Document:

exv4w4

Exhibit 4.4

EXECUTION VERSION

 

2011-A EXCHANGE NOTE SUPPLEMENT

to

AMENDED AND RESTATED

CREDIT AND SECURITY AGREEMENT

Dated as of December 1, 2006

among

CAB EAST LLC,

CAB WEST LLC and

FCALM, LLC

as Borrowers,

U.S. BANK NATIONAL ASSOCIATION,

as Administrative Agent,

HTD LEASING LLC,

as Collateral Agent

and

FORD MOTOR CREDIT COMPANY LLC,

as Lender and as Servicer

Dated as of June 1, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	ARTICLE I USAGE AND DEFINITIONS
	 	 	1	 
	Section 1.1. Usage and Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II THE 2011-A EXCHANGE NOTE
	 	 	1	 
	Section 2.1. Creation and Designation
	 	 	1	 
	Section 2.2. Form of Execution, Authentication and Delivery of the 2011-A Exchange
Note; Delivery and Payment for the 2011-A Exchange Note
	 	 	2	 
	Section 2.3. Transfer Restrictions with Respect to the 2011-A Exchange Note
	 	 	3	 
	Section 2.4. Interest Payments on the 2011-A Exchange Note
	 	 	3	 
	Section 2.5. Payments of Principal on the 2011-A Exchange Note
	 	 	3	 
	Section 2.6. Reserve Account
	 	 	3	 
	 
	 	 	 	 
	ARTICLE III THE 2011-A REFERENCE POOL
	 	 	4	 
	Section 3.1. The 2011-A Reference Pool
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV EXCHANGE NOTE DEFAULTS AND REMEDIES
	 	 	4	 
	Section 4.1. 2011-A Exchange Note Defaults
	 	 	4	 
	Section 4.2. Exchange Note Remedies
	 	 	4	 
	 
	 	 	 	 
	ARTICLE V APPLICATION OF COLLECTIONS ON THE 2011-A REFERENCE POOL
	 	 	5	 
	Section 5.1. Application of Collections on the 2011-A Reference Pool Where No
Facility Default or Exchange Note Default Has Occurred
	 	 	5	 
	Section 5.2. Modified Priorities Following Liquidation
	 	 	5	 
	 
	 	 	 	 
	ARTICLE VI SECURITY INTEREST
	 	 	6	 
	Section 6.1. Security Interest
	 	 	6	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS
	 	 	6	 
	Section 7.1. Amendments
	 	 	6	 
	Section 7.2. 2011-A Exchange Noteholders Entitled to Benefits of this Supplement
	 	 	7	 
	Section 7.3. GOVERNING LAW
	 	 	7	 
	Section 7.4. Submission to Jurisdiction; Service of Process
	 	 	7	 
	Section 7.5. Severability
	 	 	7	 
	Section 7.6. Counterparts
	 	 	7	 
	Section 7.7. Headings
	 	 	7	 
	Section 7.8. No Petition
	 	 	7	 

i

 

	 	 	 	 	 

	Schedule A Collateral Leases and Collateral Leased Vehicles in 2011-A Reference Pool
	 	SA-1
	Exhibit A Form of 2011-A Exchange Note
	 	EA-1
	Appendix 1 Usage and Definitions
	 	 	A1-1

ii

 

     2011-A EXCHANGE NOTE SUPPLEMENT, dated as of June 1, 2011 (this “Supplement”), by and
among CAB EAST LLC, a Delaware limited liability company, CAB WEST LLC, a Delaware limited
liability company, and FCALM, LLC, a Delaware limited liability company, as borrowers (each, a
“Borrower” and collectively, the “Borrowers”), FORD MOTOR CREDIT COMPANY LLC, a
Delaware limited liability company, as lender (in such capacity, the “Lender”) and as
servicer (in such capacity, the “Servicer”), U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as administrative agent (in such capacity, the “Administrative Agent”)
and not in its individual capacity, and HTD LEASING LLC, a Delaware limited liability company, as
collateral agent (the “Collateral Agent”).

     Section 4.01 of the Amended and Restated Credit and Security Agreement, dated as of December
1, 2006 (the “Credit and Security Agreement”), among the Borrowers, the Lender and
Servicer, the Administrative Agent and the Collateral Agent provides that the parties thereto may
at any time and from time to time enter into a supplement to the Credit and Security Agreement for
the purpose of authorizing the issuance, execution and authentication of one or more Exchange
Notes.

     The Lender has tendered the notice required by Section 4.02(e)(i) of the Credit and Security
Agreement and enters into this Supplement with the parties thereto as required by Section
4.02(e)(ii) of the Credit and Security Agreement to provide for the issuance, authentication and
delivery of the 2011-A Exchange Note.

     The parties to this Supplement wish to create the 2011-A Exchange Note and specify the
principal terms thereof.

ARTICLE I

USAGE AND DEFINITIONS

     Section 1.1. Usage and Definitions. Capitalized terms used but not otherwise defined
in this Supplement are defined in Appendix 1 or, if not defined in Appendix 1, are defined in
Appendix A to the Credit and Security Agreement. Appendix A also contains rules as to usage
applicable to this Supplement and is incorporated by reference into this Supplement.

ARTICLE II

THE 2011-A EXCHANGE NOTE

     Section 2.1. Creation and Designation.

     (a) There is hereby created an Exchange Note to be issued pursuant to the Credit and Security
Agreement and this Supplement to be known as the “2011-A Exchange Note.”

     (b) The terms of the 2011-A Exchange Note are as follows:

     (i) the Exchange Note Issuance Date is July 5, 2011;

     (ii) the Exchange Note Initial Principal Balance for the 2011-A Exchange Note is
$1,088,903,936.04;

 

 

     (iii) the Cutoff Date for the 2011-A Reference Pool is June 1, 2011;

     (iv) the Exchange Note Interest Rate for the 2011-A Exchange Note is 1.93%;

     (v) the Final Scheduled Payment Date for 2011-A Exchange Note is January 15, 2016; and

     (vi) the 2011-A Exchange Note will be issued as a single class.

     Section 2.2. Form of Execution, Authentication and Delivery of the 2011-A Exchange Note;
Delivery and Payment for the 2011-A Exchange Note.

     (a) The 2011-A Exchange Note, together with the Administrative Agent’s certificate of
authentication on such Exchange Note, will be delivered in the form of a certificated note
substantially in the form set forth as Exhibit A and will satisfy the requirements of Sections 4.01
and 4.02 of the Credit and Security Agreement. The 2011-A Exchange Note may be Transferred only in
whole and not in part.

     (b) Each of the Borrowers and the other parties to this Supplement will execute or
acknowledge, as applicable, and the Borrowers will deliver to the Administrative Agent (i) the
2011-A Exchange Note for authentication and (ii) this Supplement, and following receipt thereof and
satisfaction of the conditions set forth in Section 4.02(e) of the Credit and Security Agreement,
the Administrative Agent will (A) acknowledge this Supplement and (B) authenticate and deliver the
2011-A Exchange Note in accordance with Section 4.02(f) of the Credit and Security Agreement.

     (c) Each of the Borrowers represents and warrants that upon satisfaction of the conditions set
forth in Sections 2.2(a) and (b), the 2011-A Exchange Note will have been duly authorized, executed
and delivered under this Supplement.

