Document:

exv4w2

 

Exhibit 4.2

Execution Copy

 

 

 

 

Ford Credit Floorplan Master Owner Trust A

Issuer

JPMorgan Chase Bank, N.A.

Indenture Trustee

 

Series 2005-1

Indenture Supplement

Dated as of June 1, 2005

 

Series 2005-1 Floating Rate Asset Backed Notes,

Class A
and Class B

 

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Creation of Series 2005-1 Notes	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Designation	 	 	2	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Definitions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Definitions	 	 	3	 
	Section 2.02.
	 	Other Definitional Provisions	 	 	17	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Servicing Fee	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Servicing Compensation	 	 	17	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Rights of Series 2005-1 Noteholders and Allocation and Application of Collections	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Collections and Allocations	 	 	18	 
	Section 4.02.
	 	Determination of Monthly Interest	 	 	20	 
	Section 4.03.
	 	Determination of Monthly Principal Amount	 	 	21	 
	Section 4.04.
	 	Application of Available Funds on Deposit in Collection Account and Other Sources	 	 	21	 
	Section 4.05.
	 	Investor Charge-Offs	 	 	25	 
	Section 4.06.
	 	Reallocated Principal Collections	 	 	26	 
	Section 4.07.
	 	Excess Interest Collections	 	 	26	 
	Section 4.08.
	 	Shared Principal Collections	 	 	27	 
	Section 4.09.
	 	Available Subordinated Amount	 	 	27	 
	Section 4.10.
	 	Principal Funding Account	 	 	28	 
	Section 4.11.
	 	Determination of LIBOR	 	 	29	 
	Section 4.12.
	 	Investment Instructions	 	 	32	 

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	 	 	 	 	Page	 
	 
	 	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Delivery of Series 2005-1 Notes; Distributions; Reports to Series 2005-1 Noteholders	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Delivery and Payment for Series 2005-1 Notes	 	 	32	 
	Section 5.02.
	 	Distributions	 	 	32	 
	Section 5.03.
	 	Reports and Statements to Series 2005-1 Noteholders	 	 	33	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Series 2005-1 Amortization Events	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Series 2005-1 Amortization Events	 	 	34	 
	 
	 	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Redemption of Series 2005-1 Notes; Series Final Maturity; Final Distributions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Optional Redemption of Series 2005-1 Notes	 	 	36	 
	Section 7.02.
	 	Series Final Maturity	 	 	36	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Miscellaneous Provisions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	Ratification of Agreement	 	 	37	 
	Section 8.02.
	 	Form of Delivery of Series 2005-1 Notes	 	 	38	 
	Section 8.03.
	 	Counterparts	 	 	38	 
	Section 8.04.
	 	Governing Law	 	 	38	 
	Section 8.05.
	 	Effect of Headings and Table of Contents	 	 	38	 
	 
	 	 	 	 	 	 
	 
	 	Exhibits	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A-1
	 	Form of Class A Note	 	 	A-1-1	 
	Exhibit A-2
	 	Form of Class B Note	 	 	A-2-1	 
	Exhibit B
	 	Form of Monthly Statement	 	 	B-1	 
	Exhibit C
	 	Form of Monthly Allocation and Payment Instruction to Indenture Trustee	 	 	C-1	 

ii

 

     Series 2005-1 Indenture Supplement, dated as of June 1, 2005, by and between Ford
Credit Floorplan Master Owner Trust A, a Delaware statutory trust, as Issuer, and JPMorgan
Chase Bank, N.A., a national banking association, as Indenture Trustee.

Recitals

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

     B. The parties to this Indenture Supplement, by executing and delivering
this Indenture Supplement, are providing for the creation of the Series 2005-1 Notes and specifying
the Principal Terms thereof.

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

Granting Clauses

     In addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee,
for the exclusive benefit of the Holders of the Series 2005-1 Notes, all of the Issuer’s right,
title and interest (whether now owned or hereafter acquired) in, to and under the following
(collectively, the “Series Collateral”):

     (i) all Collections on the Receivables allocated to the Holders of the Series 2005-1
Notes;

     (ii) all Collections on, if applicable, Interests in Other Floorplan Assets allocated
to the Holders of the Series 2005-1 Notes;

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

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

 

 

that at any time constitute any part of or are included in the proceeds of any of the
foregoing.

     The foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series
2005-1 Notes equally and ratably without prejudice, priority, or distinction between any Series
2005-1 Note and any other Series 2005-1 Notes, (b) the payment of all other sums payable under the
2005-1 Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and
conditions of the Series 2005-1 Notes, the Indenture and this Indenture Supplement, all as provided
herein or therein.

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

ARTICLE I

Creation of Series 2005-1 Notes

     Section 1.01. Designation.

     (a) There is hereby created a Series of Notes to be issued by the Issuer on the Closing Date
pursuant to the Indenture and this Indenture Supplement to be known as the “Series 2005-1 Floating
Rate Asset Backed Notes” or the “Series 2005-1 Notes.” The Series 2005-1 Notes will be issued in
two Classes, the first of which will be known as the “Series 2005-1 Floating Rate Asset Backed
Notes, Class A” the second of which will be known as the “Series 2005-1 Floating Rate Asset Backed
Notes, Class B.” The Series 2005-1 Notes will be due and payable on the Series 2005-1 Final
Maturity Date.

     (b) Series 2005-1 will be in Excess Interest Sharing Group One and in Principal Sharing Group
One. Series 2005-1 will not be a Shared Enhancement Series or in an Interest Reallocation Group.
Series 2005-1 will not be subordinated to any other Series.

     (c) The Series 2005-1 Notes are “Notes” and this Indenture Supplement is an “Indenture
Supplement” for all purposes under the Indenture. If any provision of the Series 2005-1 Notes or
this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture,
the provisions of the Series 2005-1 Notes or this Indenture Supplement, as the case may be,
control.

     (d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series
2005-1 and this Indenture Supplement and to no other Series or Indenture Supplements.

2

 

ARTICLE II

Definitions

     Section 2.01. Definitions.

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

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

     (a) the numerator of which is equal to the sum of the initial invested amounts of all
outstanding Series in Principal Sharing Group One (including Series 2005-1); and

     (b) the denominator of which is equal to the sum of (i) the Initial Invested Amount,
plus (ii) the initial invested amounts of all outstanding Series in Principal Sharing Group
One (other than Series 2005-1) that are not expected to be in their revolving periods from
such date to the Expected Final Payment Date;

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

     “Accumulation Period Length” has the meaning specified in Section 4.04(f).

     “Accumulation Period Reserve Account” has the meaning specified in Section 4.12(a).

     “Accumulation Period Reserve Account Available Amount” means, with respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until
termination of the Accumulation Period Reserve Account pursuant to Section 4.12(e), the lesser of:

     (a) the amounts on deposit in the Accumulation Period Reserve Account on such
Distribution Date (excluding any amounts relating to investment earnings and before giving
effect to any (i) deposits made or to be made therein pursuant to Sections 4.04(a)(vii) and
(b)(i) on such Distribution Date or (ii) any withdrawal made or to be made therefrom
pursuant to Section 4.12(c) on such Distribution Date); and

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

     “Accumulation Period Reserve Account Cash Deposit Subaccount” has the meaning specified in
Section 4.12(a).

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     “Accumulation Period Reserve Account Deposit Amount” means, with respect to each Distribution
Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.12(e), the excess of (a) the Accumulation
Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period
Reserve Account Available Amount for such Distribution Date.

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

     “Accumulation Period Reserve Account Required Amount” means, with respect to each Distribution
Date beginning on the Accumulation Period Reserve Account Funding Date and until the Accumulation
Period Reserve Account is terminated pursuant to Section 4.12(e), an amount equal to 0.25% of the
Initial Note Principal Balance.

     “Accumulation Period Reserve Account Securities Subaccount” has the meaning specified in
Section 4.12(a).

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

     “Additional Interest” means, with respect to any Distribution Date, the sum of (a) the Class A
Additional Interest for such Distribution Date, plus (b) the Class B Additional Interest for such
Distribution Date.

     “Adjusted Invested Amount” means, with respect to the Series 2005-1 Notes as of any date of
determination, the excess of (a) the Invested Amount as of such date, over (b) the amounts on
deposit in the Principal Funding Account (excluding amounts relating to investment earnings) on
such date.

     “Adjusted Pool Balance” has the meaning specified in the Indenture.

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

     “Available Investor Interest Collections” means, with respect to any Distribution Date, an
amount equal to the sum of (a) the Investor Interest Collections with respect to such

4

 

Distribution Date, plus (b) all interest and investment earnings on Eligible Investments
credited to the Principal Funding Account and the Accumulation Period Reserve Account (net of
losses and investment expenses) during the period commencing on and including the Distribution Date
immediately preceding such Distribution Date and ending on but excluding such Distribution Date,
plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.12(c);
plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.12(e),
all remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts
relating to investment earnings and after giving effect to Section 4.12(c)).

     “Available Investor Principal Collections” means, with respect to any Distribution Date, an
amount equal to the excess of (a) the sum of (i) the Investor Principal Collections for such
Distribution Date, plus (ii) any Shared Principal Collections with respect to other Series in
Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that
are allocated to Series 2005-1 pursuant to the Indenture for application as Shared Principal
Collections) over (b) any Reallocated Principal Collections for such Distribution Date.

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

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

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

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

     (D) the amount of any Available Investor Interest Collections available to be
distributed as provided in Section 4.04(a)(xi) to the Owner Trustee for distribution to the
holders of the Transferor Interest in accordance with the Trust Agreement; minus

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

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

     (G) the Subordinated Percentage of the increase in the Series 2005-1 Excess Funding
Amount since the prior Distribution Date to the succeeding Distribution Date; plus

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     (H) the Subordinated Percentage of the decrease in the Series 2005-1 Excess Funding
Amount since the prior Distribution Date to the succeeding Distribution Date; plus

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

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

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

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

     “Business Day” has the meaning specified in the Indenture.

     “Class A Additional Interest” has the meaning specified in Section 4.02(a).

     “Class A Interest Shortfall” has the meaning specified in Section 4.02(a).

     “Class A Monthly Interest” has the meaning specified in Section 4.02(a).

     “Class A Note Initial Principal Balance” means $2,226,791.00.

     “Class A Note Interest Rate” means a per annum rate of 0.15% in excess of LIBOR, as determined
(a) on June 10, 2005, for the period from and including the Closing Date through and excluding July
15, 2005 and (b) on the related LIBOR Determination Date with respect to each Interest Period
thereafter.

