Document:

Exhibit 10.1

    
      

    

    SCHEDULE

    to
      the

    ISDA
      Master Agreement

    

    dated
      as of August 22, 2006

    

    between

    

    THE
      ROYAL BANK OF SCOTLAND PLC,

    a
      company incorporated under the laws of Scotland

    (“Party
      A”)

    

    and

    

    FORD
      CREDIT AUTO OWNER TRUST 2006-B,

    a
      Delaware statutory trust

    (“Party
      B”)

    

    

    
      	
              Part
                1.

            	
              Termination
                Provisions.

            

    

     

    
      	 	
              (a)

            	
              “Specified
                Entity”
                means in relation to Party A for the purpose
                of:

            

    

     

    
      	 	
              Section
                5(a)(v),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(a)(vi),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(a)(vii),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(b)(iv),

            	
              Not
                applicable.

            

    

    

    in
      relation to Party B for the purpose of:

    

    
      	 	
              Section
                5(a)(v),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(a)(vi),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(a)(vii),

            	
              Not
                applicable.

            

    

    
      	 	
              Section
                5(b)(iv),

            	
              Not
                applicable.

            

    

    

    
      	 	
              (b)

            	
              “Specified
                Transaction”
                will have the meaning specified in Section 14 of this Agreement unless
                another meaning is specified here: No change from Section
                14.

            

    

     

    
      	 	
              (c)

            	
              The
                “Breach
                of Agreement”
                provisions of Section 5(a)(ii), the “Misrepresentation”
                provisions of Section 5(a)(iv) and the “Default
                under Specified Transaction”
                provisions
                of Section 5(a)(v) will not apply to Party
                B.

            

    

     

    
      	 	
              (d)

            	
              The
                “Credit
                Support Default”
                provisions of Section 5(a)(iii) will not apply to Party A and will
                not
                apply to Party B.

            

    

     

    
      	 	
              (e)

            	
              The
                “Cross
                Default”
                provisions
                of
                Section 5(a)(vi) will not apply to Party A and will not apply to
                Party B.
                

            

    

     

    
      	 	
              (f)

            	
              For
                purposes of Section 6(b), only Party B may designate an Early Termination
                Date in respect of a “Tax
                Event”
                or“Tax
                Event Upon Merger”
                of
                Sections 5(b)(ii) and 5(b)(iii), respectively.

            

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (g)

            	
              The
                “Credit
                Event Upon Merger”
                provisions of Section 5(b)(iv) will not apply to Party A or to Party
                B.
                

            

    

     

    
      	 	
              (h)

            	
              The
                “Automatic
                Early Termination” provisions
                of Section 6(a) will not apply to Party A or to Party B.
                

            

    

     

    
      	 	
              (i)

            	
              Payments
                on Early Termination.
                For
                the purpose of Section 6(e): 

            

    

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

            	
              The
                Second Method will apply.

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (j)

            	
              “Termination
                Currency”
                means United States Dollars.

            

    

     

    
      	 	
              (k)

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

            

    

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

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

            

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Part
                2.

            	
              Tax
                Representations.

            

    

     

    
      	 	
              (a)

            	
              Payer
                Tax Representations.
                For the purpose of Section 3(e), each of Party A and Party B makes
                the
                following representation: 

            

    

     

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

     

    
      	 	
              (b)

            	
              Payee
                Tax Representations.
                For the purpose of Section 3(f):

            

    

     

    
      	 	
              (i)

            	
              Party
                A makes the following representations: It
                is a tax resident of the United
                Kingdom.

            

    

     

    
      	 	
              (ii)

            	
              Party
                B makes the following representations: It is a United States Person
                for
                U.S. federal income tax purposes and either (a) is a financial institution
                (within the meaning of Treasury Regulations section 1.1441-1(c)(5))
                or (b)
                is not acting as an agent for a person that is not a United States
                Person
                for U.S. federal income tax purposes, including IRS Form W-9, Form
                8ECI or
                Form W-8BEN, as applicable.

            

    

     

    
      	
              Part
                3.

