Document:

exv4w3

 

Exhibit 4.3

 

[Ford Credit Floorplan Corporation]

[and]

[Ford Credit Floorplan LLC]

Transferor[s]

[Delaware Trustee]

Delaware Trustee

[Owner Trustee]

Owner Trustee

 

Amended and Restated Trust Agreement

Dated as of ________, 20__

 

Ford
Credit Floorplan Master Owner Trust ____

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE I 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 DEFINITIONS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Definitions.	 	 	1	 
	Section 1.02.
	 	Other Definitional Provisions	 	 	3	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	ORGANIZATION	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Name	 	 	4	 
	Section 2.02.
	 	Offices	 	 	4	 
	Section 2.03.
	 	Purpose and Powers	 	 	4	 
	Section 2.04.
	 	Appointment of Owner Trustee	 	 	5	 
	Section 2.04.A
	 	Appointment of Delaware Trustee	 	 	5	 
	Section 2.05.
	 	Initial Capital Contribution of Trust Estate	 	 	6	 
	Section 2.06.
	 	Declaration of Trust	 	 	6	 
	Section 2.07.
	 	Title to Trust Property	 	 	6	 
	Section 2.08.
	 	Situs of Trust	 	 	6	 
	Section 2.09.
	 	Representations and Warranties of Transferor[s]	 	 	7	 
	Section 2.10.
	 	Liability of Certificateholders	 	 	8	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 CERTIFICATES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Initial Ownership	 	 	8	 
	Section 3.02.
	 	Form of Certificates.	 	 	8	 
	Section 3.03.
	 	Authentication of Certificates	 	 	9	 
	Section 3.04.
	 	Restrictions on Transfer	 	 	9	 
	Section 3.05.
	 	Mutilated, Destroyed, Lost or Stolen Certificate	 	 	9	 
	Section 3.06.
	 	Issuance of New Certificates.	 	 	10	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III A	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	TRANSFEROR INTEREST ACCOUNT	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3A.01.
	 	Establishment of Transferor Interest Account	 	 	11	 
	Section 3A.02.
	 	Distribution	 	 	11	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	ACTIONS BY OWNER TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Prior Notice to Certificateholders with Respect to Certain Matters	 	 	12	 
	Section 4.02.
	 	Restrictions on Power	 	 	12	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	General Authority	 	 	12	 
	Section 5.02.
	 	General Duties	 	 	13	 
	Section 5.03.
	 	Action upon Instruction.	 	 	13	 
	Section 5.04.
	 	No Duties Except as Specified in this Agreement or in Instructions	 	 	14	 
	Section 5.05.
	 	No Action Except Under Specified Documents or Instructions	 	 	14	 
	Section 5.06.
	 	Restrictions	 	 	15	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VI 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Acceptance of Trusts and Duties	 	 	15	 
	Section 6.02.
	 	Furnishing of Documents	 	 	17	 
	Section 6.03.
	 	Representations and Warranties of the Co-Trustees.	 	 	17	 
	Section 6.04.
	 	Reliance; Advice of Counsel.	 	 	18	 
	Section 6.05.
	 	Not Acting in Individual Capacity	 	 	18	 
	Section 6.06.
	 	Co-Trustees Not Liable for Certificates, Notes or Receivables	 	 	18	 
	Section 6.07.
	 	Co-Trustees May Own Notes	 	 	19	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VII 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	COMPENSATION AND INDEMNITY OF CO-TRUSTEES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Co-Trustees’ Fees and Expenses	 	 	19	 
	Section 7.02.
	 	Indemnification	 	 	20	 
	Section 7.03.
	 	Payments to Co-Trustees	 	 	20	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VIII 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	TERMINATION OF AGREEMENT	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	Termination of Agreement	 	 	20	 

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	 	ARTICLE IX 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES;	 	 	 	 
	 
