Document:

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                                                                    EXHIBIT 10.1

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT

                           DATED AS OF MARCH 13, 2001

                                     BETWEEN
           MERRILL LYNCH CAPITAL SERVICES, INC. ("PARTY A" OR "MLCS")
                                       AND
                 FORD CREDIT AUTO OWNER TRUST 2001-B ("PARTY B")

PART 1.  TERMINATION PROVISIONS.

(a)      "SPECIFIED ENTITY" means:

         (i)      in relation to Party A:  Not Applicable.

         (ii)     in relation to Party B:  Not Applicable.

(b)      "SPECIFIED TRANSACTION" shall have the meaning specified in Section 14
         of this Agreement.

(c)      The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will not apply
         to Party A and will not apply to Party B.

(d)      The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii), if
         applicable, will apply to Party A but not to Party B.

(e)      The "MISREPRESENTATION" provisions of Section 5(a)(iv) will not apply
         to Party A and will not apply to Party B.

(f)      The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
         will not apply to Party A and will not apply to Party B.

(g)      The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party
         A but not to Party B.

         With regard to Party A, "Threshold Amount" means $100,000,000.

(h)      The "MERGER WITHOUT ASSUMPTIONS" provisions of Section 5(a)(vii) will
         not apply to Party A and will not apply to Party B.

(i)      The "CREDIT EVENT UPON MERGER" provision in Section 5(b)(iv), will not
         apply to Party A and not apply to Party B.

(j)      The "TAX EVENT" provision of Section 5(b)(ii) will apply to Party B and
         will not apply to Party A.

(k)      The "TAX EVENT UPON MERGER" provision of Section 5(b)(iii) will apply
         to Party B and will not apply to Party A.

(l)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
         apply to Party A and will not apply to Party B.

(m)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
         Agreement:

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         (i)      Market Quotation will apply unless Party B is the
                  Non-defaulting Party or the party which is not the Affected
                  Party, as the case may be, and Party B enters into a
                  replacement Transaction on or prior to the Early Termination
                  Date, in which event Loss will apply.

         (ii)     The Second Method will apply.

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

(o)      "ADDITIONAL TERMINATION EVENT". The following shall constitute an
         Additional Termination Event:

         (i)      ACCELERATION OR LIQUIDATION OF THE NOTES. It shall be an
                  Additional Termination Event with Party B the sole Affected
                  Party if Party A or Party B elects to terminate the
                  Transactions (1) following an Event of Default as defined in
                  Section 5.1(i) or Section 5.1(ii) of the Indenture which has
                  resulted in an acceleration of the Notes, provided such
                  acceleration has not been rescinded and annulled pursuant to
                  Section 5.2(b) of the Indenture, or (2) upon a liquidation of
                  the Indenture Trust Estate pursuant to Section 5.4(iv) of the
                  Indenture. In such event, either Party A or Party B may, by
                  not more than 20 days notice to the other party and provided
                  such Additional Termination Event is continuing, designate a
                  day not earlier than the day such notice is effective as an
                  Early Termination Date in respect of all Affected
                  Transactions. If an event or circumstance which would
                  constitute an Event of Default by Party A under this Agreement
                  gives rise to an Event of Default under the Indenture, it will
                  be treated as an Event of Default by Party A and not an
                  Additional Termination Event.

         (ii)     AMENDMENTS MADE WITHOUT CONSENT OF PARTY A. It shall be an
                  Additional Termination Event with Party B the Affected Party
                  if any amendment or supplement to the Indenture or to any of
                  the Receivables Transfer and Servicing Agreements which would
                  adversely affect any of Party A's rights or obligations under
                  this Agreement or modify the obligations of, or impair the
                  ability of Party B to fully perform any of Party B's
                  obligations under, this Agreement is made without the consent
                  of Party A, which consent shall 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 ten
                  Business Days of receipt of a written request for such
                  consent.

         (iii)    DOWNGRADE OF PARTY A. It shall be an Additional Termination
                  Event with Party A the Affected Party if (1) the Credit Rating
                  of Party A is downgraded below "A2" by Moody's or "A" by
                  Fitch, or is suspended or withdrawn by either Rating Agency,
                  (2) the short-term Credit Rating of Party A is downgraded
                  below a rating of "A-1" by S&P, or is suspended or withdrawn
                  by such Rating Agency, or (3) notice is given to Party B by
                  any Rating Agency that the credit support, if any, with
                  respect to Party A is no longer deemed adequate to maintain
                  the then-current ratings of the Notes, and within 30 days of
                  such downgrade, suspension, withdrawal or notification, Party
                  A shall fail to either (X) deliver or post collateral
                  acceptable to Party B in amounts sufficient to secure its
                  obligations under this Agreement, (Y) assign its rights and
                  obligations under this Agreement to a replacement counterparty
                  acceptable to Party B or (Z) establish other arrangements
                  necessary, if any, in each case so that the Rating Agencies
                  confirm the ratings of the Notes that were in effect
                  immediately prior to such downgrade, suspension, withdrawal or
                  notification.

PART 2. TAX REPRESENTATIONS.

