applicable to each Distribution Date.  On each
Distribution Date, the Class A Note Interest Rate applicable to the then current
and the immediately preceding Interest Periods may be obtained by the Series
2009-2 Noteholders through the Indenture Trustee's internet website, which
initially is located at http://GCTInvestorreporting.bnymellon.com.

     

    (d)           Other
than the determination of LIBOR as provided for herein, all other determinations
and calculations provided for in this Indenture Supplement will be made by the
Servicer.

     

    

    
      
        
           

        

        
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    Section 4.13.   Accumulation Period Reserve
Account.

     

    (a)           The
Indenture Trustee, for the benefit of the Series 2009-2 Noteholders, will
establish and maintain with the Indenture Trustee or its nominee in the name of
the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including
any subaccounts thereof) bearing a designation clearly indicating that the funds
and other property credited thereto are held for the benefit of the Series
2009-2 Noteholders (the "Accumulation
Period Reserve Account"). The Accumulation Period Reserve Account will
consist of two segregated subaccounts: (i) the "Accumulation
Period Reserve Account Securities Subaccount" to which financial assets
(other than cash and money) credited to the Accumulation Period Reserve Account
will be credited and (ii) the "Accumulation
Period Reserve Account Cash Deposit Subaccount" to which cash and money
deposited in the Accumulation Period Reserve Account will be
credited.  The Indenture Trustee will possess all right, title and
interest in all Eligible Investments and all monies, cash, instruments,
securities, securities entitlements, documents, certificates of deposit and
other property from time to time on deposit in or credited to the Accumulation
Period Reserve Account and in all interest, proceeds, earnings, income, revenue,
dividends and other distributions thereof (including any accrued discount
realized on liquidation of any investment purchased at a discount) for the
benefit of the Series 2009-2 Noteholders. Except as expressly provided in this
Indenture Supplement and the Transfer and Servicing Agreements, the Servicer
agrees that it has no right of setoff or banker's lien against, and no right to
otherwise deduct from, any funds and other property held in the Accumulation
Period Reserve Account for any amount owed to it by the Indenture Trustee, the
Issuer or any Noteholder. If, at any time, (x) the Accumulation Period
Reserve Account ceases to be a Qualified Account or (y) the Indenture
Trustee no longer maintains the Accumulation Period Reserve Account, then within
ten Business Days (or such longer period which satisfies the Rating Agency
Condition), the Issuer (or the Servicer on its behalf) will establish a new
Accumulation Period Reserve Account meeting the conditions specified above,
transfer any monies, instruments, securities, security entitlements, documents,
certificates of deposit and other property to such new Accumulation Period
Reserve Account and from the date such new Accumulation Period Reserve Account
is established, it will be the "Accumulation Period Reserve Account." Any
Eligible Institution at which the successor Accumulation Period Reserve Account
is established will deliver a written acceptance of its appointment and will
agree to be bound by the provisions in the Indenture relating to the Securities
Intermediary and the Bank as they relate to the Accumulation Period Reserve
Account. The Indenture Trustee, at the direction of the Servicer, will (i) make
withdrawals from the Accumulation Period Reserve Account from time to time, in
the amounts and for the purposes set forth in this Indenture Supplement, and
(ii) on each Distribution Date beginning on the Accumulation Period Reserve
Account Funding Date and before the termination of the Accumulation Period
Reserve Account as provided below, make deposits into the Accumulation Period
Reserve Account in the amount of the Accumulation Period Reserve Account Deposit
Amount for such Distribution Date from: (1) Available Investor Interest
Collections for such Distribution Date as applied in accordance with Section
4.04(a)(vii) and (2) Excess Interest Collections available from other
outstanding Series in Excess Interest Sharing Group One for such Distribution
Date as applied in accordance with Section 4.04(b)(i).

     

    

    
      
        
           

        

        
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    (b)           Funds
on deposit in the Accumulation Period Reserve Account will, at the written
direction of the Servicer, be invested by the Indenture Trustee (including the
Securities Intermediary) in Eligible Investments selected by the Servicer. All
such Eligible Investments will be held by the Indenture Trustee or its nominee
for the benefit of the Noteholders.  The Indenture Trustee will cause
each Eligible Investment to be delivered to it (including a securities
intermediary) and will be credited to the Accumulation Period Reserve Account
Securities Subaccount. Funds on deposit in the Accumulation Period Reserve
Account will be invested in Eligible Investments that will mature so that such
funds will be available no later than the following Distribution Date. On each
Distribution Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Accumulation Period Reserve
Account will be treated as Available Investor Interest Collections with respect
to the last day of the related Collection Period. The Indenture Trustee will
bear no responsibility or liability for any losses resulting from investment or
reinvestment of any funds in accordance with this Section 4.13(b) nor for the
selection of Eligible Investments in accordance with the provisions of this
Indenture Supplement, the Indenture or the Transfer and Servicing
Agreements.

     

    (c)           On
or before each Distribution Date with respect to the Controlled Accumulation
Period and on or before the first Distribution Date with respect to the Early
Amortization Period beginning after the commencement of the Controlled
Accumulation Period, the Servicer will calculate the Accumulation Period Reserve
Draw Amount; provided,
however, that such amount will be reduced to the extent that funds
otherwise would be available for deposit into the Accumulation Period Reserve
Account pursuant to Sections 4.04(a)(vii) and 4.04(b)(i) on such Distribution
Date. If for any Distribution Date, the Accumulation Period Reserve Draw Amount
is greater than zero, the Accumulation Period Reserve Draw Amount, up to the
Accumulation Period Reserve Account Available Amount, will be withdrawn from the
Accumulation Period Reserve Account on such Distribution Date by the Indenture
Trustee (acting in accordance with the written instructions of the Servicer) and
deposited into the Collection Account for application as Available Investor
Interest Collections.

     

    (d)           If
on any Distribution Date, after giving effect to all withdrawals from and
deposits to the Accumulation Period Reserve Account, the amount on deposit in
the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve
Account Required Amount then in effect, the Indenture Trustee will, at the
written direction of the Servicer, distribute such excess to the Transferor
Interest Account for distribution to the holders of the Transferor Interest in
accordance with the Trust Agreement.

     

    (e)           Upon
the earliest to occur of (i) the payment in full of the Series 2009-2 Notes,
(ii) the first Distribution Date relating to the Early Amortization Period and
(iii) the Series 2009-2 Final Maturity Date, any funds remaining in the
Accumulation Period Reserve Account, after withdrawal of funds therefrom on such
date in accordance with Section 4.13(c), will be treated as Available Investor
Interest Collections.  The Accumulation Period Reserve Account will
thereafter be deemed to have terminated for purposes of this Indenture
Supplement.

     

    

    
      
        
           

        

        
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    Section 4.14.   Investment
Instructions.

     

    Any
investment instructions required to be given to the Indenture Trustee pursuant
to the terms hereof must be given to the Indenture Trustee by no later than
10:00 a.m. (New York City time) on the date such investment is to be made. Any
such investment instructions may be in the form of standing instructions given
to the Indenture Trustee by the Servicer. If the Indenture Trustee receives such
investment instructions later than such time, the Indenture Trustee may, but is
not obligated to, make such investment.  If the Indenture Trustee is
unable to make an investment required in any investment instructions received by
the Indenture Trustee after 10:00 a.m. (New York City time) on such day, such
investment will be made by the Indenture Trustee on the next succeeding Business
Day.  In no event will the Indenture Trustee be liable for any
investment not made pursuant to investment instructions received after 10:00
a.m. (New York City time) on the day such investment is requested to be
made.

     

     

    ARTICLE
V

     

    Delivery
of Series 2009-2 Notes;

    Distributions;
Reports to Series 2009-2 Noteholders

     

    Section 5.01.   Delivery and Payment for Series
2009-2 Notes.

     

    The
Indenture Trustee will authenticate the Series 2009-2 Notes in accordance with
Section 2.03 of the Indenture.  The Indenture Trustee will deliver the
Series 2009-2 Notes to the Issuer when so authenticated.

     

    Section 5.02.   Note Owner
Representations.

     

    Each
Series 2009-2 Note Owner, by its acceptance of an interest in the Series 2009-2
Notes, is deemed to represent, warrant and covenant to the Issuer, the Servicer
and the Indenture Trustee that:

     

    (a)           either
(i) it is not a Benefit Plan and is not acting on behalf of or investing the
assets of a Benefit Plan or (ii) its acquisition and holding of Series 2009-2
Notes or any beneficial interests therein does not and will not constitute a
non-exempt prohibited transaction under ERISA or the Code by reason of the
applicability of a statutory or administrative exemption from the prohibited
transaction rules (or, if it is a Benefit Plan subject to any Similar Law, or is
acting on behalf of or investing the assets of such a Benefit Plan, its
acquisition and holding of the Series 2009-2 Notes or any beneficial interests
therein does not constitute and will not result in a violation of such Similar
Law); and

     

    (b)           it
will treat the Series 2009-2 Notes for U.S. federal, state and local income and
franchise tax purposes as indebtedness secured by the Trust Assets.

     

    

    
      
        
           

        

        
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    Section
5.03.   Distributions.

     

    (a)           On
each Distribution Date, the Paying Agent will distribute to each Class A
Noteholder of record on the related Record Date (other than as provided in
Section 11.02 of the Indenture) such Class A Noteholder's pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Distribution
Date to pay interest on the Class A Notes (based solely on the information
contained in the Distribution Date Statement) pursuant to this Indenture
Supplement.

     

    (b)           On
each Distribution Date, the Paying Agent will distribute to each Class A
Noteholder of record on the related Record Date (other than as provided in
Section 11.02 of the Indenture) such Class A Noteholder's pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Distribution
Date to pay principal of the Class A Notes (based solely on the information
contained in the Distribution Date Statement) pursuant to this Indenture
Supplement.

     

    (c)           The
distributions to be made pursuant to this Section are subject to the provisions
of Sections 2.03(c) and 6.01 of the Transfer and Servicing Agreements and
Section 11.02 of the Indenture.

     

    (d)           Except
as provided in Section 11.02 of the Indenture with respect to a final
distribution, distributions to Series 2009-2 Noteholders hereunder will be made
by (i) check mailed to each Series 2009-2 Noteholder (at such Noteholder's
address as it appears in the Note Register), except that with respect to any
Series 2009-2 Notes registered in the name of the nominee of the Clearing
Agency, such distribution will be made in immediately available funds and (ii)
without presentation or surrender of any Series 2009-2 Note or the making of any
notation thereon.

     

    (e)           The
Indenture Trustee will have no duty to make any deposits or distributions or any
other payments under this Indenture Supplement unless and until it has
sufficient cash to make such payments and it has received written instructions
from the Servicer as to such deposits, distributions and payments.

     

    Section 5.04.   Reports and Statements to Series
2009-2 Noteholders.