	 	SUCCESSOR DELAWARE TRUSTEES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 9.01.
	 	Eligibility Requirements for Owner Trustee and Delaware Trustee.	 	 	21	 
	Section 9.02.
	 	Resignation or Removal of Owner Trustee or Delaware Trustee.	 	 	21	 
	Section 9.03.
	 	Successor Co-Trustees.	 	 	22	 
	Section 9.04.
	 	Merger or Consolidation of Co-Trustee	 	 	23	 
	Section 9.05.
	 	Appointment of Co-Trustee or Separate Trustee	 	 	23	 
	Section 9.06.
	 	Compliance with Delaware Statutory Trust Statute	 	 	24	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE X 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 10.01.
	 	Supplements and Amendments.	 	 	25	 
	Section 10.02.
	 	No Legal Title to Trust Estate in Transferor[s]	 	 	26	 
	Section 10.03.
	 	Limitations on Rights of Others	 	 	26	 
	Section 10.04.
	 	Notices	 	 	26	 
	Section 10.05.
	 	Severability	 	 	27	 
	Section 10.06.
	 	Separate Counterparts	 	 	27	 
	Section 10.07.
	 	Successors and Assigns	 	 	27	 
	Section 10.08.
	 	Nonpetition Covenants	 	 	27	 
	Section 10.09.
	 	No Recourse	 	 	27	 
	Section 10.10.
	 	Headings	 	 	28	 
	Section 10.11.
	 	Governing Law	 	 	28	 
	Section 10.12.
	 	Transferor Payment Obligation	 	 	28	 
	Section 10.13.
	 	Acceptance of Terms of Agreement	 	 	28	 
	Section 10.14.
	 	Integration of Documents	 	 	28	 

iii 

 

     Amended and Restated Trust Agreement, dated as of ________, 20___, by and among [Ford
Credit Floorplan Corporation, a Delaware corporation,] [and] [Ford Credit Floorplan
LLC, a Delaware limited liability company], as Transferor[s], [each] having its
principal executive office at One American Road, Dearborn, Michigan 48126; [Delaware
Trustee], a Delaware [entity type], not in its individual capacity but solely as Delaware
Trustee under this Agreement, having its principal corporate trust office at [Address]; and
[Owner Trustee], a [State, entity type], not in its individual capacity but solely as
Owner Trustee under this Agreement, having its principal corporate trust office at [Address].

RECITAL

     The parties to this Agreement hereby intend to amend and restate that certain Trust Agreement,
dated as of ________, 20___, among [Ford Credit Floorplan Corporation], [Ford Credit Floorplan LLC],
the Delaware Trustee and the Owner Trustee on the terms and conditions hereinafter set forth.

     In consideration of the mutual covenants and agreements herein contained, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows.

STATEMENT OF AGREEMENT

ARTICLE I

DEFINITIONS

     Section 1.01. Definitions. Whenever used in this Agreement, the following words and phrases
have the following meanings, and the definitions of such terms are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as to the feminine and neuter
genders of such terms.

     “Administration Agreement” means the Administration Agreement, dated as of ________, 20___,
between the Issuer and the Administrator.

     “Administrator” means Ford Credit, in its capacity as administrator under the Administration
Agreement and its successors and permitted assigns in such capacity.

     “Agreement” means this Amended and Restated Trust Agreement, as the same may be amended,
modified or otherwise supplemented from time to time.

     “Certificateholder” or “Holder” means, with respect to the Transferor Interest, a Person in
whose name the Certificates are registered or a Person in whose name ownership of the
uncertificated interest in the Transferor Interest is recorded in the books and records of the
Owner Trustee.

     “Certificates” means the [Transferor’s]/[Transferors’] uncertificated interest in the
Transferor Interest; provided, however, if [the]/[either] Transferor elects to

 

 

evidence its interest in the Transferor Interest in certificated form pursuant to this Agreement, the
certificates will be executed by such Transferor and authenticated by or on behalf of the Owner
Trustee, substantially in the form of Exhibit A.

     “Certificate Supplement” has the meaning specified in Section 3.06(b).

     “Corporate Trust Office” means, with respect to the Delaware Trustee, the principal corporate
trust office of the Delaware Trustee located at [Address], or such other address as the Delaware
Trustee may designate by notice to the Certificateholders, or the principal corporate trust office
of any successor Delaware Trustee (whose address will be designated by notice from the successor
Delaware Trustee to the Certificateholders); and with respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee located at [Address], or such other address as the
Owner Trustee may designate by notice to the Certificateholders, or the principal corporate trust
office of any successor Owner Trustee (whose address will be designated by notice from the
successor Owner Trustee to each of the Certificateholders).

     “Co-Trustee” means each of the Owner Trustee and the Delaware Trustee.

