Document:

Exhibit 4.1

    
      

    

     

     

    INDENTURE

     

     

    between

     

     

    FORD
      CREDIT AUTO OWNER TRUST 2006-B,

    as
      Issuer

     

     

    and

     

     

    THE
      BANK
      OF NEW YORK,

    as
      Indenture Trustee

     

     

    Dated
      as
      of August 1, 2006

     

     

    
      
        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    
      	
              ARTICLE
                I USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

            	 
	 	 	 
	
              Section
                1.1

            	
              Usage,
                Definitions and Incorporation by Reference.

            	
              1

            
	
              Section
                1.2

            	
              Incorporation
                by Reference of Trust Indenture Act.

            	
              1

            
	 	 
	
              ARTICLE
                II THE NOTES

            	 
	 	 	 
	
              Section
                2.1

            	
              Form.

            	
              2

            
	
              Section
                2.2

            	
              Execution,
                Authentication and Delivery.

            	
              2

            
	
              Section
                2.3

            	
              Tax
                Treatment.

            	
              3

            
	
              Section
                2.4

            	
              Registration;
                Registration of Transfer and Exchange.

            	
              3

            
	
              Section
                2.5

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes.

            	
              7

            
	
              Section
                2.6

            	
              Persons
                Deemed Owners.

            	
              8

            
	
              Section
                2.7

            	
              Payment
                of Principal and Interest

            	
              8

            
	
              Section
                2.8

            	
              Cancellation.

            	
              9

            
	
              Section
                2.9

            	
              Release
                of Collateral.

            	
              9

            
	
              Section
                2.10

            	
              Book-Entry
                Notes.

            	
              9

            
	
              Section
                2.11

            	
              Definitive
                Notes.

            	
              10

            
	
              Section
                2.12

            	
              Authenticating
                Agents.

            	
              10

            
	
              Section
                2.13

            	
              Note
                Paying Agents.

            	
              11

            
	 	 
	
              ARTICLE
                III COVENANTS AND REPRESENTATIONS

            	 
	 	 	 
	
              Section
                3.1

            	
              Payment
                of Principal and Interest.

            	
              12

            
	
              Section
                3.2

            	
              Maintenance
                of Office or Agency.

            	
              12

            
	
              Section
                3.3

            	
              Money
                for Payments To Be Held in Trust.

            	
              12

            
	
              Section
                3.4

            	
              Existence.

            	
              13

            
	
              Section
                3.5

            	
              Protection
                of Collateral.

            	
              13

            
	
              Section
                3.6

            	
              Performance
                of Obligations; Servicing of Receivables.

            	
              14

            
	
              Section
                3.7

            	
              Negative
                Covenants.

            	
              15

            
	
              Section
                3.8

            	
              Opinions
                as to Collateral.

            	
              16

            
	
              Section
                3.9

            	
              Annual
                Statement as to Compliance

            	
              16

            
	
              Section
                3.10

            	
              Consolidation
                and Merger; Sale of Assets

            	
              17

            
	
              Section
                3.11

            	
              Successor
                or Transferee.

            	
              18

            
	
              Section
                3.12

            	
              No
                Other Activities.

            	
              18

            
	
              Section
                3.13

            	
              Further
                Instruments and Acts.

            	
              18

            
	
              Section
                3.14

            	
              Restricted
                Payments.

            	
              18

            
	
              Section
                3.15

            	
              Notice
                of Events of Default.

            	
              18

            
	
              Section
                3.16

            	
              Representations
                and Warranties of the Issuer as to Security Interest

            	
              19

            
	
              Section
                3.17

            	
              Audits
                of the Issuer.

            	
              20

            
	
              Section
                3.18

            	
              Representations
                and Warranties of the Issuer

            	
              20

            
	
              Section
                3.19

            	
              Calculation
                Agent

            	
              21

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              ARTICLE
                IV SATISFACTION AND DISCHARGE

            	 
	 	 	 
	
              Section
                4.1

            	
              Satisfaction
                and Discharge of Indenture.

            	
              21

            
	 	 	 
	
              ARTICLE
                V REMEDIES

            	 
	 	 	 
	
              Section
                5.1

            	
              Events
                of Default.

            	
              22

            
	
              Section
                5.2

            	
              Acceleration
                of Maturity; Rescission and Annulment.

            	
              22

            
	
              Section
                5.3

            	
              Collection
                of Indebtedness by the Indenture Trustee.

            	
              23

            
	
              Section
                5.4

            	
              Trustee
                May File Proofs of Claim.

            	
              24

            
	
              Section
                5.5

            	
              Trustee
                May Enforce Claims Without Possession of Notes.

            	
              24

            
	
              Section
                5.6

            	
              Remedies;
                Priorities.

            	
              25

            
	
              Section
                5.7

            	
              Optional
                Preservation of the Collateral

            	
              26

            
	
              Section
                5.8

            	
              Limitation
                of Suits.

            	
              27

            
	
              Section
                5.9

            	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest.

            	
              27

            
	
              Section
                5.10

            	
              Restoration
                of Rights and Remedies.

            	
              28

            
	
              Section
                5.11

            	
              Rights
                and Remedies Cumulative.

            	
              28

            
	
              Section
                5.12

            	
              Delay
                or Omission Not a Waiver.

            	
              28

            
	
              Section
                5.13

            	
              Control
                by Controlling Class of Noteholders.

            	
              28

            
	
              Section
                5.14

            	
              Waiver
                of Defaults and Events of Default.

            	
              29

            
	
              Section
                5.15

            	
              Undertaking
                for Costs.

            	
              29

            
	
              Section
                5.16

            	
              Waiver
                of Stay or Extension Laws.

            	
              29

            
	
              Section
                5.17

            	
              Performance
                and Enforcement of Certain Obligations.

            	
              30

            
	 	 
	
              ARTICLE
                VI THE INDENTURE TRUSTEE

            	 
	 	 	 
	
              Section
                6.1

            	
              Duties
                of Indenture Trustee.

            	
              30

            
	
              Section
                6.2

            	
              Rights
                of Indenture Trustee.

            	
              31

            
	
              Section
                6.3

            	
              Individual
                Rights of Indenture Trustee.

            	
              32

            
	
              Section
                6.4

            	
              Indenture
                Trustee’s Disclaimer.

            	
              32

            
	
              Section
                6.5

            	
              Notice
                of Defaults.

            	
              33

            
	
              Section
                6.6

            	
              Reports
                by Indenture Trustee.

            	
              33

            
	
              Section
                6.7

            	
              Compensation
                and Indemnity.

            	
              34

            
	
              Section
                6.8

            	
              Replacement
                of Indenture Trustee.

            	
              35

            
	
              Section
                6.9

            	
              Successor
                Indenture Trustee by Merger.

            	
              36

            
	
              Section
                6.10

            	
              Appointment
                of Separate Indenture Trustee or Co-Indenture Trustee.

            	
              37

            
	
              Section
                6.11

            	
              Eligibility;
                Disqualification.

            	
              38

            
	
              Section
                6.12

            	
              Preferential
                Collection of Claims Against Issuer.

            	
              39

            
	
              Section
                6.13

            	
              Audits
                of the Indenture Trustee.

            	
              39

            
	
              Section
                6.14

            	
              Representations
                and Warranties of the Indenture Trustee

            	
              39

            
	
              Section
                6.15

            	
              Duty
                to Update Disclosure

            	
              40

            
	
              Section
                6.16

            	
              Establishment
                of Swap Collateral Acounts

            	
              41

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    
      	
              ARTICLE
                VII NOTEHOLDERS’ LISTS AND REPORTS

            	 
	 	 	 
	
              Section
                7.1

            	
              Names
                and Addresses of Noteholders.

            	
              41

            
	
              Section
                7.2

            	
              Preservation
                of Information; Communications to Noteholders.

            	
              41

            
	
              Section
                7.3

            	
              Reports
                by Issuer.

            	
              41

            
	
              Section
                7.4

            	
              Reports
                by Indenture Trustee.

            	
              42

            
	 	 
	
              ARTICLE
                VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

            	 
	 	 	 
	
              Section
                8.1

            	
              Collection
                of Money

            	
              42

            
	
              Section
                8.2

            	
              Trust
                Accounts; Distributions and Disbursements.

            	
              43

            
	
              Section
                8.3

            	
              General
                Provisions Regarding Bank Accounts.

            	
              46

            
	
              Section
                8.4

            	
              Release
                of Collateral.

            	
              47

            
	 	 
	
              ARTICLE
                IX SUPPLEMENTAL INDENTURES

            	 
	 	 	 
	
              Section
                9.1

            	
              Supplemental
                Indentures Without Consent of Noteholders.

            	
              48

            
	
              Section
                9.2

            	
              Supplemental
                Indentures with Consent of Noteholders.

            	
              50

            
	
              Section
                9.3

            	
              Execution
                of Supplemental Indentures.

            	
              51

            
	
              Section
                9.4

            	
              Effect
                of Supplemental Indenture.

            	
              51

            
	
              Section
                9.5

            	
              Conformity
                with Trust Indenture Act.

            	
              51

            
	
              Section
                9.6

            	
              Reference
                in Notes to Supplemental Indentures.

            	
              51

            
	 	 
	
              ARTICLE
                X REDEMPTION OF NOTES

            	 
	 	 	 
	
              Section
                10.1

            	
              Redemption.

            	
              51

            
	 	 
	
              ARTICLE
                XI MISCELLANEOUS

            	 
	 	 	 
	
              Section
                11.1

            	
              Compliance
                Certificates and Opinions, etc.

            	
              53

            
	
              Section
                11.2

            	
              Form
                of Documents Delivered to Indenture Trustee.

            	
              54

            
	
              Section
                11.3

            	
              Acts
                of Noteholders.

            	
              55

            
	
              Section
                11.4

            	
              Notices,
                etc., to Indenture Trustee, Issuer and Rating Agencies.

            	
              55

            
	
              Section
                11.5

            	
              Notices
                to Noteholders; Waiver.

            	
              56

            
	
              Section
                11.6

            	
              Conflict
                with Trust Indenture Act.

            	
              56

            
	
              Section
                11.7

            	
              Benefits
                of Indenture.

            	
              57

            
	
              Section
                11.8

            	
              GOVERNING
                LAW.

            	
              57

            
	
              Section
                11.9

            	
              Submission
                to Jurisdiction.

            	
              57

            
	
              Section
                11.10

            	
              WAIVER
                OF JURY TRIAL.

            	
              57

            
	
              Section
                11.11

            	
              Severability.

            	
              57

            
	
              Section
                11.12

            	
              Counterparts.

            	
              57

            
	
              Section
                11.13

            	
              Headings.

            	
              57

            
	
              Section
                11.14

            	
              Recording
                of Indenture.

            	
              57

            
	
              Section
                11.15

            	
              Trust
                Obligation.

            	
              58

            
	
              Section
                11.16

            	
              Subordination
                of Claims against the Depositor.

            	
              58

            
	
              Section
                11.17

            	
              No
                Petition.

            	
              59

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    
      	
              EXHIBIT
                A-1

            	
              FORM
                OF CLASS A-1 NOTE

            	
              A-1-1

            
	
              EXHIBIT
                A-2a

            	
              FORM
                OF CLASS A-2a NOTE

            	
              A-2a-1

            
	
              EXHIBIT
                A-2b

            	
              FORM
                OF CLASS A-2b NOTE

            	
              A-2b-1

            
	
              EXHIBIT
                A-3

            	
              FORM
                OF CLASS A-3 NOTE

            	
              A-3-1

            
	
              EXHIBIT
                A-4

            	
              FORM
                OF CLASS A-4 NOTE

            	
              A-4-1

            
	
              EXHIBIT
                B

            	
              FORM
                OF CLASS B NOTE

            	
              B-1

            
	
              EXHIBIT
                C

            	
              FORM
                OF CLASS C NOTE

            	
              C-1

            
	
              EXHIBIT
                D

            	
              FORM
                OF CLASS D NOTE 

            	
              D-1

            
	
              EXHIBIT
                E

            	
              FORM
                OF INVESTMENT LETTER:

            	 
	 	
              CLASS
                D NOTES 

            	
              E-1

            
	
              SCHEDULE
                A

            	
              Schedule
                of Receivables

            	
              SA-1

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    CROSS
      REFERENCE TABLE1

     

    
      	 	 
	
              TIA
                Section

            	
              Indenture
                Section

            
	 	 
	
              310
                (a)(1)

            	
              6.11

            
	
              (a)(2)

            	
              6.11

            
	
              (a)(3)

            	
              6.10

            
	
              (a)(4)

            	
              N.A.2

            
	
              (a)(5)

            	
              6.11

            
	
              (b)
                

            	
              6.8;
                6.11

            
	
              (c)
                

            	
              N.A.

            
	
              311
                (a) 

            	
              6.12

            
	
              (b)
                

            	
              6.12

            
	
              (c)
                

            	
              N.A.

            
	
              312
                (a) 

            	
              7.1;
                7.2 

            
	
              (b)
                

            	
              7.2
                

            
	
              (c)
                

            	
              7.2
                

            
	
              313
                (a) 

            	
              .
                7.4 

            
	
              (b)
                

            	
              7.4
                

            
	
              (c)
                

            	
              7.4
                

            
	
              (d)
                

            	
              7.4
                

            
	
              314
                (a) 

            	
              3.9,
                7.3 

            
	
              (b)
                

            	
              3.8,
                11.13 

            
	
              (c)(1)

            	
              11.1
                

            
	
              (c)(2)

            	
              11.1
                

            
	
              (c)(3)

            	
              11.1
                

            
	
              (d)
                

            	
              11.1
                

            
	
              (e)
                

            	
              11.1
                

            
	
              315
                (a) 

            	
              6.1
                

            
	
              (b)
                

            	
              6.5
                

            
	
              (c)
                

            	
              6.1
                

            
	
              (d)
                

            	
              6.1
                

            
	
              (e)
                

            	
              5.15

            
	
              316
                (a)(1)(A)

            	
              5.13

            
	
              (a)(1)(B)

            	
              5.14

            
	
              (a)(2)

            	
              N.A.

            
	
              (b)
                

            	
              5.9
                

            
	
              (c)
                

            	
              N.A
                

            
	
              317
                (a)(1)

            	
              5.4
                

            
	
              (a)(2)

            	
              5.4
                

            
	
              (b)
                

            	
              3.3
                

            
	
              318
                (a) 

            	
              11.6
                

            

    

    _______________________

    
      	
              1

            	
              Note:
                This Cross Reference Table is not deemed, for any purpose, to be
                part of
                this Indenture.

            

    

    
      	
              2

            	
              N.A.
                means Not Applicable.

            

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    INDENTURE,
      dated as of August 1, 2006 (this “Indenture”),
      between FORD CREDIT AUTO OWNER TRUST 2006-B, a Delaware statutory trust, as
      Issuer, and THE BANK OF NEW YORK, a New York banking corporation, as Indenture
      Trustee for the benefit of the Secured Parties.

     

    Each
      party agrees as follows for the benefit of the other party and for the equal
      and
      ratable benefit of the Secured Parties.

     

    GRANTING
      CLAUSE

     

    The
      Issuer Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee
      for the benefit of the Secured Parties, all of the Issuer’s right, title and
      interest in, to and under, whether now owned or hereafter acquired, the
      Collateral.

     

    The
      foregoing Grant is made in trust to secure (a) the payment of principal of,
      interest on and any other amounts owing in respect of the Notes as provided
      in
      this Indenture and (b) to secure compliance by the Issuer with the provisions
      of
      this Indenture and the Interest Rate Swap for the benefit of the Secured
      Parties.

     

    The
      Indenture Trustee acknowledges such Grant, accepts the trusts under this
      Indenture in accordance with this Indenture and agrees to perform the duties
      required in this Indenture to the best of its ability to protect the interests
      of the Secured Parties.

     

    ARTICLE
      I

    USAGE,
      DEFINITIONS AND INCORPORATION BY REFERENCE

     

    Section
      1.1  Usage,
      Definitions and Incorporation by Reference.
      Capitalized
      terms used but not otherwise defined in this Indenture are defined in Appendix
      A
      to the Sale and Servicing Agreement. Appendix A also contains rules as to usage
      applicable to this Indenture. Appendix A is incorporated by reference into this
      Indenture.

     

    Section
      1.2  Incorporation
      by Reference of Trust Indenture Act.
      Whenever
      this Indenture refers to a provision of the TIA, the provision is incorpo-rated
      by reference in and made a part of this Indenture. The following TIA terms
      used
      in this Indenture have the following meanings:

     

    “indenture
      securities”
means
      the Notes.

     

    “indenture
      security holder”
means
      a
      Noteholder.

     

    “indenture
      to be qualified”
means
      this Indenture.

     

    “indenture
      trustee”
or
      “institutional
      trustee”
means
      the Indenture Trustee.

     

    “obligor”
on
      the
      indenture securities means the Issuer and any other obligor on the indenture
      securities.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    All
      other
      TIA terms used in this Indenture that are defined in the TIA, defined by TIA
      reference to another statute or defined by Securities and Exchange Commission
      rule have the meaning assigned to them by such definitions.

     

    ARTICLE
      II

    THE
      NOTES

     

    Section
      2.1  Form.

     

    (a)  Each
      Class of Notes,
      together with the Indenture Trustee’s certificates of authentication, will be in
      substantially the form set forth in the related Exhibit with such variations
      as
      are required or permitted by this Indenture. The Notes may have such marks
      of
      identification and such legends or endorsements placed on them as may be
      determined, consistent with this Indenture, by the officers executing such
      Notes, as evidenced by their execution of such Notes. The physical Notes will
      be
      produced by any method as determined by the officers executing such Notes,
      as
      evidenced by their execution of such Notes.

     

    (b)  Each
      Note will be dated
      the date of its authentica-tion. The terms of the Notes set forth in Exhibit
      A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit
      C
      and Exhibit D are part of this Indenture and are incorporated into this
      Indenture by reference.

     

    Section
      2.2  Execution,
      Authentication and Delivery.

     

    (a)  A
      Responsible Person of
      the Issuer will execute the Notes on behalf of the Issuer. The signature of
      such
      Responsible Person on the Notes may be manual or facsimile. Notes bearing the
      manual or facsimile signature of an individual who was a Responsible Person
      of
      the Issuer will bind the Issuer, notwithstanding that such individual has ceased
      to hold such office before the authentication and delivery of such Notes or
      did
      not hold such office at the date of issuance of such Notes.

     

    (b)  The
      Indenture Trustee
      will, upon Issuer Order, authenticate and deliver the Notes for original issue
      in the Classes, Note Interest Rates and initial Note Balances as set forth
      below. 

     

    
      	
              Class

            	 	
              Note
                Interest Rate

            	 	
              Initial
                Note Balance

            
	 	 	 	 	 
	
              Class
                A-1 Notes

            	 	
              5.4048%

            	 	
              $657,000,000

            
	
              Class
                A-2a Notes

            	 	
              5.42%

            	 	
              $470,000,000

            
	
              Class
                A-2b Notes

            	 	
              one-month
                LIBOR + 0.02%

            	 	
              $470,000,000

            
	
              Class
                A-3 Notes

            	 	
              5.26%

            	 	
              $730,000,000

            
	
              Class
                A-4 Notes

            	 	
              5.25%

            	 	
              $438,560,000

            
	
              Class
                B Notes

            	 	
              5.43%

            	 	
              $87,333,000

            
	
              Class
                C Notes 

            	 	
              5.68%

            	 	
              $58,222,000

            
	
              Class
                D Notes 

            	 	
              7.12%

            	 	
              $58,222,000

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (c)  The
      Notes (other than the
      Class A-1 Notes and the Class D Notes) will be issuable as Book-Entry Notes
      in
      minimum denominations of $100,000 and in multiples of $1,000 in excess thereof.
      The Class A-1 Notes and the Class D Notes will be issuable as Book-Entry Notes
      in minimum denominations of $250,000 and in multiples of $1,000 in excess
      thereof.

     

    (d)  No
      Note will be entitled
      to any benefit under this Indenture or be valid for any purpose, unless it
      bears
      a certificate of authentication substantially in the form provided for in this
      Indenture executed by the Indenture Trustee by the manual signature of one
      of
      its authorized signatories, and such certificate upon any Note will be
      conclusive evidence, and the only evidence, that such Note has been duly
      authenticated and delivered under this Indenture.

     

    Section
      2.3  Tax
      Treatment.
      The
      Issuer intends that each Class of Notes, if beneficially owned by a Person
      other
      than Ford Credit, will be indebtedness of the Issuer secured by the Collateral
      for U.S. federal, State and local income, single business and franchise tax
      purposes. The Issuer, by entering into this Indenture, and each Noteholder,
      by
      its acceptance of a Note (and each Note Owner by its acceptance of an interest
      in the applicable Book-Entry Note), agree to treat the Notes for U.S. federal,
      State and local income, single business and franchise tax purposes as
      indebtedness of the Issuer.

     

    Section
      2.4  Registration;
      Registration of Transfer and Ex-change.

     

    (a)  The
      Issuer appoints the
      Indenture Trustee to be the “Note
      Registrar”
and
      to
      keep a register (the “Note
      Register”)
      for
      the purpose of registering Notes and transfers of Notes as provided in this
      Indenture. Upon any resignation of the Note Registrar, the Issuer will promptly
      appoint a successor or, if it elects not to make such an appointment, assume
      the
      duties of Note Registrar. If the Issuer appoints a Person other than the
      Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture
      Trustee of such appointment, (ii) the Indenture Trustee will have the right
      to
      inspect the Note Register at all reasonable times and to obtain copies of the
      Note Register and (iii) the Indenture Trustee will have the right to rely upon
      a
      certificate executed by an officer of the Note Registrar as to the names and
      addresses of the Noteholders and the principal amounts and number of the
      Notes.

     

    (b)  Upon
      surrender for
      registration of transfer of any Note at the office or agency of the Issuer
      maintained under Section 3.2, if the requirements of Section 8-401(a) of the
      UCC
      are met, the Issuer will execute, the Indenture Trustee will authenticate and
      the Noteholder will obtain from the Indenture Trustee, in the name of the
      designated transferee or transferees, one or more new Notes of the same Class,
      in any authorized denomination, in the same aggre-gate principal
      amount.

     

    (c)  A
      Noteholder may exchange
      Notes for other Notes of the same Class, in any authorized denominations, in
      the
      same aggregate principal amount, by surrendering the Notes to be exchanged
      at
      the office or agency of the Issuer maintained under Section 3.2. If the
      requirements of Section 8-401(a) of the UCC are met, the Issuer will execute,
      the Indenture Trustee will authenticate and the Noteholder will obtain from
      the
      Indenture Trustee the Notes that the Noteholder making such exchange is entitled
      to receive.

     

    
      
        
        

      

      
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    (d)  All
      Notes issued upon any
      registration of transfer or exchange of Notes will be the valid obligations
      of
      the Issuer, evidencing the same debt, and entitled to the same benefits under
      this Indenture as the Notes surrendered upon such registration of transfer
      or
      exchange.

     

    (e)  Every
      Note presented or
      surrendered for registration of transfer or exchange will be (i) duly endorsed
      by, or be accompanied by a written instrument of transfer in form satisfactory
      to the Note Registrar or the Indenture Trustee duly executed by, the Noteholder
      of such Note or such Noteholder's attorney duly authorized in writing, with
      such
      signature guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Note Registrar which requirements include membership or
      participation in Securities Transfer Agents Medallion Program or such other
      “signature guarantee program” as may be determined by the Note Registrar in
      addition to, or in substitution for, the Securities Transfer Agent Medallion
      Program, all in accordance with the Exchange Act, and (ii) accompanied by such
      other documents as the Indenture Trustee may require.

     

    (f)
  None
      of the Issuer, the
      Note Registrar or the Indenture Trustee will impose a service charge on a
      Noteholder for any registration of transfer or exchange of Notes. The Issuer,
      the Note Registrar or the Indenture Trustee may require such Noteholder to
      pay
      an amount sufficient to cover any tax or other governmental charge that may
      be
      imposed in connection with such registration of transfer or exchange of the
      Notes.

     

    (g)    
       Neither the Issuer nor
      the Note Registrar will be required to register transfers or exchanges of Notes
      selected for redemption or Notes whose next Payment Date is not more than 15
      days after the requested date of such transfer or exchange.

     

    (h)  Neither
      the Class A-1
      Notes nor the Class D Notes have been registered under the Securities Act or
      any
      state securities law. None of the Issuer, the Note Registrar or the Indenture
      Trustee is obligated to register the Class A-1 Notes or the Class D Notes under
      the Securities Act or any other securities or “blue sky” laws or to take any
      other action not otherwise required under this Indenture or the Trust Agreement
      to permit the transfer of any Class A-1 Note or Class D Note without
      registration.

     

    (i)
  No
      Class A-1 Note or
      Class D Note may be sold, transferred, assigned, participated, pledged, or
      otherwise disposed of (any such act, a "Class
      A-1 Note Transfer"
      or a
      "Class
      D Note Transfer,"
      respectively) to any Person except in accordance with the provisions of this
      Section 2.4, and any attempted Class A-1 Note Transfer or Class D Note Transfer
      in violation of this Section 2.4 will be null and void (each a "Void
      Class A-1 Note Transfer"
      or a
      "Void
      Class D Note Transfer,"
      respectively).

     

    (j)
  Each
      Class A-1 Note will
      bear a legend to the effect of the legend contained in Exhibit A-1 unless
      determined otherwise by the Administrator (as certified to the Indenture Trustee
      in an Officer's Certificate) consistent with applicable law.

     

    As
      a
      condition to the registration of any Class A-1 Note Transfer, the prospective
      transferee of such Class A-1 Note will be deemed to represent to the Indenture
      Trustee, the Note Registrar and the Issuer the following:

     

    
      
        
        

      

      
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    (i)
  It
      understand that the
      Class A-1 Notes have not been and will not be registered under the Securities
      Act or any state or other applicable securities or "blue sky" law.

     

    (ii)  It
      understands that Class
      A-1 Note Transfers are only permitted if made in compliance with the Securities
      Act and other applicable laws and only to a person that the holder reasonably
      believes is a QIB within the meaning of Rule 144A under the Securities
      Act.

     

    (iii)    
       It (A) is a QIB, (B) is
      aware that the sale to it is being made in reliance on Rule 144A under the
      Securities Act and if it is acquiring such Class A-1 Notes or any interest
      or
      participation in the Class A-1 Notes for the account of another QIB, such other
      QIB is aware that the sale is being made in reliance on Rule 144A under the
      Securities Act and (C) is acquiring such Class A-1 Notes or any interest or
      participation in the Class A-1 Notes for its own account or for the account
      of
      another QIB.

     

    (iv)    
       It is purchasing the
      Class A-1 Notes for its own account or for one or more investor accounts for
      which it is acting as fiduciary or agent, in each case for investment, and
      not
      with a view to offer, transfer, assign, participate, pledge or otherwise dispose
      of such Class A-1 Notes in connection with any distribution of such Class A-1
      Notes that would violate the Securities Act.

     

    (k)  Each
      Class D Note will
      bear a legend to the effect of the legend contained in Exhibit D unless
      determined otherwise by the Administrator (as certified to the Indenture Trustee
      in an Officer's Certificate) consistent with applicable law.