(a)      PAYER TAX REPRESENTATIONS. For the purposes of Section 3(e) of this
         Agreement, Party A and Party B will each make the following
         representations to the other:

         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) of this Agreement) to be made by it to the other party
         under this Agreement. In making this representation, each party may
         rely on:

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         (i)      the accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

         (ii)     the satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
                  Agreement, and

         (iii)    the satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) 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.

         (i)      For the purpose of Section 3(f) of this Agreement, Party A
                  represents to Party B that it is a corporation organized under
                  the laws of the State of Delaware.

         (ii)     For the purpose of Section 3(f) of this Agreement, Party B
                  represents to Party A that it is a business trust organized
                  and existing under the laws of the State of Delaware.

                  It is (A) a "UNITED STATES PERSON" as defined in Section
                  7701(a)(30) of the Internal Revenue Code of 1986, as amended,
                  or (B) wholly-owned by a "UNITED STATES PERSON" and
                  disregarded as an entity separate from its owner for U.S.
                  federal tax purposes.

PART 3.  DOCUMENTS TO BE DELIVERED.

(a)      For the purpose of Section 4(a)(i), the documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO          FORM/DOCUMENT/                 DATE BY WHICH TO BE DELIVERED   SECTION 3(D)
DELIVER DOCUMENT           CERTIFICATE                                                    REPRESENTATION
<S>                    <C>                              <C>                              <C>
Party A and Party B        An executed United States      (i) Upon execution of this      Applicable
                           Internal Revenue Service       Agreement, (ii) promptly upon
                           Form W-9 (or any successor     reasonable demand by the
                           thereto).                      other party and (iii)
                                                          promptly upon learning
                                                          that any such form
                                                          previously provided by
                                                          such party has become
                                                          obsolete or incorrect.
</TABLE>

(b)      For the purposes of Section 4(a)(ii), the other documents to be
         delivered are as follows:

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<TABLE>
<CAPTION>
PARTY REQUIRED TO           FORM/DOCUMENT/             DATE BY WHICH TO BE DELIVERED    SECTION 3(D)
DELIVER DOCUMENT            CERTIFICATE                                                 REPRESENTATION:
<S>                    <C>                             <C>                              <C>
Party A and  Party B        Evidence of the            Upon or prior to the execution   Applicable
                            authority, incumbency      and delivery of this Agreement
                            and specimen signature     and, with respect to any
                            of each person executing   Confirmation upon request by
                            this Agreement or any      the other party.
                            Confirmation, Credit
                            Support Document or
                            other document entered
                            into in connection with
                            this Agreement on its
                            behalf or on behalf of a
                            Credit Support Provider
                            or otherwise, as the
                            case may be.

Party A and Party B         Certified copies of        Upon request by the other        Applicable
                            documents evidencing       party.
                            each Party's capacity to
                            execute and deliver this
                            Agreement, each
                            Confirmation and any
                            Credit Support Document
                            (if applicable), and to
                            perform its obligations
                            hereunder or thereunder
                            as may be reasonably
                            requested by the other
                            party.

Party A                     Annual audited financial   Promptly after request by        Applicable
                            statements of its Credit   Party B.
                            Support Provider
                            prepared in accordance
                            with generally accepted
                            accounting principles in
                            the country in which its
                            Credit Support Provider
                            is organized.

Party B                     Monthly reports to         On or prior to each Monthly      Applicable
                            noteholders and            Distribution Date.
                            certificateholders as
                            specified in the
                            Indenture (and all other
                            such notices required to
                            be given to the Swap
                            Counterparties under the
                            Indenture).
</TABLE>

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<TABLE>
<S>                    <C>                             <C>                              <C>
Party A and Party B         A legal opinion in form    On or prior to the Closing       Not Applicable
                            and substance              Date.
                            satisfactory to the
                            other party.

Party A                     An officer's certificate   On or prior to the Closing       Not Applicable
                            affirming the              Date.
                            information under
                            "Description of Swap
                            Counterparty" provided
                            to Party B for use in
                            Party B's offering
                            materials

Party B                     A copy of the executed     As soon as practical after the   Party B
                            Indenture and of each of   Closing Date.
                            the Receivables Transfer
                            and Servicing Agreements.

Party A and Party B         Such other documents as    Promptly upon request of the     Not Applicable
                            the other party may        other party.
                            reasonably request.
</TABLE>

PART 4. MISCELLANEOUS.

(a)      ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement, the addresses for notices and communications to Party A and
         Party B shall be as follows:

         TO PARTY A:

                  Merrill Lynch Capital Services, Inc.
                  Merrill Lynch World Headquarters
                  4 World Financial Center
                  New York, New York  10080
                  Attention:  Swap Group
                  Facsimile No.:  (212)  449-1788
                  Telephone No.:  (212)  449-0371

                  and with respect to Sections 5, 6 and 7 and any change to
                  Party B's address, telephone number or facsimile number, with
                  copy to:

                  CICG Counsel
                  Merrill Lynch World Headquarters
                  4 World Financial Center
                  New York, New York  10080
                  Attention:  Swaps Legal
                  Facsimile No.:  (212)  449-6693

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         TO PARTY B:

                  The Bank of New York,
                  as Owner Trustee for Ford Credit Auto Owner Trust 2001-B
                  101 Barclay Street
                  New York, New York 10286
                  United States
                  Attention: Asset-Backed Finance Unit

         With copies to:

                  The Chase Manhattan Bank,
                  as Indenture Trustee for Ford Credit Auto Owner Trust 2001-B
                  450 West 33rd Street
                  New York, New York 10001
                  United States
                  Attention:  Michael A. Smith
                  Tel.:  (212) 946-3346
                  Fax:   (212) 946-8302

                  and

                  Ford Motor Credit Company
                  Ford Motor Company
                  World Headquarters
                  Office of the General Counsel
                  Attention of the Secretary
                  One American Road
                  Suite 1034-A1
                  Dearborn, MI  48121
                  Fax:   (313) 594-7742

(b)      PROCESS AGENT.  For the purposes of Section 13(c) of this Agreement:

         Party A appoints as its Process Agent:      Party A.