     (d) The 2011-A Exchange Note will state that (i) if an Insolvency Event occurs with respect to
any of the Borrowers thereunder, any claim that the 2011-A Exchange Noteholder may seek to enforce
at any time against any of the Borrowers thereunder will be limited in recourse to the 2011-A
Reference Pool (except to the extent of the 2011-A Shared Amounts), (ii) if, notwithstanding clause
(i), the 2011-A Exchange Noteholder is deemed to have any claim against the assets of the Borrowers
thereunder other than the assets included in the 2011-A Reference Pool, such claim will be
subordinate to the payment in full, including post-petition interest, of the claims of the Lender
and to the holders of (A) all other Exchange Notes and (B) in the case of assets allocated to a
Specified Interest other than the Collateral Specified Interest, all other asset-backed securities,
the payments on which are derived primarily from collections on designated assets of the Borrowers
thereunder and all related hedging arrangements and (iii) such recitation constitutes an
enforceable subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

     (e) Because FCALM, LLC does not own any of the Collateral Leases or Collateral Leased Vehicles
that are included in the 2011-A Reference Pool, the parties to this Supplement agree that FCALM,
LLC’s execution of the 2011-A Exchange Note will be in the form of an acknowledgement and consent.

2

 

     Section 2.3. Transfer Restrictions with Respect to the 2011-A Exchange Note. By
acceptance of the 2011-A Exchange Note, the 2011-A Exchange Noteholder agrees with and makes, as of
the date of this Supplement, the representations set forth in Section 4.04(f) of the Credit and
Security Agreement.

     Section 2.4. Interest Payments on the 2011-A Exchange Note. For each Payment Date,
the amount of interest due with respect to the 2011-A Exchange Note (the “Accrued Exchange Note
Interest”) will be an amount equal to the sum of the Exchange Note Monthly Interest and the
Exchange Note Interest Shortfall. For each Payment Date, (a) the “Exchange Note Monthly
Interest” will be an amount equal to the aggregate amount of interest accrued on the Exchange
Note Balance of the 2011-A Exchange Note at the Exchange Note Interest Rate for the related
Exchange Note Interest Period and (b) the “Exchange Note Interest Shortfall” will be an
amount equal to the excess, if any, of the Accrued Exchange Note Interest for the preceding Payment
Date over the amount of interest that was paid to the 2011-A Exchange Noteholder on such preceding
Payment Date, together with interest on such excess amount, to the extent lawful, at the Exchange
Note Interest Rate for the related Exchange Note Interest Period.

     Section 2.5. Payments of Principal on the 2011-A Exchange Note.

     (a) For each Payment Date, the amount of principal payable on the 2011-A Exchange Note (the
“Exchange Note Principal Payment Amount”) will be an amount equal to the sum of (i) the
excess of (A) the Pool Balance as of the first day of the related Collection Period over (B) the
Pool Balance as of the first day of the Collection Period that includes the Payment Date plus (ii)
the portion of the Exchange Note Principal Payment Amount, if any, that was not paid on the prior
Payment Date. The entire outstanding Exchange Note Balance will become due and payable on the
Exchange Note Final Scheduled Payment Date.

     (b) Notwithstanding the foregoing, the entire unpaid Exchange Note Balance will be due and
payable on the date on which an Exchange Note Default with respect to the 2011-A Exchange Note has
occurred and is continuing, and the 2011-A Exchange Noteholder has declared the 2011-A Exchange
Note to be immediately due and payable in the manner provided in the Credit and Security Agreement.

     Section 2.6. Reserve Account.

     (a) In connection with the issuance of the 2011-A Exchange Note, the Servicer will establish a
segregated trust account pursuant to the Servicing Supplement which will be designated as the
“Reserve Account.”

     (b) On the 2011-A Closing Date, the Depositor will deposit, or cause to be deposited, the
Reserve Initial Deposit into the Reserve Account.

     (c) On each Payment Date, the Indenture Trustee will deposit into the Reserve Account all
amounts available in accordance with Section 5.1(e) until the amount on deposit therein is equal to
the Required Reserve Amount.

     (d) On each Payment Date, the Indenture Trustee will withdraw the Reserve Account Draw Amount
from the Reserve Account and apply such amount in accordance with Section 5.1.

3

 

     (e) Following the liquidation of the 2011-A Collateral upon the occurrence of any Event of
Default that has resulted in an acceleration of the Notes, the Indenture Trustee will apply all
amounts then on deposit in the Reserve Account (other than investment earnings) in accordance with
Section 8.2(d) of the Indenture.

ARTICLE III

THE 2011-A REFERENCE POOL

     Section 3.1. The 2011-A Reference Pool.

     (a) The 2011-A Exchange Note will be payable primarily from Collections on the Collateral
Leases and Collateral Leased Vehicles included in the 2011-A Reference Pool in accordance with the
priorities set forth in Section 5.1. For purposes of determining the Collections that are
applicable to the 2011-A Reference Pool, the Collateral Leases and Collateral Leased Vehicles
included in the 2011-A Reference Pool will be deemed to have been included in the 2011-A Reference
Pool from and after the Cutoff Date. A schedule of Leases is attached as Schedule A.

     (b) Collateral Leases and Collateral Leased Vehicles included in the 2011-A Reference Pool
will not be included in the Revolving Facility Pool or in any other Reference Pool (other than
after a reallocation of a Collateral Lease and the related Collateral Leased Vehicle by the
Servicer pursuant to Section 3.5 of the Servicing Supplement) and no Collateral Leases or
Collateral Leased Vehicles included in the Revolving Facility Pool or any other Reference Pool
after the Cutoff Date will be included in the 2011-A Reference Pool.

     (c) Upon repayment in full of the 2011-A Exchange Note, the 2011-A Reference Pool will be
deemed to be terminated and the Collateral Leases and Collateral Leased Vehicles included in the
2011-A Reference Pool will be reallocated to the Revolving Facility Pool.

ARTICLE IV

EXCHANGE NOTE DEFAULTS AND REMEDIES

     Section 4.1. 2011-A Exchange Note Defaults. The Exchange Note Defaults applicable to
the 2011-A Exchange Note are set forth in Section 6.04 of the Credit and Security Agreement.

     Section 4.2. Exchange Note Remedies.

     (a) If a Facility Default or an Exchange Note Default has occurred, the 2011-A Exchange
Noteholder may take the actions set forth in Section 6.05(a) of the Credit and Security Agreement.

     (b) Any Secured Party may submit a bid with respect to any such liquidation or sale of the
Collateral included in the 2011-A Reference Pool pursuant to Section 6.05(a)(ii)(z) of the Credit
and Security Agreement.

4

 

ARTICLE V

APPLICATION OF COLLECTIONS ON THE 2011-A REFERENCE POOL

     Section 5.1. Application of Collections on the 2011-A Reference Pool Where No Facility
Default or Exchange Note Default Has Occurred. On each Payment Date (except with respect to
any proceeds of any liquidation or sale of the Collateral after the 2011-A Exchange Note is
accelerated following a Facility Default or an Exchange Note Default), the Indenture Trustee will,
with respect to the 2011-A Reference Pool (based on the information contained in the Monthly
Investor Report delivered before such Payment Date pursuant to Section 6.1 of the Servicing
Supplement), withdraw from the Exchange Note Collection Account an amount equal to the 2011-A
Collections for such Payment Date and apply such amounts, together with any Shared Amounts
allocated to the 2011-A Exchange Note and the Reserve Account Draw Amount, if any, in accordance
with the following order of priority:

     (a) to the Servicer, the Reference Pool Servicing Fee and any Advance Reimbursement Amount for
the related Collection Period, to the extent that such amounts have not been paid from 2011-A
Collections that have been retained by the Servicer pursuant to the Servicing Supplement;

     (b) to the 2011-A Exchange Noteholder, the Accrued Exchange Note Interest;

     (c) to the 2011-A Exchange Noteholder, (i) on any Payment Date other than an Exchange Note
Redemption Date, the Exchange Note Principal Payment Amount, as a payment of principal of the
2011-A Exchange Note until the Exchange Note Balance has been reduced to zero or (ii) on the
Exchange Note Redemption Date, an amount equal to the Exchange Note Purchase Price (to the extent
such amount has not been paid pursuant to clause (b) above);

     (d) to the 2011-A Exchange Noteholder, the amount, in any, necessary to cover any shortfall in
payment under Sections 8.2(b)(i) through (vi) of the Indenture on such Payment Date;

     (e) to the Reserve Account, the amount, if any, required for the amount on deposit in the
Reserve Account to equal the Required Reserve Amount;

     (f) to be applied as Shared Amounts with respect to any other Exchange Note as to which an
Exchange Note Default described in Sections 6.04(a)(i) or 6.04(a)(ii) of the Credit and Security
Agreement has occurred and is continuing (and, should there be more than one Exchange Note other
than the 2011-A Exchange Note, the amounts applied pursuant to this clause (f) will be allocated as
Shared Amounts among such Exchange Notes pro rata based on their respective
Exchange Note Allocation Percentages); and

     (g) all remaining funds, to be applied as Revolving Facility Pool Additional Amounts in the
manner and in the priority set forth in Section 10.02 of the Credit and Security Agreement.

