Document:

Unassociated Document

    
      

    

    

     

    AMENDED
      AND RESTATED

    

    TRUST
      AGREEMENT

    

    

    between

    

    FORD
      CREDIT AUTO RECEIVABLES TWO LLC,

    as
      Depositor

    

    and

    

    U.S.
      BANK
      TRUST

    NATIONAL
      ASSOCIATION,

    as
      Owner
      Trustee

    for

    Ford
      Credit Auto Owner Trust 2007-A

    

    Dated
      as
      of June 1, 2007

     

     

    
      
        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF CONTENTS

    

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
                I USAGE AND DEFINITIONS

            	
              1

            
	 	 	 
	
              ARTICLE
                II ORGANIZATION OF THE TRUST

            	
              1

            
	
               

            	 	 
	
              Section
                2.1

            	
              Name

            	
              1

            
	
              Section
                2.2

            	
              Office

            	
              1

            
	
              Section
                2.3

            	
              Purposes
                and Powers

            	
              1

            
	
              Section
                2.4

            	
              Appointment
                of the Owner Trustee

            	
              2

            
	
              Section
                2.5

            	
              Contribution
                and Conveyance of Trust Property

            	
              2

            
	
              Section
                2.6

            	
              Declaration
                of Trust

            	
              2

            
	
              Section
                2.7

            	
              Liability
                of the Depositor; Conduct of Activities; Liability to Third
                Parties

            	
              2

            
	
              Section
                2.8

            	
              Title
                to Trust Property

            	
              2

            
	
              Section
                2.9

            	
              Situs
                of Issuer

            	
              2

            
	
              Section
                2.10

            	
              Representations
                and Warranties of the Depositor

            	
              3

            
	
              Section
                2.11

            	
              Tax
                Matters

            	
              4

            
	 	 	 
	
              ARTICLE
                III RESIDUAL INTEREST AND TRANSFER OF INTERESTS

            	
              5

            
	 	 	 
	
              Section
                3.1

            	
              The
                Residual Interest

            	
              5

            
	
              Section
                3.2

            	
              Registration
                of Residual Interests; Transfer of the Residual Interest

            	
              6

            
	
              Section
                3.3

            	
              Capital
                Accounts

            	
              7

            
	
              Section
                3.4

            	
              Maintenance
                of Office or Agency

            	
              7

            
	
              Section
                3.5

            	
              Distributions
                to the Holder of the Residual Interest

            	
              7

            
	 	 	 
	
              ARTICLE
                IV APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

            	
              7

            
	 	 	 
	
              Section
                4.1

            	
              Application
                of Trust Funds

            	
              7

            
	
              Section
                4.2

            	
              Method
                of Payment

            	
              8

            
	 	 	 
	
              ARTICLE
                V AUTHORITY AND DUTIES OF THE OWNER TRUSTEE

            	
              8

            
	 	 	 
	
              Section
                5.1

            	
              General
                Authority

            	
              8

            
	
              Section
                5.2

            	
              General
                Duties

            	
              8

            
	
              Section
                5.3

            	
              Action
                upon Prior Notice with Respect to Certain Matters

            	
              8

            
	
              Section
                5.4

            	
              Action
                upon Direction by the Holder of the Residual Interest with Respect
                to
                Certain Matters

            	
              9

            
	
              Section
                5.5

            	
              Action
                with Respect to Bankruptcy

            	
              9

            
	
              Section
                5.6

            	
              Action
                upon Instruction

            	
              9

            
	
              Section
                5.7

            	
              No
                Duties Except as Specified in this Agreement or in
                Instructions

            	
              10

            
	
              Section
                5.8

            	
              No
                Action Except Under Specified Documents or Instructions

            	
              10

            
	
              Section
                5.9

            	
              Prohibition
                on Certain Actions

            	
              10

            
	
              Section
                5.10

            	
              Audits
                of the Owner Trustee

            	
              10

            
	
              Section
                5.11

            	
              Furnishing
                of Documents

            	
              11

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.12

            	
              Sarbanes-Oxley
                Act

            	
              11

            
	
              Section
                5.13

            	
              Maintenance
                of Licenses

            	
              11

            
	
               

            	 	 
	
              ARTICLE
                VI REGARDING THE OWNER TRUSTEE

            	
              11

            
	 	 	 
	
              Section
                6.1

            	
              Acceptance
                of Trusts and Duties

            	
              11

            
	
              Section
                6.2

            	
              Representations
                and Warranties of the Owner Trustee

            	
              12

            
	
              Section
                6.3

            	
              Reliance;
                Advice of Counsel

            	
              13

            
	
              Section
                6.4

            	
              Not
                Acting in Individual Capacity

            	
              13

            
	
              Section
                6.5

            	
              U.S.
                Bank Trust National Association May Own Notes

            	
              13

            
	
              Section
                6.6

            	
              Duty
                to Update Disclosure

            	
              14

            
	 	 	 
	
              ARTICLE
                VII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE; ORGANIZATIONAL
                EXPENSES

            	
              14

            
	 	 	 
	
              Section
                7.1

            	
              Owner
                Trustee's Fees and Expenses

            	
              14

            
	
              Section
                7.2

            	
              Indemnification
                of the Owner Trustee

            	
              14

            
	
              Section
                7.3

            	
              Organizational
                Expenses of the Issuer

            	
              15

            
	
              Section
                7.4

            	
              Certain
                Expenses of the Indenture Trustee

            	
              15

            
	 	 	 
	
              ARTICLE
                VIII TERMINATION

            	
              15

            
	 	 	 
	
              Section
                8.1

            	
              Termination
                of Trust Agreement

            	
              15

            
	 	 	 
	
              ARTICLE
                IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

            	
              16

            
	 	 	 
	
              Section
                9.1

            	
              Eligibility
                Requirements for the Owner Trustee

            	
              16

            
	
              Section
                9.2

            	
              Resignation
                or Removal of the Owner Trustee

            	
              16

            
	
              Section
                9.3

            	
              Successor
                Owner Trustee

            	
              17

            
	
              Section
                9.4

            	
              Merger
                or Consolidation of the Owner Trustee

            	
              17

            
	
              Section
                9.5

            	
              Appointment
                of Separate Trustee or Co-Trustee

            	
              17

            
	
              Section
                9.6

            	
              Compliance
                with Delaware Statutory Trust Act

            	
              18

            
	 	 	 
	
              ARTICLE
                X MISCELLANEOUS

            	
              18

            
	 	 	 
	
              Section
                10.1

            	
              Supplements
                and Amendments

            	
              18

            
	
              Section
                10.2

            	
              No
                Legal Title to Trust Property in the Holder of the Residual
                Interest

            	
              20

            
	
              Section
                10.3

            	
              Limitation
                on Rights of Others

            	
              20

            
	
              Section
                10.4

            	
              Notices

            	
              21

            
	
              Section
                10.5

            	
              GOVERNING
                LAW

            	
              21

            
	
              Section
                10.6

            	
              WAIVER
                OF JURY TRIAL

            	
              21

            
	
              Section
                10.7

            	
              Severability

            	
              21

            
	
              Section
                10.8

            	
              Counterparts

            	
              21

            
	
              Section
                10.9

            	
              Headings

            	
              21

            
	
              Section
                10.10

            	
              No
                Petition

            	
              22

            
	 	 	 
	 	 	 
	
              Exhibit
                A

            	
              Form
                of Certificate of Trust

            	
              A-1

            

    

     

    
      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

    

     

    AMENDED
      AND RESTATED TRUST AGREEMENT, dated as of June 1, 2007 (this
      "Agreement"), between FORD CREDIT AUTO RECEIVABLES TWO LLC, a Delaware
      limited liability company, as Depositor, and U.S. BANK TRUST NATIONAL
      ASSOCIATION, a national banking association, not in its individual capacity
      but
      solely as trustee under this Agreement, to establish Ford Credit Auto Owner
      Trust 2007-A.

    

    BACKGROUND

    

    The
      parties to this Agreement wish to amend and restate the interim Trust Agreement,
      dated as of October 13, 2006, between the Depositor and the Owner Trustee as
      set
      forth in this Agreement.

    

    ARTICLE
      I

    USAGE
      AND
      DEFINITIONS

    

    Capitalized
      terms used but not otherwise defined in this Agreement are defined in Appendix
      A
      to the Sale and Servicing Agreement.  Appendix A also contains rules
      as to usage applicable to this Agreement.  Appendix A is incorporated
      by reference into this Agreement.

    

    ARTICLE
      II

    ORGANIZATION
      OF THE TRUST

    

    Section
      2.1    Name.  The
      trust was created and is known as "Ford Credit Auto Owner Trust 2007-A", in
      which name the Owner Trustee may conduct the activities of the Issuer, make
      and
      execute contracts and other in­struments on behalf of the Issuer and sue and
      be sued on behalf of the Issuer.

    

    Section
      2.2    Office.  The
      office of the Issuer is in care of the Owner Trustee at its Corporate Trust
      Office.

    

    Section
      2.3    Purposes and
      Powers.

    

    (a)         The
      purpose of the Issuer is, and the Issuer will have the power and authority,
      to
      engage in the following activities:

    

    (i)    to
      acquire
      the Receivables and other Trust Property pursuant to the Sale and Servicing
      Agreement from the Depositor in exchange for the Notes and the Residual
      Interest;

    

    (ii)           to
      Grant the Collateral to the Indenture Trustee pursuant to the
      Indenture;

    

    (iii)          to
      enter into and perform its obligations under the Basic Documents;

    

    (iv)          to
      enter into and perform its obligations under any interest rate protection
      agreement or agreements with one or more counterparties;

    

    (v)           to
      issue the Notes pursuant to the Inden­ture and to sell the Notes upon the
      order of the Depositor;

    

    (vi)          to
      pay interest on and principal of the Notes;

    

    (vii)         to
      issue additional securities pursuant to one or more supple­mental indentures
      or amendments to this Agreement and to transfer all or a portion of such
      securities to the Depositor or other holder of a Residual Interest, subject
      to
      compliance with the Basic Documents, in exchange for all or a portion of the
      Residual Interest;

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    (viii)         to
      engage in those activities, including entering into agree­ments, that are
      necessary, appropriate or convenient to accomplish the foregoing or are
      incidental to the foregoing; and

    

    (ix)           subject
      to compliance with the Basic Documents, to engage in such other activities
      as
      may be required in connection with conservation of the Trust Property and the
      making of payments to the Noteholders and distributions to the holder of the
      Residual Interest.

    

    (b)         The
      Issuer will not engage in any activity other than as required or authorized
      by
      this Agreement or the other Basic Documents.

    

    Section
      2.4    Appointment of the
      Owner Trustee.  The
      Depositor appoints the Owner Trustee as trustee of the Issuer effective as
      of
      the Cutoff Date, to have all the rights, powers and duties set forth in this
      Agreement.

    

    Section
      2.5    Contribution and
      Conveyance of Trust Property.  As
      of the date of the Trust formation, the Depositor contributed to the Owner
      Trustee the amount of $1.  The Owner Trustee acknowledges receipt in
      trust from the Depositor, as of such date, of such contribution, which
      constitutes the initial Trust Property.  On the Closing Date, the
      Depositor will sell to the Issuer the Trust Property in exchange for the
      Notes.

    

    Section
      2.6    Declaration of
      Trust.  The
      Owner Trustee will hold the Trust Property in trust upon and subject to the
      conditions set forth in this Agreement for the use and benefit of the holder
      of
      the Residual Interest, subject to the obligations of the Issuer under the Basic
      Documents.  It is the intention of the parties that the Issuer
      constitute a statutory trust under the Delaware Statutory Trust Act and that
      this Agreement constitute the governing instrument of such statutory
      trust.  Effective as of the Cutoff Date, the Owner Trustee will have
      the rights, powers and duties set forth in this Agreement and in the Delaware
      Statutory Trust Act with respect to accomplishing the purposes of the
      Issuer.  A Certificate of Trust substantially in the form of Exhibit A
      and any necessary certificate of amendment has been filed with the Secretary
      of
      State of the State of Delaware.

    

    Section
      2.7    Liability of the
      Depositor; Conduct of Activities; Liability to Third Parties.

    

    (a)         The
      Depositor, as initial holder of the entire Residual Interest, will be entitled
      to the same limitation of personal liability extended to stockholders or a
      private corporation for profit organized under the Delaware General Corporation
      Law.

    

    (b)         The
      activities and affairs of the Issuer will be operated in such a manner as to
      preserve (i) the limited liability of the Depositor, (ii) the separateness
      of
      the Issuer from the activities of the Depositor and Ford Credit and (iii) until
      1 year and 1 day after all Notes and any additional securities issued pursuant
      to Section 3.1(b) are paid in full, the bankruptcy remote status of the
      Issuer.

    

    (c)         Except
      as otherwise provided in this Agreement, none of the Depositor, the
      Administrator or any of their Affiliates or any manager, officer or employee
      of
      any such Person, will be liable for the debts, obligations or liabilities of
      the
      Issuer.

    

    Section
      2.8    Title to Trust
      Property.  Legal
      title to the Trust Property will be vested in the Issuer as a separate legal
      entity, except where applicable law in any jurisdiction requires title to any
      part of the Trust Property to be vested in a trustee or trustees, in which
      case
      title will be deemed to be vested in the Owner Trustee, a co­-trustee and/or
      a separate trustee, as the case may be.

    

    Section
      2.9    Situs of
Issuer.  The
      Issuer will be administered in the State of Delaware.  All bank
      accounts maintained by the Owner Trustee on behalf of the Issuer will be located
      in the State of Delaware.  The Issuer will not have any employ­ees
      in any state other than the State of Delaware, except that U.S. Bank Trust
      National Association, in its capacity as Owner Trustee or any other capacity,
      may have employees within or outside the State of Delaware.  Payments
      will be received by the Issuer only in Delaware, and payments will be made
      by
      the Issuer only from Delaware.  The principal office of the Issuer
      will be in care of the Owner Trustee in the State of Delaware.