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

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

     “Class A Notes” means any one of the Series 2005-1 Notes executed by the Issuer and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

     “Class B Additional Interest” has the meaning specified in Section 4.02(b).

     “Class B Interest Shortfall” has the meaning specified in Section 4.02(b).

     “Class B Invested Amount” means, as of any date of determination, an amount equal to (a) the
Class B Note Initial Principal Balance, minus (b) the aggregate amount of any principal payments
made to the Class B Noteholders before such date, minus (c) the cumulative amount of

6

 

unreimbursed Uncovered Reallocated Principal Collections immediately before such date, but
limited to an amount that would reduce the Class B Invested Amount to zero, minus (d) the
cumulative amount of unreimbursed Investor Charge-Offs immediately before such date, but limited to
an amount that would reduce the Class B Invested Amount to zero.

     “Class B Monthly Interest” has the meaning specified in Section 4.02(b).

     “Class B Note Initial Principal Balance” means $73,209,000.00.

     “Class B Note Interest Rate” means a per annum rate of 0.44% in excess of LIBOR, as determined
(a) on June 10, 2005, for the period from and including the Closing Date through and excluding July
15, 2005 and (b) on the related LIBOR Determination Date with respect to each Interest Period
thereafter.

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

     “Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note
Register.

     “Class B Notes” means any one of the Series 2005-1 Notes executed by the Issuer and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-2.

     “Closing Date” means June 14, 2005.

     “Controlled Accumulation Amount” means, for any Distribution Date with respect to the
Controlled Accumulation Period, $383,333,333.33; provided, however, that if the Accumulation Period
Length is determined to be less than six months pursuant to Section 4.04(f), the Controlled
Accumulation Amount for each Distribution Date with respect to the Controlled Accumulation Period
will be equal to (a) the product of (i) the Initial Note Principal Balance, times (ii) the
Accumulation Period Factor for such Collection Period, divided by (b) the Required Accumulation
Factor Number.

     “Controlled Accumulation Period” means, unless an Amortization Event has occurred prior
thereto, the period beginning on the first day of the November 2007 Collection Period or such later
date as is determined in accordance with Section 4.04(f) and ending on the earlier to occur of (a)
the close of business on the day immediately preceding the commencement of the Early Amortization
Period and (b) the end of the Collection Period immediately preceding the Distribution Date on
which the Note Principal Balance will be paid in full.

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

7

 

     “Covered Amount” means, as of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.12(c), an amount equal to one-twelfth
of the product of (a) the amounts on deposit in the Principal Funding Account as of the immediately
preceding Distribution Date (excluding amounts relating to investment earnings and after giving
effect to any deposit therein on such preceding Distribution Date), times (b) one-month LIBOR plus
0.046% for the related Interest Period.

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

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

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

     “Distribution Date” means July 15, 2005 and the 15th day of each calendar month thereafter, or
if such 15th day is not a Business Day, the next succeeding Business Day.

     “Early Amortization Period” means the period beginning on the first day of the Collection
Period in which an Amortization Event with respect to Series 2005-1 occurs (or, if the Servicer is
required to make daily deposits of Collections into the Collection Account pursuant to Section
8.04(b) of the Indenture, on the day on which such an Amortization Event occurs) and ending on the
earlier to occur of (a) the end of the Collection Period immediately preceding the

8

 

Distribution Date on which the Note Principal Balance will be paid in full and (b) the Series
2005-1 Final Maturity Date.

     “Excess Interest Collections” has, with respect to Series 2005-1, the meaning specified in
Section 4.07.

     “Excess Transferor Percentage” means:

     (a) for allocating Interest Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the sum of the floating
investor percentages for all outstanding Series (including Series 2005-1) with respect to
such Collection Period and (ii) the percentage equivalent of a fraction, the numerator of
which is the Trust Available Subordinated Amount as of the Determination Date occurring in
the immediately preceding Collection Period, and the denominator of which is the Adjusted
Pool Balance as of the close of business on the last day of the immediately preceding
Collection Period; and

     (b) for allocating Principal Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the floating investor
percentages for all outstanding Series (including Series 2005-1) that are in their revolving
periods with respect to such Collection Period and the fixed investor percentages for all
outstanding Series (including Series 2005-1) that are not in their revolving periods with
respect to such Collection Period and (ii) the percentage equivalent of a fraction, the
numerator of which is the Trust Available Subordinated Amount as of the Determination Date
occurring in the immediately preceding Collection Period, and the denominator of which is
the Adjusted Pool Balance as of the close of business on the last day of the immediately
preceding Collection Period.

     “Expected Final Payment Date” means the May 2008 Distribution Date.

     “Fixed Investor Percentage” means, with respect to any Collection Period (or portion thereof
occurring after the end of the Revolving Period), the percentage equivalent (not to exceed 100%) of
a fraction (a) the numerator of which is the Invested Amount as of the close of business on the
last day of the Revolving Period and (b) the denominator of which is the greater of (i) the
Adjusted Pool Balance as of the close of business on the last day of the immediately preceding
Collection Period and (ii) the sum of the numerators used to calculate the applicable investor
percentages for allocating Principal Collections to all outstanding Series (including Series
2005-1) with respect to such Collection Period.

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

9

 

business on the last day of the immediately preceding Collection Period (or with respect to
the first Collection Period, the Adjusted Pool Balance as of the Series Cut-Off Date).

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

     (a) a fraction, (i) the numerator of which is the greater of (A) zero and (B) an amount
equal to (1) the Adjusted Invested Amount as of the related Distribution Date (after giving
effect to any changes to be made in such amount on such Distribution Date), plus (2) the
product of the Initial Invested Amount multiplied by the excess of the Required Pool
Percentage over 100%, plus (3) the Required Subordinated Amount on such Determination Date
(without giving effect to the Incremental Subordinated Amount), minus (4) the Series 2005-1
Excess Funding Amount as of such Determination Date (after giving effect to any changes in
such amount on such Determination Date) and (ii) the denominator of which is the Pool
Balance as of such Determination Date (or with respect to the first Collection Period, the
Pool Balance as of the Series Cut-Off Date); times

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

     “Indenture” means the Indenture, dated as of August 1, 2001, between the Issuer and the
Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to
time.

     “Indenture Supplement” means this Series 2005-1 Indenture Supplement, as the same may be
amended, supplemented or otherwise modified from time to time.

     “Initial Invested Amount” means, with respect to the Series 2005-1 Notes, $2,300,000,000.00.

     “Initial Note Principal Balance” means the sum of (a) the Class A Note Initial Principal
Balance, plus (b) the Class B Note Initial Principal Balance.

     “Interest Collections Shortfall” has, with respect to Series 2005-1, the meaning specified in
Section 4.07.

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

     “Invested Amount” means, with respect to the Series 2005-1 Notes as of any date of
determination, an amount equal to (a) the Initial Note Principal Balance, minus (b) the aggregate
amount of any principal payments made to the Class A Noteholders and the Class B Noteholders before
such date, minus (c) the cumulative amount of unreimbursed Uncovered Reallocated

10

 

Principal Collections immediately before such date, minus (d) the cumulative amount of
unreimbursed Investor Charge-Offs immediately before such date.

     “Investor Charge-Offs” has the meaning specified in Section 4.05.

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

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

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

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

     “LIBOR” means, with respect to any Interest Period, the London interbank offered rate for
one-month United States dollar deposits determined by the Indenture Trustee for such Interest
Period pursuant to Section 4.11.

     “LIBOR Determination Date” means (a) June 10, 2005 for the period from and including the
Closing Date through but excluding July 15, 2005 and (b) the second London Business Day before the
commencement of each subsequent Interest Period.

     “London Business Day” means any Business Day on which dealings in deposits in United States
dollars are transacted in the London interbank market.

     “Manufacturer Overconcentration” means, for any Determination Date, either:

     (a) the excess, if any, of (i) the aggregate amount of the Issuer’s Principal Receivables
financed by Ford Credit through PRIMUS that relate to a particular Manufacturer (other than Ford or
one of its associated Manufacturers) with a long-term credit rating of at least “A-” by Standard &
Poor’s and Fitch (if rated by Fitch), and “A3” by Moody’s (if rated by Moody’s) as of the last day
of the related Collection Period, over (ii) 10% of the Pool Balance as of the last day

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of such Collection Period (or a higher percentage so long as the Rating Agency Condition has
been satisfied); or

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

     “Monthly Interest” means, with respect to any Distribution Date, the sum of (a) the Class A
Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date.

     “Monthly Principal Amount” means the monthly principal distributable in respect of the Series
2005-1 Notes as determined pursuant to Section 4.03.

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

     “Monthly Servicing Fee” means, with respect to any Distribution Date, an amount equal to
one-twelfth of the product of (a) the Servicing Fee Rate, (b) the Floating Investor Percentage for
the related Collection Period and (c) the total amount of Principal Receivables and, if applicable,
the principal portion of any Interests in Other Floorplan Assets as of the close of business on the
last day of the immediately preceding Collection Period, or with respect to the first Collection
Period, the total amount of Principal Receivables as of the Series Cut-Off Date, in either case,
excluding the principal portion of any Interests in Other Floorplan Assets owned by the Issuer that
are not serviced by the Servicer; provided that with respect to the first Distribution Date, the
Monthly Servicing Fee will equal $250,000.00.

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

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

     (b) the sum of (i) Principal Receivables constituting Ineligible Receivables that
became Defaulted Receivables during the period beginning on the immediately preceding
Determination Date and ending on the day immediately preceding the current

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Determination Date, plus (ii) the aggregate amount of Principal Receivables
contributing to Dealer Overconcentrations, Manufacturer Overconcentrations, PRIMUS
Overconcentrations and Used Vehicle Overconcentrations that, in each case, became Defaulted
Receivables during the period beginning on the immediately preceding Determination Date and
ending on the day immediately preceding the current Determination Date.

     “Note Principal Balance” means, as of any date of determination, the sum of (a) the Class A
Note Principal Balance on such date, plus (b) the Class B Note Principal Balance on such date.

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

     “Pool Balance” has the meaning specified in the Indenture.

     “PRIMUS” means PRIMUS Financial Services, a division of Ford Credit, and its successors and
predecessors in interest (including Primus Automotive Financial Services, Inc., a New York
corporation that was formerly a wholly-owned subsidiary of Ford Credit).