     

    As
      a
      condition to the registration of any Class D Note Transfer, the prospective
      transferee of such Class D Note will be required to represent in writing to
      the
      Depositor, the Note Registrar and the Issuer the following, unless determined
      otherwise by the Administrator (as certified to the Indenture Trustee in an
      Officer's Certificate):

     

    (i)
  It
      understands that no
      subsequent Class D Note Transfer is permitted unless it causes its proposed
      transferee to provide to the Issuer, the Note Registrar and the Depositor a
      letter substantially in the form of Exhibit E hereof (with such changes therein
      as may be approved by the Depositor), as applicable, or such other written
      statement as the Depositor will prescribe.

     

    (ii)  It
      is
      either:

     

    (1)  not,
      and each account (if
      any) for which it is purchasing the Class D Notes is not (a) an employee benefit
      plan, as defined in Section 3(3) of ERISA, subject to Title I of ERISA, (b)
      a
      plan described in Section 4975(e)(1) of the Code subject to Section 4975 of
      the
      Code, or (c) 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 (the "Plan Assets Regulation") or
      otherwise under ERISA), with each of (a) through (c) in this subsection (1)
      being a "Benefit Plan Investor"; or

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (2)  an
      insurance company
      acting on behalf of a general account and (a) on the date of purchase less
      than
      25% (or such lower percentage as may be determined by the Depositor) of the
      assets of such general account (as reasonably determined by it) constitute
      "plan
      assets" for purposes of Title I of ERISA and Section 4975 of the Code, (b)
      the
      purchase and holding of such Class D Notes are eligible for exemptive relief
      under Section (I) of Prohibited Transaction Class Exemption 95-60, (c) the
      purchaser agrees that if, after the purchaser's initial acquisition of the
      Class
      D Notes, at any time during any calendar quarter 25% (or such lower percentage
      as may be determined by the Depositor) or more of the assets of such general
      account (as reasonably determined by it no less frequently than each calendar
      quarter) constitute "plan assets" for purposes of Title I of ERISA or Section
      4975 of the Code and the Depositor so requests, it will dispose of all Class
      D
      Notes then held in its general account by the end of the next following calendar
      quarter and (d) is not a person, other than a Benefit Plan Investor, who has
      discretionary authority or control with respect to the assets of the Issuer
      or
      any person who provides investment advice for a fee (direct or indirect) with
      respect to such assets or any affiliate (as defined in the Plan Assets
      Regulation) of such person.

     

    (iii)  It
      is a person who is (A)
      a citizen or resident of the United States, (B) a corporation or partnership
      organized in or under the laws of the United States or any State thereof
      (including the District of Columbia), (C) an estate the income of which is
      includible in gross income for United States tax purposes, regardless of its
      source, (D) a trust if a U.S. court is able to exercise primary supervision
      over
      the administration of such trust and one or more persons described in clause
      (A), (B), (C) or (E) of this paragraph (iii) has the authority to control all
      substantial decisions of the trust or (E) a person not described in clauses
      (A)
      through (D) of this paragraph (iii) whose ownership of the Class D Notes is
      effectively connected with such persons conduct of a trade or business within
      the United States (within the meaning of the Code) and who provides the Issuer
      and the Depositor with an IRS Form W-8ECI (and such other certifications,
      representations, or opinions of counsel as may be requested by the Issuer or
      the
      Depositor).

     

    (iv)  It
      understands that any
      purported Class D Note Transfer in contravention of any of the restrictions
      and
      conditions contained in this Section will be a Void Class D Note Transfer,
      and
      the purported transferee in a Void Class D Note Transfer will not be recognized
      by the Issuer or any other person as a Class D Noteholder, for any
      purpose.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (l)
  By
      acceptance of any Class A-1 Note or Class D Note, the Class A-1 Noteholder
      or
      the Class D Noteholder specifically agrees with and represents to the Depositor,
      the Issuer and the Note Registrar, that no transfer of a Class A-1 Note or
      Class
      D Note, respectively, will be made unless the registration requirements of
      the
      Securities Act and any applicable State securities laws are complied with and
      (A) such transfer of a Class A-1 Note or Class D Note is to the Depositor or
      its
      Affiliates, or (B) such transfer of a Class A-1 Note or Class D Note is exempt
      from the registration requirements under the Securities Act because such Class
      A-1 Note Transfer or Class D Note Transfer is in compliance with Rule 144A
      under
      the Securities Act, to a transferee who the transferor reasonably believes
      is a
      Qualified Institutional Buyer (as defined in the Securities Act) that is
      purchasing for its own account or for the account of a Qualified Institutional
      Buyer and to whom notice is given that such Class A-1 Note Transfer or Class
      D
      Note Transfer is being made in reliance upon Rule 144A under the Securities
      Act.
      With respect to any Class D Note Transfer the transferee is required to execute
      and deliver to the Indenture Trustee, the Issuer and the Note Registrar an
      investment letter substantially in the form attached as Exhibit E.

     

    (m)    
       The Depositor will make
      available to the prospective transferor and transferee of a Class A-1 Note
      or
      Class D Note information requested to satisfy the requirements of paragraph
      (d)
      (4) of Rule 144A (the “Rule
      144A Information”).
      The
      Rule 144A Information will include any or all of the following items requested
      by the prospective transferee:

     

    (i)
  the
      offering memorandum
      relating to the Class A-1 Note or Class D Notes, as applicable, and any
      amendments or supplements to such offering memorandum;

     

    (ii)  the
      Monthly Investor
      Report for each Payment Date preceding such request; and

     

    (iii)   
       such other information
      as
      is reasonably available to the Indenture Trustee in order to comply with
      requests for information pursuant to Rule 144A under the Securities
      Act.

     

    (n)  Any
      Noteholder that purchases and holds the Class A Notes, the Class B Notes or
      the
      Class C Notes will be deemed to have represented that its purchase and holding
      of such Notes does not and will not constitute a non-exempt prohibited
      transaction under ERISA or the Code.

     

    Section
      2.5  Mutilated,
      Destroyed, Lost or Stolen Notes.

     

    (a)  If
      a mutilated Note is
      surrendered to the Indenture Trustee or the Indenture Trustee receives evidence
      to its satisfaction of the destruction, loss or theft of a Note, then the Issuer
      will execute and, upon Issuer Request, the Indenture Trustee will authenticate
      and deliver a replacement Note of the same Class and principal amount in
      exchange for or in lieu of such Note so long as (i) the Indenture Trustee
      receives such security or indemnity as may be required by it to hold the Issuer
      and the Indenture Trustee harmless, (ii) none of the Issuer, the Note Registrar
      or the Indenture Trustee have received notice that such Note has been acquired
      by a protected purchaser, as defined in Section 8-303 of the UCC and (iii)
      the
      require-ments of Section 8-405 of the UCC are met. However, if any such
      destroyed, lost or stolen Note (but not a mutilated Note) is due and payable
      within 15 days or has been called for redemption, instead of issuing a
      replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
      so
      due or payable or upon the Redemption Date without surrender of such Note.
      If a
      protected purchaser of the original Note in lieu of which such replacement
      Note
      was issued (or such payment made) presents for payment such original Note,
      the
      Issuer and the Indenture Trustee will be entitled to recover such replacement
      Note (or such payment) from the Person to whom it was delivered or any Person
      taking such replacement Note (or such payment) from such Person to whom such
      replacement Note (or such payment) was delivered or any assignee of such Person,
      except a protected purchaser, and will be entitled to recover upon the security
      or indemnity provided for such replacement Note (or such payment) for any cost,
      expense, loss, damage, claim or liability incurred by the Issuer or the
      Indenture Trustee in connection with such replacement Note (or such
      payment).

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (b)  Upon
      the issuance of any
      replacement Note under Section 2.5(a), the Issuer may require the Noteholder
      of
      such Note to pay an amount sufficient to cover any tax or other governmental
      charge imposed and any other reasonable expenses incurred in connection with
      such replacement Note.

     

    (c)  Each
      replacement Note
      issued pursuant to Section 2.5(a) will constitute an original additional
      contractual obligation of the Issuer, whether or not the mutilated, destroyed,
      lost or stolen Note will be enforceable by anyone and, except as otherwise
      provided in this Indenture, will be entitled to all the benefits of this
      Indenture equally and proportionately with all other Notes of the same Class
      duly issued under this Indenture. 

     

    (d)  The
      provisions of this
      Section 2.5 are exclusive and preclude (to the extent lawful) all other rights
      and remedies with respect to the replacement or payment of mutilated, destroyed,
      lost or stolen Notes.

     

    Section
      2.6  Persons
      Deemed Owners.
      With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      any Note is registered as of such date as the owner of such Note for the purpose
      of receiving payments of principal of and any interest on such Note and for
      all
      other purposes, and none of the Issuer, the Inden-ture Trustee or any agent
      of
      the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    Section
      2.7  Payment
      of Principal and Interest.
      

     

    (a)  Each
      Class of Notes will
      accrue interest at the applicable Note Interest Rate. Interest on each Note
      will
      be due and payable on each Payment Date as specified in such Note. Interest
      on
      the Class A-1 Notes and the Class A-2b Notes will be computed on the basis
      of
      actual number of days elapsed and a 360-day year. Interest on the Notes (other
      than the Class A-1 Notes and the Class A-2b Notes) will be computed on the
      basis
      of a 360-day year consisting of twelve 30-day months.

     

    (b)  Interest
      and principal
      payments on each Class of Notes will be made ratably to the Noteholders of
      such
      Class entitled to such payments. On each Payment Date before the issuance of
      Definitive Notes, distributions to be made with respect to interest on and
      principal of the Book-Entry Notes will be paid to the Registered Noteholder
      by
      wire transfer in immediately available funds to the account designated by the
      nominee of the Clearing Agency (initially, such nominee will be Cede & Co.).
      Distributions to be made with respect to interest on and principal of the Class
      D Notes and, on and after the date on which Definitive Notes are issued, the
      Class A Notes, Class B Notes and Class C Notes will be paid to the Registered
      Noteholder (i) if such Noteholder has provided to the Note Registrar appropriate
      instructions at least 5 Business Days before such Payment Date and the aggregate
      original principal amount of such Noteholder’s Notes is at least $1,000,000, by
      wire transfer in immediately available funds to the account of such Noteholder
      or (ii) by check mailed first class mail, postage prepaid, to such Registered
      Noteholder’s address as it appears on the Note Register on the related Record
      Date. However, the final install-ment of principal (whether payable by wire
      transfer or check) of each Note on a Payment Date, the Redemp-tion Date or
      the
      applicable Final Scheduled Payment Date will be payable only upon presentation
      and surrender of such Note. The Indenture Trustee will notify each Registered
      Noteholder of the date on which the Issuer expects that the final installment
      of
      principal of and interest on such Registered Noteholder's Notes will be paid
      not
      later than 5 days before such date. Such notice will specify the place where
      such Notes may be presented and surrendered for payment of such installment.
      All
      funds paid by wire transfers or checks that are returned undelivered will be
      held in accordance with Section 3.3.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (c)  The
      principal of each
      Note will be payable in installments on each Payment Date as specified in such
      Note. The entire unpaid Note Balance of each Class of Notes will be due and
      payable on the date that the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2.

     

    Section
      2.8  Cancellation.
      Any
      Person that receives a Note surrendered for payment, registration of transfer,
      exchange or redemption will deliver such Note to the Indenture Trustee. The
      Indenture Trustee will promptly cancel all Notes it receives that have been
      surrendered for payment, registration of transfer or exchange, or redemption.
      The Issuer may deliver to the Indenture Trustee for cancellation any Notes
      previously authenticated and delivered under this Indenture which the Issuer
      may
      have acquired in any manner, and the Indenture Trustee will promptly cancel
      such
      Notes. No Notes will be authenticated in lieu of or in exchange for any Notes
      cancelled as provided in this Section 2.8. The Indenture Trustee may hold or
      dispose of all cancelled Notes in accordance with its standard retention or
      disposal policy unless the Issuer directs, by Issuer Order, that they be
      destroyed or returned to it (so long as such Notes have not been disposed of
      previously by the Indenture Trustee).

     

    Section
      2.9  Release
      of Collateral.
      The
      Indenture Trustee will release property from the lien of this Indenture only
      in
      accordance with Sections 8.4 and 10.1.

     

    Section
      2.10    Book-Entry
      Notes.
      The
      Book-Entry Notes, upon original issuance, will be issued in the form of
      typewritten Notes representing the Book-Entry Notes and delivered to The
      Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
      the
      Issuer. The Book-Entry Notes will be registered initially on the Note Register
      in the name of Cede & Co., the nominee of the initial Clearing Agency, and
      no Note Owner will receive a Definitive Note representing such Note Owner’s
      interest in such Note, except as provided in Section 2.11. Unless and until
      definitive, fully registered Notes (the “Definitive
      Notes”)
      have
      been issued to Note Owners pursuant to Section 2.11:

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (a)  With
      respect to
      Book-Entry Notes, the Note Registrar and the Indenture Trustee will be entitled
      to deal with the Clearing Agency for all purposes of this Indenture (including
      the payment of principal of and interest on the Book-Entry Notes and the giving
      of notices, instructions or directions under this Indenture) as the sole
      Noteholder of the Book-Entry Notes, and will have no obligation to the Note
      Owners;

     

    (b)  the
      Clearing Agency will
      make book-entry transfers among its participants and receive and transmit
      payments of principal of and interest on the Book-Entry Notes to such
      participants;

     

    (c)  to
      the extent that the
      provisions of this Section 2.10 conflict with any other provisions of this
      Indenture, the provisions of this Section 2.10 will control;

     

    (d)  the
      rights of Note Owners
      may be exercised only through the Clearing Agency and will be limited to those
      established by law and agreements between such Note Owners and the Clearing
      Agency and/or its participants pursuant to the DTC Letter; and

     

    (e)  whenever
      this Indenture
      requires or permits actions to be taken based upon instructions or directions
      of
      Noteholders of a specified percentage of the Note Balance of the Notes
      Outstanding (or the Controlling Class), the Clearing Agency will be deemed
      to
      represent such percentage only to the extent that it has received instructions
      to such effect from Note Owners and/or the Clearing Agency’s participants owning
      or representing, respectively, such required percentage of the beneficial
      interest of the Notes Outstanding (or the Controlling Class) and has delivered
      such instructions to the Indenture Trustee.

     

    Section
      2.11    Definitive
      Notes.
      With
      respect to any Class or Classes of Book-Entry Notes, if (i) the Administrator
      advises the Indenture Trustee that the Clearing Agency is no longer willing
      or
      able to properly discharge its responsibilities as depository for the Book-Entry
      Notes and the Administra-tor is unable to reach an agreement on satisfactory
      terms with a qualified successor, (ii) the Administrator notifies the Indenture
      Trustee that it elects to terminate the book-entry system through the Clearing
      Agency or (iii) after the occurrence of an Event of Default or an Event of
      Servicing Termination, so long as any Book-Entry Notes are Outstanding Note
      Owners representing not less than a majority of the Controlling Class notify
      the
      Indenture Trustee and the Clearing Agency that they elect to terminate the
      book-entry system through the Clearing Agency, then the Clearing Agency will
      notify all Note Owners and the Indenture Trustee of the occurrence of such
      election and of the availability of Definitive Notes to the Note Owners. After
      the Clearing Agency has surrendered the typewritten Notes representing the
      Book-Entry Notes and delivered the registration instructions to the Indenture
      Trustee, the Issuer will execute and the Indenture Trustee will authenticate
      the
      Definitive Notes in accordance with the instructions of the Clearing Agency.
      None of the Issuer, the Note Registrar or the Indenture Trustee will be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      will be protected in relying on, such instructions. Upon the issuance of
      Definitive Notes to Note Owners, the Indenture Trustee will recognize the
      holders of such Definitive Notes as Noteholders.

     

    Section
      2.12    Authenticating
      Agents.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (a)  The
      Indenture Trustee may
      appoint one or more Persons (each, an “Authenticating
      Agent”)
      with
      the power to act on its behalf and subject to its direction in the
      authentication of Notes in connection with issuances, transfers and exchanges
      under Sections 2.2, 2.4, 2.5 and 9.6, as though each such Authenticat-ing Agent
      had been expressly authorized by those Sections to authenticate such Notes.
      For
      all purposes of this Indenture, the authentication of Notes by an
      Authenti-cating Agent pursuant to this Section 2.12 is deemed to be the
      authentication of Notes “by the Indenture Trustee.”

     

    (b)  Any
      Person into which an
      Authenticating Agent may be merged or converted or with which it may be
      consolidated, or any Person resulting from any merger, consolidation or
      conversion to which an Authenticating Agent is a party, or any Person succeeding
      to all or substantially all of the corporate trust business of an Authenticating
      Agent, will be the successor of such Authenticating Agent under this Indenture
      without the execution or filing of any document or any further act.

     

    (c)  An
      Authenticating Agent
      may resign by giving notice of resignation to the Indenture Trustee and the
      Owner Trustee. The Indenture Trustee may terminate the agency of an
      Authenticating Agent by giving notice of termination to such Authenticating
      Agent and the Owner Trustee. Upon receiving such notice of resignation or upon
      such a termination, the Indenture Trustee may appoint a successor Authenticating
      Agent and will notify the Owner Trustee of any such appointment.

     

    (d)  Sections
      2.8 and 6.4 will
      apply to each Authenticating Agent.

     

    Section
      2.13    Note
      Paying Agents.

     

    (a)  The
      Indenture Trustee may
      appoint one or more Note Paying Agents that meet the eligibility standards
      for
      the Indenture Trustee specified in Section 6.11(a). The Note Paying Agents
      will
      have the power to make distributions from the Trust Accounts.

     

    (b)  Any
      Person into which a
      Note Paying Agent may be merged or converted or with which it may be
      consolidated, or any Person resulting from any merger, consolidation or
      conversion to which a Note Paying Agent is a party, or any Person succeeding
      to
      all or substantially all of the corporate trust business of a Note Paying Agent,
      will be the successor of such Note Paying Agent under this Indenture without
      the
      execution or filing of any document or any further act.

     

    (c)  A
      Note Paying Agent may
      resign by giving notice of resignation to the Indenture Trustee, the
      Administrator and the Issuer. The Indenture Trustee may terminate the agency
      of
      a Note Paying Agent by giving notice of termination to such Note Paying Agent,
      the Administrator and the Issuer. Upon receiving such notice of resignation
      or
      upon such a termination, the Indenture Trustee may appoint a successor Note
      Paying Agent and will notify the Administrator and the Issuer of any such
      appointment.

     

    (d)    
       Sections 2.8 and 6.4 will
      apply to each Note Paying Agent.

     

    
      
        
        

      

      
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    ARTICLE
      III

    COVENANTS
      AND REPRESENTATIONS

     

    Section
      3.1  Payment
      of Principal and Interest.
      The
      Issuer will duly and punctually pay the principal of and interest on the Notes
      in accordance with the Notes and this Indenture. Amounts withheld under the
      Code
      or any State or local tax law by any Person from a payment to any Noteholder
      will be considered as having been paid by the Issuer to such
      Noteholder.

     

    Section
      3.2  Maintenance
      of Office or Agency.
      The
      Issuer will maintain an office or agency in the Borough of Manhattan, The City
      of New York, where Notes may be surrendered for registration of transfer or
      exchange, and where notices and demands to or upon the Issuer in respect of
      the
      Notes and this Indenture may be served. The Issuer initially appoints the
      Indenture Trustee to serve as its agent for such purposes. The Issuer will
      promptly notify the Indenture Trustee of any change in the location of such
      office or agency. If the Issuer fails to maintain any such office or agency
      or
      fails to furnish the Indenture Trustee with the address of such office or
      agency, such surrenders, notices and demands may be made or served at the
      Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its
      agent to receive all such surrenders, notices and demands.

     

    Section
      3.3  Money
      for Payments To Be Held in Trust. 

     

    (a)  All
      payments of amounts
      due and payable with respect to any Notes and the Interest Rate Swap that are
      to
      be made from amounts withdrawn from the Bank Accounts will be made on behalf
      of
      the Issuer by the Indenture Trustee or by another Note Paying Agent, and no
      amounts so withdrawn from the Bank Accounts for payments of Notes may be paid
      over to the Issuer, except as provided in this Section 3.3.

     

    (b)  The
      Indenture Trustee
      (including in its capacity as Note Paying Agent) will cause each Note Paying
      Agent (other than the Indenture Trustee itself) to execute and deliver to the
      Indenture Trustee, an instrument in which such Note Paying Agent agrees with
      the
      Indenture Trustee to:

     

    (i)
  hold
      all sums held by it
      for the payment of amounts due on the Notes in trust for the benefit of the
      Persons entitled to such sums until such sums are paid to such Persons or
      otherwise disposed of as provided in this Indenture and pay such sums to such
      Persons as provided in this Indenture;

     

    (ii)  give
      the Indenture
      Trustee notice of any default by the Issuer of which it has actual knowledge
      in
      the making of any payment required to be made with respect to the
      Notes;

     

    (iii)   
       during the continuance
      of
      any such default, upon the request of the Indenture Trustee, immediately pay
      to
      the Indenture Trustee all sums held in trust by such Note Paying
      Agent;

     

    (iv)   
       immediately resign as a
      Note Paying Agent and immediately pay to the Indenture Trustee all sums held
      by
      it in trust for the payment of Notes if it ceases to meet the eligibility
      standards specified in Section 6.11(a) with respect to the Indenture Trustee;
      and

     

    
      
        
        

      

      
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    (v)  comply
      with all
      requirements of the Code and any State or local tax law with respect to
      withholding and reporting requirements in connection with payments on the
      Notes.

     

    (c)  The
      Issuer may by Issuer
      Order, direct any Note Paying Agent to pay to the Indenture Trustee all sums
      held in trust by such Note Paying Agent, such sums to be held by the Indenture
      Trustee upon the same trusts as those upon which the sums were held by such
      Note
      Paying Agent. Upon a Note Paying Agent’s payment of all sums held in trust to
      the Indenture Trustee, such Note Paying Agent will be released from all further
      liability with respect to such money.

     

    (d)  Subject
      to laws with
      respect to escheat of funds, any money held by the Indenture Trustee or any
      Note
      Paying Agent in trust for the payment of any amount due with respect to any
      Note
      and remaining unclaimed for 2 years after such amount has become due and payable
      will be discharged from such trust and paid to the Issuer upon Issuer Request.
      After such discharge and payment, the Noteholder of such Note will, as an
      unsecured general creditor, look only to the Issuer for payment of such amount
      due and unclaimed (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Indenture Trustee or such Note Paying Agent with
      respect to such trust money will thereupon cease. However, the Indenture Trustee
      or such Note Paying Agent, before making any such repayment, will publish once,
      at the expense and direction of the Issuer, in a newspaper customarily published
      on each Business Day in the English language and of general circulation in
      The
      City of New York, notice that such money remains unclaimed and that after a
      date
      specified in such notice, which must be at least 30 days from the date of such
      publication, any unclaimed balance of such money then remaining will be repaid
      to the Issuer. The Indenture Trustee will also adopt and employ, at the expense
      of the Administrator and direction of the Issuer, any other reasonable means
      of
      notification of such repayment (including notifying Noteholders whose Notes
      have
      been called but have not been surrendered for redemption or whose right to
      or
      interest in monies due and payable but not claimed is determinable from the
      records of the Indenture Trustee or of any Note Paying Agent of such repayment,
      at the last address of record for each such Noteholder).

     

    Section
      3.4  Existence.
      The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the Delaware Statutory Trust Act (unless it becomes,
      or
      any successor Issuer under this Indenture is or becomes, organized under the
      laws of any other State or of the United States, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification in each
      jurisdiction in which such qualification is or will be necessary to protect
      the
      validity and enforceability of this Indenture, the Notes, the Collateral and
      each other instrument or agreement included in the Collateral.

     

    Section
      3.5  Protection
      of Collateral. 

     

    (a)  The
      Issuer will (1)
      execute and deliver all such supple-ments and amendments to this Indenture
      and
      instruments of further assurance and other instruments, (2) file or authorize
      and cause to be filed all such financing statements and amendments and
      continuations of such financing statements and (3) take such other action,
      in
      each case necessary or advisable to:

     

    
      
        
        

      

      
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    (i)
  maintain
      or preserve the
      lien and security interest (and the priority of such security interest) of
      this
      Indenture or carry out more effectively the purposes of this
      Indenture;

     

    (ii)  perfect,
      publish notice
      of or protect the validity of any Grant made or to be made by this
      Indenture;

     

    (iii)   
       enforce any of the
      Collateral; or

     

    (iv)   
       preserve and defend title
      to the Collateral and the rights of the Indenture Trustee and the Secured
      Parties in such Collateral against the claims of all Persons.

     

    (b)  The
      Issuer authorizes the
      Administrator and the Indenture Trustee to file any financing or continuation
      statements, and amendments to such statements, in all jurisdictions and with
      all
      filing offices as the Administrator or the Indenture may determine are necessary
      or advisable to preserve, maintain and protect the interest of the Indenture
      Trustee in the Collateral. Such financing and continuation statements may
      describe the Collateral in any manner as the Administrator or the Indenture
      Trustee may reasonably determine to ensure the perfection of the interest of
      the
      Indenture Trustee in the Collateral. The Administrator or the Indenture Trustee,
      as applicable, will deliver to the Issuer file-stamped copies of, or filing
      receipts for, any such financing statement and continuation statement promptly
      upon such document becoming available following filing.

     

    (c)  The
      Indenture Trustee is
      under no obligation to make any determination of whether any such financing
      or
      continuation statements, and amendments to such statements, are required to
      be
      filed pursuant to this Section 3.5.

     

    Section
      3.6  Performance
      of Obligations; Servicing of Receivables.

     

    (a)  No
      Release of Material Covenants or Obligations.
      The
      Issuer will not take any action, and will use its best efforts to prevent any
      action from being taken by others, that would release any Person from any
      material covenants or obligations under any instrument or agreement included
      in
      the Collateral or that would result in the amendment, hypothecation,
      subordination, termination or discharge of, or impair the validity or
      effectiveness of, any such instrument or agreement, except as provided in any
      Basic Document.

     

    (b)  Contracting.
      The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer will be
      deemed to be action taken by the Issuer. Initially, the Issuer has contracted
      with the Servicer and the Administrator to assist the Issuer in performing
      its
      duties under this Indenture.

     

    
      
        
        

      

      
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    (c)  Performance
      of Obligations.
      The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in the Basic Documents and in the instruments and agreements included
      in the Collateral.

     

    (d)  Event
      of Servicing Termination.
      If the
      Issuer has actual knowledge of the occurrence of an Event of Servicing
      Termination, the Issuer will promptly notify the Indenture Trustee and the
      Rating Agencies of such occurrence and specify in such notice any action the
      Issuer is taking in respect of such event. If an Event of Servicing Termination
      arises from the failure of the Servicer to perform any of its duties and
      obligations under the Sale and Servicing Agreement with respect to the
      Receivables, the Issuer will take all reasonable steps available to cause the
      Servicer to remedy such failure.