     “Delaware Trustee” means [Delaware Trustee], a Delaware [entity type], not in its individual
capacity but solely as Delaware Trustee under this Agreement, and any successor Delaware Trustee
hereunder.

     “Expenses” has the meaning specified in Section 7.02.

     “Ford Credit” means Ford Motor Credit Company, a Delaware corporation.

     “Foreclosure Remedy” has the meaning specified in the Indenture.

     “Indemnified Parties” has the meaning specified in Section 7.02.

     “Indenture” means the Indenture, dated as of ________, 20___, between the Issuer and the
Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to
time.

     “Indenture Trustee” means [Indenture Trustee], a [State, entity type], not in its individual
capacity but solely as Indenture Trustee under the Indenture, and any successor Indenture Trustee
under the Indenture.

     “Issuer” means Ford Credit Floorplan Master Owner Trust ___, the trust created by this
Agreement acting by and through the Owner Trustee.

     “Owner Trustee” means [Owner Trustee], a [State, entity type], not in its individual capacity
but solely as owner trustee under this Agreement (unless otherwise specified herein), and any
successor Owner Trustee hereunder.

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

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Servicer” means Ford Credit, in its capacity as servicer under the Transfer and Servicing
Agreements and its successors and permitted assigns in such capacity.

     “Supplemental Certificate” has the meaning specified in subsection 3.06(b).

     “Transfer and Servicing Agreement[s]” means the Transfer and Servicing Agreement[s], each of
which is dated as of ________, 20___, among the Issuer, the [applicable] Transferor and the
Servicer, as the same may be amended, supplemented or otherwise modified from time to time.

     “Transferor” means [each of] [Ford Credit Floorplan Corporation, a Delaware corporation],
[and] [Ford Credit Floorplan LLC, a Delaware limited liability company], in its capacity as
transferor hereunder and its successors and permitted assigns in such capacity.

     “Transferor Interest” has the meaning specified in subsection 3.06(a).

     “Transferor Interest Account” has the meaning specified in Section 3A.01.

     “Trust Estate” means all right, title and interest of the Owner Trustee in and to the property
and rights assigned to the Owner Trustee pursuant to Section 2.05 hereof and Section 2.01 of the
Transfer and Servicing Agreements, all monies, securities, instruments and other property on
deposit from time to time in the Collection Account, the Excess Funding Account and the Series
Accounts and all other property of the Issuer from time to time, including any rights of the Owner
Trustee pursuant to the Transfer and Servicing Agreements.

     “Trust Termination Date” has the meaning specified in Section 8.01.

     Section 1.02. Other Definitional Provisions

     (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in
the Transfer and Servicing Agreements or the Indenture, as applicable, and, with respect to any
Series, the related Indenture Supplement.

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

3

 

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

     (d) Any reference to each Rating Agency only applies to any specific rating agency if such
rating agency is then rating any outstanding Series.

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

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

ARTICLE II

ORGANIZATION

     Section 2.01. Name. The trust created hereby, referred to herein as the Issuer, is to be
known as “Ford Credit Floorplan Master Owner Trust ___, in which name the Owner Trustee may
conduct the business of the Issuer, make and execute contracts and other instruments on behalf of
the Issuer and sue and be sued on behalf of the Issuer.

     Section 2.02. Offices. The Delaware office of the Issuer will be in care of the Delaware
Trustee at the Corporate Trust Office of the Delaware Trustee or at such other address in the State
of Delaware as the Delaware Trustee may designate by written notice to the Indenture Trustee and
the Certificateholders. The New York office of the Issuer will be in care of the Owner Trustee at
the Corporate Trust Office of the Owner Trustee or at such other address in the State of New York
as the Owner Trustee may designate by written notice to the Indenture Trustee and the
Certificateholders.

     Section 2.03. Purpose and Powers. The purpose of the Issuer is, and the Issuer has the power and authority, to engage in the
following activities:

4

 

     (i) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this
Agreement and to sell the Notes and the Certificates upon the written order of the related
Transferor;

     (ii) with the proceeds of the sale of the Notes and the Certificates, to pay the
organizational, start-up and transactional expenses of the Issuer, to acquire the
Receivables and to pay the Transferor[s] the amounts owed pursuant to Section 2.01 of each
of the Transfer and Servicing Agreements;

     (iii) to assign, grant, pledge and mortgage the Trust Estate to the Indenture Trustee
pursuant to the Indenture and to hold, manage and distribute to the Transferor[s] pursuant
to the terms of this Agreement and the Transaction Documents any portion of the Trust
Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture;

     (iv) to enter into and perform its obligations under the Transaction Documents to
which it is to be a party;

     (v) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith; and

     (vi) subject to compliance with the Transaction Documents, to engage in such other
activities as are required in connection with conservation of the Trust Estate and the
making of payments to the Noteholders and distributions to the Certificateholders.