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    Section
      2.10    Representations
      and Warranties of the Depositor.  The
      Depositor represents and warrants to the Owner Trustee as of the Closing
      Date:

    

    (a)         Organization
      and Qualification.  The Depositor is duly organized and is validly
      existing as a limited liability company in good standing under the laws of
      the
      State of Delaware.  The Depositor is qualified as a foreign limited
      liability company in good standing and has obtained all necessary licenses
      and
      approvals in all jurisdictions in which the ownership or lease of its properties
      or the conduct of its activities requires such qualification, license or
      approval, unless the failure to obtain such qualifications, licenses or
      approvals would not have a material adverse effect on the Depositor's ability
      to
      perform its obligations under this Agreement or the other Basic Documents to
      which it is a party.

    

    (b)         Power,
      Authorization and Enforceability.  The Depositor has the
      power and authority to execute, deliver and perform the terms of this
      Agreement.  The Depositor has authorized the execution, delivery and
      performance of the terms of each of the Basic Documents to which it is a
      party.  Each of the Basic Documents to which the Depositor is a party
      is the legal, valid and binding obligation of the Depositor enforceable against
      the Depositor, except as may be limited by insolvency, bankruptcy,
      reorganization or other laws relating to the enforcement of creditors' rights
      or
      by general equitable principles.

    

    (c)         No
      Conflicts and No Violation.  The consummation of the transactions
      contemplated by the Basic Documents to which the Depositor is a party and the
      fulfillment of the terms of the Basic Documents to which the Depositor is a
      party will not: (i) conflict with or result in a material breach of the
      terms or provisions of, or constitute a default under any indenture, mortgage,
      deed of trust, loan agreement, guarantee or similar agreement or instrument
      under which the Depositor is a debtor or guarantor, (ii) result in the creation
      or imposition of any lien, charge or encumbrance upon any of the properties
      or
      assets of the Depositor pursuant to the terms of any such indenture, mortgage,
      deed of trust, loan agreement, guarantee or similar agreement or instrument
      (other than this Agreement) (iii) violate the Certificate of Formation or
      Limited Liability Company Agreement, or (iv) violate any law or, to the
      Depositor's knowledge, any order, rule, or regulation applicable to the
      Depositor of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having jurisdiction
      over the Depositor or its properties, in each case which conflict, breach,
      default, lien, or violation would reasonably be expected to have a material
      adverse effect on the Depositor's ability to perform its obligations under
      the
      Basic Documents.

    

    (d)         No
      Proceedings.  To the Depositor's knowledge, there are no
      proceedings or investigations pending or overtly threatened in writing, before
      any court, regulatory body, administrative agency, or other governmental
      instrumentality having jurisdiction over the Depositor or its properties: (i)
      asserting the invalidity of any of the Basic Documents or the Notes, (ii)
      seeking to prevent the issuance of the Notes or the consummation of any of
      the
      transactions contemplated by any of the Basic Documents, (iii) seeking any
      determination or ruling that would reasonably be expected to have a material
      adverse affect on the Depositor's ability to perform its obligations under,
      or
      the validity or enforceability of, any of the Basic Documents or the Notes
      or
      (iv) that would reasonably be expected to (A) affect the treatment of the Notes
      as indebtedness for U.S. federal income or Applicable Tax State income or
      franchise tax purposes (B) be deemed to cause a taxable exchange of the Notes
      for U.S. federal income tax purposes, (C) cause the Issuer to be treated as
      an
      association or publicly traded partnership taxable as a corporation for U.S.
      federal income tax purposes or (D) cause the Issuer to incur Michigan Single
      Business Tax liability other than such proceedings that, to the Depositor's
      knowledge, would not reasonably be expected to have a material adverse effect
      upon the Depositor or materially and adversely affect the performance by the
      Depositor of its obligations under, or the validity and enforceability of,
      the
      Basic Documents or the Notes.

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    Section
      2.11    Tax
      Matters.

     

    (a)         It
      is the intention of the parties and Ford Credit that, for purposes of U.S.
      federal in­come, state and local income and franchise tax and any other
      income taxes, so long as the Issuer has no equity owner other than the Depositor
      (as determined for U.S. federal income tax purposes), the Issuer be treated
      as
      an entity disregarded as separate from the Depositor.  If beneficially
      owned by a Person other than Ford Credit, each Class of Notes is intended to
      be
      treated as indebtedness for U.S. federal income tax purposes.  The
      Depositor agrees, and the Noteholders by acceptance of their Notes agree in
      the
      Indenture, to such treatment and each agrees to take no action inconsistent
      with
      such treatment.

    

    (b)         If
      one or more Classes of Notes is recharacterized as an equity interest in the
      Issuer, and not as indebtedness (any such Class, a "Recharacterized
      Class") and any such Recharacterized Class is treated as not owned by Ford
      Credit or the Depositor (if the Depositor is not an entity disregarded as
      separate from Ford Credit for U.S. federal income tax purposes) for U.S. federal
      income, or State or local income, franchise or single business tax purposes,
      the
      parties intend that the Issuer be characterized as a partnership among Ford
      Credit or the Depositor (to the extent either is at that time treated as an
      equity owner of the Issuer for U.S. federal income tax purposes), any other
      holder of the Residual Interest and any holders of the Recharacterized Class
      or
      Classes.  In that event, for purposes of U.S. federal income, State
      and local income, franchise tax and single business taxes each
      month:

    

    (i)       amounts
      paid as interest to holders of any Recharacterized Class will be treated as
      a
      guaranteed payment within the meaning of Section 707(c) of the
      Code;

    

    (ii)           to
      the extent the characterization provided for in Section 2.11(a) is not
      respected, gross ordinary income of the Issuer for such month as determined
      for
      U.S. federal income tax purposes will be allocated to the holders of each
      Recharacterized Class as of the Record Date occurring within such month, in
      an
      amount equal to the sum of (A) the interest accrued to such Recharacterized
      Class for such month, (B) the portion of the market discount on the Receivables
      accrued during such month that is allocable to the excess, if any, of the
      aggregate initial Note Balance of such Recharacterized Class over the initial
      aggregate issue price of the Notes of such Recharacterized Class and (C) any
      amount expected to be distributed to the holders of such Class of Notes pursuant
      to Section 8.2 of the Indenture (to the extent not previously allocated pursuant
      to this Section 2.11(b)(ii)) to the extent necessary to reverse any net loss
      previously allocated to holders of the Notes of such Recharacterized Class
      (to
      the extent not previously reversed pursuant to this Section 2.11(b)(ii)(C));
      and

    

    (iii)           thereafter
      all remaining net income of the Issuer (subject to the modifications set forth
      below) for such month as determined for U.S. federal income tax purposes (and
      each item of income, gain, credit, loss or deduction entering into the
      computation thereof) will be allocated to the holder of the Residual
      Interest.

    

    If
      the
      gross ordinary income of the Issuer for any month is insufficient for the
      allocations described in Section 2.11(b)(ii) above, subsequent gross ordinary
      income will first be allocated to each Recharacterized Class in alphabetical
      order to make up such shortfall before any allocation pursuant to Section
      2.11(b)(iii).  Net losses of the Issuer, if any, for any month as
      determined for U.S. federal income tax purposes (and each item of income, gain,
      credit, loss or deduction entering into the computation thereof) will be
      allocated to the holder of the Residual Interest to the extent the holder of
      the
      Residual Interest is reasonably expected to bear the economic burden of such
      net
      losses, and any remaining net losses will be allocated in reverse alphabetical
      order to each Recharacterized Class, in each case, until the Note Balance of
      such Recharacterized Class is reduced to zero as of the Record Date occurring
      within such month, and among each Recharacterized Class, in proportion to their
      ownership of the aggregate Note Balance of such Recharacterized Class on such
      Record Date. The tax matters partner designated pursuant to Section 2.11(f)
      is
      authorized to modify the allocations in this Section 2.11(b) if necessary or
      appropriate, in its sole discretion, for the allocations to fairly reflect
      the
      economic income, gain or loss to the holder of the Residual Interest or the
      holders of a Recharacterized Class or as otherwise required by the
      Code.

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    (c)         The
      parties agree that, unless otherwise re­quired by the appropriate tax
      authorities, the Depositor, on behalf of the Issuer, will file or cause to
      be
      filed annual or other necessary returns, reports and other forms consistent
      with
      the characterizations described in Section 2.11(a).

    

    (d)         The
      Owner Trustee will not elect or cause the Issuer to elect, and the other parties
      to this Agreement will not elect or permit an election to be made, to treat
      the
      Issuer as an association taxable as a corporation for U.S. federal income tax
      purposes pursuant to Treas. Reg. §301.7701-3.

    

    (e)         If
      at any time the Issuer is not treated as an entity disregarded as separate
      from
      the Depositor for U.S. federal income tax purposes, the Owner Trustee will,
      based on informa­tion provided by or on behalf of the Depositor, (i)
      maintain the books of the Issuer on the basis of a calendar year and the accrual
      method of accounting, (ii) deliver to the holder of the Residual Interest such
      information as may be required under the Code to enable such holder to prepare
      its U.S. federal and State income tax returns, (iii) file any tax returns
      relating to the Issuer and make such elec­tions as may be required or
      appropriate under any applicable U.S. federal or State statute and (iv) collect
      any withholding tax as described in and in accordance with Section
      4.1(c).

    

    (f)         If
      at any time the Issuer is not an entity disregarded as separate from the
      Depositor for U.S. federal income tax purposes, the Depositor so long as it
      is
      treated as holding any equity interest in the Issuer for U.S. federal income
      tax
      purposes, and otherwise, the owner of such equity interests designated by a
      majority of such owners, will (i) prepare and sign, on behalf of the Issuer,
      the
      tax returns of the Issuer and (ii) be designated the "tax matters partner"
      of
      the Issuer pursuant to Section 6231(a)(7)(A) of the Code.

    

    ARTICLE
      III

    RESIDUAL
      INTEREST AND TRANSFER OF INTERESTS

    

    Section
      3.1    The Residual
      Interest.

    

    (a)         Upon
      the formation of the Issuer by the contribution and conveyance by the Depositor
      pursuant to Section 2.5, the Depositor will be the sole holder of the Residual
      Interest.  The holder of the Residual Interest will be entitled, pro
      rata, to any amounts not needed on any Payment Date to make payments on the
      Notes and on all other obligations to be paid under the Indenture and this
      Agreement, and to receive amounts remaining in the Re­serve Account
      following the payment in full of the Notes and of all other amounts owing or
      to
      be distributed under this Agreement, the Indenture or the Sale and Servicing
      Agreement to the Secured Parties upon the termination of the
      Issuer.

    

    (b)         The
      Depositor may exchange its Residual Interest for additional securities issued
      by
      the Issuer pursuant to one or more supplemental indentures to the Indenture
      or
      amendments to this Agreement.  Such additional securities may consist
      of one or more classes of notes, certificates or other securities, as directed
      by the Depositor, each having the characteristics, rights and obligations as
      may
      be directed by the Depositor (which may include subordination to one or more
      other classes of such additional securities), provided:

    

    (i)       the
      rights of the holders of such additional securities, when taken as a whole,
      are
      no greater than the rights of the holder of the Residual Interest immediately
      prior to the issuance of such additional securities (unless all Noteholders
      of
      Outstanding Notes otherwise consent);

    

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

    (ii)           the
      Depositor delivers an Opinion of Counsel to the Indenture Trustee and the Owner
      Trustee to the effect that the issuance of such additional securities will
      not
      (A) adversely affect in any material respect the interest of any Noteholder,
      (B)
      cause any Note to be deemed sold or exchanged for purposes of Section 1001
      of
      the Code, (C) cause the Issuer to be treated as an association or publicly
      traded partnership taxable as a corporation for U.S. federal income tax
      purposes, or (D) adversely affect the treatment of the Notes as debt for U.S.
      federal income tax purposes; and

    

    (iii)           the
      Depositor either delivers to the Indenture Trustee and the Owner Trustee (A)
      an
      Opinion of Counsel to the effect that, after giving effect to such exchange,
      there will be no withholding imposed under Sections 1441 or 1442 of the Code
      in
      respect of payments on any such additional security or that the withholding
      tax
      imposed will be no greater than the withholding tax imposed prior to such
      exchange or (B) an Officer's Certificate that states withholding is applicable
      to payments on any such additional securities, the rate of withholding tax
      required on such payments, and that such amounts will be withheld and remitted
      to the Internal Revenue Service in satisfaction of the requirements of Sections
      1441 and 1442 of the Code.

    

    Without
      limiting the foregoing, one or more classes of such additional securities may,
      if so directed by the Depositor, be secured by all or a portion of the Trust
      Property, so long as such security interest, is subordinated in priority to
      the
      security interest granted to the Secured Parties pursuant to the
      Indenture.  Subject to this Section 3.1(b) and the other terms of the
      Basic Documents, the Owner Trustee, on behalf of the Issuer, will take (at
      the
      expense of the Depositor) all actions requested by the Depositor to facilitate
      the issuance and sale of any such additional securities or the Grant and
      perfection of any security interest granted pursuant to this Section 3.1(b),
      including the authorization of the filing of any financing statements in
      jurisdictions deemed necessary or advisable by the Depositor to perfect such
      security interest.