     

    (e)  Interest
      Rate Swap.
      The
      Issuer will not enter into any Interest Rate Swap unless (i) as of the date
      that
      such Interest Rate Swap is entered into, the related Swap Counterparty has
      the
      Swap Required Ratings and (ii) such Interest Rate Swap provides that, if (A)
      the
      related Swap Counterparty fails to have the Swap Required Ratings and (B) any
      Rating Agency gives notice to the Issuer, the Indenture Trustee or the
      Administrator that the credit support, if any, with respect to the Swap
      Counterparty is no longer deemed adequate to maintain the then-current rating
      on
      the Class A Notes, within 30 days of such rating withdrawal, downgrade or
      notification (unless each such Rating Agency has reconfirmed the rating of
      each
      Class of Notes which was in effect immediately prior to such withdrawal or
      downgrade or notification), such Swap Counterparty will (1) assign the swap
      transaction to another counterparty that has the Swap Required Ratings and
      is
      approved by the Issuer (which approval will not be unreasonably withheld) on
      terms substantially similar to such Interest Rate Swap, (2) obtain a guaranty
      of, or a contingent agreement of, another person that has the Swap Required
      Ratings to honor such Swap Counterparty’s obligations under such Interest Rate
      Swap, provided that such other person is approved by the Issuer (which approval
      will not be unreasonably withheld), (3) post mark-to-market collateral, pursuant
      to a collateral support agreement acceptable to the Issuer, which will be
      sufficient to restore any downgrade or withdrawal in the ratings of the Notes
      attributable to such Swap Counterparty's failure to have the Swap Required
      Ratings, or (4) establish any other arrangement satisfactory to the Issuer
      and
      to the applicable Rating Agency, in each case, sufficient to satisfy the Rating
      Agency Confirmation.

     

    Promptly
      following the termination of any Interest Rate Swap due to an Event of Default
      or Termination Event (as each such term is defined in such Interest Rate Swap),
      the Issuer will use reasonable efforts to enter into a replacement Interest
      Rate
      Swap on terms similar to those of such terminated Interest Rate Swap with an
      eligible swap counterparty unless the Indenture Trustee sells the Collateral
      pursuant to Section 5.6(a)(iv).

     

    Section
      3.7  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer will not:

     

    (a)  except
      as expressly
      permitted by any Basic Document, sell, transfer, exchange or otherwise dispose
      of any of the assets in the Collateral unless directed to do so by the Indenture
      Trustee;

     

    
      
        
        

      

      
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    (b)  claim
      any credit on, or
      make any deduction from the principal or interest payable in respect of, the
      Notes (other than amounts withheld from such payments under the Code or any
      State or local tax law) or assert any claim against any present or former
      Noteholder by reason of the payment of the taxes levied or assessed upon the
      Issuer or the Collateral;

     

    (c)  dissolve
      or liquidate in
      whole or in part;

     

    (d)  (i)
      permit the validity
      or effectiveness of this Indenture to be impaired, or permit the lien of this
      Indenture to be amended, hypothecated, subordinated, terminated or discharged,
      or permit any Person to be released from any covenants or obligations with
      respect to the Notes under this Indenture except as expressly permitted by
      this
      Indenture, (ii) permit any Lien other than Permitted Liens to be created on
      or
      extend to or otherwise arise upon or burden the Collateral or (iii) permit
      the
      lien of this Indenture not to constitute a valid first priority security
      interest in the Collateral (other than with respect to Permitted Liens);
      or

     

    (e)  except
      as otherwise
      provided in any Basic Document, amend, modify, waive, supplement, terminate
      or
      surrender the terms of any Collateral or any of the Basic Documents without
      the
      consent of the Indenture Trustee or the Noteholders of at least a majority
      of
      the Note Balance of the Notes Outstanding and upon notice to the Rating
      Agencies.

     

    Section
      3.8  Opinions
      as to Collateral. 

     

    (a)  On
      the Closing Date, the
      Issuer will furnish to the Indenture Trustee an Opinion of Counsel to the effect
      that this Indenture has been properly recorded and filed to make effective
      the
      lien intended to be created by this Indenture, and reciting the details of
      such
      action, or stating that in the opinion of such counsel no such action is
      necessary to make such lien effective.

     

    (b)  On
      or before April 30 in
      each calendar year, beginning April 30, 2007, the Issuer will furnish to the
      Indenture Trustee an Opinion of Counsel either to the effect that, in the
      opinion of such counsel, such action has been taken with respect to the
      recording, filing, re-recording and refiling of this Indenture, as is necessary
      to maintain the lien of this Indenture, and reciting the details of such action,
      or to the effect that in the opinion of such counsel no such action is necessary
      to maintain such lien. 

     

    Section
      3.9  Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee within 90 days after the end of
      each calendar year, an Officer's Certificate, stating, as to the Responsible
      Person signing such Officer's Certificate, that (i) a review of the Issuer's
      activities and of its performance under this Indenture during the preceding
      calendar year (or, in the case of the first certificate, the portion of the
      preceding calendar year since the Closing Date) has been made under such
      Responsible Person's supervision and (ii) to such Responsible Person's
      knowledge, based on such review, the Issuer has complied in all material
      respects with all conditions and covenants to be complied with by the Issuer
      under this Indenture during the preceding calendar year, or, if there has been
      a
      failure to comply in any material respect that is continuing, specifying each
      such failure known to such Responsible Person and the nature and status of
      such
      failure. If the Issuer is not required to file periodic reports under the
      Exchange Act or otherwise required by law to file an Officer's Certificate
      of
      the Issuer as to compliance, such Officer's Certificate may be delivered on
      or
      before April 30 of each calendar year. A copy of the Officer's Certificate
      referred to in this Section 3.9 may be obtained by any Noteholder or Person
      certifying it is a Note Owner by a request in writing to the Indenture Trustee
      at its Corporate Trust Office. The Issuer's obligation to deliver an Officer's
      Certificate under this Section 3.9 will terminate upon the payment in full
      of
      the Notes, including by redemption in whole pursuant to Section
      10.1.

     

    
      
        
        

      

      
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    Section
      3.10    Consolidation
      and Merger; Sale of Assets.
      The
      Issuer will not consolidate or merge with or into any other Person or convey
      or
      transfer all or substantially all of the assets included in the Collateral
      to
      any Person, unless:

     

    (a)  the
      Person (if other than
      the Issuer) formed by or surviving such consolidation or merger, or that
      acquires the properties and assets, (i) is organized and existing under the
      laws
      of the United States or any State and (ii) assumes, by an indenture supplemental
      to this Indenture, executed and delivered to the Indenture Trustee, in form
      reasonably satisfactory to the Indenture Trustee, the due and punctual payment
      of the principal of and interest on all Notes, all
      obligations under the Interest Rate Swap and the performance or observance
      of
      every agreement and covenant of this Indenture to be performed or observed
      by
      the Issuer, all as provided in this Indenture;

     

    (b)  with
      respect to a
      conveyance or transfer of all or substantially all of the assets included in
      the
      Collateral, the Person that acquires the properties and assets agrees by means
      of the supplemental inden-ture executed and delivered pursuant to clause (a)
      (i)
      that all right, title and interest so conveyed or transferred will be subject
      and subordinate to the rights of the Noteholders, (ii) unless otherwise provided
      in such supplemental indenture, to indemnify, defend and hold harmless the
      Issuer from and against any costs, expenses, losses, damages, claims and
      liabilities (including attor-neys’ fees) arising under or related to this
      Indenture and the Notes and (iii) that such Person will make all filings with
      the Securities and Exchange Commission (and any other appropriate Person)
      required by the Exchange Act in connection with the Notes;

     

    (c)  immediately
      after giving
      effect to such consolidation, merger or sale, no Default or Event of Default
      will have occurred and be continuing;

     

    (d)  Rating
      Agency
      Confirmation has been obtained with respect to such consolidation, merger or
      sale;

     

    (e)  the
      Issuer has received
      an Opinion of Counsel (and has delivered copies of such Opinion of Counsel
      to
      the Indenture Trustee) to the effect that such consolidation, merger or sale
      will not cause (i) any security issued by the Issuer to be deemed sold or
      exchanged for purposes of Section 1001 of the Code or (ii) the Issuer to be
      treated as an association or publicly traded partnership taxable as a
      corporation for U.S. federal income tax purposes;

     

    (f)  any
      action that is
      necessary to maintain the lien and security interest created by this Indenture
      has been taken; and

     

    (g)  the
      Issuer has delivered
      to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee
      an
      Officer’s Certificate and an Opinion of Counsel each to the effect that such
      consolidation, merger or sale and such supplemental indenture comply with this
      Article III and that all conditions precedent in this Indenture relating to
      such
      consolidation, merger or sale have been complied with (including any filing
      required by the Exchange Act).

     

    
      
        
        

      

      
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    Section
      3.11    Successor
      or Transferee.

     

    (a)  Upon
      any consolidation or
      merger of the Issuer in accordance with Section 3.10, the Person formed by
      or
      surviving such consolidation or merger (if other than the Issuer) will succeed
      to, and be substituted for, and may exercise every right and power of, the
      Issuer under this Indenture with the same effect as if such Person had been
      named as the Issuer in this Indenture.

     

    (b)  Upon
      a conveyance or sale
      of all or substantially all of the assets and properties of the Issuer pursuant
      to Section 3.10, the Issuer will be released from every covenant and agreement
      of this Indenture to be performed or observed by the Issuer with respect to
      the
      Notes immediately upon the delivery of notice to the Indenture Trustee stating
      that the Issuer is to be so released.

     

    Section
      3.12    No
      Other Activities.
      The
      Issuer will not engage in any activities other than financing, acquiring, owning
      and pledging the Receivables in the manner contemplated by the Basic Documents
      and activities incidental thereto.

     

    Section
      3.13    Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee, the Issuer will execute and deliver such
      further instruments and do such further acts as may be reasonably necessary
      or
      proper to carry out the purpose of this Indenture.

     

    Section
      3.14    Restricted
      Payments. 

     

    (a)  The
      Issuer will not,
      directly or indirectly, (i) make any distribution (by reduction of capital
      or
      otherwise) to the Owner Trustee or any owner of a beneficial interest in the
      Issuer or otherwise with respect to any ownership or equity interest or security
      in or of the Issuer or to the Servicer or the Administrator, (ii) redeem,
      purchase, retire or otherwise acquire for value any such ownership or equity
      interest or security or (iii) set aside or otherwise segregate any amounts
      for
      any such purpose. 

     

    (b)  Notwithstanding
      Section
      3.14(a), the Issuer may make payments to the Servicer, the Administrator, the
      Owner Trustee, the Indenture Trustee, the Swap Counterparty, the Noteholders
      and
      the Depositor to the extent contemplated by the Basic Documents.

     

    (c)  The
      Issuer will not,
      directly or indirectly, make payments to or distributions from the Collection
      Account or the Principal Payment Account except in accordance with the Basic
      Docu-ments.

     

    Section
      3.15    Notice
      of Events of Default.
      The
      Issuer will notify the Indenture Trustee and the Rating Agencies within 5
      Business Days after a Responsible Person of the Issuer obtains actual knowledge
      of an Event of Default.

     

    
      
        
        

      

      
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    Section
      3.16    Representations
      and Warranties of the Issuer as to Security Interest.
      The
      Issuer represents and warrants to the Indenture Trustee as of the Closing
      Date:

     

    (a)  This
      Indenture creates a
      valid and continuing security interest (as defined in the applicable UCC) in
      the
      Collateral in favor of the Indenture Trustee which security interest is prior
      to
      all other Liens, and is enforceable as such against creditors of and purchasers
      from the Issuer.

     

    (b)  All
      of the Permitted
      Investments have been and will be credited to a Securities Account. The
      securities intermediary for each Securities Account has agreed to treat all
      assets credited to the Securities Accounts as “financial assets” within the
      meaning of the applicable UCC. The Collateral (other than those Permitted
      Investments which have been credited to a Securities Account) constitutes
“chattel paper,” “instruments” or “general intangibles” within the meaning of
      the applicable UCC.

     

    (c)  The
      Issuer owns and has
      good and marketable title to the Receivables free and clear of any Lien other
      than Permitted Liens. The Issuer has received all consents and approvals
      required by the terms of the Receivables to transfer to the Indenture Trustee
      all of its interest and rights in the Receivables and the Interest Rate Swap,
      except to the extent that any requirement for consent or approval is rendered
      ineffective under the applicable UCC.

     

    (d)  The
      Issuer has caused, or
      will cause within 10 days after the Closing Date, the filing of all appropriate
      financing statements in the proper filing office in the appropriate
      jurisdictions under applicable law in order to perfect the security interest
      Granted in the Collateral to the Indenture Trustee.

     

    (e)  The
      Issuer has delivered
      to the Indenture Trustee a fully executed agreement pursuant to which the
      securities intermediary has agreed to comply with all instructions originated
      by
      the Indenture Trustee relating to the Securities Accounts without further
      consent by the Issuer.

     

    (f)
  Other
      than the security
      interest Granted to the Indenture Trustee pursuant to this Indenture, the Issuer
      has not pledged, assigned, sold, granted a security interest in, or otherwise
      conveyed any part of the Collateral. The Issuer has not authorized the filing
      of
      and is not aware of any financing statements against the Issuer that include
      a
      description of collateral covering any part of the Collateral, other than any
      financing statements relating to the security interest Granted to the Indenture
      Trustee. The Issuer is not aware of any judgment or tax lien filings against
      it.

     

    (g)  The
      Securities Accounts
      are not in the name of any Person other than the Issuer or the Indenture
      Trustee. The Issuer has not consented to the securities intermediary of any
      Securities Account complying with entitlement orders of any Person other than
      the Indenture Trustee.

     

    (h)  All
      financing statements
      filed or to be filed against the Issuer, or any assignor of which the Issuer
      is
      the assignee, in favor of the Indenture Trustee in connection with this
      Indenture describing the Collateral contain a statement substantially to the
      following effect: “The grant of a security interest in any collateral described
      in this financing statement will violate the rights of the Secured
      Parties.”

     

    
      
        
        

      

      
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    Section
      3.17    Audits
      of the Issuer.
      The
      Issuer agrees that, with reasonable prior notice, it will permit any authorized
      representative of the Indenture Trustee, the Servicer or the Administrator,
      during the Issuer’s normal business hours, to examine and audit the books of
      account, records, reports and other documents and materials of the Issuer
      relating to the performance of the Issuer’s obligations under this Indenture. In
      addition, the Issuer will permit such representatives to make copies and
      extracts of any such books and records and to discuss the same with the Issuer’s
      officers and registered public accountants. Each of the Indenture Trustee,
      the
      Servicer and the Administrator will, and will cause its authorized
      representatives to, hold in confidence all such information except to the extent
      (a) disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) or (b) that the Indenture Trustee, the
      Servicer or the Administrator, as the case may be, reasonably determines that
      such disclosure is consistent with its obligations under this
      Indenture.

     

    Section
      3.18    Representations
      and Warranties of the Issuer.
      The
      Issuer represents and warrants to the Indenture Trustee as of the Closing
      Date:

     

    (a)  Organization
      and Qualification.
      The
      Issuer is a statutory trust duly formed, validly existing and in good standing
      under the laws of the State of Delaware.

     

    (b)  Power,
      Authorization and Enforceability.
      The
      Issuer has the power and authority to execute, deliver and perform the terms
      this Indenture. The Issuer has authorized the execution, delivery and
      performance of the terms of this Indenture. This Indenture is the legal, valid
      and binding obligation of the Issuer enforceable against the Issuer, 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 Issuer of this Indenture, the consummation by
      the
      Issuer of the transactions contemplated by this Indenture and the compliance
      by
      the Issuer with this Indenture will not (i) violate any Delaware State law,
      governmental rule or regulation applicable to the Issuer or any judgment or
      decree 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 any indenture,
      mortgage, deed of trust, loan agreement, guarantee or similar agreement or
      instrument under which the Issuer is a debtor or guarantor, in each case which
      conflict, breach, default, lien, or violation would reasonably be expected
      to
      have a material adverse effect on the Issuer's ability to perform its
      obligations under this Indenture.

     

    (d)  No
      Proceedings.
      To the
      Issuer's knowledge, there are no proceedings or investigations pending or
      overtly threatened in writing before any court or other governmental authority
      of the State of Delaware: (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 effect on the Trust Property or the Issuer's
      ability to perform its obligations under, or the validity or enforceability
      any
      of the Basic Documents or the Notes.

     

    
      
        
        

      

      
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    Section
      3.19    Calculation
      Agent.

     

    (a)  The
      Issuer agrees that
      for so long as any of the Floating Rate Notes are Outstanding there will at
      all
      times be an agent appointed to calculate LIBOR in respect of each Interest
      Period (the "Calculation
      Agent").
      The
      Issuer appoints The Bank of New York as Calculation Agent for purposes of
      determining LIBOR for each Interest Period and The Bank of New York accepts
      such
      appointment. The Calculation Agent may be removed by the Issuer at any time.
      If
      the Calculation Agent is unable or unwilling to act as such or is removed by
      the
      Issuer, the Issuer will promptly appoint as a replacement Calculation Agent
      a
      leading bank which is engaged in transactions in Eurodollar deposits in the
      international Eurodollar market and which does not control or is not controlled
      by or under common control with the Issuer or its Affiliates. The Calculation
      Agent may not resign its duties without a successor having been duly
      appointed.

     

    ARTICLE
      IV

    SATISFACTION
      AND DISCHARGE

     

    Section
      4.1  Satisfaction
      and Discharge of Indenture.

     

    (a)  Subject
      to Section
      4.1(b), this Indenture will cease to be of further effect with respect to the
      Notes, and the Indenture Trustee, upon Issuer Order and at the expense of the
      Issuer, will execute proper instruments acknowledging satisfaction and discharge
      of this Indenture with respect to the Notes, if:

     

    (i)
  all
      Notes that have been
      authenticated and delivered (other than (x) Notes that have been destroyed,
      lost
      or stolen and that have been replaced or paid as provided in Section 2.5 and
      (y)
      Notes for whose payment money has been deposited in trust or segregated and
      held
      in trust by the Issuer and thereafter repaid to the Issuer or discharged from
      such trust, as provided in Section 3.3) have been delivered to the Indenture
      Trustee for cancellation;

     

    (ii)  the
      Issuer has paid or
      caused to be paid all other sums payable under the Basic Documents and all
      payments due to the Swap Counterparty by the Issuer; and

     

    (iii)     the
      Issuer has delivered to the
      Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each to
      the effect that all conditions precedent relating to the satisfaction and
      discharge of this Indenture pursuant to this Section 4.1(a) have been complied
      with.

     

    (b)  After
      the satisfaction
      and discharge of this Indenture pursuant to Section 4.1(a), this Indenture
      will
      continue as to (i) rights of registration of transfer and exchange, (ii)
      replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights
      of
      Noteholders to receive payments of principal of and interest on the Notes,
      (iv)
      Sections 3.3, 3.4, 3.5, 3.7, 3.10, 3.12, 3.13, 3.14 and 3.15, (v) the rights,
      obligations and immunities of the Indenture Trustee under this Indenture and
      (vi) the rights of the Secured Parties as beneficiaries of this Indenture with
      respect to the property deposited with the Indenture Trustee payable to all
      or
      any of them for a period of 2 years following such satisfaction and
      discharge.

     

    
      
        
        

      

      
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    (c)  Upon
      the satisfaction and
      discharge of the Indenture pursuant to this Section 4.1, at the request of
      the
      Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a
      certificate of a Trustee Officer stating that all Noteholders have been paid
      in
      full and stating whether, to the best knowledge of such Trustee Officer, any
      claims remain against the Issuer in respect of the Indenture and the
      Notes.

     

    ARTICLE
      V

    REMEDIES

     

    Section
      5.1  Events
      of Default. 

     

    (a)  The
      occurrence of any one
      of the following events will constitute an event of default under this Indenture
      (each, an “Event
      of Default”):

     

    (i)
  failure
      to pay interest
      due on any Note of the Controlling Class when the same becomes due and payable
      on each Payment Date, and such failure continues for a period of 5 days or
      more;

     

    (ii)  failure
      to pay the
      principal of any Note at its Final Scheduled Payment Date or Redemption Date,
      if
      any;

     

    (iii)     failure
      to observe or perform
      any material covenant or agreement of the Issuer made in this Indenture (other
      than covenants and agreements as to which the failure to observe or perform
      is
      specifically covered elsewhere in this Section 5.1) or any representation or
      warranty of the Issuer made in this Indenture or in any Officer’s Certificate or
      other document delivered pursuant to or in connection with this Indenture proves
      to have been incorrect in any material respect as of the time made and, in
      each
      case, such failure or incorrectness continues for a period of 60 days after
      notice was given to the Issuer by the Indenture Trustee or to the Issuer and
      the
      Indenture Trustee by the Noteholders of at least 25% of the Note Balance of
      the
      Controlling Class specifying such failure or incorrectness, requiring it to
      be
      remedied and stating that such notice is a “Notice of Default”; or

     

    (iv)   
       the occurrence of an
      Insolvency Event with respect to the Issuer.

     

    (b)  The
      Issuer will notify
      the Indenture Trustee within 5 Business Days after a Responsible Person of
      the
      Issuer has actual knowledge of the occurrence of an event set forth in Section
      5.1(a)(iii) which with the giving of notice and the lapse of time would become
      an Event of Default, which notice will describe such Default, the status of
      such
      Default and what action the Issuer is taking or proposes to take with respect
      to
      such Default. The Issuer will send a copy of such notice to each Qualified
      Institution or Qualified Trust Institution (if not the Indenture Trustee)
      maintaining a Bank Account.

     

    
      
        
        

      

      
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    Section
      5.2  Acceleration
      of Maturity; Rescission and Annulment. 

     

    (a)  If
      an Event of Default
      occurs and is continuing, the Indenture Trustee or the Noteholders of at least
      a
      majority of the Note Balance of the Controlling Class may declare all of the
      Notes to be immediately due and payable, by notice to the Issuer (and to the
      Indenture Trustee if given by the Noteholders). Upon any such declaration,
      the
      unpaid Note Balance of the Notes, together with accrued and unpaid interest
      through the date of acceleration, will become immediately due and payable.
      If an
      Event of Default specified in Section 5.1(a)(iv) occurs, all unpaid principal
      of
      and accrued and unpaid interest on the Notes, and all other amounts payable
      under this Indenture, will automatically become due and payable without any
      declaration or other act on the part of the Indenture Trustee or any Noteholder.
      Upon any such declaration or automatic acceleration, the Indenture Trustee
      will
      promptly notify each Noteholder, the Swap Counterparty and each Qualified
      Institution or Qualified Trust Institution (if not the Indenture Trustee)
      maintaining a Bank Account.

     

    (b)  The
      Noteholders of at
      least a majority of the Note Balance of the Controlling Class, by notice to
      the
      Issuer and the Indenture Trustee, may rescind and annul a declaration of
      acceleration of maturity and its consequences before a judgment or decree for
      payment of the amount due has been obtained by the Indenture Trustee as provided
      in this Article V if:

     

    (i)
  the
      Issuer has paid or
      deposited with the Indenture Trustee an amount sufficient to (1) pay all
      payments of principal of and interest on the Notes and all other amounts that
      would then be due under this Indenture or upon the Notes and the Interest Rate
      Swap if the Event of Default giving rise to such acceleration had not occurred,
      (2) pay all amounts owed to the Indenture Trustee under Section 6.7, and (3)
      pay
      all other outstanding fees and expenses of the Issuer, and

     

    (ii)  all
      Events of Default,
      other than the nonpayment of the principal of the Notes that has become due
      solely by such acceleration, have been cured or waived as provided in Section
      5.14.

     

    No
      such
      rescission will affect any subsequent default or impair any right resulting
      from
      such rescission.

     

    Section
      5.3  Collection
      of Indebtedness by the Indenture Trustee.

     

    (a)  The
      Issuer covenants that
      if an Event of Default under Section 5.1(a)(i) or (ii) occurs and continues,
      the
      Issuer, upon demand of the Indenture Trustee, will pay to the Indenture Trustee
      for the benefit of the Noteholders, such overdue amount with interest on any
      overdue principal at the applicable Note Interest Rate and, to the extent
      lawful, with interest on any overdue interest at the applicable Note Interest
      Rate. In addition, the Issuer covenants to pay, or to cause the Administrator
      to
      pay, the costs and expenses of collection, including all amounts owed to the
      Indenture Trustee under Section 6.7.

     

    (b)  If
      the Issuer fails to
      pay such amounts upon such demand, the Indenture Trustee, in its own name and
      as
      trustee of an express trust, may institute a Proceeding for the collection
      of
      the sums so due and unpaid, and may prosecute such Proceeding to judgment or
      final decree, and may enforce the same against the Issuer and collect the monies
      adjudged or decreed to be payable in the manner provided by law out of the
      Collateral.

     

    
      
        
        

      

      
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    Section
      5.4  Trustee
      May File Proofs of Claim. 

     

    (a)  In
      case there is pending,
      relative to the Issuer, Proceedings under the Bankruptcy Code or any other
      federal or State bankruptcy, insolvency or other similar law, or in case a
      trustee, liquidator, receiver or similar official has been appointed for or
      taken possession of the Issuer or its property, the Indenture Trustee,
      irrespective of whether the Indenture Trustee has made any demand pursuant
      to
      Section 5.3, may:

     

    (i)
  file
      and prove a claim or
      claims for the whole amount of principal and interest owing and unpaid in
      respect of the Notes and file such other papers or documents as may be necessary
      or advisable in order to have the claims of the Indenture Trustee (including
      any
      amounts due to the Indenture Trustee pursuant to Section 6.7), the Secured
      Parties allowed in such Proceedings;

     

    (ii)  unless
      prohibited by
      applicable law, vote on behalf of the Secured Parties in any election of a
      trustee, a standby trustee or a Person performing similar functions in any
      such
      Proceedings;

     

    (iii)   
       collect and receive any
      monies or other property payable or deliverable on any such claims and pay
      all
      amounts received with respect to the claims of the Secured Parties, including
      such claims asserted by the Indenture Trustee on their behalf; and

     

    (iv)   
       file such proofs of claim
      and other papers or documents as may be necessary or advisable in order to
      have
      the claims of the Indenture Trustee, the Secured Parties allowed in any judicial
      proceedings relative to the Issuer, its creditors and its property.

     

    Any
      trustee, liquidator, receiver or similar official in any such Proceeding is
      authorized by each Noteholder and the Swap Counterparty to make payments to
      the
      Indenture Trustee and, if the Indenture Trustee consents to the making of
      payments directly to such Noteholders and the Swap Counterparty, to pay to
      the
      Indenture Trustee an amount sufficient to cover all amounts owed to the
      Indenture Trustee under Section 6.7.

     

    (b)  Except
      as provided in
      Section 5.4(a)(ii), this Indenture does not authorize the Indenture Trustee
      to
      authorize or consent to or vote for or accept or adopt on behalf of any
      Noteholder or the Swap Counterparty any plan of reorganization, arrangement,
      adjustment or composition affecting the Notes or the Interest Rate Swap or
      the
      rights of any Noteholder or the Swap Counterparty to authorize the Indenture
      Trustee to vote in respect of the claim of any Noteholder or the Swap
      Counterparty in any such proceeding.

     

    Section
      5.5  Trustee
      May Enforce Claims Without Possession of Notes.

    

      (a)  All
        rights of action and
        claims under this Indenture, or under any of the Notes, may be enforced by
        the
        Indenture Trustee without the possession of any of the Notes or the production
        of any of the Notes in any Proceeding relative to any of the Notes, and any
        such
        Proceeding instituted by the Indenture Trustee will be brought in its own
        name
        as trustee of an express trust, and any recovery of judgment, subject to
        the
        amounts owed to the Indenture Trustee under Section 6.7, will be for the
        benefit
        of the Secured Parties in respect of which such judgment has been
        recovered.