     

    (a)           On
each Distribution Date, the Paying Agent, on behalf of the Indenture Trustee,
will mail or deliver to each Series 2009-2 Noteholder a statement (a "Distribution Date
Statement") substantially in the form of Exhibit B prepared by the
Servicer; provided,
however, that, in lieu of the Paying Agent's mailing or delivering such
statement, the Indenture Trustee may make such statement available to the Series
2009-2 Noteholders through the Indenture Trustee's internet website, which
initially is located at http://GCTInvestorreporting.bnymellon.com.

     

    

    
      
        
           

        

        
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    (b)           No
later than the second Business Day preceding each Distribution Date, the
Servicer will deliver to the Owner Trustee, the Indenture Trustee, the Paying
Agent and each Rating Agency (i) a statement substantially in the form of
Exhibit B prepared by the Servicer and (ii) a certificate of an Authorized
Officer of the Servicer substantially in the form of Exhibit C; provided that the Servicer
may amend the form of Exhibit B and Exhibit C from time to time.

     

    (c)           A
copy of each statement or certificate provided pursuant to Section 5.04(a) or
(b) may be obtained by any Series 2009-2 Noteholder by a request in writing to
the Servicer.

     

    (d)           If
required by law, on or before January 31 of each calendar year, beginning with
calendar year 2010, the Paying Agent, on behalf of the Indenture Trustee, will
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2009-2 Noteholder, a statement prepared by
the Servicer containing the information that is required to be contained in the
statements to the Series 2009-2 Noteholders, as set forth in Section 5.04(a),
aggregated for the preceding calendar year, together with other information as
is required to be provided by an issuer of indebtedness under the Code; provided, however, that, in
lieu of the Paying Agent's mailing or delivering such statement, the Indenture
Trustee may make such statement available to the Series 2009-2 Noteholders
through the Indenture Trustee's internet website, which initially is located at
http://GCTInvestorreporting.bnymellon.com.  Such
obligation of the Servicer will be deemed to have been satisfied to the extent
that substantially comparable information is provided by the Paying Agent
pursuant to any requirements of the Code as from time to time in
effect.

     

    Section
5.05.    Register.

     

    The
Indenture Trustee will maintain at the Corporate Trust Office a register for the
recordation of the names and addresses of the Series 2009-2 Noteholders and
principal amount of unpaid Series 2009-2 Notes owing to, each Series 2009-2
Noteholder from time to time (the "Register").  The
entries in the Register will be conclusive and binding for all purposes, absent
manifest error, and the Administrator and the Servicer, in each case on behalf
of the Issuer and the Series 2009-2 Noteholders, may treat each Person whose
name is recorded in the Register as a Series 2009-2 Noteholder hereunder for all
purposes of this Agreement.  The Register will be available for
inspection by the Administrator, the Servicer or the Indenture Trustee at any
reasonable time and from time to time upon reasonable prior notice.

     

     

    ARTICLE
VI

     

    Series
2009-2 Amortization Events

     

    Section 6.01.   Series 2009-2 Amortization
Events.

     

    If any
one of the following events occurs with respect to the Series 2009-2
Notes:

     

    

    
      
        
           

        

        
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    (i)           failure
by either Transferor (a) to make any payment or deposit required by the terms of
the related Transfer and Servicing Agreement, the Indenture or this Indenture
Supplement on or before the date occurring five Business Days after the date
such payment or deposit is required to be made therein or herein or (b) to
observe or perform in any material respect any other covenants or agreements of
such Transferor set forth in the related Transfer and Servicing Agreement, the
Indenture or this Indenture Supplement that has an Adverse Effect on the Series
2009-2 Noteholders and continues unremedied for a period of 60 days after the
date on which written notice of such failure, requiring the same to be remedied,
has been given to such Transferor by the Indenture Trustee, or to such
Transferor and the Indenture Trustee by any Holder of the Series 2009-2 Notes,
and, in either case, continues to affect materially and adversely the interests
of the Series 2009-2 Noteholders for the designated period;

     

    (ii)           any
representation or warranty made by either Transferor in the related Transfer and
Servicing Agreement, the Indenture or this Indenture Supplement, or any
information contained in a computer file or other list required to be delivered
by such Transferor pursuant to the related Transfer and Servicing Agreement
proves to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period
of 60 days after the date on which written notice of such failure, requiring the
same to be remedied, has been given to such Transferor by the Indenture Trustee,
or to such Transferor and the Indenture Trustee by any Holder of the Series
2009-2 Notes and as a result of which the interests of the Series 2009-2
Noteholders are materially and adversely affected and continue to be affected
materially and adversely for the designated period; provided, however, that a
Series 2009-2 Amortization Event pursuant to this clause (ii) will not be deemed
to have occurred hereunder if such Transferor has accepted reassignment of the
related Receivable, or all of such Receivables, if applicable, during such
period in accordance with the provisions of the related Transfer and Servicing
Agreement;

     

    (iii)           any
Servicer Default occurs that has an Adverse Effect on the Series 2009-2
Noteholders;

     

    (iv)           the
Class A Note Principal Balance is not paid in full on the Expected Final Payment
Date;

     

    (v)           the
average of the Monthly Principal Payment Rates for the three preceding
Collection Periods is less than 21%;

     

    (vi)           on
any Determination Date, the Available Subordinated Amount for the next
succeeding Distribution Date is less than the Required Subordinated Amount after
giving effect to any distributions to be made on such Distribution Date, and
continues unremedied for a period of five Business Days after such Distribution
Date; provided that,
for the purpose of determining whether a Series 2009-2 Amortization Event has
occurred pursuant to this clause (vi), any reduction of the Available
Subordinated

     

    

    
      
        
           

        

        
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    Amount
resulting from reallocations of the Available Transferor Principal Collections
to pay interest on the Series 2009-2 Notes if LIBOR is equal to or greater than
the prime rate upon which interest on the receivables is calculated on the
applicable LIBOR Determination Date will be considered a Series 2009-2
Amortization Event only if LIBOR remains equal to or greater than such prime
rate for the next 30 consecutive days following such LIBOR Determination
Date;

     

    (vii)           the
amounts on deposit in the Excess Funding Account exceed 30% of the sum of the
adjusted invested amounts of all outstanding Series (including Series 2009-2)
for three consecutive Collection Periods, after giving effect to any
distributions to be made on each related Distribution Date; or

     

    (viii)           the
occurrence of an Event of Default with respect to Series 2009-2 and an
acceleration of the maturity of the Series 2009-2 Notes pursuant to Section 5.03
of the Indenture.

     

    then, in
the case of any event described in clauses (i) through (iii) above, after any
applicable grace period, either the Indenture Trustee or the Holders of at least
a majority of the Outstanding Amount of Series 2009-2 Notes by notice then given
in writing to the Transferors and the Servicer (and to the Indenture Trustee if
given by the Series 2009-2 Noteholders) may declare that an amortization event
with respect to the Series 2009-2 Notes (a "Series 2009-2
Amortization Event") has occurred as of the date of such notice, and, in
the case of any event described in clauses (iv) through (viii) above, a Series
2009-2 Amortization Event, will occur without any notice or other action on the
part of the Indenture Trustee or the Series 2009-2 Noteholders immediately upon
the occurrence of the event.

     

     

    ARTICLE
VII

     

    Series
Final Maturity; Final Distributions

     

    Section 7.01.   Series Final
Maturity.

     

    (a)           The
amount to be paid by the Transferors with respect to Series 2009-2 in connection
with a reassignment of the Noteholders' Collateral pursuant to Section 2.03(c)
or 6.01 of the Transfer and Servicing Agreements will be the Reassignment Amount
for the first Distribution Date following the Collection Period in which the
reassignment obligation arises under the Transfer and Servicing Agreements. With
respect to the Reassignment Amount deposited into the Collection Account
pursuant to Section 2.03(c) or 6.01 of the Transfer and Servicing Agreements or
the proceeds from any Foreclosure Remedy pursuant to Section 5.05 of the
Indenture, the Indenture Trustee will, in accordance with the written direction
of the Servicer, no later than 11:00 a.m. (New York City time) on the related
Distribution Date, make deposits or distributions of the following amounts (in
the priority set forth below and, in each case after giving effect to any
deposits and distributions otherwise to be made on such date) in immediately
available funds (A) the Class A Note Principal Balance on such Distribution Date
will be

     

    

    
      
        
           

        

        
          39

          
            

          

        

        
           

        

      

    

    

    distributed
to the Paying Agent for payment to the Class A Noteholders and (B) an amount
equal to the sum of (1) the Class A Monthly Interest for such Distribution Date,
(2) any Class A Monthly Interest previously due but not paid to the Class A
Noteholders on prior Distribution Dates and (3) any Class A Additional Interest
for such Distribution Date, will be distributed to the Paying Agent for payment
to the Class A Noteholders on such Distribution Date.

     

    (b)           Notwithstanding
anything to the contrary in this Indenture Supplement, the Indenture or the
Transfer and Servicing Agreements, (i) all amounts distributed to the Paying
Agent pursuant to Section 7.01(a) for payment to the Series 2009-2 Noteholders
will be deemed distributed in full to the Series 2009-2 Noteholders on the date
on which such funds are distributed to the Paying Agent pursuant to this Section
and will be deemed to be a final distribution pursuant to Section 11.02 of the
Indenture and (ii) if the amounts available for final distribution to the Series
2009-2 Noteholders and to the Noteholders of any other Series on any
Distribution Date are less than the full amount required to be so distributed,
the available amounts will be allocated to each Series based on the respective
amounts required to be distributed to each such Series (including Series 2009-2)
on such Distribution Date.

     

     

    ARTICLE
VIII

     

    Miscellaneous
Provisions

     

    Section 8.01.   Ratification of
Agreement.

     

    As
supplemented by this Indenture Supplement, the Indenture is in all respects
ratified and confirmed and the Indenture as so supplemented by this Indenture
Supplement is to be read, taken and construed as one and the same
instrument.

     

    Section 8.02.   Form of Delivery of Series 2009-2
Notes.

     

    The
Series 2009-2 Notes will be delivered as Registered Notes as provided in Section
2.01 of the Indenture.

     

    Section
8.03.   Counterparts.

     

    This
Indenture Supplement may be executed in two or more counterparts, and by
different parties on separate counterparts, each of which will be an original,
but all of which will constitute one and the same instrument.

     

    Section 8.04.   Governing Law.

     

    This
Indenture Supplement and each Series 2009-2 Note are to be construed in
accordance with and governed by the laws of the State of New York without regard
to its conflicts of laws principles.

     

    

    
      
        
           

        

        
          40

          
            

          

        

        
           

        

      

    

    

    Section 8.05.   Effect of Headings and Table of
Contents.

     

    The
Article and Section headings herein and the Table of Contents are for
convenience only and are not intended to affect the construction
hereof.

     

    [Remainder
of Page Intentionally Left Blank]

     

    

    
      
        
           

        

        
          41

          
            

          

        

        
           

        

      

    

    

    In Witness Whereof, the
Issuer and the Indenture Trustee have caused this Indenture Supplement to be
duly executed by their respective duly authorized officers, all as of the day
and year first above written.

