Document:

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                                                                     EXHIBIT 4.2

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                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                     between

                      FORD CREDIT AUTO RECEIVABLES TWO LLC,
                                  as Depositor

                                       and

                                 U.S. BANK TRUST
                              NATIONAL ASSOCIATION,
                                as Owner Trustee
                                       for
                       Ford Credit Auto Owner Trust 2007-X

                         Dated as of [__________], 2007

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                                TABLE OF CONTENTS

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                                                                            Page
                                                                            ----
<S>                                                                         <C>
ARTICLE I USAGE AND DEFINITIONS..........................................      1

ARTICLE II ORGANIZATION OF THE TRUST.....................................      1
   Section 2.1   Name....................................................      1
   Section 2.2   Office..................................................      1
   Section 2.3   Purposes and Powers.....................................      1
   Section 2.4   Appointment of the Owner Trustee........................      2
   Section 2.5   Contribution and Conveyance of Trust Property...........      2
   Section 2.6   Declaration of Trust....................................      2
   Section 2.7   Liability of the Depositor; Conduct of Activities;
                 Liability to Third Parties..............................      2
   Section 2.8   Title to Trust Property.................................      2
   Section 2.9   Situs of Issuer.........................................      2
   Section 2.10  Representations and Warranties of the Depositor.........      3
   Section 2.11  Tax Matters.............................................      4

ARTICLE III RESIDUAL INTEREST AND TRANSFER OF INTERESTS..................      5
   Section 3.1   The Residual Interest...................................      5
   Section 3.2   Registration of Residual Interests; Transfer of the
                 Residual Interest.......................................      6
   Section 3.3   Capital Accounts........................................      7
   Section 3.4   Maintenance of Office or Agency.........................      7
   Section 3.5   Distributions to the Holder of the Residual Interest....      7

ARTICLE IV APPLICATION OF TRUST FUNDS; CERTAIN DUTIES....................      7
   Section 4.1   Application of Trust Funds..............................      7
   Section 4.2   Method of Payment.......................................      8

ARTICLE V AUTHORITY AND DUTIES OF THE OWNER TRUSTEE......................      8
   Section 5.1   General Authority.......................................      8
   Section 5.2   General Duties..........................................      8
   Section 5.3   Action upon Prior Notice with Respect to Certain
                 Matters.................................................      8
   Section 5.4   Action upon Direction by the Holder of the Residual
                 Interest with Respect to Certain Matters................      9
   Section 5.5   Action with Respect to Bankruptcy.......................      9
   Section 5.6   Action upon Instruction.................................      9
   Section 5.7   No Duties Except as Specified in this Agreement or in
                 Instructions............................................     10
   Section 5.8   No Action Except Under Specified Documents or
                 Instructions............................................     10
   Section 5.9   Prohibition on Certain Actions..........................     10
   Section 5.10  Audits of the Owner Trustee.............................     10
   Section 5.11  Furnishing of Documents.................................     11
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<TABLE>
<S>                                                                         <C>
   Section 5.12  Sarbanes-Oxley Act......................................     11
   Section 5.13  Maintenance of Licenses.................................     11

ARTICLE VI REGARDING THE OWNER TRUSTEE...................................     11
   Section 6.1   Acceptance of Trusts and Duties.........................     11
   Section 6.2   Representations and Warranties of the Owner Trustee.....     12
   Section 6.3   Reliance; Advice of Counsel.............................     13
   Section 6.4   Not Acting in Individual Capacity.......................     13
   Section 6.5   U.S. Bank Trust National Association May Own Notes......     13
   Section 6.6   Duty to Update Disclosure...............................     14

ARTICLE VII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE;
            ORGANIZATIONAL EXPENSES......................................     14
   Section 7.1   Owner Trustee's Fees and Expenses.......................     14
   Section 7.2   Indemnification of the Owner Trustee....................     14
   Section 7.3   Organizational Expenses of the Issuer...................     15
   Section 7.4   Certain Expenses of the Indenture Trustee...............     15

ARTICLE VIII TERMINATION.................................................     15
   Section 8.1   Termination of Trust Agreement..........................     15

ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES........     16
   Section 9.1   Eligibility Requirements for the Owner Trustee..........     16
   Section 9.2   Resignation or Removal of the Owner Trustee.............     16
   Section 9.3   Successor Owner Trustee.................................     17
   Section 9.4   Merger or Consolidation of the Owner Trustee............     17
   Section 9.5   Appointment of Separate Trustee or Co-Trustee...........     17
   Section 9.6   Compliance with Delaware Statutory Trust Act............     18

ARTICLE X MISCELLANEOUS..................................................     18
   Section 10.1  Supplements and Amendments..............................     18
   Section 10.2  No Legal Title to Trust Property in the Holder of the
                 Residual Interest.......................................     20
   Section 10.3  Limitation on Rights of Others..........................     20
   Section 10.4  Notices.................................................     21
   Section 10.5  GOVERNING LAW...........................................     21
   Section 10.6  WAIVER OF JURY TRIAL....................................     21
   Section 10.7  Severability............................................     21
   Section 10.8  Counterparts............................................     21
   Section 10.9  Headings................................................     21
   Section 10.10 No Petition.............................................     22
Exhibit A Form of Certificate of Trust...................................    A-1
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     AMENDED AND RESTATED TRUST AGREEMENT, dated as of [__________], 2007 (this
"Agreement"), between FORD CREDIT AUTO RECEIVABLES TWO LLC, a Delaware limited
liability company, as Depositor, and U.S. BANK TRUST NATIONAL ASSOCIATION, a
national banking association, not in its individual capacity but solely as
trustee under this Agreement, to establish Ford Credit Auto Owner Trust 2007-X.

                                   BACKGROUND

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

                                    ARTICLE I
                              USAGE AND DEFINITIONS

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

                                   ARTICLE II
                            ORGANIZATION OF THE TRUST

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

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

          Section 2.3 Purposes and Powers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          Section 2.9 Situs of Issuer. The Issuer will be administered in the
State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Issuer will be located in the State of Delaware. The

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

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

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

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

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

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

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a material adverse effect upon the Depositor or materially and adversely affect
the performance by the Depositor of its obligations under, or the validity and
enforceability of, the Basic Documents or the Notes.

          Section 2.11 Tax Matters.

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

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

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

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

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

If the gross ordinary income of the Issuer for any month is insufficient for the
allocations described in Section 2.11(b)(ii) above, subsequent gross ordinary
income will first be allocated to each Recharacterized Class in alphabetical
order to make up such shortfall before any allocation pursuant to Section
2.11(b)(iii). Net losses of the Issuer, if any, for any month as determined for
U.S. federal income tax purposes (and each item of income, gain, credit, loss or
deduction entering into the computation thereof) will be allocated to the holder
of the Residual Interest to the extent the holder of the Residual Interest is
reasonably expected to bear the economic burden of such net losses, and any
remaining net losses will be allocated in reverse alphabetical order to each
Recharacterized Class, in each case, until the Note Balance of such
Recharacterized Class is reduced to zero as of the Record Date

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occurring within such month, and among each Recharacterized Class, in proportion
to their ownership of the aggregate Note Balance of such Recharacterized Class
on such Record Date. The tax matters partner designated pursuant to Section
2.11(f) is authorized to modify the allocations in this Section 2.11(b) if
necessary or appropriate, in its sole discretion, for the allocations to fairly
reflect the economic income, gain or loss to the holder of the Residual Interest
or the holders of a Recharacterized Class or as otherwise required by the Code.

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

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

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

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

                                   ARTICLE III
                   RESIDUAL INTEREST AND TRANSFER OF INTERESTS

          Section 3.1 The Residual Interest.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                   ARTICLE IV
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

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

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

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

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

                                    ARTICLE V
                    AUTHORITY AND DUTIES OF THE OWNER TRUSTEE

          Section 5.1 General Authority.

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

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

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

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

                                        8

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Balance of the Controlling Class (or if no Notes are Outstanding, the holder of
the Residual Interest) has withheld consent or provided alternative direction:

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

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

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

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

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

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

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

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

          Section 5.6 Action upon Instruction.

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

          (b) If (i) the Owner Trustee is unsure as to the application of any
provision of any Basic Document, (ii) any provision of any Basic Document is, or
appears to be, in conflict with any other applicable provision, (iii) this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts or (iv) the Owner Trustee is unable to
decide between alternative courses of action permitted or required by any Basic
Document, the Owner Trustee may, and with respect to clause (iv) will, notify
the Administrator requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee will not be liable to any Person on
account of such action or inaction. If the Owner Trustee does not receive
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the

                                       9

<PAGE>

circumstances) it may, but will be under no duty to, take or refrain from taking
such action, not inconsistent with the Basic Documents, as it deems to be in the
best interests of the holder of the Residual Interest, and will have no
liability to any Person for such action or inaction.

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

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

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

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

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<PAGE>

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

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

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

                                   ARTICLE VI
                           REGARDING THE OWNER TRUSTEE

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

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

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

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

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

                                       11

<PAGE>

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

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

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

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

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

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

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

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

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

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

          Section 6.3 Reliance; Advice of Counsel.

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

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

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

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

                                       13

<PAGE>

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

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

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

          Section 7.2 Indemnification of the Owner Trustee.

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

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

                                       14

<PAGE>

Administrator, as applicable, on one hand, and an Indemnified Person, on the
other hand, in which case the Depositor, or, if Depositor so causes, the
Administrator, will pay for the separate counsel to the Indemnified Person.

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

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

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

                                  ARTICLE VIII
                                   TERMINATION

          Section 8.1 Termination of Trust Agreement.

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

                                       15

<PAGE>

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

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

                                   ARTICLE IX
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          Section 9.1 Eligibility Requirements for the Owner Trustee.