     “PRIMUS Overconcentration” means, for any Determination Date, the excess, if any, of (a) the
aggregate amount of the Issuer’s Principal Receivables financed by Ford Credit through PRIMUS that
relate to all Manufacturers (other than Ford or one of its associated Manufacturers) as of the last
day of the related Collection Period, over (b) 30% of the Pool Balance as of the last day of such
Collection Period (or a higher percentage so long as the Rating Agency Condition has been
satisfied).

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

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

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

     “Principal Sharing Group One” means Series 2005-1 and each other Series specified in the
related Indenture Supplements to be included in Principal Sharing Group One.

     “Principal Shortfall” has, with respect to Series 2005-1, the meaning specified in Section
4.08(a).

     “Principal Terms” has the meaning specified in the Indenture.

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     “Rating Agency” means each of Standard & Poor’s, Fitch and Moody’s.

     “Rating Agency Condition” means the notification in writing by each of Moody’s, Standard &
Poor’s and Fitch to the Transferors, the Servicer and the Indenture Trustee that a proposed action
will not result in such Rating Agency reducing or withdrawing its then existing rating of the
investor note of any outstanding Series or Class of a Series with respect to which it is a Rating
Agency.

     “Reallocated Principal Collections” means, with respect to any Distribution Date, the amount
of Investor Principal Collections applied in accordance with Section 4.06 in an amount not to
exceed:

     (a) with respect to the Class A notes, the sum of the Available Subordinated Amount
plus the Class B Invested Amount for that Distribution Date (in each case after giving
effect to any change in that amount on that date); and

     (b) with respect to the Class B notes, the Available Subordinated Amount for that
Distribution Date (after giving effect to any change in that amount on that date).

     “Reassignment Amount” means, with respect to any Distribution Date, after giving effect to any
deposits and distributions otherwise to be made on such Distribution Date, the sum of (a) the Note
Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution
Date, together with any Monthly Interest previously due but not paid to the Series 2005-1
Noteholders on prior Distribution Dates, plus (c) any Additional Interest for such Distribution
Date.

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

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

     “Required Pool Percentage” means, 104%, except that the Transferors may reduce this percentage
so long as the Rating Agency Condition is satisfied with respect to the Series 2005-1 Notes.

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

     (a) the greater of (i) zero and (ii) the product of (A) the Subordinated Percentage,
times (B) the excess of the Adjusted Invested Amount over the Series 2005-1

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Excess Funding Amount on such date (after giving effect to any changes in such amount
on such date); plus

     (b) the Incremental Subordinated Amount for such date.

     “Required Transferor Amount” has the meaning specified in the Indenture.

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

     “Securities Intermediary” has the meaning specified in the Indenture.

     “Series 2005-1” means the Series of Notes, the Principal Terms of which are specified in this
Indenture Supplement.

     “Series 2005-1 Amortization Event” has the meaning specified in Section 6.01.

     “Series 2005-1 Excess Funding Amount” means, as of any date of determination, the product of
(a) the amount on deposit in the Excess Funding Account (excluding amounts relating to investment
earnings) on such date, times (b) a fraction (i) the numerator of which is the Adjusted Invested
Amount as of such date and (ii) the denominator of which is the sum of the adjusted invested
amounts of each outstanding Series (including Series 2005-1) being allocated a portion of the funds
on deposit in the Excess Funding Account.

     “Series 2005-1 Final Maturity Date” means the May 2010 Distribution Date.

     “Series 2005-1 Note” means a Class A Note or a Class B Note.

     “Series 2005-1 Noteholder” means a Class A Noteholder or a Class B Noteholder.

     “Series 2005-1 Noteholders’ Collateral” means the Noteholders’ Collateral for Series 2005-1.

     “Series Account Cash Deposit Subaccounts” means, with respect to Series 2005-1, the Principal
Funding Account Securities Subaccount and the Accumulation Period Reserve Account Cash Deposit
Subaccount.

     “Series Accounts” means, with respect to Series 2005-1, the Principal Funding Account and the
Accumulation Period Reserve Account.

     “Series Account Securities Subaccounts” means, with respect to Series 2005-1, the Principal
Funding Account Securities Subaccount and the Accumulation Period Reserve Account Securities
Subaccount.

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

     “Series Cut-Off Date” means the close of business on March 31, 2005.

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

     “Shared Principal Collections” has, with respect to Series 2005-1, the meaning specified in
Section 4.08.

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

     “Subordination Factor” means, for the Series 2005-1 Notes, 6.75%.

     “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate
Capital Markets Report (or such other page as may replace such page in that service for the purpose
of displaying comparable rates or prices).

     “Transferor Amount” has the meaning specified in the Indenture.

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

     “Transferor Percentage” has the meaning specified in the Indenture.

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

     “Trust Available Subordinated Amount” means, as of any date of determination, the sum of the
available subordinated amounts as of such date for all outstanding Series (including Series
2005-1).

     “Uncovered Reallocated Principal Collections” has the meaning specified in Section 4.06.

     “Used Vehicle Overconcentration” means, for any Determination Date, the excess, if any, of (a)
the aggregate amount of the Issuer’s Principal Receivables relating to Used Vehicles as of the last
day of the related Collection Period, over (b) 20% of the Pool Balance as of the last

16

 

day of such Collection Period (or a higher percentage so long as the Rating Agency Condition
has been satisfied).

     Section 2.02. Other Definitional Provisions.

     (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in
the Indenture, the Transfer and Servicing Agreement or the Trust Agreement, as applicable.

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

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

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

     (e) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Indenture Supplement refer to this Indenture Supplement as a whole and not to any particular
provision of this Indenture Supplement. References to any subsection, Section, Schedule or Exhibit
are references to subsections, Sections, Schedules and Exhibits in or to this Indenture Supplement,
unless otherwise specified. The term “including” means “including without limitation.”

ARTICLE III

Servicing Fee

     Section 3.01. Servicing Compensation.

     The share of the Servicing Fee allocable to the Series 2005-1 Noteholders with respect to any
Distribution Date is equal to the Monthly Servicing Fee. The portion of the Servicing Fee that is
not allocable to the Series 2005-1 Noteholders will be paid by the holders of the Transferor
Interest or the Noteholders of other Series (as provided in the related Indenture

17

 

Supplements) and in no event will the Issuer, the Indenture Trustee or the Series 2005-1
Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the
Transferor Interest or the Noteholders of any other Series.

ARTICLE IV

Rights of Series 2005-1 Noteholders

and Allocation and Application of Collections

     Section 4.01. Collections and Allocations.

     (a) Allocations. As provided in Section 8.03(a) of the Indenture, Interest Collections and
Principal Collections, as well as Defaulted Receivables, will be allocated between Series 2005-1
and the Transferor Interest and then applied in respect thereof pursuant to this Article IV.

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

     (i) an amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Interest Collections for such Collection Period will be deducted
from the Transferor Interest Collections for such Collection Period and distributed to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with
the Trust Agreement;

     (ii) an amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Principal Collections for such Collection Period will be deducted
from the Transferor Principal Collections for such Collection Period and distributed to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with
the Trust Agreement, but only to the extent that the Transferor Amount on such Deposit Date
(determined after giving effect to any Principal Receivables or, if applicable, Interests in
Other Floorplan Assets transferred to the Issuer) exceeds the Required Transferor Amount for
the immediately preceding Determination Date;

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

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

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     Unless the Servicer is allocating pursuant to another method which satisfies the Rating Agency
Condition, the sum of Available Transferor Interest Collections and Available Transferor Principal
Collections for any Collection Period (such sum being “Available Transferor Collections” for such
Collection Period) will be deposited into the Collection Account for application as provided herein
and in any other Indenture Supplements, but only to the extent that (i) (A) such funds are needed
to cover (pursuant to Section 4.04(b)(ii)) shortfalls in distributions and deposits required to be
made from Available Investor Interest Collections for the related Distribution Date and Excess
Interest Collections for such Distribution Date available for the Series 2005-1 Notes from other
Series in Excess Interest Sharing Group One or (B) such funds are needed to cover similar
shortfalls for other Series or (ii) during an Early Amortization Period, such funds (in an amount
not to exceed the Available Subordinated Amount) are needed to cover amounts payable pursuant to
Section 4.04(d)(iii) for the related Distribution Date. Any remaining Available Transferor
Collections not required to be deposited into the Collection Account will be distributed to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the
Trust Agreement, but only to the extent that the Transferor Amount on such Deposit Date (determined
after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan
Assets transferred to the Issuer) exceeds the Required Transferor Amount for the immediately
preceding Determination Date (after giving effect to the allocations, distributions, withdrawals
and deposits to be made on the Distribution Date immediately following such Determination Date).

     The allocations made from Collections in respect of the Transferor Interest pursuant to this
Section 4.01(b) do not apply to funds deposited into the Collection Account that do not represent
Collections. Such funds that do not represent Collections include payment of the purchase price for
the Noteholders’ Collateral pursuant to Section 2.03(c) or 6.01 of the Transfer and Servicing
Agreements or Section 5.05 or 11.04 of the Indenture and payment of the purchase price for the
Series 2005-1 Noteholders’ Collateral pursuant to Section 7.01 of this Indenture Supplement.

     Notwithstanding anything to the contrary herein or in the Indenture, all Interest Collections
and Principal Collections relating to the time period from but excluding the Series Cut-Off Date to
but excluding the Closing Date, will not be subject to allocation to Series 2005-1 pursuant to the
Indenture or this Indenture Supplement. All such Collections will be allocated solely to the
Transferor Interest and will be distributed by the Servicer to the Owner Trustee for distribution
to the holders of the Transferor Interest in accordance with the Trust Agreement.

     (c) Allocations to Series 2005-1. The Servicer will on each Deposit Date allocate to the
Series 2005-1 Noteholders and deposit into the Collection Account for application as provided
herein the following amounts:

     (i) an amount equal to the product of the Floating Investor Percentage for the related
Collection Period and the Interest Collections for such Collection Period, but only to the
extent necessary to cause the amounts then on deposit in the Collection Account

19

 

due to deposits therein pursuant to this clause (i) to equal the amounts to be
distributed on the related Distribution Date pursuant to clauses (i) through (viii) of
Section 4.04(a); and

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

     Section 4.02. Determination of Monthly Interest.