     

    
      

        
          	 
      	
                  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/  Melissa
      A. Rosal

                	 
      
	 
      	 
      	
                  Name:  Melissa
      A. Rosal

                	 
      
	 
      	 
      	
                  Title: 
      Vice President

                	 
      

        

        

         

        
          	 
      	
                  The
      Bank of New York Mellon

                	 
      
	 
      	 
      	
                  (formerly
      known as The Bank of New York), not in its individual capacity,
      but
      solely as Indenture Trustee, Securities Intermediary and
    Bank

                	 
      
	 	 	 	 
	 	 	 	 
	 
      	
                  By:

                	
                  /s/  Esther
      Antoine

                	 
      
	 
      	 
      	
                  Name:  Esther
      Antoine

                	 
      
	 
      	 
      	
                  Title: 
      Assistant Treasurer

                	 
      

        

    

    

     

    
      
        [Signature Page to Series 2009-2 Indenture
Supplement]

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
A

     

    Form
of Class A Note

     

    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     

    THE
HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO HAVE
REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT ACTING ON BEHALF OF OR
INVESTING THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT PLAN OR
ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1974, AS AMENDED (THE "CODE"), OR ANY FEDERAL, STATE, LOCAL OR NON-U.S.
LAW OR REGULATION SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (A "SIMILAR LAW"), OR (II) ITS ACQUISITION AND HOLDING
OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE
A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE BY REASON OF THE
APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED
TRANSACTION RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS
ACQUISITION AND HOLDING OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN DOES NOT
CONSTITUTE AND WILL NOT RESULT IN A VIOLATION OF SUCH SIMILAR LAW).

     

    

     

    

    
      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

    

    

     

    
       

      
        	Registered	 	$______________1
	No. A-__	 	
                CUSIP
      No. 34528Q AH7

              
	 	 	
                ISIN
      No. US34528QAH74

              

      

       

    

     

     

    

     

    Ford
Credit Floorplan Master Owner Trust A

     

    Series
2009-2 Floating Rate Asset Backed Notes, Class A

     

    Ford
Credit Floorplan Master Owner Trust A (herein referred to as the "Issuer"),
a Delaware statutory trust governed by the Amended and Restated Trust Agreement,
dated as of August 1, 2001, for value received, hereby promises to pay to
___________________________, or registered assigns, subject to the following
provisions, the principal sum of ________________________________ ______________
Dollars, or such
greater or lesser amount as determined in accordance with the Indenture and the
Indenture Supplement (each referred to herein), on the September 2014
Distribution Date (the "Series 2009-2
Final Maturity Date"), except as otherwise provided below or in the
Indenture or the Indenture Supplement.  Beginning on November 16, 2009
and on each Distribution Date thereafter until the principal amount of this
Class A Note is paid in full, the Issuer will pay interest on the unpaid
principal amount of this Class A Note at an annual rate equal to the sum of
LIBOR and 1.55% (the "Class A Note
Interest Rate"), as determined pursuant to the Indenture Supplement.
Interest on this Class A Note will begin accruing from October 9, 2009 (the
"Closing
Date") and will be payable in arrears on each Distribution Date, computed
on the basis of a 360-day year and the actual number of days elapsed. The
principal of this Class A Note will be paid in the manner specified on the
reverse hereof.

     

    The
principal of and interest on this Class A Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

     

    Reference
is made to the further provisions of this Class A Note set forth on the reverse
hereof, which will have the same effect as though fully set forth on the face of
this Class A Note.

     

    Unless
the certificate of authentication hereon has been executed by or on behalf of
the Indenture Trustee, by manual signature, this Class A Note will not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

     

    ___________________________

      

    
      
        	
                1

              	
                Denominations
      of $100,000 and integral multiples of $1,000 in excess
      thereof.

              

      

       

    

    

    
      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

    

    

    In Witness Whereof, the
Issuer has caused this Class A Note to be duly executed.

     

    
      
        	 
      	
                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:

              	
                 

              	 
      
	 
      	 
      	
                Name:  

              	 
      
	 
      	 
      	
                Title: 
      

              	 
      

      

    

     

    Dated:
________, _____

     

    

     

    Indenture
Trustee's Certificate of Authentication

     

    This is
one of the Class A Notes described in the within-mentioned
Indenture.

     

    
      
        	 
      	
                The
      Bank of New York Mellon

              	 
      
	 
      	 
      	
                (formerly
      known as The Bank of New York), not in its individual capacity,
      but
      solely as Indenture Trustee 

              	 
      
	 	 	 	 
	 	 	 	 
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Authorized
      Officer

              	 
      
	 
      	 
      	
                 

              	 
      

      

    

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

    

    

    Ford
Credit Floorplan Master Owner Trust A

    Series
2009-2 Floating Rate Asset Backed Notes, Class A

     

    Summary
of Terms and Conditions

     

    This
Class A Note is one of a duly authorized issue of Notes of the Issuer,
designated as the Series 2009-2 Floating Rate Asset Backed Notes (the "Notes"),
issued under the Amended and Restated Indenture, dated as of August 1, 2001, as
amended and restated as of May 1, 2008 (as amended and supplemented, the "Indenture"),
between the Issuer and The Bank of New York Mellon (formerly known as The Bank
of New York), as indenture trustee (the "Indenture
Trustee"), as supplemented by the Series 2009-2 Indenture Supplement,
dated as of October 1, 2009 (the "Indenture
Supplement" and, together with the Indenture, the "Series
Agreement"), and representing the right to receive certain payments from
the Issuer. The Notes are subject to all of the terms of the Series Agreement.
All terms used in this Class A Note that are defined in the Series Agreement
have the meanings assigned to them in or pursuant to the Series
Agreement.  In the event of any conflict or inconsistency between the
Series Agreement and this Class A Note, the Series Agreement
controls.

     

    The
Noteholder, by its acceptance of this Class A Note, agrees that it will look
solely to the property of the Issuer allocated to the payment of the Notes for
payment hereunder and under the Series Agreement and that the Indenture Trustee
is not liable to the Noteholders for any amount payable under the Notes or the
Series Agreement or, except as expressly provided in the Series Agreement,
subject to any liability under the Series Agreement.

     

    This
Class A Note does not purport to summarize the Series Agreement and reference is
made to the Series Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Indenture Trustee.

     

    The Class
A Note Initial Principal Balance is $1,500,000,000.  The Class A Note
Principal Balance on any date of determination will be an amount equal to (a)
the Class A Note Initial Principal Balance, minus (b) the aggregate
amount of principal payments made to the Class A Noteholders on or before such
date.

     

    The
Expected Final Payment Date is the September 2012 Distribution Date, but
principal with respect to the Class A Notes may be paid earlier or later under
certain circumstances described in the Series Agreement.  Payments of
principal of the Notes will be payable in accordance with the provisions of the
Series Agreement.

     

    Subject
to the terms and conditions of the Series Agreement, the Transferors may, from
time to time, direct the Owner Trustee, on behalf of the Issuer, to issue one or
more new Series of notes.

     

    

    
      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

    

    

    On each
Distribution Date, the Paying Agent will distribute to each Class A Noteholder
of record on the related Record Date (except for the final distribution in
respect of this Class A Note) such Class A Noteholder's pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Distribution
Date to pay interest and principal on the Class A Notes pursuant to the
Indenture Supplement. Except as provided in the Series Agreement with respect to
a final distribution, distributions to the Noteholders will be made by (a) check
mailed to each Noteholder (at such Noteholder's address as it appears in the
Note Register), except that with respect to any Notes registered in the name of
the nominee of the Clearing Agency, such distribution will be made in
immediately available funds and (b) without presentation or surrender of any
Note or the making of any notation thereon.  Final payment of this
Class A Note will be made only upon presentation and surrender of this Class A
Note at the office or agency specified in the notice of final distribution
delivered by the Indenture Trustee to the Noteholders in accordance with the
Series Agreement.

     

    This
Class A Note does not represent an obligation of, or an interest in, the
Transferors, Ford Motor Credit Company LLC, Ford Motor Company or any Affiliate
of any of them and is not insured or guaranteed by any governmental agency or
instrumentality.

     

    Each
Noteholder, by accepting a Note, hereby covenants and agrees that it will not at
any time institute against the Issuer or the Transferors, or join in instituting
against the Issuer or the Transferors, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law.

     

    Except as
otherwise provided in the Indenture Supplement, the Class A Notes are issuable
only in minimum denominations of $100,000 and integral multiples of $1,000. The
transfer of this Class A Note will be registered in the Note Register upon
surrender of this Class A Note for registration of transfer at any office or
agency maintained by the Transfer Agent and Registrar accompanied by a written
instrument of transfer, in a form satisfactory to the Indenture Trustee or the
Transfer Agent and Registrar, duly executed by the Class A Noteholder or such
Class A Noteholder's attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class A Notes in any
authorized denominations of like aggregate principal amount will be issued to
the designated transferee or transferees.

     

    As
provided in the Series Agreement and subject to certain limitations therein set
forth, Class A Notes are exchangeable for new Class A Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such
Notes to be exchanged at the office or agency of the Transfer Agent and
Registrar. No service charge may be imposed for any such exchange but the Issuer
or Transfer Agent and Registrar may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection
therewith.

     

    The
Issuer, the Transferors, the Indenture Trustee and any agent of the Issuer, the
Transferors or the Indenture Trustee will treat the person in whose name this
Class A Note is registered as the owner hereof for all purposes, and none of the
Issuer, the Transferors, the

     

    

    
      
        
           

        

        
          A-5

          
            

          

        

        
           

        

      

    

    

    Indenture
Trustee or any agent of the Issuer, the Transferors or the Indenture Trustee
will be affected by notice to the contrary.

     

    The
holder of this Class A Note, by its acceptance hereof, and the owner of a
beneficial interest in this Class A Note, by its acceptance of such beneficial
interest, covenant and agree that (a) they will not at any time institute
against the Issuer or the Transferors, or join in instituting against the Issuer
or the Transferors, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture, the Indenture Supplement or any of the other related
transaction documents and (b) if any Transferor becomes a debtor or debtor in
possession in a case under any applicable United States federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation, rehabilitation
or other similar proceedings, any claim that the holders of the Notes of any
Series may have at any time against the Issuer's assets allocated in accordance
with the Indenture to any Series unrelated to such Notes, and any claim that the
holders of such Notes have at any time against the Transferors that they may
seek to enforce against such Issuer's assets allocated to any unrelated Series,
will be subordinate to the payment in full (including post-petition interest) of
the claims of the holders of any Notes of such unrelated Series and of the
holders of any other notes, bonds, contracts or other obligations relating to
such unrelated Series.

     

    The
holder of this Class A Note, by acceptance of this Class A Note, and each holder
of a beneficial interest therein, agree to treat the Class A Notes as
indebtedness of the Issuer for applicable United States federal, state and local
income and franchise tax purposes.

     

    This
Class A Note is to be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations,
rights and remedies of the parties hereunder are to be determined in accordance
with such laws.