       

    

    
      
        
        

      

      
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    (b)  In
      any Proceeding brought
      by the Indenture Trustee (and any Proceeding involving the interpretation of
      this Indenture to which the Indenture Trustee is a party), the Indenture Trustee
      will be held to represent all the Noteholders, and it will not be necessary
      to
      make any Noteholder a party to any such Proceeding.

     

    Section
      5.6  Remedies;
      Priorities. 

     

    (a)  If
      the Notes have been
      accelerated under Section 5.2(a), the Indenture Trustee may do one or more
      of
      the following (subject to Section 5.7), and will upon direction of a majority
      of
      the Controlling Class:

     

    (i)
  institute
      a Proceeding in
      its own name and as trustee of an express trust for the collection of all
      amounts then payable on the Notes or under this Indenture with respect to the
      Notes, enforce any judgment obtained and collect from the Issuer monies adjudged
      due;

     

    (ii)  institute
      a Proceeding
      for the complete or partial foreclosure of this Indenture with respect to the
      Collateral;

     

    (iii)   
       exercise any remedies of
      a secured party under the UCC and take any other action to protect and enforce
      the rights and remedies of the Indenture Trustee, the Noteholders and the Swap
      Counterparty; and

     

    (iv)   
       sell or otherwise
      liquidate the Collateral or any portion of the Collateral or rights or interest
      in the Collateral at one or more public or private sales called and conducted
      in
      any manner permitted by law.

     

    The
      Indenture Trustee will notify each Noteholder, the Swap Counterparty and the
      Depositor of any sale or liquidation pursuant to Section 5.6(a)(iv) at least
      15
      days (but not less than the time required under the UCC or any other law) before
      such sale or liquidation. Any Noteholder, the Swap Counterparty or the Depositor
      may submit a bid with respect to such sale or liquidation.

     

    (b)  Notwithstanding
      Section
      5.6(a), the Indenture Trustee is prohibited from selling or otherwise
      liquidating the Collateral unless:

     

    (i)
  the
      Event of Default is
      described in Section 5.1(a)(i) or (ii); or

     

    (ii)  the
      Event of Default is
      described in Section 5.1(a) (iii) and:

     

    (1)  the
      Noteholders
      representing 100% of the Note Balance of the Notes consent to such sale or
      liquidation; or

     

    
      
        
        

      

      
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    (2)  the
      proceeds of such sale
      or liquidation are expected to be sufficient to pay in full all amounts owed
      by
      the Issuer to the Noteholders including all principal of and accrued interest
      on
      the Outstanding Notes and all payments due (including any Swap Termination
      Payment) under the Interest Rate Swap; 

     

    (iii)   
       the Event of Default is
      described in Section 5.1(a) (iv) and:

     

    (1)  the
      Noteholders
      representing 100% of the Note Balance of the Controlling Class consent to such
      sale or liquidation; or

     

    (2)  the
      proceeds of such sale
      or liquidation are expected to be sufficient to pay in full all amounts owed
      by
      the Issuer
      to the
      Secured Parties including all principal of and accrued interest on the
      Outstanding Notes and all payments due (including any Swap Termination Payment)
      under the Interest Rate Swap; or

     

    (3)  the
      Indenture Trustee (A)
      determines (but will have no obligation to make such determination) that the
      Collateral will not continue to provide sufficient funds for the payment of
      principal of and interest on the Notes as they would have become due if the
      Notes had not been declared due and payable and (B) obtains the consent of
      Noteholders of at least 66 2/3% of the Note Balance of the Controlling
      Class.

     

    In
      determining whether the condition specified in clause (ii)(2), (iii)(2) or
      (iii)
      (3) (A) above has been satisfied, the Indenture Trustee may, but need not,
      obtain and rely upon an opinion of a nationally recognized Independent
      investment banking firm or firm of certified public accountants as to the
      expected proceeds or as to the sufficiency of the Collateral for such
      purpose.

     

    (c)  Any
      money or property
      collected by the Indenture Trustee following the occurrence of (i) an Event
      of
      Default specified in Section 5.1(a)(i), (ii) or (iv) and an acceleration of
      the
      Notes or (ii) an Event of Default specified in Section 5.1(a)(iii) and the
      sale
      or other liquidation of the Collateral pursuant to Section 5.6(a)(iv), will
      be
      deposited into the Collection Account for distribution in accordance with
      Section 8.2(e) on the Payment Date following the Collection Period during which
      such amounts are collected. In all other circumstances, Section 8.2(c) will
      continue to apply after an Event of Default.

     

    Section
      5.7  Optional
      Preservation of the Collateral.
      If the
      Notes have been accelerated under Section 5.2(a) and such declaration and its
      consequences have not been rescinded and annulled in accordance with Section
      5.2(b), the Indenture Trustee may elect to maintain possession of the
      Collateral. It is the intention of the parties to this Indenture and the
      Noteholders that there at all times be sufficient funds for the payment of
      principal of and interest on the Notes and any payments due to the Swap
      Counterparty. The Indenture Trustee will take such intention into account when
      determining whether or not to maintain possession of the Collateral. In
      determining whether to maintain possession of the Collateral, the Indenture
      Trustee may obtain and rely upon an opinion of a nationally recognized
      Independent investment banking firm or firm of certified public accountants
      as
      to the feasibility of such proposed action and as to the sufficiency of the
      Collateral for such purpose.

     

    
      
        
        

      

      
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    Section
      5.8  Limitation
      of Suits. 

     

    (a)  No
      Noteholder has any
      right to institute any Proceeding with respect to this Indenture or for the
      appointment of a receiver or trustee, or for any other remedy under this
      Indenture, unless:

     

    (i)
  such
      Noteholder has given
      notice to the Indenture Trustee of a continuing Event of Default;

     

    (ii)  the
      Noteholders of at
      least 25% of the Note Balance of the Controlling Class have requested the
      Indenture Trustee to institute such Proceeding in respect of such Event of
      Default in its own name as Indenture Trustee under this Indenture;

     

    (iii)   
       such Noteholders have
      offered reasonable indemnity satisfactory to the Indenture Trustee against
      any
      costs, expenses, losses, damages, claims and liabilities that may be incurred
      by
      the Indenture Trustee, or its agents, counsel, accountants and experts, in
      complying with such request;

     

    (iv)   
       the Indenture Trustee has
      failed to institute such Proceedings for 60 days after its receipt of such
      notice, request and offer of indemnity; and

     

    (v)  the
      Noteholders of at
      least a majority of the Note Balance of the Controlling Class have not given
      the
      Indenture Trustee any direction inconsistent with such request during such
      60
      day period.

     

    (b)  No
      Noteholder has any
      right to affect, disturb or prejudice the rights of any other Noteholder or
      to
      obtain or to seek to obtain priority or preference over any other Noteholder
      or
      to enforce any right under this Indenture, except in the manner provided in
      this
      Indenture.

     

    (c)  If
      the Indenture Trustee
      receives conflicting requests pursuant to Section 5.8(a)(ii) from two or more
      groups of Noteholders, each evidencing less than a majority of the Note Balance
      of the Controlling Class, the Indenture Trustee in its sole discretion may
      determine what action, if any, will be taken.

     

    Section
      5.9  Unconditional
      Rights of Noteholders To Receive Principal and Interest. 
      Notwithstanding
      any other provisions in this Indenture, each Noteholder has an absolute and
      unconditional right to receive payment of the principal of and any interest
      on
      its Note on or after the respective due dates expressed in such Note or in
      this
      Indenture (or, in the case of redemption, on or after the Redemption Date)
      and
      to institute a Proceeding for the enforcement of any such payment in accordance
      with Section 5.8. Such rights may not be impaired or affected without the
      consent of such Noteholder.

     

    
      
        
        

      

      
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    Section
      5.10    Restoration
      of
      Rights
      and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee or to such Noteholder, then the Issuer, the Indenture Trustee and the
      Noteholders, subject to any determination in such Proceeding, will be restored
      severally and respectively to their former positions under this Indenture,
      and
      thereafter all rights and remedies of the Indenture Trustee and the Noteholders
      will continue as though no such Proceeding had been instituted.

     

    Section
      5.11    Rights
      and Remedies Cumulative.
      No right
      or remedy conferred upon or reserved to the Indenture Trustee or to the
      Noteholders in this Indenture is intended to be exclusive of any other right
      or
      remedy, and every right and remedy, to the extent permitted by law, will be
      cumulative and in addition to every other right and remedy given under this
      Indenture or now or hereafter existing at law or in equity or otherwise. The
      assertion or employment of any right or remedy under this Indenture, or
      otherwise, will not prevent the concurrent assertion or employment of any other
      appropriate right or remedy. The Indenture Trustee’s right to seek and recover
      judgment on the Notes or under this Indenture will not be affected by the
      seeking, obtaining or application of any other relief under or with respect
      to
      this Indenture. Neither the lien of this Indenture nor any rights or remedies
      of
      the Indenture Trustee or the Noteholders will be impaired by the recovery of
      any
      judgment by the Indenture Trustee against the Issuer or by the levy of any
      execution under such judgment upon any portion of the Collateral or upon any
      of
      the assets of the Issuer.

     

    Section
      5.12    Delay
      or Omission Not a Waiver.
      No delay
      or omission of the Indenture Trustee or any Noteholder to exercise any right
      or
      remedy accruing upon any Default or Event of Default will impair any such right
      or remedy, or constitute a waiver of any such Default or Event of Default.
      Every
      right and remedy conferred by this Article V or by law to the Indenture Trustee
      or to the Noteholders may be exercised from time to time, and as often as may
      be
      deemed expedient, by the Indenture Trustee or by the Noteholders, as the case
      may be.

     

    Section
      5.13    Control
      by Controlling Class of Noteholders.
      The
      Noteholders of at least a majority of the Note Balance of the Controlling Class
      have the right to direct the time, method and place of conducting any Proceeding
      for any remedy available to the Indenture Trustee with respect to the Notes
      or
      exercising any trust or power conferred on the Indenture Trustee
      if:

     

    (a)  such
      direction does not
      conflict with any law or with this Indenture;

     

    (b)  except
      as provided in
      Section 5.6(b), any direction to the Indenture Trustee to sell or liquidate
      the
      Collateral must be made by Noteholders of 100% of the Note Balance of the
      Controlling Class;

     

    (c)  if
      the Indenture Trustee
      elects to retain the Collateral pursuant to Section 5.7, then any direction
      to
      the Indenture Trustee by Noteholders of less than 100% of the Note Balance
      of
      the Controlling Class to sell or liquidate the Collateral will be of no force
      and effect; and

     

    
      
        
        

      

      
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    (d)  the
      Indenture Trustee may
      take any other action deemed proper by the Indenture Trustee that is not
      inconsistent with such direction from the Noteholders of at least a majority
      of
      the Note Balance of the Controlling Class.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.13, the Indenture Trustee
      need not take any action that it determines might materially adversely affect
      the rights of any Noteholders not consenting to such action.

     

    Section
      5.14    Waiver
      of Defaults and Events of Default. 

     

    (a)  The
      Noteholders of at
      least a majority of the Note Balance of the Controlling Class may waive any
      Default or Event of Default and its consequences except an Event of Default
      (i)
      in the payment of principal of or interest on any of the Notes (other than
      an
      Event of Default relating to failure to pay principal due only by reason of
      acceleration) or (ii) in respect of a covenant or provision of this Indenture
      that cannot be amended, supplemented or modified without the consent of all
      Noteholders.

     

    (b)  Upon
      any such waiver,
      such Default or Event of Default will be deemed not to have occurred for every
      purpose of this Indenture. No such waiver will extend to any other Default
      or
      Event of Default or impair any right relating to any other Default or Event
      of
      Default.

     

    Section
      5.15    Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Noteholder by such Noteholder’s
      acceptance of a Note will be deemed to have agreed, that a court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Indenture Trustee for any action
      taken, suffered or omitted by it as Indenture Trustee, the filing by any party
      litigant in such suit of an undertaking to pay the costs of such suit, and
      that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit. This Section 5.15 will
      not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit
      instituted by any Noteholder or group of Noteholders, in each case holding
      in
      the aggregate more than 10% of the Note Balance of the Notes Outstanding (or
      in
      the case of a suit for the enforcement of any right or remedy under this
      Indenture that is instituted by the Controlling Class, more than 10% of the
      Note
      Balance of the Controlling Class) or (c) any suit instituted by any Noteholder
      for the enforcement of the payment of principal of or interest on any Note
      on or
      after the respective due dates expressed in such Note and in this Indenture
      (or,
      in the case of redemption, on or after the Redemption Date).

     

    Section
      5.16    Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      insist upon, or plead or in any manner whatsoever, claim or take the benefit
      or
      advantage of, any stay or extension that may affect the covenants or the
      performance of this Indenture, and the Issuer (to the extent that it may
      lawfully do so) waives all benefit or advantage of any such law, and covenants
      that it will not hinder, delay or impede the execution of any power in this
      Indenture granted to the Indenture Trustee, but will suffer and permit the
      execution of every such power as though no such law had been
      enacted.

     

    
      
        
        

      

      
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    Section
      5.17    Performance
      and Enforcement of Certain Obligations. 

     

    (a)  At
      the Administrator’s
      expense, the Issuer will promptly take all such lawful action as the Indenture
      Trustee may request to (i) compel the performance by (1) the Depositor and
      the
      Servicer of their obligations to the Issuer under the Sale and Servicing
      Agreement, or (2) the Depositor and Ford Credit of their obligations under
      the
      Purchase Agreement and (ii) exercise any and all rights, remedies, powers,
      privileges and claims lawfully available to the Issuer under such agreements
      to
      the extent and in the manner directed by the Indenture Trustee.

     

    (b)  If
      an Event of Default
      has occurred and is continu-ing, the Indenture Trustee may, and at the
      direction of
      the
      Noteholders of at least 66 2/3% of the Note Balance of the Controlling Class
      will, exercise all rights, remedies, powers, privileges and claims of the Issuer
      against (i) the Depositor or the Servicer under the Sale and Servicing
      Agreement, or (ii) the Depositor or Ford Credit under the Purchase Agreement,
      including the right or power to take any action to compel or secure performance
      or observance by such Persons of their obligations to the Issuer under such
      agreements, and to give any consent, request, notice, direction, approval,
      extension or waiver under such agreements, and any right of the Issuer to take
      such action will be suspended.

     

    (c)  Promptly
      following a
      request from the Indenture Trustee to do so, and at the Administrator's expense,
      the Issuer will take all such lawful action as the Indenture Trustee may request
      to compel the performance by the Swap Counterparty in accordance with the
      related Interest Rate Swap and to exercise any and all rights, remedies, powers,
      privileges and claims lawfully available to the Issuer under or in connection
      with such Interest Rate Swap to the extent and in the manner directed by the
      Indenture Trustee.

     

    (d)  If
      an Event of Default
      has occurred and is continuing, the Indenture Trustee may, and at the direction
      of the Noteholders evidencing not less than 66 2/3% of the Note Balance of
      the
      Outstanding Notes will, exercise all rights, remedies, powers, privileges and
      claims of the Issuer against the Swap Counterparty, including the right or
      power
      to take any action to compel or secure performance or observance by the Swap
      Counterparty of its obligations to the Issuer under the Interest Rate Swap,
      and
      to give any consent, request, notice, direction, approval, extension or waiver
      under the related Interest Rate Swap, and any right of the Issuer to take such
      action will be suspended.

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE

     

    Section
      6.1  Duties
      of Indenture Trustee. 

     

    (a)  If
      an Event of Default
      has occurred and is continuing, the Indenture Trustee will exercise the rights
      and powers vested in it by this Indenture and use the same degree of care and
      skill in their exercise as a prudent Person would use under the circumstances
      in
      the conduct of such Person’s own affairs.

     

    (b)  Except
      during the
      continuance of an Event of Default:

     

    
      
        
        

      

      
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      (i)  the
        Indenture Trustee undertakes to perform such duties and only such duties
        as are
        specifically set forth in this Indenture and no implied covenants or obligations
        are to be read into this Indenture against the Indenture Trustee;
        and

       

      (ii)  in
        the
        absence of bad faith on its part, the Indenture Trustee may conclusively
        rely,
        as to the truth of the statements and the correctness of the opinions furnished
        to it, upon any certificates or opinions furnished to it and, if required
        by the
        terms of this Indenture, conforming to the requirements of this Indenture,
        provided that the Indenture Trustee will examine any such certificates and
        opinions to determine whether or not they conform to the requirements of
        this
        Indenture.

    

     

    (c)  The
      Indenture Trustee
      will not be relieved from liability for its own willful misconduct, negligent
      action or negligent failure to act, except that:

     

    (i)
  this
      Section 6.1(c) does
      not limit the effect of Section 6.1(b);

     

    (ii)  the
      Indenture Trustee
      will not be liable for any error of judgment made in good faith by a Responsible
      Person unless it is proved that the Indenture Trustee was negligent in
      ascertaining the pertinent facts; and

     

    (iii)    
       the Indenture Trustee
      will not be liable for any action it takes or omits to take in good faith in
      accordance with a direction received by it pursuant to Section 5.13 and
      5.17(b).

     

    (d)  The
      Indenture Trustee
      will not be liable for interest on any money received by it except as the
      Indenture Trustee may agree in writing with the Issuer.

     

    (e)  Money
      held in trust by
      the Indenture Trustee need not be segregated from other funds except to the
      extent required by law, this Indenture or the Sale and Servicing
      Agreement.

     

    (f)
  Every
      provision of this
      Indenture relating to the conduct of, affecting the liability of or affording
      protection to the Indenture Trustee is subject to this Section 6.1 and to the
      TIA.

     

    (g)  The
      Indenture Trustee
      will not be charged with knowledge of any Default or any Event of Default unless
      either (i) a Responsible Person of the Indenture Trustee has actual knowledge
      of
      such Default or Event of Default or (ii) notice of such Default or Event of
      Default has been given to the Indenture Trustee in accordance with this
      Indenture.

     

    Section
      6.2  Rights
      of Indenture Trustee. 

     

    (a)  The
      Indenture Trustee may
      rely and will be protected in acting or refraining from acting upon any
      certificate, instrument, opinion, report, notice, request, direction, consent
      or
      other document believed by it to be genuine and appears on its face to be
      properly executed and signed or presented by the proper Person. The Indenture
      Trustee need not investigate any fact or matters stated in any such
      document.

     

    
      
        
        

      

      
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    (b)  Before
      the Indenture
      Trustee acts or refrains from acting, it may require an Officer’s Certificate or
      an Opinion of Counsel. The Inden-ture Trustee will not be liable for any action
      it takes or omits to take in good faith in reliance on an Officer’s Certificate
      or Opinion of Counsel.

     

    (c)  The
      Indenture Trustee may
      exercise any of its rights or powers under this Indenture or perform any duties
      under this Indenture either directly or by or through agents or attorneys or
      a
      custodian or nominee, and the Indenture Trustee will not be responsible for
      any
      misconduct or negligence on the part of, or for the supervision of, any such
      agent, counsel, custodian or nominee appointed with due care by it under this
      Indenture.

     

    (d)  The
      Indenture Trustee
      will not be liable for any action it takes or omits to take in good faith which
      it believes to be authorized or within its rights or powers if such action
      or
      omission by the Indenture Trustee does not constitute negligence.

     

    (e)  The
      Indenture Trustee may
      consult with counsel, and the advice or opinion of counsel with respect to
      legal
      matters relating to this Indenture and the Notes will be full and complete
      authorization and protection from liability with respect to any action taken
      or
      not taken by the Indenture Trustee under this Indenture in good faith and in
      accordance with the advice or opinion of such counsel.

     

    (f)
  The
      Indenture Trustee is
      under no obligation to (i) exercise any of the rights or powers vested in it
      by
      this Indenture or to expend or risk its own funds or otherwise incur financial
      liability in the performance of its duties under this Indenture if it has
      reasonable grounds to believe that repayment of funds advanced by it or adequate
      indemnity satisfactory to it against such risk or liability is not reasonably
      assured to it or (ii) to honor the request or direction of any of the
      Noteholders pursuant to this Indenture unless such Noteholders have offered
      to
      the Indenture Trustee reasonable security or indemnity satisfactory to it from
      and against the reasonable costs, expenses, disbursements, advances and
      liabilities that might be incurred by the Indenture Trustee, or its agents,
      counsel, accountants and experts, in complying with such request or
      direction.

     

    Section
      6.3  Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee, in its individual or any other capacity, may become the
      owner
      or pledgee of Notes and may otherwise deal with the Issuer or any of its
      Affiliates with the same rights it would have if it were not Indenture Trustee.
      Any Note Paying Agent, Note Registrar, co-registrar or co-paying agent under
      this Indenture may do the same with like rights.

     

    Section
      6.4  Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee (a) will not be responsible for, and makes no representation
      or warranty as to, the validity or adequacy of this Indenture or the Notes
      and
      (b) will not be accountable for the Issuer’s use of the proceeds from the Notes,
      or responsible for any statement of the Issuer in this Indenture or in any
      document issued in connection with the sale of the Notes or in the Notes other
      than the Indenture Trustee’s certificate of authentication. 

     

    
      
        
        

      

      
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    Section
      6.5  Notice
      of Defaults.
      Within
      90 days after any Default under this Indenture of which the a Responsible Person
      of the Indenture Trustee has knowledge, the Indenture Trustee will mail as
      described in Section 313(c) of the TIA to each Noteholder, notice of such
      Default, unless such Default has been cured or waived, provided that (a) except
      in the case of a Default in the payment of principal of or interest on any
      Note,
      the Indenture Trustee may withhold such notice if and so long as a committee
      of
      its Responsible Persons in good faith determines that the withholding of such
      notice is in the interests of the Noteholders and (b) in the case of any Default
      specified in Section 5.1(a)(iii), the Indenture Trustee will not give notice
      to
      the Noteholders until at least 30 days after the occurrence of such
      Default.

     

    Section
      6.6  Reports
      by Indenture Trustee. 

     

    (a)  Upon
      delivery to the
      Indenture Trustee by the Servicer of the information prepared by the Servicer
      pursuant to Section 3.4(a) of the Sale and Servicing Agreement to enable each
      Noteholder to prepare its federal and State income tax returns, the Indenture
      Trustee will deliver the relevant portions of such information to each
      Noteholder of record as of the most recent Record Date (which delivery may
      be
      made by making such information available to the Noteholders through the
      Indenture Trustee’s website, which initially is located at www.absreporting.com).

     

    (b)  On
      each Payment Date, the
      Indenture Trustee will deliver the Monthly Investor Report to each Noteholder
      of
      record as of the most recent Record Date (which delivery may be made by e-mail
      to the e-mail addresses in the Note Register without need for confirmation
      of
      receipt or by making such report available to the Noteholders through the
      Indenture Trustee’s website, which initially is located at www.absreporting.com).
      On
      each Payment Date, the Indenture Trustee will deliver the Monthly Investor
      Report to the Owner Trustee (by e-mail without need for confirmation of receipt)
      to forward to the holder of the Residual Interest.

     

    (c)  If
      required by Regulation
      AB, the Indenture Trustee will deliver to the Depositor, the Owner Trustee,
      and
      the Servicer on or before March 1 of each year, beginning March 1, 2007, an
      Officer's Certificate, dated as of December 31 of the preceding calendar year,
      signed by a Responsible Person of the Indenture Trustee to the effect that
      (i) a
      review of the Indenture Trustee's activities during the preceding calendar
      year
      (or, in the case of the first certificate, the portion of the preceding calendar
      year, since the Closing Date) and of its performance under this Indenture has
      been made under such Responsible Person's supervision and (ii) to such
      Responsible Person's knowledge, based on such review, the Indenture Trustee
      has
      fulfilled in all material respects all of its obligations under this Indenture
      throughout such calendar year (or, in the case of the first certificate, the
      portion of the preceding calendar year since the Closing Date), or, if there
      has
      been a failure to fulfill any such obligation in any material respect,
      specifically identifying each such failure known to such Responsible Person
      and
      the nature and status of such failure. If the Issuer is not required to file
      periodic reports under the Exchange Act or otherwise required by law to file
      an
      Officer's Certificate of the Indenture Trustee as to compliance, such Officer's
      Certificate may be delivered on or before April 1 of each calendar year.

     

    (d)  If
      required under
      Regulation AB, the Indenture Trustee will:

     

    
      
        
        

      

      
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      (i)  deliver
        to the Depositor, the Owner Trustee and the Servicer, a report, dated as
        of
        December 31 of the preceding calendar year, on its assessment of compliance
        with
        the applicable minimum servicing criteria regarding general servicing, cash
        and
        collection administration, investor remittances and reporting and pool asset
        administration during the preceding calendar year, including disclosure of
        any
        material instance of non-compliance identified by the Indenture Trustee,
        as
        required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
        Regulation AB under the Securities Act.

       

    

    (ii)  cause
      a firm of
      registered public accountants that is qualified and independent within the
      meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver
      to
      the Depositor, Owner Trustee and the Servicer an attestation report that
      satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange
      Act,
      as applicable, on the assessment of compliance with servicing criteria with
      respect to the prior calendar year. Such attestation report will be addressed
      to
      the board of directors of the Servicer and to the Depositor and Owner Trustee.
      Such attestation report will be in accordance with Rules 1-02(a)(3) and 2-02(g)
      of Regulation S-X under the Securities Act and the Exchange Act. The firm may
      render other services to the Indenture Trustee, but the firm must indicate
      in
      each attestation report that it is qualified and independent within the meaning
      of Rule 2-01 of Regulation S-X under the Securities Act.

     

    (iii)    
      The reports referred to in this Section 6.6(d) will be delivered on before
      March
      1 of each year, beginning March 1, 2007 unless the Issuer is not required to
      file periodic reports under the Exchange Act or any other law, in which case
      the
      reports will be delivered on or before April 1 of each calendar year, beginning
      April 1, 2007.

     

    Section
      6.7  Compensation
      and Indemnity. 

     

    (a)  The
      Issuer will pay the
      Indenture Trustee as compensation for the Indenture Trustee’s services under
      this Indenture such fees as have been separately agreed upon on the date of
      this
      Indenture between the Issuer and the Indenture Trustee. The Indenture Trustee’s
      compensation will not be limited by any law on compensation of a trustee of
      an
      express trust. The Issuer will reimburse the Indenture Trustee for all
      reasonable out-of-pocket expenses incurred or made by the Indenture Trustee,
      including costs of collection, and the reasonable compensation, expenses and
      disbursements of the Indenture Trustee’s agents, counsel, accountants and
      experts, but excluding any expenses incurred by the Indenture Trustee through
      the Indenture Trustee’s willful misconduct, bad faith or negligence (except for
      errors in judgment).

     

    (b)  The
      Issuer will cause the
      Administrator to indemnify, defend and hold harmless the Indenture 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 Indenture Trustee’s
      agents, counsel, accountants and experts) incurred by it in connection with
      the
      administration of and the performance of its duties under this Indenture,
      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 this Indenture, but excluding any cost,
      expense, loss, damage, claim or liability (i) incurred by the Indenture Trustee
      through the Indenture Trustee’s willful misconduct, bad faith or negligence
      (except for errors in judgment) or (ii) arising from the Indenture Trustee’s
      breach of any of its representations or warranties set forth in this
      Indenture.