         Party B appoints as its Process Agent:      The Bank of New York,
                                                     As Owner Trustee for Ford
                                                     Credit Auto Owner Trust
                                                     2001-B
                                                     101 Barclay Street
                                                     New York, New York  10286

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

(d)      MULTIBRANCH PARTY.  For purposes of Section 10(c) of this Agreement:

         (i)      Party A is not a Multibranch Party.

         (ii)     Party B is not a Multibranch Party.

(e)      The CALCULATION AGENT shall be Ford Motor Credit Company, as
         Administrator of Party B pursuant to the Administration Agreement.

(f)      CREDIT SUPPORT DOCUMENTS.

         Party A:  Guarantee of Merrill Lynch & Co., Inc. ("ML&Co.") in the form
         attached hereto as Exhibit A.

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<PAGE>   7

         Party B:  Not Applicable.

(g)      CREDIT SUPPORT PROVIDER.

         Credit Support Provider means in relation to Party A, ML&Co. Credit
         Support Provider means in relation to Party B, Not Applicable.

(h)      GOVERNING LAW. This Agreement shall be governed by, and construed and
         enforced in accordance with, the laws of the State of New York (without
         reference to its choice of law doctrine).

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

PART 5. OTHER PROVISIONS.

(a)      REPRESENTATIONS.

         (i)      NON-RELIANCE, ETC. Each party will be deemed to represent to
                  the other party on the date that it enters into a Transaction
                  that (absent a written agreement between the parties that
                  expressly imposes affirmative obligations to the contrary for
                  that Transaction):

                  (1)      NON-RELIANCE. It is acting for its own account, and
                           it has made its own independent decisions to enter
                           into that Transaction and as to whether that
                           Transaction is appropriate or proper for it based
                           upon its own judgment and upon advice from such
                           advisers as it has deemed necessary. It is not
                           relying on any communication (written or oral) of the
                           other party as investment advice or as a
                           recommendation to enter into that Transaction; it
                           being understood that information and explanations
                           related to the terms and conditions of a Transaction
                           shall not be considered to be investment advice or a
                           recommendation to enter into that Transaction. No
                           communication (written or oral) received from the
                           other party shall be deemed to be an assurance or
                           guarantee as to the expected results of that
                           Transaction.

                  (2)      ASSESSMENT AND UNDERSTANDING. It is capable of
                           assessing the merits of and understanding (on its own
                           behalf or through independent professional advice),
                           and understands and accepts the terms and conditions
                           and risks of that Transaction. It is also capable of
                           assuming, and assumes, the risks of that Transaction.

                  (3)      STATUS OF PARTIES. The other party is not acting as a
                           fiduciary for or adviser to it in respect of that
                           Transaction.

         (ii)     COMMODITY EXCHANGE ACT. Each party represents to the other
                  party on and as of the date hereof and on each date on which a
                  Transaction is entered into between them that:

                  (1)      each Transaction is intended to be exempt from, or
                           otherwise not subject to regulation under, the
                           Commodity Exchange Act;

                  (2)      such party is an "eligible contract participant"
                           within the meaning of the United States Commodity
                           Exchange Act.

                  (3)      such party is entering into each Transaction in
                           connection with its line of business and not for
                           purposes of speculation.

(b)      CONSENT TO RECORDING.

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         Each party consents to the recording of the telephone conversations of
         trading and marketing and/or other personnel of the parties and their
         Affiliates in connection with this Agreement.

(c)      TAX PROVISIONS.

         (i)      The definition of Tax Event, Section 5 (b)(ii), is hereby
                  modified by adding the following provision at the end thereof:

                           "provided, however, that for purposes of
                           clarification, the parties acknowledge that the
                           introduction or proposal of legislation shall not, in
                           and of itself, give rise to a presumption that a Tax
                           Event has occurred."

         (ii)     Party B will not be required to pay additional amounts in
                  respect of an Indemnifiable Tax or be under any obligation to
                  pay to Party A any amount in respect of any liability of Party
                  A for or on account of any Tax.

(d)      NO SET OFF.

                  Notwithstanding any setoff right contained in any other
         agreement between Party B or any affiliate or Credit Support Provider
         of Party B, on the one hand, and Party A or any Affiliate or Credit
         Support Provider of Party B, on the other, whether now in existence or
         hereafter entered into unless such agreement shall specifically refer
         to this paragraph (d), each party agrees that all payments required to
         be made by it under this Agreement shall be made without setoff or
         counterclaim for, and that it shall not withhold payment or delivery
         under this Agreement in respect of, any default by the other party or
         any Affiliate or Credit Support Provider of the other party under any
         such other agreement or any amount relating to any such other
         agreement. For purposes of this paragraph (d), "Affiliate" shall have
         the meaning specified in Section 14 of this Agreement.