     All amounts payable to the 2011-A Exchange Noteholder pursuant to this Section 5.1 and
pursuant to Section 5.2 will be deposited by the Indenture Trustee into the Collection Account.

     Section 5.2. Modified Priorities Following Liquidation. Notwithstanding Section 5.1,
following the acceleration of the 2011-A Exchange Note upon a Facility Default or Exchange Note

5

 

Default, the proceeds of the sale or liquidation of any portion of the Collateral included in the
2011-A Reference Pool pursuant to Section 6.05(a)(ii)(z) of the Credit and Security Agreement will
be applied in accordance with the following priorities:

     (a) to pay to the Collateral Agent any amounts due with respect to the 2011-A Exchange Note or
the 2011-A Reference Pool under Section 3.01(c) of the Credit and Security Agreement or Article
VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the
Borrowers or the Titling Company Administrator;

     (b) to pay to the Administrative Agent any amounts due with respect to the 2011-A Exchange
Note or the 2011-A Reference Pool under Section 7.05 of the Credit and Security Agreement or
Article VIII of the Credit and Security Agreement;

     (c) to make the payments described in Section 5.1(a);

     (d) to make payments to the 2011-A Exchange Noteholder, to the extent necessary to pay all
accrued and unpaid interest on the 2011-A Exchange Note and any interest on such accrued and unpaid
interest at the Exchange Note Interest Rate;

     (e) to make payments to the 2011-A Exchange Noteholder, to the extent necessary to reduce the
Exchange Note Balance to zero;

     (f) to make payments in the manner described in Section 5.1(f); and

     (g) to make payments in the manner described in Section 5.1(g).

ARTICLE VI

SECURITY INTEREST

     Section 6.1. Security Interest. Each Borrower hereby confirms its grant under the
Credit and Security Agreement of a security interest in the Collateral to the Collateral Agent. In
addition, each Borrower hereby grants to the Collateral Agent on behalf of the Secured Parties a
security interest in the Collateral.

ARTICLE VII

MISCELLANEOUS

     Section 7.1. Amendments.

     (a) This Supplement may be amended in accordance with Article IX of the Credit and Security
Agreement; provided that the Administrative Agent will provide or withhold consent with
respect to any proposed amendment to this Supplement or the Credit and Security Agreement that
materially affects the rights or obligations of the Servicer with respect to the Collateral
Specified Interests and the 2011-A Reference Pool, only as directed by the Noteholders of Notes
evidencing not less than a majority of the Note Balance of the Controlling Class.

6

 

     (b) Promptly upon the execution of any such amendment, (i) the Servicer will send a copy of
such amendment to the Indenture Trustee and each of the Rating Agencies and (ii) the Indenture
Trustee will notify each holder of a Note of the substance of such amendment.

     Section 7.2. 2011-A Exchange Noteholders Entitled to Benefits of this Supplement.
Ford Credit will be the initial 2011-A Exchange Noteholder. Any subsequent 2011-A Exchange
Noteholder, by accepting the 2011-A Exchange Note, will be deemed to have agreed to the terms and
conditions of the Credit and Security Agreement and this Supplement and will be entitled to the
benefits of the Credit and Security Agreement and this Supplement with the same effect as if such
2011-A Exchange Noteholder had been a party thereto or hereto.

     Section 7.3. GOVERNING LAW. THIS SUPPLEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, PURSUANT TO SECTION 3809 OF TITLE
12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER WILL NOT BE APPLICABLE TO THIS SUPPLEMENT.

     Section 7.4. Submission to Jurisdiction; Service of Process. The Administrative Agent
submits to the nonexclusive jurisdiction of any United States District Court sitting in Delaware
and of any Delaware state court for purposes of all legal
proceedings arising out of or relating to this Supplement. The Administrative Agent
irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court and any claim that
any such proceeding brought in such a court has been brought in an inconvenient forum. The
Administrative Agent irrevocably appoints U.S. Bank Trust National Association, at its Corporate
Trust Office, as its authorized agent on which any and all legal process may be served in any such
legal proceeding brought in any such court. If for any reason such agent ceases to be available to
act as such, the Administrative Agent agrees to designate a new agent in the State of Delaware for
receipt of service of legal process.

     Section 7.5. Severability. If any one or more of the covenants, agreements or terms
of this Supplement is held invalid, illegal or unenforceable, then it will be deemed severable from
the remaining covenants, agreements, provisions and terms of this Supplement and will in no way
affect the validity, legality or enforceability of the remaining parts of this Supplement.

     Section 7.6. Counterparts. This Supplement 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 7.7. Headings. The headings in this Supplement are included for convenience
only and will not affect the meaning or interpretation of this Supplement.

     Section 7.8. No Petition. Each party to this Supplement covenants that for a period
of one year and one day (or, if longer, any applicable preference period) after payment in full of
the Notes, all Exchange Notes, and all distributions to all Holders of Certificates and all holders
of any other Securities (as defined in the related Titling Company Agreement) the payments on which
are derived in any material part from amounts received with respect to any Titling Company Assets
(as defined in the applicable Titling Company Agreements), it will not institute against, or join
any

7

 

Person in instituting against, the Issuer, the Depositor, any Holding Company, any Titling
Company, or the Holders of the Collateral Specified Interest Certificates any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations
relating to the 2011-A Exchange Note, the Notes, this Supplement or any of the other 2011-A Basic
Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition
against the Issuer, the Depositor, any Holding Company, any Titling Company or the Holders of the
Collateral Specified Interest Certificates during the same period.

[Remainder of Page Intentionally Left Blank]

8

 

EXECUTED BY:

	 	 	 	 	 
	 	CAB EAST LLC,

     as a Titling Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CAB WEST LLC,

     as a Titling Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FCALM, LLC,

     as a Titling Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FORD MOTOR CREDIT COMPANY LLC,

     as Lender and as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Exchange Note Supplement]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

     not in its individual capacity but solely as

     Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	HTD LEASING LLC,

     as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Exchange Note Supplement]

 

 

Schedule A

Collateral Leases and Collateral Leased Vehicles in 2011-A Reference Pool

(On File with Collateral Agent)

SA-1

 

Exhibit A

Form of 2011-A Exchange Note

     THIS 2011-A EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN
VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND
WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY
INSTRUCTIONS TO THE CONTRARY TO THE LENDER, THE BORROWERS, THE ADMINISTRATIVE AGENT OR ANY
INTERMEDIARY.

     THE HOLDER OF THIS 2011-A EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT
EITHER (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, AN EMPLOYEE
BENEFIT PLAN OR OTHER RETIREMENT PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW
OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (B) ITS ACQUISITION AND HOLDING OF THIS 2011-A EXCHANGE NOTE
DOES NOT CONSTITUTE AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE
CODE BY REASON OF THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED
TRANSACTION RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS ACQUISITION AND HOLDING OF
THIS 2011-A EXCHANGE NOTE DOES NOT CONSTITUTE AND WILL NOT RESULT IN A VIOLATION OF SUCH SIMILAR
LAW).