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

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

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

     On the Determination Date relating to each Distribution Date, the Servicer will determine the
excess, if any (such excess, the “Class B Interest Shortfall”), of (1) the Class B Monthly Interest
for such Distribution Date, over (2) the aggregate amount of funds allocated and available to pay
such Class B Monthly Interest on such Distribution Date. If the Class B Interest

20

 

Shortfall with respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount (the
“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is
the actual number of days in the related Interest Period and the denominator of which is 360, times
(ii) the Class B Note Interest Rate in effect with respect to the related Interest Period, times
(iii) such Class B Interest Shortfall (including any unpaid Class B Interest Shortfalls for prior
Distribution Dates) will be payable as provided herein with respect to the Class B Notes.
Notwithstanding anything to the contrary herein, the Class B Additional Interest will be payable or
distributed to the Class B Noteholders only to the extent permitted by applicable law.

     Section 4.03. Determination of Monthly Principal Amount.

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

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

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

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

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

     (iii) if Ford Credit or one of its Affiliates is no longer the Servicer, an amount
equal to the Monthly Servicing Fee for such Distribution Date, together with any

21

 

Monthly Servicing Fees previously due but not distributed to the Servicer on prior
Distribution Dates, will be distributed to the Servicer (unless such amount has been netted
against deposits into the Collection Account in accordance with Section 8.04(c) of the
Indenture);

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

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

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

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

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

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

     (x) an amount equal to the Interest Collections Shortfalls for other outstanding Series
in Excess Interest Sharing Group One will be treated as Excess Interest Collections
available from Series 2005-1 and applied to cover the Interest Collections Shortfalls for
other outstanding Series in Excess Interest Sharing Group One; and

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

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

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

     (ii) from Available Transferor Collections available for deposit into the Collection
Account, but only in an amount not exceeding the Available Subordinated Amount (before
giving effect to Section 4.05) for such Distribution Date and only to cover shortfalls in
the distributions and deposits required under clauses (i) through (vi) of Section 4.04(a) in
that order; provided that, if the amount of Available Transferor Collections is insufficient
to cover such shortfalls for Series 2005-1, as well as any similar shortfalls for other
Series, then Available Transferor Collections will be allocated to Series 2005-1 based on
the ratio that the Available Subordinated Amount for Series 2005-1 bears to the aggregate
Available Subordinated Amount for all Series (including Series 2005-1) having such
shortfalls; and, provided, further, that if the amount of Available Transferor Collections
exceeds the aggregate amount of such shortfalls for all Series (including Series 2005-1),
then the excess Available Transferor Collections will be applied to cover any unpaid
Adjustment Payments; and

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

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

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

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

23

 

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

     (i) during the Controlled Accumulation Period and before the payment in full of the
Class A Notes and the Class B Notes, (A) an amount equal to the excess, if any, of the
Monthly Principal Amount for such Distribution Date, over the Series 2005-1 Excess Funding
Amount (up to the Controlled Deposit Amount for such Distribution Date) will be deposited
into the Principal Funding Account and (B) the Series 2005-1 Excess Funding Amount (up to
the Controlled Deposit Amount for such Distribution Date) will be withdrawn from the Excess
Funding Account and deposited into the Principal Funding Account;

     (ii) so long as the Early Amortization Period has not commenced, on the Expected Final
Payment Date, all Available Investor Principal Collections for such Distribution Date,
together with all available amounts then on deposit in the Principal Funding Account
(including any Series 2005-1 Excess Funding Amount deposited therein during the related
Collection Period), will be distributed to the Paying Agent for payment first to the Class A
Noteholders until the Principal Balance of the Class A Notes is reduced to zero and then for
payment to the Class B Noteholders until the Principal Balance of the Class B Notes is
reduced to zero;

     (iii) during the Early Amortization Period, all Available Investor Principal
Collections for such Distribution Date, together with all available amounts, if any, then on
deposit in the Principal Funding Account (including any Series 2005-1 Excess Funding Amount
deposited therein during the related Collection Period or on such Distribution Date and
Available Transferor Collections (in an amount not to exceed the Available Subordinated
Amount)), will be distributed to the Paying Agent first for payment to the Class A
Noteholders until the Principal Balance of the Class A Notes is reduced to zero and then for
payment to the Class B Noteholders until the Principal Balance of the Class B Notes is
reduced to zero; and

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

     (e) On each Distribution Date with respect to the Controlled Accumulation Period, the
Indenture Trustee, acting in accordance with written instructions from the Servicer, will withdraw
from the Excess Funding Account and deposit into the Principal Funding Account the Series 2005-1
Excess Funding Amount (up to the Controlled Deposit Amount for such Distribution Date) pursuant to
Section 4.04(d)(i). On the first Distribution Date with respect to the Early Amortization Period,
the Indenture Trustee, acting in accordance with the written

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instructions from the Servicer, will withdraw from the Excess Funding Account and distribute
to the Paying Agent for payment to the Series 2005-1 Noteholders the Series 2005-1 Excess Funding
Amount pursuant to Section 4.04(d)(iii).

     (f) The Controlled Accumulation Period is scheduled to commence on the first day of the
November 2007 Collection Period; provided, however, that, if the Accumulation Period Length
(determined as described below) is less than six Collection Periods, the date on which the
Controlled Accumulation Period actually commences will be delayed to the first day of the
Collection Period that is the number of whole Collection Periods before the Expected Final Payment
Date at least equal to the Accumulation Period Length and, as a result, the number of Collection
Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length.
On or before each Determination Date beginning with the Determination Date in the October 2007
Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will
determine the “Accumulation Period Length,” which will equal the number of whole Collection Periods
such that the sum of the Accumulation Period Factors for each Collection Period during such period
will be equal to or greater than the Required Accumulation Factor Number; provided, however, that
the Accumulation Period Length will not be determined to be less than one Collection Period; and
provided, further, that the determination of the Accumulation Period Length may be changed at any
time upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such
change will not have an Adverse Effect.

     Section 4.05. Investor Charge-Offs.

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

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

     (ii) the Excess Interest Collections available from other outstanding Series in Excess
Interest Sharing Group One for such Distribution Date applied to fund such Investor Default
Amount pursuant to Section 4.04(a)(iv) in accordance with Section 4.04(b)(i); and

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

     then, if the Available Subordinated Amount is greater than zero (after giving effect to any
reductions thereof pursuant to Section 4.04(b)(ii)), a portion of the Available Subordinated Amount
for the related Determination Date, in an amount not to exceed the lesser of (1) the Available
Subordinated Amount and (2) the amount of such unfunded Investor Default Amount,

25

 

will be reallocated to the Series 2005-1 Notes in order to avoid a reduction of the Invested
Amount. Any excess of the amount of such unfunded Investor Default Amount over the amount of the
Available Subordinated Amount reallocated pursuant to this Section will constitute an “Investor
Charge-Off” for such Distribution Date and will reduce the Invested Amount. The amount of any
Available Subordinated Amount reallocated pursuant to this Section will reduce the Available
Subordinated Amount by the amount so reallocated.

     Section 4.06. Reallocated Principal Collections.

     On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee by written
instruction to the Indenture Trustee to withdraw from the Collection Account and apply, Reallocated
Principal Collections with respect to such Distribution Date and apply such amounts on such
Distribution Date in accordance with Section 4.04(b)(iii). If, on any Distribution Date,
Reallocated Principal Collections for such Distribution Date are so applied, then, if the Available
Subordinated Amount is greater than zero (after giving effect to any reductions thereof pursuant to
Sections 4.04(b)(ii) and 4.05), a portion of the Available Subordinated Amount, in an amount not to
exceed the lesser of (1) the Available Subordinated Amount and (2) the amount of such Reallocated
Principal Collections, will be reallocated to the Series 2005-1 Notes in order to avoid a reduction
of the Invested Amount. Any excess of the amount of such Reallocated Principal Collections over the
amount of the Available Subordinated Amount reallocated pursuant to this Section will constitute
“Uncovered Reallocated Principal Collections” for such Distribution Date and will reduce the
Invested Amount. The amount of any Available Subordinated Amount reallocated pursuant to this
Section will reduce the Available Subordinated Amount by the amount so reallocated.

     Section 4.07. Excess Interest Collections.

     Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to the
Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date will
be allocated to Series 2005-1 in an amount equal to the product of (i) the aggregate amount of
Excess Interest Collections with respect to all the Excess Interest Sharing Series in Excess
Interest Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which
is the Interest Collections Shortfall for Series 2005-1 for such Distribution Date and the
denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess
Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The
“Interest Collections Shortfall” for Series 2005-1 for any Distribution Date will equal the excess,
if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i)
through (ix) of Section 4.04(a) on such Distribution Date, over (b) the Available Investor Interest
Collections for such Distribution Date. The “Excess Interest Collections” with respect to Series
2005-1 for any Distribution Date will equal the excess, if any, of (a) the Available Investor
Interest Collections for such Distribution Date, over (b) the full amount required to be
distributed, without duplication, pursuant to clauses (i) through (ix) of Section 4.04(a) on such
Distribution Date.

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     Section 4.08. Shared Principal Collections.

     Subject to Section 8.05(c) of the Indenture, the aggregate amount of Shared Principal
Collections with respect to the Principal Sharing Series in Principal Sharing Group One for any
Distribution Date will be allocated to Series 2005-1 in an amount equal to the product of (i) such
aggregate amount, times (ii) a fraction, the numerator of which is the Principal Shortfall for
Series 2005-1 for such Distribution Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One for such
Distribution Date. The “Principal Shortfall” for Series 2005-1 for any Distribution Date will equal
(a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution
Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled
Deposit Amount with respect to such Distribution Date, over the amount of Available Investor
Principal Collections for such Distribution Date (excluding any portion thereof attributable to
Shared Principal Collections) and (c) for any Distribution Date with respect to the Early
Amortization Period, the excess, if any, of the Adjusted Invested Amount, over the amount of
Available Investor Principal Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections). The “Shared Principal Collections” with respect to
Series 2005-1 for any Distribution Date will equal the excess, if any, of (a) the Available
Investor Principal Collections for such Distribution Date (without giving effect to clause (a)(ii)
of the definition thereof), over (b) the full amount required to be deposited or distributed,
without duplication, pursuant to Sections 4.04(c) and (d) on such Distribution Date.

     Section 4.09. Available Subordinated Amount.