(e)      ADDITIONAL ACKNOWLEDGMENTS AND AGREEMENTS OF THE PARTIES.

         (i)      FINANCIAL STATEMENTS. Notwithstanding Section 5(a) (ii), the
                  failure of either party to deliver any financial statement or
                  monthly report referenced in Part 3 of this Schedule shall not
                  constitute an Event of Default under Section 5(a)(ii).

         (ii)     BANKRUPTCY CODE. Without limiting the applicability if any, of
                  any other provision of the U.S. Bankruptcy Code as amended
                  (the "Bankruptcy Code") (including without limitation Sections
                  362, 546, 556, and 560 thereof and the applicable definitions
                  in Section 101 thereof), the parties acknowledge and agree
                  that all Transactions entered into hereunder will constitute
                  "forward contracts" or "swap agreements" as defined in Section
                  101 of the Bankruptcy Code or "commodity contracts" as defined
                  in Section 761 of the Bankruptcy Code, that the rights of the
                  parties under Section 6 of this Agreement will constitute
                  contractual rights to liquidate Transactions, that any margin
                  or collateral provided under any margin, collateral, security,
                  pledge, or similar agreement related hereto will constitute a
                  "margin payment" as defined in Section 101 of the Bankruptcy
                  Code, and that the parties are entities entitled to the rights
                  under, and protections afforded by, Sections 362, 546, 556,
                  and 560 of the Bankruptcy Code.

         (iii)    NON-PETITION. Party A covenants and agrees that it will not,
                  prior to the date which is one year and one day following the
                  payment in full of all of the Notes, Class C Certificates and
                  Class D Certificates and the expiration of all applicable
                  preference periods under the United States Bankruptcy Code or
                  other applicable law relating to any such payment, acquiesce,
                  petition or otherwise invoke the process of any governmental
                  authority for the purpose of commencing a case (whether
                  voluntary or involuntary) against Party B under any
                  bankruptcy, insolvency or similar law or appointing a
                  receiver, liquidator, assignee, trustee, custodian,
                  sequestrator or other similar official of Party B or any
                  substantial part of its property or ordering the winding up or
                  liquidation of the affairs of Party B. Party A agrees that it
                  has recourse against Party B only to the extent of

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                  the assets of the Party B and the proceeds thereof, and any
                  claims against Party B shall be extinguished when the assets
                  of Party B are exhausted.

         (iv)     TRANSFER. Notwithstanding the provisions of Section 7, Party A
                  may assign its rights and delegate its obligations under any
                  Transaction, in whole or in part, to any Affiliate of ML & Co.
                  (an "Assignee"), effective (the "Effective Transfer Date")
                  upon delivery to the Administrator of both (a) an executed
                  acceptance and assumption by the Assignee of the transferred
                  obligations of MLCS under the Transaction (the "Transferred
                  Obligations"); and (b) an executed guarantee of ML & Co., of
                  the Transferred Obligations, substantially identical to the
                  Credit Support Document with respect to MLCS; provided, that
                  no transfer to an Assignee shall occur if (i) MLCS or the
                  Assignee shall, as a result of such transfer, be required to
                  withhold or deduct on account of a Tax under Section 2(d)(i)
                  (except in respect of interest under Section 2(e), 6(d)(ii),
                  or 6(e)) an amount in excess of that which MLCS would have
                  been required to withhold or deduct in the absence of such
                  transfer, unless the Assignee would be required to withhold or
                  deduct in the absence of such transfer, unless the Assignee
                  would be required to make additional payments pursuant to
                  Section 2(d)(i)(4) corresponding to such excess; (ii) an Event
                  of Default, Potential Event of Default or Termination Event
                  would occur hereunder as a result of such transfer or (iii)
                  any of the Rating Agencies shall reduce, suspend or withdraw
                  their ratings of the Notes as a result of such transfer; and
                  provided, further, that MLCS shall pay any fees and expenses
                  incurred by or on the part of either party as a result of such
                  transfer.

                  On the Effective Transfer Date, (a) MLCS shall be released
                  from all obligations and liabilities arising under the
                  Transferred Obligations; and (b) the Transferred Obligations
                  shall cease to be a Transaction under this Agreement and shall
                  be deemed to be Transaction under the ISDA Master Agreement
                  between Assignee and Party B, provided that, if, on the
                  Effective Transfer Date, Assignee and Party B have not entered
                  into an ISDA Master Agreement, Assignee and Party B shall be
                  deemed to have entered into an ISDA Master Agreement that is
                  substantially identical to this Agreement, including this
                  Schedule. At least 15 days prior to any such transfer MLCS
                  shall notify the Administrator in writing of its intent to
                  transfer its rights and delegate its obligations hereunder in
                  accordance with the terms hereof, and shall state in writing
                  that such transfer shall conform to the requirements of this
                  Part 5(e)(iv), whereupon the Administrator shall promptly
                  notify each Rating Agency of such transfer.