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

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

          Section 9.2 Resignation or Removal of the Owner Trustee.

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

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

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

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

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

          (c) If the Owner Trustee resigns or the Administrator removes the
Owner Trustee, the Administrator will promptly (i) appoint a successor Owner
Trustee, by written instrument, in duplicate and (ii) deliver one copy of such
instrument to the outgoing Owner Trustee and one copy to the successor Owner
Trustee. The Owner Trustee will be entitled to payment through the date of its
resignation or removal from distributions made under Section 8.2 of the
Indenture. If no successor Owner Trustee is appointed and has accepted such
appointment within 30 days after the Administrator's receipt of notice of
resignation or removal of the Owner Trustee, the outgoing Owner Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee. The right to appoint or to petition for the appointment of any
such successor Owner

                                       16

<PAGE>

Trustee does not relieve the outgoing Owner Trustee from any obligations
otherwise imposed on it under the Basic Documents until the appointment of the
successor Owner Trustee has become effective.

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

          Section 9.3 Successor Owner Trustee.

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

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

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

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

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

          Section 9.5 Appointment of Separate Trustee or Co-Trustee.

          (a) Notwithstanding any other provision of this Agreement, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Property or any Financed Vehicle may be located, the Administrator
and the Owner Trustee acting jointly will have the power and will execute and
deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as a separate trustee or as separate trustees, or as co-trustee,
jointly with the Owner Trustee, of all or any part of the Issuer, and to vest in
such Person, in such capacity, such title to the Trust Property, or any part
thereof, and, subject to this Section 9.5, such

                                       17

<PAGE>

powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee consider necessary or desirable. If the Administrator has not
joined in such appointment within 15 Business Days of its receipt of a request
so to do, the Owner Trustee will have the power to make such appointment. No
separate trustee or co-trustee under this Agreement will be required to meet the
terms of eligibility as a successor trustee pursuant to Section 9.1 and no
notice of the appointment of any separate trustee or co-trustee is required.

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

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

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

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

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

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

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

                                    ARTICLE X
                                  MISCELLANEOUS

          Section 10.1 Supplements and Amendments.

          (a) This Agreement may be amended by the holder of the Residual
Interest and the Owner Trustee, with prior notice to the Rating Agencies,
without the consent of any of the Noteholders, for the purpose of

                                       18

<PAGE>

curing any ambiguity or correcting or supplementing any provisions in this
Agreement inconsistent with any other provision of this Agreement.

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

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

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

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

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

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

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

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

                                       19

<PAGE>

     remitted to the Internal Revenue Service in satisfaction of the
     requirements of Sections 1441 and 1442 of the Code.

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

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

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

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

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

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

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

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

                                       20

<PAGE>

          Section 10.4 Notices.

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       21

<PAGE>

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

                                       22

<PAGE>

EXECUTED BY:

                                        FORD CREDIT AUTO RECEIVABLES TWO LLC,
                                        as Depositor

                                        By:
                                            ------------------------------------
                                        Name: Susan J. Thomas
                                        Title: Secretary

                                        U.S. BANK TRUST
                                        NATIONAL ASSOCIATION,
                                        as Owner Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                                                       EXHIBIT A

                        [FORM OF CERTIFICATE OF TRUST OF
                      FORD CREDIT AUTO OWNER TRUST 2007-X]

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

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

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

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

                                       A-1

<PAGE>

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

                                        U.S. BANK TRUST
                                        NATIONAL ASSOCIATION,
                                        not in its individual capacity but
                                        solely as Owner Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       A-2<PAGE>

                                                                    EXHIBIT 10.1

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT
                       (1992 MULTICURRENCY - CROSS BORDER)

                          DATED AS OF [________], 2007

                                     BETWEEN

                          [NAME OF SWAP COUNTERPARTY],
                   A [JURISDICTION OF ORGANIZATION] [COMPANY]
                                   ("PARTY A")

                                       AND

                      FORD CREDIT AUTO OWNER TRUST 2007-X,
                           A DELAWARE STATUTORY TRUST
                                   ("PARTY B")

PART 1. TERMINATION PROVISIONS.

     (a)  "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

          Section 5(a)(v),     Not applicable.
          Section 5(a)(vi),    Not applicable.
          Section 5(a)(vii),   Not applicable.
          Section 5(b)(iv),    Not applicable.

          in relation to Party B for the purpose of:

          Section 5(a)(v),     Not applicable.
          Section 5(a)(vi),    Not applicable.
          Section 5(a)(vii),   Not applicable.
          Section 5(b)(iv),    Not applicable.

     (b)  "SPECIFIED TRANSACTION" will have the meaning specified in Section 14
          of this Agreement unless another meaning is specified here: No change
          from Section 14.

     (c)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii), the
          "MISREPRESENTATION" provisions of Section 5(a)(iv) and the "DEFAULT
          UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v) will not
          apply to Party B.

     (d)  The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will not
          apply to Party B except that Section 5(a)(iii)(1) will apply in
          respect of Party B's obligations under Paragraph 3(b) of the Credit
          Support Annex.

     (e)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to
          Party B and will apply to Party A with a Threshold Amount equal to 3
          percent of Party A's shareholders' equity (excluding deposits).

     (f)  BANKRUPCY

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

<PAGE>

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

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

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

     (g)  TAX EVENT AND TAX EVENT UPON MERGER

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

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

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

     (h)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
          apply to Party A or to Party B.

     (i)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
          apply to Party A or to Party B.

     (j)  PAYMENTS ON EARLY TERMINATION; GENERAL. Subject to Part 1(l) below,
          for the purpose of Section 6(e):

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

          (ii) The Second Method will apply.

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

     (k)  PAYMENTS ON EARLY TERMINATION DUE TO CERTAIN EVENTS. Notwithstanding
          Section 6, so long as (A) an Additional Termination Event occurs
          pursuant to Part 1(m)(v) or (vi), or (B) Party A is the Affected Party
          in respect of a Tax Event Upon Merger or the Defaulting Party in
          respect of any Event of Default, paragraphs (i) to (ix) below will
          apply:

          (i)  For the purposes of Section 6(d)(i), Party B's obligation with
               respect to the extent of information to be provided with its
               calculations is limited to information Party B has already

<PAGE>

               received in writing which Party B is able to release without
               breaching any contractual obligations or the provisions of any
               law applicable to Party B.

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

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

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

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by Party B) equal to:

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

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

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

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

<PAGE>

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

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

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

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

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

     (l)  "TERMINATION CURRENCY" means United States Dollars.

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

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

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

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

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

          (v)  MOODY'S FIRST RATING TRIGGERS.

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

               (B)  If Party A has elected to post collateral pursuant to Part
                    5(o)(ii)(C), Party A failed to comply with or perform any
                    obligation to be complied with or performed by Party A in
                    accordance with the Credit Support Annex, with Party A as
                    the sole Affected Party.

<PAGE>

          (vi) MOODY'S SECOND RATING TRIGGERS.

               (A)  Party A failed to post collateral pursuant to Part 5(o)(iv),
                    with Party A as the sole Affected Party, or

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

PART 2. TAX REPRESENTATIONS.

     (a)  PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e), each of
          Party A and Party B makes the following representation:

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

     (b)  PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f):

          (i)  Party A makes the following representations: [TO BE PROVIDED BY
               PARTY A]

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

<PAGE>

PART 3. AGREEMENT TO DELIVER DOCUMENTS.

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

<TABLE>
<CAPTION>
   PARTY
REQUIRED TO
  DELIVER                                                    DATE BY WHICH
  DOCUMENT           FORM/DOCUMENT/CERTIFICATE              TO BE DELIVERED
-----------   --------------------------------------   -------------------------
<S>           <C>                                      <C>
Party A and   Any form or document that may be         On the date of this
Party B       required or reasonably requested in      Agreement, and promptly
              order to allow the other party to make   upon the earlier of (i)
              a payment under this Agreement without   reasonable demand by the
              any deduction or withholding for or on   other party and (ii)
              account of any Tax or with such          learning that the form or
              deduction or withholding at a reduced    document is required.
              rate, including IRS Form W-9, Form
              8ECI or Form W-8BEN, as applicable.
</TABLE>

     (b)  Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY
REQUIRED TO                                                         COVERED BY
DELIVER                                     DATE BY WHICH          SECTION 3(D)
DOCUMENT     FORM/DOCUMENT/CERTIFICATE      TO BE DELIVERED       REPRESENTATION
-----------  -----------------------------  -------------------  ---------------
<S>          <C>                            <C>                  <C>
Party A      Annual audited financial       Promptly upon Party
             statements prepared in         B's request.
             accordance with generally
             accepted accounting
             principles in the country in
             which the party is organized.

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

Party A and  Opinions of counsel in form    Upon execution of    No
Party B      and substance acceptable to    this Agreement.
             the other party.

[Party A     Guarantee by Credit Support    Upon execution of    No]
             Provider.                      this Agreement

[Party A     Opinion of counsel of counsel  Upon execution of    No]
             to guarantor in form and       this Agreement
             substance
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                            <C>                  <C>
             acceptable to Party B.