     THE PRINCIPAL OF THIS 2011-A EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 2011-A EXCHANGE NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

EA-1

 

	 	 	 

	 
	 	 
	REGISTERED
	 	 
	 
	 	 
	No. 1

	 	$[          ]

[     ]% 2011-A EXCHANGE NOTE

     CAB EAST LLC and CAB WEST LLC, as Borrowers (the “Borrowers”), for value received,
hereby promise to pay to FORD CREDIT AUTO LEASE TRUST 2011-A, as 2011-A Exchange Noteholder (the
“2011-A Exchange Noteholder”) for its benefit and the benefit of the other transferees from
time to time acquiring interests herein pursuant to the Exchange Note Supplement, dated as of June
1, 2011 (the “Exchange Note Supplement”) among the Borrowers, FCALM, LLC, Ford Motor Credit
Company LLC, as Lender and Servicer, U.S. Bank National Association, as Administrative Agent, and
HTD Leasing LLC, as Collateral Agent, and other transferees or registered assigns, the principal
sum of [     ] DOLLARS AND [     ] CENTS ($[     ]) payable on each Payment Date in
an amount equal to the Exchange Note Principal Payment Amount for such Payment Date pursuant to
Section 2.5 of the Exchange Note Supplement; provided, however, that (i) the entire
unpaid principal amount of this Note will be due and payable on the [     ] Payment Date (the
“Exchange Note Final Scheduled Payment Date”) and (ii) the 2011-A Exchange Note may be
redeemed earlier than the Exchange Note Final Scheduled Payment Date pursuant to Section 5.1 of the
Servicing Supplement, dated as of June 1, 2011, among Ford Motor Credit Company LLC, as Servicer,
the Holding Companies, as Holders of the Collateral Specified Interest Certificates, and HTD
Leasing LLC, as Collateral Agent (the “Servicing Supplement”). Capitalized terms used but
not defined in this 2011-A Exchange Note are defined in Appendix 1 to the Exchange Note Supplement
or Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain rules
as to usage applicable to this 2011-A Exchange Note.

     The payment of interest on, and principal of, this 2011-A Exchange Note will constitute the
joint and several obligation of the Borrowers.

     The Borrowers will pay interest on this 2011-A Exchange Note in an amount equal to the Accrued
Exchange Note Interest until the principal of this 2011-A Exchange Note is paid or made available
for payment. The amount of interest due on this 2011-A Exchange Note on each Payment Date will be
calculated on the basis of the Exchange Note Balance outstanding as of the first day of such
Exchange Note Interest Period (after giving effect to all payments of principal made on the
preceding Payment Date), and will be subject to certain limitations contained in Section 2.4 of the
Exchange Note Supplement. Such principal of and interest on this 2011-A Exchange Note will be paid
in the manner specified on the reverse hereof.

     The principal of and interest on this 2011-A Exchange Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Borrowers with respect to this 2011-A Exchange
Note will be applied to interest on and principal of this 2011-A Exchange Note in the manner set
forth in the Exchange Note Supplement.

EA-2

 

     Reference is made to the further provisions of this 2011-A Exchange Note set forth on the
reverse hereof, which will have the same effect as though fully set forth on the face of this
2011-A Exchange Note.

     Unless the certificate of authentication hereon has been executed by the Administrative Agent
whose name appears below by manual or facsimile signature, this 2011-A Exchange Note will not be
entitled to any benefit under the Credit and Security Agreement or the Exchange Note Supplement
referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of This Page Intentionally Left Blank]

EA-3

 

     IN WITNESS WHEREOF, each of the Borrowers below has caused this instrument to be signed,
manually or in facsimile, by its Authorized Person, as of the date set forth below.

	 	 	 	 	 
	 	CAB EAST LLC,

     as a Titling Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CAB WEST LLC,

     as a Titling Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACKNOWLEDGED AND CONSENTED TO:

FCALM, LLC,

     as a Titling Company

	 	 	 

	By:
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

EA-4

 

ADMINISTRATIVE AGENT’S CERTIFICATE OF AUTHENTICATION

     This is the 2011-A Exchange Note designated above and referred to in the within-mentioned
Exchange Note Supplement.

Date: June ___, 2011

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

     not in its individual capacity but solely as

     Administrative Agent

 	 
	 	By:  	 	 
	 	 	Responsible Person 	 
	 	 	 	 
	 

EA-5

 

REVERSE OF 2011-A EXCHANGE NOTE

     This 2011-A Exchange Note is one of the duly authorized issue of Exchange Notes, which may be
issued under the Credit and Security Agreement, to which Credit and Security Agreement and all
Exchange Note Supplements that are supplemental thereto reference is made for a statement of the
respective rights and obligations thereunder of the Borrowers, the Lender, the Servicer, the
Administrative Agent, the Collateral Agent and the Exchange Noteholders. This 2011-A Exchange Note
is subject to all terms of the Credit and Security Agreement and the Exchange Note Supplement. In
the event of a conflict between the terms of this 2011-A Exchange Note, the terms of the Credit and
Security Agreement and the terms of the Exchange Note Supplement, the Exchange Note Supplement will
prevail.

     Interest on and principal of this 2011-A Exchange Note will be payable in accordance with the
priority of payments set forth in Section 5.1 of the Exchange Note Supplement.

     Principal of this 2011-A Exchange Note will be payable on each Payment Date in an amount equal
to the Exchange Note Principal Payment Amount for such Payment Date. “Payment Date” means
the 15th day of each calendar month or, if any such day is not a Business Day, the next Business
Day, commencing July 15, 2011.

     As described on the face hereof, the entire unpaid principal amount of this 2011-A Exchange
Note will be due and payable on the Exchange Note Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of this 2011-A Exchange Note will be due and
payable on the date on which an Exchange Note Default with respect to this 2011-A Exchange Note has
occurred and is continuing and the 2011-A Exchange Noteholder has declared this 2011-A Exchange
Note to be immediately due and payable in the manner provided in the Credit and Security Agreement.

     Payments of interest on this 2011-A Exchange Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this 2011-A Exchange Note,
will be made to the account of the 2011-A Exchange Noteholder either by wire transfer in
immediately available funds, to the account of such 2011-A Exchange Noteholder or an account
designated by the 2011-A Exchange Noteholder at a bank or other entity having appropriate
facilities therefor if such 2011-A Exchange Noteholder has provided to the Exchange Note Registrar
appropriate written instructions at least five (5) Business Days prior to such Payment Date or, if
not, by check mailed first-class mail postage prepaid to the 2011-A Exchange Noteholder’s address
as it appears on the Exchange Note Register prior to such Payment Date, except that the final
installment of principal payable on this 2011-A Exchange Note on a Payment Date or the Exchange
Note Final Scheduled Payment Date will be payable only upon the presentation and surrender of this
2011-A Exchange Note in the manner set forth in Section 4.06(b) of the Credit and Security
Agreement. Such payments will be made without requiring that this 2011-A Exchange Note be
submitted for notation of payment. Any reduction in the principal amount of this 2011-A Exchange
Note effected by any payments made on any Payment Date will be binding upon all future 2011-A
Exchange Noteholders of this 2011-A Exchange Note and of any 2011-A Exchange Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Exchange Note Supplement and the
Credit and Security Agreement, for payment in full of the

EA-6

 

then remaining unpaid principal amount of this 2011-A Exchange Note on a Payment Date, then
the Administrative Agent will notify the 2011-A Exchange Noteholder of the date on which the
Borrowers expect that the final installment of principal of and interest on this 2011-A Exchange
Note will be paid not later than 5 days prior to such date. Such notice will specify that such
final installment will be payable only upon presentation and surrender of this 2011-A Exchange Note
and will specify the place where the 2011-A Exchange Note may be presented and surrendered for
payment of such installment.

     As provided in the Servicing Supplement, this 2011-A Exchange Note may be purchased by the
Servicer, in whole but not in part, in the manner and to the extent described in Section 5.1 of the
Servicing Supplement.