         (v)      PARTY B PLEDGE. Notwithstanding Section 7 of this Agreement to
                  the contrary, Party A acknowledges that Party B will pledge
                  its rights under this Agreement to the Indenture Trustee (as
                  defined in the Indenture) for the benefit of the Noteholders
                  (as defined in the Indenture) pursuant to the Indenture and
                  agrees to such pledge. The Indenture Trustee shall not be
                  deemed to be a party to this Agreement, provided, however,
                  that the Indenture Trustee, acting on behalf of the holders of
                  the Notes, shall have the right to enforce this Agreement
                  against Party A. Party A shall 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
                  Distribution Dates specified therein.

         (vi)     LIMITED RECOURSE. The liability of Party B in relation to this
                  Agreement and any Transaction hereunder is limited in recourse
                  to the assets of Party B and proceeds thereof applied in
                  accordance with the Indenture and the Sale and Servicing
                  Agreement. Upon exhaustion of the assets of Party B and
                  proceeds thereof in accordance with the Indenture and the Sale
                  and Servicing Agreement, Party A shall not be entitled to take
                  any further steps against Party B to recover any sums due but
                  still unpaid hereunder or thereunder, all claims in respect of
                  which shall 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 hereunder against any holder of a
                  beneficial interest, employee, officer or Affiliate thereof
                  and no recourse shall be taken for the payment of any amount
                  owing in respect of any

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<PAGE>   10

                  obligation of, or claim against, Party B based upon or arising
                  out of this Agreement against the Administrator, the Seller,
                  the Servicer, the Indenture Trustee, the Owner Trustee, the
                  Delaware Trustee or any stockholder, holder of a beneficial
                  interest, employee, officer, director, incorporator or
                  Affiliate thereof; provided, however, that the foregoing shall
                  not relieve any such person or entity from any liability they
                  might otherwise have as a result of willful misconduct, bad
                  faith or negligence.

                  In furtherance of and not in derogation of the foregoing,
                  Party A acknowledges and agrees that it shall have no right,
                  title or interest in or to the Other Assets of the Seller. To
                  the extent that, notwithstanding the agreements and provisions
                  contained in the preceding paragraph, Party A either (i)
                  asserts an interest or claim to, or benefit from, Other
                  Assets, or (ii) is deemed to have any such interest, claim to,
                  or benefit in or from Other Assets, whether by operation of
                  law, legal process, pursuant to applicable provisions of
                  insolvency laws or otherwise (including by virtue of Section
                  1111(b) of the Bankruptcy Code or any successor provision
                  having similar effect under the Bankruptcy Code), then Party A
                  further acknowledges and agrees that any such interest, claim
                  or benefit in or from Other Assets is and shall be expressly
                  subordinated to the indefeasible payment in full, which, under
                  the terms of 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 Seller), including the
                  payment of post-petition interest on such other obligations
                  and liabilities. This subordination agreement shall be deemed
                  a subordination agreement within the meaning of Section 510(a)
                  of the Bankruptcy Code. Party B further acknowledges and
                  agrees that no adequate remedy at law exists for a breach of
                  this Part 5(e)(vi) and the terms of this Part 5(e)(vi) may be
                  enforced by an action for specific performance. The provisions
                  of this Part 5(e)(vi) shall be for the third party benefit of
                  those entitled to rely thereon and shall survive the
                  termination of this Agreement.

         (vii)    CONSENT BY PARTY A TO AMENDMENTS TO CERTAIN DOCUMENTS. Before
                  any amendment or supplement is made to the Receivables
                  Transfer and Servicing Agreements or to the Indenture which
                  would adversely affect any of Party A's rights or obligations
                  under this Agreement or modify the obligations of, or impair
                  the ability of Party B to fully perform any of Party B's
                  obligations under, this Agreement, Party B shall provide Party
                  A with a copy of the proposed amendment or supplement and
                  shall obtain the consent of Party A to such amendment or
                  supplement prior to its adoption, which consent shall 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 ten Business Days of receipt of a written
                  request for such consent.

         (viii)   NO AMENDMENT WITHOUT PRIOR CONFIRMATION BY RATING AGENCIES.
                  Section 9(b) of this Agreement is hereby amended by adding the
                  following at the end of such Section: ", and unless the Rating
                  Agencies confirm that such amendment will not cause the
                  reduction, suspension or withdrawal of their then current
                  rating on any of the Notes, the Class C Certificates or the
                  Class D Certificates, unless such amendment clarifies any term
                  or provision, corrects any inconsistency, cures any ambiguity,
                  or corrects any typographical error in the Agreement."

         (ix)     SEVERABILITY. If any term, provision, covenant, or condition
                  of this Agreement, or the application thereof to any party or
                  circumstance, shall be held to be invalid or unenforceable (in
                  whole or in part) for any reason, the remaining terms,
                  provisions, covenants, and conditions hereof shall 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; provided, however, that this severability provision
                  shall not be applicable if any provision of Section 2, 5, 6 or
                  13 (or any definition or provision in Section 14 (other than
                  the definitions of "Applicable Rate", "Default

                                      S-10
<PAGE>   11

                  Rate" and "non-default rate") to the extent it relates to, or
                  is used in connection with any such Section) shall be so held
                  to be invalid or unenforceable.