    

    Section
      3.2    Registration of
      Residual Interests; Transfer of the Residual Interest.  The
      Issuer appoints the Owner Trustee to be the "Trust Registrar" and to keep
      a register (the "Trust Register") for the purpose of registering Residual
      Interests and transfers of Residual Interests as provided in this
      Agreement.  Upon any resignation of the Trust Registrar, the Issuer
      will promptly appoint a successor or, if it elects not to make such an
      appointment, assume the duties of Trust Registrar.  The holder of the
      Residual Interest may not sell, transfer, assign or convey its rights in the
      Residual Interest to Ford Credit at any time.  The holder of the
      Residual Interest will be permitted to sell, transfer, assign or convey its
      rights in the Residual Interest to any Person that is treated as being an entity
      separate from Ford Credit for U.S. federal income tax purposes if the following
      conditions are satisfied:

    

    (a)         such
      holder of a Residual Interest delivers an Opinion of Counsel to the Issuer
      and
      the Indenture Trustee to the effect that such action will not cause the Issuer
      to be or become characterized for U.S. federal or any then Applicable Tax State
      income tax purposes as an association or publicly traded partnership taxable
      as
      a corporation;

    

    (b)         such
      holder of a Residual Interest delivers to the Indenture Trustee and the Owner
      Trustee (i) an Opinion of Counsel to the effect that, after giving effect to
      such action, there will be no withholding imposed under Sections 1441 or 1442
      of
      the Code in respect of payments on any such transferred security or that the
      withholding tax imposed will be no greater than the withholding tax imposed
      prior to such transfer or (ii) an Officer's Certificate that states withholding
      is applicable to payments on any such transferred security, the rate of
      withholding tax required on such payments, and that such amounts will be
      withheld and remitted to the Internal Revenue Service in satisfaction of the
      requirements of Sections 1441 and 1442 of the Code;

    

    (c)         the
      Depositor has notified the transferee or assignee of the tax positions
      previously taken by it, as holder of the Residual Interest, for U.S. federal
      and
      any Applicable Tax State income tax purposes and the transferee or assignee
      has
      agreed to take positions for U.S. federal and any Applicable Tax State income
      tax purposes consistent with the tax positions previously taken by the
      Depositor, as holder of the Residual Interest; and

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    (d)         the
      holder or assignee of the Residual Interest delivers to the Indenture Trustee
      and the Owner Trustee a certification that it is not, and each account (if
      any)
      for which it is acquiring the Residual Interest is not (i) an "employee benefit
      plan" (as defined in Section 3(3) of the Employee Retirement Income Security
      Act
      of 1974, as amended ("ERISA")) which is subject to Title I of ERISA, (ii)
      a "plan" described in Section 4975(e)(1) of the Code which is subject to Section
      4975 of the Code, or (iii) an entity whose underlying assets include "plan
      assets" by reason of a plan's investment in the entity (within the meaning
      of
      Department of Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise under
      ERISA).

    

    Section
      3.3    Capital
      Accounts.  This
      Section 3.3 will apply only if the Issuer is not treated as an entity
      disregarded for U.S. federal income tax purposes.

    

    (a)         
      The Owner Trustee will establish and maintain, in accordance with Section
      1.704-1(b)(2)(iv) of the Treasury Regulations, a separate bookkeeping account
      (a
      "Capital Account") for the Depositor and each other person treated
      as an equity owner for U.S. federal income tax purposes.

    

    (b)         Notwithstanding
      any other provision of this Agreement to the contrary, the foregoing provisions
      of this Section 3.3 regarding the maintenance of Capital Accounts will be
      construed so as to comply with the provisions of the Treasury Regulations
      promulgated pursuant to Section 704 of the Code. The Depositor is authorized
      to
      modify these provisions to the minimum extent necessary to comply with such
      regulations.

    

    Section
      3.4    Maintenance of
      Office or Agency.  The
      Owner Trustee will maintain an office or offices or agency or agencies where
      notices and demands to or upon the Owner Trustee in respect of the Basic
      Documents may be served.  The Owner Trustee designates its Corporate
      Trust Office for such purposes and will promptly notify the Depositor and the
      Indenture Trustee of any change in the location of its Corporate Trust
      Office.

    

    Section
      3.5    Distributions to
      the Holder of the Residual Interest.  If
      the Trust Distribution Account has been established, the Owner Trustee will
      have
      the revocable power to withdraw funds from the Trust Distribution Account for
      the purpose of making distributions to the holder of the Residual Interest
      under
      this Agreement.  The Owner Trustee will make the distributions
      pursuant to Section 3.1, Section 4.1, Section 4.2 and Section
      8.1.  The Owner Trustee will hold all sums held by it for distribution
      to the holder of the Residual Interest in trust for the benefit of the holder
      of
      the Residual Interest until such sums are distributed to the holder of the
      Residual Interest.

    

    ARTICLE
      IV

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

    

    Section
      4.1    Application of
      Trust Funds.  If
      the Trust Distribution Account has been established:

    

    (a)         On
      each Payment Date, the Owner Trustee, based on the information contained in
      the
      Monthly Investor Report, will withdraw the amounts deposited into the Trust
      Distribution Account pursuant to Section 8.2(c)(xvi), 8.2(d)(viii) and
      8.2(e)(xvii) of the Indenture on or before such Payment Date and distribute
      such
      amounts to the holder of the Residual Interest.

    

    (b)         Following
      the satisfaction and discharge of the Indenture and the payment in full of
      the
      principal and interest on the Notes, the Owner Trustee will distribute any
      remaining funds on deposit in the Trust Distribution Account to the holder
      of
      the Residual Interest.

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    (c)         If
      any withholding tax is imposed on the Issuer's payment (or allocations of
      income) to the holder of the Residual Interest, such tax will reduce the amount
      otherwise distributable to such holder in accordance with this Section
      4.1(c).  The Owner Trustee is authorized and directed to retain from
      amounts otherwise distributable to the holder of the Residual
      Interest sufficient funds for the payment of any such
      withholding tax that is legally owed by the Issuer (but such authorization
      will
      not prevent the Owner Trustee from contesting any such tax in appropriate
      proceedings, and withholding payment of such tax, if permitted by law, pending
      the outcome of such proceedings).  The amount of any withholding tax
      imposed with respect to the holder of the Residual Interest will be treated
      as
      cash distributed to such holder at the time it is withheld by the Issuer and
      remitted to the appropriate taxing authority.  If there is a
      possibility that with­holding tax is payable with respect to a distribution,
      the Owner Trustee may, in its sole discretion, withhold such amounts in
      accordance with this Section 4.1(c).  If the holder of a Residual
      Interest wishes to apply for a refund of any such withholding tax, the Owner
      Trustee will reasonably cooperate with such holder in
      making such claim so long as such holder agrees to reimburse the Owner Trustee
      for any out-of-pocket expenses incurred in so cooperating.

    

    Section
      4.2    Method of
      Payment.  Distributions
      required to be made to the holder of the Residual Interest on any Payment Date
      will be made by wire transfer, in immediately available funds, to the account
      specified by such holder to the Owner Trustee.

    

    ARTICLE
      V

    AUTHORITY
      AND DUTIES OF THE OWNER TRUSTEE

    

    Section
      5.1    General
      Authority.

     

    (a)         Upon
      the Depositor's execution of this Agreement, the Owner Trustee is authorized
      and
      directed, on behalf of the Issuer, to (i) execute and deliver the Basic
      Documents and each certifi­cate or other document attached as an exhibit to
      or contemplated by the Basic Documents to which the Issuer is to be a party
      and
      (ii) direct the Indenture Trustee to authenticate and deliver the
      Notes.

    

    (b)         The
      Owner Trustee is autho­rized to take all actions required of the Issuer
      pursuant to the Basic Documents and is authorized to take such action on behalf
      of the Issuer as is permitted by the Basic Docu­ments that the Servicer or
      the Administrator directs with respect to the Basic Documents, except to the
      extent that this Agreement requires the consent of the Noteholders or the holder
      of the Residual Interest for such action.

    

    Section
      5.2    General
      Duties.  Subject
      to Section 5.3, it is the duty of the Owner Trustee to discharge all of its
      responsibilities pursuant to this Agree­ment and the Basic Documents to
      which the Issuer is a party and to administer the Issuer in the interest of
      the
      holder of the Residual Interest, subject to the lien of the Inden­ture and
      in accordance with the Basic Documents.  The Owner Trustee will be
      deemed to have discharged its duties and responsibilities under the Basic
      Documents to the extent the Administrator is required in the Administration
      Agreement to perform any act or to discharge such duty of the Owner Trustee
      or
      the Issuer under any Basic Document.  The Owner Trustee will not be
      held liable for the default or failure of the Administrator to carry out its
      obligations under the Administration Agreement.  The Owner Trustee
      will have no obligation to administer, service or collect the Receivables or
      to
      maintain, monitor or otherwise super­vise the administration, servicing or
      collection of the Receivables.

    

    Section
      5.3    Action upon Prior
      Notice with Respect to Certain Matters.  With
      respect to the following matters, the Owner Trustee may not take action unless
      (i) at least 30 days before taking such action, the Owner Trustee has notified
      the Indenture Trustee, the Noteholders of Notes of the Controlling Class, the
      holder of the Residual Interest and the Rating Agencies of the proposed action
      and (ii) Noteholders of at least a majority of the Note Balance of the
      Controlling Class (or if no Notes are Outstanding, the holder of the Residual
      Interest) have not notified the Owner Trustee before the 30th day after receipt
      of such notice that such majority of the Note Balance of the Controlling Class
      (or if no Notes are Outstanding, the holder of the Residual Interest) has
      withheld consent or provided alternative direction:

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    (a)         the
      initiation of any material claim or lawsuit by the Issuer and the settlement
      of
      any material action, claim or lawsuit brought by or against the
      Issuer;

    

    (b)         the
      election by the Issuer to file an amendment to the Certificate of Trust (unless
      such amendment is required to be filed under the Delaware Statutory Trust Act),
      except to cure any ambiguity or to amend or supplement any provision in a manner
      or to add any provision that would not materially adversely affect the interests
      of the holders of the Notes or the Residual Interest;

    

    (c)         the
      appointment pursuant to the Indenture of a successor Indenture Trustee or the
      consent to the assignment by the Indenture Trustee of its obligations under
      the
      Indenture or this Agreement; and

    

    (d)         consenting
      to the Administrator taking any of the actions described in clauses (a) through
      (c) above.

    

    Section
      5.4    Action upon
      Direction by the Holder of the Residual Interest with Respect to Certain
      Matters.

     

    (a)         The
      Owner Trustee on behalf of the Issuer will not execute an amendment to the
      Sale
      and Servicing Agreement, the Indenture or the Administration Agreement that
      would materially adversely affect the holder of the Residual Interest without
      the consent of such holder.

    

    (b)         The
      Owner Trustee will not (a) remove the Servicer or appoint a successor Servicer
      under Article VII of the Sale and Servicing Agreement, (b) remove the
      Administrator under Section 5.1 of the Administra­tion Agreement or (c)
      appoint a successor Administrator pursuant to Section 5.2 of the Administration
      Agreement unless (i) there is an Event of Servicing Termination subsequent
      to
      the payment in full of the Notes and (ii) the holder of the Residual Interest
      directs the Owner Trustee to take such action.

    

    Section
      5.5    Action with
      Respect to Bankruptcy.  The
      Owner Trustee may not commence a voluntary proceeding in bank­ruptcy
      relating to the Issuer unless the Notes have been paid in full and the holder
      of
      the Residual Interest approves of such commencement in advance and delivers
      to
      the Owner Trustee a certificate certifying that it reasonably believes that
      the
      Issuer is insolvent.

    

    Section
      5.6    Action upon
      Instruction.

     

    (a)         The
      Owner Trustee will not be required to take any action under any Basic Document
      if the Owner Trustee reasonably determines, or is advised by counsel, that
      such
      action is likely to result in liability on the part of the Owner Trustee, is
      contrary to any Basic Document or is contrary to law.

    

    (b)         If
      (i) the Owner Trustee is unsure as to the applica­tion of any provision of
      any Basic Document, (ii) any provision of any Basic Document is, or appears
      to
      be, in conflict with any other applicable provision, (iii) this Agreement
      permits any determination by the Owner Trustee or is silent or is incomplete
      as
      to the course of action that the Owner Trustee is required to take with
      respect to a particular set of facts or (iv) the Owner Trustee is unable to
      decide between alternative courses of action permitted or required by any Basic
      Document, the Owner Trustee may, and with respect to clause (iv) will,
      notify the Administrator requesting instruction and, to the extent that the
      Owner Trustee acts or refrains from acting in good faith in accordance with
      any
      such instruction received, the Owner Trustee will not be liable to any Person
      on
      account of such action or inaction.  If the Owner Trustee does
      not receive appropriate instruction within 10 days of such notice (or within
      such shorter period of time as reasonably may be specified in such notice or
      may
      be necessary under the circumstances) it may, but will be under no duty to,
      take
      or refrain from taking such action, not inconsistent with the Basic Documents,
      as it deems to be in the best interests of the holder of the Residual Interest,
      and will have no liability to any Person for such action or
      inaction.

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    Section
      5.7    No Duties Except
      as Specified in this Agreement or in Instructions.  The
      Owner Trustee has no duty or obligation to manage, make any payment with respect
      to, register, record, sell, dispose of, or otherwise deal with the Trust
      Property, or to otherwise take or refrain from taking any action under, or
      in
      connection with, any document contemplated by this Agreement to which the Owner
      Trustee or the Issuer is a party, except as provided by this Agree­ment or
      in any document or instruction received by the Owner Trustee pursuant to Section
      5.6.  No implied duties or obligations will be read into any Basic
      Document against the Owner Trustee.  The Owner Trustee has no
      responsibility for filing any financing statements or continuation statements
      or
      to otherwise perfect or maintain the perfection of any security interest or
      lien
      granted to it under this Agreement or to prepare or file any Securities and
      Exchange Commis­sion filing for the Issuer or to record any Basic
      Document.  The Owner Trustee nevertheless agrees that it will promptly
      take, at its own cost and expense, all action as may be necessary to discharge
      any lien (other than the lien of the Indenture) on any part of the Trust
      Property that results from actions by, or claims against, the Owner Trustee
      that
      are not related to the ownership or the administration of the Trust
      Property.

    

    Section
      5.8    No Action Except
      Under Specified Documents or Instructions.  The
      Owner Trustee will not manage, control, use, sell, dispose of or otherwise
      deal
      with any part of the Trust Property except (a) in accordance with the powers
      granted to and the authority conferred upon the Owner Trustee pursuant to this
      Agree­ment, (b) in accordance with the other Basic Documents to which the
      Issuer or the Owner Trustee is a party and (c) in accordance with any document
      or instruc­tion delivered to the Owner Trustee pursuant to Section
      5.6.  The Depositor will not direct the Owner Trustee to take any
      action that would violate this Section 5.8.