     (a) On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee by
written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on
deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to
the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount
of any such Available Transferor Collections so applied on any Distribution Date will reduce the
Available Subordinated Amount by the amount so applied. The balance of Available Transferor
Collections on deposit in the Collection Account on any Distribution Date, after giving effect to
any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed
by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee for
distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but
only to the extent that the Transferor Amount (determined after giving effect to any Principal
Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on
such Distribution Date) exceeds the Required Transferor Amount for the immediately preceding
Determination Date. In addition, during an Early Amortization Period, Available Transferor
Collections, to the extent of the Available Subordinated Amount, will be available for distribution
in accordance with Section 4.04(d)(iii). However, the amount of any such Available Transferor
Collections so applied on any Distribution Date will not reduce the Available Subordinated Amount
by the amount so applied.

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

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

     Section 4.10. Principal Funding Account.

     (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain
with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the
Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Principal Funding Account”). The Principal Funding Account will consist of two
segregated subaccounts: (i) the “Principal Funding Account Securities Subaccount” to which
financial assets (other than cash and money) credited to the Principal Funding Account will be
credited and (ii) the “Principal Funding Account Cash Deposit Subaccount” to which cash and money
deposited in the Principal Funding Account will be credited. The Indenture Trustee will possess all
right, title and interest in all Eligible Investments and all monies, cash, instruments,
securities, securities entitlements, documents, certificates of deposit and other property from
time to time on deposit in or credited to the Principal Funding Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount) for the benefit
of the Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer and
Servicing Agreements, the Servicer agrees that it has no right of setoff or banker’s lien against,
and no right to otherwise deduct from, any funds and other property held in the Principal Funding
Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any
Series Enhancer. If, at any time, (x) the Principal Funding Account ceases to be a Qualified
Account or (y) the Indenture Trustee no longer maintains the Principal Funding Account, then within
ten Business Days (or such longer period as to which each Rating Agency may consent), the Indenture
Trustee (or the Servicer on its behalf) will establish a new Principal Funding Account meeting the
conditions specified above, transfer any monies, instruments, securities, security entitlements,
documents, certificates of deposit and other property to such new Principal Funding Account and
from the date such new Principal Funding Account is established, it will be the “Principal Funding
Account.” Any Eligible Institution at which the successor Principal Funding Account is established
shall deliver a written acceptance of its appointment and shall agree to be bound by the provisions
in the Indenture relating to the Securities Intermediary and the Bank as they relate to the
Principal Funding Account. The Indenture Trustee, at the written direction of the Servicer, will
(i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for
the

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purposes set forth in this Indenture Supplement and (ii) on each Distribution Date (from and
after the commencement of the Controlled Accumulation Period) before the earlier of payment in full
of the Series 2005-1 Notes and the Series 2005-1 Final Maturity Date, make deposits into the
Principal Funding Account in the amounts specified in, and in accordance with, Section 4.04(d)(i).

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

     Section 4.11. Determination of LIBOR.

     (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR on the basis
of the rate for deposits in United States dollars for a one-month period which appears on Telerate
Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate
Page 3750, the rate for that LIBOR Determination Date will be determined on the basis of the rates
at which deposits in United States dollars are offered by the Reference Banks at approximately
11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month
period. The Indenture Trustee will request the principal London office of each of the Reference
Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate
for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, the rate for that LIBOR Determination Date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at
approximately 11:00 a.m. (New York City time) on that day for loans in United States dollars to
leading European banks for a one-month period.

     (b) The Class A Note Interest Rate and the Class B Note Interest Rate applicable to the then
current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its Corporate Trust Office at (212) 623-5600 or such other telephone number as may be
designated by the Indenture Trustee for such purpose by prior written notice by the Indenture
Trustee to each Noteholder from time to time. Alternatively, in lieu of

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providing such written notice, the Indenture Trustee may make notice of such change in
telephone number available to the Series 2005-1 Noteholders through the Indenture Trustee’s
internet website, which initially is located at http://www.jpmorgan.com/sfr.

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

     Section 4.12. Accumulation Period Reserve Account.

     (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain
with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the
Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Accumulation Period Reserve Account”). The Accumulation Period Reserve Account
will consist of two segregated subaccounts: (i) the “Accumulation Period Reserve Account Securities
Subaccount” to which financial assets (other than cash and money) credited to the Accumulation
Period Reserve Account will be credited and (ii) the “Accumulation Period Reserve Account Cash
Deposit Subaccount” to which cash and money deposited in the Accumulation Period Reserve Account
will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the
Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue,
dividends and other distributions thereof (including any accrued discount realized on liquidation
of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly
provided in this Indenture Supplement and the Transfer and Servicing Agreements, the Servicer
agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct
from, any funds and other property held in the Accumulation Period Reserve Account for any amount
owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any
time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the
Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten
Business Days (or such longer period as to which each Rating Agency may consent), the Indenture
Trustee (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account
meeting the conditions specified above, transfer any monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property to such new Accumulation Period
Reserve Account and from the date such new Accumulation Period Reserve Account is established, it
will be the “Accumulation Period Reserve Account.” Any Eligible Institution at which the successor
Accumulation Period Reserve Account is established shall deliver a written acceptance of its
appointment and shall agree to be bound by the provisions in the Indenture relating to the
Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The
Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the
Accumulation Period Reserve Account from time to time, in the amounts

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and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution
Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination
of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation
Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for
such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date
as applied in accordance with Section 4.04(a)(vii) and (2) Excess Interest Collections available
from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as
applied in accordance with Section 4.04(b)(i).

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

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

     (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to
the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve
Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the
Indenture Trustee will, at the written direction of the

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Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the
Transferor Interest in accordance with the Trust Agreement.

     (e) Upon the earliest to occur of (i) the payment in full of the Series 2005-1 Notes, (ii) the
first Distribution Date relating to the Early Amortization Period and (iii) the Final Maturity
Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds
therefrom on such date in accordance with Section 4.12(c), will be treated as Available Investor
Interest Collections. The Accumulation Period Reserve Account will thereafter be deemed to have
terminated for purposes of this Indenture Supplement.

     Section 4.13. Investment Instructions.

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

ARTICLE V

Delivery of Series 2005-1 Notes;

Distributions; Reports to Series 2005-1 Noteholders

     Section 5.01. Delivery and Payment for Series 2005-1 Notes.

     The Indenture Trustee will execute and authenticate the Series 2005-1 Notes in accordance with
Section 2.03 of the Indenture. The Indenture Trustee will deliver the Series 2005-1 Notes to or
upon the order of the Issuer when so authenticated.

     Section 5.02. Distributions.

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

     (b) On each Distribution Date, the Paying Agent will distribute to each Class A Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the

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Indenture) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay principal of the Class A Notes
pursuant to this Indenture Supplement.

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

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

     (e) The distributions to be made pursuant to this Section are subject to the provisions of
Sections 2.03(c) and 6.01 of the Transfer and Servicing Agreements, Section 11.02 of the Indenture
and Section 7.01 of this Indenture Supplement.

     (f) Except as provided in Section 11.02 of the Indenture with respect to a final distribution,
distributions to Series 2005-1 Noteholders hereunder will be made by (i) check mailed to each
Series 2005-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except
that with respect to any Series 2005-1 Notes registered in the name of the nominee of a Clearing
Agency, such distribution will be made in immediately available funds and (ii) without presentation
or surrender of any Series 2005-1 Note or the making of any notation thereon.

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

     Section 5.03. Reports and Statements to Series 2005-1 Noteholders.

     (a) On each Distribution Date, the Paying Agent, on behalf of the Indenture Trustee, will mail
or deliver to each Series 2005-1 Noteholder a statement substantially in the form of Exhibit B
prepared by the Servicer; provided, however, that, in lieu of the Paying Agent’s mailing or
delivering such statement, the Indenture Trustee may make such statement available to the Series
2005-1 Noteholders through the Indenture Trustee’s internet website, which initially is located at
http://www.jpmorgan.com/sfr.

     (b) No later than the second Business Day preceding each Distribution Date, the Servicer will
mail or deliver to the Owner Trustee, the Indenture Trustee, the Paying Agent and each Rating
Agency (i) a statement substantially in the form of Exhibit B prepared by the

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Servicer and (ii) a certificate of an Authorized Officer substantially in the form of Exhibit
C; provided that the Servicer may amend the form of Exhibit B and Exhibit C from time to time.

     (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be
obtained by any Series 2005-1 Noteholder by a request in writing to the Servicer.

     (d) On or before January 31 of each calendar year, beginning with calendar year 2006, the
Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each
Person who at any time during the preceding calendar year was a Series 2005-1 Noteholder, a
statement prepared by the Servicer containing the information that is required to be contained in
the statements to the Series 2005-1 Noteholders, as set forth in Section 5.03(a), aggregated for
the preceding calendar year, together with other information as is required to be provided by an
issuer of indebtedness under the Code; provided, however, that, in lieu of the Paying Agent’s
mailing or delivering such statement, the Indenture Trustee may make such statement available to
the Series 2005-1 Noteholders through the Indenture Trustee’s internet website, which initially is
located at http://www. jpmorgan.com/sfr. Such obligation of the Servicer will be deemed to have
been satisfied to the extent that substantially comparable information is provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect.

ARTICLE VI

Series 2005-1 Amortization Events

     Section 6.01. Series 2005-1 Amortization Events.