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

Party A      Executed Indemnification and   At or promptly       Yes
             Contribution Agreement, among  following execution
             Party A, Ford Motor Credit     of this Agreement.
             Company LLC and Ford Credit
             Auto Receivables Two LLC,
             relating to Party A's
             furnished information for use
             in the Prospectus

Party B      Copies of executed Indenture   Upon execution of    No
             and Sale and Servicing         such agreements.
             Agreement
</TABLE>

PART 4. MISCELLANEOUS

     (a)  ADDRESSES FOR NOTICES:

          (1)  TO PARTY A:

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

               Address:

               Facsimile:
               Phone:

          (2)  TO PARTY B:

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

               U.S. Bank Trust National Association,
               as Owner Trustee for
               Ford Credit Auto Owner Trust 2007-X
               300 Delaware Avenue, Ninth Floor
               Wilmington, Delaware 19801
               Attn: Corporate Trust Department
               Telephone: (302) 576-3700
               Fax: (302) 576-3717

<PAGE>

          with copies to:

               The Bank of New York,
               as Indenture Trustee for
               Ford Credit Auto Owner Trust 2007-X
               101 Barclay Street
               Floor 4 West
               New York, New York 10286
               Attn: Structured Finance Services -
               Asset Backed Securities, Ford 2007-X
               Telephone: (212) 815-4389
               Fax: (212) 815-2493

          and

               Ford Motor Credit Company LLC
               One American Road, Suite 2411
               Dearborn, Michigan 48126
               Attention: Corporate Secretary
               Telephone: (313) 323-1200
               Fax: (313) 248-7613

          and

               Ford Motor Credit Company LLC
               c/o Ford Motor Company WHQ
               One American Road, Suite 801-C1
               Dearborn, Michigan 48126
               Attention: Securitization Operations Supervisor
               Telephone: (313) 594-3495
               Fax: (313) 390-4133

     (b)  PROCESS AGENT. For the purpose of Section 13(c):

          Party A appoints as its Process Agent: Not applicable.

          Party B appoints as its Process Agent: Not applicable.

     (c)  OFFICES. The provisions of Section 10(a) will apply.

     (d)  MULTIBRANCH PARTY. For the purpose of Section 10:

          (i)  Party A is not a Multibranch Party.

          (ii) Party B is not a Multibranch Party.

     (e)  CALCULATION AGENT. The Calculation Agent is Party B.

     (f)  GOVERNING LAW. This Agreement will be governed by and construed in
          accordance with the laws of the State of New York.

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

<PAGE>

     (h)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) will apply to
          all Transactions under this Agreement.

     (i)  "AFFILIATE" will have the meaning specified in Section 14.

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

     (k)  The definition of "LOCAL BUSINESS DAY" in Section 14 will be amended
          by the addition of the words "or any Credit Support Document" after
          "Section 2(a)(i)" and the addition of the words "or Credit Support
          Document" after "Confirmation".

PART 5. OTHER PROVISIONS.

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

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

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

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

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

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

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

          (vii) the other party to this Master Agreement, such Credit Support
               Document, each Transaction and such other documentation (a) is
               not acting as a fiduciary or financial, investment or commodity
               trading advisor for it, (b) has not given to it (directly or
               indirectly through any

<PAGE>

               other person) any assurance, guaranty or representation
               whatsoever as to the merits (either legal, regulatory, tax,
               financial, accounting or otherwise) of this Master Agreement,
               such Credit Support Document, each Transaction or such other
               documentation, and (c) has not committed to unwind the
               Transactions.

     (b)  TAX PROVISIONS.

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

          (ii) Section 2(d)(i)(4) of this Agreement shall be deleted in its
               entirety and replaced with the words "if such Tax is an
               Indemnifiable Tax, pay to Y, in addition to the payment which Y
               is otherwise entitled under this Agreement, such additional
               amount as is necessary to ensure that the net amount actually
               received by Y (free and clear of Indemnifiable Taxes, whether
               against X or Y) will equal the full amount Y would

     (c)  ADDITIONAL REPRESENTATION BY PARTY A. Section 3 is amended by adding
          the following additional representation by Party A only:

          "(h) PARI PASSU. Its obligations under this Agreement rank pari passu
          with all of its other unsecured, unsubordinated obligations except
          those obligations preferred by operation of law."

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

     (e)  LIMITED RECOURSE; SUBORDINATION.

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

<PAGE>

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

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

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

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

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

     (j)  SET OFF.

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

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

     (k)  LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding anything
          contained in this Agreement to the contrary, this instrument (and any
          Confirmation pursuant to this instrument) has been or will be signed
          on behalf of Party B by U.S. Bank Trust National Association not in
          its individual capacity but solely in its capacity as Owner Trustee of
          Party B and in no event will U.S. Bank Trust National Association in
          its individual capacity or any beneficial owner of Party B have any
          liability for the

<PAGE>

          representations, warranties, covenants, agreements or other
          obligations of Party B under this Agreement or under any such
          Confirmation, as to all of which recourse will be had solely to the
          assets of Party B. For all purposes of this Agreement and any
          Confirmation, in the performance of any duties or obligations of Party
          B hereunder, the Owner Trustee will be subject to, and entitled to the
          benefits of, the terms and provisions of the Trust Agreement;
          provided, however, that the foregoing will not relieve the Owner
          Trustee from any liability it might otherwise have under the Trust
          Agreement as a result of its gross negligence or willful misconduct.

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

          For the purpose of this Agreement:

               "CREDIT SUPPORT ANNEX" means any credit support annex entered
          into between Party A and Party B relating to this Agreement, as
          amended, supplemented or otherwise modified from time to time.

               "CREDIT SUPPORT DOCUMENT" means the Credit Support Annex and any
          Eligible Guarantee.

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

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

               "ELIGIBLE REPLACEMENT" means an entity (A) with the First Trigger
          Required Ratings and/or the Second Trigger Required Ratings or (B)
          whose present and future obligations owing to Party B are guaranteed
          pursuant to an Eligible Guarantee provided by a guarantor with the
          First Trigger Required Ratings and/or the Second Trigger Required
          Ratings.

               "FIRM OFFER" means an offer which, when made, was capable of
          becoming legally binding upon acceptance.

               "MOODY'S SHORT-TERM RATING" means a rating assigned by Moody's
          under its short-term rating scale in respect of an entity's
          short-term, unsecured and unsubordinated debt obligations

               "RELEVANT ENTITIES" means Party A and any guarantor under an
          Eligible Guarantee in respect of all of Party A's present and future
          obligations under this Agreement.

<PAGE>

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

     (n)  DOWNGRADE OR WITHDRAWAL OF PARTY A'S RATING BY S&P OR FITCH. In the
          event that (x) Party A's long or short term unsecured and
          unsubordinated debt rating (or bank deposit rating) is withdrawn or
          reduced below "A" or "A-1" by S&P (or if it has no short term
          unsecured debt rating by S&P, a long term unsecured debt rating of
          "A+") or (y) Party A's short term unsecured debt rating is withdrawn
          or reduced below "F1" by Fitch or long term unsecured and
          unsubordinated debt rating is withdrawn or reduced below "A" by Fitch
          (such rating thresholds in clauses (x) and (y), the "Approved Rating
          Thresholds"), within 30 days of such rating downgrade (unless each
          such Rating Agency has reconfirmed the rating of each Class of Notes
          which was in effect immediately prior to such downgrade), Party A will
          (i) assign each Transaction to another counterparty with the Approved
          Rating Thresholds and approved by Party B (which approval will not be
          unreasonably withheld) on terms identical to this Schedule and the
          related Confirmation, (ii) obtain a guaranty, or a contingent
          agreement of, another person with Approved Rating Thresholds to honor
          Party A's obligations under this Agreement, provided that such other
          person is approved by Party B (which approval will not be unreasonably
          withheld), (iii) post mark-to-market collateral, pursuant to a
          collateral support agreement acceptable to Party B, which will be
          sufficient to restore any downgrade in the ratings of each Class of
          Notes issued by Party B attributable to Party A's failure to comply
          with the Approved Rating Thresholds, or (iv) establish any other
          arrangement satisfactory to Party B and to the applicable Rating
          Agency, in each case, sufficient to satisfy the Rating Agency
          Confirmation. However, Party A will be required to take the action
          described in clause (i), (ii) or (iv) above, in any event within 10
          Business Days of such failure, if Party A fails to have either (A) a
          short-term unsecured debt rating of at least "A-3" by S&P or, if Party
          A does not have a short-term rating by S&P, a long-term unsecured debt
          rating of at least "BBB-" by S&P or if Party A is no longer rated by
          S&P, or (B) a short-term unsecured debt rating of at least "F2" by
          Fitch or a long-term unsecured debt rating of at least "BBB+" by
          Fitch. All costs and expenses in connection with effecting any
          arrangements pursuant to clauses (i), (ii), (iii) or (iv) will be for
          the account of Party A.

     (o)  DOWNGRADE OR WITHDRAWAL OF PARTY A'S RATING BY MOODY'S

          (i)  An entity shall have the "FIRST TRIGGER REQUIRED RATINGS" (A)
               where such entity is the subject of a Moody's Short-term Rating,
               if such rating is "Prime-1" and its long-term, unsecured and
               unsubordinated debt obligations are rated "A2" or above by
               Moody's and (B) where such entity is not the subject of a Moody's
               Short-term Rating, if its long-term, unsecured and unsubordinated
               debt obligations are rated "A1" or above by Moody's.

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

          (iii) An entity shall have the "SECOND TRIGGER REQUIRED RATINGS" (A)
               where such entity is the subject of a Moody's Short-term Rating,
               if such rating is "Prime-2" or above and its long-term, unsecured
               and unsubordinated debt obligations are rated "A3" or above by
               Moody's and (B) where such entity is not the subject of a Moody's
               Short-term Rating, if its long-term, unsecured and unsubordinated
               debt obligations are rated "A3" or above by Moody's.