            	
              Agreement
                to Deliver Documents.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	
              Party
                required to deliver document

            	 	
              Form/Document/Certificate

            	 	
              Date
                by which to be delivered

            
	 	 	 	 	 
	
              Party
                A and Party B

            	 	
              Any
                form or document that may be required or reasonably requested in
                order to
                allow the other party to make a payment under this Agreement without
                any
                deduction or withholding for or on account of any Tax or with such
                deduction or withholding at a reduced rate.

            	 	
              On
                the date of this Agreement, and promptly upon the earlier of (i)
                reasonable demand by the other party and (ii) learning that the form
                or
                document is required.

            

    

    

    
      	 	
              (b)

            	
              Other
                documents to be delivered are:

            

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Party
                required to deliver document

            	 	
              Form/Document/Certificate

            	 	
              Date
                by which to be delivered

            	 	
              Covered
                by Section 3(d) Representation

            
	 	 	 	 	 	 	 
	
              Party
                A 

               

            	 	
              Annual
                audited financial statements prepared in accordance with generally
                accepted accounting principles in the country in which the party
                is
                organized.

            	 	
              Promptly
                upon Party B’s request.

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A and Party B

            	 	
              Certificate
                or other documents evidencing the authority of the party entering
                into
                this Agreement or a Confirmation, as the case may be, including copies
                of
                any board resolutions and appropriate certificates of incumbency
                as to the
                officers execut-ng such documents.

               

            	 	
              At
                or promptly following the execution of this Agreement.

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A and Party B

            	 	
              Opinions
                of counsel in form and substance acceptable to the other
                party.

            	 	
              At
                or promptly following the execution of this Agreement.

               

            	 	
              No

            
	 	 	 	 	 	 	 
	
              Party
                A

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

            	 	
              As
                required pursuant to Part 5(o) of this Schedule.

               

            	 	
              Yes

            
	 	 	 	 	 	 	 
	
              Party
                A

            	 	
              A
                certificate of an authorized person of Party A certifying that the
                information provided by Party A to Party B for use in the Prospectus
                is
                true and accurate in all material respects.

            	 	
              Upon
                execution of this Agreement

               

            	 	
              Yes

            

    

    

    
      	
              Part
                4.

            	
              Miscellaneous

            

    

     

    
      	 	
              (a)

            	
              Addresses
                for Notices: 

            

    

     

    (1) TO
      PARTY
      A:

    

    For
      the
      purpose of Section 12(a), notices will be delivered to the following
      address:

    

    
      	
              Address:

            	
              c/o
                RBS Financial Markets, Level 4, 135 Bishopsgate, London, EC2M
                3UR

            
	
              Attention:

            	
              Swaps
                Administration

            
	
              Telephone:

            	
              020
                7085 5000

            
	
              Fax:

            	
              020
                7085 5050

            

    

    

    Any
      notice delivered for purposes of Sections 5, 6 and 7 will be delivered to the
      following address:

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    
      	
              Address:
                

            	
              c/o
                RBS Financial Markets

            
	 	
              Level
                7, 135 Bishopsgate

            
	 	
              London
                EC2M 3UR

            
	
              Attention:

            	
              Head
                of Legal, Financial Markets 

            
	
              Telephone:

            	
              44
                207 085 5000

            
	
              Facsimile:

            	
              44
                207 085 8411

            

    

    

    With
      a
      copy to:

    

    
      	
              Address:

            	
              600
                Steamboat Road

            
	 	
              Greenwich,
                CT 06830

            
	
              Attention:
                

            	
              Legal
                Department - Derivatives Documentation

            
	
              Phone
                No.:

            	
              203-618-2531/32

            
	
              Facsimile
                No.:

            	
              203-618-2533/34

            

    

    

    
      	 	
              (2)

            	
              TO
                PARTY B:

            

    

    

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

    

    U.S.
      Bank
      Trust National Association,

    as
      Owner
      Trustee for 

    Ford
      Credit Auto Owner Trust 2006-B

    300
      Delaware Avenue, Ninth Floor

    Wilmington,
      Delaware 19801

    Attn:
      Corporate Trust Administration

    Telephone:
      (302) 552-3200

    Fax:
      (302) 552-3129

    

    with
      copies to:

     

    The
      Bank
      of New York,

    as
      Indenture Trustee for 

    Ford
      Credit Auto Owner Trust 2006-B

    101
      Barclay Street 

    Floor
      8
      West

    New
      York,
      New York 10286

    Attn:
      Structured Finance Services - 

    Asset
      Backed Securities, Ford 2006-B

    Telephone:
      (212) 815-4389

    Fax:
      (212) 815-2493

    

    and

    

    Ford
      Motor Credit Company

    One
      American Road, Suite 2411

    Dearborn,
      Michigan 48126

    Attention:
      Corporate Secretary

    Telephone:
      (313) 323-1200

    Fax:
      (313) 248-7613

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    and

    

    Ford
      Motor Credit Company

    c/o
      Ford
      Motor Company WHQ

    One
      American Road, Suite 801-C1

    Dearborn,
      Michigan 48126

    Attention:
      Securitization Operations Supervisor

    Telephone:
      (313) 594-3495

    Fax:
      (313) 390-4133

    

    
      	 	
              (b)

            	
              Process
                Agent.
                For the purpose of Section 13(c):

            

    

     

    Party
      A
      appoints as its Process Agent: Not
      applicable.

    

    Party
      B
      appoints as its Process Agent: Not
      applicable.

    

    
      	 	
              (c)

            	
              Offices.
                The provisions of Section 10(a) will
                apply.

            

    

     

    
      	 	
              (d)

            	
              Multibranch
                Party.
                For the purpose of Section 10:

            

    

     

    
      	 	
              (i)

            	
              Party
                A is not a Multibranch Party.

            

    

     

    
      	 	
              (ii)

            	
              Party
                B is not a Multibranch Party.

            

    

     

    
      	 	
              (e)

            	
              Calculation
                Agent.
                The Calculation Agent is Party B.

            

    

     

    
      	 	
              (f)

            	
              Credit
                Support Document.

            

    

     

    Party
      A:
      Not Applicable.

    

    Party
      B:
      Not Applicable.

    

    
      	 	
              (g)

            	
              Credit
                Support Provider.

            

    

     

    Party
      A:
      Not Applicable.

    

    Party
      B:
      Not Applicable.

    

    
      	 	
              (h)

            	
              Governing
                Law.
                This Agreement will be governed by and construed in accordance with
                the
                laws of the State of New York.

            

    

     

    
      	 	
              (i)

            	
              Netting
                of Payments.
                Subparagraph (ii) of Section 2(c) will apply to all Transactions
                under
                this Agreement.

            

    

     

    
      	 	
              (j)

            	
              “Affiliate”
                will
                have the meaning specified in Section
                14.

            

    

     

    
      	 	
              (k)

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

            

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Part
                5.

            	
              Other
                Provisions.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

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

            

    

     

    
      	 	
              (v)

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

            

    

     

    
      	 	
              (vi)

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

            

    

     

    
      	 	
              (vii)

            	
              the
                other party to this Master Agreement, such Credit Support Document,
                each
                Transaction and such other documentation (a) is not acting as a fiduciary
                or financial, investment or commodity trading advisor for it, (b)
                has not
                given to it (directly or indirectly through any other person) any
                assurance, guaranty or representation whatsoever as to the merits
                (either
                legal, regulatory, tax, financial, accounting or otherwise) of this
                Master
                Agreement, such Credit Support Document, each Transaction or such
                other
                documentation, and (c) has not committed to unwind the
                Transactions.

            

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (b)

            	
              Tax
                Provisions.

            

    

     

    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 will not, in and of itself, give rise
      to
      a presumption that a Tax Event has occurred.”

    

    
      	 	
              (c)

            	
              Deduction
                or Withholding for Tax.
                Party B will not be required to pay to Party A any amount relating
                to
                Indemnifiable Taxes pursuant to Section 2(d)(i)(4). However, if in
                the
                absence of this paragraph, Party B would otherwise be required to
                pay such
                amounts, Party A will have the right, but not the obligation, to
                transfer
                its rights and obligations under this Agreement to another of its
                Offices
                or Affiliates or third party such that no Indemnifiable Tax would
                be
                imposed, subject to the notice and con-sent provisions set forth
                in
                Section 6(b)(ii).