     

    

    
      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

    

    

    Assignment

     

    Social
Security or other identifying number of
assignee________________________

     

    For Value Received, the
undersigned hereby sells, assigns and transfers unto

     

    _____________________________________

    

    _____________________________________

    

    _____________________________________

    

    _____________________________________

    (name and
address of assignee)

     

    the
within note and all rights thereunder, and hereby irrevocably constitutes and
appoints

    _________________________________________________________,
attorney, to transfer said

    note on
the books kept for registration thereof, with full power of substitution in the
premises.

     

    Dated:
___________________                                                                ___________________________________1

    Signature
Guaranteed:

    

    __________________________________

    __________________________

      

    
      
        	
                1

              	
                NOTE:
      The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change
      whatsoever.

              

      

       

    

    

    
      
        
           

        

        
          A-7

          
            

          

        

        
           

        

      

    

    

    Exhibit
B

     

    Form
of Distribution Date Statement

     

    ______________________________

     

    Ford
Credit Floorplan Master Owner Trust A

     

    Series
2009-2 Floating Rate Asset Backed Notes

     

    ______________________________

     

    Pursuant
to the Amended and Restated Indenture, dated as of August 1, 2001, as amended
and restated as of May 1, 2008 (as amended and supplemented, the "Indenture"),
between Ford Credit Floorplan Master Owner Trust A (the "Issuer")
and The Bank of New York Mellon (formerly known as The Bank of New York), as
indenture trustee (the "Indenture
Trustee"), as supplemented by the Series 2009-2 Indenture Supplement,
dated as of October 1, 2009 (as amended and supplemented, the "Indenture
Supplement" and, together with the Indenture, the "Series
Agreement"), Ford Motor Credit Company LLC ("Ford
Credit") as Servicer under the Transfer and Servicing Agreements (as
defined in the Series Agreement) is required to prepare certain information each
month regarding current distributions to the Series 2009-2 Noteholders and the
performance of the Issuer during the previous month.

     

    Capitalized
terms used in this Distribution Date Statement have their respective meanings
set forth in the Series Agreement.

     

    The
information that is required to be prepared with respect to the Distribution
Date of __________, and with respect to the performance of the Issuer during the
month of __________ is set forth below.

     

    In Witness Whereof, the
undersigned has caused this Distribution Date Statement to be duly executed by
the its duly authorized officer as of [______________], 20[__].

     

    
      
        	 
      	
                Ford
      Motor Credit Company LLC, 

              	 
      
	 
      	 
      	
                as
      Servicer

                 

                 

              	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
           

        

        
          B-1

          
            

          

        

        
           

        

      

    

    

    Exhibit
C

     

    Form
of Monthly Allocation and Payment

     

    Instructions
to Indenture Trustee

     

    ______________________________

     

    Ford
Credit Floorplan Master Owner Trust A

     

    Series
2009-2 Floating Rate Asset Backed Notes

     

    ______________________________

     

    The
undersigned, a duly authorized representative of Ford Motor Credit Company LLC
("Ford
Credit"), as Servicer pursuant to (i) the Fourth Amended and Restated
Transfer and Servicing Agreement, dated as of August 1, 2001, as amended and
restated as of October 1, 2009 (as amended and supplemented, the "FCF Corp Transfer
and Servicing Agreement"), among Ford Credit, Ford Credit Floorplan
Master Owner Trust A (the "Issuer")
and Ford Credit Floorplan Corporation and (ii) the Fourth Amended and Restated
Transfer and Servicing Agreement, dated as of August 1, 2001, as amended and
restated as of October 1, 2009 (as amended and supplemented, the "FCF LLC Transfer
and Servicing Agreement"), among Ford Credit, the Issuer and Ford Credit
Floorplan LLC, does hereby certify as follows:

     

    1.           Capitalized
terms used in this Certificate have their respective meanings set forth in the
FCF Corp Transfer and Servicing Agreement and the FCF LLC Transfer and Servicing
Agreement (collectively, the "Transfer and
Servicing Agreements") or the Amended and Restated Indenture, dated as of
August 1, 2001, as amended and restated as of May 1, 2008 (as amended and
supplemented, the "Indenture"),
between the Issuer and The Bank of New York Mellon (formerly known as The Bank
of New York), as indenture trustee (the "Indenture
Trustee"), as supplemented by the Series 2009-2 Indenture Supplement,
dated as of October 1, 2009 (as amended and supplemented, the "Indenture
Supplement" and, together with the Indenture, the "Series
Agreement"), as applicable.

     

    2.           Ford
Credit is the Servicer.

     

    3.           The
undersigned is an Authorized Officer of the Servicer.

     

    4.           As
of the date hereof, to the best knowledge of the undersigned, the Servicer has
performed in all material respects all its obligations under the Transfer and
Servicing Agreements and the Series Agreement through the Collection Period
preceding such Distribution Date [or, if there has been a default in the
performance of any such obligation, set forth in detail the (i) nature of such
default, (ii) the action taken by the Servicer, if any, to remedy such default
and (iii) the current status of each such default]; if applicable, insert
"None".

     

    

    
      
        
           

        

        
          C-1

          
            

          

        

        
           

        

      

    

    

    5.           As
of the date hereof, to the best knowledge of the undersigned, no Amortization
Event occurred on or before such date.

     

    6.           The
Monthly Allocation and Payment Instructions are as follows:

     

    In Witness Whereof, the
undersigned has caused this Certificate to be duly executed by the its duly
authorized officer as of [______________], 20[__].

     

    
      	 	
              Ford
      Motor Credit Company LLC,

            	 
      
	 
      	 
      	
              as
      Servicer

               

               

            	 
      
	 
      	
              By:

            	
               

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      
        
           

        

        
          C-2ex10713.htm

    
      Exhibit 10.7.13

      
        

      

    

    EMPLOYMENT
AGREEMENT

    

    

    This EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into as of October 12, 2009 by and among
NewAlliance Bank, a Connecticut savings bank (the “Bank”), NewAlliance
Bancshares, Inc., a business corporation organized under the laws of the State
of Delaware (the “Company”), and Glenn I. MacInnes (the
“Executive”).

    

    W I T N E
S S E T H:

    

    WHEREAS, the Bank desires to employ the
Executive, and the Executive desires to be employed by the Bank, as an Executive
Vice President and the Chief Financial Officer under the terms and conditions
herein; and

    

    WHEREAS, the Company desires to employ
the Executive, and the Executive desires to be employed by the Company, as an
Executive Vice President and the Chief Financial Officer under the terms and
conditions herein.  The Bank and the Company are collectively referred
to herein as the “Employers”.

    

    NOW, THEREFORE, in consideration of the
premises and the mutual covenants and conditions hereinafter set forth, the
Employers and the Executive hereby agree as follows:

    

    SECTION
1.                           EFFECTIVE
DATE; EMPLOYMENT.

    

    This Agreement shall be effective on
November 2, 2009, or such earlier date as may be mutually agreed to by the
parties (the “Effective Date”).  The Employers agree to employ the
Executive, and the Executive hereby agrees to such employment, during the period
and upon the terms and conditions set forth in this Agreement.

    

    SECTION
2.                           EMPLOYMENT
PERIOD.

    

    (a)           The
terms and conditions of this Agreement shall be and remain in effect beginning
with the Effective Date and continuing until April 1, 2012 (the “Initial Term”),
plus such extensions, if any, as are provided pursuant to Section 2(b) hereof
(the “Employment Period”).

    

    (b)           Except
as provided in Section 2(c), prior to April 1, 2010 and each April 1st
thereafter, the Board of Directors of the Employers shall consider and review
(after taking into account all relevant factors, including the Executive’s
performance and any recommendation of the Chief Executive Officer) a one-year
extension of the term of this Agreement, and the term shall continue to extend
on April 1st of
each year (beginning with April 1, 2010) if the Board of Directors so approves
such extension, unless the Executive gives written notice to the Employers of
the Executive’s election not to extend the term, with such notice to be given by
the Executive not less than ninety (90) days prior to any such April 1st.  If
the Board of Directors elects not to extend the term, it shall give written
notice of such decision to the Executive no later than December 31st of
the year preceding any such anniversary date. If the Executive does not
receive

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    such
notice, the Executive may, by written notice given at any time prior to February
1st
immediately prior to the April 1st
renewal date, request from the Chief Executive Officer written confirmation that
the term has been extended and, if such confirmation is not received by the
Executive within thirty (30) days after the request therefor is made, the
Executive may treat the term as having not been extended. Upon termination of
the Executive’s employment with the Employers for any reason whatsoever, any
annual extensions provided pursuant to this Section 2(b), if not theretofore
discontinued, shall automatically cease. In addition, no annual renewals shall
extend beyond the Executive’s 65th birthday, and in no event shall the
Employment Period extend beyond the Executive’s 65th birthday.  All
actions to be taken by the Board of Directors under this Section 2(b) may be
taken by the Compensation Committee of the Board of Directors.

    

    (c)           Nothing
in this Agreement shall be deemed to prohibit the Employers at any time from
terminating the Executive’s employment during the Employment Period with or
without notice for any reason; provided, however, that the relative rights and
obligations of the Employers and the Executive in the event of any such
termination, including any requirements with respect to prior notice of such
termination, shall be determined under this Agreement.

    

    SECTION
3.                           DUTIES.

    

    Throughout the Employment Period, the
Executive shall serve as an Executive Vice President and the Chief Financial
Officer of both the Company and the Bank, having such power, authority and
responsibility and performing such duties as are prescribed by or under the
Bylaws of the Employers and as are customarily associated with such positions as
determined by the Employers’ Chief Executive Officer.  The Executive
shall initially report directly to the Chief Executive Officer.  The
Employers' Chief Executive Officer may, during the term of the Employment
Agreement, alter the Executive's job and/or reporting responsibilities as she
deems appropriate to the effective management of the Employers, provided,
however, that the Executive shall at all times have duties, responsibilities and
job and/or reporting obligations consistent with those of a Chief Financial
Officer of a publicly held bank holding company and shall be on the senior
executive team. The Executive shall devote his full business time, attention,
skills and efforts (other than during weekends, holidays, vacation periods, and
periods of illness or leaves of absence and other than as permitted or
contemplated by Section 7) to the business and affairs of the Employers and
shall use his best efforts to advance the interests of the
Employers.

    

    SECTION
4.                           CASH
AND OTHER COMPENSATION.