     The transfer of this 2011-A Exchange Note is subject to the restrictions on transfer specified
on the face hereof and to the other limitations set forth in the Credit and Security Agreement and
the Exchange Note Supplement. Subject to the satisfaction of such restrictions and limitations,
the transfer of this 2011-A Exchange Note may be registered on the Exchange Note Register upon
surrender of this 2011-A Exchange Note for registration of transfer at the office or agency
designated by the Borrowers pursuant to the Credit and Security Agreement, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent
duly executed by, the 2011-A Exchange Noteholder hereof or the 2011-A Exchange Noteholder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Exchange Note Registrar, and thereupon a new 2011-A
Exchange Note in the same aggregate principal amount will be issued to the designated transferee.
No service charge will be charged for any registration of transfer or exchange of this 2011-A
Exchange Note, but the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration of transfer or
exchange.

     The 2011-A Exchange Noteholder, by accepting this 2011-A Exchange Note acknowledges and agrees
that (i) if an Insolvency Event occurs with respect to any of the Borrowers, any claim that the
2011-A Exchange Noteholder may seek to enforce at any time against any of the Borrowers will be
limited in recourse to the 2011-A Reference Pool (except to the extent of Shared Amounts allocated
to the 2011-A Exchange Noteholder pursuant to Section 5.1 of the Exchange Note Supplement) and (ii)
if, notwithstanding clause (i), the 2011-A Exchange Noteholder is deemed to have any claim against
the assets of the Borrowers other than the assets included in the 2011-A Reference Pool, whether by
operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of
Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full,
including post-petition interest, of the claims of the Lender and to the holders of (A) all other
Exchange Notes and (B) in the case of assets allocated to a Specified Interest other than the
Collateral Specified Interest, all other asset-backed securities, the payments on which are derived
primarily from collections on designated assets of the Borrowers and all related hedging
arrangements.

     THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN
ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

EA-7

 

     In addition, the 2011-A Exchange Noteholder, by accepting this 2011-A Exchange Note, consents
to the Administrative Agent’s delegation under the HTD Administration Agreement to the Collateral
Agent Administrator of certain of the duties that the Administrative Agent is required to perform
on behalf of the Collateral Agent pursuant to the Credit and Security Agreement.

     The 2011-A Exchange Noteholder, by accepting this 2011-A Exchange Note, covenants and agrees
that for a period of one year and one day (or, if longer, any applicable preference period) after
payment in full of all obligations under the Credit and Security Agreement, the Exchange Note
Supplement, the Exchange Notes, the outstanding Certificates and the outstanding Securities (as
defined in the related Titling Company Agreement), it will not institute against the Titling
Companies or the Holding Companies, or join in any institution against the Titling Companies or the
Holding Companies of, 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 this 2011-A Exchange Note, the Credit and Security
Agreement, the Exchange Note Supplement or any of the other 2011-A Basic Documents.

     The Borrowers have entered into the Exchange Note Supplement and this 2011-A Exchange Note is
issued with the intention that, for U.S. federal, State and local income, single business and
franchise tax purposes, this 2011-A Exchange Note will qualify as indebtedness of the Borrowers.
The 2011-A Exchange Noteholder, by its acceptance of this 2011-A Exchange Note, will be deemed to
agree to treat this 2011-A Exchange Note for U.S. federal, State and local income, single business
and franchise tax purposes as indebtedness of the Borrowers.

     Prior to the due presentment for registration of transfer of this 2011-A Exchange Note, the
Borrowers and the Administrative Agent and any agent of the Borrowers or the Administrative Agent
may treat the Person in whose name this 2011-A Exchange Note (as of the day of determination or as
of such other date as may be specified in the Exchange Note Supplement) is registered as the owner
hereof for all purposes, whether or not this 2011-A Exchange Note be overdue, and, to the fullest
extent permitted by applicable law, none of the Borrowers, the Administrative Agent or any such
agent will be affected by notice to the contrary.

     The Credit and Security Agreement permits the amendment thereof (in any manner and for any
purpose) by the Borrowers, the Collateral Agent, the Lender and the Administrative Agent so long as
each Exchange Noteholder of an Outstanding Exchange Note has consented to such amendment. The
Credit and Security Agreement also permits the amendment thereof to amend or waive certain terms
and conditions set forth therein without the consent of the Noteholders; provided certain
conditions are satisfied. Any such consent by the 2011-A Exchange Noteholder will be conclusive
and binding upon the 2011-A Exchange Noteholder and upon all future holders of this 2011-A Exchange
Note and of any 2011-A Exchange Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 2011-A
Exchange Note.

     The term “Borrower”, as used in this 2011-A Exchange Note, includes any successor to any of
the Borrowers under the Credit and Security Agreement.

EA-8

 

     This 2011-A Exchange Note is issuable only in registered form as provided in the Credit and
Security Agreement and the Exchange Note Supplement, subject to certain limitations therein set
forth.

     This 2011-A Exchange Note, the Credit and Security Agreement and the Exchange Note Supplement
will be governed by, and construed in accordance with the laws of the State of Delaware.

     No reference herein to the Credit and Security Agreement or the Exchange Note Supplement, and
no provision of this 2011-A Exchange Note or of the Credit and Security Agreement will alter or
impair the obligation of the Borrowers, which is absolute and unconditional, to pay the principal
of and interest on this 2011-A Exchange Note at the time, place and rate, and in the coin or
currency herein prescribed.

     Anything herein to the contrary notwithstanding, except as expressly provided in the 2011-A
Basic Documents, none of U.S. Bank National Association, in its individual capacity or HTD Leasing
LLC, in its individual capacity, or any of their respective affiliates, partners, beneficiaries,
agents, officers, directors, employees or successors or assigns will be personally liable for, nor
will recourse be had to any of them for, the payment of principal or of interest on this 2011-A
Exchange Note or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Credit and Security Agreement or the Exchange Note Supplement.
The 2011-A Exchange Noteholder, by its acceptance hereof, agrees that, except as expressly provided
in the 2011-A Basic Documents, in the case of an Exchange Note Default under the Credit and
Security Agreement or the Exchange Note Supplement, the 2011-A Exchange Noteholder will have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein will be taken to prevent recourse to, and
enforcement against, the assets of the Borrowers for any and all liabilities, obligations and
undertakings contained in the Credit and Security Agreement, the Exchange Note Supplement or in
this 2011-A Exchange Note.

EA-9

 

ASSIGNMENT

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

 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers without recourse unto

 

(name and address of assignee)

the within 2011-A Exchange Note and all rights thereunder, and hereby irrevocably constitutes and
appoints ________________, attorney, to transfer said 2011-A Exchange Note on the books kept for
registration thereof, with full power of substitution in the premises.

Date:

	 	 	 

	 
	 	 
	 
	 	Signature Guaranteed:*

 

			
	*	 	Note: The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within 2011-A
Exchange Note in every particular, without alteration, enlargement or any
change whatsoever.