            

    

     

    
      	 	
              (d)

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

            

    

     

    
      	 	
              (e)

            	
              Limited
                Recourse; Subordination.

            

    

     

    
      	 	
              (i)

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

            

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (f)

            	
              Party
                B Pledge.
                Notwithstanding
                Section 7 to the contrary, Party A acknowledges that Party B will
                pledge
                its rights under this Agreement to the Indenture Trustee for the
                benefit
                of the Noteholders pursuant to the Indenture and agrees to such pledge.
                The Indenture Trustee will not be deemed to be a party to this Agreement,
                provided,
                however,
                the Indenture Trustee, acting on behalf of the holders of the Notes,
                will
                have the right to enforce this Agreement against Party A. Party A
                will be
                entitled to rely on any notice or communication from the Indenture
                Trustee
                to that effect. Party A acknowledges that Party B will pledge
                substantially all its assets to the Indenture Trustee for the benefit
                of
                the Noteholders and Party A and that all payments hereunder, including
                payments on early termination, will be made in accordance with the
                priority of payment provisions of the Indenture and the Sale and
                Servicing
                Agreement and on the Payment Dates specified
                therein.

            

    

     

    
      	 	
              (g)

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

            

    

     

    
      	 	
              (h)

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

            

    

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (j)

            	
              Set-off.
                Notwithstanding any provision of this Agreement or any other existing
                or
                future agreements, each of Party A and Party B irrevocably waives
                as to
                itself any and all contractual rights it may have to set off, net,
                recoup
                or otherwise withhold or suspend or condition its payment or performance
                of any obligation to the other party hereto arising outside of this
                Agreement (which Agreement includes the Master Agreement to which
                this
                Schedule is attached, this Schedule and the Confirmations hereto).
                This
                Part
                5(j)
                will not affect the rights and obligations of the Parties pursuant
                to
                Section 2(c) (Netting).

            

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (k)

            	
              Limitation
                of Liability of Owner Trustee.
                Notwithstanding anything contained in this Agreement to the contrary,
                this
                instrument (and any Confirmation pursuant to this instrument) has
                been or
                will be signed on behalf of Party B by U.S. Bank Trust National
                Association not in its individual capacity but solely in its capacity
                as
                Owner Trustee of Party B and in no event will U.S. Bank Trust National
                Association in its individual capacity or any beneficial owner of
                Party B
                have any liability for the representations, warranties, covenants,
                agreements or other obligations of Party B under this Agreement or
                under
                any such Confirmation, as to all of which recourse will be had solely
                to
                the assets of Party B. For all purposes of this Agreement and any
                Confirmation, in the performance of any duties or obligations of
                Party B
                hereunder, the Owner Trustee will be subject to, and entitled to
                the
                benefits of, the terms and provisions of the Trust Agreement; provided,
                however,
                that the foregoing will not relieve the Owner Trustee from any liability
                it might otherwise have under the Trust Agreement as a result of
                its gross
                negligence or willful misconduct.

            

    

     

    
      	 	
              (l)

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

            

    

     

    Additional
      Defined Terms. Capitalized
      terms used but not defined in this Agreement (including this Schedule) or any
      Confirmation are defined in the Sale and Servicing Agreement dated as of August
      1, 2006 (including Appendix A to such Sale and Servicing Agreement), as amended,
      supplemented or otherwise modified, among Party B, Ford Motor Credit Company
      as
      Servicer and Ford Credit Auto Receivables Two LLC as Depositor.