    

    (a)           In
consideration for the services to be rendered by the Executive hereunder, the
Bank shall pay to him a salary of three hundred fifty thousand dollars
($350,000) annually (“Base Salary”) as of the date of this
Agreement.  The Executive’s Base Salary shall be payable in
approximately equal installments in accordance with the Bank’s customary payroll
practices for senior officers.  Base Salary shall include any amounts
of compensation deferred by the Executive under any tax-qualified retirement or
welfare benefit plan or any other deferred compensation
arrangement.  The Compensation Committee of the Board of Directors of
the Employers (the “Committee”) shall review the Executive’s annual rate of
salary at such times during the Employment Period as it deems appropriate, but
not less frequently than once every

    
      
        
        

      

      
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    twelve
months (provided that the initial review may be deferred until the Executive’s
regular review for the period beginning April 1, 2010), and may, in its
discretion, approve an increase therein.  Such review of the
Executive’s Base Salary shall take into account not only the Executive’s
performance as well as the Employer’s performance since the date of the last
review conducted pursuant to this Section 4(a) but also shall take into
consideration the salaries of similarly situated officers at comparably situated
financial institutions as determined by the Compensation Committee thereof as
well as any recommendation of the Chief Executive Officer.  In
addition to salary, the Executive may receive other cash compensation from the
Employers for services hereunder at such times, in such amounts and on such
terms and conditions as the Committee may determine from time to time. Any
increase in the Executive’s annual salary shall become the Base Salary of the
Executive for purposes hereof.  The Executive’s Base Salary as in
effect from time to time cannot be decreased by the Employers without the
Executive’s express prior written consent.

    

    (b)           The
Executive shall be entitled to participate in an equitable manner with all other
executive officers of the Employers in discretionary bonuses to executive
officers as authorized by the Committee.  No other compensation
provided for in this Agreement shall be deemed a substitute for the Executive’s
right to participate in such bonuses when and as declared by the
Committee.  In connection with the foregoing, under the terms of the
Bank’s Executive Incentive Plan (the “EIP”), annual cash bonuses can be awarded
to the Executive.  The initial percentage accorded to the Executive
shall be 60% of the Executive’s Base Salary at the “Target” level, and the
Executive shall be eligible to receive a bonus for the year ending December 31,
2009 on a pro rata basis, subject to the satisfaction of the applicable
performance objectives.  The Compensation Committee shall make an
annual determination of the exact percentage of Base Salary to be used with
respect to the possible bonus, if any, to be paid to the Executive for the
relevant plan year and shall notify the Executive by the end of March of the
EIP’s plan year to which such percentage shall be applicable, commencing March
2010.

    

    (c)           The
Bank shall pay to the Executive a signing bonus of $75,000 in a single lump sum
payment within 30 days following the Effective Date, provided that the Executive
continues to remain employed by the Employers during such 30-day
period.  In addition, the Bank shall pay to the Executive a retention
bonus of $150,000 in a single lump sum payment by March 31, 2010, provided that
the Executive continues to remain employed through and including at least March
15, 2010.

    

    SECTION
5.                           EMPLOYEE
BENEFIT PLANS AND PROGRAMS.

    

    (a)           During
the Employment Period, the Executive shall be treated as an employee of the
Employers and shall be entitled to participate in and receive benefits under any
and all qualified or non-qualified active retirement programs covering employees
of the Employers (including but not limited to the Company’s Employee Stock
Ownership Plan (the “ESOP”), the Bank’s 401(k) Plan, the ESOP and 401(k) SERPs
and any other similar plans that may be adopted in the future), any and all
group life, health (including hospitalization, medical and major medical),
dental, accident and long-term disability insurance plans, and any other
employee benefit and compensation plans (including, but not limited to, the EIP
and any incentive compensation plans or program or any stock benefit plans that
apply to the executive

    
      
        
        

      

      
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    group) as
may from time to time be maintained by, or cover employees of, the Employers, in
accordance with the terms and conditions of such employee benefit plans and
programs and compensation plans and programs and consistent with the Employers’
customary practices.  The Executive shall be ineligible for the Bank’s
defined benefit Pension Plan, to which no new participants are currently
permitted.  Nothing paid to the Executive under any such plan or
program will be deemed to be in lieu of other compensation to which the
Executive is entitled under this Agreement.

    

    (b)           During
the Employment Period, the Employers shall provide the Executive with an expense
allowance (“Expense Allowance”) payable monthly equal to approximately $750 per
month to pay for the costs of an automobile.  In the event that with
respect to a given calendar year occurring during the term of this Agreement,
the Executive believes that he drove during such year Business Miles (as
hereinafter defined) in excess of the Covered Business Miles (as hereinafter
defined) in connection with the business of the Employers and wishes to seek
reimbursement as provided herein for such excess, then within 40 days after the
end of such calendar year, the Executive shall provide information to the
Employers (as well as any additional information as the Employers may reasonably
request in order to review the Executive’s claim) with respect to the number of
miles driven in the such calendar year in connection with the business of the
Employers (“Business Miles”).  In the event the number of Business
Miles driven during such calendar year is determined by the Employers to be more
than 3,600 (“Covered Business Miles”), the Employers will provide the Executive
an additional reimbursement for the Business Miles in excess of the Covered
Business Miles at a rate equal to the standard mileage rate as published by the
Internal Revenue Service for the period in which the excess Business Miles were
incurred (“Reimbursement Rate”), with such reimbursement to be provided no later
than March 15 of the year immediately following the year in which the excess
Business Miles were incurred.  The Expense Allowance and the Covered
Business Miles may be reviewed by the Compensation Committee and, if increased,
shall be reflected in an addendum hereto.  Notwithstanding the
foregoing, nothing herein shall be deemed to impose upon the Employers or
obviate the Executive’s obligation, legal or otherwise, to maintain liability
insurance with respect to the Executive’s personal use of an
automobile.

    

    (c)           The
Employers shall provide and pay for a parking space for the Executive in the
Employers’ main office parking garage or, if such space shall become unavailable
due to tenant commitments or otherwise, in an alternative convenient closed
parking garage.

    

    (d)           The
Executive shall be entitled to paid holidays and paid vacations consistent with
the Employers’ policy for executive officers. Currently, that policy provides
for four weeks of vacation, pro-rated for any partial year. All vacations must
be cleared through the Chief Executive Officer.

    

    (e)           The
Employers shall provide during the term of this Agreement, subject to the
limitations set forth herein, for the Executive to receive, at the Employers’
expense, the services of a tax professional and a personal financial planning
professional (which may be the same person or entity for both services) (the
“Tax Service Professional”) selected by the Employers and reasonably
satisfactory to the Executive.  Subject to the limitations set forth
herein, if the Employer does not specify a Tax Services Professional reasonably
acceptable to the Executive,

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    the
Executive will be entitled to use the services of a Tax Services Professional of
his choosing and seek reimbursement by the Employers for the reasonable cost of
such Tax Service Professional actually incurred by the Executive.  The
services to be provided shall include (i) the preparation of all required
federal, state and local personal income tax returns, (ii) advice with respect
to federal, state and local income tax treatment of cash and other forms of
compensation paid to the Executive by the Employers and (iii) investment and
retirement counseling and estate planning.  Notwithstanding the
foregoing, the annual cost to the Employers of providing the services to the
Executive of such Tax Service Professional, whether such Tax Service
Professional is selected by the Employers or the Executive, shall not exceed
$2,000 (the “Annual Cost”).  Reimbursement of the Executive for the
Annual Cost shall be paid promptly by the Employers and in any event no later
than March 15 of the year immediately following the year in which the Annual
Cost was incurred.  The Annual Cost shall be reviewed annually by the
Compensation Committee and, if increased, shall be reflected in an addendum
hereto.

    

    (f)           The
Executive shall move his principal residence to the New Haven area as soon as
practicable. In connection therewith, the Employers shall (i) reimburse the
Executive for eighty percent (80%) of the reasonable transportation, temporary
housing, meals and related costs incurred for a period up to ninety (90) days
after the Effective Date, subject to a budget approved by the Chief Executive
Officer of the Employers (which period may be extended beyond ninety (90) days
for one additional 90 day period with the prior written consent of the Chief
Executive Officer) (the “Temporary Residence Period”); (ii) reimburse the
Executive for eighty percent (80%) of the reasonable moving, packing and
unpacking costs associated with moving the Executive’s household goods from New
Jersey to a permanent or temporary residence in the New Haven area, subject to a
budget approved by the Chief Executive Officer of the Employers (the Executive
will be reimbursed only for one move); (iii) provided the Executive purchases a
primary residence in the New Haven area within one year following the Effective
Date, reimburse the Executive for eighty percent (80%) of the reasonable closing
costs and fees in connection with the Executive’s purchase of a primary
residence in the New Haven area (including costs related to mortgage financing,
legal, and title, but excluding any broker’s commission), subject to a budget
approved by the Chief Executive Officer of the Employers; and (iv) provided the
Executive purchases a primary residence in the New Haven area within one year
following the Effective Date, the Employers will facilitate the Executive’s
purchase of a new home in Connecticut by purchasing the Executive’s primary
residence in New Jersey (if such residence has not already been sold at the
time) for an amount equal to the average appraised value (as determined below)
of such residence minus estimated resale costs, including closing costs and
broker’s commission.  In determining the average appraised value, the
Employers shall determine whether to obtain two or three appraisals, each of
which shall be paid for by or on behalf of the Employers, and the average
appraised value shall be the mean average of the appraisals
obtained.  The Executive shall be required to satisfy all mortgages,
liens and monetary encumbrances on his residence in connection with this
transaction and shall execute all documents and take all actions reasonably
requested of him by the Employers in order to accomplish this
objective.

    

    (g)           Subject
to approval by the Compensation Committee of the Board of Directors of the
Company, the Company shall make the following grants to the Executive under the
Company’s 2005 Long-Term Compensation Plan on the first Monday following the
first

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    quarterly
earnings release after the Effective Date:  (i) a stock option for
30,000 shares of common stock of the Company, which shall vest at the rate of
25% per year on each annual anniversary of the date of grant; and (ii) a
restricted stock award for 30,000 shares of common stock of the Company, which
shall vest at the rate of 33.3% per year on each annual anniversary of the date
of grant.  The per share exercise price for the stock option grant
will be the per share closing price of the Company’s common stock on the date of
grant.  If stock-based, long-term incentive awards are made generally
by the Company to other executive officers in 2010, then the Executive will be
considered for such grants as well.

    

    SECTION
6.                           INDEMNIFICATION
AND INSURANCE.

    

    (a)           During
the Employment Period and for a period of six years thereafter, the Employers
shall cause the Executive to be covered by and named as an insured under any
policy or contract of insurance obtained by it to insure its directors and
officers against personal liability for acts or omissions in connection with
service as an officer or director of the Employers or service in other
capacities at the request of the Employers.  The coverage provided to
the Executive pursuant to this Section 6 shall be of the same scope and on the
same terms and conditions as the coverage (if any) provided to other officers or
directors of the Employers or any successors.

    

    (b)           To
the maximum extent permitted under applicable law, the Employers shall indemnify
the Executive against and hold the Executive harmless from any costs,
liabilities, losses and exposures that may be incurred by the Executive
in  his capacity as a director or officer of the Employers or any
subsidiary or affiliate.

    

    SECTION
7.                           OUTSIDE
ACTIVITIES.