     

    
      
        
        

      

      
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    (c)  Promptly
      upon receipt by
      the Indenture 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 6.7(b), notify the Issuer and the Administrator
      of
      the commencement of such Proceeding. Failure by the Indenture Trustee to so
      notify the Issuer and the Administrator will not relieve the Issuer or the
      Administrator of its obligations under this Section 6.7, provided that neither
      the Issuer nor the Administrator has been materially prejudiced by such failure
      to so notify and notice is given within 180 days of a Responsible Person of
      the
      Indenture Trustee learning of such Proceeding. The Issuer, or, if Issuer 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 Issuer or the Administrator,
      as applicable, and such Indemnified Person, which approvals will not be
      unreasonably withheld, delayed or conditioned. After notice from the Issuer
      or
      the Administrator, as applicable, to the Indemnified Person of the intention
      of
      the Issuer 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 Issuer or the Administrator, as applicable, so assumes the
      defense of such Proceeding in a manner reasonably satisfactory to the
      Indemnified Person, neither the Issuer 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 Issuer or the Administrator, as
      applicable, on one hand, and an Indemnified Person, on the other hand, in which
      case the Issuer or the Administrator, will pay for the separate counsel to
      the
      Indemnified Person. 

     

    (d)  The
      payment obligations
      of the Issuer and the Administrator, to the Indenture Trustee pursuant to this
      Section 6.7 will survive the resignation or removal of the Indenture Trustee
      and
      the discharge of this Indenture. Expenses incurred by the Indenture Trustee
      after the occurrence of a Default specified in Section 5.1(a)(iv) are intended
      to constitute expenses of administration under Title 11 of the United States
      Code or any other applicable federal or State bankruptcy, insolvency or similar
      law.

     

    Section
      6.8  Replacement
      of Indenture Trustee. 

     

    (a)  No
      resignation or removal
      of the Indenture Trustee, and no appointment of a successor Indenture Trustee,
      will become effective until the acceptance of appointment by the successor
      Indenture Trustee pursuant to this Section 6.8. Subject to the preceding
      sentence, the Indenture Trustee may resign by notifying the Issuer. The
      Noteholders of at least a majority in Note Balance of the Controlling Class
      may
      remove the Indenture Trustee without cause by notifying the Indenture Trustee
      and the Issuer and may appoint a successor Indenture Trustee.

     

    
      
        
        

      

      
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    (b)  The
      Issuer must remove
      the Indenture Trustee if:

     

    (i)
  the
      Indenture Trustee
      fails to comply with Section 6.11;

     

    (ii)  an
      Insolvency Event
      occurs with respect to the Indenture Trustee;

     

    (iii)   
       a receiver or other
      public officer takes charge of the Indenture Trustee or its property;
      or

     

    (iv)   
       the Indenture Trustee
      becomes legally unable to act or otherwise incapable of acting as Indenture
      Trustee.

     

    (c)  If
      the Indenture Trustee
      resigns or is removed or if a vacancy exists in the office of Indenture Trustee
      for any reason, the Issuer must appoint a successor Indenture Trustee
      promptly.

     

    (d)  Any
      successor Indenture
      Trustee will have all the rights, powers, duties and obligations of the
      Indenture Trustee under this Indenture. The Issuer will continue to pay all
      amounts owed to the retiring Indenture Trustee in accordance with Section 8.2
      following the retiring Indenture Trustee’s resignation or removal until all such
      amounts are paid. The successor Indenture Trustee will deliver a notice of
      its
      succession to the Noteholders. The retiring Indenture Trustee will promptly
      transfer all property held by it as Indenture Trustee to the successor Indenture
      Trustee.

     

    (e)  If
      a successor Indenture
      Trustee does not take office within 60 days after the retiring Indenture Trustee
      tenders its resignation or is removed, the retiring Indenture Trustee, the
      Issuer or the Noteholders of at least a majority in Note Balance of the
      Controlling Class may petition any court of competent jurisdiction for the
      appointment of a successor Indenture Trustee.

     

    (f)
  Notwithstanding
      the
      replacement of the retiring Indenture Trustee pursuant to this Section 6.8,
      any
      obligations of the Issuer and the Administrator owing to the retiring Indenture
      Trustee under Section 6.7 up to the date of removal will continue for the
      benefit of the retiring Indenture Trustee.

     

    Section
      6.9  Successor
      Indenture Trustee by Merger.

     

    (a)  If
      the Indenture Trustee
      consolidates with, merges or converts into, or transfers all or substantially
      all of its corporate trust business or assets to, another corporation or banking
      association, the resulting, surviving or transferee corporation or banking
      association will be the successor Indenture Trustee so long as such corporation
      or banking association is otherwise qualified and eligible under Section 6.11.
      The Indenture Trustee will promptly notify the Issuer, the Servicer and the
      Rating Agencies of any such transaction.

     

    (b)  If,
      at the time any such
      successor by merger, conversion or consolidation to the Indenture Trustee
      succeeds to the trusts created by this Indenture, any of the Notes have been
      authenticated but not delivered, such successor may adopt the certificate of
      authentication of any predecessor Indenture Trustee and deliver such Notes
      so
      authenticated. If at such time any of the Notes have not been authenticated,
      any
      successor to the Indenture Trustee may authenticate such Notes either in the
      name of any predecessor Indenture Trustee or in the name of such successor
      Indenture Trustee. In all such cases, such certificates will have the same
      force
      and effect provided for anywhere in the Notes or in this Indenture as the
      certificate of the predecessor Indenture Trustee.

     

    
      
        
        

      

      
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    Section
      6.10    Appointment
      of
      Separate Indenture Trustee or Co-Indenture Trustee.

     

    (a)  For
      the purpose of
      meeting any legal requirement of any jurisdiction in which any part of the
      Collateral may at the time be located, after delivering written notice to the
      Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons
      to act as a separate trustee or separate trustees, or co-trustee or co-trustees,
      of all or any part of the Issuer, and to vest in such Persons, in such capacity
      and for the benefit of the Secured Parties, such title to the Collateral, or
      any
      part of the Collateral, and, subject to this Section 6.10, such rights, powers,
      duties and obligations as the Indenture Trustee may consider necessary or
      desirable. No separate trustee or co-trustee will be required to meet the terms
      of eligibility as a successor trustee under Section 6.11 and no notice to
      Noteholders of the appointment of any separate trustee or co-trustee will be
      required under Section 6.8. 

     

    (b)  Every
      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 Indenture Trustee will
      be
      conferred or imposed upon and exercised or performed by the Indenture Trustee,
      or the Indenture Trustee and such separate trustee or co-trustee jointly (it
      being understood that such separate trustee or co-trustee will not be authorized
      to act separately without the Indenture 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 Indenture Trustee will be 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 Collateral or
      any
      portion of the Collateral in any such jurisdiction) will be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Indenture Trustee;

     

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

     

    (iii)   
       the Indenture Trustee may
      accept the resignation of or remove any separate trustee or
      co-trustee.

     

    (c)  Any
      notice, request or
      other writing given to the Indenture Trustee will be deemed to have been given
      to each appointed separate trustee and co-trustee, as effectively as if given
      to
      each of them. Every instrument appointing any separate trustee or co-trustee
      will refer to this Indenture and the conditions of this Section 6.10. 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 Indenture Trustee or separately, as may
      be
      provided in such instrument of appointment, subject to this Indenture. Every
      such instrument will be filed with the Indenture Trustee.

     

    
      
        
        

      

      
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    (d)  Any
      separate trustee or
      co-trustee may appoint the Indenture Trustee as its agent or attorney-in-fact
      with power and authority, to the extent not prohibited by law, to do any lawful
      act under or in respect of this Indenture 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 Indenture Trustee, to the extent permitted by law,
      without the appointment of a new or successor trustee.

     

    Section
      6.11    Eligibility;
      Disqualification. 

     

    (a)  The
      Indenture Trustee
      must satisfy the requirements of Section 310(a) of the TIA and must comply
      with
      Section 310(b) of the TIA. The Indenture Trustee or its parent must have a
      combined capital and surplus of at least $50,000,000 as set forth in its most
      recent annual published report of condition and must have a long-term debt
      rating of investment grade by each of the Rating Agencies or must otherwise
      be
      acceptable to each of the Rating Agencies. Within 10 days after the Indenture
      Trustee fails to satisfy any of the requirements set forth in this Section
      6.11(a), the Indenture Trustee will notify the Issuer and the Servicer of such
      failure.

     

    (b)  Within
      90 days after the
      occurrence of an Event of Default that has not been cured or waived, unless
      authorized by the Securities and Exchange Commission, the Indenture Trustee
      will
      resign with respect to the Class A Notes, the Class B Notes, the Class C Notes
      and/or the Class D Notes in accordance with Section 6.8, and the Issuer will
      appoint a successor Indenture Trustee for any or all of such Class A Notes,
      Class B Notes, Class C Notes and/or Class D Notes, as applicable, so that there
      will be separate Indenture Trustees for the Class A Notes, Class B Notes, the
      Class C Notes and the Class D Notes. If the Indenture Trustee fails to comply
      with the terms of the preceding sentence, the Indenture Trustee must comply
      with
      TIA Section 310(b)(ii) and (iii).

     

    (c)  If
      a successor Indenture
      Trustee is appointed with respect to any of the Class A Notes, Class B Notes,
      Class C Notes or Class D Notes pursuant to this Section 6.11, the Issuer, the
      retiring Indenture Trustee and the successor Indenture Trustee will execute
      an
      indenture supplemental to this Indenture. Such supplemental indenture will
      contain:

     

    (i)
  provisions
      by which the
      successor Indenture Trustee accepts its appointment;

     

    (ii)  provisions
      necessary or
      desirable to transfer and confirm to, and to vest in, the successor Indenture
      Trustee all the rights, powers, duties and obligations of the retiring Indenture
      Trustee with respect to the Notes to which the appointment of such successor
      Indenture Trustee relates;

     

    (iii)    
      if the retiring Indenture Trustee is not retiring with respect to all of the
      Notes, provisions necessary or desirable to confirm that all the rights, powers,
      duties and obligations of the retiring Indenture Trustee with respect to the
      Notes as to which the retiring Indenture Trustee is not retiring continue to
      be
      vested in the Indenture Trustee; and

     

    
      
        
        

      

      
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    (iv)   
       provisions necessary to
      provide for or facilitate the administration of the trusts hereunder by more
      than one Indenture Trustee.

     

    Nothing
      in this Indenture or in such supplemental indenture will constitute such
      Indenture Trustees co-trustees of the same trust and each such Indenture Trustee
      will be a trustee of a trust or trusts under this Indenture separate and apart
      from any trust or trusts under this Indenture administered by any other
      Indenture Trustee. The indenture supplement will become effective upon the
      removal of the retiring Indenture Trustee.

     

    Section
      6.12    Preferential
      Collection of Claims Against Issuer.
      The
      Indenture Trustee will comply with Section 311(a) of the TIA, excluding any
      creditor relationship listed in Section 311(b) of the TIA. An Indenture Trustee
      who has resigned or been removed will be subject to Section 311(a) of the
      TIA.

     

    Section
      6.13    Audits
      of the Indenture Trustee.
      The
      Indenture Trustee agrees that, with reasonable prior notice, it will permit
      any
      authorized representative of the Servicer or the Administrator, during the
      Indenture Trustee’s normal business hours, to examine and audit the books of
      account, records, reports and other documents and materials of the Indenture
      Trustee relating to (a) the performance of the Indenture Trustee’s obligations
      under this Indenture, (b) any payments of fees and expenses of the Indenture
      Trustee in connection with such performance and (c) any claim made by the
      Indenture Trustee under this Indenture. In addition, the Indenture Trustee
      will
      permit such representatives to make copies and extracts of any such books and
      records and to discuss the same with the Indenture 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 Indenture. The
      Indenture 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 Indenture.

     

    Section
      6.14    Representations
      and Warranties of the Indenture Trustee.
      The
      Indenture Trustee represents and warrants to the Issuer as of the Closing
      Date:

     

    (a)  Organization
      and Qualification.
      The
      Indenture Trustee is a banking corporation duly organized, validly existing
      and
      in good standing under the laws of the State of New York. The Indenture Trustee
      is qualified as a foreign banking corporation 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 Indenture Trustee's ability to perform its
      obligations under this Indenture or the other Basic Documents to which it is
      a
      party.

     

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

     

    
      
        
        

      

      
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    (c)  No
      Conflicts and No Violation.
      The
      execution and delivery by the Indenture Trustee of this Indenture, the
      consummation by the Indenture Trustee of the transactions contemplated by this
      Indenture and the compli-ance by the Indenture Trustee with this Indenture
      will
      not (i) violate any federal or New York State law, governmental rule or
      regulation governing the banking or trust powers of the Indenture 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
      Indenture Trustee is a debtor or guarantor or (iii) violate any law or, to
      the
      Indenture Trustee's knowledge, any order, rule, or regulation applicable to
      the
      Indenture Trustee of any court or of any federal or state regulatory body,
      administrative agency or other governmental instrumentality having jurisdiction
      over the Indenture 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 Indenture Trustee's ability to perform its
      obligations under this Indenture.

     

    (d)  No
      Proceedings.
      To the
      Indenture 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 Indenture Trustee or its properties: (i) asserting the invalidity
      of
      any of this Indenture or the Sale and Servicing 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, (iii) seeking any determination
      or
      ruling that would reasonably be expected to have a material adverse effect
      on
      the Indenture Trustee's ability to perform its obligations under, or the
      validity or enforceability of, this Indenture.

     

    (e)  Eligibility.
      The
      Indenture Trustee satisfies the requirements of Section 310(a) of the TIA.
      The
      Indenture Trustee or its parent has a combined capital and surplus of at least
      $50,000,000 as set forth in its most recent annual published report of
      condition.

     

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

     

    Section
      6.15    Duty
      to Update Disclosure.
      The
      Indenture 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 Indenture Trustee or actions taken by the Indenture
      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 The Bank of New York 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 Indenture Trustee that the Depositor,
      in
      good faith, believes is necessary to comply with Regulation AB within 5 days
      of
      such request or (B) (i) is required to be disclosed under Item 5 (submission
      of
      matters to a vote of Noteholders) of Form 10-D under the Exchange Act within
      5
      days of a Responsible Person of the Indenture Trustee becoming aware of such
      submission, (ii) is required to be disclosed under Item 6.02 (resignation,
      removal, replacement or substitution of The Bank of New York as Indenture
      Trustee) or Item 6.04 (failure to make a distribution when required) of Form
      8-K
      under the Exchange Act within 2 days of a Responsible Person of the Indenture
      Trustee becoming aware of such occurrence or (iii) causes the information
      provided by the Indenture Trustee in any certificate delivered by a Responsible
      Person of the Indenture Trustee to be untrue or incorrect in any material
      respect or is necessary to make the statements provided by the Indenture Trustee
      in light of the circumstances in which they were made not misleading within
      5
      days of a Responsible Person of the Indenture Trustee becoming aware
      thereof.

     

    
      
        
        

      

      
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    Section
      6.16     Establishment
      of Swap Collateral Acounts.
      If the
      Swap Counterparty is required to collateralize the Interest Rate Swap pursuant
      to the Interest Rate Swap, the Indenture Trustee, upon request by the
      Administrator, will establish individual collateral accounts and will hold
      any
      securities deposited in such accounts in trust and will, to the extent such
      investment options are acceptable to the Indenture Trustee, invest any cash
      amounts in such accounts in Permitted Investments.

     

    ARTICLE
      VII

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.1  Names
      and Addresses of Noteholders.
      If the
      Indenture Trustee is not the Note Registrar, the Issuer will furnish a list
      of
      the names and addresses of the Noteholders of any Definitive Notes to the
      Indenture Trustee (a) not more than 5 days after each Record Date, as of such
      Record Date and (b) not more than 30 days after receipt by the Issuer of a
      request from the Indenture Trustee, as of a date not more than 10 days before
      the time such list is furnished. If the Indenture Trustee is the Note Registrar,
      the Indenture Trustee, upon the request of the Owner Trustee, will furnish
      within 10 days to the Owner Trustee a list of Noteholders of all Book-Entry
      Notes as of the date specified by the Owner Trustee.

     

    Section
      7.2  Preservation
      of Information; Communications to Noteholders.

     

    (a)  The
      Indenture Trustee
      will preserve, in as current a form as is reasonably practicable, the names
      and
      addresses of the Noteholders contained in the most recent list furnished to
      the
      Indenture Trustee pursuant to Section 7.1 and the names and addresses of
      Noteholders received by the Indenture Trustee in its capacity as Note Registrar.
      The Indenture Trustee may destroy any list furnished to it pursuant to Section
      7.1 upon receipt of a new list.

     

    (b)  Noteholders
      may
      communicate pursuant to Section 312(b) of the TIA with other Noteholders with
      respect to their rights under this Indenture or under the Notes.

     

    (c)  The
      Issuer, the Indenture
      Trustee and the Note Registrar will have the protection of Section 312(c) of
      the
      TIA.

     

    Section
      7.3  Reports
      by Issuer. 

     

    (a)  The
      Issuer
      will:

     

    
      
        
        

      

      
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    (i)
  file
      with the Indenture
      Trustee, within 15 days after the Issuer is required to file the same with
      the
      Securities and Exchange Commission, copies of the annual reports and of the
      information, documents and other reports (or copies of such portions of any
      of
      the foregoing as the Securities and Exchange Commission may prescribe) that
      the
      Issuer is required to file with the Securities and Exchange Commission pursuant
      to Section 13 or 15(d) of the Exchange Act;

     

    (ii)  file
      with the Indenture
      Trustee and the Securities and Exchange Commission such additional information,
      documents and reports with respect to compliance by the Issuer with the
      conditions and covenants of this Indenture, as may be prescribed by the
      Securities and Exchange Commission; and

     

    (iii)   
       supply to the Indenture
      Trustee such information, documents and reports (or summaries) required to
      be
      filed by the Issuer pursuant to Section 7.3(a)(i) and (ii) as may be required
      by
      rules and regulations prescribed by the Securities and Exchange
      Commission.

     

    (b)  (i)  The
      Indenture Trustee will mail
      as described in TIA Section 313(c) to all Noteholders the information, documents
      and reports (or summaries) supplied to the Indenture Trustee pursuant to Section
      7.3(a).

     

    (c)  Unless
      the Issuer
      otherwise determines, the fiscal year of the Issuer will be the calendar
      year.

     

    Section
      7.4  Reports
      by Indenture Trustee. 

     

    (a)  Within
      90 days after each
      April 15, beginning April 15, 2007, the Indenture Trustee will prepare and mail
      to each Noteholder a report dated as of such April 15 that complies with Section
      313(a) of the TIA, but only if such report is required pursuant Section 313(a)
      of the TIA. The Indenture Trustee will also prepare and mail to Noteholders
      any
      report required pursuant to Section 313(b) of the TIA. Any report mailed to
      the
      Noteholders pursuant to this Section 7.4(a) will be mailed in compliance with
      Section 313(c) of the TIA.

     

    (b)  The
      Indenture Trustee
      will file with the Securities and Exchange Commission and any stock exchange
      on
      which the Notes are listed a copy of each report delivered pursuant to Section
      7.4(a) at the time of its mailing to Noteholders. The Issuer will notify the
      Indenture Trustee if and when the Notes are listed on any stock
      exchange.

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.1  Collection
      of Money.

     

    (a)  Except
      as otherwise
      provided in this Indenture, the Indenture Trustee may demand payment or delivery
      of, and will receive and collect, directly and without intervention or
      assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture and the Sale and Servicing Agreement. The Indenture Trustee will
      apply
      all such money received by it as provided in this Indenture and the Sale and
      Servicing Agreement.

     

    
      
        
        

      

      
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    (b)  The
      Issuer, or the Administrator on its behalf, will direct each Swap Counterparty
      to remit any Net Swap Receipts and any Swap Termination Payments payable to
      the
      Issuer to the Collection Account; provided, however, that upon direction of
      the
      Administrator, the Indenture Trustee may apply a part or all of any Swap
      Termination Payment as an initial payment to a replacement Swap
      Counterparty.

     

    Section
      8.2  Trust
      Accounts; Distributions and Disbursements. 

     

    (a)  On
      or before the Closing
      Date, the Issuer will cause the Servicer or the Depositor, as applicable, to
      establish the Trust Accounts as provided in Section 4.1 of the Sale and
      Servicing Agreement. 

     

    (b)  On
      or before each Payment
      Date, the Indenture Trustee will withdraw all amounts required to be withdrawn
      from the Reserve Account and deposit them into the Collection Account pursuant
      to Section 4.4 of the Sale and Servicing Agreement.

     

    (c)  As
      long as the Indenture
      Trustee has received the Monthly Investor Report by the related Determination
      Date, the Indenture Trustee (based on the information contained in the most
      recent Monthly Investor Report) will make the following withdrawals from the
      Collection Account and make deposits and payments on each Payment Date, to
      the
      extent of Available Funds on deposit in the Collection Account with respect
      to
      such Payment Date, in the following order of priority:

     

    (i)
  first,
      to the payment of
      all amounts, including indemnities, then due to the Indenture Trustee and the
      Owner Trustee (pro rata based on the amount due to such Person) to the extent
      not paid by the Depositor or Administrator, up to a maximum of $150,000 per
      year;

     

    (ii)  second,
      to the Servicer,
      the Servicing Fee and all unpaid Servicing Fees from preceding Collection
      Periods;

     

    (iii)    
      third, to the Swap Counterparty, any Net Swap Payment due; 

     

    (iv)    
      fourth, to the Noteholders of Class A Notes and the Swap Counterparty,
      interest due on the Class A Notes and any Swap Termination Payment due to the
      Swap Counterparty, pro rata based on the Note Balances of the Class A Notes
      and
      the amount of such Swap Termination Payment; provided that if any amounts
      allocable to the Class A Notes are not needed to pay interest due on such Notes,
      such amounts will be applied to pay the portion of any Swap Termination Payment
      remaining unpaid;

     

    (v)  fifth,
      to the Principal
      Payment Account, the First Priority Principal Payment;

     

    
      
        
        

      

      
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    (vi)   
       sixth, to the Noteholders
      of Class B Notes, the Accrued Note Interest for the Class B Notes;

     

    (vii)   
      seventh, to the Principal Payment Account, the Second Priority Principal
      Payment;

     

    (viii)  
      eighth, to the Noteholders of Class C Notes, the Accrued Note Interest for
      the
      Class C Notes;

     

    (ix)  ninth,
      to the Principal
      Payment Account, the Third Priority Principal Payment;

     

    (x)
  tenth,
      to the Noteholders
      of Class D Notes, the Accrued Note Interest for the Class D Notes;

     

    (xi)  eleventh,
      to the Reserve
      Account, the amount required to reinstate the amount in the Reserve Account
      up
      to the Specified Reserve Balance;

     

    (xii)     twelfth,
      to the Principal
      Payment Account, the Regular Principal Payment;

     

    (xiii) 
        thirteenth, to the
      payment of all amounts due to the Indenture Trustee and the Owner Trustee (pro
      rata based on the amount due to such Person) to the extent not paid by the
      Depositor or Administrator or pursuant to Section 8.2(c)(i) on such Payment
      Date; and

     

    (xiv)   
      fourteenth, to the Trust Distribution Account (or if the Trust Distribution
      Account has not been established, to the holder of the Residual Interest),
      any
      funds remaining on deposit in the Collection Account with respect to the
      Collection Period preceding such Payment Date. 

     

    (d)  On
      each Payment Date, the
      Indenture Trustee (based on the information contained in the most recent Monthly
      Investor Report) will withdraw the funds on deposit in the Principal Payment
      Account and make deposits and payments in the following order of priority,
      in
      each case, applied ratably in accordance with the Note Balance of the Notes
      of
      such Class:

     

    (i)
  first,
      to
      the Noteholders of the Class A-1 Notes in payment of principal until the Note
      Balance of the Class A-1 Notes has been reduced to zero;

     

    (ii)  second,
      to the Noteholders of the Class A-2a Notes and the Noteholders of the Class
      A-2b
      Notes, pro rata based on their respective Note Balances, in payment of principal
      until the aggregate Note Balance of the Class A-2a Notes and the Class A-2b
      Notes has been reduced to zero; 

     

    (iii)     third,
      to
      the Noteholders of the Class A-3 Notes in payment of principal until the Note
      Balance of the Class A-3 Notes has been reduced to zero;

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    (iv)    
      fourth,
      to the Noteholders of the Class A-4 Notes in payment of principal until the
      Note
      Balance of the Class A-4 Notes has been reduced to zero;

     

    (v)  fifth,
      to
      the Noteholders of the Class B Notes in payment of principal until the Note
      Balance of the Class B Notes has been reduced to zero;

     

    (vi)    
      sixth,
      to
      the Noteholders of the Class C Notes in payment of principal until the Note
      Balance of the Class C Notes has been reduced to zero; 

     

    (vii)   
      seventh,
      to the Noteholders of the Class D Notes in payment of principal until the Note
      Balance of the Class D Notes has been reduced to zero; and

     

    (viii)  
      eighth, to the Trust Distribution Account (or if the Trust Distribution Account
      has not been established, to the holder of the Residual Interest), any funds
      remaining on deposit in the Principal Payment Account.

     

    (e)  Notwithstanding
      anything
      in this Indenture to the contrary, if the Notes are accelerated (A) following
      an
      Event of Default specified in Section 5.1(a)(i), (ii) or (iv) or (B) following
      an Event of Default specified in Section 5.1(a)(iii) and liquidation of the
      Collateral in accordance with Section 5.6(a)(iv), then on each Payment Date
      following the Collection Period during which Event of Default or liquidation
      occurs, the Indenture Trustee (based on the information contained in the most
      recent Monthly Investor Report) will make the following withdrawals from the
      Bank Accounts and make payments and distributions on each Payment Date, to
      the
      extent of funds on deposit in the Bank Accounts with respect to the Collection
      Period preceding such Payment Date, in the following order of
      priority:

     

    (i)
  first,
      to
      the payment of all amounts due to the Indenture Trustee and the Owner Trustee
      (pro rata based on the amount due to such Person);

     

    (ii)  second,
      to the Servicer for due and unpaid Servicing Fees;

     

    (iii)    
       third,
      to
      the Swap Counterparty, any Net Swap Payment due;

     

    (iv)    
      fourth,
      to the Noteholders of Class A Notes and the Swap Counterparty,
      interest due on the Class A Notes and any Swap Termination Payment due to the
      Swap Counterparty, pro rata based on the Note Balances of the Class A Notes
      and
      the amount of such Swap Termination Payment; provided that if any amounts
      allocable to the Class A Notes are not needed to pay interest due on such Notes,
      such amounts will be applied to pay the portion of any Swap Termination Payment
      remaining unpaid;

     

    (v)  fifth,
      to
      the Noteholders of the Class A-1 Notes in payment of principal until the Note
      Balance of the Class A-1 Notes is reduced to zero;

     

    
      
        
        

      

      
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    (vi)    
      sixth,
      to
      the Noteholders of the Class A-2a Notes and the Noteholders of the Class A-2b
      Notes, pro rata based on their respective principal balance in payment of
      principal until the Note Balance of the Class A-2a Notes and the Class A-2b
      Notes is reduced to zero;

     

    (vii)   
      seventh,
      to the Noteholders of the Class A-3 Notes in payment of principal until the
      Note
      Balance of the Class A-3 Notes is reduced to zero;

     

    (viii)  
      eighth, to the Noteholders of the Class A-4 Notes in payment of principal until
      the Note Balance of the Class A-4 Notes is reduced to zero;

     

    (ix)  ninth,
      to
      the Noteholders of Class B Notes, the Accrued Note Interest for the Class B
      Notes;

     

    (x)
  tenth,
      to
      the Noteholders of the Class B Notes in payment of principal until the Note
      Balance of the Class B Notes is reduced to zero;

     

    (xi)  eleventh,
      to the Noteholders of Class C Notes, the Accrued Note Interest for the Class
      C
      Notes;

     

    (xii)    
      twelfth,
      to the Noteholders of the Class C Notes in payment of principal until the Note
      Balance of the Class C Notes is reduced to zero;

     

    (xiii)   
      thirteenth, to the Noteholders of Class D Notes, the Accrued Note Interest
      for
      the Class D Notes;

     

    (xiv)   
      fourteenth, to Noteholders of the Class D Notes in payment of principal until
      the Note Balance of the Class D Notes is reduced to zero; and

     

    (xv)   
       fifteenth,
      to the Trust Distribution Account (or if the Trust Distribution Account has
      not
      been established, to the holder of the Residual Interest), any money or property
      remaining after payment in full of the amounts described in Section 8.2(e)(i)
      through (xiv).