    

    
      	 	
              (m)

            	
              Counterparty
                Rating Withdrawal or Reduction.
                In
                the event that (w) Party A’s long- or short term unsecured and
                unsubordinated debt rating (or bank deposit rating) is withdrawn
                or
                reduced below “A” or “A-1” by S&P (or if it has no short term
                unsecured debt rating by S&P, a long term unsecured debt rating of
                "A+") (x) either (i) Party A’s long term unsecured and unsubordinated debt
                rating is withdrawn or reduced below “Aa3” by Moody’s and Party A does not
                have a short-term unsecured and unsubordinated debt rating of “P-1” or
                above or (ii) Party A’s long or short-term unsecured and unsubordinated
                debt rating is withdrawn or reduced below “A1” or “P-1” by Moody’s, or (y)
                Party A’s long term unsecured and unsubordinated debt rating is withdrawn
                or reduced below “A” by Fitch (such rating thresholds in clauses (w), (x),
                and (y), “Approved
                Rating Thresholds”),
                within 30 days of such rating withdrawal or downgrade (unless each
                such
                Rating Agency has reconfirmed the rating of each Class of Notes which
                was
                in effect immediately prior to such withdrawal or downgrade), Party
                A will
                (i) assign each Transaction to another counterparty with the Approved
                Rating Thresholds and approved by Party B (which approval will not
                be
                unreasonably withheld) on terms identical to this Schedule and the
                related
                Confirmation, (ii) obtain a guaranty, or a contingent agreement of,
                another person with Approved Rating Thresholds to honor Party A’s
                obligations under this Agreement, provided that such other person
                is
                approved by Party B (which approval will not be unreasonably withheld),
                (iii) post mark-to-market collateral, pursuant to a collateral support
                agreement acceptable to Party B, which will be sufficient to restore
                any
                downgrade or withdrawal in the ratings of each Class of Notes issued
                by
                Party B attributable to Party A's failure to comply with the Approved
                Rating Thresholds, or (iv) establish any other arrangement satisfactory
                to
                Party B and to the applicable Rating Agency, in each case, sufficient
                to
                satisfy the Rating Agency Confirmation. However, Party A will be
                required
                to take the action described in clause (i), (ii) or (iv) above, in
                any
                event, if Party A fails to have either (A) a short-term unsecured
                debt
                rating of at least “A-3” by S&P or, if Party A does not have a
                short-term rating by S&P, a long-term unsecured debt rating of at
                least “BBB-” by S&P or (B) a long-term unsecured debt rating of at
                least “BBB-” by Fitch. All costs and expenses in connection with effecting
                any arrangements pursuant to clauses (i), (ii), (iii) or (iv) will
                be for
                the account of Party A. 

            

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (n)

            	
              Approval
                of Amendments or Assignment.
                No
                amendments to this Agreement will be effected, nor may the rights
                and
                obligations of Party A be transferred or assigned, without the prior
                written confirmation of each Rating Agency that such amendment, transfer
                or assignment will not cause such Rating Agency to reduce or withdraw
                its
                then current rating on any of the Notes.

            

    

     

    
      	 	
              (o)

            	
              Regulation
                AB Financial Disclosure. 

            

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                (p)

              	
                Agency
                  Role of Greenwich Capital Markets, Inc.
                  In
                  connection with this Agreement, Greenwich Capital Markets, Inc.
                  has acted
                  as agent of Party A. Greenwich Capital Markets, Inc. has not guaranteed
                  and is not otherwise responsible for the obligations of Party A
                  under this
                  Agreement.

              

      

       

    

    *
      *
      *

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    EXECUTED:

    

     

    
      	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            	
              THE
                ROYAL BANK OF SCOTLAND PLC

            
	 	 	 	 
	
              By:  
                

            	
              U.S.
                BANK TRUST

            	
              By: 
                

            	
              GREENWICH
                CAPITAL MARKETS, INC.,

            
	 	
              NATIONAL
                ASSOCIATION,

            	 	
              as
                its Agent

            
	 	
              not
                in its individual capacity

            	 	 
	 	
              but
                solely as Owner Trustee

            	 	 

    

    

    

    
      	
              By:
                

            	
              /s/
                Sterling C. Correia

            	 	
              By:

            	
              /s/
                David E. Wagner

            	
            
	
              Name:  
                

            	
              Sterling
                C. Correia

            	 	
              Name:  
                

            	
              David
                E. Wagner

            
	
              Title:
                