     The Issuer may not engage in any activity other than in connection with the foregoing or other
than as required or authorized by the terms of this Agreement or the other Transaction Documents.

     Section 2.04. Appointment of Owner Trustee. The Transferor[s] hereby appoint[s] the Owner
Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers
and duties set forth herein.

     Section 2.04.A Appointment of Delaware Trustee. The Delaware Trustee is appointed to serve as
the trustee of the Issuer in the State of Delaware for the sole and limited purpose of satisfying
the requirement of Section 3807 of the Delaware Statutory Trust Statute that the Issuer have at
least one trustee with a principal place of business in Delaware. It is understood and agreed by
the parties hereto and by the Certificateholders that the Delaware Trustee has none of the duties
or liabilities of the Owner Trustee. The duties of the Delaware Trustee are limited to (a) accepting legal
process served on the Issuer in the State of Delaware and (b) executing
and filing any certificates with the Secretary of State of the State of Delaware that the Delaware
Trustee is required to execute and file pursuant to Section 3811 of the Delaware Statutory Trust
Statute. The Delaware Trustee shall provide prompt notice to the Owner Trustee of its performance
of any such acts. The Delaware Trustee shall take such action or refrain from taking such action
under this Agreement as it may be directed by Certificateholders representing an

5

 

aggregate Percentage Interest of at least 51%, in accordance with Section 5.03. The parties to this
Agreement and the Certificateholders understand and agree that the Delaware Trustee is not entitled
to exercise any powers, nor has the Delaware Trustee any of the duties and liabilities, of the
Owner Trustee. The Delaware Trustee is not liable for the acts or omissions of the Owner Trustee,
the Transferor[s], the Certificateholders or the Issuer. To the extent that, at law or in equity,
the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to
the Issuer or to the Certificateholders, it is hereby understood and agreed by the other parties
hereto and by the Certificateholders that such duties and liabilities are replaced by the duties
and liabilities of the Delaware Trustee expressly set forth in this Agreement. The Delaware
Trustee owes no fiduciary or other duties to the Issuer, the Transferor[s] or the
Certificateholders except as expressly provided for in this Agreement.

     Section 2.05. Initial Capital Contribution of Trust Estate. As of ________, 20___, each
Transferor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of
$0.50. The Owner Trustee hereby acknowledges receipt in trust from the Transferor[s], as of such
date, of the foregoing contribution, which constitutes the initial Trust Estate and will be held by
the Owner Trustee. The Transferor[s] will pay organizational expenses of the Issuer as they may
arise or will, upon the request of the Owner Trustee or the Delaware Trustee, promptly reimburse
the Owner Trustee or the Delaware Trustee, as applicable, for any such expenses paid by the Owner
Trustee or the Delaware Trustee.

     Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it will hold the
Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit
of the Transferor[s], subject to the obligations of the Issuer under the Transaction Documents to
which it is a party. It is the intention of the parties hereto that (i) the Issuer constitute a
statutory trust under the laws of the State of Delaware and that this Agreement constitute the
governing instrument of such statutory trust and (ii) for income and franchise tax purposes, the
Issuer will be treated as a security device and disregarded as an entity and each of its assets
treated as owned by the Transferor that transferred such asset to the Issuer. The parties hereto
agree that they will take no action contrary to the foregoing intention. Effective as of the date
hereof, the Owner Trustee has all rights, powers and duties set forth herein with respect to
accomplishing the purposes of the Issuer. Together with the Delaware Trustee, the Owner Trustee
has filed the Certificate of Trust with the Secretary of State of the State of Delaware.