(f)      WAIVER OF RIGHT TO TRIAL BY JURY. Each of the parties hereby
         irrevocably waives any and all right to a trial by jury with respect to
         any legal proceeding arising out of or relating to this Agreement or
         any Transaction.

(g)      SINGLE TRANSACTION. Party A and Party B each agrees and acknowledges
         that the only Transaction that is or will be governed by this Agreement
         is the Transaction evidenced by the Confirmation dated the date hereof.

(h)      ADDITIONAL DEFINITIONS.

         "ADMINISTRATION AGREEMENT" shall mean the administration agreement
         (including Appendix A thereto) dated as of March 1, 2001, as amended,
         supplemented or otherwise modified and in effect, by and among Party B,
         Ford Motor Credit Company, and The Chase Manhattan Bank.

         "ADMINISTRATOR" shall have the meaning assigned thereto in the
         Administration Agreement.

         "BUSINESS DAY" shall mean any day other than a Saturday, a Sunday or a
         day on which banking institutions or trust companies in New York, New
         York or the State of Delaware are authorized or obligated by law,
         regulation or executive order to remain closed.

         "CLASS A NOTES" means the Class A Notes issued by Party B pursuant to
         the Indenture.

         "CLASS A-3 NOTES" means the Class A-3 Notes issued by Party B pursuant
         to the Indenture.

         "CLASS C CERTIFICATES" means the Class C Certificates issued by Party B
         pursuant to the Trust Agreement.

         "CLASS D CERTIFICATES" means the Class D Certificates issued by Party B
         pursuant to the Trust Agreement.

         "CLOSING DATE" shall mean March 22, 2001.

         "CREDIT RATING" means, with respect to Party A, the issuer rating of
         the head office of Merrill Lynch & Co. Inc. without regard to whether
         or not such rating is under review with positive or negative
         implications.

         "DISTRIBUTION DATE" shall mean the fifteenth (15th) day of each
         calendar month or, if such day is not a Business Day, the next
         succeeding Business Day, commencing April 16, 2001.

         "FITCH" means Fitch, Inc.

         "INDENTURE" shall mean the indenture dated as of March 1, 2001
         (including Appendix A thereto), as amended, supplemented or otherwise
         modified and in effect, between Party B and The Chase Manhattan Bank,
         as Indenture Trustee.

         "INDENTURE TRUST ESTATE" shall mean all money, instruments, rights and
         other property that are subject or intended to be subject to the lien
         and security interest of Indenture for the benefit of the Noteholders
         and the Swap Counterparties (including, without limitation, all
         property and interests granted to the Indenture Trustee), including all
         proceeds thereof.

         "INDENTURE TRUSTEE" shall mean The Chase Manhattan Bank or any
         successor or replacement thereto pursuant to the Indenture.

         "MOODY'S" shall mean Moody's Investors Service, Inc.

                                      S-11
<PAGE>   12

         "NOTES" shall mean the Class A-1 Notes, the Class A-2 Notes, the Class
         A-3 Notes, the Class A-4 Notes, the Class A-5 Notes and the Class B
         Notes issued by Party B pursuant to the Indenture.

         "OTHER ASSETS" shall mean any assets (or interests therein) (other than
         the receivables and related property conveyed to Party B pursuant to
         the Sale and Servicing Agreement) conveyed or purported to be conveyed
         by the Seller to another Person or Persons other than Party A, whether
         by way of a sale, capital contribution or by virtue of the granting of
         a lien.

         "PERSON" shall mean any individual, corporation, estate, partnership,
         joint venture, association, joint stock company, trust, unincorporated
         organization, or government or any agency or political subdivision
         thereof.

         "PURCHASE AGREEMENT" shall mean the purchase agreement (including
         Appendix A thereto) dated as of March 1, 2001, as from time to time
         amended, supplemented or otherwise modified and in effect, between Ford
         Motor Credit Company and Ford Credit Auto Receivables Two LLC.

         "RATING AGENCIES" shall mean Moody's, S&P and Fitch or any substitute
         rating agency that the Seller (as defined in the Indenture) requests to
         rate the Notes.

         "RECEIVABLES TRANSFER AND SERVICING AGREEMENTS" shall mean collectively
         the Purchase Agreement, the Sale and Servicing Agreement, the Trust
         Agreement and the Administration Agreement.

         "SALE AND SERVICING AGREEMENT" shall mean the sale and servicing
         agreement (including Appendix A thereto) dated as of March 1, 2001, as
         amended, supplemented or otherwise modified and in effect, by and among
         Party B, Ford Credit Auto Receivables Two LLC, as seller, and Ford
         Motor Credit Company, as servicer.

         "SELLER" shall mean Ford Credit Auto Receivables Two LLC, a Delaware
         limited liability company, pursuant to the Sale and Servicing
         Agreement.

         "S&P" shall mean Standard & Poor's Rating Services, a division of the
         McGraw-Hill Companies, Inc.

         "TRUST AGREEMENT" shall mean the Amended and Restated Trust Agreement
         (including Appendix A thereto), dated as of March 1, 2001, as amended,
         supplemented or otherwise modified and in effect, by and among Ford
         Credit Auto Receivables Two LLC, the Bank of New York (Delaware), as
         Delaware Trustee and The Bank of New York, as Owner Trustee.