EA-10exv10w2

Exhibit 10.2

EXECUTION VERSION

 

FIRST-TIER SALE AGREEMENT

between

FORD MOTOR CREDIT COMPANY LLC,

as Seller

and

FORD CREDIT AUTO LEASE TWO LLC,

acting with respect to its Series of

limited liability company interests designated as

the “2011-A Series”, as Depositor

Dated as of June 1, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	ARTICLE I USAGE AND DEFINITIONS
	 	 	1	 
	Section 1.1. Usage and Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II SALE OF THE FIRST-TIER ASSETS
	 	 	1	 
	Section 2.1. Sale of the First-Tier Assets
	 	 	1	 
	Section 2.2. Closing; Further Assignments
	 	 	2	 
	Section 2.3. Intent; Savings Clause
	 	 	2	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	2	 
	Section 3.1. Representations and Warranties of the Depositor
	 	 	2	 
	Section 3.2. Representations and Warranties of the Seller
	 	 	4	 
	Section 3.3. Representations of the Seller and the Depositor
	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS
	 	 	5	 
	Section 4.1. Conditions to Obligation of the Depositor
	 	 	5	 
	Section 4.2. Conditions to Obligation of the Seller
	 	 	5	 
	Section 4.3. Deemed Satisfaction of Conditions
	 	 	5	 
	 
	 	 	 	 
	ARTICLE V COVENANTS OF THE SELLER
	 	 	6	 
	Section 5.1. Protection of Right, Title and Interest to the First-Tier Assets
	 	 	6	 
	Section 5.2. Other Liens or Interests
	 	 	6	 
	Section 5.3. Indemnification
	 	 	6	 
	Section 5.4. Obligations of the Seller
	 	 	7	 
	 
	 	 	 	 
	ARTICLE VI MISCELLANEOUS
	 	 	7	 
	Section 6.1. Amendment
	 	 	7	 
	Section 6.2. Notices
	 	 	8	 
	Section 6.3. Costs and Expenses
	 	 	8	 
	Section 6.4. Successors and Assigns
	 	 	8	 
	Section 6.5. No Petition
	 	 	9	 
	Section 6.6. Limited Recourse
	 	 	9	 
	Section 6.7. Subordination
	 	 	9	 
	Section 6.8. GOVERNING LAW
	 	 	10	 
	Section 6.9. Submission to Jurisdiction
	 	 	10	 
	Section 6.10. WAIVER OF JURY TRIAL
	 	 	10	 
	Section 6.11. Severability
	 	 	10	 
	Section 6.12. Counterparts
	 	 	10	 
	Section 6.13. Headings
	 	 	10	 
	Section 6.14. No Waiver; Cumulative Remedies
	 	 	10	 

i

 

     FIRST-TIER SALE AGREEMENT, dated as of June 1, 2011 (this “Agreement”), between FORD
MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Seller, and FORD CREDIT AUTO
LEASE TWO LLC, a Delaware limited liability company, acting with respect to its Series of limited
liability company interests designated as the “2011-A Series,” as Depositor.

BACKGROUND

     On or prior to the date of this Agreement, CAB East LLC, a Delaware limited liability company
(“CAB East”), CAB West LLC, a Delaware limited liability company (“CAB West”) and
FCALM, LLC, a Delaware limited liability company (“FCALM” and, together with CAB East and
CAB West, the “Titling Companies”) issued (or, in the case of FCALM, consented to the
issuance) to Ford Credit a note designated as the “2011-A Exchange Note” having an initial
aggregate outstanding principal balance of $1,088,903,936.04, a fixed interest rate of 1.93% and a
stated maturity date of January 15, 2016.

     Ford Credit and the Titling Companies have also designated the 2011-A Reference Pool in
respect of the 2011-A Exchange Note and the Collateral Leases and Collateral Leased Vehicles
comprising the 2011-A Reference Pool.

     The Seller wishes to sell the 2011-A Exchange Note and certain related property and rights to
the Depositor on the terms and conditions of this Agreement.

ARTICLE I

USAGE AND DEFINITIONS

     Section 1.1. Usage and Definitions. Capitalized terms used but not otherwise defined
in this Agreement are defined in Appendix 1 to the Exchange Note Supplement (the “Exchange Note
Supplement”) to the Credit and Security Agreement (as defined below), dated as of June 1, 2011,
among the Titling Companies, as Borrowers, U.S. Bank National Association (“U.S. Bank”), as
Administrative Agent, HTD Leasing LLC (“HTD”), as Collateral Agent, and Ford Motor Credit
Company LLC (“Ford Credit”), as Lender and Servicer. Capitalized terms used but not
otherwise defined in this Agreement or in Appendix 1 to the Exchange Note Supplement are defined in
Appendix A to the Amended and Restated Credit and Security Agreement (the “Credit and Security
Agreement”), dated as of December 1, 2006, among the Titling Companies, as Borrowers, U.S.
Bank, as Administrative Agent, HTD, as Collateral Agent and Ford Credit, as Lender and Servicer.
Appendix 1 and Appendix A also contain rules as to usage applicable to this Agreement and are
incorporated by reference into this Agreement.

ARTICLE II

SALE OF THE FIRST-TIER ASSETS

     Section 2.1. Sale of the First-Tier Assets.

     (a) Effective as of the 2011-A Closing Date and immediately before the transaction pursuant to
the Second-Tier Sale Agreement and the transactions contemplated by the Trust Agreement and the
Indenture, the Seller sells and assigns to the Depositor, without recourse, the First-Tier Assets.

 

 

     (b) In consideration for the First-Tier Assets, the Depositor will pay to the Seller an amount
equal to the net proceeds of the sale of the Class A Notes in cash by federal wire transfer on the
2011-A Closing Date. The Depositor and the Seller each represents and warrants to the other that
the amount of cash paid by the Depositor, together with the increase in the value in the Seller’s
capital in the Depositor, is equal to the fair market value of the 2011-A Exchange Note. The First
Tier Assets will become the property and rights of the Depositor.

     (c) The sale, transfer, assignment and conveyance of the First-Tier Assets pursuant to this
Agreement is without recourse, and the Seller does not guarantee payment on the First-Tier Assets
or collection of any underlying asset included in the 2011-A Reference Pool.

     Section 2.2. Closing; Further Assignments.

     (a) The sale and assignment of the First-Tier Assets will take place on the 2011-A Closing
Date concurrently with the closings under the Second-Tier Sale Agreement, the Indenture and the
Initial Purchase Agreement.

     (b) The Seller acknowledges that (i) the Depositor will, pursuant to the Second-Tier Sale
Agreement, sell, transfer, assign and convey the First-Tier Assets to the Issuer and assign its
rights under this Agreement to the Issuer (and will execute a savings clause analogous to Section
2.3 in favor of the Issuer) and (ii) the Issuer will, pursuant to the Indenture, assign and pledge
the First-Tier Assets and certain other property and rights to the Indenture Trustee for the
benefit of the 2011-A Secured Parties. The Seller consents to such assignments and pledge.

     (c) The Depositor acknowledges the appointment of Ford Credit as Servicer with respect to the
Collateral Specified Interests pursuant to the Servicing Agreement and as Servicer with respect to
the 2011-A Reference Pool pursuant to the Servicing Supplement.

     Section 2.3. Intent; Savings Clause. It is the intention of the Seller and the
Depositor that (i) the sale pursuant to Section 2.1 constitutes an absolute sale of the First-Tier
Assets, including all monies paid thereon and all monies due thereon on or after the Cutoff Date,
conveying good title to the First-Tier Assets free and clear of any Lien other than Permitted
Liens, from the Seller to the Depositor and (ii) the First-Tier Assets not be a part of the
Seller’s estate in the event of a bankruptcy or insolvency of the Seller. If, notwithstanding the
intention of the Seller and the Depositor, such sale is deemed to be a pledge in connection with a
financing or is otherwise deemed not to be a sale, the Seller grants, and the parties intend that
the Seller grants, to the Depositor a security interest in the First-Tier Assets and the
performance by the Seller of the obligation by the Seller to pay to the Depositor all amounts
received with respect to the 2011-A Exchange Note, and in such event, this Agreement will
constitute a security agreement under applicable law and the Depositor will have all of the rights
and remedies of a secured party and creditor under the UCC.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     Section 3.1. Representations and Warranties of the Depositor. The Depositor
represents and warrants to the Seller as of the date of this Agreement and as of the 2011-A Closing
Date:

2

 

     (a) Organization and Qualification. The Depositor is duly organized and 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 reasonably be
expected to have a material adverse effect on the Depositor’s ability to perform its obligations
under this Agreement.