    

    Section
      5.9    Prohibition on
      Certain Actions.  The
      Owner Trustee will not take any action (a) that is inconsistent with the
      purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge
      of
      the Owner Trustee, would (i) cause any Class of Notes not be treated as
      indebtedness for U.S. federal income or Applicable Tax State income or franchise
      tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for
      purposes of Section 1001 of the Code (unless no gain or loss would be recognized
      on such deemed sale or exchange for U.S. federal income tax purposes) or
      (iii) cause the Issuer or any portion thereof to be taxable as an association
      (or publicly traded partnership) taxable as a corporation for U.S. federal
      income or Applicable Tax State income or franchise tax purposes.  The
      Administrator will not direct the Owner Trustee to take action that would
      violate this Section 5.9.

    

    Section
      5.10    Audits of the
      Owner Trustee.  The
      Owner Trustee agrees that, with reasonable prior notice, it will permit any
      authorized representative of the Servicer or the Administrator, during the
      Owner
      Trustee's normal business hours, to examine and audit the books of account,
      records, reports and other docu­ments and materials of the Owner Trustee
      relating to (a) the performance of the Owner Trustee's obligations under this
      Agreement, (b) any payments of fees and expenses of the Owner Trustee in
      connection with such performance and (c) any claim made by the Owner Trustee
      under this Agreement.  In addition, the Owner Trustee will permit such
      representatives to make copies and extracts of any such books and records and
      to
      discuss the same with the Owner Trustee's officers and
      employees.  Each of the Servicer and the Administrator will, and will
      cause its authorized representatives to, hold in confidence all such information
      except to the extent disclosure may be required by law (and all reasonable
      applications for confidential treatment are unavailing) and except to the extent
      that the Servicer or the Administrator, as the case may be, may reasonably
      determine that such disclosure is consistent with its obligations under this
      Agreement.  The Owner Trustee will maintain all such pertinent books,
      records, reports and other documents and materials for a period of 2 years
      after
      the termination of its obligations under this Agreement.

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    Section
      5.11    Furnishing of
      Documents.  Upon
      request from the holder of the Residual Interest, the Owner Trustee will furnish
      to such holder copies of all reports, notices, requests, demands, certificates,
      financial statements and any other instruments furnished to the Owner Trustee
      under the Basic Documents.

    

    Section
      5.12    Sarbanes-Oxley
      Act.  Notwithstanding
      anything to the contrary in any Basic Document, the Owner Trustee will not
      be
      required to execute, deliver or certify on behalf of the Issuer, the Servicer,
      the Depositor or any other Person any filings, certificates, affidavits or
      other
      instru­ments required by the Securities and Exchange Commission or required
      under the Sarbanes-Oxley Act of 2002.  However, any entity executing,
      delivering or certifying such filings, certificates, affidavits or other
      instruments required by the Securities and Exchange Commission or required
      under
      the Sarbanes-Oxley Act of 2002 on behalf of the Issuer may request, at its
      option, such subcertifications, including any assessments of compliance required
      from the Owner Trustee as it may deem necessary to provide such certifications
      and the Owner Trustee will reasonably comply with such request.

    

    Section
      5.13    Maintenance of
      Licenses.  The
      Owner Trustee will obtain and maintain any licenses that the Administrator
      informs the Owner Trustee are required to be obtained or maintained by the
      Owner
      Trustee under the laws of any State in connection with the Owner Trustee's
      duties and obligations under the Basic Documents.

    

    ARTICLE
      VI

    REGARDING
      THE OWNER TRUSTEE

    

    Section
      6.1    Acceptance of
      Trusts and Duties.  The
      Owner Trustee accepts the trusts created by this Agreement and agrees to perform
      its duties under this Agreement with respect to such trusts but only in
      accordance with this Agreement.  The Owner Trustee also agrees to
      distribute all monies actually received by it constituting part of the Trust
      Property in accordance with the Basic Documents.  The Owner Trustee
      will not be liable under any Basic Document under any circumstances, except
      (i) for its own willful misconduct, bad faith or negligence (except for errors
      in judgment) or (ii) if any representa­tion or warranty in Section 6.2 is
      not true and correct as of the Closing Date.  In particular, but not
      by way of limitation (and subject to the exceptions set forth in the preceding
      sentence):

    

    (a)         the
      Owner Trustee will not be liable with respect to any action taken or omitted
      to
      be taken by it in accordance with the instructions of the Noteholders of the
      Controlling Class, the Indenture Trustee, the Depositor, the holder of the
      Residual Interest, the Administrator or the Servicer;

    

    (b)         no
      Basic Docu­ment will require the Owner Trustee to expend or risk funds or
      otherwise incur any financial liability in the performance of any of its rights
      or powers under any Basic Document if the Owner Trustee has reason­able
      grounds for believing that repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured or provided to
      it;

    

    (c)         the
      Owner Trustee will not be liable for indebtedness evidenced by or arising under
      any of the Basic Documents, including the principal of and interest on the
      Notes
      or amounts distributable to the holder of the Residual Interest;

    

    (d)         the
      Owner Trustee will not be responsible for (i) the validity or sufficiency of
      this Agreement, (ii) the due execution of this Agreement by the Depositor,
      (iii)
      the form, character, genuine­ness, sufficiency, value or validity of any of
      the Trust Property or (iv) the validity or sufficiency of the other Basic
      Docu­ments, the Notes, any Receivable or any related documents, and the
      Owner Trustee will in no event assume or incur any liability, duty or
      obli­gation to any Noteholder, the Depositor or the holder of the Residual
      Interest, other than as provided for in the Basic Documents;

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    (e)         the
      Owner Trustee will not be liable for the default or misconduct of the Servicer,
      the Administrator, the Depositor, the holder of the Residual Interest or the
      Indenture Trustee under any of the Basic Documents or other­wise and the
      Owner Trustee will have no obligation or liability to perform the obligations
      of
      the Issuer under the Basic Documents that are required to be performed by the
      Administra­tor under the Administration Agreement, the Servicer under the
      Sale and Servicing Agreement or the Inden­ture Trustee under the
      Indenture;

    

    (f)         the
      Owner Trustee will be under no obliga­tion to exercise any of the rights or
      powers vested in it by this Agreement or, at the request, order or direction
      of
      the Depositor, to institute, conduct or defend any litigation under this
      Agreement or in relation to any Basic Document or otherwise unless the Depositor
      has offered to the Owner Trustee security or indemnity satisfactory to it
      against the costs, expenses, losses, damages, claims and liabilities that may
      be
      incurred by the Owner Trustee.  The right of the Owner Trustee to
      perform any discre­tionary act enumerated in any Basic Document will not be
      construed as a duty; and

    

    (g)         the
      Owner Trustee will not be respon­sible or liable for (i) the legal­ity,
      validity and enforceability of any Receivable, (ii) the perfection and priority
      of any security interest created by any Receivable in any Financed Vehicle
      or
      the maintenance of any such perfection and priority, (iii) the sufficiency
      of
      the Trust Property or the ability of the Trust Property to generate the amounts
      necessary to make pay­ments to the Noteholders under the Indenture or
      distributions to the holder of the Residual Interest under this Agreement,
      (iv)
      the accuracy of any representation or warranty made under any Basic Document
      (other than the representations and warranties made in Section 6.2) or (v)
      any
      action of the Indenture Trustee, the Administrator or the Servicer or any
      subservicer taken in the name of the Owner Trustee.

    

    Section
      6.2    Representations
      and Warranties of the Owner Trustee.  The
      Owner Trustee represents and warrants to the Depositor as of the Closing
      Date:

    

    (a)         Organization
      and Qualification.  The Owner Trustee is duly formed and is
      validly existing as a national banking association under the laws of the State
      of Delaware.  The Owner Trustee is duly qualified as a national
      banking association in good standing and has obtained all necessary licenses
      and
      approvals in all jurisdictions in which the ownership or lease of its
      properties or the conduct of its activities requires such qualification, license
      or approval, unless the failure to obtain such qualifications, licenses or
      approvals would not reasonably be expected to have a material adverse effect
      on
      the Owner Trustee's ability to perform its obligations under this
      Agreement.

    

    (b)         Power,
      Authorization and Enforceability.  The Owner Trustee has the power
      and authority to execute deliver and perform the terms this
      Agreement.  The Owner Trustee has authorized the execution, delivery
      and performance of the terms of this Agreement.  This Agreement is the
      legal, valid and binding obligation of the Owner Trustee enforceable against
      the
      Owner Trustee, except as may be limited by insolvency, bankruptcy,
      reorganization or other laws relating to the enforcement of creditors' rights
      or
      by general equitable principles.

    

    (c)         No
      Conflicts and No Violation.  The execution and delivery by the
      Owner Trustee of this Agreement, the consummation by the Owner Trustee of the
      transactions contemplated by this Agreement and the compliance by the Owner
      Trustee with this Agreement will not (i) violate any federal or State law,
      governmental rule or regulation governing the banking or trust powers
      of the Owner Trustee or any judgment or order binding on it or (ii)
      conflict with, result in a breach of, or constitute (with or without notice
      or
      lapse of time or both) a default under its charter documents or by-laws or
      any
      indenture, mortgage, deed of trust, loan agreement, guarantee or similar
      agreement or instrument under which the Owner Trustee is a debtor or guarantor
      or (iii) violate any law or, to the Owner Trustee's knowledge, any order, rule,
      or regulation applicable to the Owner Trustee of any court or of any federal
      or
      State regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Owner Trustee or its properties,
      in
      each case which conflict, breach, default, lien, or violation would reasonably
      be expected to have a material adverse effect on the Owner Trustee's ability
      to
      perform its obligations under this Agreement.

    

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    (d)         No
      Proceedings.  To the Owner Trustee's knowledge, there are no
      proceedings or investigations pending or overtly threatened in writing, before
      any court, regulatory body, administrative agency, or other governmental
      instrumentality having jurisdiction over the Owner Trustee or its properties:
      (i) asserting the invalidity of this Agreement (ii) seeking to prevent the
      issuance of the Notes or the consummation of any of the transactions
      contemplated by any of the Basic Documents, or (iii) seeking any determination
      or ruling that would reasonably be expected to have a material adverse affect
      on
      the Owner Trustee's ability to perform its obligations under, or the validity
      or
      enforceability of, this Agreement.

    

    (e)         Banking
      Association.  The Owner Trustee is a banking association
      satisfying Section 3807(a) of the Delaware Statutory Trust Act.

    

    (f)         Information
      Provided by the Owner Trustee.  The information provided by the
      Owner Trustee in any certificate delivered by a Responsible Person of the Owner
      Trustee is true and correct in all material respects.

    

    Section
      6.3    Reliance; Advice
      of Counsel.

     

    (a)         The
      Owner Trustee may rely upon, will be protected in relying upon and will incur
      no
      liability to anyone in acting upon any signature, instrument, notice,
      resolution, request, consent, order, certificate, report, opinion, bond or
      other
      document believed by it to be genuine that appears on its face to be
      properly executed and signed by the proper party or parties.  The
      Owner Trustee may accept a certified copy of a resolution of the board of
      directors or other governing body of any corporate party as conclusive evidence
      that such resolution has been duly adopted by such body and that the same
      is in full force and effect.  As to any fact or matter the method of
      the determination of which is not specifically prescribed in this Agreement,
      the
      Owner Trustee may for all purposes of this Agreement rely on a certificate,
      signed by the president or any vice president or by the treasurer or other
      Responsible Officers of the relevant party, as to such fact or matter and such
      certificate will constitute full protection to the Owner Trustee for any action
      taken or omitted to be taken by it in good faith in reliance
      thereon.

    

    (b)         In
      the exercise or administration of the trusts under this Agreement and in the
      performance of its duties and obligations under the Basic Documents, the Owner
      Trustee (i) may act directly or through its agents or attorneys pursuant to
      agreements entered into with any of them and will not be liable for the conduct
      or misconduct of such agents or attorneys if the Owner Trustee selects such
      agents or attorneys with reasonable care and (ii) may consult with counsel,
      accountants and other skilled Persons whom the Owner Trustee selects with
      reasonable care and employs.  The Owner Trustee will not be liable for
      anything it does, suffers or omits to do in good faith in accordance with the
      written opinion or advice of any such counsel, accountants or other such Persons
      that is not contrary to any Basic Docu­ment.

    

    Section
      6.4    Not Acting in
      Individual Capacity.  Except
      as provided in this Article VI, in accept­ing the trusts created by this
      Agreement, U.S. Bank Trust National Association acts solely as Owner Trustee
      under this Agreement and not in its individual capacity.  All Persons
      having any claim against the Owner Trustee by reason of the transactions
      contemplated by any Basic Document will look only to the Trust Property for
      payment or satisfaction thereof.  However, the Owner Trustee will be
      responsible for any breach of its representations and warranties made in Section
      6.2 and the validity of its signature on any certificate of
      authentication of the Owner Trustee.

    

    Section
      6.5    U.S. Bank Trust
      National Association May Own Notes.  U.S.
      Bank Trust, in its individual or any other capacity, may become the owner or
      pledgee of Notes and may deal with the Depositor, the holder of the Residual
      Interest, the Servicer, the Administrator and the Indenture Trustee in banking
      transactions with the same rights as it would have if it were not the Owner
      Trustee.