     

    (f)  Each
      of (i) the
      subordination of interest payments to the Noteholders of the Class B Notes
      to
      the payment of principal to the Noteholders of the Class A Notes, (ii) the
      subordination of interest payments to the Noteholders of the Class C Notes
      to
      the payment of principal to the Noteholders of the Class A Notes and the Class
      B
      Notes and (iii) the subordination of interest payments to the Noteholders of
      the
      Class D Notes to the payment of principal to the Noteholders of the Class A
      Notes, the Class B Notes and the Class C Notes pursuant to Section 8.2(c) is
      deemed a subordination agreement within the meaning of Section 510(a) of the
      Bankruptcy Code.

     

    Section
      8.3  General
      Provisions Regarding Bank Accounts. 

     

    
      
        
        

      

      
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    (a)  The
      Indenture Trustee
      will not be liable by reason of any insufficiency in any of the Bank Accounts
      resulting from any loss on any Permitted Investment included in the Bank
      Accounts, except for losses attributable to the Indenture Trustee’s failure to
      make payments on such Permitted Investments issued by the Indenture Trustee,
      in
      its commercial capacity as principal obligor and not as trustee. In addition,
      the Indenture Trustee has no duty to monitor the activities of any Qualified
      Institution or Qualified Trust Institution (unless such Qualified Institution
      or
      Qualified Trust Institution is also the Indenture Trustee) and will not be
      liable for the actions or inactions of any Qualified Institution or Qualified
      Trust Institution (unless such Qualified Institution or Qualified Trust
      Institution is also the Indenture Trustee).

     

    (b)  A
      Responsible Person of
      the Indenture Trustee will provide notice to the Qualified Institution or
      Qualified Trust Institution maintaining the Reserve Account and the Collection
      Account (if not the Indenture Trustee) if an Event of Default has occurred
      and
      is continuing with respect to the Notes.

     

    Section
      8.4  Release
      of Collateral. 

     

    (a)  The
      Indenture Trustee
      will release property from the lien of this Indenture only upon receipt of
      an
      Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel
      meeting the requirements of Section 11.1.

     

    (b)  To
      facilitate the
      Servicer’s servicing of the Receivables pursuant to the Sale and Servicing
      Agreement, the Indenture Trustee will be deemed to release, and does release,
      and each Noteholder or Note Owner by its acceptance of a Note or a beneficial
      interest in a Note respectively acknowledges that the Indenture Trustee will
      release any and all liens and other rights and interests it possesses or may
      possess from time to time, without further action of the parties, in, to and
      under:

     

    (i)
  each
      Receivable and all proceeds of such Receivable, effective on the date on which
      a
      Purchase Amount with respect to such Receivable is deposited into the Collection
      Account;

     

    (ii)  each
      Receivable and the proceeds of such Receivable and the rights of Ford Credit
      (individually or as Servicer) under any contract or agreement for the sale
      of
      such Receivable in accordance with Section 3.3 of the Sale and Servicing
      Agreement, effective immediately prior to the date on which such contract or
      agreement arises (provided that the Servicer will receive and apply all proceeds
      of such sale in accordance with Section 3.3 of the Sale and Servicing
      Agreement); and

     

    (iii)    
      each
      Receivable and the proceeds of such Receivable, effective upon the date (if
      any)
      on which such Receivable became a Liquidated Receivable and the proceeds of
      a
      sale by auction or other disposition of the related Financed Vehicle have been
      received and applied.

     

    
      
        
        

      

      
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    (c)  Upon
      request by the
      Servicer or the Issuer, the Indenture Trustee will execute instruments and
      authorize or file termination statements to release property from the lien
      of
      this Indenture or convey the Indenture Trustee’s interest in the same to effect
      the transfers of Receivables permitted by Sections 8.4 or 10.1. No party relying
      upon an instrument or authorization executed by the Indenture Trustee as
      provided in this Article VIII is required to ascertain the Indenture Trustee’s
      authority, inquire into the satisfaction of any conditions precedent or require
      evidence as to the application of any monies.

     

    (d)  The
      Indenture Trustee, at
      such time as there are no Notes Outstanding, all sums due from the Issuer to
      the
      Indenture Trustee pursuant to Section 6.7 have been paid in full and
all
      payments due under the Interest Rate Swap (including any Swap Termination
      Payment) have been paid in full, will release the Collateral from the lien
      of
      this Indenture and release to the Issuer or any other Person entitled to such
      funds, the funds then on deposit in the Bank Accounts under this Indenture.
      The
      Indenture Trustee will release property from the lien of this Indenture pursuant
      to this Section 8.4(d) only upon receipt of an Issuer Request accompanied by
      an
      Officer’s Certificate and an Opinion of Counsel and (if required by the TIA)
      Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of
      the
      TIA meeting the requirements of Section 11.1.

     

    ARTICLE
      IX

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.1  Supplemental
      Indentures Without Consent of Noteholders. 

     

    (a)  Without
      the consent of
      the Noteholders but with prior notice
      by the
      Issuer to the Rating Agencies, the Issuer and the Indenture Trustee (when
      directed by Issuer Order) may enter into one or more indentures supplemental
      to
      this Indenture (which will conform to the provisions of the Trust Indenture
      Act
      as in force at the date of the execution of any such indenture supplemental
      to
      this Indenture) for any of the following purposes:

     

    (i)
  to
      correct or amplify the description of any property subject to the lien of this
      Indenture, or better to assure, convey and confirm unto the Indenture Trustee
      any property subject or required to be subjected to the lien of this Indenture,
      or to subject additional property to the lien of this Indenture;

     

    (ii)  to
      evidence the succession, in compliance with this Indenture, of another Person
      to
      the Issuer, and the assumption by any such successor of the covenants of the
      Issuer in this Indenture and in the Notes;

     

    (iii)    
      to
      add to
      the covenants of the Issuer, for the benefit of the Noteholders, or to surrender
      any right or power conferred upon the Issuer in this Indenture;

     

    (iv)
          to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision in this Indenture or
      in
      any supplemental indenture that may be inconsistent with any other provision
      in
      this Indenture or in any supplemental indenture or to add provisions which
      are
      not inconsistent with the provisions of this Indenture so long as such action
      does not materially adversely affect the interests of the Noteholders or the
      Swap Counterparty;

     

    
      
        
        

      

      
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    (vi)   
       to
      evidence the acceptance of the appointment under this Indenture of a successor
      trustee with respect to the Notes and to add to or change any of the provisions
      of this Indenture as will be necessary to facilitate the administration of
      the
      trusts under this Indenture by more than one trustee, pursuant to Article VI;
      or

     

    (vii)   
      to
      modify, eliminate or add to the provisions of this Indenture as necessary to
      effect the qualification of this Indenture under the TIA and to add to this
      Indenture such other provisions as may be required by the TIA.

     

    All
      supplemental indentures pursuant to this Section 9.1(a) will be in form
      reasonably satisfactory to the Indenture Trustee. The Indenture Trustee is
      authorized to join in the execution of any such supplemental indenture and
      to
      make any further reasonably appropriate agreements and stipulations that may
      be
      contained in such supplemental indenture.

    

    (b)  The
      Issuer and the
      Indenture Trustee, when directed by Issuer Order, may enter, without the consent
      of any of the Noteholders, into an indenture or indentures supplemental to
      this
      Indenture for the purpose of adding any provisions to, or changing in any manner
      or eliminating any of the provisions of, this Indenture or of modifying in
      any
      manner (other than the modifications set forth in Section 9.2) the rights of
      the
      Noteholders under this Indenture or for the purpose of issuing additional
      securities in exchange for all or a portion of the Residual Interest, subject
      to
      the following conditions:

     

    (i)
  the
      Issuer delivers, or causes the Administrator to deliver to the Indenture Trustee
      an Officer’s Certificate to the effect that such amendment will not have a
      material adverse effect on the Notes; 

     

    (ii)  the
      Issuer delivers an Opinion of Counsel to the Indenture 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) with respect to the issuance of additional
      securities only, adversely affect the treatment of the Notes as debt for U.S.
      federal income tax purposes;

     

    (iii)    
      each
      Rating Agency provides Rating Agency Confirmation with respect to such
      amendment; and

     

    (iv)    with
      respect to the issuance of additional securities only, (A)
      payments of interest on such additional securities on each Payment Date will
      be
      subordinate to payments of interest on the Notes, (B) payments of principal
      of
      such additional securities will be subordinate to payments of principal on
      the
      Notes and (C) either (x) such additional securities are registered under the
      Securities Act or (y) the Issuer delivers an Opinion of Counsel to the Indenture
      Trustee to the effect that the offer, sale and delivery of such additional
      securities do not require registration under the Securities Act.

     

    
      
        
        

      

      
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    Section
      9.2  Supplemental
      Indentures with Consent of Noteholders. 

     

    (a)  The
      Issuer and the
      Indenture Trustee, when directed by Issuer Order, may enter, with the consent
      of
      the Noteholders of a majority of the Note Balance of the Controlling Class,
      into
      an indenture or indentures supplemental to this Indenture for the purpose of
      adding any provisions to, or changing in any manner or eliminating any of the
      provisions of, this Indenture or modifying in any manner the rights of the
      Noteholders under this Indenture subject to the following
      conditions:

     

    (i)
  the
      Issuer delivers an Opinion of Counsel to the Indenture 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 or (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; 

     

    (ii)  each
      Rating Agency provides Rating Agency Confirmation with respect to such
      amendment; and

     

    (iii)    
      such action does not materially adversely affect the interests of the Swap
      Counterparty.

     

    No
      such
      supplemental indenture, without the consent of each Noteholder of each
      Outstanding Note adversely affected by such supplemental indenture,
      will:

    

    (i)
  modify
      or
      alter Section 9.1 or this Section 9.2;

     

    (ii)  change
      (A) the Final Scheduled Payment Date or the date of payment of any installment
      of principal of or interest on any Note, (B) the principal amount of or interest
      rate on any Note, (C) the price at which the Notes may be redeemed or the
      percentage of the Initial Pool Balance at which the Servicer may exercise its
      option to purchase the Trust Property pursuant to Section 8.1 of the Sale and
      Servicing Agreement, (D) the provisions of this Indenture relating to the
      priority of payments on the Notes or relating to the application of collections
      on, or the proceeds of the sale of, the Collateral to payment of principal
      of or
      interest on the Notes, or change any place of payment where, or the coin or
      currency in which, any Note or the interest on any Note is payable, or (E)
      impair the right of Noteholders to institute suits to enforce this
      Indenture;

     

    (iii)    
      reduce
      the percentage of the Note Balance of the Notes Outstanding or the Controlling
      Class required for any action;

     

    (iv)    modify
      or
      alter (A) the proviso to the definition of “Outstanding” or (B) the definition
      of “Controlling Class”;

     

    
      
        
        

      

      
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    (v)   
       modify
      the calculation of the amount of any payment of interest or principal due on
      any
      Note on any Payment Date; or

     

    (vi)   
      permit
      the creation of any lien ranking prior or equal to the lien of this Indenture
      with respect to any part of the Collateral other than Permitted Liens, or except
      as permitted by this Indenture or the other Basic Documents, release the lien
      of
      this Indenture with respect to any part of the Collateral.

     

    (b)  It
      will not be necessary
      for any Act of Noteholders under this Section 9.2 to approve the particular
      form
      of any proposed supplemental indenture, but it will be sufficient if such Act
      of
      Noteholders approves the substance of such proposed supplemental
      indenture.

     

    Section
      9.3  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification of the trusts created
      by this Indenture, the Indenture Trustee will be entitled to receive, and
      subject to Sections 6.1 and 6.2, will be fully protected in relying upon, an
      Opinion of Counsel to the effect that the execution of such supplemental
      indenture is authorized or permitted by this Indenture and that all conditions
      precedent to the execution and delivery of such supplemental indenture have
      been
      satisfied. The Indenture Trustee may, but is not obligated to, enter into any
      such supplemental indenture that affects the Indenture Trustee’s own rights,
      powers, duties, obligations, liabilities or immunities under this Indenture
      or
      otherwise.

     

    Section
      9.4  Effect
      of Supplemental Indenture.
      Upon the
      execution of any supplemental indenture pursuant to this Article IX, this
      Indenture will be modified and amended in accordance with such supplemental
      indenture, and such supplemental indenture will be part of this Indenture for
      any and all purposes. Every Noteholder of Notes authenticated and delivered
      before or after such supplemental indenture will be bound by such supplemental
      indenture.

     

    Section
      9.5  Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX will conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture is qualified under the Trust
      Indenture Act.

     

    Section
      9.6  Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee will,
      bear a notation in form approved by the Indenture Trustee as to any matter
      provided for in such supplemental indenture. If the Issuer or the Indenture
      Trustee so determine, new Notes so modified as to conform, in the opinion of
      the
      Indenture Trustee and the Issuer, to any such supplemental indenture may be
      prepared and executed by the Issuer and authenticated and delivered by the
      Indenture Trustee in exchange for Outstanding Notes.

     

    ARTICLE
      X

    REDEMPTION
      OF NOTES

     

    Section
      10.1    Redemption.

     

    
      
        
        

      

      
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    (a)  The
      Notes are subject to
      redemption in whole, but not in part, at the direction of the Servicer on any
      Payment Date on which the Servicer exercises its option to purchase the Trust
      Property pursuant to Section 8.1 of the Sale and Servicing Agreement. After
      the
      Servicer notifies the Indenture Trustee that it will exercise its option
      pursuant to Section 8.1 of the Sale and Servicing Agreement, the Indenture
      Trustee will promptly notify the Noteholders and the Swap
      Counterparty:

     

    (i)
  of
      the
      outstanding Note Balance of each Class of the Notes to be prepaid as of the
      most
      recent Payment Date and that the Notes plus accrued and unpaid interest on
      such
      Notes at the applicable Note Interest Rate to the Redemption Date will be paid
      in full;

     

    (ii)  of
      the
      place where such Notes are to be surrendered for final payment (which will
      be
      the office or agency of the Issuer maintained as provided in Section 3.2);
      and

     

    (iii)    
      that
      on
      the Redemption Date, the outstanding principal amount will become due and
      payable upon the Notes and that interest on the Notes will cease to accrue
      from
      and after the Redemption Date, unless the Issuer defaults in the payment of
      the
      Notes on the Redemption Date.

     

    (b)  The
      Issuer will cause the
      Servicer to deposit by 10:00 a.m. (New York City time) on the Business Day
      preceding the Redemption Date in the Collection Account the amount required
      pursuant to Section 8.1 of the Sale and Servicing Agreement, whereupon all
      such
      Notes will be paid in full on the Redemption Date.

     

    (c)  On
      the Redemption Date,
      the outstanding principal amount of the Notes will be due and payable and
      interest on the Notes will cease to accrue from and after the Redemption Date,
      unless the Issuer defaults in the payment of the Notes on the Redemption Date.
      Upon redemption, the Indenture Trustee agrees to execute any and all instruments
      to release the Collateral from the lien of this Indenture and release to the
      Issuer or any other Person entitled to any funds then on deposit in the Bank
      Accounts under this Indenture.

     

    
      
        
        

      

      
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    ARTICLE
      XI

    MISCELLANEOUS

    

    Section
      11.1    Compliance
      Certificates and Opinions, etc.

     

    (a)  In
      connection with any
      order or request by the Issuer to the Indenture Trustee to take any action
      under
      this Indenture, the Issuer will deliver the following documents to the Indenture
      Trustee (such documents, collectively, an "Issuer
      Order"
      or
      "Issuer
      Request",
      as
      applicable): (i) a written order or a written request, respectively, signed
      in
      the name of the Issuer by any one of its Responsible Persons and delivered
      to
      the Indenture Trustee, (ii) an Officer’s Certificate stating that all conditions
      precedent provided for in this Indenture relating to the proposed action have
      been complied with, (iii) to the extent required by the TIA or upon request
      of
      the Indenture Trustee, an Opinion of Counsel to the effect that in the opinion
      of such counsel all such conditions precedent have been complied with and (iv)
      (if required by the TIA) an Independent Certificate from a firm of certified
      public accountants of national reputation selected by the Issuer. However,
      in
      the case of any such application or request as to which the furnishing of such
      documents is specifically required by this Indenture, no additional certificate
      or opinion need be furnished.

     

    (b)  Every
      certificate or
      opinion with respect to compliance with a condition or covenant provided for
      in
      this Indenture will include:

     

    (i)
  a
      statement that each signatory of such certificate or opinion has read such
      covenant or condition and the definitions in this Indenture relating to such
      covenant or condition;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)    
      a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and

     

    (iv)   
       a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with.

     

    (c)  (i)  Before
      depositing any cash or
      property with the Indenture Trustee that is to be made the basis for the release
      of any property subject to the lien of this Indenture, the Issuer will, furnish
      to the Indenture Trustee (A) an Officer’s Certificate certifying or stating the
      opinion of each person signing such certificate as to the fair value (within
      90
      days of such deposit) to the Issuer of the cash or property to be so deposited
      and (B) an Independent Certificate as to the same matters, if the fair value
      to
      the Issuer of the securities to be so deposited and of all other such securities
      made the basis of any such withdrawal or release since the commencement of
      the
      then-current calendar year, as set forth in the certificates delivered pursuant
      to 11.1(c)(i)(A), is 10% or more of the Note Balance of the Notes Outstanding,
      but such a certificate need not be furnished with respect to any property or
      securities so deposited, if the fair value of such property or securities to
      the
      Issuer as set forth in the related Officer’s Certificate is less than $25,000 or
      less than 1% of the Note Balance of the Notes Outstanding.

     

    
      
        
        

      

      
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    (ii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer will furnish to the Indenture Trustee (A) an Officer’s Certificate
      certifying or stating the opinion of each person signing such certificate as
      to
      the fair value (within 90 days of such release) of the property or securities
      proposed to be released and stating that in the opinion of such person the
      proposed release will not impair the security under this Indenture in
      contravention of the provisions of this Indenture and (B) an Independent
      Certificate as to the same matters if the fair value of the property or
      securities and of all other property, other than property as contemplated by
      Section 11.1(c)(iii), or securities released from the lien of this Indenture
      since the commencement of the then-current calendar year, as set forth in the
      certificates required by Section 11.1(c)(ii)(A) and this Section 11.1(c)(ii)(B),
      equals 10% or more of the Note Balance of the Notes Outstanding, but such
      certificate need not be furnished in the case of any release of property or
      securities, if the fair value of such property or securities as set forth in
      the
      related Officer’s Certificate is less than $25,000 or less than 1% of the Note
      Balance of the Notes Outstanding.

     

    (iii)    
      Notwithstanding
      Section 2.9 or any other provisions of this Section 11.1, the Issuer may,
      without compliance with the requirements of the other provisions of this Section
      11.1, (A) collect, liquidate, sell or otherwise dispose of Receivables and
      Financed Vehicles in the ordinary course of its business provided that all
      proceeds, Recoveries and related amounts and proceeds of such dispositions
      are
      applied in accordance with the provisions of this Indenture and (B) make cash
      payments out of the Bank Accounts, in each case, as and to the extent permitted
      or required by the Basic Documents.

     

    (d)  If
      the Securities and
      Exchange Commission issues an exemptive order under Section 304(d) of the TIA
      modifying the Indenture Trustee’s obligations under Sections 314(c) and
      314(d)(1) of the TIA, the Indenture Trustee will release property from the
      lien
      of this Indenture only in accordance with the Basic Documents and the conditions
      and procedures set forth in such exemptive order.

     

    Section
      11.2    Form
      of Documents Delivered to Indenture Trustee.

     

    (a)  Any
      Officer's Certificate
      of a Responsible Person of the Issuer may be based, insofar as it relates to
      legal matters, upon an opinion of counsel, unless such officer knows, or in
      the
      exercise of reasonable care should know, that such opinion, with respect to
      the
      matters upon which such Officer’s Certificate is based, is erroneous. Any
      Officer's Certificate of a Responsible Person of the Issuer or opinion of
      counsel may be based, insofar as it relates to factual matters, upon an
      Officer's Certificate of or representation by a Responsible Person of the
      Servicer, the Depositor or the Issuer (including by the Administrator on behalf
      of the Issuer), stating that the information with respect to such factual
      matters is in the possession of the Servicer, the Depositor, the Issuer or
      the
      Administrator, unless such Responsible Person of the Issuer or counsel knows,
      or
      in the exercise of reasonable care should know, that the Officer's Certificate
      or representation with respect to such matters is erroneous.

     

    
      
        
        

      

      
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    (b)  In
      any case where several
      matters are required to be certified by, or covered by an opinion of, any
      specified Person, it is not necessary that all such matters be certified by,
      or
      covered by the opinion of, only one such Person, or that they be certified
      or
      covered by only one document, but one such Person may certify or give an opinion
      with respect to some matters and one or more other such Persons as to other
      matters, and any such Person may certify or give an opinion as to such matters
      in one or several documents.

     

    Section
      11.3    Acts
      of Noteholders. 

     

    (a)  Any
      request, demand,
      authorization, direction, notice, consent, waiver or other action provided
      by
      this Indenture to be given or taken by Noteholders or a specified percentage
      of
      Noteholders may be embodied in and evidenced by one or more instruments of
      substantially similar tenor signed by such Noteholders in person or by agents
      duly appointed in writing. Except as otherwise provided in this Indenture such
      action will become effective when such instrument or instruments are delivered
      to the Indenture Trustee, and, if required, to the Issuer. Such instrument
      or
      instruments (and the action embodied in such instrument or instruments and
      evidenced by such instrument or instruments) are sometimes referred to in this
      Indenture as the “Act
      of
      Noteholders”
signing
      such instrument or instruments. Proof of execution of any such instrument or
      of
      a writing appointing any such agent will be sufficient for any purpose of this
      Indenture and (subject to Section 6.1) conclusive in favor of the Indenture
      Trustee and the Issuer, if made in the manner provided in this Section
      11.3.

     

    (b)  The
      fact and date of the
      execution by any Person of any such instrument or writing may be proved in
      any
      manner that the Indenture Trustee deems sufficient.

     

    (c)  Any
      Act of Noteholders
      will bind the Noteholder of every Note issued upon the registration of such
      Note
      or in exchange for such Note or in lieu of such Note, in respect of anything
      done, omitted or suffered to be done by the Indenture Trustee or the Issuer
      in
      reliance on such Note, whether or not notation of such action is made upon
      such
      Note.

     

    Section
      11.4    Notices,
      etc., to Indenture Trustee, Issuer and Rating Agencies. 

     

    (a)  Unless
      otherwise
      specified in this Indenture, all notices, requests, demands, consents, waivers
      or other communications to or from the parties to this Indenture 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

     

    
      
        
        

      

      
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    (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.

     

    Unless
      otherwise specified in this Indenture, 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)  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 Indenture will be conclusively presumed
      to
      have been duly given, whether or not the Noteholder receives such
      notice.

     

    Section
      11.5    Notices
      to Noteholders; Waiver. 

     

    (a)  Any
      notice to Noteholders
      will be sufficiently given (unless otherwise provided in this Indenture) if
      in
      writing, sent by overnight delivery, mailed by registered first class mail,
      postage prepaid, or sent by facsimile, to each Noteholder adversely affected
      by
      such event, at its address or facsimile number as it appears on the Note
      Register, not later than the latest date, and not earlier than the earliest
      date, prescribed for the giving of such notice. In any case where notice to
      Noteholders is given by mail, neither the failure to mail such notice nor any
      defect in any notice so mailed to any particular Noteholder will affect the
      sufficiency of such notice with respect to other Noteholders, and any notice
      that is mailed in the manner provided in this Indenture will conclusively be
      presumed to have been duly given.

     

    (b)  Where
      this Indenture
      provides for notice in any manner, such notice may be waived by any Person
      entitled to receive such notice, either before or after the event, and such
      waiver will be the equivalent of such notice. Waivers of notice by Noteholders
      will be filed with the Indenture Trustee but such filing will not be a condition
      precedent to the validity of any action taken in reliance upon such a
      waiver.

     

    (c)  In
      case, by reason of the
      suspension of regular mail service as a result of a strike, work stoppage or
      similar activity, it is impractical to mail notice of any event to Noteholders
      when such notice is required to be given pursuant to this Indenture, then any
      manner of giving such notice satisfactory to the Indenture Trustee will be
      deemed to be a sufficient giving of such notice.

     

    (d)  Where
      this Indenture
      provides for notice to the Rating Agencies, failure to give such notice will
      not
      affect any other rights or obligations created under this Indenture, and will
      not under any circumstance constitute a Default or Event of
      Default.

     

    Section
      11.6    Conflict
      with Trust Indenture Act.
      If any
      provision of this Indenture limits, qualifies or conflicts with another
      provision of this Indenture that is required or deemed to be included in this
      Indenture by any of the provisions of the TIA, such required or deemed provision
      will control. The provisions of Sections 310 through 317 of the TIA that impose
      duties on any Person (including the provisions automatically deemed included
      in
      this Indenture unless expressly excluded by this Indenture) are a part of and
      govern this Indenture.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    Section
      11.7    Benefits
      of Indenture.
      Nothing
      in this Indenture or in the Notes, express or implied, will give to any Person,
      other than the parties to this Indenture and their successors under this
      Indenture, and the Secured Parties and any other party secured under this
      Indenture, and any other Person with an ownership interest in any part of the
      Collateral, any benefit or any legal or equitable right, remedy or claim under
      this Indenture, except that the Swap Counterparty has no right to institute
      any
      Proceeding, judicial or otherwise, with respect to enforcement of remedies
      under
      Article V of this Indenture upon the occurrence of an Event of
      Default.

     

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

     

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

     

    Section
      11.10  WAIVER
      OF JURY TRIAL.
      EACH PARTY TO THIS INDENTURE 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 INDENTURE OR THE TRANSACTIONS CONTEMPLATED
      BY
      THIS INDENTURE.