    

    The Executive may (a) serve as a member
of the boards of directors of such business, community and charitable
organizations as the Executive may disclose to and as may be approved by the
Employers (which approval shall not be unreasonably withheld), and (b) perform
duties as a trustee or personal representative or in any other fiduciary
capacity, provided that in each case such service shall not materially interfere
with the performance of the Executive’s duties under this Agreement or present
any conflict of interest.  The Executive may also engage in personal
business and investment activities which do not materially interfere with the
performance of the Executive’s duties hereunder, provided that such activities
are not prohibited under any code of conduct or investment or securities trading
policy established by the Employers and generally applicable to all similarly
situated executives. If the Executive is discharged or suspended, or is subject
to any regulatory prohibition or restriction with respect to participation in
the affairs of the Employers, the Executive shall not directly or indirectly
provide services to or participate in the affairs of the Employers in a manner
inconsistent with the terms of such discharge or suspension or any applicable
regulatory order.

    

    SECTION
8.                           WORKING
FACILITIES AND EXPENSES.

    

    It is understood by the parties that
the Executive’s principal place of employment shall be at the Bank’s principal
executive office located in New Haven, Connecticut, or at such
other

    
      
        
        

      

      
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    location
within 50 miles of the address of such principal executive office as may be
approved by the Chief Executive Officer of the Employers, or at such other
location as the Employers and the Executive may mutually agree
upon.  The Employers shall provide the Executive at his principal
place of employment with a private office, secretarial services and other
support services and facilities suitable to his position with the Employers and
necessary or appropriate in connection with the performance of his assigned
duties under this Agreement.  The Employers shall reimburse the
Executive for his ordinary and necessary business expenses attributable to the
Employers’ business, including, without limitation, the Executive’s travel and
entertainment expenses incurred in connection with the performance of his duties
for the Employers under this Agreement, in each case upon presentation to the
Employers of an itemized account of such expenses in such form as the Employers
may reasonably require, and such reimbursement shall be paid promptly by the
Employers and in any event no later than March 15 of the year immediately
following the year in which the expenses were incurred.

    

    SECTION
9.                           TERMINATION
OF EMPLOYMENT WITH BENEFITS.

    

    (a)           Subject
to Sections 9(b), 9(c) and 9(d) hereof, the Executive shall be entitled to the
benefits described in Section 9(b) in the event that:

    

    (i)           his
employment with the Employers terminates during the Employment Period as a
result of the Executive’s termination for Good Reason (as defined in Section
9(a)(i)(A) and (B) of this Agreement), which shall mean a termination based on
the following:

    

    (A)           any
material breach of this Agreement by the Employers, including without limitation
any of the following: (1) a material diminution in the Executive’s base
compensation, or (2) a material diminution in the Executive’s authority or
responsibilities as prescribed in Section 3, or

    

    (B)           any
material change in the geographic location at which the Executive must perform
his services under this Agreement (defined as a move or series of moves of at
least 50 miles from 195 Church Street, New Haven, Connecticut);

    

    provided,
however, that prior to any termination of employment for Good Reason, the
Executive must first provide written notice to the Employers within ninety (90)
days of the initial existence of the condition, describing the existence of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the written
notice from the Executive.  If the Employers remedy the condition
within such thirty (30) day cure period, then no Good Reason shall be deemed to
exist with respect to such condition.  If the Employers do not remedy
the condition within such thirty (30) day cure period, then the Executive may
deliver a notice of termination for Good Reason at any time within sixty (60)
days following the expiration of such cure period; or

    

    (ii)           the
Executive’s employment with the Employers is terminated by the Employers during
the Employment Period for any reason other than for “cause,” death or
“Disability,” as provided in Section 10(a).

    
      
        
        

      

      
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    (b)           Subject
to Sections 9(c) and 9(d) hereof, and provided that no Change in Control (as
defined in Section 11(a) hereof) has occurred, the Employers shall pay and
provide to the Executive (or, in the event of his subsequent death, to his
estate) the following severance benefits for the period beginning on the date
that his employment terminates and ending on either (i) the last day of the
Employment Period or (ii) 24 months subsequent to the date of termination,
whichever period is greater (the “Severance Benefits Period”):

    

    (i)           his
earned but unpaid Base Salary (including, without limitation, all items which
constitute wages under applicable law and the payment of which is not otherwise
provided for in this Section 9(b)) as of the date of the termination of his
employment, with such payment to be made at the time and in the manner
prescribed by law applicable to the payment of wages but in no event later than
30 days after termination of employment;

    

    (ii)           the
benefits, if any, to which he is entitled under the employee benefit plans and
programs and compensation plans and programs maintained for the benefit of the
Employers’ officers and employees (such benefits not to include the expense
allowance provided by Section 5(b)) through the date of the termination of his
employment;

    

    (iii)           continued
group life, health, dental and accident insurance benefits, in addition to that
provided pursuant to Section 9(b)(ii), and after taking into account the
coverage provided by any subsequent employer, if and to the extent necessary to
provide for the Executive, for the Severance Benefits Period, coverage
equivalent to the coverage to which he would have been entitled under such plans
if he had continued to be employed during such period; provided that any
insurance premiums payable by the Employers or any successors pursuant to this
Section 9(b)(iii) shall be payable at such times and in such amounts as if the
Executive was still an employee of the Employers, subject to any increases in
such amounts imposed by the insurance company or COBRA, and the amount of
insurance premiums required to be paid by the Employers in any taxable year
shall not affect the amount of insurance premiums required to be paid by the
Employers in any other taxable year;

    

    (iv)           a
lump sum cash amount equal to the projected cost to the Employers of providing
group long-term disability insurance benefits to the Executive for the Severance
Benefits Period, with the projected cost to the Employers to be based on the
costs incurred as of the date of termination as determined on an annualized
basis;

    

    (v)           a
lump sum cash amount, payable within 30 days following termination of
employment, equal to the present value of (A) the Executive’s Annual
Compensation (as hereinafter defined) multiplied by (B) a fraction which is
either (1) the number of days left in the Employment Period if the Executive had
not been terminated or (2) 730, whichever is greater, divided by 365, using a
discount rate equal to the short-term applicable federal rate (determined under
Section 1274(d) of the Code) as published by the Internal Revenue Service (the
“IRS”) for the month in which the termination of employment occurs, compounded
monthly;

    

    (vi)           a
lump sum cash amount equal to the pro rata portion of any annual performance
bonus awarded to the Executive under the Bank’s EIP (or such other short-term
incentive compensation plan(s) that the Employers may adopt subsequent to the
date hereof as a

    
      
        
        

      

      
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    replacement
therefor) and earned with respect to the calendar year in which the termination
of employment occurs, provided that (a) the amount of the bonus earned shall be
determined based on the extent to which the performance objectives with respect
to the bonus were met during the calendar year in which such termination of
employment occurs; (b) the amount of the bonus earned shall be pro rated by
multiplying the amount of the earned bonus by a fraction, the numerator of which
is the number of days elapsed in the calendar year as of the date of termination
of the Executive’s employment and the denominator is 365; and (c) such earned
pro rated target bonus shall be paid no later than March 15th of
the year following the year in which the termination of employment occurs;
and

    

    (vii)           a
lump sum cash amount, payable within 30 days following termination of
employment, equal to the present value, determined by using a discount rate
equal to the short-term applicable federal rate (determined under Section
1274(d) of the Code) as published by the IRS for the month in which the
termination of employment occurs, of all Employer contributions to which he
would have been entitled to receive during the Severance Benefits Period under
any and all qualified defined contribution plans and non-qualified plans related
thereto maintained by, or covering employees of, the Employers as if he had
continued to be employed during the Severance Benefits Period at the highest
annual rate of Base Salary achieved during the Employment Period and making the
maximum amount of employee contributions, if any, required or permitted under
such plan or plans, provided that (a) the Executive’s vested percentage in such
additional Employer contributions shall be calculated as if he had continued to
be employed during the Severance Benefits Period, and (b) no payments shall be
made pursuant to this subsection (vii) with respect to the Company’s ESOP if the
ESOP is terminated effective as of a date within one year of the date of the
termination of the Executive’s employment, with the Executive to reimburse the
Employers for any such ESOP-related payments previously made within 30 days of
the Executive’s receipt of a request for reimbursement from the
Employers.

    

    The Executive’s “Annual Compensation”
for purposes of this Agreement shall be deemed to mean the sum of (i) the
Executive’s Base Salary in effect as of the date of termination of his
employment and (ii) (a) $210,000 prior to the time that the Executive receives
cash incentive compensation from the Employers or any subsidiary or affiliate
thereof attributable to his performance over a period of one full year or (b)
subsequent to the time specified in clause (a), the highest amount of
annual cash incentive compensation earned by the Executive from the Employers or
any subsidiary or affiliate thereof during any of the three calendar years
immediately preceding the calendar year in which the date of termination
occurs.

    

    The Employers and the Executive further
agree that the Employers may condition the payments and benefits (if any) due
under Sections 9(b)(iii), (iv), (v), (vi) and (vii) on the receipt of the
Executive’s resignation from any and all positions which he holds as an officer,
director or committee member with respect to the Employers or any of its
subsidiaries or affiliates and to the execution of a full release of all
employment-related claims, including without limitation claims relating to
termination of employment, by the Executive.

    

    (c)           The
Executive shall not be required to mitigate the amount of any benefits provided
pursuant to the provisions of Section 9(b) by seeking other employment or
otherwise.

    
      
        
        

      

      
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    However,
if the Executive becomes or is employed by another employer subsequent to the
first year following termination, any compensation received by the Executive
subsequent to the first year following termination through the end of the
Severance Benefits Period shall be offset dollar for dollar against the
Employers’ obligations set forth in Section 9(b) except with respect to Section
9(b)(iii), with the Executive to reimburse the Employers the amount of the
offset with respect to amounts previously paid by the Employers within 30 days
of the Executive’s receipt of a request for reimbursement from the
Employers.  In addition, if the Executive becomes employed by another
entity subsequent to termination hereunder, and under the terms of such
employment is entitled to benefits substantially similar to those provided in
Section 9(b)(iii), the Employers will not be required to continue provision of
the benefits set forth in said Section 9(b) (iii) for the remainder of the
Severance Benefits Period.

    

    (d)           Notwithstanding
anything to the contrary above or otherwise in this Agreement, the parties agree
that, should the Employers determine in their sole discretion prior to the
six-month anniversary of the Effective Date that they no longer desire to
continue to employ the Executive, then the Employers shall provide written
notice of such decision to the Executive and the Executive shall be entitled to
the benefits described in Sections 9(b)(i) through 9(b)(iv), provided the
Severance Benefits Period shall be only twelve (12) months subsequent to the
date of termination, and an exclusive, one-time cash severance payment of
$350,000.  The Executive shall not be entitled to any cash or non-cash
incentive payments that have not been fully vested or earned as of the date of
termination under this Section 9(d).  The Employers and the Executive
further agree that the Employers may condition the payments and benefits (if
any) due under this subsection on the receipt of the Executive’s resignation
from any and all positions which he holds as an officer, director or committee
member with respect to the Employers or any of its subsidiaries or affiliates
and to the execution of a general release by the Executive.

    

    SECTION
10.                           TERMINATION
WITHOUT ADDITIONAL EMPLOYER LIABILITY.