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

    Section
      6.6    Duty to Update
      Disclosure.  The
      Owner Trustee will notify and provide information, and certify such information
      in an Officer's Certificate, to the Depositor upon any event or condition
      relating to the Owner Trustee or actions taken by the Owner Trustee that (A)
      (i)
      is required to be disclosed by the Depositor under Item 2 (the institution
      of,
      material developments in, or termination of legal proceedings against U.S.
      Bank
      Trust that are material to Noteholders) of Form 10-D under the Exchange Act
      within 5 days of such occurrence or (ii) the Depositor reasonably requests
      of
      the Owner Trustee that the Depositor, in good faith, believes is necessary
      to
      comply with Regulation AB within 5 days of request or (B) (i) is required to
      be
      disclosed under Item 6.02 (resignation, removal, replacement or substitution
      of
      U.S. Bank Trust as Owner Trustee) of Form 8-K under the Exchange Act within
      2
      days of a Responsible Person of the Owner Trustee becoming aware of such
      occurrence or (ii) causes the information provided by the Owner Trustee in
      any
      certificate delivered by a Responsible Person of the Owner Trustee to be untrue
      or incorrect in any material respect or is necessary to make the statements
      provided by the Owner Trustee in light of the circumstances in which they were
      made not misleading within 5 days of a Responsible Person of the Owner Trustee
      becoming aware thereof.

    

    ARTICLE
      VII

    COMPENSATION
      AND INDEMNIFICATION OF THE OWNER TRUSTEE; ORGANIZATIONAL EXPENSES

    

    Section
      7.1    Owner
      Trustee's Fees and Expenses.  The
      Owner Trustee will be entitled to receive, as compensation for its services
      under this Agreement, such fees as have been separately agreed upon by the
      Administrator and the Owner Trustee.  The Owner Trustee will also be
      entitled to reimbursement for all reasonable out-of-pocket expenses incurred
      or
      made by the Owner Trustee in performing its rights and duties under this
      Agreement, including the reasonable compensation, expenses and disbursements
      of
      the Owner Trustee's agents, counsel, accountants and experts, but excluding
      any
      expenses incurred by the Owner Trustee through the Owner Trustee's own willful
      misconduct, bad faith or negligence (other than errors in
      judgment).

    

    Section
      7.2    Indemnification of
      the Owner Trustee.

     

    (a)         The
      Depositor will, or will cause the Administrator to, indemnify, defend and hold
      harmless the Owner Trustee, and its respective officers, directors, employees
      and agents, from and against any and all costs, expenses, losses, damages,
      claims and liabilities (including the reasonable compensa­tion, expenses and
      disbursements of the Owner Trustee's agents, counsel, accountants and experts)
      incurred by it in connection with the administration of and the perfor­mance
      of its duties under this Agreement, including the costs and expenses of
      defending itself against any loss, damage, claim or liability incurred by it
      in
      connection with the exercise or performance of any of its powers or duties
      under
      the Indenture, but excluding any cost, expense, loss, damage, claim or liability
      (i) incurred by the Owner Trustee through the Owner Trustee's own willful
      misconduct, bad faith or negligence (other than errors in judgment) or (ii)
      arising from the inaccuracy of any representation or warranty contained in
      Section 6.2.

    

    (b)         Promptly
      upon receipt by the Owner Trustee, or any of its officers, directors, employees
      and agents (each, an "Indemnified Person"), of notice of the commencement
      of any Proceeding against any such Indemnified Person, such Indemnified Person
      will, if a claim in respect of such Proceeding is to be made under Section
      7.2(a), notify the Depositor and the Administrator of the commencement of such
      Proceeding.  The Depositor, or, if Depositor so causes, the
      Administrator, may participate in and assume the defense and settlement of
      any
      such Proceeding at its expense, and no settlement of such Proceeding may be
      made
      without the approval of the Deposi­tor or the Administrator, as applicable,
      and such Indemnified Person, which approv­als will not be unreasonably
      withheld, delayed or conditioned.  After notice from the Depositor or
      the Administrator, as applicable, to the Indemnified Person of the intention
      of
      the Depositor or the Administrator, as applicable, to assume the defense of
      such
      Proceeding with counsel reasonably satisfactory to the Indemnified Person,
      and
      so long as the Depositor or the Administrator, as applicable, so assumes the
      defense of such Proceeding in a manner reasonably satisfactory to the
      Indemnified Person, neither the Depositor nor the Administrator will be liable
      for any legal expenses of counsel to the Indemnified Person unless there is
      a
      conflict between the interests of the Depositor or the Admin­istrator, as
      applicable, on one hand, and an Indemnified Person, on the other hand, in which
      case the Depositor, or, if Depositor so causes, the Administrator, will pay
      for
      the separate counsel to the Indemnified Person.

    

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

    (c)         The
      Depositor's obligations under this Section 7.2 are obligations solely of the
      Depositor and do not constitute a claim against the Deposi­tor to the extent
      that the Depositor does not have funds sufficient to make payment of such
      obligations.   The Owner Trustee, by entering into or accepting
      this Agreement, acknowledges and agrees that it has no right, title or interest
      in or to the Other Assets of the Depositor.  Notwithstanding the
      preceding sentence, if the Owner Trustee either (i) asserts an interest or
      claim
      to, or benefit from, the Other Assets or (ii) is deemed to have any such
      interest, claim to, or benefit in or from the Other Assets, whether by operation
      of law, legal process, pursuant to insolvency laws or otherwise (including
      by
      virtue of Section 1111(b) of the Bankruptcy Code), then the Owner Trustee
      further acknowledges and agrees that any such interest, claim or benefit in
      or
      from the Other Assets is expressly subordinated to the indefeasible payment
      in
      full of the other obligations and liabilities, which, under the relevant
      documents relating to the securitization or conveyance of such Other Assets,
      are
      entitled to be paid from, entitled to the benefits of, or otherwise secured
      by
      such Other Assets (whether or not any such entitlement or security interest
      is
      legally perfected or otherwise entitled to a priority of distributions or
      application under applicable law, including insolvency laws, and whether or
      not
      asserted against the Depositor), including the payment of post-petition interest
      on such other obligations and liabilities.  This subordination
      agreement is deemed a subordination agreement within the meaning of Section
      510(a) of the Bankruptcy Code.  The Owner Trustee further acknowledges
      and agrees that no adequate remedy at law exists for a breach of this
      Section 7.2(c) and this Section 7.2(c) may be enforced by an action for specific
      performance.  This Section 7.2(c) is for the third party benefit of
      the holders of such other obligations and liabilities and will survive the
      termination of this Agreement.

    

    Section
      7.3    Organizational
      Expenses of the Issuer.  The
      Depositor will, or will cause the Administrator to, pay the organizational
      expenses of the Issuer as they may arise or, upon the request of the Owner
      Trustee, the Depositor will, or will cause the Administrator to, promptly
      reimburse the Owner Trustee for any such expenses paid by the Owner
      Trustee.

    

    Section
      7.4    Certain Expenses
      of the Indenture Trustee.  The
      Depositor will reimburse the Indenture Trustee and any successor Indenture
      Trustee for any expenses associated with the replacement of the Indenture
      Trustee pursuant to Section 6.8 of the Indenture to the extent such amounts
      have
      not been otherwise paid pursuant to Section 8.2 of the Indenture.

    

    ARTICLE
      VIII

    TERMINATION

    

    Section
      8.1    Termination of
      Trust Agreement.

     

    (a)         This
      Agreement (other than the provisions of Article VII) will terminate and be
      of no
      further force or effect and the Issuer will terminate, wind up and dissolve,
      upon the earlier to occur of (i) the last remaining Receivable is paid in full,
      settled, sold or charged off and any amounts received are applied or (ii) the
      payment to the Noteholders and any other holders of securities issued under
      any
      supplemental indentures or amendments to this Agreement, the Indenture Trustee
      and the Owner Trustee of all amounts required to be paid to them pursuant to
      the
      Indenture, the Sale and Servicing Agreement and Article IV.  Any
      Insolvency Event, liquidation or dissolution with respect to the Depositor
      will
      not (A) operate to terminate this Agreement or the Issuer, (B) entitle the
      Depositor's legal representa­tives to claim an accounting or to take any
      action or proceeding in any court for a partition or winding up of all or any
      part of the Issuer or the Trust Property or (C) otherwise affect the rights,
      obligations and liabili­ties of the parties to this
      Agreement.  Upon dissolution of the Issuer, the Owner Trustee will
      wind up the activities and affairs of the Issuer as required by Section 3808
      of
      the Delaware Statutory Trust Act.

    

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    (b)         The
      Depositor may not revoke or terminate the Issuer, unless it is the holder of
      100% of the Residual Interest and in accordance with Section
      8.1(a).

    

    (c)         Upon
      termination of the Issuer any remaining Trust Property will be distributed
      to
      the holder of the Residual Interest, and the Owner Trustee will cause the
      Certificate of Trust to be cancelled by preparing, executing and filing a
      certificate of cancellation with the Secretary of State of the State of Delaware
      in accordance with Section 3810(c) of the  Delaware Statutory Trust
      Act or as otherwise required by the Delaware Statutory Trust
      Act.  Upon the filing of such certificate of cancellation, the Owner
      Trustee's services under this Agreement will simultaneously
      terminate.  The Owner Trustee will deliver a file-stamped copy of such
      certificate of cancellation to the Administrator promptly upon such document
      becoming available following such filing.

    

    ARTICLE
      IX

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

    

    Section
      9.1    Eligibility
      Requirements for the Owner Trustee.

    

    (a)         The
      Owner Trustee must (i) be authorized to exercise corporate trust powers, (ii)
      have a combined capital and surplus of at least $50,000,000 and be subject
      to
      supervision or examination by federal or State authorities and (iii) have (or
      have a parent that has) a long-term debt rating of investment grade by each
      of
      the Rating Agencies or be otherwise acceptable to the Rating
      Agencies.  If such corporation publishes reports of condition at least
      annually, pursuant to law or to the requirements of its supervising or examining
      authority, then for the purpose of this Section 9.1, the combined capital and
      surplus of such corpora­tion will be deemed to be its combined capital and
      surplus as set forth in its most recent report of condi­tion so
      published.  If the Owner Trustee ceases to be eligible in accordance
      with this Section 9.1, it must resign immediately in the manner and with the
      effect specified in Section 9.2.

    

    (b)         The
      Owner Trustee must satisfy Section 3807(a) of the Delaware Statutory Trust
      Act.

    

    Section
      9.2    Resignation or
      Removal of the Owner Trustee.

     

    (a)         The
      Owner Trustee may resign and be discharged from the trusts created by this
      Agreement by giving notice to the Depositor and the Administrator.

    

    (b)         The
      Administrator may remove the Owner Trustee upon notice to the Owner Trustee
      and
      will remove the Owner Trustee if:

    

    (i)
    the
      Owner
      Trustee ceases to be eligible in accordance with Section 9.1;

    

    (ii)           the
      Owner Trustee is legally unable to act; or

    

    (iii)          an
      Insolvency Event with re­spect to the Owner Trustee has occurred and is
      continuing.

    

    (c)         If
      the Owner Trustee resigns or the Adminis­trator removes the Owner Trustee,
      the Administrator will promptly (i) appoint a successor Owner Trustee, by
      written instru­ment, in duplicate and (ii) deliver one copy of such
      instrument to the outgoing Owner Trustee and one copy to the successor Owner
      Trustee.  The Owner Trustee will be entitled to payment through the
      date of its resignation or removal from distributions made under Section 8.2
      of
      the Indenture. If no successor Owner Trustee is appointed and has accepted
      such
      appointment within 30 days after the Administrator's receipt of notice of
      resignation or removal of the Owner Trustee, the outgoing Owner Trustee may
      petition any court of compe­tent jurisdiction for the appointment of a
      successor Owner Trustee.  The right to appoint or to petition for the
      appointment of any such successor Owner Trustee does not relieve the outgoing
      Owner Trustee from any obligations otherwise imposed on it under the Basic
      Documents until the appointment of the successor Owner Trustee has become
      effective.

    

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    (d)         No
      resignation or removal of the Owner Trustee and appointment of a successor
      Owner
      Trustee pursuant to this Section 9.2 will become effective until (i) the
      successor Owner Trustee accepts its appointment as the Owner Trustee pursuant
      to
      Section 9.3(a) and (ii) the successor Owner Trustee files the certificate of
      amendment to the Certificate of Trust referred to in Section
      9.3(d).  The Administra­tor will notify the Depositor, the
      Indenture Trustee and the Rating Agencies of any resignation or removal of
      the
      Owner Trustee.

    

    Section
      9.3    Successor Owner
      Trustee.

     

    (a)         Any
      successor Owner Trustee appointed pursuant to Section 9.2 must execute and
      deliver to the Administrator and to its predecessor Owner Trustee an instrument
      accepting such appointment under this Agree­ment.  Upon the
      resignation or removal of the predecessor Owner Trustee becoming effective
      pursuant to Section 9.2(d), such successor Owner Trustee, without any further
      act, will become fully vested with all the rights, powers, duties, and
      obligations of its predecessor under this Agreement.  The predecessor
      Owner Trustee will, upon payment of its fees and expenses, deliver to the
      successor Owner Trustee all documents and statements and monies held by it
      under
      this Agreement, and the Administrator and the predecessor Owner Trustee
­will execute and deliver such instruments and do such other things as may
      reasonably be required to vest and confirm in the successor Owner Trustee all
      such rights, powers, duties and obliga­tions.

    

    (b)         No
      successor Owner Trustee may accept appoint­ment as provided in this Section
      9.3 unless, at the time of such acceptance, such successor Owner Trustee is
      eligible pursuant to Section 9.1.

    

    (c)         Upon
      the acceptance of appointment by a succes­sor Owner Trustee pursuant to this
      Section 9.3, the Administrator will notify the Deposi­tor, the Indenture
      Trustee, the Noteholders and the Rating Agencies of such succes­sor Owner
      Trustee.

    

    (d)         Any
      successor Owner Trustee appointed under this Agreement will promptly file a
      certificate of amendment to the Certificate of Trust with the Secretary of
      State
      of the State of Delaware identifying the name and principal place of business
      of
      such successor Owner Trustee in the State of Delaware.  The successor
      Owner Trustee will deliver a file-stamped copy of such certificate of amendment
      to the Administrator promptly upon such document becoming available
      following such filing.