            	
              Authorized
                Person 

            	 	
              Title:
                

            	
              Managing
                Director

            
	 	 	 	 	 
	Date:
              August 25, 2006 	 	Date:
              August 25, 2006

    

    

     

    
 

    [Signature
      Page for Swap Schedule]

     

     

    31Unassociated Document

    
      

    

     

    August
      22, 2006

    
      	
              To:

            	
              THE
                ROYAL
                BANK OF SCOTLAND PLC

            

    

    Financial
      Markets

    280
      Bishopsgate

    London
      EC2M 4RB

    Attention:
      Confirmations Team

    Email:
      confirmations@rbos.com

    

    
      	
              From:

            	
              FORD
                CREDIT AUTO OWNER TRUST 2006-B

            

    

    c/o
      U.S.
      Bank Trust National Association,

    as
      Owner
      Trustee 

    300
      Delaware Avenue, Ninth Floor

    Wilmington,
      Delaware 19801

    Attention:
      Corporate Trust Department

    Telephone:
      (302) 552-3200

    Facsimile:
      (302) 552-3129

    

    Re:  
      Interest
      Rate Swap Reference No. 11213

     

    Ladies
      and Gentlemen:

    

    The
      purpose of this letter agreement is to confirm the terms and conditions of
      the
      Swap Transaction entered into between The
      Royal
      Bank of Scotland plc (“Party A”) and Ford Credit Auto Owner Trust 2006-B (“Party
      B”) on the Trade Date listed below (the “Transaction”). This letter constitutes
      a “Confirmation” as referred to in the Agreement specified below.

     

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

    

    1.  This
      Confirmation
      supplements, forms part of, and is subject to, the ISDA Master Agreement and
      the
      Schedule thereto, both dated as of August
      22, 2006, between you and us (as amended, supplemented or otherwise modified
      from time to time, the “Agreement”). All provisions contained in the Agreement
      govern this Confirmation except as expressly modified below. Other capitalized
      terms used herein and not otherwise defined will have the meanings given them
      in
      the Indenture referred to in the Agreement. In the event of any inconsistency
      between those terms and this Confirmation, this Confirmation will
      govern.

    

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

    

    
      	 	
              Party
                A:

            	
              The
                Royal Bank of Scotland plc.

            

    

    

    
      	 	
              Party
                B:

            	
              Ford
                Credit Auto Owner Trust 2006-B.

            

    

    

    
      	 	
              Trade
                Date:

            	
              August
                22, 2006.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              Effective
                Date:

            	
              August
                29, 2006.

            

    

    

    
      	 	
              Notional
                Amount:

            	
              For
                the first Calculation Period (from and including, August 29, 2006
                to but
                excluding September 15, 2006), the Notional Amount of this Transaction
                for
                purposes of calculating payments due by either party on the first
                Payment
                Date will be $470,000,000. With respect to any subsequent Calculation
                Period up through and including the Calculation Period ending on
                but
                excluding July 15, 2009, the Notional Amount will be the Note Balance
                of
                the Class A-2b Notes (after giving effect to all amounts paid on
                the
                Payment Date that is the first day of such Calculation Period) as
                stated
                on the Servicer’s monthly investor report relating to such Payment Date
                (the “Actual Balance”). Party B will determine the Notional Amount and
                will inform Party A of such determination by the twelfth day of each
                calendar month using the aggregate outstanding principal balance
                for the
                Class A-2b Notes prior to giving effect to any payments of principal
                of
                Class A-2b Notes on the following Payment Date, as shown in the Servicer's
                monthly investor report relating to such Payment
                Date.

            

    

    

    
      	
            	Termination
              Date:	
              The
                earlier of July 15, 2009 and the date the aggregate outstanding principal
                balance of the Class A-2b Notes has been reduced to zero.  

            

    

    
Fixed
      Amounts

    

    
      	 	
              Fixed
                Rate Payer:

            	
              Party
                B. 