          (iv) The "SECOND RATING TRIGGER REQUIREMENTS" shall apply so long as
               no Relevant Entity has the Second Trigger Required Ratings.
               Within 30 Local Business Days after the Second

<PAGE>

               Rating Trigger Requirements apply, Party A will post collateral
               in the amount and manner as set forth in the Credit Support
               Annex. Party A will also, at its own cost, use commercially
               reasonable efforts to, as soon as reasonably practicable, procure
               either (A) an Eligible Guarantee in respect of all of Party A's
               present and future obligations under this Agreement to be
               provided by a guarantor meeting at least the Second Trigger
               Required Ratings or (B) a transfer in accordance with Part
               5(p)(ii) below.

     (p)  TRANSFERS

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

          (ii) Party A may (at its own cost) transfer all or substantially all
               of its rights and obligations with respect to this Agreement to
               any other entity (a "TRANSFEREE") that is an Eligible
               Replacement, provided that Party B shall determine in its sole
               discretion, acting in a commercially reasonable manner, whether
               or not a transfer relates to all or substantially all of Party
               A's rights and obligations under this Agreement. Following such
               transfer, all references to Party A shall be deemed to be
               references to the Transferee.

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

     (q)  APPROVAL OF AMENDMENTS, TRANSFERS OR ASSIGNMENT. Notwithstanding any
          other provisions of this Agreement, no amendments to this Agreement
          will be effected, nor may the rights and obligations of Party A be
          transferred or assigned, without the prior written confirmation of
          each Rating Agency that such amendment, transfer or assignment will
          not cause such Rating Agency to reduce or withdraw its then current
          rating on any of the Notes.

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

     (s)  REGULATION AB FINANCIAL DISCLOSURE.

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

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

<PAGE>

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

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

EXECUTED BY:

FORD CREDIT AUTO OWNER TRUST 2007-X     [NAME OF SWAP COUNTERPARTY]

By: U.S. BANK TRUST NATIONAL
    ASSOCIATION,
    not in its individual capacity      By:
    but solely as Owner Trustee             ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

By:
    ---------------------------------   Date: [_________], 2007
Name:
      -------------------------------
Title:
       ------------------------------

Date: [_________], 2007

                        [SIGNATURE PAGE TO SWAP SCHEDULE]

<PAGE>

                                                                    [TRADE DATE]

To:   [NAME OF SWAP COUNTERPARTY]
      Contact: [__________________]
      Attention: [__________________]
      Fax: [__________________]
      Telephone: [__________________]

From: FORD CREDIT AUTO OWNER TRUST 2007-X
      c/o U.S. Bank Trust National Association,
      as Owner Trustee
      300 Delaware Avenue, Ninth Floor
      Wilmington, Delaware 19801
      Attention: Corporate Trust Department
      Telephone: (302) 552-3200
      Facsimile: (302) 552-3129

      Re: Interest Rate Swap Reference No. [POOL NO]

Ladies and Gentlemen:

          The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between [NAME OF SWAP
COUNTERPARTY] ("Party A") and Ford Credit Auto Owner Trust 2007-X ("Party B") on
the Trade Date listed below (the "Transaction"). This letter constitutes a
"Confirmation" as referred to in the Agreement specified below.

          The definitions and provisions contained in the 2000 ISDA Definitions
(as published by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation. For these purposes, all references in those
Definitions to a "Swap Transaction" will be deemed to apply to the Transaction
referred to herein. In the event of any inconsistency between those Definitions
and this Confirmation, this Confirmation will govern.

          1. This Confirmation supplements, forms part of, and is subject to,
the ISDA Master Agreement dated as of [DATE OF MASTER AGREEMENT], as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below. Other capitalized terms used herein and not otherwise
defined will have the meanings given them in the Indenture referred to in the
Agreement. In the event of any inconsistency between those terms and this
Confirmation, this Confirmation will govern.

          2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

<TABLE>
<S>                        <C>
Party A:                   [NAME OF SWAP COUNTERPARTY].

Party B:                   Ford Credit Auto Owner Trust 2007-X.

Trade Date:                [TRADE DATE].
</TABLE>

<PAGE>

<TABLE>
<S>                        <C>
Effective Date:            [EFFECTIVE DATE].

Notional Amount:           For the first Calculation Period (from and including,
                           [______] to but excluding, [________]), the Notional
                           Amount of this Transaction for purposes of
                           calculating payments due by either party on the first
                           Payment Date will be $[______]. With respect to any
                           subsequent Calculation Period up through and
                           including the Calculation Period ending on but
                           excluding [________], the Notional Amount will be the
                           Note Balance for the Class [________] Notes (after
                           giving effect to all amounts paid on the Payment Date
                           that is the first day of such Calculation Period) as
                           stated on the Servicer's monthly investor report
                           relating to such Payment Date (the "Actual Balance").
                           Party B will determine the Notional Amount and will
                           inform Party A of such determination by the twelfth
                           day of each calendar month using the aggregate
                           outstanding principal balance for the Class
                           [________] Notes prior to giving effect to any
                           payments of principal of Class [________] Notes on
                           the following Payment Date, as shown in the
                           Servicer's monthly investor report relating to such
                           Payment Date.

Termination Date:          The earlier of [________]and the date the aggregate
                           outstanding principal balance of the Class [________]
                           Notes has been reduced to zero.

Fixed Amounts

   Fixed Rate Payer:       Party B.

   Fixed Rate Payer

   Payment Date:           The 15th day of each calendar month, subject to
                           adjustment in accordance with the Following Business
                           Day Convention.

   Period End Date:        The 15th day of each calendar month, with No
                           Adjustment. (This means that each Calculation Period
                           for the Fixed Amount will have 30 days, except for
                           the Initial Calculation Period, which will commence
                           on [_____] and end on [________].)

   Fixed Rate:             [__________]%

   Fixed Rate Day

   Count Fraction:         30/360

Floating Amounts

   Floating Rate Payer:    Party A.

   Floating Rate Payer

   Payment Dates:          The 15th day of each calendar month, subject to
                           adjustment in accordance with the Following Business
                           Day Convention.

   Floating Rate for
</TABLE>

<PAGE>

<TABLE>
<S>                        <C>
   Initial Calculation
   Period:                 To be determined (excluding spread)

   Floating Rate Option:   USD-LIBOR-BBA.

   Designated Maturity:    One month.

   Spread:                 Plus [_________]%

   Floating Rate Day

   Count Fraction:         Actual/360.

   Reset Dates:            The first day of each Floating Rate Payer Calculation
                           Period.

   Business Days:          New York and Delaware.

3.  Account Details

Payments to Party A:       [___________]
                           ABA # [___________]
                           Acct # [___________]
                           Attn: [___________]

Payments to Party B:       The Bank of New York, in favor of
                           Ford Credit Auto Owner Trust 2007-X

                           The Bank of New York
                           ABA # 021000018
                           Acct # [___________]
                           Acct Name: [Ford 2007-X] Collection Account
                           Ref: Interest Rate Swap

Party A Operations
Contact:                   [Name of Swap Counterparty]
                           Attn:  [_____________]
                           Fax:   [_____________]

Party B Operations
Contact:                   Ford Credit Auto Owner Trust 2007-X
                           U.S. Bank Trust
                           National Association, as Owner Trustee
                           300 Delaware Avenue, Ninth Floor
                           Wilmington, Delaware 19801
                           Attn: Corporate Trust Administration
                           Telephone: [(____) - __________]
                           Fax: [(____) - __________]

   with a copy to:--

                           The Bank of New York
</TABLE>

<PAGE>

<TABLE>
<S>                        <C>
                           as Indenture Trustee for
                           Ford Credit Auto Owner Trust 2007-X
                           101 Barclay Street
                           Floor 4 West
                           New York, New York 10286
                           Attn: Structured Finance Services -
                           Asset Backed Securities, Ford 2007-X
                           Telephone: [(____) - __________]
                           Fax: [(____) - __________]; and

                           Ford Motor Credit Company LLC
                           Ford Motor Company World Headquarters
                           Office of the General Counsel
                           One American Road
                           Suite 1034-A1
                           Dearborn, Michigan  48126
                           Attention: Secretary
                           Telephone: (313) 594-9876
                           Fax:(313)248-7613
</TABLE>

<PAGE>

          Please confirm that the foregoing correctly sets forth the terms of
our agreement by executing this Confirmation and returning it to us.

Best Regards,

FORD CREDIT AUTO OWNER TRUST 2007-X

By: U.S. BANK TRUST
    NATIONAL ASSOCIATION,
    not in its individual capacity
    but solely as Owner Trustee

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

[NAME OF SWAP COUNTERPARTY]

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                     [SIGNATURE PAGE FOR SWAP CONFIRMATION]
<PAGE>

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                 (ISDA(R) LOGO)

              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX

                             TO THE SCHEDULE TO THE

                              ISDA MASTER AGREEMENT
                      (1992 - MULTICURRENCY--CROSS BORDER)

                            DATED AS OF [TRADE DATE]

                                     BETWEEN
                           [NAME OF SWAP COUNTERPARTY]
                   A [JURISDICTION OF ORGANIZATION] [COMPANY]
                                   ("PARTY A")

                                       AND

                      FORD CREDIT AUTO OWNER TRUST 2007-X,
                           A DELAWARE STATUTORY TRUST
                                   ("PARTY B")

This Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

Accordingly, the parties agree as follows:--

PARAGRAPH 1. INTERPRETATION

(a) DEFINITIONS AND INCONSISTENCY. Capitalized terms not otherwise defined
herein or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the
other provisions of this Schedule, this Annex will prevail, and in the event of
any inconsistency between Paragraph 13 and the other provisions of this Annex,
Paragraph 13 will prevail.

(b) SECURED PARTY AND PLEDGOR. All references in this Annex to the "Secured
Party" will be to either party when acting in that capacity and all
corresponding references to the "Pledgor" will be to the other party when acting
in that capacity; provided, however, that if Other Posted Support is held by a
party to this Annex, all references herein to that party as the Secured Party
with respect to that Other Posted Support will be to that party as the
beneficiary thereof and will not subject that support or that party as the
beneficiary thereof to provisions of law generally relating to security
interests and secured parties.