                                      S-12
<PAGE>   13

                       IN WITNESS WHEREOF, the parties have executed this
         Schedule to the Master Agreement on the respective dates specified
         below with effect from the date specified on the first page of this
         document.

MERRILL LYNCH CAPITAL SERVICES, INC.     FORD CREDIT AUTO OWNER TRUST 2001-B
                                         By:  THE BANK OF NEW YORK
                                              not in its individual capacity but
                                              solely as Owner Trustee

By:     /s/ Roger A. Baum                By:    /s/ John Bobko
        ---------------------------             -----------------------------
Name:  Roger A. Baum                     Name:  John Bobko
Title: Designated Signatory              Title: Assistant Treasurer

Date:                                    Date:

                                      S-13

<PAGE>   14

EXHIBIT A - Form of  Confirmation
                                                     [Date]

To:            Merrill Lynch Capital Services, Inc.
               [   ]
Contact:       [                  ]
               Tel:  (212) [              ]

From:          Ford Credit Auto Owner Trust 2001-B
               c/o The Bank of New York, as
               owner trustee
               ABS Finance Unit
               101 Barclay Street
               12E Floor
               New York, NY  10286
Contact:       John Bobko
               Tel:  (212) 815-5613

Re:  Interest Rate Swap Reference No. [                  ]

Ladies and Gentlemen:

               The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Merrill Lynch Capital
Services, Inc. ("Party A") and Ford Credit Auto Owner Trust 2001-B ("Party B")
on the Trade Date listed below (the "Transaction"). This letter constitutes a
"Confirmation" as referred to in the ISDA Agreement specified below.

               The definitions and provisions contained in the 1991 ISDA
Definitions (as published by the International Swap Dealers Association, Inc.)
are incorporated into this Confirmation. 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 Master Agreement dated as of March [ ], 2001, 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 shall 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:                               Merrill Lynch Capital Services, Inc.

               Party B:                               Ford Credit Auto Owner Trust 2001-B.

               Trade Date:                            [           ].

               Effective Date:                        [           ].

               Notional Amount:                       [The Notional Amount initially shall equal [        ] and
                                                      shall decrease by an amount equal to the amount of the
                                                      reduction in the aggregate principal balance of the Class
                                                      [A- ] Notes on each Distribution Date.

</TABLE>

                                      A-1

<PAGE>   15

<TABLE>
<S>                                                 <C>
                                                      Decreases in the Notional Amount with respect to the calculation
                                                      of Fixed Amounts shall take effect as of the Period End Date
                                                      occurring in the month of the Distribution Date.  Party B
                                                      shall determine the Notional Amount and shall inform Party A
                                                      of such determination by the twelfth day of each calendar
                                                      month. ]

               Termination Date:                      The date the aggregate outstanding principal balance of the
                                                      Class A-[ ] 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.

                   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 initial
                   Calculation Period:                [                ]

                   Floating Rate Option:              [USD-LIBOR-BBA.]

                   Designated Maturity:               One month.

                   Spread:                            [Spread] basis points.

                   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:                    Merrill Lynch Capital Services, Inc.
</TABLE>

                                      A-2
<PAGE>   16

<TABLE>
<S>                                                 <C>
                                                      ABA#:
                                                      Acct. #
                                                      Acct. Name:
                                                      Ref:  Ford 2001-B

               Payments to Party B:                   The Chase Manhattan Bank
                                                      ABA# 021-000-021
                                                      Account #:  [                ]
                                                      Account Name:  ITS Incoming Wire House Account
                                                      Ref:  Ford 2001-B

               Party A Operations Contact:            [                                 ]

               Party B Operations Contact:            The Chase Manhattan Bank
                                                      Corporate Trust Administration
                                                      450 West 33rd Street, 14th floor
                                                      New York, New York 10001
                                                      Attention:  Michael A. Smith
                                                      Tel:  (212) 946-3346
                                                      Fax:  (212) 946-8302
</TABLE>

                                      A-3

<PAGE>   17

                   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 2001-B
               By: THE BANK OF NEW YORK
                    not in its individual capacity but solely as Owner Trustee

               By:______________________________
               Name:
               Title:

               MERRILL LYNCH CAPITAL SERVICES, INC.

               By:______________________________
               Name:
               Title:

                                      A-4Class A-3 Swap Confirmation
                                        March 13, 2001

To:      Merrill Lynch Capital Services, Inc.
         Merrill Lynch World Headquarters
         4 World Financial Center
         New York, New York  10080
         Swap Group
         Tel:  (212) 449-0371
         Fax:  (212) 449-1788

From:    Ford Credit Auto Owner Trust 2001-B
         c/o The Bank of New York, as
         owner trustee
         ABS Finance Unit
         101 Barclay Street
         12E Floor
         New York, NY  10286
         John Bobko
         Tel:  (212) 815-5613
         Fax:  (212) 449-6993

Re:  Interest Rate Swap Reference No. FCOAT 2001-B Class A-3 Swap

Ladies and Gentlemen:

         The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Merrill Lynch Capital
Services, Inc. ("Party A") and Ford Credit Auto Owner Trust 2001-B ("Party B")
on the Trade Date listed below (the "Transaction"). This letter constitutes a
"Confirmation" as referred to in the ISDA Agreement specified below.