     Section 2.07. Title to Trust Property. Legal title to all the Trust Estate will be vested at all times in the Issuer as a separate
legal entity, except where applicable law in any jurisdiction requires title to any part of the
Trust Estate to be vested in a trustee or trustees, in which case it will be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

     Section 2.08. Situs of Trust. The Issuer will be located and administered in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer will be located
in the State of Delaware or the State of New York. The Issuer will not have any employees in any
state other than Delaware; provided, however,

6

 

that nothing herein will restrict or prohibit [Owner
Trustee], in its capacity as Owner Trustee or otherwise, or [Delaware Trustee], in its capacity as
Delaware Trustee or otherwise, from having employees within or without the State of Delaware.
Payments will be received by the Issuer only in the State of Delaware or the State of New York, and
payments will be made by the Issuer only from Delaware or New York. The principal office of the
Issuer will be at the Corporate Trust Office of the Owner Trustee.

     Section 2.09. Representations and Warranties of Transferor[s]. [The]/[Each] Transferor hereby
represents and warrants to the Owner Trustee and the Delaware Trustee that:

     (a) [The]/[Such] Transferor is a Delaware [corporation] [or [limited liability company], [as
applicable,] duly organized and validly existing in good standing under the laws of the State of
Delaware and has full [corporate] [or] [company] power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is currently
conducted, and to execute, deliver and perform its obligations under this Agreement and any other
document related hereto to which it is a party and to perform its obligations as contemplated
hereby and thereby.

     (b) [The]/[Such] Transferor is duly qualified to do business and is in good standing (or is
exempt from such requirement) in any state required in order to conduct its business, and has
obtained all necessary licenses and approvals with respect to [the]/[such] Transferor, in
[the]/[each] jurisdiction where failure to so qualify or to obtain such licenses and approvals
would have a material adverse effect on its ability to perform its obligations under this Agreement
or any other document related hereto to which [the]/[such] Transferor is a party.

     (c) The execution and delivery of this Agreement and the consummation of the transactions
provided for in this Agreement and in the other Transaction Documents to which [the]/[such]
Transferor is a party have been duly authorized by it by all necessary corporate or other action on
its part and each of this Agreement and the other Transaction Documents to which it is a party will
remain, from the time of its execution, an official record of [the]/[such] Transferor.
[The]/[Such] Transferor has the power and authority to assign the property to be assigned to and
deposited with the Issuer pursuant to Section 2.05 of this Agreement and Section 2.01 of the
[applicable] Transfer and Servicing Agreement.

     (d) The execution and delivery of this Agreement, the performance of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof will not conflict with,
result in any breach of any of the material terms and provisions of, or constitute (with or without
notice or lapse of time or both) a material default under, any indenture, contract, agreement,
mortgage, deed of trust or other instrument to which [the]/[such] Transferor is a party or by which
it or any of its properties are bound (other than violations of such indentures, contracts,
agreements, mortgages, deeds of trust or other instruments which, individually or in the aggregate,
would not have a material adverse effect on its ability to perform its obligations under this
Agreement).

7

 

     (e) The execution and delivery of this Agreement, the performance of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof will not conflict with or
violate any Requirements of Law applicable to [the]/[such] Transferor.

     (f) There are no proceedings pending or, to the best knowledge of [the]/[such] Transferor,
proceedings threatened or investigations pending or threatened against it before or by any court,
regulatory body, administrative agency, or other tribunal or governmental instrumentality having
jurisdiction over it (i) asserting the invalidity of any of the Transaction Documents to which it
is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any
of the Transaction Documents to which it is a party, (iii) seeking any determination or ruling
that, in the reasonable judgment of [the]/[such] Transferor, would materially and adversely affect
the performance by it of its obligations under the Transaction Documents to which it is a party or
(iv) seeking any determination or ruling that would materially and adversely affect the validity or
enforceability of the Transaction Documents to which it is a party.

     Section 2.10. Liability of Certificateholders. The holders of the Certificates and any
Supplemental Certificates will not be personally liable for the debts or other obligations of the
Issuer except to the extent provided otherwise in the Transaction Documents.

ARTICLE III

CERTIFICATES

     Section 3.01. Initial Ownership. Upon the formation of the Issuer by the contribution
pursuant to Section 2.05, the Transferor[s] will be the sole beneficial owners of the Issuer.

     Section 3.02. Form of Certificates.