     If any one of the following events occurs with respect to the Series 2005-1 Notes:

     (i) failure by either Transferor (a) to make any payment or deposit required by the
terms of the related Transfer and Servicing Agreement, the Indenture or this Indenture
Supplement on or before the date occurring five Business Days after the date such payment or
deposit is required to be made therein or herein or (b) to observe or perform in any
material respect any other covenants or agreements of such Transferor set forth in the
related Transfer and Servicing Agreement, the Indenture or this Indenture Supplement that
has an Adverse Effect on the Series 2005-1 Noteholders and continues unremedied for a period
of 60 days after the date on which written notice of such failure, requiring the same to be
remedied, has been given to such Transferor by the Indenture Trustee, or to such Transferor
and the Indenture Trustee by any Holder of the Series 2005-1 Notes, and, in either case,
continues to affect materially and adversely the interests of the Series 2005-1 Noteholders
for the designated period;

     (ii) any representation or warranty made by either Transferor in the related Transfer
and Servicing Agreement, the Indenture or this Indenture Supplement, or any information
contained in a computer file or other list required to be delivered by such

34

 

Transferor pursuant to the related Transfer and Servicing Agreement proves to have been
incorrect in any material respect when made or when delivered, which continues to be
incorrect in any material respect for a period of 60 days after the date on which written
notice of such failure, requiring the same to be remedied, has been given to such Transferor
by the Indenture Trustee, or to such Transferor and the Indenture Trustee by any Holder of
the Series 2005-1 Notes and as a result of which the interests of the Series 2005-1
Noteholders are materially and adversely affected and continue to be affected materially and
adversely for the designated period; provided, however, that a Series 2005-1 Amortization
Event pursuant to this clause (ii) will not be deemed to have occurred hereunder if such
Transferor has accepted reassignment of the related Receivable, or all of such Receivables,
if applicable, during such period in accordance with the provisions of the related Transfer
and Servicing Agreement;

     (iii) any Servicer Default occurs that has an Adverse Effect on the Series 2005-1
Noteholders;

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

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

     (vi) on any Determination Date, the Available Subordinated Amount for the next
succeeding Distribution Date is less than the Required Subordinated Amount after giving
effect to any distributions to be made on such Distribution Date, and continues unremedied
for a period of five Business Days after such Distribution Date; provided that, for the
purpose of determining whether a Series 2005-1 Amortization Event has occurred pursuant to
this clause (vi), any reduction of the Available Subordinated Amount resulting from
reallocations of the Available Transferor Collections to pay interest on the Series 2005-1
notes in the event LIBOR is equal to or greater than the prime rate upon which interest on
the receivables is calculated on the applicable LIBOR Determination Date will be considered
a Series 2005-1 Amortization Event only if LIBOR remains equal to or greater than such prime
rate for the next 30 consecutive days following such LIBOR determination date;

     (vii) the amounts on deposit in the Excess Funding Account exceed 30% of the sum of the
adjusted invested amounts of all outstanding Series (including Series 2005-1) for three
consecutive Collection Periods, after giving effect to any distributions to be made on each
related Distribution Date; or

     (viii) the occurrence of an Event of Default with respect to Series 2005-1 and an
acceleration of the maturity of the Series 2005-1 Notes pursuant to Section 5.03 of the
Indenture.

35

 

     Then, in the case of any event described in clauses (i) through (iii) above, after any
applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the
Outstanding Amount of Series 2005-1 Notes by notice then given in writing to the Transferors and
the Servicer (and to the Indenture Trustee if given by the Series 2005-1 Noteholders) may declare
that an amortization event with respect to the Series 2005-1 Notes (a “Series 2005-1 Amortization
Event”) has occurred as of the date of such notice, and, in the case of any event described in
clauses (iv) through (viii) above, a Series 2005-1 Amortization Event, will occur without any
notice or other action on the part of the Indenture Trustee or the Series 2005-1 Noteholders
immediately upon the occurrence of the event.

ARTICLE VII

Redemption of Series 2005-1 Notes; Series Final Maturity; Final Distributions

     Section 7.01. Optional Redemption of Series 2005-1 Notes.

     (a) On any day occurring on or after the date on which the Note Principal Balance is reduced
to 10% or less of the Initial Note Principal Balance, the Transferors holding an aggregate
Percentage Interest of at least 51% will have the option to purchase the Series 2005-1 Noteholders’
Collateral and thereby cause a redemption of the Series 2005-1 Notes, at a purchase price equal to
(i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii)
if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following
such day.

     (b) Upon any such election, the Transferors will give the Servicer, the Indenture Trustee, the
Issuer and, if applicable, other holders of the Transferor Interest at least 30 days prior written
notice of the date on which the Transferors intend to exercise such optional redemption and the
Indenture Trustee shall provide notice to Holders of the Series 2005-1 Notes that it has received
such notice from the Transferors. No later than 12:00 noon (New York City time) on such day the
Transferors will deposit the Reassignment Amount into the Collection Account in immediately
available funds. Such redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Amount in accordance with the foregoing, the Invested
Amount of the Series 2005-1 Notes will be deemed reduced to zero and the Series 2005-1 Noteholders
will be deemed to have no further interest in the Receivables or, if applicable, Interests in Other
Floorplan Assets. The Reassignment Amount will be distributed as set forth in Section 7.02.

     Section 7.02. Series Final Maturity.

     (a) The amount to be paid by the Transferors with respect to Series 2005-1 in connection with
a reassignment of the Noteholders’ Collateral pursuant to Section 2.03(c) or 6.01 of the Transfer
and Servicing Agreements will be the Reassignment Amount for the first Distribution Date following
the Collection Period in which the reassignment obligation arises under the Transfer and Servicing
Agreements. With respect to the Reassignment Amount

36

 

deposited into the Collection Account pursuant to Section 2.03(c) or 6.01 of the Transfer and
Servicing Agreements or pursuant to Section 7.01 of this Indenture Supplement or the proceeds from
any Foreclosure Remedy pursuant to Section 5.05 of the Indenture, the Indenture Trustee will, in
accordance with the written direction of the Servicer, no later than 12:00 noon (New York City
time) on the related Distribution Date, make deposits or distributions of the following amounts (in
the priority set forth below and, in each case after giving effect to any deposits and
distributions otherwise to be made on such date) in immediately available funds:

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

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

     (b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or
the Transfer and Servicing Agreements, (i) all amounts distributed to the Paying Agent pursuant to
Section 7.02(a) for payment to the Series 2005-1 Noteholders will be deemed distributed in full to
the Series 2005-1 Noteholders on the date on which such funds are distributed to the Paying Agent
pursuant to this Section and will be deemed to be a final distribution pursuant to Section 11.02 of
the Indenture and (ii) in the event that the amounts available for final distribution to the Series
2005-1 Noteholders and to the Noteholders of any other Series on any Distribution Date are less
than the full amount required to be so distributed, the available amounts will be allocated to each
Series based on the respective amounts required to be distributed to each such Series (including
Series 2005-1) on such Distribution Date.

ARTICLE VIII

Miscellaneous Provisions

     Section 8.01. Ratification of Agreement.

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

37

 

     Section 8.02. Form of Delivery of Series 2005-1 Notes.

     The Series 2005-1 Notes will be delivered as Registered Notes as provided in Section 2.01 of
the Indenture.

     Section 8.03. Counterparts.

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

     Section 8.04. Governing Law.

     This Indenture Supplement and each Series 2005-1 Note are to be construed in accordance with
and governed by the laws of the State of New York without regard to its conflicts of laws
principles.

     Section 8.05. Effect of Headings and Table of Contents.

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

38

 

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

	 	 	 	 	 	 	 
	 	 	Ford Credit Floorplan Master Owner

Trust A, as Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	By
The Bank of New York, not in its
individual capacity, but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ John Bobko

 

Name: John Bobko
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A., not in its
individual capacity, but solely as Indenture Trustee,
Securities Intermediary and Bank	 	

	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Michael A. Smith	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael A. Smith	 	 
	 

	 	 	 	Title: Vice President	 	 

39

 

Exhibit A-1

Form of Class A Note

     Unless this Note is presented by an authorized representative of the Depository Trust Company,
a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange
or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC) any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

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

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

     Any holder of this Class A Note, by its acceptance of this Class A Note, will be deemed to
have represented that either (a) it is not, and is not acting on behalf of or investing the assets
of, an employee benefit plan or retirement arrangement that is subject to the fiduciary
responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended, or
Section 4975 of the Internal Revenue Code of 1986, as

A-1-1

 

amended, or (b) its acquisition and continued holding of this Class A Note will be covered by
a Department of Labor Prohibited Transaction Class Exemption.

A-1-2

 

			
	 	 	 
	Registered
	 	$                    1
	No. R-___
	 	CUSIP No. 34528P AG 1
	 
	 	ISIN No. US34528PAG19
	 
	 	Common Code 022255126

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes, Class A

     Ford Credit Floorplan Master Owner Trust A (herein referred to as the “Issuer”), a Delaware
statutory trust governed by the Amended and Restated Trust Agreement, dated as of August 1, 2001,
for value received, hereby promises to pay to ______, or registered assigns,
subject to the following provisions, the principal sum of _________Dollars, or such greater or lesser amount as determined in accordance with
the Indenture and the Indenture Supplement (each referred to herein), on the May 2010 Distribution
Date (the “Series 2005-1 Final Maturity Date”), except as otherwise provided below or in the
Indenture or the Indenture Supplement. Beginning on July 15, 2005 and on each Distribution Date
thereafter until the principal amount of this Class A Note is paid in full, the Issuer will pay
interest on the unpaid principal amount of this Class A Note at an annual rate equal to the sum of
LIBOR and 0.15% (the “Class A Note Interest Rate”), as determined pursuant to the Indenture
Supplement. Interest on this Class A Note will begin accruing from June 14, 2005 (the “Closing
Date”) and will be payable in arrears on each Distribution Date, computed on the basis of a 360-day
year and the actual number of days elapsed. The principal of this Class A Note will be paid in the
manner specified on the reverse hereof.

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

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

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

 

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

A-1-3

 

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

	 	 	 	 	 	 	 
	 	 	Ford Credit Floorplan Master Owner Trust A,

as Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	By The Bank of New York, not in its

individual capacity, but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

     Dated: ________, _____

Indenture Trustee’s Certificate of Authentication

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

	 	 	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A., not in its

individual capacity, but solely as Indenture

Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

Authorized Officer
	 	 

A-1-4

 

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes, Class A

Summary of Terms and Conditions

     This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as the
Series 2005-1 Floating Rate Asset Backed Notes (the “Notes”), issued under the Indenture, dated as
of August 1, 2001 (the “Indenture”), between the Issuer and The Chase Manhattan Bank, (the
predecessor entity to JPMorgan Chase Bank, N.A.), as indenture trustee (the “Indenture Trustee”),
as supplemented by the Series 2005-1 Indenture Supplement, dated as of June 1, 2005 (the “Indenture
Supplement” and, together with the Indenture, the “Series Agreement”), and representing the right
to receive certain payments from the Issuer. The Notes are subject to all of the terms of the
Series Agreement. All terms used in this Class A Note that are defined in the Series Agreement have
the meanings assigned to them in or pursuant to the Series Agreement. In the event of any conflict
or inconsistency between the Series Agreement and this Class A Note, the Series Agreement controls.

     The Class B Notes, in an initial aggregate principal amount of $73,209,000, will also be
issued under the Series Agreement. The rights of the holders of the Class B Notes to
receive payments on the Class B Notes are subordinate to the rights of the holders of the Class A
Notes to receive payments as specified in the Series Agreement.