     (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 this Agreement. This Agreement
is the legal, valid and binding obligation of the Depositor, enforceable against the Depositor,
except as the same 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 this Agreement, and the fulfillment of the terms of this Agreement, will not (i) conflict with
or result in any breach of any of the terms and 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 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 as contemplated by this Agreement), (iii) violate the certificate of formation of the
Depositor or the Depositor LLC Agreement, or (iv) violate any law or, to the Depositor’s knowledge,
any order rule or regulation applicable to the Depositor of any Governmental Authority having
jurisdiction over the Depositor or its properties, the failure to comply with which would
reasonably be expected to have a material adverse effect on the Depositor’s ability to perform its
obligations under this Agreement.

     (d) No Proceedings. To the Depositor’s knowledge, there are no proceedings or
investigations pending or overtly threatened in writing before any Governmental Authority having
jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement,
(iii) seeking any determination or ruling that would reasonably be expected to have a material
adverse effect upon the Depositor’s ability to perform its obligations under this Agreement or the
validity or enforceability of this Agreement, or (iv) that would reasonably be expected to (A)
affect the treatment of the Notes as indebtedness for U.S. federal income tax purposes, (B) be
deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes, or (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, in each case, other than such proceedings that, to the
Depositor’s knowledge, would not reasonably be expected to have a material adverse effect upon the
Depositor or materially and adversely affect the performance by the Depositor of its obligations
under, or the validity and enforceability of, the 2011-A Basic Documents or the Notes, or
materially and adversely affect the tax treatment of the Issuer or the Notes.

3

 

     (e) Investment Company Act. The Depositor is not an “investment company” or a company
“controlled by an investment company” within the meaning of the Investment Company Act.

     Section 3.2. Representations and Warranties of the Seller. The Seller represents and
warrants to the Depositor as of the date of this Agreement and as of the 2011-A Closing Date:

     (a) Organization and Qualification. The Seller is duly organized and validly existing
as a limited liability company in good standing under the laws of the State of Delaware. The
Seller 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 reasonably be
expected to have a material adverse effect on the Seller’s ability to perform its obligations under
this Agreement.

     (b) Power, Authorization and Enforceability. The Seller has the power and authority
to execute, deliver and perform the terms of this Agreement. The Seller has duly authorized the
execution, delivery and performance of the terms of this Agreement. This Agreement is the legal,
valid, binding obligation of the Seller, enforceable against the Seller, except as the same 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 this Agreement, and the fulfillment of the terms of this Agreement, will not (i) conflict with
or result in any 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 Seller is a debtor or guarantor, (ii) result in the creation or imposition of any
Lien upon any of the properties or assets of the Seller pursuant to the terms of any such
indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument
(other than as contemplated by this Agreement), (iii) violate the certificate of formation of the
Seller or the limited liability company agreement of the Seller or (iv) violate any law or, to the
Seller’s knowledge, any order, rule or regulation applicable to the Seller of any Governmental
Authority having jurisdiction over the Seller or its properties, the failure to comply with which
would reasonably be expected to have a material adverse effect upon the Seller’s ability to perform
its obligations under this Agreement.

     (d) No Proceedings. To the Seller’s knowledge, there are no proceedings or
investigations pending or overtly threatened in writing before any Governmental Authority having
jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement (ii)
seeking to prevent the consummation of any of the transactions contemplated by this Agreement,
(iii) seeking any determination or ruling that would reasonably be expected to have a material
adverse effect upon the Seller’s ability to perform its obligations under this Agreement, or (iv)
that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S.
federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S.
federal income tax purposes, or (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, in each case,
other than such proceedings that, to the Seller’s knowledge, would not reasonably be expected to

4

 

have a material adverse effect upon the Seller or materially and adversely affect the
performance by the Seller of its obligations under, or the validity and enforceability of, the
2011-A Basic Documents or the Notes, or materially and adversely affect the tax treatment of the
Issuer or the Notes.

     Section 3.3. Representations of the Seller and the Depositor. The respective
agreements, representations, warranties and other statements by the Seller and the Depositor set
forth in or made pursuant to this Agreement will remain in full force and effect and will survive
the closing under Section 2.2.

ARTICLE IV

CONDITIONS

     Section 4.1. Conditions to Obligation of the Depositor. The obligation of the
Depositor to purchase the First-Tier Assets as set forth in Section 2.1 is subject to the
satisfaction of the following conditions:

     (a) Representations and Warranties True. The representations and warranties of the
Seller contained in Section 3.2 will be true and correct on the 2011-A Closing Date, and the Seller
will have performed on or prior to the 2011-A Closing Date all obligations to be performed by the
Seller under this Agreement on or prior to the 2011-A Closing Date.

     (b) Delivery of 2011-A Exchange Note. The Seller has delivered to the Depositor the
2011-A Exchange Note, registered in the name of Ford Credit Auto Lease Two LLC or its assignee or
endorsed in blank by an effective endorsement.

     (c) Documents to be Delivered by the Seller. On the 2011-A Closing Date, the Seller
will deliver such other documents as the Depositor may reasonably request.

     (d) Other Transactions. The transactions contemplated by the Credit and Security
Agreement, the Exchange Note Supplement, the Second-Tier Sale Agreement, the Indenture and the
Initial Purchase Agreement will be consummated on or prior to the 2011-A Closing Date.

     Section 4.2. Conditions to Obligation of the Seller. The obligation of the Seller to
sell the 2011-A Exchange Note to the Depositor as set forth in Section 2.1 is subject to each
representation and warranty of the Depositor as set forth in Section 3.1 being true and correct on
the 2011-A Closing Date, and each obligation to be performed by the Depositor under this Agreement
on or prior to the 2011-A Closing Date having been performed on or prior to the 2011-A Closing
Date.

     Section 4.3. Deemed Satisfaction of Conditions. Upon the transfer of the First-Tier
Assets to, and the purchase of the First-Tier Assets by, the Depositor, all of the conditions set
forth in this Article IV will be deemed to have been satisfied.

5

 

ARTICLE V

COVENANTS OF THE SELLER

     Section 5.1. Protection of Right, Title and Interest to the First-Tier Assets.

     (a) The Seller will file financing statements and continuation statements in the manner and
place required by Applicable Law to preserve, maintain and protect the interest of the Depositor in
the First-Tier Assets. The Seller will deliver to the Depositor file-stamped copies of, or filing
receipts for, any financing statement and continuation statement promptly upon such document
becoming available following filing.

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

     (c) The Seller will give the Depositor at least 60 days’ prior notice of any relocation of its
chief executive office or change in its corporate structure, form of organization or jurisdiction
of organization if, as a result of such relocation or change, Section 9-307 of the UCC could
require the filing of a new financing statement or an amendment to a previously filed financing or
continuation statement and will promptly file any such new financing statement or amendment. The
Seller will maintain its chief executive office within the United States and will maintain its
jurisdiction of organization in only one State.

     (d) The Seller will not change its name in any manner that could make any financing statement
or continuation statement filed in accordance with this Section 5.1 seriously misleading within the
meaning of Section 9-506 of the UCC, unless it has given the Depositor at least five days’ prior
notice of such change and promptly files appropriate amendments to all previously filed financing
statements.

     Section 5.2. Other Liens or Interests. Except for the sales, and assignments under
this Agreement, the Seller will not sell, contribute, pledge, assign, transfer or allow to be
issued any First-Tier Asset to any other Person, or grant, create, incur, assume or suffer to exist
any Lien on any interest therein, and the Seller will defend the right, title, and interest of the
Depositor in, to and under the First-Tier Assets against all claims of third parties claiming
through or under the Seller. However, the Seller’s obligations under this Section 5.2 with respect
to the First-Tier Assets will terminate upon the payment in full of the 2011-A Exchange Note
pursuant to the Credit and Security Agreement and the Exchange Note Supplement.