    

    Section
      9.4    Merger or
      Consolidation of the Owner Trustee.  Any
      Person (a) into which the Owner Trustee may be merged or converted or with
      which
      it may be consolidated, (b) resulting from any merger, conversion or
      consolidation to which the Owner Trustee is a party or (c) succeeding to all
      or
      substantially all of the corporate trust busi­ness of the Owner Trustee
      will, provided such corporation is eligible pursuant to Section 9.1, be the
      successor of the Owner Trustee under this Agreement without the execution or
      filing of any document or any further act (except as required under this Section
      9.4), provided that the Owner Trustee (i) notifies the Rating Agencies of such
      merger or consolidation within 15 Business Days of such event and (ii) files
      a
      certificate of amendment to the Certificate of Trust as required by Section
      9.3(d).

    

    Section
      9.5    Appointment of
      Separate Trustee or Co-Trustee.

     

    (a)         Notwithstanding
      any other provi­sion of this Agree­ment, for the purpose of meeting any
      legal requirements of any jurisdiction in which any part of the Trust Property
      or any Financed Vehicle may be located, the Adminis­trator and the Owner
      Trustee acting jointly will have the power and will execute and deliver all
      instruments to appoint one or more Persons approved by the Owner Trustee to
      act
      as a separate trustee or as separate trustees, or as co-trustee, jointly with
      the Owner Trustee, of all or any part of the Issuer, and to vest in such Person,
      in such capacity, such title to the Trust Property, or any part thereof, and,
      subject to this Section 9.5, such powers, duties, obligations, rights and trusts
      as the Administrator and the Owner Trustee consider necessary or
      desirable.  If the Administrator has not joined in such appointment
      within 15 Business Days of its receipt of a request so to do, the Owner Trustee
      will have the power to make such appoint­ment.  No separate
      trustee or co-trustee under this Agreement will be required to meet the terms
      of
      eligi­bility as a successor trustee pursuant to Section 9.1 and no
      notice of the appointment of any separate trustee or co-trustee is
      required.

    

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

    (b)         Each
      separate trustee and co-trustee will, to the extent permitted by law, be
      appointed and act subject to the following:

    

    (i)    all
      rights,
      powers, duties, and obliga­tions conferred or imposed upon the Owner Trustee
      will be conferred upon and exercised or performed by the Owner Trustee and
      such
      separate trustee or co-trustee jointly (it being understood that such separate
      trustee or co-trustee is not authorized to act separately without the Owner
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed, the Owner
      Trustee is incompetent or unqualified to perform such act or acts, in which
      event such rights, powers, duties, and obligations (including the holding of
      title to the Trust Property or any portion thereof in any such
      juris­diction) may be exercised and performed singly by such separate
      trustee or co-trustee, but solely at the direction of the Owner
      Trustee;

    

    (ii)           no
      trustee under this Agreement will be personally liable by reason of any act
      or
      omission of any other trustee under this Agreement; and

    

    (iii)          the
      Administrator and the Owner Trustee acting jointly may accept the
      resigna­tion of or remove any separate trustee or co-trustee.

    

    (c)         Any
      notice, request or other writing given to the Owner Trustee will be deemed
      to
      have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them.  Every instru­ment
      appointing any separate trustee or co-trustee must refer to this Agreement
      and
      the conditions of this Arti­cle IX.  Each separate trustee and
      co-trustee, upon its accep­tance of the trusts conferred, will be vested
      with the estates or property specified in its instrument of appointment, either
      jointly with the Owner Trustee or separately, as may be provided in such
      instrument, subject to this Agreement.  The Owner Trustee will keep a
      copy of each such instrument in its files and will deliver a copy of each such
      instru­ment to the Administrator.

    

    (d)         Any
      separate trustee or co-trustee may appoint the Owner Trustee as its agent or
      attorney-in-fact with full power and authority, to the extent not prohibited
      by
      law, to do any lawful act under or in respect of this Agree­ment on its
      behalf and in its name.  If any separate trustee or co-trustee dies,
      becomes incapable of acting, resigns or is removed, all of its estates,
      properties, rights, remedies and trusts will vest in and be exercised by the
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor trustee.

    

    Section
      9.6    Compliance with
      Delaware Statutory Trust Act.
      Notwithstanding anything in this Agreement to the contrary, the Issuer must
      have
      at least one trustee that meets the requirements of Section 3807(a) of the
      Delaware Statutory Trust Act.

    

    ARTICLE
      X

    MISCELLANEOUS

    

    Section
      10.1    Supplements and
      Amendments.

     

    (a)         This
      Agreement may be amended by the holder of the Residual Interest and the Owner
      Trustee, with prior notice to the Rating Agencies, without the consent of any
      of
      the Noteholders, for the purpose of curing any ambiguity or correcting or
      supplementing any provisions in this Agreement inconsistent with any other
      provision of this Agreement.

    

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    (b)         This
      Agreement may be amended by the holder of the Residual Interest and the Owner
      Trustee, with prior notice to the Rating Agencies, without the consent of any
      of
      the Noteholders, for the purpose of adding any provisions to or chang­ing in
      any manner or eliminating any of the provisions of this Agreement or issuing
      securities in exchange for all or a portion of the Residual Interest, subject
      to
      the following conditions:

    

    (i)    such
      holder
      delivers an Opinion of Counsel to the Indenture Trustee and the Owner Trustee
      to
      the effect that such amendment will not adversely affect in any material respect
      the interest of any Noteholder;

    

    (ii)           such
      holder delivers an Opinion of Counsel to the Indenture Trustee and the Owner
      Trustee to the effect that such amendment will not (A) cause any Note to be
      deemed sold or exchanged for purposes of Section 1001 of the Code, (B) cause
      the
      Issuer to be treated as an association or publicly traded partnership taxable
      as
      a corporation for U.S. federal income tax purposes, or (C) adversely affect
      the
      treatment of the Notes as debt for U.S. federal income tax purposes;
      and

    

    (iii)           such
      holder either delivers to the Indenture Trustee and the Owner Trustee (A) an
      Opinion of Counsel to the effect that, after giving effect to such amendment,
      there will be no withholding imposed under Sections 1441 or 1442 of the Code
      in
      respect of payments on any additional security or that the withholding tax
      imposed will be no greater than the withholding tax imposed prior to such
      amendment or (B) an Officer's Certificate that states withholding is applicable
      to payments on any such additional securities, the rate of withholding tax
      required on such payments, and that such amounts will be withheld and remitted
      to the Internal Revenue Service in satisfaction of the requirements of Sections
      1441 and 1442 of the Code.

    

    (c)         This
      Agreement also may be amended by the holder of the Residual Interest and the
      Owner Trustee for the purpose of adding any provisions to or changing in any
      manner or eliminating any of the provisions of this Agreement with prior notice
      to the Rating Agencies, subject to the following conditions:

    

    (i)    (A)
      the
      Indenture Trustee, to the extent that its rights or obligations would be
      affected by such amendment consents (which consent may not be unreasonably
      withheld, delayed or conditioned) and (B) the Noteholders of at least a majority
      of the Note Balance of the Notes Outstanding consent to such amendment;
      and

    

    (ii)           such
      holder delivers an Opinion of Counsel to the Indenture Trustee and the Owner
      Trustee to the effect that such amendment will not (A) cause any Note to be
      deemed sold or exchanged for purposes of Section 1001 of the Code, (B) cause
      the
      Issuer to be treated as an association or publicly traded partnership taxable
      as
      a corporation for U.S. federal income tax purposes, or (C) adversely affect
      the
      treatment of the Notes as debt for U.S. federal income tax purposes;
      and

    

    (iii)          such
      holder either delivers to the Indenture Trustee and the Owner Trustee (A) an
      Opinion of Counsel to the effect that, after giving effect to such amendment,
      there will be no withholding imposed under Sections 1441 or 1442 of the Code
      in
      respect of payments on any additional security as a result of such amendment
      or
      that the withholding tax imposed will be no greater than the withholding tax
      imposed prior to such amendment or (B) an Officer's Certificate that states
      withholding is applicable to payments on any such additional securities, the
      rate of withholding tax required on such amounts, and that such withheld amounts
      are required to be remitted to the Internal Revenue Service in satisfaction
      of
      the requirements of Sections 1441 and 1442 of the Code.

    

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    However,
      no amendment may (A) increase or reduce the amount of, or accelerate or delay
      the timing of, or change the allocation or priority of, collections of payments
      on Receivables or distributions that are re­quired to be made for the
      benefit of the Secured Parties or (B) reduce the percentage of the Note Balance
      of the Notes Outstand­ing required to consent to any such amendment, in each
      case, without the consent of all affected Noteholders.

    

    (d)         Promptly
      after the execution of any such amendment or consent, the Owner Trustee will
      notify the Indenture Trustee of the substance of such amendment or
      consent.

    

    (e)         If
      the consent of the Noteholders or the Indenture Trustee is required under this
      Section 10.1, they do not need to approve the particular form of any proposed
      amendment or consent so long as their consent approves the substance of the
      proposed amendment or consent.  The manner of obtaining such consents
      will be subject to such reasonable requirements as the Owner Trustee may
      prescribe.

    

    (f)         Promptly
      after the execution of any certificate of amend­ment to the Certificate of
      Trust, the Owner Trustee will cause such amendment to be filed with the
      Secretary of State of the State of Delaware.  The Owner Trustee will
      deliver a file-stamped copy of such certificate of amendment to the
      Administrator promptly upon such document becoming available following such
      filing.

    

    (g)         Before
      the execution of any amendment to this Agreement or certificate of amendment
      to
      the Certificate of Trust, the Owner Trustee will be entitled to receive and rely
      upon an Opinion of Counsel delivered by the holder of the Residual Interest
      to
      the effect that the execution of such amendment or certificate of amendment,
      as
      applicable, is autho­rized or permitted by this Agreement.  The
      Owner Trustee may enter into any such amendment or certificate of amendment
      that
      affects the Owner Trustee's own rights, duties or immunities under this
      Agreement or otherwise.

    

    (h)         In
      connection with the execution of any amendment to this Agreement or any
      amendment to any other agreement to which the Issuer is a party, the Owner
      Trustee will be entitled to receive and rely upon an Opinion of Counsel
      delivered by the holder of the Residual Interest to the effect that such
      amendment is authorized or permitted by the Basic Docu­ments and that all
      conditions precedent in the Basic Documents for the execution and delivery
      thereof by the Issuer or the Owner Trustee, as the case may be, have been
      satisfied.

    

    Section
      10.2    No Legal Title to
      Trust Property in the Holder of the Residual Interest.
      The
      holder of the Residual Interest has no legal title to any part of the Trust
      Property.  The holder of the Residual Interest is entitled to receive
      distributions with respect to its Residual Interest only in accordance with
      Article VIII of the Indenture.  No transfer, by operation of law or
      otherwise, of any right, title, or interest of the Depositor to and in the
      Residual Interest in the Trust Property will operate to terminate this Agreement
      or the trusts under this Agreement or entitle any transferee to an
      account­ing or to the transfer to it of legal title to any part of the Trust
      Property.

    

    Section
      10.3    Limitation on
      Rights of Others.  Except
      for Sections 2.6, 7.2 and 10.1, this Agreement is solely for the benefit of
      the
      Owner Trustee, the Depositor, the Administrator, the Servicer, the holder of
      the
      Residual Interest and, to the extent provided in this Agreement, the Indenture
      Trustee and the Secured Parties, and nothing in this Agree­ment (other than
      Section 2.6), whether express or implied, will be construed to give to any
      other
      Person any legal or equitable right, remedy or claim in the Trust Property
      or
      under or in respect of this Agreement or any covenants, conditions or provisions
      contained in this Agreement.

    

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

     

    Section
      10.4    Notices.

    

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

    

    (i)    upon
      delivery
      or, in the case of a letter mailed by registered first class mail, postage
      prepaid, 3 days after deposit in the mail;

    

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

    

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

    

    (iv)          in
      the case of an electronic posting to a password-protected website to which
      the
      recipient has been provided access, upon delivery of an email to such recipient
      stating that such electronic posting has occurred.

    

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

    

    (b)         Notices
      to the Owner Trustee will be addressed to its Corporate Trust Office or to
      such
      other address designated by the Owner Trustee by notice to the
      Depositor.

    

    (c)         Any
      notice required or permitted to be mailed to a Noteholder must be sent by
      overnight delivery, mailed by registered first class mail, postage prepaid,
      or
      sent by fax, to the address of such Person as shown in the Note
      Register.  Any notice so mailed within the time prescribed in this
      Agreement will be conclusively presumed to have been properly given, whether
      or
      not the Noteholder receives such notice.

    

    Section
      10.5    GOVERNING
      LAW.   THIS
      AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF DELAWARE.

    

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

    

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

    

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

    

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

    

    
      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

    Section
      10.10    No
      Petition.  The
      Owner Trustee (not in its individual capacity but solely as Owner Trustee),
      by
      entering into this Agreement, covenants and agrees that, before the date that
      is
      1 year and 1 day after the payment in full of all securities issued by the
      Depositor or the Issuer, it will not institute against, or join any other Person
      in instituting against, the Depositor or the Issuer any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings or other
      proceedings under any federal or State bankruptcy or similar law in connection
      with any obligations relating to the Notes, this Agreement or any of the Basic
      Documents.  This Section 10.10 will survive the resignation or removal
      of the Owner Trustee under this Agreement and the termination of this
      Agreement.