PARAGRAPH 2. SECURITY INTEREST

Each party, as the Pledgor, hereby pledges to the other party, as the Secured
Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all

   Copyright(C) 1994 by International Swaps and Derivatives Association, Inc.

<PAGE>

Posted Collateral Transferred to or received by the Secured Party hereunder.
Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be
released immediately and, to the extent possible, without any further action by
either party.

PARAGRAPH 3. CREDIT SUPPORT OBLIGATIONS

(a) DELIVERY AMOUNT. Subject to Paragraphs 4 and 5, upon a demand made by the
Secured Party on or promptly following a Valuation Date, if the Delivery Amount
for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount,
then the Pledgor will Transfer to the Secured Party Eligible Credit Support
having a Value as of the date of Transfer at least equal to the applicable
Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise specified
in Paragraph 13, the "DELIVERY AMOUNT" applicable to the Pledgor for any
Valuation Date will equal the amount by which:

     (i) the Credit Support Amount

     exceeds

     (ii) the Value as of that Valuation Date of all Posted Credit Support held
     by the Secured Party.

(b) RETURN AMOUNT. Subject to Paragraphs 4 and 5, upon a demand made by the
Pledgor on or promptly following a Valuation Date, if the Return Amount for that
Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount,
then the Secured Party will Transfer to the Pledgor Posted Credit Support
specified by the Pledgor in that demand having a Value as of the date of
Transfer as close as practicable to the applicable Return Amount (rounded
pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the
"RETURN AMOUNT" applicable to the Secured Party for any Valuation Date will
equal the amount by which:

     (i) the Value as of that Valuation Date of all Posted Credit Support held
     by the Secured Party

     exceeds

     (ii) the Credit Support Amount.

"CREDIT SUPPORT AMOUNT" means, unless otherwise specified in Paragraph 13, for
any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus
(ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any,
minus (iii) all Independent Amounts applicable to the Secured Party, if any,
minus (iv) the Pledgor's Threshold; provided, however, that the Credit Support
Amount will be deemed to be zero whenever the calculation of Credit Support
Amount yields a number less than zero.

PARAGRAPH 4. CONDITIONS PRECEDENT, TRANSFER TIMING, CALCULATIONS AND
SUBSTITUTIONS

(a) CONDITIONS PRECEDENT. Each Transfer obligation of the Pledgor under
Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and
6(d) is subject to the conditions precedent that:

     (i) no Event of Default, Potential Event of Default or Specified Condition
     has occurred and is continuing with respect to the other party; and

     (ii) no Early Termination Date for which any unsatisfied payment
     obligations exist has occurred or been designated as the result of an Event
     of Default or Specified Condition with respect to the other party.

(b) TRANSFER TIMING. Subject to Paragraphs 4(a) and 5 and unless otherwise
specified, if a demand for the Transfer of Eligible Credit Support or Posted
Credit Support is made by the Notification Time, then the relevant Transfer will
be made not later than the close of business on the next Local Business Day; if
a demand is made after the Notification Time, then the relevant Transfer will be
made not later than the close of business on the second Local Business Day
thereafter.

                                                                    ISDA(R) 1994

                                        2

<PAGE>

(c) CALCULATIONS. All calculations of Value and Exposure for purposes of
Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation
Time. The Valuation Agent will notify each party (or the other party, if the
Valuation Agent is a party) of its calculations not later than the Notification
Time on the Local Business Day following the applicable Valuation Date (or in
the case of Paragraph 6(d), following the date of calculation).

(d) SUBSTITUTIONS.

     (i) Unless otherwise specified in Paragraph 13, upon notice to the Secured
     Party specifying the items of Posted Credit Support to be exchanged, the
     Pledgor may, on any Local Business Day, Transfer to the Secured Party
     substitute Eligible Credit Support (the "Substitute Credit Support"); and

     (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
     Pledgor the items of Posted Credit Support specified by the Pledgor in its
     notice not later than the Local Business Day following the date on which
     the Secured Party receives the Substitute Credit Support, unless otherwise
     specified in Paragraph 13 (the "Substitution Date"); provided that the
     Secured Party will only be obligated to Transfer Posted Credit Support with
     a Value as of the date of Transfer of that Posted Credit Support equal to
     the Value as of that date of the Substitute Credit Support.

PARAGRAPH 5. DISPUTE RESOLUTION

If a party (a "Disputing Party") disputes (I) the Valuation Agent's calculation
of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is
not the other party) not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject
to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to
the other party not later than the close of business on the Local Business Day
following (X) the date that the demand is made under Paragraph 3 in the case of
(I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties
will consult with each other in an attempt to resolve the dispute and (4) if
they fail to resolve the dispute by the Resolution Time, then:

     (i) In the case of a dispute involving a Delivery Amount or Return Amount,
     unless otherwise specified in Paragraph 13, the Valuation Agent will
     recalculate the Exposure and the Value as of the Recalculation Date by:

          (A) utilizing any calculations of Exposure for the Transactions (or
          Swap Transactions) that the parties have agreed are not in dispute;

          (B) calculating the Exposure for the Transactions (or Swap
          Transactions) in dispute by seeking four actual quotations at
          mid-market from Reference Market-makers for purposes of calculating
          Market Quotation, and taking the arithmetic average of those obtained;
          provided that if four quotations are not available for a particular
          Transaction (or Swap Transaction), then fewer than four quotations may
          be used for that Transaction (or Swap Transaction); and if no
          quotations are available for a particular Transaction (or Swap
          Transaction), then the Valuation Agent's original calculations will be
          used for that Transaction (or Swap Transaction); and

          (C) utilizing the procedures specified in Paragraph 13 for calculating
          the Value, if disputed, of Posted Credit Support.

     (ii) In the case of a dispute involving the Value of any Transfer of
     Eligible Credit Support or Posted Credit Support, the Valuation Agent will
     recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

Following a recalculation pursuant to this Paragraph, the Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) not
later than the Notification Time on the Local Business Day following the
Resolution Time. The appropriate party will, upon demand following that notice
by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

                                                                    ISDA(R) 1994

                                        3

<PAGE>

PARAGRAPH 6. HOLDING AND USING POSTED COLLATERAL

(a) CARE OF POSTED COLLATERAL. Without limiting the Secured Party's rights under
Paragraph 6(c), the Secured Party will exercise reasonable care to assure the
safe custody of all Posted Collateral to the extent required by applicable law,
and in any event the Secured Party will be deemed to have exercised reasonable
care if it exercises at least the same degree of care as it would exercise with
respect to its own property. Except as specified in the preceding sentence, the
Secured Party will have no duty with respect to Posted Collateral, including,
without limitation, any duty to collect any Distributions, or enforce or
preserve any rights pertaining thereto.

(b) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

     (i) GENERAL. Subject to the satisfaction of any conditions specified in
     Paragraph 13 for holding Posted Collateral, the Secured Party will be
     entitled to hold Posted Collateral or to appoint an agent (a "Custodian")
     to hold Posted Collateral for the Secured Party. Upon notice by the Secured
     Party to the Pledgor of the appointment of a Custodian, the Pledgor's
     obligations to make any Transfer will be discharged by making the Transfer
     to that Custodian. The holding of Posted Collateral by a Custodian will be
     deemed to be the holding of that Posted Collateral by the Secured Party for
     which the Custodian is acting.

     (ii) FAILURE TO SATISFY CONDITIONS. If the Secured Party or its Custodian
     fails to satisfy any conditions for holding Posted Collateral, then upon a
     demand made by the Pledgor, the Secured Party will, not later than five
     Local Business Days after the demand, Transfer or cause its Custodian to
     Transfer all Posted Collateral held by it to a Custodian that satisfies
     those conditions or to the Secured Party if it satisfies those conditions.

     (iii) LIABILITY. The Secured Party will be liable for the acts or omissions
     of its Custodian to the same extent that the Secured Party would be liable
     hereunder for its own acts or omissions.

(c) USE OF POSTED COLLATERAL. Unless otherwise specified in Paragraph 13 and
without limiting the rights and obligations of the parties under Paragraphs 3,
4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an
Affected Party with respect to a Specified Condition and no Early Termination
Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then the Secured Party
will, notwithstanding Section 9-207 of the New York Uniform Commercial Code,
have the right to:

     (i) sell, pledge, rehypothecate, assign, invest, use, commingle or
     otherwise dispose of, or otherwise use in its business any Posted
     Collateral it holds, free from any claim or right of any nature whatsoever
     of the Pledgor, including any equity or right of redemption by the Pledgor;
     and

     (ii) register any Posted Collateral in the name of the Secured Party, its
     Custodian or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted
Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
authorized under this Agreement, the Secured Party will be deemed to continue to
hold all Posted Collateral and to receive Distributions made thereon, regardless
of whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

(d) DISTRIBUTIONS AND INTEREST AMOUNT

     (i) DISTRIBUTIONS. Subject to Paragraph 4(a), if the Secured Party receives
     or is deemed to receive Distributions on a Local Business Day, it will
     Transfer to the Pledgor not later than the following Local Business Day any
     Distributions it receives or is deemed to receive to the extent that a
     Delivery Amount would not be created or increased by that Transfer, as
     calculated by the Valuation Agent (and the date of calculation will be
     deemed to be a Valuation Date for this purpose).