     Section 5.3. Indemnification. The Seller will be liable under this Agreement only to
the extent of the obligations specifically undertaken by the Seller under this Agreement, and
agrees to the following:

6

 

     (a) The Seller will indemnify, defend and hold harmless the Depositor, and its officers,
directors, employees and agents, from and against any and all costs, expenses, losses, damages,
claims and liabilities arising out of, or imposed upon the Depositor through the willful
misconduct, negligence or bad faith of the Seller in the performance of its duties under this
Agreement or by reason of reckless disregard of the Seller’s obligations and duties under this
Agreement.

     (b) Promptly upon receipt by the Depositor, or any of its officers, directors, employees and
agents, of notice of the commencement of any suit, action, claim, proceeding or governmental
investigation against it, the Depositor will, if a claim in respect of such suit, action, claim,
proceeding or investigation is to be made against the Seller under this Section 5.3, notify the
Seller of the commencement of such suit, action, claim, proceeding or investigation. The Seller
may participate in and assume the defense and settlement of any such suit, action, claim,
proceeding or investigation at its expense, and no settlement of such suit, action, claim,
proceeding or investigation may be made without the approval of the Seller and the Depositor, which
approvals will not be unreasonably withheld or delayed. The Seller’s obligations under this
Section 5.3 will include reasonable fees and expenses of counsel and expenses of litigation. After
notice from the Seller to the Depositor of the Seller’s intention to assume the defense of such
suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the
Depositor, and so long as the Seller so assumes the defense of such suit, action, claim, proceeding
or investigation in a manner reasonably satisfactory to the Depositor, the Seller will not be
liable for any expenses of counsel to the Depositor unless there is a conflict between the
interests of the Seller and the Depositor, in which case the Seller will pay for the separate
counsel to the Depositor.

     (c) If the Seller makes any indemnity payments pursuant to this Section 5.3 and the Depositor
thereafter collects any of such amounts from others, the Depositor will promptly repay such amounts
to the Seller, without interest.

     (d) The indemnity obligations set forth in Section 5.3(a) will be in addition to any
obligation that the Seller may otherwise have and will survive the termination of this Agreement.

     Section 5.4. Obligations of the Seller. The obligations of the Seller under this
Agreement will not be affected by reason of any invalidity, illegality or irregularity of the
2011-A Exchange Note or any Collateral Lease or Collateral Leased Vehicle included in the 2011-A
Reference Pool.

ARTICLE VI

MISCELLANEOUS

     Section 6.1. Amendment.

     (a) This Agreement may be amended by the Depositor and the Seller, with prior notice by the
Seller to the Rating Agencies, for any purpose if either (i) the Depositor or the Seller delivers
an Opinion of Counsel to the Issuer, the Owner Trustee and the Indenture Trustee, in form
reasonably satisfactory to them, to the effect that such amendment will not adversely affect the
interests of the Noteholders in any material respect or (ii) the consent of the Noteholders of a
majority of the Note Balance of each Class of Notes Outstanding adversely affected in any

7

 

material respect is obtained (with each affected Class voting separately, except that all
Noteholders of Class A Notes will vote together as a single class).

     (b) If the consent of the Noteholders is required, they do not need to approve the particular
form of any proposed amendment so long as their consent approves the substance of the proposed
amendment.

     (c) Promptly upon the execution of any amendment in accordance with this Section 6.1, the
Seller will send a copy of such amendment to the Indenture Trustee and each Rating Agency.

     Section 6.2. 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:

     (i) upon delivery or, in the case of a letter mailed by registered first class mail,
postage prepaid, three 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 A to the Indenture or at such other address as any party may
designate by notice to the other parties.

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

     Section 6.3. Costs and Expenses. The Seller will pay all expenses incurred in the
performance of its obligations under this Agreement and all reasonable out-of-pocket costs and
expenses of the Depositor in connection with the perfection as against third parties of the
Depositor’s right, title and interest in and to the First-Tier Assets and the enforcement of any
obligation of the Seller hereunder.

     Section 6.4. Successors and Assigns. All covenants and agreements contained herein
will be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and permitted assigns, all as provided in this Agreement. Any request, notice,
direction, consent,

8

 

waiver or other instrument or action by a party to this Agreement will bind the successors and
assigns of such party. Except as otherwise provided in this Agreement, no other Person will have
any right or obligation under this Agreement.

     Section 6.5. No Petition. Each party to this Agreement covenants that for a period of
one year and one day (or, if longer, any applicable preference period) after payment in full of the
Notes, all Exchange Notes, and all distributions to all Holders of Certificates and all holders of
any other Securities (as defined in the related Titling Company Agreement) the payments on which
are derived in any material part from amounts received with respect to any Titling Company Assets
(as defined in the applicable Titling Company Agreements), it will not institute against, or join
any Person in instituting against, the Issuer, the Depositor, any Holding Company, any Titling
Company, or the Holders of the Collateral Specified Interest Certificates any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations
relating to the 2011-A Exchange Note, the Notes, this Agreement or any of the other 2011-A Basic
Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition
against the Issuer, the Depositor, any Holding Company, any Titling Company or the Holders of the
Collateral Specified Interest Certificates during the same period.

     Section 6.6. Limited Recourse. The Seller and the Depositor agree that any claim that
the Seller or the Depositor may seek to enforce against each other is limited to the First-Tier
Assets only and does not represent a claim against the assets of the Seller or the Depositor as a
whole or any assets other than the First-Tier Assets.

     Section 6.7. Subordination.

     (a) The Seller and the Depositor agree that any claim that the Seller or the Depositor may
seek to enforce at any time against any assets of the Seller or the Depositor other than the
First-Tier Assets will be subordinate to the payment in full of all other claims with respect to
such other assets. However, this Section 6.7(a) will not limit, subordinate or otherwise modify
any claims against the Seller or the Depositor with respect to any right to indemnification,
commitment to repurchase or other obligation of the Seller or the Depositor relating to:

     (i) any of the assets related to the First-Tier Assets,

     (ii) any related credit enhancement,

     (iii) any transactions entered into in connection with the 2011-A Exchange Note (or the
beneficial interest therein),

     (iv) any administrative services performed in connection with the First-Tier Assets,

     (v) any related servicing obligation, or

     (vi) any obligation to any Person acting as trustee, registrar or administrator
(including as Titling Company Registrar, owner trustee or indenture trustee).

9

 

     (b) The Seller agrees that any claim that the Seller may seek to enforce against the Depositor
or any of its assets will be subordinate to the payment in full of the principal of and interest on
the Notes.

     (c) The parties to this Agreement intend that Section 6.7(a) and Section 6.7(b) constitute an
enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.

     Section 6.8. GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 6.9. Submission to Jurisdiction. The parties submit to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and of any
New York State Court sitting in New York, New York for purposes of all legal proceedings arising
out of or relating to this Agreement. The parties irrevocably waive, to the fullest extent they may
do so, any objection that they may now or hereafter have to the laying of the venue of any such
proceeding brought in such a court and any claim that any such proceeding brought in such a court
has been brought in an inconvenient forum.

     Section 6.10. 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 6.11. 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.

     Section 6.12. 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 6.13. Headings. The headings in this Agreement are included for convenience
only and will not affect the meaning or interpretation of this Agreement.

     Section 6.14. No Waiver; Cumulative Remedies. No failure or delay of the Depositor in
exercising any power, right or remedy under this Agreement will operate as a waiver. No single or
partial exercise of any power, right or remedy precludes any other or further exercise of such
power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and
remedies provided in this Agreement are in addition to any powers, rights and remedies provided by
law.

[Remainder of Page Intentionally Left Blank]

10

 

EXECUTED BY:

	 	 	 	 	 
	 	FORD MOTOR CREDIT COMPANY LLC,

     acting with respect to the 2011-A Exchange Note,

     as Seller

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FORD CREDIT AUTO LEASE TWO LLC,

     acting with respect to its Series of limited liability

     company interests designated as the “2011-A

     Series,” as Depositor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to the First-Tier Sale Agreement]

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