     

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

     

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

     

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

     

    Section
      11.14  Recording
      of Indenture.If
      this
      Indenture is subject to recording in any appropriate public recording offices,
      the Issuer, at its expense, will effect such recording and deliver an Opinion
      of
      Counsel to the Indenture Trustee (which may be counsel to the Issuer or any
      other counsel reasonably acceptable to the Indenture Trustee) to the effect
      that
      such recording is necessary either for the protection of the Secured Parties
      or
      any other Person secured under this Indenture or for the enforcement of any
      right or remedy granted to the Indenture Trustee under this
      Indenture.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    Section
      11.15  Trust
      Obligation.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
      this Indenture or any certificate or other writing delivered in connection
      with
      this Indenture or the Notes, against (i) the Indenture Trustee or the Owner
      Trustee each in its individual capacities, (ii) any holder of a beneficial
      interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer,
      director, employee or agent of the Indenture Trustee or the Owner Trustee,
      each
      in its individual capacity or (iv) any holder of a beneficial interest in the
      Owner Trustee or the Indenture Trustee, each in its individual capacity, except
      as any such Person may have agreed (it being understood that the Indenture
      Trustee and the Owner Trustee have no such obligations in their individual
      capaci-ties). For all purposes of this Indenture, in the performance of any
      duties or obligations of the Issuer under this Indenture, the Owner Trustee
      will
      be subject to, and entitled to the benefits of, Articles V, VI and VII of the
      Trust Agreement.

     

    Section
      11.16  Subordination
      of Claims against the Depositor. 

     

    (a)  The
      obligations of the
      Issuer under this Indenture are solely the obligations of the Issuer and do
      not
      represent any obligation or interest in any assets of the Depositor. The
      Indenture Trustee, by entering into this Indenture, and each Noteholder and
      Note
      Owner, by accepting a Note or a beneficial interest in a Note, acknowledge
      and
      agree that they have no right, title or interest in or to any Other Assets
      of
      the Depositor. Notwithstanding the preceding sentence, if such Indenture
      Trustee, Noteholder or Note Owner 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 such Indenture Trustee, Noteholder
      or Note Owner 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 agree-ment is deemed a subordination agreement within the meaning
      of Section 510(a) of the Bankruptcy Code. The Indenture Trustee, each Noteholder
      and each Note Owner further acknowledges and agrees that no adequate remedy
      at
      law exists for a breach of this Section 11.16 and this Section 11.16 may be
      enforced by an action for specific performance.

     

    (b)  This
      Section 11.16 is for
      the third party benefit of those entitled to rely on this Section 11.16 and
      will
      survive the termination of this Indenture.

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

    Section
      11.17  No
      Petition.
      The
      Indenture Trustee, each Noteholder or Note Owner, by accepting a Note or a
      beneficial interest in a Note, each 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 Indenture or any of the Basic
      Documents. This Section 11.17 will survive the resignation or removal of the
      Indenture Trustee under the Indenture and the termination of this
      Indenture.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    EXECUTED
      BY:

     

    
      
        	 	
                FORD
                  CREDIT AUTO OWNER TRUST 2006-B,

              
	 	
                as
                  Issuer

              
	 	 	 
	 	 	 
	 	
                By:

              	
                U.S.
                  BANK TRUST

              
	 	 	
                NATIONAL
                  ASSOCIATION,

              
	 	 	
                not
                  in its individual capacity but solely as Owner Trustee of Ford
                  Credit Auto
                  Owner Trust 2006-B

              
	 	 	 
	 	 	 
	 	 	
                By:

              	
                /s/
                  Sterling C. Correia

              	 
	 	 	
                Name:  
                  

              	
                Sterling
                  C. Correia

              
	 	 	
                Title:

              	
                Authorized
                  Person

              
	 	 	 
	 	 	 
	 	
                THE
                  BANK OF NEW YORK,

              
	 	
                not
                  in its individual capacity but solely as Indenture
                  Trustee

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/
                  Suhrita Das

              	 
	 	
                Name:  
                  

              	
                Suhrita
                  Das

              
	 	
                Title:

              	
                Assistant
                  Vice President

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-1 NOTE

     

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

     

    THIS
      NOTE
      HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW
      OF
      ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
      AGREES FOR THE BENEFIT OF THE ISSUER AND THE DEPOSITOR THAT THIS NOTE MAY BE
      SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF
      ONLY
      IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I)
      PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT
      THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
      MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
      RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR
      (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL
      APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY
      LAWS
      OF THE STATES OF THE UNITED STATES.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED."

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $657,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AA 7

            

    

     

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      A-1
      5.4048% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of SIX HUNDRED FIFTY-SEVEN MILLION DOLLARS payable on the
      fifteenth day of each calendar month, or, if any such day is not a Business
      Day,
      the next succeeding Business Day, commencing in September 2006 (each, a
“Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class A-1 Notes
      on such Payment Date from the Principal Payment Account in respect of principal
      on the Class A-1 Notes pursuant to Section 3.1 of the Indenture, dated as of
      August 1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the September 2007 Payment Date (the “Class
      A-1 Final Scheduled Payment Date”)
      or the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class A-1 Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture. Interest on this Note will accrue for each Payment Date from
      and including the previous Payment Date on which interest has been paid (or,
      in
      the case of the initial Payment Date, from and including the Closing Date)
      to
      but excluding such Payment Date. Interest will be computed on the basis of
      actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-1 5.4048% Asset Backed Notes (the
      “Class
      A-1 Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-2a Notes, the Class
      A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

    The
      Class
      A-1 Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture. The Class A-1 Notes are
      subordinated to the rights of the Swap Counterparty to receive payments (other
      than any Swap Termination Payment) pursuant to the Interest Rate Swap. Interest
      on and principal of the Notes will be payable in accordance with the priority
      of
      payments set forth in Section 8.2 of the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-1
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and the other limitations set forth in the Indenture.
      The
      transfer of this Note may be registered on the Note Register upon surrender
      of
      this Note for registration of transfer at the office or agency designated by
      the
      Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the require-ments of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denominations and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

    Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, covenants and agrees that no recourse may be taken with respect
      to
      the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
      the
      Notes or under the Indenture or any certificate or other writing delivered
      in
      connection with the Notes and the Indenture, against (i) the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, (ii) any holder of a
      beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity, or (iv) any holder of a beneficial
      interest in the Owner Trustee or the Indenture Trustee, each in its individual
      capacity, except as any such Person may have agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor. Each Noteholder and Note Owner, by its acceptance of a Note or a
      beneficial interest in a Note, acknowledges and agrees that it has no right,
      title or interest in or to any Other Assets of the Depositor. Notwithstanding
      the preceding sentence, if such Noteholder or Note Owner either (i) asserts
      an
      interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
      any such interest, claim to, or benefit in or from 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 such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or a beneficial interest
      in a
      Note, covenants and agrees by accepting the benefits of the Indenture that
      such
      Noteholder or Note Owner will not institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bank-ruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any federal or State bankruptcy or similar law in connection with any
      obligations relating to the Notes, the Indenture or any of the other Basic
      Documents. 

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class. The Indenture also permits the Indenture
      Trustee to amend or waive certain terms and conditions set forth in the
      Indenture without the consent of the Noteholders provided certain conditions
      are
      satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer of this Note or in exchange of this Note
      or in
      lieu of this Note whether or not notation of such consent or waiver is made
      upon
      this Note. 

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance of this Note,
      agrees that, except as provided in the Basic Documents, in the case of an Event
      of Default under the Indenture, the Noteholder has no claim against any of
      the
      foregoing for any defi-ciency, loss or claim therefrom; provided, however,
      that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-1-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

    

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	 
	 	 	
              Responsible
                Person

            

    

     

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-1 Notes designated above and referred to in the
      Indenture.

    

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 
	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

     

    
      
        
        

      

      
        A-1-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said Note, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        A-1-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2a

    

    FORM
      OF
      CLASS A-2a NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE HEREOF.

     

    
      
        
        

      

      
        A-2a-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $470,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AB 5

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      A-2a 5.42% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of FOUR HUNDRED SEVENTY MILLION DOLLARS payable on the fifteenth
      day of each calendar month, or, if any such day is not a Business Day, the next
      succeeding Business Day, commencing in September 2006 (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class A-2a Notes
      on such Payment Date from the Principal Payment Account in respect of principal
      on the Class A-2a Notes pursuant to Section 3.1 of the Indenture, dated as
      of
      August 1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the July 2009 Payment Date (the “Class
      A-2a Final Scheduled Payment Date”)
      or the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class A-2a Notes will be made ratably to the Noteholders
      entitled to such principal payments. Capitalized terms used but not otherwise
      defined in this Note are defined in Article I of the Indenture, which also
      contains rules as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture. Interest on this Note will accrue for each Payment Date from
      and including the 15th
      day of
      the calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be computed on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    
      
        
        

      

      
        A-2a-2

        
          

        

      

      
        
        

      

    

    This
      Note
      is one of a duly authorized issue of Class A-2a 5.42% Asset Backed Notes (the
      “Class
      A-2a Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    The
      Class
      A-2a Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture. The Class A-2a Notes are
      subordinated to the rights of the Swap Counterparty to receive payments (other
      than any Swap Termination Payment) pursuant to the Interest Rate Swap. Interest
      on and principal of the Notes will be payable in accordance with the priority
      of
      payments set forth in Section 8.2 of the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-2a
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and the other limitations set forth in the Indenture.
      The
      transfer of this Note may be registered on the Note Register upon surrender
      of
      this Note for registration of transfer at the office or agency designated by
      the
      Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the require-ments of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denominations and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    
      
        
        

      

      
        A-2a-3

        
          

        

      

      
        
        

      

    

    Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, covenants and agrees that no recourse may be taken with respect
      to
      the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
      the
      Notes or under the Indenture or any certificate or other writing delivered
      in
      connection with the Notes and the Indenture, against (i) the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, (ii) any holder of a
      beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity, or (iv) any holder of a beneficial
      interest in the Owner Trustee or the Indenture Trustee, each in its individual
      capacity, except as any such Person may have agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor. Each Noteholder and Note Owner, by its acceptance of a Note or a
      beneficial interest in a Note, acknowledges and agrees that it has no right,
      title or interest in or to any Other Assets of the Depositor. Notwithstanding
      the preceding sentence, if such Noteholder or Note Owner either (i) asserts
      an
      interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
      any such interest, claim to, or benefit in or from 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 such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or a beneficial interest
      in a
      Note, covenants and agrees by accepting the benefits of the Indenture that
      such
      Noteholder or Note Owner will not institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bank-ruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any federal or State bankruptcy or similar law in connection with any
      obligations relating to the Notes, the Indenture or any of the other Basic
      Documents. 

     

    
      
        
        

      

      
        A-2a-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class. The Indenture also permits the Indenture
      Trustee to amend or waive certain terms and conditions set forth in the
      Indenture without the consent of the Noteholders provided certain conditions
      are
      satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer of this Note or in exchange of this Note
      or in
      lieu of this Note whether or not notation of such consent or waiver is made
      upon
      this Note. 

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        A-2a-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance of this Note,
      agrees that, except as provided in the Basic Documents, in the case of an Event
      of Default under the Indenture, the Noteholder has no claim against any of
      the
      foregoing for any defi-ciency, loss or claim therefrom; provided, however,
      that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-2a-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

    

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-2a Notes designated above and referred to in the
      Inden-ture.

     

    Date:
       August___,
      2006

    

    

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-2a-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        A-2a-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2b

    

    FORM
      OF
      CLASS A-2b NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE HEREOF.

     

    
      
        
        

      

      
        A-2b-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $470,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AC 3

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      A-2b FLOATING RATE ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of FOUR HUNDRED SEVENTY MILLION DOLLARS payable on the fifteenth
      day of each calendar month, or, if any such day is not a Business Day, the
      next
      succeeding Business Day, commencing in September 2006 (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class A-2b Notes
      on such Payment Date from the Principal Payment Account in respect of principal
      on the Class A-2b Notes pursuant to Section 3.1 of the Indenture, dated as
      of
      August 1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the July 2009 Payment Date (the “Class
      A-2b Final Scheduled Payment Date”)
      or the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class A-2b Notes will be made ratably to the Noteholders
      entitled to such principal payments. Capitalized terms used but not otherwise
      defined in this Note are defined in Article I of the Indenture, which also
      contains rules as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at a rate based on LIBOR determined in
      accordance with the terms of the Indenture which rate will not be less than
      LIBOR plus 0.02% on each Payment Date until the principal of this Note is paid
      or made available for payment, on the principal amount of this Note outstanding
      on the preceding Payment Date (after giving effect to all payments of principal
      made on the preceding Payment Date), subject to certain limitations contained
      in
      Section 3.1 of the Inden-ture. Interest on this Note will accrue for each
      Payment Date from and including the previous Payment Date on which interest
      has
      been paid (or, in the case of the initial Payment Date, from and including
      the
      Closing Date) to but excluding such Payment Date. Interest will be computed
      on
      the basis of actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    
      
        
        

      

      
        A-2b-2

        
          

        

      

      
        
        

      

    

    This
      Note
      is one of a duly authorized issue of Class A-2b Floating Rate Asset Backed
      Notes
      (the “Class
      A-2b Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    The
      Class
      A-2b Notes are and will be equally and ratably secured by the collateral pledged
      as security therefore as provided in the Indenture. The Class A-2b Notes are
      subordinated to the rights of the Swap Counterparty to receive payments (other
      than any Swap Termination Payment) pursuant to the Interest Rate Swap. Interest
      on and principal of the Notes will be payable in accordance with the priority
      of
      payments set forth in Section 8.2 of the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-2b
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    
      
        
        

      

      
        A-2b-3

        
          

        

      

      
        
        

      

    

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and the other limitations set forth in the Indenture.
      The
      transfer of this Note may be registered on the Note Register upon surrender
      of
      this Note for registration of transfer at the office or agency designated by the
      Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the requirements of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denominations and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, covenants and agrees that no recourse may be taken with respect
      to
      the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
      the
      Notes or under the Indenture or any certificate or other writing delivered
      in
      connection with the Notes and the Indenture, against (i) the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, (ii) any holder of a
      beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity, or (iv) any holder of a beneficial
      interest in the Owner Trustee or the Indenture Trustee, each in its individual
      capacity, except as any such Person may have agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor. Each Noteholder and Note Owner, by its acceptance of a Note or a
      beneficial interest in a Note, acknowledges and agrees that it has no right,
      title or interest in or to any Other Assets of the Depositor. Notwithstanding
      the preceding sentence, if such Noteholder or Note Owner either (i) asserts
      an
      interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
      any such interest, claim to, or benefit in or from 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 such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or a beneficial interest
      in a
      Note, covenants and agrees by accepting the benefits of the Indenture that
      such
      Noteholder or Note Owner will not institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bank-ruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any federal or State bankruptcy or similar law in connection with any
      obligations relating to the Notes, the Indenture or any of the other Basic
      Documents. 

     

    
      
        
        

      

      
        A-2b-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class. The Indenture also permits the Indenture
      Trustee to amend or waive certain terms and conditions set forth in the
      Indenture without the consent of the Noteholders provided certain conditions
      are
      satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer of this Note or in exchange of this Note
      or in
      lieu of this Note whether or not notation of such consent or waiver is made
      upon
      this Note. 

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        A-2b-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance of this Note,
      agrees that, except as provided in the Basic Documents, in the case of an Event
      of Default under the Indenture, the Noteholder has no claim against any of
      the
      foregoing for any defi-ciency, loss or claim therefrom; provided, however,
      that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-2b-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
 

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-2b Notes designated above and referred to in the
      Inden-ture.

     

    Date:
       August___,
      2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-2b-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        A-2b-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

    FORM
      OF
      CLASS A-3 NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $730,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AD 1

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      A-3
      5.26% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of SEVEN HUNDRED THIRTY MILLION DOLLARS payable on the fifteenth
      day of each calendar month, or, if any such day is not a Business Day, the
      next
      succeeding Business Day, commencing in September 2006 (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class A-3 Notes
      on such Payment Date from the Principal Payment Account in respect of principal
      on the Class A-3 Notes pursuant to Section 3.1 of the Indenture, dated as of
      August 1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the October 2010 Payment Date (the “Class
      A-3 Final Scheduled Payment Date”)
      or the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class A-3 Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Inden-ture. Interest on this Note will accrue for each Payment Date
      from
      and including the 15th
      day of
      the calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be com-puted on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

    This
      Note
      is one of a duly authorized issue of Class A-3 5.26% Asset Backed Notes (the
      “Class
      A-3 Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-2b Notes, the Class A-4 Notes, the Class B Notes, the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    The
      Class
      A-3 Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture. The Class A-3 Notes are
      subordinated to the rights of the Swap Counterparty to receive payments (other
      than any Swap Termination Payment) pursuant to the Interest Rate Swap. Interest
      on and principal of the Notes will be payable in accordance with the priority
      of
      payments set forth in Section 8.2 of the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-3
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and the other limitations set forth in the Indenture.
      The
      transfer of this Note may be registered on the Note Register upon surrender
      of
      this Note for registration of transfer at the office or agency designated by
      the
      Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the require-ments of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denominations and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, covenants and agrees that no recourse may be taken with respect
      to
      the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
      the
      Notes or under the Indenture or any certificate or other writing delivered
      in
      connection with the Notes and the Indenture, against (i) the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, (ii) any holder of a
      beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity, or (iv) any holder of a beneficial
      interest in the Owner Trustee or the Indenture Trustee, each in its individual
      capacity, except as any such Person may have agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor. Each Noteholder and Note Owner, by its acceptance of a Note or a
      beneficial interest in a Note, acknowledges and agrees that it has no right,
      title or interest in or to any Other Assets of the Depositor. Notwithstanding
      the preceding sentence, if such Noteholder or Note Owner either (i) asserts
      an
      interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
      any such interest, claim to, or benefit in or from 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 such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or a beneficial interest
      in a
      Note, covenants and agrees by accepting the benefits of the Indenture that
      such
      Noteholder or Note Owner will not institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bank-ruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any federal or State bankruptcy or similar law in connection with any
      obligations relating to the Notes, the Indenture or any of the other Basic
      Documents. 

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class. The Indenture also permits the Indenture
      Trustee to amend or waive certain terms and conditions set forth in the
      Indenture without the consent of the Noteholders provided certain conditions
      are
      satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer of this Note or in exchange of this Note
      or in
      lieu of this Note whether or not notation of such consent or waiver is made
      upon
      this Note. 

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        A-3-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance of this Note,
      agrees that, except as provided in the Basic Documents, in the case of an Event
      of Default under the Indenture, the Noteholder has no claim against any of
      the
      foregoing for any defi-ciency, loss or claim therefrom; provided, however,
      that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-3-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

     

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-3 Notes designated above and referred to in the
      Inden-ture.

     

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

     

    
      
        
        

      

      
        A-3-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                membership or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        A-3-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4

    FORM
      OF
      CLASS A-4 NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $438,560,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AE 9

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      A-4
      5.25% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of FOUR HUNDRED THIRTY-EIGHT MILLION FIVE HUNDRED SIXTY THOUSAND
      DOLLARS payable on the fifteenth day of each calendar month, or, if any such
      day
      is not a Business Day, the next succeeding Business Day, commencing in September
      2006 (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class A-4 Notes
      on such Payment Date from the Principal Payment Account in respect of principal
      on the Class A-4 Notes pursuant to Section 3.1 of the Indenture, dated as of
      August 1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the September 2011 Payment Date (the “Class
      A-4 Final Scheduled Payment Date”)
      or the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class A-4 Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Inden-ture. Interest on this Note will accrue for each Payment Date
      from
      and including the 15th
      day of
      the calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be com-puted on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

    This
      Note
      is one of a duly authorized issue of Class A-4 5.25% Asset Backed Notes (the
      “Class
      A-4 Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class B Notes, the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    The
      Class
      A-4 Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture. The Class A-4 Notes are
      subordinated to the rights of the Swap Counterparty to receive payments (other
      than any Swap Termination Payment) pursuant to the Interest Rate Swap. Interest
      on and principal of the Notes will be payable in accordance with the priority
      of
      payments set forth in Section 8.2 of the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-4
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and the other limitations set forth in the Indenture.
      The
      transfer of this Note may be registered on the Note Register upon surrender
      of
      this Note for registration of transfer at the office or agency designated by
      the
      Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the require-ments of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denominations and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, covenants and agrees that no recourse may be taken with respect
      to
      the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
      the
      Notes or under the Indenture or any certificate or other writing delivered
      in
      connection with the Notes and the Indenture, against (i) the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, (ii) any holder of a
      beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity, or (iv) any holder of a beneficial
      interest in the Owner Trustee or the Indenture Trustee, each in its individual
      capacity, except as any such Person may have agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor. Each Noteholder and Note Owner, by its acceptance of a Note or a
      beneficial interest in a Note, acknowledges and agrees that it has no right,
      title or interest in or to any Other Assets of the Depositor. Notwithstanding
      the preceding sentence, if such Noteholder or Note Owner either (i) asserts
      an
      interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
      any such interest, claim to, or benefit in or from 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 such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or a beneficial interest
      in a
      Note, covenants and agrees by accepting the benefits of the Indenture that
      such
      Noteholder or Note Owner will not institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bank-ruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any federal or State bankruptcy or similar law in connection with any
      obligations relating to the Notes, the Indenture or any of the other Basic
      Documents. 

     

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class. The Indenture also permits the Indenture
      Trustee to amend or waive certain terms and conditions set forth in the
      Indenture without the consent of the Noteholders provided certain conditions
      are
      satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer of this Note or in exchange of this Note
      or in
      lieu of this Note whether or not notation of such consent or waiver is made
      upon
      this Note. 

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        A-4-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance of this Note,
      agrees that, except as provided in the Basic Documents, in the case of an Event
      of Default under the Indenture, the Noteholder has no claim against any of
      the
      foregoing for any defi-ciency, loss or claim therefrom; provided, however,
      that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-4-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-4 Notes designated above and referred to in the
      Indenture.

     

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

     

    
      
        
        

      

      
        A-4-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

    

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        A-4-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    FORM
      OF
      CLASS B NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $87,333,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AF 6

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    Class
      B
      5.43% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of EIGHTY-SEVEN MILLION THREE HUNDRED THIRTY-THREE THOUSAND
      DOLLARS payable on the fifteenth day of each calendar month, or, if any such
      day
      is not a Business Day, the next succeeding Business Day, commencing in September
      2006 (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class B Notes
      on
      such Payment Date from the Principal Payment Account in respect of principal
      on
      the Class B Notes pursuant to Section 3.1 of the Indenture, dated as of August
      1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the February 2012 Payment Date (the “Class
      B Final Scheduled Payment Date”)or
      the
      Redemption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class B Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Inden-ture. Interest on this Note will accrue for each Payment Date
      from
      and including the 15th
      day of
      the calendar month preceding each payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be com-puted on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    This
      Note
      is one of a duly authorized issue of Class B 5.43% Asset Backed Notes (the
      “Class
      B Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes,
      the
      Class C Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    The
      Class
      B Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefor as provided in the Indenture. The Class B Notes are
      subordinated in right of payment to the Class A Notes and to amounts payable
      to
      the Swap Counterparty pursuant to the Interest Rate Swap as and to the extent
      provided in the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class B
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face hereof and to the other limitations set forth in the Indenture. Subject
      to the satisfaction of such restrictions and limitations, the transfer of this
      Note may be registered on the Note Register upon surrender of this Note for
      registra-tion of transfer at the office or agency designated by the Issuer
      pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the requirements of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denomina-tions and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Inden-ture or any certificate or other writing delivered in connection
      therewith, against (i) the Indenture Trustee or the Owner Trustee, each in
      its
      individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or
      (iii) any partner, owner, beneficiary, agent, officer, director, employee or
      agent of the Indenture Trustee or the Owner Trustee, each in its individual
      capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
      or the Indenture Trustee or of any successor or assign of the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, except as any such Person
      may have expressly agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, acknowledges
      and
      agrees that it has no right, title or interest in or to any Other Assets of
      the
      Depositor. To the extent that, notwithstanding the agreements and provisions
      contained in the preced-ing sentence, such Noteholder or Note Owner either
      (i)
      asserts an interest or claim to, or benefit from, Other Assets, or (ii) is
      deemed to have any such interest, claim to, or benefit in or from 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 or
      any
      successor provision having similar effect under the Bank-ruptcy Code), then
      such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be ex-pressly 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
      distribu-tions 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      principal amount of the Controlling Class. The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the principal amount
      of
      the Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to waive compliance by the Issuer with certain provisions of the Indenture
      and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer hereof or in exchange hereof or in lieu hereof
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    The
      term
“Issuer”, as used in this Note, includes any successor to the Issuer under the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance hereof, agrees
      that, except as provided in the Basic Documents, in the case of an Event of
      Default under the Indenture, the Noteholder has no claim against any of the
      foregoing for any deficiency, loss or claim therefrom; provided, however, that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class B Notes designated above and referred to in the
      Inden-ture.

     

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        B-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        B-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    FORM
      OF
      CLASS C NOTE

     

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

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $58,222,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AG 4

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      C
      5.68% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of FIFTY-EIGHT MILLION TWO HUNDRED TWENTY-TWO THOUSAND DOLLARS
      payable on the fifteenth day of each calendar month, or, if any such day is
      not
      a Business Day, the next succeeding Business Day, commencing in September 2006
      (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class C Notes
      on
      such Payment Date from the Principal Payment Account in respect of principal
      on
      the Class C Notes pursuant to Section 3.1 of the Indenture, dated as of August
      1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the June 2012 Payment Date (the “Class
      C Final Scheduled Payment Date”)
      or the
      Re-demption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class C Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Inden-ture. Interest on this Note will accrue for each Payment Date
      from
      and including the 15th
      day of
      the calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be com-puted on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class C 5.68% Asset Backed Notes (the
      “Class
      C Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes,
      the
      Class B Notes and the Class D Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    The
      Class
      C Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefor as provided in the Indenture. The Class C Notes are
      subordinated in right of payment to the Class A Notes, the Class B Notes and
      to
      amounts payable to the Swap Counterparty pursuant to the Interest Rate Swap
      as
      and to the extent provided in the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class C
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face hereof and to the other limitations set forth in the Indenture. Subject
      to the satisfaction of such restrictions and limitations, the transfer of this
      Note may be registered on the Note Register upon surrender of this Note for
      registra-tion of transfer at the office or agency designated by the Issuer
      pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the requirements of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denomina-tions and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Inden-ture or any certificate or other writing delivered in connection
      therewith, against (i) the Indenture Trustee or the Owner Trustee, each in
      its
      individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or
      (iii) any partner, owner, beneficiary, agent, officer, director, employee or
      agent of the Indenture Trustee or the Owner Trustee, each in its individual
      capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
      or the Indenture Trustee or of any successor or assign of the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, except as any such Person
      may have expressly agreed.

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, by its
      acceptance of a Note or a beneficial interest in a Note, acknowledges and agrees
      that it has no right, title or interest in or to any Other Assets of the
      Depositor. To the extent that, notwithstanding the agreements and provisions
      contained in the preceding sentence, such Noteholder or Note Owner either (i)
      asserts an interest or claim to, or benefit from, Other Assets, or (ii) is
      deemed to have any such interest, claim to, or benefit in or from 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 or
      any
      successor provision having similar effect under the Bankruptcy Code), then
      such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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 WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      principal amount of the Controlling Class. The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the principal amount
      of
      the Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to waive compliance by the Issuer with certain provisions of the Indenture
      and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer hereof or in exchange hereof or in lieu hereof
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    The
      term
“Issuer”, as used in this Note, includes any successor to the Issuer under the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    
      
        
        

      

      
        C-5

        
          

        

      

      
        
        

      

    

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance hereof, agrees
      that, except as provided in the Basic Documents, in the case of an Event of
      Default under the Indenture, the Noteholder has no claim against any of the
      foregoing for any deficiency, loss or claim therefrom; provided, however, that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        C-6

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class C Notes designated above and referred to in the
      Indenture.