                                                                    ISDA(R) 1994

                                        4

<PAGE>

     (ii) INTEREST AMOUNT. Unless otherwise specified in Paragraph 13 and
     subject to Paragraph 4(a), in lieu of any interest, dividends or other
     amounts paid or deemed to have been paid with respect to Posted Collateral
     in the form of Cash (all of which may be retained by the Secured Party),
     the Secured Party will Transfer to the Pledgor at the times specified in
     Paragraph 13 the Interest Amount to the extent that a Delivery Amount would
     not be created or increased by that Transfer, as calculated by the
     Valuation Agent (and the date of calculation will be deemed to be a
     Valuation Date for this purpose). The Interest Amount or portion thereof
     not Transferred pursuant to this Paragraph will constitute Posted
     Collateral in the form of Cash and will be subject to the security interest
     granted under Paragraph 2.

PARAGRAPH 7. EVENTS OF DEFAULT

For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will
exist with respect to a party if:

     (i) that party fails (or fails to cause its Custodian) to make, when due,
     any Transfer of Eligible Collateral, Posted Collateral or the Interest
     Amount, as applicable, required to be made by it and that failure continues
     for two Local Business Days after notice of that failure is given to that
     party;

     (ii) that party fails to comply with any restriction or prohibition
     specified in this Annex with respect to any of the rights specified in
     Paragraph 6(c) and that failure continues for five Local Business Days
     after notice of that failure is given to that party; or

     (iii) that party fails to comply with or perform any agreement or
     obligation other than those specified in Paragraphs 7(i) and 7(ii) and that
     failure continues for 30 days after notice of that failure is given to that
     party.

PARAGRAPH 8. CERTAIN RIGHTS AND REMEDIES

(a) SECURED PARTY'S RIGHTS AND REMEDIES. If at any time (1) an Event of Default
or Specified Condition with respect to the Pledgor has occurred and is
continuing or (2) an Early Termination Date has occurred or been designated as
the result of an Event of Default or Specified Condition with respect to the
Pledgor, then, unless the Pledgor has paid in full all of its Obligations that
are then due, the Secured Party may exercise one or more of the following rights
and remedies:

     (i) all rights and remedies available to a secured party under applicable
     law with respect to Posted Collateral held by the Secured Party;

     (ii) any other rights and remedies available to the Secured Party under the
     terms of Other Posted Support, if any;

     (iii) the right to Set-off any amounts payable by the Pledgor with respect
     to any Obligations against any Posted Collateral or the Cash equivalent of
     any Posted Collateral held by the Secured Party (or any obligation of the
     Secured Party to Transfer that Posted Collateral); and

     (iv) the right to liquidate any Posted Collateral held by the Secured Party
     through one or more public or private sales or other dispositions with such
     notice, if any, as may be required under applicable law, free from any
     claim or right of any nature whatsoever of the Pledgor, including any
     equity or right of redemption by the Pledgor (with the Secured Party having
     the right to purchase any or all of the Posted Collateral to be sold) and
     to apply the proceeds (or the Cash equivalent thereof) from the liquidation
     of the Posted Collateral to any amounts payable by the Pledgor with respect
     to any Obligations in that order as the Secured Party may elect.

Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice
of any sale of that Posted Collateral by the Secured Party, except any notice
that is required under applicable law and cannot be waived.

                                                                    ISDA(R) 1994

                                        5

<PAGE>

(b) PLEDGOR'S RIGHTS AND REMEDIES. If at any time an Early Termination Date has
occurred or been designated as the result of an Event of Default or Specified
Condition with respect to the Secured Party, then (except in the case of an
Early Termination Date relating to less than all Transactions (or Swap
Transactions) where the Secured Party has paid in full all of its obligations
that are then due under Section 6(e) of this Agreement):

     (i) the Pledgor may exercise all rights and remedies available to a pledgor
     under applicable law with respect to Posted Collateral held by the Secured
     Party;

     (ii) the Pledgor may exercise any other rights and remedies available to
     the Pledgor under the terms of Other Posted Support, if any;

     (iii) the Secured Party will be obligated immediately to Transfer all
     Posted Collateral and the Interest Amount to the Pledgor; and

     (iv) to the extent that Posted Collateral or the Interest Amount is not so
     Transferred pursuant to (iii) above, the Pledgor may:

          (A) Set-off any amounts payable by the Pledgor with respect to any
          Obligations against any Posted Collateral or the Cash equivalent of
          any Posted Collateral held by the Secured Party (or any obligation of
          the Secured Party to Transfer that Posted Collateral); and

          (B) to the extent that the Pledgor does not Set-off under (iv)(A)
          above, withhold payment of any remaining amounts payable by the
          Pledgor with respect to any Obligations, up to the Value of any
          remaining Posted Collateral held by the Secured Party, until that
          Posted Collateral is Transferred to the Pledgor.

(c) DEFICIENCIES AND EXCESS PROCEEDS. The Secured Party will Transfer to the
Pledgor any proceeds and Posted Credit Support remaining after liquidation,
Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in
full of all amounts payable by the Pledgor with respect to any Obligations; the
Pledgor in all events will remain liable for any amounts remaining unpaid after
any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b).

(d) FINAL RETURNS. When no amounts are or thereafter may become payable by the
Pledgor with respect to any Obligations (except for any potential liability
under Section 2(d) of this Agreement), the Secured Party will Transfer to the
Pledgor all Posted Credit Support and the Interest Amount, if any.

PARAGRAPH 9. REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated as of each date on which it, as the Pledgor, Transfers Eligible
Collateral) that:

     (i) it has the power to grant a security interest in and lien on any
     Eligible Collateral it Transfers as the Pledgor and has taken all necessary
     actions to authorize the granting of that security interest and lien;

     (ii) it is the sole owner of or otherwise has the right to Transfer all
     Eligible Collateral it Transfers to the Secured Party hereunder, free and
     clear of any security interest, lien, encumbrance or other restrictions
     other than the security interest and lien granted under Paragraph 2;

     (iii) upon the Transfer of any Eligible Collateral to the Secured Party
     under the terms of this Annex, the Secured Party will have a valid and
     perfected first priority security interest therein (assuming that any
     central clearing corporation or any third-party financial intermediary or
     other entity not within the control of the Pledgor involved in the Transfer
     of that Eligible Collateral gives the notices and takes the action required
     of it under applicable law for perfection of that interest); and

                                                                    ISDA(R) 1994

                                        6

<PAGE>

     (iv) the performance by it of its obligations under this Annex will not
     result in the creation of any security interest, lien or other encumbrance
     on any Posted Collateral other than the security interest and lien granted
     under Paragraph 2.

PARAGRAPH 10. EXPENSES

(a) GENERAL. Except as otherwise provided in Paragraphs 10(b) and 10(c), each
party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

(b) POSTED CREDIT SUPPORT. The Pledgor will promptly pay when due all taxes,
assessments or charges of any nature that are imposed with respect to Posted
Credit Support held by the Secured Party upon becoming aware of the same,
regardless of whether any portion of that Posted Credit Support is subsequently
disposed of under Paragraph 6(c), except for those taxes, assessments and
charges that result from the exercise of the Secured Party's rights under
Paragraph 6(c).

(c) LIQUIDATION/APPLICATION OF POSTED CREDIT SUPPORT. All reasonable costs and
expenses incurred by or on behalf of the Secured Party or the Pledgor in
connection with the liquidation and/or application of any Posted Credit Support
under Paragraph 8 will be payable, on demand and pursuant to the Expenses
Section of this Agreement, by the Defaulting Party or, if there is no Defaulting
Party, equally by the parties.

PARAGRAPH 11. MISCELLANEOUS

(a) DEFAULT INTEREST. A Secured Party that fails to make, when due, any Transfer
of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor
(to the extent permitted under applicable law) an amount equal to interest at
the Default Rate multiplied by the Value of the items of property that were
required to be Transferred, from (and including) the date that Posted Collateral
or Interest Amount was required to be Transferred to (but excluding) the date of
Transfer of that Posted Collateral or Interest Amount. This interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed.

(b) FURTHER ASSURANCES. Promptly following a demand made by a party, the other
party will execute, deliver, file and record any financing statement, specific
assignment or other document and take any other action that may be necessary or
desirable and reasonably requested by that party to create, preserve, perfect or
validate any security interest or lien granted under Paragraph 2, to enable that
party to exercise or enforce its rights under this Annex with respect to Posted
Credit Support or an Interest Amount or to effect or document a release of a
security interest on Posted Collateral or an Interest Amount.

(c) FURTHER PROTECTION. The Pledgor will promptly give notice to the Secured
Party of, and defend against, any suit, action, proceeding or lien that involves
Posted Credit Support Transferred by the Pledgor or that could adversely affect
the security interest and lien granted by it under Paragraph 2, unless that
suit, action, proceeding or lien results from the exercise of the Secured
Party's rights under Paragraph 6(c).

(d) GOOD FAITH AND COMMERCIALLY REASONABLE MANNER. Performance of all
obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith
and in a commercially reasonable manner.

(e) DEMANDS AND NOTICES. All demands and notices made by a party under this
Annex will be made as specified in the Notices Section of this Agreement, except
as otherwise provided in Paragraph 13.

(f) SPECIFICATIONS OF CERTAIN MATTERS. Anything referred to in this Annex as
being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly.

                                                                    ISDA(R) 1994

                                        7

<PAGE>

PARAGRAPH 12. DEFINITIONS

As used in this Annex:--

"CASH" means the lawful currency of the United States of America.

"CREDIT SUPPORT AMOUNT" has the meaning specified in Paragraph 3.

"CUSTODIAN" has the meaning specified in Paragraphs 6(b)(i) and 13.

"DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

"DISPUTING PARTY" has the meaning specified in Paragraph 5.