    

    
      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

    EXECUTED
      BY:

    

     

    
      	 	
              FORD
                CREDIT AUTO RECEIVABLES TWO LLC,

            
	 	
              as
                Depositor

            
	 	 
	 	 
	 	
              By:
                /s/ Susan J. Thomas

            
	 	
                
                Name:  Susan J. Thomas

            
	 	
                
                Title:    Secretary

            
	 	 
	 	 
	 	 
	 	
              U.S.
                BANK TRUST

            
	 	
              NATIONAL
                ASSOCIATION,

            
	 	
              as
                Owner Trustee

            
	 	 
	 	 
	 	
              By:
                /s/ Nicole Poole

            
	 	
                
                Name:   Nicole Poole

            
	 	
                
                Title:     Vice
                President

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A

    

    

    FORM
      OF
      CERTIFICATE OF TRUST OF

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

    

    This
      Certificate of Trust of Ford Credit Auto Owner Trust 2007-A (the "Trust")
      is being duly executed and filed by U.S. Bank Trust National Association, as
      owner trustee (the "Owner Trustee"), to form a statutory trust under the
      Delaware Statutory Trust Act (12 Delaware Code, § 3801
etseq.) (the "Act").

    

    1.
      Name.  The name of the statutory trust formed hereby is Ford
      Credit Auto Owner Trust 2007-A.

    

    2.
      Owner Trustee.  The name and business address of the sole
      trustee of the Issuer in the State of Delaware is U.S. Bank Trust National
      Association, 300 Delaware Avenue, Wilmington, Delaware 19801.

    

    3.
      Effective Date. This Certificate of Trust will be effective upon
      filing.

    

    The
      undersigned, being the sole trustee of the Issuer, have executed this
      Certificate of Trust as of the date first above written in accordance with
      Section 3811(a)(2) of the Act.

    

    

    
      	 	
              U.S.
                BANK TRUST

            
	 	
              NATIONAL
                ASSOCIATION,

            
	 	
              not
                in its individual capacity but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:  
                

            	___________________________________
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

     

    A-1Unassociated Document

    
      

    

    SCHEDULE

    to
      the

    ISDA
      Master Agreement

    (1992
      Multicurrency – Cross Border)

    

    dated
      as of June 19, 2007

    

    between

    

    BNP
      PARIBAS,

    a
      société anonyme organized under the laws of France

    (“Party
      A”)

    

    and

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A,

    a
      Delaware statutory trust

    (“Party
      B”)

    

    

    Part
      1.  Termination
      Provisions.

    

    
      	
               

            	
              (a)

            	
              “Specified
                Entity” means in relation to Party A for
                the purpose of:

            

    

    

    
      	
               

            	
              Section
                5(a)(v),

            	
              Not
                applicable.

            
	 	
              Section
                5(a)(vi),

            	
              Not
                applicable.

            
	 	
              Section
                5(a)(vii),

            	
              Not
                applicable.

            
	 	
              Section
                5(b)(iv),

            	
              Not
                applicable.

            
	 	 	 
	 	
              in
                relation to Party B for the purpose of:

            
	 	 	 
	 	
              Section
                5(a)(v),

            	
              Not
                applicable.

            
	 	
              Section
                5(a)(vi),

            	
              Not
                applicable.

            
	 	
              Section
                5(a)(vii),

            	
              Not
                applicable.

            
	 	
              Section
                5(b)(iv),

            	
              Not
                applicable.

            

    

    

    
      	
               

            	
              (b)

            	
              “Specified
                Transaction” will have the meaning
                specified in Section 14 of this Agreement unless another meaning
                is
                specified here: No change from Section
                14.

            

    

    

    
      	
               

            	
              (c)

            	
              The
                “Breach of
                Agreement” provisions of Section 5(a)(ii),
                the
                “Misrepresentation”
                provisions of Section 5(a)(iv) and the
                “Default under Specified
                Transaction” provisions of Section 5(a)(v)
                will not apply to Party B.

            

    

    

    
      	
               

            	
              (d)

            	
              The
                “Credit Support
                Default” provisions of Section 5(a)(iii)
                will not apply to Party B except that Section 5(a)(iii)(1) will apply
                in
                respect of Party B’s obligations under Paragraph 3(b) of the Credit
                Support Annex.

            

    

    

    
      	
               

            	
              (e)

            	
              The
                “Cross
                Default” provisions of
                Section 5(a)(vi) will not apply to Party B and will apply to
                Party A with a Threshold Amount equal to 3 percent of Party A’s
                shareholders’ equity (excluding
                deposits).

            

    

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
      	
               

            	
              (f)

            	
              Bankrupcy

            

    

    

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

    

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

    

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

    

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

    

    
      	
               

            	
              (g)

            	
              Tax
                Event and Tax Event
                Upon
                Merger

            

    

    

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

    

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

    

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

    

    
      	
               

            	
              (h)

            	
              The
                “Credit Event Upon Merger” provisions of Section
                5(b)(iv) will not apply to Party A or to Party
                B.

            

    

    

    
      	
               

            	
              (i)

            	
              The
                “Automatic Early
                Termination” provisions of Section
                6(a) will not apply to Party A or to Party
                B.

            

    

    

    
      	
               

            	
              (j)

            	
              Payments
                on Early Termination;
                General.  Subject to Part 1(k)
                below, for the purpose of Section
                6(e):

            

    

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

            	
              The
                Second Method will apply.

            

    

    

    
      	
               

            	
              (iii)

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

            

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    
      	
               

            	
              (k)

            	
              Payments
                on Early Termination Due to Certain
                Events.  Notwithstanding Section 6, so long as (A)
                an Additional Termination Event occurs pursuant to Part 1(m)(v) or
                (vi),
                or (B) Party A is the Affected Party in respect of a Tax Event Upon
                Merger
                or the Defaulting Party in respect of any Event of Default, paragraphs
                (i)
                to (ix) below will apply:

            

    

    

    (i)           For
      the purposes of Section 6(d)(i), Party B’s obligation with respect to the extent
      of information to be provided with its calculations is limited to information
      Party B has already received in writing which Party B is able to release without
      breaching any contractual obligations or the provisions of any law applicable
      to
      Party B.

    

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

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

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

    

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

    

    “Settlement
      Amount” means, with respect to any Early Termination Date, an
      amount (as determined by Party B) equal to:

    

    
      	
               

            	
              (A)

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

            

    

    

    
      	
               

            	
              (B)

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

            

    

    

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

    

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

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

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

    

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

    

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

    

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

    

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

    

    
      	
               

            	
              (l)

            	
              “Termination
                Currency” means United States
                Dollars.

            

    

    

    
      	
               

            	
              (m)

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

            

    

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

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

            

    

    

    
      	
               

            	
              (iii)

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

            

    

    

    
      	
               

            	
              (iv)

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

            

    

    

    
      	
               

            	
              (v)

            	
              Moody’s
                First Rating Trigger.  Party A failed to comply with the
                requirements of Part 5(o)(ii), with Party A as the sole Affected
                Party;

            

    

    

    
      	
               

            	
              (vi)

            	
              Moody’s
                Second Rating Triggers.

            

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

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

    

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

    

    
      	
               

            	
              (vii)

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

            

    

    

    Part
      2.  Tax
      Representations.

    

    
      	
               

            	
              (a)

            	
              Payer
                Tax Representations.  For the
                purpose of Section 3(e), each of Party A and Party B makes the following
                representation:

            

    

    

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

    

    
      	
               

            	
              (b)

            	
              Payee
                Tax Representations.  For the purpose of Section
                3(f):

            

    

    

    
      	
               

            	
              (i)

            	
              Party
                A makes the following representations:  It is a “foreign person”
                within the meaning of the applicable U.S. Treasury Regulations concerning
                information reporting and backup withholding tax (as in effect on
                January
                1, 2001), unless Party A provides written notice to Party B that
                it is no
                longer a foreign person. In respect of any Transaction it enters
                into
                through an office or discretionary agent in the United States or
                which
                otherwise is allocated for United States federal income tax purposes
                to
                such United States trade or business, each payment received or to
                be
                received by it under such Transaction will be effectively connected
                with
                its conduct of a trade or business in the United
                States.

            

    

    

    
      	
               

            	
              (ii)

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

            

    

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    Part
      3.Agreement
      to Deliver Documents.

    

    
      	
               

            	
              (a)

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

            

    

    

    
      	
              Party
                required to deliver document

            	 	
              Form/Document/Certificate

            	 	
              Date
                by which to be delivered

            
	 	 	 	 	 
	
              Party
                A and Party B

            	 	
              Any
                form or document that may be required or reasonably requested in
                order to
                allow the other party to make a payment under this Agreement without
                any
                deduction or withholding for or on account of any Tax or with such
                deduction or withholding at a reduced rate, including IRS Form W-9,
                Form
                8ECI or Form W-8BEN, as applicable.

            	 	
              On
                the date of this Agreement, and promptly upon the earlier of (i)
                reasonable demand by the other party and (ii) learning that the form
                or
                document is required.

               

            

    

    

    
      	
               

            	
              (b)

            	
              Other
                documents to be delivered are:

            

    

    

    
      	
              Party
                required to deliver document

            	 	
              Form/Document/Certificate

            	 	
              Date
                by which to be delivered

            	 	
              Covered
                by Section 3(d) Representation

            
	
              Party
                A

            	 	
              Annual
                audited financial statements prepared in accor­dance with
                gen­erally ac­cepted ac­counting prin­ci­ples in the
                country in which the party is organized.

            	 	
              Promptly
                upon Party B’s request.

               

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A and Party B

               

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

            	 	
              Upon
                execution of this Agreement.

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A and Party B

            	 	
              Opinions
                of coun­sel in form and substance ac­cept­able to the other
                party.

            	 	
              Upon
                execution of this Agreement.

            	 	
              No

            
	 	 	 	 	 	 	 
	
              Party
                A

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

            	 	
              As
                required pursuant to Part 5(s) of this Schedule.

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A

            	 	
              Executed
                Indemnification and Contribution Agreement, among Party A, Ford Motor
                Credit Company LLC and Ford Credit Auto Receivables Two LLC, relating
                to
                Party A’s furnished information for use in the Prospectus

            	 	
              At
                or promptly following execution of this Agreement.

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                B

            	 	
              Copies
                of executed Indenture and Sale and Servicing Agreement

            	 	
              Upon
                execution of such agreements.

            	 	
              No

            

    

    

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

    

     

    Part
      4.  Miscellaneous

    

    
      	
               

            	
              (a)

            	
              Addresses
                for Notices:

            

    

    

    (1)  TO
      PARTY A:

    

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

    

    BNP
      Paribas,

    787
      Seventh Avenue

    New
      York,
      NY 10019

    Attention:
      Legal and Transaction Management Group – ISDA

    Telephone
      No.: (212) 841-3000

    Facsimile
      No.: (212) 841-3561

    

    With
      a
      copy to:

    

    BNP
      Paribas, Paris, 1 Rue Taitbout, 75009 Paris

    Legal
      and
      Transaction Management Group – ISDA

    Telephone
      No: (33) (0) 1 4014 0199

    Facsimile
      No: (33) (0) 1 4014 5577 / 7511

    

    (2)  TO
      PARTY B:

    

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

     

    
      U.S.
        Bank
        Trust National Association,

         as
        Owner Trustee for

         Ford
        Credit Auto Owner Trust 2007-A

      300
        Delaware Avenue, Ninth Floor

      Wilmington,
        Delaware 19801

      Attn:  Corporate
        Trust Department

      Telephone:
        (302) 576-3700

      Fax:  (302)
        576-3717

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      with
        copies to:

      

      The
        Bank
        of New York,

         as
        Indenture Trustee for

         Ford
        Credit Auto Owner Trust 2007-A

      101
        Barclay Street

      Floor
        8
        West

      New
        York,
        New York 10286

      Attn:
        Structured Finance Services -

      Asset
        Backed Securities, Ford 2007-A

      Telephone:  (212)
        815-4389

      Fax:  (212)
        815-2493

      

      and

      

      Ford
        Motor Credit Company LLC

      One
        American Road, Suite 2411

      Dearborn,
        Michigan  48126

      Attention:  Corporate
        Secretary

      Telephone:  (313)
        323-1200

      Fax:  (313)
        248-7613

      

      and

      

      Ford
        Motor Credit Company LLC

      c/o
        Ford
        Motor Company WHQ

      One
        American Road, Suite 801-C1

      Dearborn,
        Michigan 48126

      Attention:
        Securitization Operations Supervisor

      Telephone:
        (313) 594-3495

      Fax:
        (313) 390-4133

       

    

    
      	
               

            	
              (b)

            	
              Process
                Agent.  For the purpose of Section
                13(c):

            

    

    

    Party
      A
      appoints as its Process Agent:    Not
      applicable.

    

    Party
      B
      appoints as its Process Agent:    Not
      applicable.

    

    
      	
               

            	
              (c)

            	
              Offices.  The
                provisions of Section 10(a) will
                apply.

            

    

    

    
      	
               

            	
              (d)

            	
              Multibranch
                Party.  For the purpose of
                Section 10:

            

    

    

    
      	
               

            	
              (i)

            	
              Party
                A is not a Multibranch Party.

            

    

    

    
      	
               

            	
              (ii)

            	
              Party
                B is not a Multibranch Party.

            

    

    

    
      	
               

            	
              (e)

            	
              Calculation
                Agent.  The Calculation Agent is Party
                B.

            

    

    

    
      	
               

            	
              (f)

            	
              Governing
                Law.  This Agreement will be
                governed by and construed in accordance with the laws of the State
                of New
                York.

            

    

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    
      	
               

            	
              (g)

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

            

    

    

    
      	
               

            	
              (h)

            	
              Netting
                of Payments.  Subparagraph (ii)
                of Section 2(c) will apply to all Transactions under this
                Agreement.

            

    

    

    
      	
               

            	
              (i)

            	
              “Affiliate”
                will have the meaning specified in Section
                14.

            

    

    

    
      	
               

            	
              (j)

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

            

    

    
      	
               

            	 

    

    
      	
               

            	
              (k)

            	
              The
                definition of “Local Business Day” in Section 14
                will be amended by the addition of the words “or any Credit
                Support Document” after “Section 2(a)(i)” and the addition of the
                words “or Credit Support Document” after
                “Confirmation”.

            

    

    

    Part
      5.  Other
      Provisions.