            

    

    

    Fixed
      Rate Payer 

    
      	 	
              Payment
                Date:

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

            

    

    

    
      	 	
              Period
                End Date:

            	
              The
                15th
                day of each calendar month, with No Adjustment. (This means that
                each
                Calculation Period for the Fixed Amount will have 30 days, except
                for the
                Initial Calculation Period, which will commence on August 29, 2006
                and end
                on and excluding September 15,
                2006.)

            

    

    

    
      	 	
              Fixed
                Rate:

            	
              5.41%

            

    

    

    Fixed
      Rate Day

    
      	 	
              Count
                Fraction:

            	
              30/360

            

    

    

    Floating
      Amounts

    

    
      	 	
              Floating
                Rate Payer:

            	
              Party
                A. 

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    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:

            	
              5.32813
                % (excluding spread)

            

    

    

    
      	 	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA.

            

    

    

    
      	 	
              Designated
                Maturity:

            	
              One
                month. 

            

    

    

    
      	 	
              Spread:

            	
              Plus
                .02%

            

    

    

    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:	
                JPMorgan
                  Chase Bank,  New
                  York

              

      

    

    ABA
      #
      021000021

    Acct#:
      400930153

    Agent
      Swift Address: CHASUS33

    Favor:
      Royal Bank of Scotland Financial Markets

    Fixed
      Income and Interest Rate Derivate Operations London

    (RBS
      FM
      FI & IRD Ops Ldn)

     

    
      	 	
              Payments
                to Party B:

            	
              The
                Bank of New York

            

    

    ABA
      #
      021000018

    Acct
      #
111-565
      

    Attn:
      John Bobko

    For
      further credit to: Ford Credit Auto Owner Trust 2006-B Collection Acct TAS
      #879431

    

    Party
      A
      Operations 

    
      	 	
              Contact:

            	
              Melizza
                Stotler 

            

    

    RBS
      Greenwich Capital

    600
      Steamboat Road

    Greenwich
      CT 06830

    Telephone:
      (203) 618 2525

    Fax:
      (203) 618-2580

    gcmderivatives@rbsgc.com

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Party
      B
      Operations 

    
      	 	
              Contact:

            	
              Ford
                Credit Auto Owner Trust 2006-B

            

    

    c/o
      U.S.
      Bank Trust National Association, as Owner Trustee

    300
      Delaware Avenue, Ninth Floor

    Wilmington,
      Delaware 19801

    Attn:
      Corporate Trust Administration

    Telephone:
      (302) 552-3102

    Fax:
      (302) 552-3129

    

    with
      copies to:

     

    The
      Bank
      of New York,

     
as
      Indenture
      Trustee
      for 

     
      Ford Credit Auto Owner Trust 2006-B

    101
      Barclay Street 

    Floor
      8
      West

    New
      York,
      New York 10286

    Attn:
      Structured Finance Services - 

    Asset
      Backed Securities, Ford 2006-B

    Telephone:
      (212) 815-4389

    Fax:
      (212) 815-2493; 

    

    and

    

    Ford
      Motor Credit Company 

    c/o
      Ford
      Motor Company 

    WHQ,
      One
      American Road

    Suite
      801-C1

    Dearborn,
      Michigan 48126

    Attention:
      Securitization Operations Supervisor

    Telephone:
      (313) 206-5899

    Fax:
      (313)
      390-4133

    

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        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 2006-B

            
	 	 	 
	
              By:

            	
              U.S.
                BANK TRUST NATIONAL ASSOCIATION,

            
	 	
              not
                in its individual capacity 

            
	 	
              but
                solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	
              /s/
                Sterling C. Correia

            	
            
	 	
              Name:   
                

            	
              Sterling
                C. Correia

            
	 	
              Title:

            	
              Authorized
                Person

            
	 	 	 
	 	 	 
	 	 	 
	
              THE
                ROYAL BANK OF SCOTLAND PLC 

            
	 	 	 
	
              By:
                

            	
              GREENWICH
                CAPITAL MARKETS, INC., 

            
	 	
              its
                agent

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Deborah Pfeifer

            	
            
	 	
              Name:   
                

            	
              Deborah
                Pfeifer

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

     

    [SIGNATURE
      PAGE FOR FRONT END SWAP CONFIRM]

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