"DISTRIBUTIONS" means with respect to Posted Collateral other than Cash, all
principal, interest and other payments and distributions of cash or other
property with respect thereto, regardless of whether the Secured Party has
disposed of that Posted Collateral under Paragraph 6(c). Distributions will not
include any item of property acquired by the Secured Party upon any disposition
or liquidation of Posted Collateral or, with respect to any Posted Collateral in
the form of Cash, any distributions on that collateral, unless otherwise
specified herein.

"ELIGIBLE COLLATERAL" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"ELIGIBLE CREDIT SUPPORT" means Eligible Collateral and Other Eligible Support.

"EXPOSURE" means for any Valuation Date or other date for which Exposure is
calculated and subject to Paragraph 5 in the case of a dispute, the amount, if
any, that would be payable to a party that is the Secured Party by the other
party (expressed as a positive number) or by a party that is the Secured Party
to the other party (expressed as a negative number) pursuant to Section
6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions)
were being terminated as of the relevant Valuation Time; provided that Market
Quotation will be determined by the Valuation Agent using its estimates at
mid-market of the amounts that would be paid for Replacement Transactions (as
that term is defined in the definition of "Market Quotation").

"INDEPENDENT AMOUNT" means, with respect to a party, the amount specified as
such for that party in Paragraph 13; if no amount is specified, zero.

"INTEREST AMOUNT" means, with respect to an Interest Period, the aggregate sum
of the amounts of interest calculated for each day in that Interest Period on
the principal amount of Posted Collateral in the form of Cash held by the
Secured Party on that day, determined by the Secured Party for each such day as
follows:

     (x) the amount of that Cash on that day; multiplied by

     (y) the Interest Rate in effect for that day; divided by

     (z) 360.

"INTEREST PERIOD" means the period from (and including) the last Local Business
Day on which an Interest Amount was Transferred (or, if no Interest Amount has
yet been Transferred, the Local Business Day on which Posted Collateral in the
form of Cash was Transferred to or received by the Secured Party) to (but
excluding) the Local Business Day on which the current Interest Amount is to be
Transferred.

"INTEREST RATE" means the rate specified in Paragraph 13.

                                                                    ISDA(R) 1994

                                        8

<PAGE>

"LOCAL BUSINESS DAY," unless otherwise specified in Paragraph 13, has the
meaning specified in the Definitions Section of this Agreement, except that
references to a payment in clause (b) thereof will be deemed to include a
Transfer under this Annex.

"MINIMUM TRANSFER AMOUNT" means, with respect to a party, the amount specified
as such for that party in Paragraph 13; if no amount is specified, zero.

"NOTIFICATION TIME" has the meaning specified in Paragraph 13.

"OBLIGATIONS" means, with respect to a party, all present and future obligations
of that party under this Agreement and any additional obligations specified for
that party in Paragraph 13.

"OTHER ELIGIBLE SUPPORT" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"OTHER POSTED SUPPORT" means all Other Eligible Support Transferred to the
Secured Party that remains in effect for the benefit of that Secured Party.

"PLEDGOR" means either party, when that party (i) receives a demand for or is
required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has
Transferred Eligible Credit Support under Paragraph 3(a).

"POSTED COLLATERAL" means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or
received by the Secured Party under this Annex and not Transferred to the
Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the
Secured Party under Paragraph 8. Any Interest Amount or portion thereof not
Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in
the form of Cash.

"POSTED CREDIT SUPPORT" means Posted Collateral and Other Posted Support.

"RECALCULATION DATE" means the Valuation Date that gives rise to the dispute
under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs
under Paragraph 3 prior to the resolution of the dispute, then the
"Recalculation Date" means the most recent Valuation Date under Paragraph 3.

"RESOLUTION TIME" has the meaning specified in Paragraph 13.

"RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

"SECURED PARTY" means either party, when that party (i) makes a demand for or is
entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds
or is deemed to hold Posted Credit Support.

"SPECIFIED CONDITION" means, with respect to a party, any event specified as
such for that party in Paragraph 13.

"SUBSTITUTE CREDIT SUPPORT" has the meaning specified in Paragraph 4(d)(i).

"SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

"THRESHOLD" means, with respect to a party, the amount specified as such for
that party in Paragraph 13; if no amount is specified, zero.

"TRANSFER" means, with respect to any Eligible Credit Support, Posted Credit
Support or Interest Amount, and in accordance with the instructions of the
Secured Party, Pledgor or Custodian, as applicable:

     (i) in the case of Cash, payment or delivery by wire transfer into one or
     more bank accounts specified by the recipient;

                                                                    ISDA(R) 1994

                                        9

<PAGE>

     (ii) in the case of certificated securities that cannot be paid or
     delivered by book-entry, payment or delivery in appropriate physical form
     to the recipient or its account accompanied by any duly executed
     instruments of transfer, assignments in blank, transfer tax stamps and any
     other documents necessary to constitute a legally valid transfer to the
     recipient;

     (iii) in the case of securities that can be paid or delivered by
     book-entry, the giving of written instructions to the relevant depository
     institution or other entity specified by the recipient, together with a
     written copy thereof to the recipient, sufficient if complied with to
     result in a legally effective transfer of the relevant interest to the
     recipient; and

     (iv) in the case of Other Eligible Support or Other Posted Support, as
     specified in Paragraph 13.

"VALUATION AGENT" has the meaning specified in Paragraph 13.

"VALUATION DATE" means each date specified in or otherwise determined pursuant
to Paragraph 13.

"VALUATION PERCENTAGE" means, for any item of Eligible Collateral, the
percentage specified in Paragraph 13.

"VALUATION TIME" has the meaning specified in Paragraph 13.

"VALUE" means for any Valuation Date or other date for which Value is calculated
and subject to Paragraph 5 in the case of a dispute, with respect to:

     (i) Eligible Collateral or Posted Collateral that is:

          (A) Cash, the amount thereof; and

          (B) a security, the bid price obtained by the Valuation Agent
          multiplied by the applicable Valuation Percentage, if any;

     (ii) Posted Collateral that consists of items that are not specified as
     Eligible Collateral, zero; and

     (iii) Other Eligible Support and Other Posted Support, as specified in
     Paragraph 13.

                                                                    ISDA(R) 1994

                                       10

<PAGE>

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations:

     With respect to Party A: None.

     With respect to Party B: None.

(b) CREDIT SUPPORT OBLIGATIONS.

     (i) DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a),
          except that the words "upon a demand made by the Secured Party on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date".

          (B) "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" has the following meaning:

               (1) if the First Rating Trigger Requirements apply to Party A,
               the following amount as determined by the Valuation Agent:

                    Max(0, Exposure payable to the Secured Party + Notional
               Amount on such Valuation Date * the respective potential increase
               below)

                   POTENTIAL INCREASE OF MID-MARKET VALUATION

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF HEDGE IN YEARS   POSTING FREQUENCY (WEEKLY)
---------------------------------------   --------------------------
<S>                                       <C>
                   1                                0.25%
                   2                                0.50%
                   3                                0.70%
</TABLE>

               or

               (2) if the Second Rating Trigger Requirements apply to Party A,
               the following amount as determined by the Valuation Agent:

                    Max(0, Floating Amount on next Payment Date, Exposure
                    payable to the Secured Party + Notional Amount on such
                    Valuation Date * the respective potential increase below)

                   POTENTIAL INCREASE OF MID-MARKET VALUATION

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF HEDGE IN YEARS   POSTING FREQUENCY (WEEKLY)
---------------------------------------   --------------------------
<S>                                       <C>
                   1                                0.60%
                   2                                1.20%
                   3                                1.70%
</TABLE>

     (ii) ELIGIBLE COLLATERAL. The following items will qualify as "ELIGIBLE
     COLLATERAL" for the party specified:

                                                                    ISDA(R) 1994

                                       11

<PAGE>

<TABLE>
<CAPTION>
                                                                                VALUATION              VALUATION
                                                                              PERCENTAGE FOR         PERCENTAGE FOR
                                                                               FIRST RATING          SECOND RATING
                                                                           TRIGGER REQUIREMENTS   TRIGGER REQUIREMENTS
                                                                           --------------------   --------------------
<S>                                                                        <C>                    <C>
(A)     Cash in U.S. Dollars                                                       100%                   100%

(B)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   100%
        Treasury Department having a remaining maturity of not more than
        one year

(C)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   99%
        Treasury Department having a remaining maturity of more than one
        year but not more than 2 years

(D)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   98%
        Treasury Department having a remaining maturity of more than 2
        years but not more than 3 years

(E)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   97%
        Treasury Department having a remaining maturity of more than 3
        years but not more than 5 years

(F)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   95%
        Treasury Department having a remaining maturity of more than 5
        years but not more than 7 years

(G)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   94%
        Treasury Department having a remaining maturity of more than 7
        years but not more than 10 years

(H)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   89%
        Treasury Department having a remaining maturity of more than 10
        years but not more than 20 years

(I)     Fixed rate negotiable debt obligations issued by the U.S.                  100%                   87%
        Treasury Department having a remaining maturity of more than 20
        years

(J)     Floating rate negotiable debt obligations issued by the U.S.               100%                   99%
        Treasury Department

(K)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   99%
        not more than one year

(L)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   98%
        more than one year but not more than 2 years

(M)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   97%
        more than 2 years but not more than 3 years

(N)     Fixed rate U.S. Agency Debentures having a remaining maturity              100%                   96%
         of more than 3 years but not more than 5 years

(O)     Fixed rate U.S. Agency Debentures having a remaining                       100%                   94%
</TABLE>

                                                                    ISDA(R) 1994

                                       12

<PAGE>

<TABLE>
<S>                                                                        <C>                    <C>
        maturity of more than 5 years but not more than 7 years

(P)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   93%
        more than 7 years but not more than 10 years

(Q)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   88%
        more than 10 years but not more than 20 years

(R)     Fixed rate U.S. Agency Debentures having a remaining maturity of           100%                   86%
        more than 20 years

(S)     Floating rate U.S. Agency Debentures                                       100%                   98%
</TABLE>

     (III) THRESHOLDS.