         The definitions and provisions contained in the 1991 ISDA Definitions
(as published by the International Swap Dealers Association, Inc.) (the
"Definitions") are incorporated into this Confirmation, without regard to any
amendment to the Definitions subsequent to the date hereof, except that
references in the Definitions to a "Swap Transaction" shall be deemed references
to a "Transaction" for purposes of this agreement. 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
Master Agreement dated as of March 13, 2001, 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 shall 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>
         Trade Date:                                 March 13, 2001.

         Effective Date:                             March 22, 2001.

         Distribution Date:                          The fifteenth (15th) day of each calendar month or, if such
                                                     day is not a Business Day, the next succeeding Business Day,
                                                     commencing April 16, 2001.
</TABLE>

                                       1
<PAGE>   2

<TABLE>
<S>                                            <C>
         Notional Amount:                            The Notional Amount initially shall equal $1,400,000,000 and shall
                                                     decrease by an amount equal to the amount of the reduction
                                                     in the aggregate principal balance of the Class A-3 Notes on
                                                     each Distribution Date.  Decreases in the Notional Amount
                                                     with respect to the calculation of Fixed Amounts shall take
                                                     effect as of the Period End Date occurring in the month of
                                                     the Distribution Date.  Party B shall determine the Notional
                                                     Amount and shall inform Party A of such determination by the
                                                     twelfth day of each calendar month.

         Termination                                 Date: The date upon which the aggregate outstanding principal balance of the
                                                     Class A-3 Notes has been reduced to zero, or August 15, 2003, whichever is
                                                     earlier.

         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.
                                                     The initial Fixed Rate Payer Payment Date will be April 16,
                                                     2001.

                  Period End Date:                   The 15th day of each calendar month, with No Adjustment.
                                                     The initial Period End Date will be April 15, 2001.

                  Fixed Rate:                        4.885%.

                  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.
                                                     The initial Fixed Rate Payer Payment Date will be April 16,
                                                     2001.
                  Floating Rate for initial
                  Calculation Period:                4.98%.

                  Floating Rate Option:              USD-LIBOR-BBA.

                  Designated Maturity:               One month.

                  Spread:                            0.05%.

                  Floating Rate Day
                  Count Fraction:                    Actual/360.
</TABLE>

                                       2
<PAGE>   3

<TABLE>
<S>                                            <C>
                  Reset Dates:                       The first day of each Floating Rate Payer Calculation Period.

         Business Days:                              New York and Delaware.

         Calculation Agent:                          Party A, unless an Event of Default has occurred where Party
                                                     A is the Defaulting Party, in which event the Calculation
                                                     Agent shall be Party B.

         3.  Account Details

                  Payments to Party A:               Bankers Trust Company
                                                     New York, NY
                                                     ABA #  021001033
                                                     Account No. 00-811-874
                                                     Ref:  Merrill Lynch Capital Services, Inc.
                                                     Dollar Swaps, New York, NY

                  Payments to Party B:               The Chase Manhattan Bank
                                                     ABA# 021-000-021
                                                     Account #:  507951883
                                                     Account Name:  Ford Incoming Wire Account
                                                     Ref:  AC160041.1 FORD 2001-B Swap Receipt

                  Party A Operations Contact:        Merrill Lynch Capital Services, Inc.
                                                     Merrill Lynch World Headquarters
                                                     4 World Financial Center
                                                     New York, NY  10080
                                                     Swap Group
                                                     Tel:  (212) 449-0371
                                                     Fax:  (212) 449-1788

                  Party B Operations Contact:        The Chase Manhattan Bank
                                                     Corporate Trust Administration
                                                     450 West 33rd Street, 14th floor
                                                     New York, New York 10001
                                                     Attention:  Michael A. Smith
                                                     Tel:  (212) 946-3346
                                                     Fax:  (212) 946-8302

         4.  Miscellaneous

                  Non-Reliance:                      Each party represent to the other party that it is acting
                                                     for its own account, and it has made its own independent
                                                     decisions to enter into this Transaction and as to whether
                                                     this Transaction is appropriate or proper for it based upon
                                                     its own judgment and upon advice from such advisors as it
                                                     has deemed necessary. It is not relying on any communication
                                                     (written or oral) of the other party as investment advice or
                                                     as a recommendation to enter into this Transaction; it being
                                                     understood that information and explanations related to the
                                                     terms and conditions of a Transaction shall not be
                                                     considered to be investment advice or a recommendation to
                                                     enter into this Transaction. No communication (written or
                                                     oral) received from the other party shall be deemed to be an
                                                     assurance or guarantee as to the expected results of this
                                                     Transaction.
</TABLE>

                                       3
<PAGE>   4

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 2001-B
                                        By:  THE BANK OF NEW YORK
                                             not in its individual capacity but
                                             solely as Owner Trustee

                                        By:  /s/ John Bobko
                                             ---------------------------------
                                        Name:  John Bobko
                                        Title: Assistant Treasurer

         Accepted and confirmed as of the Trade Date
         written above:

         MERRILL LYNCH CAPITAL SERVICES, INC.

         By:  /s/ Roger A. Baum
              --------------------------------------
         Name:  Roger A. Baum
         Title: Designated Signatory

                                       4

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