    

    (a) In the event that the Executive’s
employment with the Employers shall terminate during the Employment Period on
account of:

    

    (i)           the
discharge of the Executive for “cause,” which, for purposes of this Agreement,
shall mean a discharge because the Executive has: (A) willfully failed to
perform his assigned duties under this Agreement, other than any failure
resulting from the Executive’s incapacity due to physical or mental injury or
illness; (B) committed an act involving moral turpitude in the course of his
employment with the Employers and its subsidiaries or affiliates; (C) committed
a willfully dishonest act intended to result in substantial personal enrichment
of himself or others at the expense of either the Company or the Bank; (D)
engaged in willful misconduct or fraud; (E) breached his fiduciary duties for
personal profit; (F) willfully violated, in any material respect, any law, rule
or regulation (other than traffic violations or similar offenses), written
agreement or final cease-and-desist order with respect to his performance of
services for the Employers, as determined by the Board of Directors of the
Employers; (G) materially breached the terms of this Agreement and failed
to cure such material breach during a 15-day period following the date on which
the Board gives written notice to the Executive of the material breach; (H) been
convicted of a felony; or (I) become the subject of any proceeding initiated by
a federal or state banking agency to remove him from office.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (ii)           the
Executive’s voluntary resignation from employment (including voluntary
retirement) with the Employers for reasons other than Good Reason as specified
in Section 9(a)(i); or

    

    (iii)           the
death of the Executive while employed by the Employers, or the termination of
the Executive’s employment because of “Disability” as defined in Section 10(c)
below;

    

    then in
any of the foregoing events, the Employers shall have no further obligations
under this Agreement, other than (A) the payment to the Executive of his earned
but unpaid compensation as of the date of the termination of his employment, (B)
the payment to the Executive of the benefits to which he is entitled under all
applicable employee benefit plans and programs and compensation plans and
programs as of the date of termination of his employment, and (C) the provision
of such other benefits, if any, to which he is entitled as a former employee
under the Bank’s and/or the Company’s employee benefit plans and programs and
compensation plans and programs.

    

    (b)           For
purposes of this Section 10, no act or failure to act, on the part of the
Executive, shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the
Employers.  Any act, or failure to act, based upon authority given
pursuant to a resolution duly adopted by the Board of Directors of the Employers
or based upon the written advice of counsel for the Employers shall be
conclusively presumed to be done, or omitted to be done, by the Executive in
good faith and in the best interests of the Employers.

    

    (c)           “Disability”
shall be deemed to have occurred if the Executive: (i) is unable to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (ii) is,
by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering
employees of the Employers.

    

    (d)           During
any period in which the Executive is absent due to physical or mental
impairment, the Employers may, without breaching this Agreement, appoint another
person or persons to act as interim Executive Vice President and/or Chief
Financial Officer pending the Executive’s return to his duties on a full-time
basis hereunder or his termination as a result of such
Disability.  Prior to the Executive’s employment being terminated due
to Disability under Section 10(e) hereof, the Executive shall continue to
receive his full Base Salary, bonuses and other benefits to which he is entitled
under this Agreement, including continued participation in all employee benefit
plans and programs.

    

    (e)           The
Employers may provide notice to the Executive in writing that it intends to
terminate the Executive’s employment under this Agreement, with the termination
date to be on

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    or after
the date that the Executive is deemed to have a Disability.  At the
time his employment hereunder is terminated due to Disability, (i) the Executive
shall not be entitled to any payments or benefits pursuant to Sections 4 and 5
hereof for periods subsequent to such date of termination, and (ii) the
Executive shall become entitled to receive the Disability payments that may be
available under any applicable long-term disability plan or other benefit
plan.

    

    SECTION
11.                           PAYMENTS
UPON A CHANGE IN CONTROL.

    

    (a)           The
term “Change in Control” shall mean a change in the ownership of the Company or
the Bank, a change in the effective control of the Company or the Bank or a
change in the ownership of a substantial portion of the assets of the Company or
the Bank, in each case as provided under Section 409A of the Code and the
regulations thereunder.  In no event, however, shall a Change in
Control be deemed to have occurred as a result of any acquisition of securities
or assets of the Company, the Bank, or a subsidiary of either of them, by the
Company, the Bank, or any subsidiary of either of them, or by any employee
benefit plan maintained by any of them.

    

    (b)           If
the Executive’s employment by the Employers shall be terminated subsequent to a
Change in Control and during the Employment Term by (i) the Employers for other
than Cause, Disability, Retirement or the Executive’s death or (ii) the
Executive for Good Reason as defined in Section 9(a)(i) hereof, then subject to
Section 12 hereof the Employers shall pay to the Executive a severance benefit
in a lump sum payment, within five (5) days after the effective time of such
termination of employment, equal to the sum of (i) three times his Base Salary
as of the date of termination of his employment, (ii) three times the highest
level of cash incentive compensation earned by the Executive from the Employers
or any subsidiary thereof in any one of the three calendar years immediately
preceding the year in which the termination occurs, (iii) the amounts
specified in Sections 9(b)(i), (ii), (iv) and (vii) (notwithstanding any
contrary language contained therein with respect to payment being over a longer
time period) except in calculating the amount of such benefits, to the extent
applicable, the Severance Benefits Period will be for a period of three years
commencing on the date of the termination of the Executive’s employment, and
(iv) unless the EIP or any successor plan provides otherwise with respect to the
payment of bonuses upon a Change in Control, the amount specified in Section
9(b)(vi) hereof at the time specified in such section.  In addition,
the Employers shall provide the Executive with the benefits provided for in
Section 9(b)(iii) for the Severance Benefits Period, as adjusted above to be for
a period of three years subsequent to termination of employment, subject to
compliance with the last proviso clause contained in such
subsection.  In the event that the Employers are unable to provide the
benefits set forth in said Section 9(b)(iii) due to the change in the
Executive’s status to that of a non-employee, the Employers shall include in the
lump sum payment due pursuant to the terms of this Section 11(b) the value of
the benefits required to be provided by said Section 9(b)(iii) for the Severance
Benefits Period as amended by this Section 11(b).  The severance and
other benefits payable pursuant to this Section 11(b) shall not be subject to
reduction pursuant to the provisions of Section 9(c).

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    SECTION
12.                                LIMITATION
ON CHANGE IN CONTROL PAYMENT.

    

    In the event that:

    

    (i)           the
aggregate payments or benefits to be made or afforded to the Executive pursuant
to this Agreement, together with other payments and benefits which the Executive
has a right to receive from the Employers, which are deemed to be parachute
payments as defined in Section 280G of the Code, or any successor thereof (the
“Termination Benefits”), would be deemed to include an “excess parachute
payment” under Section 280G of the Code; and

    

    (ii)           if
such Termination Benefits were reduced to an amount (the “Non-Triggering
Amount”), the value of which is one dollar ($1.00) less than an amount equal to
three (3) times the Executive’s “base amount,” as determined in accordance with
said Section 280G and the Non-Triggering Amount less the product of the marginal
rate of any applicable state, local and federal income tax and the
Non-Triggering Amount would be greater than the aggregate value of the
Termination Benefits (without such reduction) minus (i) the amount of tax
required to be paid by the Executive thereon by Section 4999 of the Code and
further minus (ii) the product of the Termination Benefits and the marginal rate
of any applicable state, local and federal income tax,

    

    then the
Termination Benefits shall be reduced to the Non-Triggering
Amount.  If the Termination Benefits are required to be reduced, the
cash severance shall be reduced first, followed by a reduction in the fringe
benefits to be provided in kind.

    

    SECTION
13.                           SOURCE
OF PAYMENTS.

    

    All payments provided in this Agreement
shall be timely paid in cash or check from the general funds of the Company or
the Bank.  Payments pursuant to this Agreement shall be allocated
between the Company and the Bank in proportion to the level of activity and the
time expended on such activities by the Executive as determined by the Company
and the Bank on a  quarterly basis, unless the applicable provision of
this Agreement specifies that the payment shall be made by either the Company or
the Bank.  In no event shall the Executive receive duplicate payments
or benefits from the Company and the Bank.

    

    SECTION
14.                           COVENANT
NOT TO COMPETE.

    

    In the event the Executive’s employment
with the Employers is terminated for any reason prior to the expiration of the
Employment Period (except as set forth below), the Executive hereby covenants
and agrees that for a period of two years following the date of his termination
of employment with the Employers (or, if less, for the Severance Benefits
Period), he shall not, without the written consent of the Employers, become an
officer, employee, consultant, director or trustee of any savings bank, savings
and loan association, savings and loan holding company, bank or bank holding
company, or any direct or indirect subsidiary or affiliate of any such entity,
that entails working within any county in which the Company or the Bank
maintains an office as of the date of termination of the Executive’s employment.
In addition, in the event of a breach by

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    the
Executive of any of the provisions of this Section 14, the Employers may avail
themselves of such remedies that may be available to them as a result of such
breach by the Executive, with such remedies to be cumulative and not mutually
exclusive.  This section shall not be applicable if the Executive is
terminated upon or within one year subsequent to a Change in Control, provided
that such termination is for reasons other than Cause as defined in Section
10(a)(i) hereof.

    

    SECTION
15.                           CONFIDENTIALITY.

    

    Unless he obtains the prior written
consent of the Employers, the Executive shall at all times keep confidential and
shall refrain from using for the benefit of himself, or any person or entity
other than the Employers or their subsidiaries or affiliates, any material
document or information obtained from the Employers or their subsidiaries or
affiliates, in the course of his employment with any of them concerning their
properties, operations or business (unless such document or information is
readily ascertainable from public or published information or trade sources or
has otherwise been made available to the public through no fault of his own)
until the same ceases to be material (or becomes so ascertainable or available);
provided, however, that nothing in this Section 15 shall prevent the Executive,
with or without the Employers’ consent, from participating in or disclosing
documents or information in connection with any judicial or administrative
investigation, inquiry or proceeding or the Company’s public reporting
requirements to the extent that such participation or disclosure is required
under applicable law.

    

    SECTION
16.                           SOLICITATION.

    

    The Executive hereby covenants and
agrees that, for a period of two years following his termination of employment
with the Employers for any reason, he shall not, without the written consent of
the Employers, either directly or indirectly:

    

    (a)           solicit,
offer employment to, or take any other action intended, or that a reasonable
person acting in like circumstances would expect, to have the effect of causing
any officer or employee of the Employers or any of their subsidiaries or
affiliates to terminate his employment and accept employment or become
affiliated with, or provide services for compensation in any capacity whatsoever
to, any savings bank, savings and loan association, bank, bank holding company,
savings and loan holding company, or other institution engaged in the business
of accepting deposits, making loans or doing business within the counties
specified in Section 14;

    

    (b)           provide
any information, advice or recommendation with respect to any such officer or
employee to any savings bank, savings and loan association, bank, bank holding
company, savings and loan holding company, or other institution engaged in the
business of accepting deposits, making loans or doing business within the
counties specified in Section 14, that is intended, or that a reasonable person
acting in like circumstances would expect, to have the effect of causing any
officer or employee of the Employers or any of their subsidiaries or affiliates
to terminate his employment and accept employment or become affiliated with, or
provide services for compensation in any capacity whatsoever to, any savings
bank, savings and loan association, bank, bank holding company, savings and loan
holding company, or other

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    institution
engaged in the business of accepting deposits, making loans or doing business
within the counties specified in Section 14; or

    

    (c)           solicit,
provide any information, advice or recommendation or take any other action
intended, or that a reasonable person acting in like circumstances would expect,
to have the effect of causing any customer of the Company or the Bank to
terminate an existing business or commercial relationship with the Company or
the Bank.