    

    
      	
               

            	
              (a)

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

            

    

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

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

            

    

    

    
      	
               

            	
              (iii)

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

            

    

    

    
      	
               

            	
              (iv)

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

            

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    
      	
               

            	
              (v)

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

            

    

    

    
      	
               

            	
              (vi)

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

            

    

    

    
      	
               

            	
              (vii)

            	
              the
                other party to this Master Agreement, such Credit Support Document,
                each
                Transac­tion and such other documentation (a) is not acting as a
                fiduciary or financial, investment or commodity trading advisor for
                it,
                (b) has not given to it (directly or indirectly through any other
                person)
                any assurance, guaranty or representation whatsoever as to the merits
                (either legal, regulatory, tax, finan­cial, accounting or otherwise)
                of this Master Agree­ment, such Credit Support Document, each
                Transaction or such other documentation, and (c) has not committed
                to
                unwind the Transactions.

            

    

    

    
      	
               

            	
              (b)

            	
              Tax
                Provisions.

            

    

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

            	
              Section
                2(d)(i)(4) of this Agreement shall be deleted in its entirety and
                replaced
                with the words “if such Tax is an Indemnifiable Tax, pay to Y, in addition
                to the payment which Y is otherwise entitled under this Agreement,
                such
                additional amount as is necessary to ensure that the net amount actually
                received by Y (free and clear of Indemnifiable Taxes, whether against
                X or
                Y) will equal the full amount Y would have received had no such deduction
                or withholding been required”.

            

    

    

    
      	
               

            	
              (c)

            	
              Additional
                Representation by Party A.   Section 3 is
                amended by adding the following additional representation by Party
                A
                only:

            

    

    

    “(h)           Pari
      Passu.  Its obligations under this Agreement rank pari
      passu with all of its other unsecured, unsubordinated obligations except those
      obligations preferred by operation of law.”

    

    
      	
               

            	
              (d)

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

            

    

    

    
      	
               

            	
              (e)

            	
              Limited
                Recourse;
                Subordination.

            

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

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

            

    

    

    
      	
               

            	
              (f)

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

            

    

    

    
      	
               

            	
              (g)

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

            

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    
      	
               

            	
              (h)

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

            

    

    

    
      	
               

            	
              (i)

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

            

    

    
      	
               

            	 

    

    
      	
               

            	
              (j)

            	
              Set-off.  

            

    

    

    
      	
               

            	
              (i)

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

            

    

    

    
      	
               

            	
              (ii)

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

            

    

    

    
      	
               

            	
              (k)

            	
              Limitation
                of Liability of Owner Trustee.  Notwithstanding
                anything contained in this Agreement to the contrary, this instrument
                (and
                any Confirmation pursuant to this instrument) has been or will be
                signed
                on behalf of Party B by U.S. Bank Trust National Association not
                in its
                individual capacity but solely in its capacity as Owner Trustee of
                Party B
                and in no event will U.S. Bank Trust National Association in its
                individual capacity or any beneficial owner of Party B have any liability
                for the representations, warranties, covenants, agreements or other
                obligations of Party B under this Agreement or under any such
                Confirmation, as to all of which recourse will be had solely to the
                assets
                of Party B.  For all purposes of this Agreement and any
                Confirmation, in the performance of any duties or obligations of
                Party B
                hereunder, the Owner Trustee will be subject to, and entitled to
                the
                benefits of, the terms and provisions of the Trust Agreement;
                provided, however, that the foregoing will not relieve the
                Owner Trustee from any liability it might otherwise have under the
                Trust
                Agreement as a result of its gross negligence or willful
                misconduct.

            

    

    

    
      	
               

            	
              (l)

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

            

    

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    For
      the
      purpose of this Agreement:

    

    “Credit
      Support Annex” means any credit support annex entered into between
      Party A and Party B relating to this Agreement, as amended, supplemented or
      otherwise modified from time to time.

    

    “Credit
      Support Document” means the Credit Support Annex and any Eligible
      Guarantee for Party A.

    

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

    

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

    

    “Eligible
      Replacement” means a Financial Institution (i)(A) having the
      Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
      Required Ratings or (B) whose present and future obligations owing to Party
      B
      are guaranteed pursuant to an Eligible Guarantee provided by a guarantor having
      the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger
      Required Ratings, and (ii)(A) having the S&P’s First Rating Thresholds
      and/or the S&P’s Second Rating Thresholds or (B) whose present and future
      obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee
      provided by a guarantor having the S&P’s First Rating Thresholds and/or the
      S&P’s Second Rating Thresholds.

    

    “Financial
      Institution” means a bank, broker/dealer, insurance company,
      structured investment vehicle or derivative product company.

    

    “Firm
      Offer” means an offer which, when made, was capable of becoming
      legally binding upon acceptance.

    

    “Moody’s
      Short-term Rating” means a rating assigned by Moody’s under its
      short-term rating scale in respect of an entity’s short-term, unsecured and
      unsubordinated debt obligations

    

    “Relevant
      Entities” means Party A and any guarantor under an Eligible
      Guarantee in respect of all of Party A’s present and future obligations under
      this Agreement.

    

    
      	
               

            	
              (m)

            	
              Additional
                Defined Terms. Capitalized terms used but not
                defined in this Agreement (including this Schedule) or any Confirmation
                are defined in the Sale and Servicing Agreement, dated as of June
                1, 2007
                (including Appendix A to such Sale and Servicing Agreement), as amended,
                supplemented or otherwise modified, among Party B, Ford Motor Credit
                Company LLC, as Servicer, and Ford Credit Auto Receivables Two LLC,
                as
                Depositor.

            

    

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    
      	
               

            	
              (n)

            	
              Downgrade
                or Withdrawal of Party A’s Rating by Fitch.  In
                the event that Party A’s short term unsecured debt rating is withdrawn or
                reduced below “F1” by Fitch or long term unsecured and unsubordinated debt
                rating is withdrawn or reduced below “A” by Fitch (such rating thresholds,
                the “Approved Rating Thresholds”), within 30 days of such rating
                downgrade (unless each such Rating Agency has reconfirmed the rating
                of
                each Class of Notes which was in effect immediately prior to such
                downgrade), Party A will (i) assign each Transaction to another
                counterparty with the Approved Rating Thresholds and approved by
                Party B
                (which approval will not be unreasonably withheld) on terms identical
                to
                this Schedule and the related Confirmation, (ii) obtain a guaranty,
                or a
                contingent agreement of, another person with Approved Rating Thresholds
                to
                honor Party A’s obligations under this Agreement, provided that such other
                person is approved by Party B (which approval will not be unreasonably
                withheld), (iii) post mark-to-market collateral, pursuant to a collateral
                support agreement acceptable to Party B, which will be sufficient
                to
                restore any downgrade in the ratings of each Class of Notes issued
                by
                Party B attributable to Party A's failure to comply with the Approved
                Rating Thresholds, or (iv) establish any other arrangement satisfactory
                to
                Party B and to the applicable Rating Agency, in each case, sufficient
                to
                satisfy the Rating Agency Confirmation.  However, Party A will
                be required to take the action described in clause (i), (ii) or (iv)
                above, in any event within 10 Business Days of such failure, if Party
                A fails to have a short-term unsecured debt rating of at least “F2” by
                Fitch or a long-term unsecured debt rating of at least “BBB+” by
                Fitch.  All costs and expenses in connection with effecting any
                arrangements pursuant to clauses (i), (ii), (iii) or (iv) will be
                borne by
                Party A.

            

    

    

    
      	
               

            	
              (o)

            	
              Downgrade
                or Withdrawal of Party
                A’s Rating by
                Moody’s.

            

    

    

    (i)           An
      entity shall have the “Moody’s First
      Trigger Required Ratings”
(A) where such entity is
      the subject of a Moody’s Short-term Rating, if such
      rating is “Prime-1” and its long-term, unsecured and unsubordinated debt
      obligations are rated “A2” or above by Moody’s and (B) where such entity is not
      the subject of a Moody’s Short-term Rating, if its long-term, unsecured and
      unsubordinated debt obligations are rated “A1” or above by
      Moody’s.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

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

    

    (iii)           An
      entity shall have the “Moody’sSecond
      Trigger Required Ratings” (A) where such entity is the subject of
      a Moody’s Short-term Rating, if such rating is “Prime-2” or above and its
      long-term, unsecured and unsubordinated debt obligations are rated “A3” or above
      by Moody’s and (B) where such entity is not the subject of a Moody’s Short-term
      Rating, if its long-term, unsecured and unsubordinated debt obligations are
      rated “A3” or above by Moody’s.

    

    (iv)           The
      “Moody’s Second Rating Trigger
      Requirements” shall apply so long as no Relevant Entity has the
      Moody’s Second Trigger Required Ratings. Within 30 Local Business Days
      after the Moody’s Second Rating Trigger Requirements apply, Party A
      will post collateral in the amount and manner as set forth in the Credit Support
      Annex.  Party A will also, at its own cost, use commercially
      reasonable efforts to, as soon as reasonably practicable, procure either (A)
      an
      Eligible Guarantee in respect of all of Party A’s present and future obligations
      under this Agreement to be provided by a guarantor meeting at least the
      Moody’s Second Trigger Required Ratings or (B) a transfer in accordance
      with Part 5(p)(ii) below.

    

    
      	
               

            	
              (p)

            	
              Transfers.

            

    

    

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

    

    (ii)           Subject
      to clause (i) above, Party A may (at its own cost) transfer all or substantially
      all of its rights and obligations with respect to this Agreement to any other
      entity (a “Transferee”) that is an Eligible
      Replacement and which agrees to the same terms and conditions as those existing
      under this Agreement, provided that Party B shall determine in its sole
      discretion, acting in a commercially reasonable manner, whether or not a
      transfer relates to all or substantially all of Party A’s rights and obligations
      under this Agreement. Following such transfer, all references to Party A shall
      be deemed to be references to the Transferee.

    

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

    

    
      	
               

            	
              (q)

            	
              Approval
                of Amendments, Transfers or
                Assignment.  Notwithstanding any
                other provisions of this Agreement, no amendments to this Agree­ment
                will be effected, nor may the rights and obligations of Party A be
                transferred or as­signed, without the prior writ­ten
                con­fir­ma­tion of each Rating Agen­cy that such
                amend­ment, transfer or assignment will not cause such Rating Agency
                to reduce or withdraw its then current rating on any of the
                Notes.

            

    

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    
      	
               

            	
              (r)

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

            

    

    

    
      	
               

            	
              (s)

            	
              Regulation
                AB Financial
                Disclosure.

            

    

    

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

    

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

    

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

    

    
      	
               

            	
              (t)

            	
              Downgrade
                or Withdrawal of Party A’s Rating by
                S&P.

            

    

    

    (i)           S&P’s
      First Rating Trigger.  If no Relevant Entity has a short
      term unsecured debt rating of “A-1” or better by S&P or, if no Relevant
      Entity has a short term unsecured debt rating by S&P, a long term unsecured
      debt rating of “A+” or better by S&P (such rating thresholds, the “S&P
      First Rating Thresholds” and such failure, the “S&P First Rating
Trigger”) and the S&P Second Rating
      Trigger has not occurred, then within 10 Local Business Days of such failure
      (or
      on the date of this Agreement, if no Relevant Entity has the S&P First
      Rating Thresholds as of the date of this Agreement), Party A will, at its own
      cost, post collateral in the amount and manner as set forth in the Credit
      Support Annex.  Party A may also, at its own cost, procure either (A)
      an Eligible Guarantee in respect of all of Party A’s present and future
      obligations under this Agreement to be provided by a guarantor having the
      S&P First Rating Thresholds and which procurement will not be effective
      without the prior written confirmation of S&P that such procurement will not
      cause S&P to reduce or withdraw its then current rating on the Notes or (B)
      a transfer to a Financial Institution in accordance with Part 5(p)(ii) above,
      and upon either such procurement, Party A will no longer be required to post
      any
      collateral.

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    (ii)           S&P’s
      Second Rating Trigger.  If no Relevant Entity has a short
      term unsecured debt rating of “A-2” or better by S&P or, if no Relevant
      Entity has a short term unsecured debt rating by S&P, a long term unsecured
      debt rating of “BBB+” or better by S&P (such rating thresholds, the “S&P
      Second Rating Thresholds” and such failure, the “S&P Second
      Rating Trigger”), then within 10 Local
      Business Days of such failure, Party A will, at its own cost, post additional
      collateral in the amount and manner as set forth in the Credit Support
      Annex.  Party A will also, at its own cost, within 60 calendar
      days of such failure, use commercially reasonable efforts to procure either
      (A)
      an Eligible Guarantee in respect of all of Party A’s present and future
      obligations under this Agreement to be provided by a guarantor having the
      S&P Second Rating Thresholds and which procurement will not be
      effective without the prior written confirmation of  S&P that such
      procurement will not cause S&P to reduce or withdraw its then current rating
      on the Notes or (B) a transfer to a Financial Institution in accordance with
      Part 5(p)(ii) above.

    

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

    EXECUTED
      BY:

     

    
      
        	
                FORD
                  CREDIT AUTO OWNER TRUST 2007-A

              	
                BNP
                  PARIBAS

              
	 	 
	
                By:
                  U.S. BANK TRUST NATIONAL ASSOCIATION,

              	
                By:   /s/
                  Christine Smith
                  Howard             
                  

              
	
                        not
                  in its individual capacity

              	
                Name:  Christine
                  Smith Howard

              
	
                        but
                  solely as Owner Trustee

              	
                Title:   Authorized
                  Signatory

              
	 	 
	 	 
	
                By:   /s/Mildred
                  F.
                  Smith              
                  

              	
                By:  /s/
                  Mindy
                  Sperling                           
                  

              
	
                Name:  Mildred
                  F. Smith

              	
                Name:  Mindy
                  Sperling

              
	
                Title:   Vice
                  President

              	
                Title:  Authorized
                  Signatory

              
	 	 
	
                Date:  June
                  ___, 2007

              	
                Date:  June
                  ___, 2007

              

      

       

    

     

     

     

    [Signature
      Page to Swap Schedule]

     

     

    37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]