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

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

     The Class A Note Initial Principal Balance is $2,226,791,000. The Class A Note Principal
Balance on any date of determination will be an amount equal to (a) the Class A Note Initial
Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A
Noteholders on or before such date.

     The Expected Final Payment Date is the May 2008 Distribution Date, but principal with respect
to the Class A Notes may be paid earlier or later under certain circumstances described in the
Series Agreement. If for one or more months during the

A-1-5

 

Controlled Accumulation Period there are not sufficient funds to deposit the Controlled
Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to
make up for such shortfalls, the final payment of principal of the Notes will occur later than the
Expected Final Payment Date. Payments of principal of the Notes will be payable in accordance with
the provisions of the Series Agreement.

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

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

     On any day occurring on or after the date on which the outstanding principal balance of the
Notes is reduced to 10% or less of the initial outstanding principal balance of the Notes, the
Issuer will have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day.

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

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

A-1-6

 

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

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

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

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

A-1-7

 

Assignment

Social Security or other identifying number of assignee________________________

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

                                                                                                    

                                                                                                    

                                                                                                    

                                                                                                    

(name and address of assignee)

the within note and all rights thereunder, and hereby irrevocably constitutes and appoints
___________________________, attorney, to transfer said note on the
books kept for registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated: ___

	 	                                                                                                    1
	 
	 	 
	 

	 	Signature Guaranteed:
	 
	 	 
	 

	 	                                                                                                    

 

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

A-1-8

 

Exhibit A-2

Form of Class B Note

     Unless this Note is presented by an authorized representative of the Depository Trust Company,
a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange
or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC) any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

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

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

     The rights of the holders of the Class B Notes to receive payments on the Class B Notes are
subordinate to the rights of the holders of the Class A Notes to receive payments as specified in
the Indenture and the Indenture Supplement.

     Any holder of this Class B Note, by its acceptance of this Class B Note, will be deemed to
have represented that either (a) it is not, and is not acting on behalf of or

A-2-1

 

investing the assets of, an employee benefit plan or retirement arrangement that is subject to
the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as
amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, or (b) its acquisition
and continued holding of this Class B Note will be covered by a Department of Labor Prohibited
Transaction Class Exemption.

A-2-2

 

			
	 	 	 
	Registered
	 	$                    1
	No. R-___
	 	CUSIP No. 34528P AH 9
	 
	 	ISIN No. US34528PAH91
	 
	 	Common Code 022255193

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes, Class B

     Ford Credit Floorplan Master Owner Trust A (herein referred to as the “Issuer”), a Delaware
statutory trust governed by the Amended and Restated Trust Agreement, dated as of August 1, 2001,
for value received, hereby promises to pay to ______, or registered assigns,
subject to the following provisions, the principal sum of _________Dollars, or such greater or lesser amount as determined in accordance with
the Indenture and the Indenture Supplement (each referred to herein), on the May 2010 Distribution
Date (the “Series 2005-1 Final Maturity Date”), except as otherwise provided below or in the
Indenture or the Indenture Supplement. Beginning on July 15, 2005 and on each Distribution Date
thereafter until the principal amount of this Class B Note is paid in full, the Issuer will pay
interest on the unpaid principal amount of this Class B Note at an annual rate equal to the sum of
LIBOR and 0.44% (the “Class B Note Interest Rate”), as determined pursuant to the Indenture
Supplement. Interest on this Class B Note will begin accruing from June 14, 2005 (the “Closing
Date”) and will be payable in arrears on each Distribution Date, computed on the basis of a 360-day
year and the actual number of days elapsed. The principal of this Class B Note will be paid in the
manner specified on the reverse hereof.

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

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

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

 

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

A-2-3

 

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

	 	 	 	 	 	 	 
	 	 	Ford Credit Floorplan Master Owner Trust A,

as Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	By The Bank of New York, not in its

individual capacity, but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

     Dated: ________, _____

Indenture Trustee’s Certificate of Authentication

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

	 	 	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A, not in its

individual capacity, but solely as Indenture

Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

Authorized Officer
	 	 

A-2-4

 

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes, Class B

Summary of Terms and Conditions

     This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as the
Series 2005-1 Floating Rate Asset Backed Notes (the “Notes”), issued under the Indenture, dated as
of August 1, 2001 (the “Indenture”), between the Issuer and The Chase Manhattan Bank, (the
predecessor entity to JPMorgan Chase Bank, N.A.), as indenture trustee (the “Indenture Trustee”),
as supplemented by the Series 2005-1 Indenture Supplement, dated as of June 1, 2005 (the “Indenture
Supplement” and, together with the Indenture, the “Series Agreement”), and representing the right
to receive certain payments from the Issuer. The Notes are subject to all of the terms of the
Series Agreement. All terms used in this Class B Note that are defined in the Series Agreement have
the meanings assigned to them in or pursuant to the Series Agreement. In the event of any conflict
or inconsistency between the Series Agreement and this Class B Note, the Series Agreement
controls.

     The Class A Notes, in an initial aggregate principal amount of $2,226,791,000, will also be
issued under the Series Agreement.

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

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

     The Class B Note Initial Principal Balance is $73,209,000. The Class B Note Principal Balance
on any date of determination will be an amount equal to (a) the Class B Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or
before such date.

     The Expected Final Payment Date is the May 2008 Distribution Date, but principal with respect
to the Class B Notes may be paid earlier or later under certain circumstances described in the
Series Agreement. If for one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Principal Funding Account, then
to the extent that excess funds

A-2-5

 

are not available on subsequent Distribution Dates with respect to the Controlled Accumulation
Period to make up for such shortfalls, the final payment of principal of the Notes will occur later
than the Expected Final Payment Date. Payments of principal of the Notes will be payable in
accordance with the provisions of the Series Agreement.

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

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

     On any day occurring on or after the date on which the outstanding principal balance of the
Notes is reduced to 10% or less of the initial outstanding principal balance of the Notes, the
Issuer will have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day.

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

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

     Except as otherwise provided in the Indenture Supplement, the Class B Notes are issuable only
in minimum denominations of $1,000 and integral multiples of $1,000. The transfer of this Class B
Note will be registered in the Note Register upon surrender of this

A-2-6

 

Class B Note for registration of transfer at any office or agency maintained by the Transfer
Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Class B Noteholder or
such Class B Noteholder’s attorney, and duly authorized in writing with such signature guaranteed,
and thereupon one or more new Class B Notes in any authorized denominations of like aggregate
principal amount will be issued to the designated transferee or transferees.

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

     The Issuer, the Transferors, the Indenture Trustee and any agent of the Issuer, the
Transferors or the Indenture Trustee will treat the person in whose name this Class B Note is
registered as the owner hereof for all purposes, and none of the Issuer, the Transferors, the
Indenture Trustee or any agent of the Issuer, the Transferors or the Indenture Trustee with be
affected by notice to the contrary.

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

A-2-7

 

Assignment

Social Security or other identifying number of assignee________________________

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

                                                                                                    

                                                                                                    

                                                                                                    

                                                                                                    

(name and address of assignee)

the within note and all rights thereunder, and hereby irrevocably constitutes and appoints
_______________________, attorney, to transfer said note on the
books kept for registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated: ______

	 	                                                                                                    1
	 
	 	 
	 

	 	Signature Guaranteed:
	 
	 	 
	 

	 	                                                                                                    

 

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

A-2-8

 

Exhibit B

Form of Monthly Statement

                                                                                                    

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes

                                                                                                    

     Pursuant to the Indenture, dated as of August 1, 2001 (as amended and supplemented, the
“Indenture”), between Ford Credit Floorplan Master Owner Trust A (the “Issuer”) and JPMorgan Chase
Bank, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2005-1
Indenture Supplement, dated as of June 1, 2005 (as amended and supplemented, the “Indenture
Supplement” and, together with the Indenture, the “Series Agreement”), Ford Motor Credit Company
(“Ford Credit”) as Servicer under the Transfer and Servicing Agreements (as defined in the Series
Agreement) is required to prepare certain information each month regarding current distributions to
the Series 2005-1 Noteholders and the performance of the Issuer during the previous month.

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

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

     [TO BE PROVIDED]

     In Witness Whereof, the undersigned has caused this Monthly Statement to be duly
executed by the its duly authorized officer as of [___], 200[_].

	 	 	 	 	 	 	 
	 	 	Ford Motor Credit Company,

as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

B-1

 

Exhibit C

Form of Monthly Allocation and Payment 

Instructions to Indenture Trustee

                                                                                                    

Ford Credit Floorplan Master Owner Trust A

Series 2005-1 Floating Rate Asset Backed Notes

                                                                                                    

     The undersigned, a duly authorized representative of Ford Motor Credit Company (“Ford
Credit”), as Servicer pursuant to (i) the Amended and Restated Transfer and Servicing Agreement,
dated as of December 19, 2002 (as amended and supplemented, the “FCF Corp Transfer and Servicing
Agreement”), among Ford Credit, Ford Credit Floorplan Master Owner Trust A (the “Issuer”) and Ford
Credit Floorplan Corporation and (ii) the Amended and Restated Transfer and Servicing Agreement,
dated as of December 19, 2002 (as amended and supplemented, the “FCF LLC Transfer and Servicing
Agreement”), among Ford Credit, the Issuer and Ford Credit Floorplan LLC, does hereby certify as
follows:

     1. Capitalized terms used in this Certificate have their respective meanings set forth in the
FCF Corp Transfer and Servicing Agreement and the FCF LLC Transfer and Servicing Agreement
(collectively, the “Transfer and Servicing Agreements”) or the Indenture, dated as of August 1,
2001 (as amended and supplemented, the “Indenture”), between the Issuer and JPMorgan Chase Bank,
N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2005-1
Indenture Supplement, dated as of June 1, 2005 (as amended and supplemented, the “Indenture
Supplement” and, together with the Indenture, the “Series Agreement”), as applicable.

     2. Ford Credit is the Servicer.

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

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

C-1

 

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

     6. The Monthly Allocation and Payment Instructions are as follows: [TO BE PROVIDED]

     In Witness Whereof, the undersigned has caused this Certificate to be duly executed
by the its duly authorized officer as of [___], 200[_].