     

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        C-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in the Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, The
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        C-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      CLASS D NOTE

     

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

     

    THIS
      NOTE
      HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW
      OF
      ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
      AGREES FOR THE BENEFIT OF THE ISSUER AND THE DEPOSITOR THAT THIS NOTE MAY BE
      SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF
      ONLY
      IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I)
      PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A U.S. PERSON,
      AS DEFINED IN THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THAT
      THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
      MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
      RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
      SUBJECT TO THE RECEIPT BY THE ISSUER, THE DEPOSITOR AND THE NOTE REGISTRAR
      OF A
      LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT E TO THE INDENTURE, WITH
      SUCH CHANGES IN SUCH LETTER AS MAY BE APPROVED BY THE DEPOSITOR, OR (II) TO
      THE
      DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
      SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
      STATES OF THE UNITED STATES.

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    IN
      ADDITION, EACH HOLDER REPRESENTS THAT IT IS EITHER: (A) NOT, AND EACH ACCOUNT
      (IF ANY) FOR WHICH IT IS PURCHASING THE CLASS D NOTES 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")) SUBJECT TO TITLE I OF ERISA, (II)
      A
      PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE CODE 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 (THE "PLAN ASSETS REGULATION") OR
      OTHERWISE UNDER ERISA, WITH EACH OF (I) THROUGH (III) IN THIS SUBSECTION (A)
      BEING A "BENEFIT PLAN INVESTOR" OR (B) AN INSURANCE COMPANY ACTING ON BEHALF
      OF
      A GENERAL ACCOUNT AND (I) ON THE DATE OF PURCHASE LESS THAN 25% (OR SUCH LESSER
      PERCENTAGE AS MAY BE DETERMINED BY THE DEPOSITOR) OF THE ASSETS OF SUCH GENERAL
      ACCOUNT (AS REASONABLY DETERMINED BY IT) CONSTITUTE "PLAN ASSETS" FOR PURPOSES
      OF TITLE I OF ERISA AND SECTION 4975 OF THE CODE, (II) THE PURCHASE AND HOLDING
      OF SUCH CLASS D NOTES ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER SECTION (I) OF
      PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, (III) THE PURCHASER AGREES THAT
      IF, AFTER THE PURCHASER'S INITIAL ACQUISITION OF THE CLASS D NOTES, AT ANY
      TIME
      DURING ANY CALENDAR QUARTER 25% (OR SUCH LESSER PERCENTAGE AS MAY BE DETERMINED
      BY THE DEPOSITOR) OR MORE OF THE ASSETS OF SUCH GENERAL ACCOUNT (AS REASONABLY
      DETERMINED BY IT NO LESS FREQUENTLY THAN EACH CALENDAR QUARTER) CONSTITUTE
      "PLAN
      ASSETS" FOR PURPOSES OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND THE
      DEPOSITOR SO REQUESTS, IT WILL DISPOSE OF ALL CLASS D NOTES THEN HELD IN ITS
      GENERAL ACCOUNT BY THE END OF THE NEXT FOLLOWING CALENDAR QUARTER AND (IV)
      IS
      NOT A PERSON, OTHER THAN A BENEFIT PLAN INVESTOR, WHO HAS DISCRETIONARY
      AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUER OR ANY PERSON
      WHO
      PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO SUCH
      ASSETS OR ANY AFFILIATE (AS DEFINED IN THE PLAN ASSETS REGULATION) OF SUCH
      PERSON.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN
      THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $58,222,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528A AH 2

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

     

    CLASS
      D
      7.12% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2006-B, a statutory trust organized under the laws
      of
      the State of Delaware (the “Issuer”),
      for
      value received, promises to pay to CEDE & CO., or registered assigns, the
      principal sum of FIFTY-EIGHT MILLION TWO HUNDRED TWENTY-TWO THOUSAND DOLLARS
      payable on the fifteenth day of each calendar month, or, if any such day is
      not
      a Business Day, the next succeeding Business Day, commencing in September 2006
      (each, a “Payment
      Date”)
      in an
      amount equal to the aggregate amount payable to Noteholders of Class D Notes
      on
      such Payment Date from the Principal Payment Account in respect of principal
      on
      the Class D Notes pursuant to Section 3.1 of the Indenture, dated as of August
      1, 2006 (the “Indenture”),
      between the Issuer and The Bank of New York, as Indenture Trustee (the
“Indenture
      Trustee”).
      However, the entire unpaid principal amount of this Note will be due and payable
      on the earlier of the February 2013 Payment Date (the “Class
      D Final Scheduled Payment Date”)
      or the
      Re-demption Date pursuant to Section 10.1 of the Indenture. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the Indenture. All principal
      payments on the Class D Notes will be made ratably to the Noteholders entitled
      to such principal payments. Capitalized terms used but not otherwise defined
      in
      this Note are defined in Article I of the Indenture, which also contains rules
      as to usage applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Inden-ture. Interest on this Note will accrue for each Payment Date
      from
      and including the 15th
      day of
      the calendar month preceding each payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the
      15th
      day of
      the following calendar month. Interest will be com-puted on the basis of a
      360-day year of twelve 30-day months. 

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note will be applied first to interest due and payable on this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class D 7.12% Asset Backed Notes (the
      “Class
      D Notes”)
      of the
      Issuer. Also authorized under the Indenture are the Class A-1 Notes, the Class
      A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes,
      the
      Class B Notes and the Class C Notes. The Indenture and all indentures
      supplemental to the Indenture set forth the respective rights and obligations
      thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
      are subject to all terms of the Indenture.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    The
      Class
      D Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefor as provided in the Indenture. The Class D Notes are
      subordinated in right of payment to the Class A Notes, the Class B Notes, the
      Class C Notes and to amounts payable to the Swap Counterparty pursuant to the
      Interest Rate Swap as and to the extent provided in the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder’s Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder’s
      address as it appears on the Note Register on each Record Date. However, unless
      Definitive Notes have been issued to Note Owners, payment will be made by wire
      transfer in immediately available funds to the account designated by Cede &
Co., as nominee of the Clearing Agency or any successor nominee. Such payments
      will be made without requiring that this Note be submitted for notation of
      payment. Any reduction in the principal amount of this Note effected by any
      payments made on any Payment Date will be binding upon all future Noteholders
      of
      this Note and of any Note issued upon the registration of transfer of this
      Note
      or in exchange of this Note or in lieu of this Note, whether or not noted on
      this Note. If funds are expected to be available for payment in full of the
      then
      remaining unpaid principal amount of this Note on a Payment Date, then the
      Indenture Trustee, in the name of and on behalf of the Issuer, will notify
      the
      Registered Noteholder of this Note as of the preceding Record Date by notice
      mailed or transmitted by facsimile before such Payment Date, and the amount
      then
      due and payable will be payable only upon presentation and surrender of this
      Note at the Indenture Trustee’s Corporate Trust Office or at the office of the
      Indenture Trustee’s agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class D
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    In
      addition, the Class D Notes may not be acquired by or on behalf of a Person
      other than a person who is (A) a citizen or resident of the United States,
      (B) a
      corporation or partnership organized in or under the laws of the United States
      or any State thereof (including the District of Columbia), (C) an estate the
      income of which is includible in gross income for United States tax purposes,
      regardless of its source, (D) a trust if a U.S. court is able to exercise
      primary supervision over the administration of such trust and one or more
      persons described in clause (A), (B), (C) or (E) of this paragraph has the
      authority to control all substantial decisions of the trust or (E) a person
      not
      described in clauses (A) through (D) of this paragraph whose ownership of the
      Class D Notes is effectively connected with such persons conduct of a trade
      or
      business within the United States (within the meaning of the Code) and who
      provides the Issuer and the Depositor with an IRS Form W-8ECI (and such other
      certifications, representations, or opinions of counsel as may be requested
      by
      the Issuer or the Depositor).

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face hereof and to the other limitations set forth in the Indenture. Subject
      to the satisfaction of such restrictions and limitations, the transfer of this
      Note may be registered on the Note Register upon surrender of this Note for
      registra-tion of transfer at the office or agency designated by the Issuer
      pursuant to the Indenture, duly endorsed by, or accompanied by a written
      instrument of transfer in form satisfactory to the Indenture Trustee duly
      executed by, the Noteholder hereof or such Noteholder’s attorney duly authorized
      in writing, with such signature guaranteed by an “eligible guarantor
      institution” meeting the requirements of the Note Registrar, and thereupon one
      or more new Notes of the same Class in authorized denomina-tions and in the
      same
      aggregate principal amount will be issued to the designated transferee or
      transferees. No service charge will be charged for any registration of transfer
      or exchange of this Note, but the transferor may be required to pay an amount
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any such registration of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Inden-ture or any certificate or other writing delivered in connection
      therewith, against (i) the Indenture Trustee or the Owner Trustee, each in
      its
      individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or
      (iii) any partner, owner, beneficiary, agent, officer, director, employee or
      agent of the Indenture Trustee or the Owner Trustee, each in its individual
      capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
      or the Indenture Trustee or of any successor or assign of the Indenture Trustee
      or the Owner Trustee, each in its individual capacity, except as any such Person
      may have expressly agreed. 

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, by its
      acceptance of a Note or a beneficial interest in a Note, acknowledges and agrees
      that it has no right, title or interest in or to any Other Assets of the
      Depositor. To the extent that, notwithstanding the agreements and provisions
      contained in the preceding sentence, such Noteholder or Note Owner either (i)
      asserts an interest or claim to, or benefit from, Other Assets, or (ii) is
      deemed to have any such interest, claim to, or benefit in or from 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 or
      any
      successor provision having similar effect under the Bankruptcy Code), then
      such
      Noteholder or Note Owner further acknowledges and agrees that any such interest,
      claim or benefit in or from Other Assets is and will be 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. 

     

    
      
        
        

      

      
        D-5

        
          

        

      

      
        
        

      

    

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Docu-ments.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
      or Note Owner, by its acceptance of a Note or a beneficial interest in a Note,
      will be deemed to agree to treat the Notes for federal, State and local income,
      single business and franchise tax purposes as indebtedness of the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Inden-ture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      principal amount of the Controlling Class. The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the principal amount
      of
      the Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to waive compliance by the Issuer with certain provisions of the Indenture
      and
      certain defaults under the Indenture and their consequences. Any such consent
      or
      waiver by the Noteholder of this Note will be conclusive and binding upon such
      Noteholder and upon all future Noteholders of this Note and of any Note issued
      upon the registration of transfer hereof or in exchange hereof or in lieu hereof
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        D-6

        
          

        

      

      
        
        

      

    

    The
      term
“Issuer”, as used in this Note, includes any successor to the Issuer under the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture. The Noteholder of this Note, by its acceptance hereof, agrees
      that, except as provided in the Basic Documents, in the case of an Event of
      Default under the Indenture, the Noteholder has no claim against any of the
      foregoing for any deficiency, loss or claim therefrom; provided, however, that
      nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note will not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        D-7

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    Date:
      August___, 2006

     

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2006-B

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class D Notes designated above and referred to in the
      Indenture.

     

    Date:
      August___, 2006

     

    
      	 	
              THE
                BANK OF NEW YORK,

            
	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        D-8

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee: 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    
      	 	 	 
	 	
              (name
                and address of assignee)

            	 

    

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	
              Dated:
                

            	 	 	 	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 

    

    */

    

    
      	
              */

            	
              NOTICE:
                The signature to this assignment must correspond with the name of
                the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change whatever.
                Such
                signature must be guaranteed by an “eligible guarantor institution”
                meeting the requirements of the Note Registrar, which requirements
                include
                member-ship or participation in the Securities Transfer Agents Medallion
                Program or such other “signature guarantee program” as may be determined
                by the Note Registrar in addition to, or in substitution for, the
                Securities Transfer Agents Medallion Program, all in accordance with
                the
                Exchange Act.

            

    

    
      
        
        

      

      
        D-9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    FORM
      OF
      INVESTMENT LETTER

    CLASS
      D
      NOTES

     

    
      	 	Date

    

     

    Ford
      Credit Auto Owner Trust 2006-B,

    as
      Issuer

    The
      Bank
      of New York,

    as
      Indenture Trustee and 

    Note
      Registrar 

    101
      Barclay Street, Floor 8 West, New York, New York 10286

    Attention:
      Structured Finance Services-Asset Backed Securities, Ford Credit Auto Owner
      Trust Series 2006-B

    Ford
      Credit Auto Receivables

    Two
      LLC

    c/o
      Ford
      Motor Credit Company

    c/o
      Ford
      Motor Company

    World
      Headquarters

    One
      American Road, Suite 801-C1

    Dearborn,
      Michigan 48126

    Attention:
      Ford Credit SPE Management Office

     

    
      	 	
              Re:

            	
              Ford
                Credit Auto Owner Trust 2006-B

            

    

    Class
      D 7.12% Asset Backed Notes

    

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed purchase of the Class D 7.12% Asset Backed Notes
      (the "Class D Notes") of Ford Credit Auto Owner Trust 2006-B (the "Issuer"),
      a
      trust formed by Ford Credit Auto Receivables Two LLC (the "Depositor"), we
      confirm that:

     

    
      	
              (1)

            	
              The
                undersigned agrees to be bound by, and not to resell, transfer, assign,
                participate, pledge or otherwise dispose of (any such act, a "Transfer")
                the Class D Notes except in compliance with, the restrictions and
                conditions set forth in the legend on the face of the Class D Notes
                and
                under the Securities Act of 1933, as amended (the "Securities
                Act").

            

    

     

    
      	
              (2)

            	
              We
                understand that no subsequent Transfer of the Class D Notes is permitted
                unless we cause our proposed transferee to provide to the Issuer,
                the Note
                Registrar and the Depositor a letter substantially in the form of
                this
                letter, or such other written statement as the Depositor shall
                prescribe.

            

    

     

    
      	
              (3)

            	
              We
                are a "qualified institutional buyer" (within the meaning of Rule
                144A
                under the Securities Act) (a "QIB") and we are acquiring the Class
                D Notes
                for our own account or for a single account (which is a QIB) as to
                which
                we exercise sole investment
                discretion.

            

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    
      	
              (4)

            	
              We
                are a person who is (A) a citizen or resident of the United States,
                (B) a
                corporation or partnership organized in or under the laws of the
                United
                States or any State thereof (including the District of Columbia),
                (C) an
                estate the income of which is includible in gross income for United
                States
                tax purposes, regardless of its source, (D) a trust if a U.S. court
                is
                able to exercise primary supervision over the administration of such
                trust
                and one or more persons described in clause (A), (B), (C) or (E)
                of this
                paragraph 5 has the authority to control all substantial decisions
                of the
                trust or (E) a person not described in clauses (A) through (D) of
                this
                paragraph 5 whose ownership of the Class D Notes is effectively connected
                with such person's conduct of a trade or business within the United
                States
                (within the meaning of the Code) and who provides the Issuer and
                the
                Depositor with an IRS Form W-8ECI (and such other certifications,
                representations, or opinions of counsel as may be requested by the
                Issuer
                or the Depositor).

            

    

     

    
      	
              (5)

            	
              We
                are either:

            

    

     

    (a)
      not,
      and each account (if any) for which we are purchasing the Class D Notes 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")) subject to Title
      I
      of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue
      Code of 1986, as amended (the "Code") 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 (the "Plan Assets Regulation") or
      otherwise under ERISA), with each of (i) through (iii) in this subsection (a)
      being a "Benefit Plan Investor," or

     

    (b)
      an
      insurance company acting on behalf of a general account and (i) on the date
      hereof less than 25% of the assets of such general account (as reasonably
      determined by us) constitute "plan assets" for purposes of Title I of ERISA
      and
      Section 4975 of the Code, (ii) the purchase and holding of such Class D Notes
      are eligible for exemptive relief under Section (I) of Prohibited Transaction
      Class Exemption 95-60, (iii) the undersigned agrees that if, after the
      undersigned's initial acquisition of the Class D Notes, at any time during
      any
      calendar quarter 25% or more of the assets of such general account (as
      reasonably determined by us no less frequently than each calendar quarter)
      constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of
      the
      Code and the Depositor so requests, we will dispose of all Class D Notes then
      held in our general account by the end of the next following calendar quarter
      and (iv) is not a person, other than a Benefit Plan Investor, who has
      discretionary authority or control with respect to the assets of the Issuer
      or
      any person who provides investment advice for a fee (direct or indirect) with
      respect to such assets or any affiliate (as defined in the Plan Assets
      Regulation) of such person.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    
      	
              (6)

            	
              We
                understand that any purported Transfer of any Class D Note (or any
                interest therein) in contravention of the restrictions and conditions
                above will be null and void (each, a "Void Transfer"), and the purported
                transferee in a Void Transfer will not be recognized by the Issuer
                or any
                other person as a Class D Noteholder for any
                purpose.

            

    

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered
      hereby.

    

    

    
      	 	
              Very
                truly yours,

            
	 	 	 
	 	 	 
	 	
              By:

            	 	
            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    

    Securities
      To Be Purchased:

    $                
      - principal amount of Class D Notes

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    Schedule
      of Receivables

     

    Delivered
      on CD Rom to the Indenture Trustee at the ClosingExhibit 4.2

    
      
        

      

    

     

     

    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 2006-B

    

    Dated
      as
      of August 1, 2006

     

     

    
      
        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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

            	
              3

            
	 	
              Section
                2.9

            	
              Situs
                of Issuer

            	
              3

            
	 	
              Section
                2.10

            	
              Representations
                and Warranties of the Depositor

            	
              3

            
	 	
              Section
                2.11

            	
              Tax
                Matters

            	
              4

            
	 	 	 	 
	
              ARTICLE
                III RESIDUAL INTEREST AND TRANSFER OF INTERESTS

            	
              6

            
	 	
               

            
	 	
              Section
                3.1

            	
              The
                Residual Interest

            	
              6

            
	 	
              Section
                3.2

            	
              Registration
                of Residual Interests; Transfer of the Residual Interest

            	
              7

            
	
               

            	
              Section
                3.3

            	
              Capital
                Accounts

            	
              8

            
	 	
              Section
                3.4

            	
              Maintenance
                of Office or Agency

            	
              9

            
	 	
              Section
                3.5

            	
              Distributions
                to the Holder of the Residual Interest

            	
              9

            
	 	 	 	 
	
              ARTICLE
                IV APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

            	
              9

            
	 	 
	 	
              Section
                4.1

            	
              Application
                of Trust Funds

            	
              9

            
	 	
              Section
                4.2

            	
              Method
                of Payment

            	
              10

            
	 	
               

            	 	 
	
              ARTICLE
                V AUTHORITY AND DUTIES OF THE OWNER TRUSTEE

            	
              10

            
	 	 
	 	
              Section
                5.1

            	
              General
                Authority

            	
              10

            
	 	
              Section
                5.2

            	
              General
                Duties

            	
              10

            
	 	
              Section
                5.3

            	
              Action
                upon Prior Notice with Respect to Certain Matters

            	
              10

            
	 	
              Section
                5.4

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

            	
              11

            
	 	
              Section
                5.5

            	
              Action
                with Respect to Bankruptcy

            	
              11

            
	 	
              Section
                5.6

            	
              Action
                upon Instruction

            	
              11

            
	 	
              Section
                5.7

            	
              No
                Duties Except as Specified in this Agreement or in
                Instructions

            	
              12

            
	 	
              Section
                5.8

            	
              No
                Action Except Under Specified Documents or Instructions

            	
              12

            
	 	
              Section
                5.9

            	
              Prohibition
                on Certain Actions

            	
              12

            
	 	
              Section
                5.10

            	
              Audits
                of the Owner Trustee

            	
              13

            

    

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	 	
              Section
                5.11

            	
              Furnishing
                of Documents

            	
              13

            
	 	
              Section
                5.12

            	
              Sarbanes-Oxley
                Act

            	
              13

            
	 	
              Section
                5.13

            	
              Maintenance
                of Licenses

            	
              13

            
	 	 	 	
               

            
	
              ARTICLE
                VI REGARDING THE OWNER TRUSTEE

            	
              13

            
	 	 	 	
               

            
	 	
              Section
                6.1

            	
              Acceptance
                of Trusts and Duties

            	
              13

            
	 	
              Section
                6.2

            	
              Representations
                and Warranties of the Owner Trustee

            	
              15

            
	 	
              Section
                6.3

            	
              Reliance;
                Advice of Counsel

            	
              16

            
	 	
              Section
                6.4

            	
              Not
                Acting in Individual Capacity

            	
              16

            
	 	
              Section
                6.5

            	
              U.S.
                Bank Trust National Association May Own Notes

            	
              16

            
	 	
              Section
                6.6

            	
              Duty
                to Update Disclosure

            	
              17

            
	 	 	 	
               

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

            	
              17

            
	 	 	 	 
	
               

            	
              Section
                7.1

            	
              Owner
                Trustee's Fees and Expenses

            	
              17

            
	 	
              Section
                7.2

            	
              Indemnification
                of the Owner Trustee

            	
              17

            
	 	
              Section
                7.3

            	
              Organizational
                Expenses of the Issuer

            	
              18

            
	 	
              Section
                7.4

            	
              Certain
                Expenses of the Indenture Trustee

            	
              19

            
	 	 	 	
               

            
	
              ARTICLE
                VIII TERMINATION

            	
              19

            
	 	 	
               

            	
               

            
	 	
              Section
                8.1

            	
              Termination
                of Trust Agreement

            	
              19

            
	 	 	
               

            	
               

            
	
              ARTICLE
                IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

            	
              19

            
	 	 	 	
               

            
	 	
              Section
                9.1

            	
              Eligibility
                Requirements for the Owner Trustee

            	
              19

            
	 	
              Section
                9.2

            	
              Resignation
                or Removal of the Owner Trustee

            	
              20

            
	 	
              Section
                9.3

            	
              Successor
                Owner Trustee

            	
              20

            
	 	
              Section
                9.4

            	
              Merger
                or Consolidation of the Owner Trustee

            	
              21

            
	 	
              Section
                9.5

            	
              Appointment
                of Separate Trustee or Co-Trustee

            	
              21

            
	 	
              Section
                9.6

            	
              Compliance
                with Delaware Statutory Trust Act

            	
              22

            
	 	
               

            	 	
               

            
	
              ARTICLE
                X MISCELLANEOUS

            	
              23

            
	 	 	 	
               

            
	 	
              Section
                10.1

            	
              Supplements
                and Amendments

            	
              23

            
	 	
              Section
                10.2

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

            	
              25

            
	 	
              Section
                10.3

            	
              Limitation
                on Rights of Others

            	
              25

            
	 	
              Section
                10.4

            	
              Notices

            	
              25

            
	 	
              Section
                10.5

            	
              GOVERNING
                LAW

            	
              26

            
	 	
              Section
                10.6

            	
              WAIVER
                OF JURY TRIAL

            	
              26

            
	 	
              Section
                10.7

            	
              Severability

            	
              26

            
	 	
              Section
                10.8

            	
              Counterparts

            	
              26

            
	 	
              Section
                10.9

            	
              Headings

            	
              26

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	 	
              Section
                10.10

            	
              No
                Petition

            	
              26

            
	
               

            	
               

            	 	 
	 	 	 	 
	 Exhibit
              A	
               Form
                of Certificate of Trust

            	
               A-1

            

    

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    AMENDED
      AND RESTATED TRUST AGREEMENT, dated as of August 1, 2006 (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 2006-B.

     

    BACKGROUND

     

    The
      parties to this Agreement wish to amend and restate the interim Trust Agreement,
      dated as of November 1, 2005, 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 2006-B", in which
      name
      the Owner Trustee may conduct the activities of the Issuer, make and execute
      contracts and other in-struments 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 Inden-ture 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
      November 1, 2005, 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.

     

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    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 employ-ees 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.

     

    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.

     

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

     

    (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.

     

    Section
      2.11  Tax
      Matters.

     

    (a)  It
      is the
      intention of the parties and Ford Credit that, for purposes of U.S. federal
      in-come, 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.

     

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

     

    (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.

     

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    (c)  The
      parties agree that, unless otherwise re-quired 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. Sec.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
      informa-tion 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 elec-tions 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 Re-serve 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.

     

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    (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); 

     

                  (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:

     

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    (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

     

    (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.

     

    
      
        
          
          

        

        
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    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)(x), 8.2(d)(iii) and 8.2(e)(vii) 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.

     

    (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 with-holding 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.

     

    
      
        
          
          

        

        
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    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 certifi-cate 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 autho-rized 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 Docu-ments 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 Agree-ment 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 Inden-ture 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 super-vise 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:

     

    
      
        
          
          

        

        
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    (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 Administra-tion 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 bank-ruptcy
      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 applica-tion 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.

     

    
      
        
          
          

        

        
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    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 Commis-sion
      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 Agree-ment, (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.

     

    
      
        
          
          

        

        
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    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.

     

    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):

     

    
      
        
          
          

        

        
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    (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;

     

    (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.

     

    
      
        
          
          

        

        
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    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.

     

    (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. 

     

    
      
        
          
          

        

        
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    (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.

     

    
      
        
          
          

        

        
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    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 compensa-tion, 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.

     

    
      
        
          
          

        

        
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    (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.

     

    (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.

     

    
      
        
          
          

        

        
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    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
      liabili-ties 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.

     

    (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.

     

    
      
        
          
          

        

        
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    (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 re-spect 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.

     

    (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
      Administra-tor will notify the Depositor, the Indenture Trustee and the Rating
      Agencies of any resignation or removal of the Owner Trustee.

     

    
      
        
          
          

        

        
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    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 Deposi-tor, 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 eligi-bility as a successor trustee pursuant
      to
      Section 9.1 and no notice of the appointment of any separate trustee or
      co-trustee is required.

     

    
      
        
          
          

        

        
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    (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 obliga-tions 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.

     

    
      
        
          
          

        

        
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    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.

     

    (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

     

    
      
        
          
          

        

        
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                  (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.

     

    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 amend-ment 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.

     

    
      
        
          
          

        

        
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    (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.

     

    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.

     

    
      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

    

     

    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.

     

    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.

    

      
        
          
             

          

          
          

        

        
          26

          
            

          

        

        
          
          

          
          

        

      

    

    

    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/
                Sterling C. Correia

            
	 	 	
              Name:
                Sterling C. Correia

            
	 	 	
              Title:
                Authorized Person

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    

    FORM
      OF
      CERTIFICATE OF TRUST

    

    CERTIFICATE
      OF TRUST OF

    FORD
      CREDIT AUTO OWNER TRUST 2006-B

    

    This
      Certificate of Trust of Ford Credit Auto Owner Trust 2006-B (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,
      Sec. 3801 et seq.)
      (the
      "Act").

    

    1.
      Name.  The
      name of the statutory
      trust formed hereby is Ford Credit Auto Owner Trust 2006-B.

    

    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, 1209 Orange Street, Wilmington, Delaware
      19801.

    

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

    

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

    

     

    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-2

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