    

    SECTION
17.                           NO
EFFECT ON EMPLOYEE BENEFIT PLANS OR PROGRAMS.

    

    The termination of the Executive’s
employment during the Employment Period or thereafter, whether by the Employers
or by the Executive, shall have no effect on the vested rights of the Executive
under the Bank’s qualified or non-qualified retirement, savings, ESOP or stock
bonus plans, group life, health (including hospitalization, medical and major
medical), dental, accident and long term disability insurance plans, or other
employee benefit plans or programs, or compensation plans or programs in which
the Executive was a participant.

    

    SECTION
18.                           SUCCESSORS
AND ASSIGNS.

    

    (a)           This
Agreement is personal to each of the parties hereto, and no party may assign or
delegate any of its rights or obligations hereunder without first obtaining the
written consent of the other parties; provided, however, that the Employers will
require any successor or assign (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Employers, by an assumption agreement in form and substance
reasonably satisfactory to the Executive, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the
Employers would be required to perform it if no such succession or assignment
had taken place.  Failure of the Employers to obtain such an
assumption agreement prior to the effectiveness of any such succession or
assignment shall be a breach of this Agreement and shall entitle the Executive
to compensation from the Employers in the same amount and on the same terms as
the compensation pursuant to Sections 9 or 11 hereof.  For purposes of
implementing the provisions of this Section 18(a), the date on which any such
succession without an assumption agreement becomes effective shall be the date
of termination of the Executive’s employment.

    

    (b)           This
Agreement and all rights of the Executive hereunder shall inure to the benefit
of and be enforceable by the Executive’s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devises and
legatees.

    

    SECTION
19.                           NOTICES.

    

    Any communication required or permitted
to be given under this Agreement, including any notice, direction, designation,
consent, instruction, objection or waiver, shall be in writing and shall be
deemed to have been given at such time as it is delivered personally, or five
days after mailing if mailed, postage prepaid, by registered or certified mail,
return receipt requested, addressed to such party at the address listed below or
at such other address as one such party may by written notice specify to the
other party:

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    If to the
Executive:

    

    Glenn I.
MacInnes

    At the
address last appearing

    on the
personnel records of

    the
Employers

    

    with a
copy, in the case of a notice to the Executive, to:

    

    John D.
Schupper, Esq.

    Lowenstein
Sandler PC

    65
Livingston Avenue

    Roseland,
New Jersey  07068

    

    (or such
other counsel as Executive may subsequently designate

    in
accordance with this provision)

    

    If to the
Employers:

    

    NewAlliance
Bancshares, Inc.

    NewAlliance
Bank

    195
Church Street

    New
Haven, CT  06510

    (or the
address of the Bank’s principal executive office, if different)

    Attention:
Chief Executive Officer

    

    with a
copy, in the case of a notice to the Employers, to:

    

    Gerald F.
Heupel, Jr., Esq.

    Elias,
Matz, Tiernan & Herrick L.L.P.

    734
15th
Street, N.W., 11th
Floor

    Washington,
D.C.  20005

    

    SECTION
20.                           INDEMNIFICATION
FOR ATTORNEYS’ FEES.

    

    (a)           The
Employers shall indemnify, hold harmless and defend the Executive against
reasonable costs, including legal fees and expenses, incurred by him in
connection with or arising out of any action, suit or proceeding in which he may
be involved, as a result of his efforts, in good faith, to defend or enforce the
terms of this Agreement.  For purposes of this Agreement, any
settlement agreement which provides for payment of any amounts in settlement of
the Employers’ obligations hereunder shall be conclusive evidence of the
Executive’s entitlement to indemnification hereunder, and any such
indemnification payments shall be in addition to amounts payable pursuant to
such settlement agreement, unless such settlement agreement expressly provides
otherwise.

    
      
        
        

      

      
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    (b)           The
Employers’ obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which
the Employers may have against the Executive or others.  Unless it is
determined that a claim made by the Executive was either frivolous or made in
bad faith, the Employers agree to pay as incurred (and in any event no later
than March 15 of the year immediately following the year in which incurred), to
the full extent permitted by law, all legal fees and expenses which the
Executive may reasonably incur as a result of or in connection with his
consultation with legal counsel or arising out of any action, suit, proceeding
or contest (regardless of the outcome thereof) by the Employers, the Executive
or others regarding the validity or enforceability of, or liability under, any
provision of this Agreement or any guarantee of performance thereof (including
as a result of any contest by the Executive about the amount of any payment
pursuant to this Agreement), plus in each case interest on any delayed payment
at the applicable federal rate provided for in Section 7872(f)(2)(A) of the
Code.  This Section 20(b) shall apply whether such consultation,
action, suit, proceeding or contest arises before, on, after or as a result of a
Change in Control.

    

    SECTION
21.                           SEVERABILITY.

    

    A determination that any provision of
this Agreement is invalid or unenforceable shall not affect the validity or
enforceability of any other provision hereof.

    

    SECTION
22.                           WAIVER.

    

    Failure to insist upon strict
compliance with any of the terms, covenants or conditions hereof shall not be
deemed a waiver of such term, covenant or condition.  A waiver of any
provision of this Agreement must be made in writing, designated as a waiver, and
signed by the party against whom its enforcement is sought.  Any
waiver or relinquishment of any right or power hereunder at any one or more
times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times.

    SECTION
23.                           COUNTERPARTS.

    

    This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, and all of
which shall constitute one and the same Agreement.

    

    SECTION
24.                           GOVERNING
LAW.

    

    This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Connecticut
applicable to contracts entered into and to be performed entirely within the
State of Connecticut, except to the extent that federal law
controls.

    

    SECTION
25.                           HEADINGS
AND CONSTRUCTION.

    

    The headings of sections in this
Agreement are for convenience of reference only and are not intended to qualify
the meaning of any section.  Any reference to a section number shall
refer to a section of this Agreement, unless otherwise stated.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    SECTION
26.                           ENTIRE
AGREEMENT; MODIFICATIONS.

    

    This instrument contains the entire
agreement of the parties relating to the subject matter hereof, and supersedes
in its entirety any and all prior agreements, understandings or representations
relating to the subject matter hereof.  No modifications of this
Agreement shall be valid unless made in writing and signed by the parties
hereto.

    

    SECTION
27.                           REQUIRED
REGULATORY PROVISIONS.

    

    Notwithstanding anything herein
contained to the contrary, any payments to the Executive by the Employers,
whether pursuant to this Agreement or otherwise, are subject to and conditioned
upon their compliance with Section 18(k) of the Federal Deposit Insurance Act,
12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12
C.F.R. Part 359.

    

    SECTION
28.                           DISPUTE
RESOLUTION.

    

    (a)           In
the event of any dispute, claim, question or disagreement arising out of or
relating to this Agreement or any breach hereof, the parties hereto shall use
their best efforts to settle such dispute, claim, question or
disagreement.  To this effect, they shall consult and negotiate with
each other, in good faith, and, recognizing their mutual interests, attempt to
reach a just and equitable solution satisfactory to both parties.

    

    (b)           If
they do not reach such a solution within a period of thirty (30) days, then the
parties agree first to endeavor in good faith to amicably settle their dispute
by mediation under the Commercial Mediation Rules of the American Arbitration
Association (the “AAA”), before resorting to arbitration.

    

    (c)           Thereafter,
any unresolved controversy or claim arising out of or relating to this Agreement
or the breach thereof, upon notice by any party to the other, shall be submitted
to and finally settled by arbitration in accordance with the Commercial
Arbitration Rules (the “Rules”) of the AAA in effect at the time demand for
arbitration is made by any such party.  The parties shall mutually
agree upon a single arbitrator within thirty (30) days of such
demand.  In the event that the parties are unable to so agree within
such thirty (30) day period, then within the following thirty (30) day period,
one arbitrator shall be named by each party.  A third arbitrator shall
be named by the two arbitrators so chosen within ten (10) days after the
appointment of the first two arbitrators.  In the event that the third
arbitrator is not agreed upon, he shall be named by the
AAA.  Arbitration shall occur in New Haven, Connecticut or such other
location as may be mutually agreed to by the parties.

    

    (d)           The
award made by all or a majority of the panel of arbitrators shall be final and
binding, and judgment may be entered based upon such award in any court of law
having competent jurisdiction.  The award is subject to confirmation,
modification, correction or vacation only as explicitly provided in Title 9 of
the United States Code.  The prevailing party shall be entitled to
receive any award of pre- and post-award interest as well as attorney’s fees
incurred in connection with the arbitration and any judicial proceedings related
thereto.  The

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    parties
acknowledge that this Agreement evidences a transaction involving interstate
commerce.  The United States Arbitration Act and the Rules shall
govern the interpretation, enforcement, and proceedings pursuant to this
Section.  Any provisional remedy which would be available from a court
of law shall be available from the arbitrators to the parties to this Agreement
pending arbitration.  Either party may make an application to the
arbitrators seeking injunctive relief to maintain the status quo, or may seek
from a court of competent jurisdiction any interim or provisional relief that
may be necessary to protect the rights and property of that party, until such
times as the arbitration award is rendered or the controversy otherwise
resolved.

    

    [signature
page follows]

     

    
 

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, the Company and the
Bank have caused this Agreement to be executed by their duly authorized officers
and the Executive has hereunto set his hand, all as of the date of this
Agreement.

    

    THIS AGREEMENT CONTAINS A BINDING
ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

    

    

    

    
      	 
      	/s/
      Glenn I. MacInnes
	 
      	
              Glenn
      I. MacInnes, Executive

            
	 
      	 
      
	
              ATTEST:

            	
              NEWALLIANCE
      BANK

            
	 
      	 
      
	 
      	 
      
	
              By:
      /s/ William W. Bouton
      III

            	
              By: 
      /s/ Peyton R.
      Patterson

            
	
              Name: 
      William W. Bouton III

            	
              Peyton
      R. Patterson

            
	
              Title: 
      Counsel

            	
              Chairman
      and Chief Executive Officer

            
	 
      	 
      
	
              ATTEST:

            	
              NEWALLIANCE
      BANCSHARES, INC

            
	 
      	 
      
	 
      	 
      
	
              By: 
      /s/ William W. Bouton
      III

            	
              By: 
      /s/ Peyton R.
      Patterson

            
	
              Name: 
      William W. Bouton III

            	
              Peyton
      R. Patterson

            
	
              Title: 
      Counsel

            	
              Chairman,
      President and Chief

            
	 
      	
              Executive
      Officer

            

    

    

    

    

    

    

    20

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