	 	 	 	 	 	 	 
	 	 	Ford Motor Credit Company,

as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

C-2exv10w1

 

Exhibit 10.1

Execution

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A

SERIES 2005-1

FLOATING RATE ASSET BACKED NOTES

INDEMNIFICATION AGREEMENT

          Indemnification Agreement, dated June 7, 2005, among Ford Motor Credit Company (the
“Servicer” or “Ford Credit”), ABN AMRO Incorporated, Barclays Capital Inc. and
Credit Suisse First Boston LLC, in their individual capacities and as representatives (the
“Representatives”) of the several underwriters (collectively, the “Underwriters”)
named in Schedule I to the Underwriting Agreement (as hereinafter defined).

          Ford Credit Floorplan Corporation (“FCF Corp”) and Ford Credit Floorplan LLC (“FCF
LLC” and, together with FCF Corp, collectively, the “Transferors” and individually, a
“Transferor”) and the Underwriters have entered into an Underwriting Agreement (the
“Underwriting Agreement”) dated June 7, 2005, providing for the sale by the Transferors to
the Underwriters of:

	 	(a)	 	the Series 2005-1 Class A Floating Rate Asset Backed Notes
(the “Class A Notes”) and
	 
	 	(b)	 	the Series 2005-1 Class B Floating Rate Backed Notes (the
“Class B Notes” and, together with the Class A Notes, the
“Notes”), each to be issued by Ford Credit Floorplan Master Owner
Trust A (the “Issuer”).

          The Notes will be secured by the Receivables and certain other property of the Issuer. The
Notes will be issued pursuant to an indenture, dated as of August 1, 2001 (the “Base
Indenture”), between the Issuer and JPMorgan Chase Bank, National Association, formerly known
as The Chase Manhattan Bank, as indenture trustee (the “Indenture Trustee”), as
supplemented by the Series 2005-1 supplement to the Base Indenture, to be dated as of June 1, 2005
(the “Indenture Supplement”), between the Issuer and the Indenture Trustee. Payments in
respect of the Class B Notes are, to the extent specified in the Indenture, subordinated to the
rights of the holders of the Class A Notes.

          This Indemnification Agreement is being entered into by the parties hereto as a condition to
the Underwriting Agreement and to induce the Underwriters to enter into the same. The provisions
of this Indemnification Agreement relate solely to the Notes.

          Capitalized terms used herein and not otherwise defined shall have the meanings given them in
the Underwriting Agreement.

 

 

          1. Indemnification and Contribution.

               (a) Ford Credit will indemnify and hold each Underwriter harmless against any
losses, claims, damages, or liabilities, joint or several, to which such Underwriter may become
subject, under the Securities Act of 1933, as amended (the “Act”) or otherwise, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in the
Registration Statement, the Prospectus, any amendment or supplement thereto, or any related
preliminary prospectus or any portion of the 8-K Information constituting Receivables Information
or Prospectus Information, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each Underwriter for any legal or other expenses
reasonably incurred by such Underwriter in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that Ford Credit will not be liable in
any such case to the extent that any such loss, claim, damage or liability arises out of or is
based upon (i) an untrue statement or alleged untrue statement in, or omission or alleged omission
from, any of such documents in reliance upon and in conformity with written information furnished
to Ford Credit or either Transferor by any Underwriter through any Representative specifically for
use therein or (ii) the Derived Information (as defined in Section 8 of the Underwriting
Agreement); and provided, further, that Ford Credit shall not be liable to any Underwriter or any
Person controlling any Underwriter under the indemnity agreement in this subsection (a) with
respect to any of such documents to the extent that any such loss, claim, damage or liability of
such Underwriter or such controlling Person results from the fact that such Underwriter sold Notes
to a Person to whom there was not sent or given, at or prior to the written confirmation of such
sale, a copy of the Prospectus or of the Prospectus as then amended or supplemented (excluding
documents incorporated by reference), whichever is most recent, if the Transferors had previously
furnished copies thereof to such Underwriter.

          The indemnity agreement in this subsection (a) is in addition to any liability which Ford
Credit may otherwise have and extends, upon the same terms and conditions, to each Person, if any,
who controls any Underwriter within the meaning of the Act.

               (b) Each Underwriter, severally and not jointly, will indemnify and hold harmless
Ford Credit against any losses, claims, damages or liabilities to which Ford Credit may become
subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement, the Prospectus, any
amendment or supplement thereto, or any related preliminary prospectus, or the 8-K Information, or
arise out of or are based upon the omission or the alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made (i) in reliance upon and in conformity with

2

 

written information furnished to Ford Credit or either Transferor by such Underwriter through any
Representative specifically for use therein or (ii) in the Derived Information (as such term is
defined in Section 8 of the Underwriting Agreement) prepared by such Underwriter, and will
reimburse any legal or other expenses reasonably incurred by Ford Credit in connection with
investigating or defending any such action or claim.

          The indemnity agreement in this subsection (b) is in addition to any liability which each
Underwriter may otherwise have and extends upon the same terms and conditions, to each Person, if
any, who controls Ford Credit within the meaning of the Act.

               (c) Promptly after receipt by an indemnified party under subsection (a) or (b) of
written notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under subsection (a) or (b) above,
notify the indemnifying party of the commencement thereof, and in the event that such indemnified
party shall not so notify the indemnifying party within 30 days following receipt of any such
notice by such indemnified party, the indemnifying party shall have no further liability under such
subsection to such indemnified party unless the indemnifying party shall have received other notice
addressed and delivered in the manner provided in Section 3 hereof of the commencement of such
action; but the omission so to notify the indemnifying party will not relieve it from any liability
which it may have to any indemnified party otherwise than under such subsection. In case any such
action is brought against any indemnified party and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel satisfactory to such indemnified party in its reasonable
judgment, and after notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof, the indemnifying party will not be liable to such indemnified party
under such subsection for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof other than reasonable costs of investigation.

               (d) If the indemnification provided for in this Section 1 is unavailable or
insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of
any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative benefits received by the Transferors on
the one hand and the Underwriters on the other from the offering of the Notes. If, however, the
allocation provided by the immediately preceding sentence is not permitted by applicable law, then
each indemnifying party shall contribute to such amount paid or payable by such indemnified party
in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Transferors on the one hand and the Underwriters on the other in connection
with the statements or omissions which resulted in such losses, claims, damages, or liabilities (or
actions in respect thereof) as well as any other relevant

3

 

equitable considerations. The relative
benefits received by the Transferors on the one hand and the Underwriters on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Transferors bear to the total underwriting discounts and commissions
received by the Underwriters as set forth in the table on the cover page of the Prospectus as
amended or supplemented. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Transferors or by
the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such untrue statement or omission, including, with respect to any
Underwriter, the extent to which such losses, claims, damages or liabilities (or actions in respect
thereof) result from the fact that such Underwriter sold Notes to a Person to whom there was not
sent or given, at or prior to the written confirmation of such sale, a copy of the Prospectus or
the Prospectus as then amended or supplemented (excluding documents incorporated by reference),
whichever is most recent, if the Transferors had previously furnished copies thereof to such
Underwriter. Ford Credit and the Underwriters, severally and not jointly, agree that it would not
be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable
considerations referred to above in this subsection (d). The amount paid by an indemnified party
as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred
to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any action or
claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to
contribute any amount pursuant to this Indemnification Agreement and the Underwriting Agreement
(collectively) in excess of the amount by which the total price at which the Notes underwritten by
it and distributed to the public exceeds the amount of any damages which such Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Underwriters in this subsection (d) to contribute are
several and not joint in proportion to their respective underwriting obligations with respect to
the Notes as set forth in Schedule I to the Underwriting Agreement.

          2. Payment of Expenses. Ford Credit will pay all expenses incident to the
performance of the obligations of each Transferor pursuant to Sections 5(d), 5(h) and 10 of the
Underwriting Agreement.

          3. Notices. All communications hereunder will be in writing and, if sent to
the Representative or the Underwriters, will be mailed, delivered or sent by facsimile transmission
and confirmed to the Representatives at (i) ABN AMRO Incorporated, 55 East 52nd Street,
New York, New York 10055, Attention: Brad Dansker, facsimile number (212) 409-6168, (ii) Barclays
Capital Inc., 200 Park Avenue, 5th Floor, New York, New York 10166, Attention: Jay Kim,
facsimile number (212) 412-7621 and (iii) Credit Suisse First Boston LLC, Eleven Madison Avenue,
4th Floor, New York, New

4

 

York 10010, Attention: John Slonieski, facsimile number (212)
325-9284 with a copy to Credit Suisse First Boston LLC, 11 Madison Avenue, 4th Floor,
New York, New York 10010, Attention: Matt Abrusci, facsimile number (212) 325-0401; and if sent to
Ford Credit, will be mailed, delivered or sent by facsimile transmission and confirmed to it at
Ford Motor Credit Company, One American Road, suite 1034-A1, Dearborn, Michigan 48126, Attention:
Corporate Secretary, facsimile number (313) 248-7613.

          4. Counterparts. This Indemnification Agreement may be executed in any number
of counterparts, each of which when so executed will be deemed to be an original, but all of such
counterparts will together constitute one instrument.

          5. GOVERNING LAW. THIS INDEMNIFICATION AGREEMENT IS TO BE CONSTRUED IN
ACCORDANCE WITH LAWS OF THE STATE OF NEW YORK (INCLUDING, WTHOUT LIMITATION, SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, WITHOUT OTHERWISE GIVING REGARD TO
ITS CONFLICT OF LAWS PRINCIPLES).

5

 

          IN WITNESS WHEREOF, the parties hereto have entered into this Indemnification Agreement as of
the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	FORD MOTOR CREDIT COMPANY	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ David M. Brandi
 

	 	 
	 

	 	 	 	 	 	Name:
	 	David M. Brandi
 
	 	 
	 

	 	 	 	 	 	Title:
	 	Assistant Treasurer	 	 
	 

	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ABN AMRO INCORPORATED	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Brad Dansker

 
	 	 	 	 	 	 	 	 
	Name:

	 	Brad Dansker

 
	 	 	 	 	 	 	 	 
	Title:

	 	Managing Director

 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BARCLAYS CAPITAL INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Jay Kim

 
	 	 	 	 	 	 	 	 
	Name:

	 	Jay Kim

 
	 	 	 	 	 	 	 	 
	Title:

	 	Director

 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	CREDIT SUISSE FIRST BOSTON LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	John L. McWilliams, IV
 
	 	 	 	 	 	 	 	 
	Name:

	 	John L. McWilliams, IV
 
	 	 	 	 	 	 	 	 
	Title:

	 	Managing Director

 
	 	 	 	 	 	 	 	 

Acting on behalf of themselves and as the

Representatives of the Several Underwriters

6

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