          (A)  "INDEPENDENT AMOUNT" means with respect to Party A: zero.
               "INDEPENDENT AMOUNT" means with respect to Party B: zero.

          (B)  "THRESHOLD" means with respect to Party A: infinity, provided
               that for so long as no Relevant Entity has the First Trigger
               Required Ratings and either (i) no Relevant Entity has had the
               First Trigger Required Ratings since this Annex was executed or
               (ii) at least 30 Local Business days have elapsed since the last
               time a Relevant Entity had the First Trigger Required Ratings,
               the Threshold with respect to Party A shall be zero.

               "THRESHOLD" means with respect to Party B: infinity.

          (C)  "MINIMUM TRANSFER AMOUNT" means with respect to Party A:
               U.S.$100,000. "MINIMUM TRANSFER AMOUNT" means with respect to
               Party B: U.S.$100,000.

          (D)  ROUNDING. The Delivery Amount will be rounded up to the nearest
               integral multiple of U.S.$10,000. The Return Amount will be
               rounded down to the nearest integral multiple of U.S.$10,000.

(c) VALUATION AND TIMING.

     (i) "VALUATION AGENT" means Party A in all circumstances.

     (ii) "VALUATION DATE" means the first Local Business Day in each week which
     if treated as a Valuation Date would result in a Delivery Amount or Return
     Amount.

     (iii) "VALUATION TIME" means the close of business in the city of the
     Valuation Agent on the Local Business Day immediately preceding the
     Valuation Date or date of calculation, as applicable, provided that the
     calculations of Value and Credit Support Amount will, as far as
     practicable, be made as of approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 4:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. The following
Termination Event(s) will be a "SPECIFIED CONDITION" for the party specified
(that party being the Affected Party if the Termination Event occurs with
respect to that party): None.

(e) SUBSTITUTION.

     (i)  "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

                                                                    ISDA(R) 1994

                                       13

<PAGE>

     (ii) CONSENT. Not applicable.

(f) DISPUTE RESOLUTION.

     (i) "RESOLUTION TIME" means 4:00 p.m., New York time, on the Local Business
     Day following the date on which the notice is given that gives rise to a
     dispute under Paragraph 5.

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date,
     the Value of the outstanding Posted Credit Support or of any transfer of
     Eligible Credit Support or Posted Credit Support, as the case may be, will
     be calculated as follows:

          (A)  with respect to any Eligible Credit Support or Posted Credit
               Support comprising securities ("SECURITIES") the sum of (a)(x)
               the last bid price on such date for such Securities on the
               principal national securities exchange on which such Securities
               are listed, multiplied by the applicable Valuation Percentage; or
               (y) where any Securities are not listed on a national securities
               exchange, the bid price for such Securities quoted as at the
               close of business on such date by any principal market maker
               (which shall not be and shall be independent from the Valuation
               Agent) for such Securities chosen by the Valuation Agent,
               multiplied by the applicable Valuation Percentage; or (z) if no
               such bid price is listed or quoted for such date, the last bid
               price listed or quoted (as the case may be), as of the day next
               preceding such date on which such prices were available,
               multiplied by the applicable Valuation Percentage; plus (b) the
               accrued interest where applicable on such Securities (except to
               the extent that such interest shall have been paid to the Pledgor
               pursuant to Paragraph 6(d)(ii) or included in the applicable
               price referred to in subparagraph (a) above) as of such date; and

          (B)  with respect to any Cash, the amount thereof in U.S. dollars.

     (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply.

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. A Custodian of Party
     B will be entitled to hold Posted Collateral on behalf of Party B pursuant
     to Paragraph 6(c). Party B's Custodian is the Indenture Trustee for Party
     B. Initially, the Custodian for Party B is the Bank of New York.

     (ii) USE OF POSTED COLLATERAL. Paragraph 6(c)(i) will not apply to the
     Party B but Paragraph 6(c)(ii) will apply to Party B.

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "INTEREST RATE" will be the weighted average rate of
     interest earned by the Secured Party in respect of the portion of the
     Posted Credit Support comprised of cash.

     (ii) TRANSFER OF INTEREST AMOUNT. The transfer of the Interest Amount will
     be made on the second Local Business Day following the end of each calendar
     month and on any other Local Business Day on which Posted Credit Support in
     the form of cash is transferred to the Secured Party pursuant to Paragraph
     3(b), in each case to the extent that a Delivery Amount would not be
     created or increased by that transfer, provided that Party B shall not be
     obliged to so transfer any Interest Amount unless and until it has earned
     and received such interest.

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

                                                                    ISDA(R) 1994

                                       14

<PAGE>

     (iv) "DISTRIBUTIONS" means, with respect to any Eligible Credit Support
     comprised in the Posted Credit Support consisting of securities, all
     principal, interest and other payments and distributions of cash or other
     property to which a holder of securities of the same type, nominal value,
     description and amount as such Eligible Credit Support would have received
     from time to time.

     (v) "DISTRIBUTION DATE" means, with respect to any Eligible Credit Support
     comprised in the Posted Credit Support other than cash, each date on which
     a holder of such Eligible Credit Support would have received Distributions
     or, if that date is not a Local Business Day, the next following Local
     Business Day.

(i) ADDITIONAL REPRESENTATION(S).

          There are no additional representations by either party.

(j) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     shall have such meaning as the parties shall agree in writing from time to
     time.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support shall have such meaning as the parties shall agree in writing from
     time to time.

(K) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, save that
any demand, specification or notice:

     (A)  shall be given to or made at the following addresses:

          If to Party A:

               [NAME OF SWAP COUNTERPARTY]
               Contact: [__________]
               Attention: [__________]
               Fax: [__________]
               Telephone: [__________]

          If to Party B: The addresses set forth in the Schedule.

          or at such other address as the relevant party may from time to time
          designate by giving notice (in accordance with the terms of this
          subparagraph) to the other party;

     (B)  shall be deemed to be effective at the time such notice is actually
          received unless such notice is received on a day which is not a Local
          Business Day or after the Notification Time on any Local Business Day
          in which event such notice shall be deemed to be effective on the next
          succeeding Local Business Day.

(l) ADDRESSES FOR TRANSFERS.

     Party A: To be notified to Party B by Party A at the time of the request
     for the transfer.

     Party B: To be notified to Party A by Party B upon request by Party A.

(m) OTHER PROVISIONS.

     (i)  EARLY TERMINATION

          The heading for Paragraph 7 shall be deleted and replaced with "Early
          Termination" and the following shall be added after the word "Default"
          in the first line of Paragraph 7, "in relation to all

                                                                    ISDA(R) 1994

                                       15

<PAGE>

          Transactions or a Termination Event in relation to all Transactions".

     (ii) COSTS OF TRANSFER ON EXCHANGE

          Notwithstanding Paragraph 9, the Pledgor will be responsible for, and
          will reimburse the Secured Party for, all transfer and other taxes and
          other costs involved in the transfer of Eligible Credit Support either
          from the Pledgor to the Secured Party or from the Secured Party to the
          Pledgor pursuant to Paragraph 4(d).

     (iii) CUMULATIVE RIGHTS

          The rights, powers and remedies of the Secured Party under this Annex
          shall be in addition to all rights, powers and remedies given to the
          Secured Party by the Agreement or by virtue of any statute or rule of
          law, all of which rights, powers and remedies shall be cumulative and
          may be exercised successively or concurrently without impairing the
          rights of the Secured Party in the Posted Credit Support created
          pursuant to this Annex.

     (iv) SINGLE PLEDGOR AND SINGLE SECURED PARTY

          For the avoidance of doubt Party A shall always be the Pledgor and
          Party B shall always be the Secured Party.

     (v)  "EXPOSURE" has the meaning specified in Paragraph 12, except that
          after the word "Agreement" the words "(assuming, for this purpose
          only, that Part 1(l) of the Schedule is deleted)" shall be inserted.

     (VI) ADDITIONAL DEFINED TERMS. Capitalized terms used but not defined in
          this Annex have the meanings assigned to them in the Agreement and the
          Schedule thereto. In the event of any inconsistency between the
          provisions of this Annex and the provisions in the Agreement or the
          Schedule thereto, this Annex will prevail.

     (VII) TRANSFER TIMING. Paragraph 4(b) shall be deleted and replaced with
          the following:

          Subject to Paragraphs 4(a) and 5 and unless otherwise specified, any
          transfer of Eligible Credit Support or Posted Credit Support (whether
          by the Pledgor pursuant to Paragraph 3(a) or by the Secured Party
          pursuant to Paragraph 3(b)) shall be made not later than the close of
          business on the next Local Business Day, provided that, in the case of
          any transfer of Posted Credit Support by the Secured Party pursuant to
          Paragraph 3(b), if the demand for the transfer of Posted Credit
          Support is received by the Secured Party after the Notification Time,
          then such transfer will be made not later than the close of business
          on the second Local Business Day thereafter.

                            [SIGNATURE PAGE FOLLOWS]

                                                                    ISDA(R) 1994

                                       16

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Annex by their duly
authorized representatives as of the date of the Agreement.

FORD CREDIT AUTO OWNER TRUST 2007-X     [NAME OF SWAP COUNTERPARTY]

By: U.S. BANK TRUST
    NATIONAL ASSOCIATION,
    not in its individual capacity
    but solely as Owner Trustee

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------

                         [SIGNATURE PAGE TO SWAP ANNEX]

   Copyright(C) 1994 by International Swaps and Derivatives Association, Inc.

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