     (a) A Transferor or any Subsequent Transferor may elect at any time, by written notice to the
Owner Trustee, to have its interest in the Transferor Interest be (i) an uncertificated interest or
(ii) evidenced by a certificate. The Certificate, if certificated, will be issued in registered
form, substantially in the form of Exhibit A, and will, upon issue, be executed and delivered by
such Transferor to the Owner Trustee for authentication and redelivery as provided in Section 3.03.
If a Transferor or any Subsequent Transferor elects to have its interest in the Transferor
Interest be uncertificated, it will deliver to the Owner Trustee for cancellation any Certificate
or Supplemental Certificate, as the case may be, previously issued and the Owner Trustee will make
appropriate entries in its books and records to evidence such uncertificated interest in the
Transferor Interest. The Owner Trustee will keep with the books and records of the Issuer a
register, in book-entry form, of each Person owning any uncertificated interest in the Transferor
Interest. The Certificates, if in certificated form, will consist of two certificates that
together initially will represent the entire Transferor Interest.

8

 

     (b) The Certificates will be executed by manual or facsimile signature of the Owner Trustee.
The Certificates bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures were affixed, authorized to sign on behalf of the Issuer, will, when duly
authenticated pursuant to Section 3.03, be validly issued and entitled to the benefits of this
Agreement, notwithstanding that such individuals or any of them have ceased to be so authorized
prior to the authentication and delivery of the Certificates or did not hold such offices at the
date of authentication and delivery of the Certificates.

     Section 3.03. Authentication of Certificates. On the Closing Date, the Owner Trustee will
authenticate and deliver the Certificates, if certificated, upon the written order of the related
Transferor, signed by its chairman of the board, its president, any vice president, secretary, any
assistant treasurer or any authorized signer, without further corporate or other action by such
Transferor. No Certificate will be entitled to any benefit under this Agreement, or be valid for
any purpose, unless there appears on such Certificate a certificate of authentication substantially
in the form provided for herein, executed by or on behalf of the Owner Trustee by the manual
signature of a duly authorized signer, and such certificate upon any Certificate will be conclusive
evidence, and the only evidence, that such Certificate has been duly authenticated and delivered
hereunder. Each Certificate will be dated the date of its authentication.

     Section 3.04. Restrictions on Transfer. To the fullest extent permitted by applicable law,
the Certificates (or any interest therein) may not be sold, transferred, assigned, participated,
pledged or otherwise disposed of to any Person; provided, however, that a Certificate (or any
interest therein) may be sold, transferred, assigned, participated, pledged or otherwise disposed
of if (i) the transferor thereof has provided the Owner Trustee and the Indenture Trustee with a
Tax Opinion and (ii) the Rating Agency Condition has been satisfied, in each case relating to
such sale, transfer, assignment, participation, pledge or other disposition.

     Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificate. If (a) any mutilated
Certificate is surrendered to the Owner Trustee, or the Owner Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (b) there is delivered to
the Owner Trustee such security or indemnity as it may require to hold it harmless, then, in the
absence of notice to the Owner Trustee that such Certificate has been acquired by a protected
purchaser, the Owner Trustee on behalf of the Issuer will execute, and the Owner Trustee will
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a replacement Certificate of like tenor (including the same date of issuance)
and Percentage Interest. In connection with the issuance of any replacement Certificate under this
Section, the Owner Trustee may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other reasonable expenses
connected therewith. Every replacement Certificate issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Certificate will constitute complete and indefeasible
evidence of an ownership interest in the Issuer, as if originally issued, whether or not the
mutilated, destroyed, lost or stolen Certificate is found at any time.

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     Section 3.06. Issuance of New Certificates.

     (a) Taken together, the Certificates represent a 100% Percentage Interest in the beneficial
ownership of the Trust Estate not allocated to the Noteholders’ Collateral pursuant to the
Transaction Documents. The beneficial ownership of the Trust Estate includes the right to receive
Collections with respect to the Receivables and other amounts at the times and in the amounts
specified in any Indenture Supplement to be paid to the Transferor[s] on behalf of all Holders of
the Certificates (the “Transferor Interest”) and the other Trust Assets subject to the lien of the
Indenture; provided, however, that such rights with respect to the Collection Account, the Excess
Funding Account, any Series Account or any Series Enhancement are subject to the lien of the Notes
and are limited as specifically provided in the Transfer and Servicing Agreements, the Indenture or
any Indenture Supplement.

     (b) In connection with the issuance of a new Series of Notes, the designation of a Subsequent
Transferor pursuant to Section 4.05 of the Transfer and Servicing Agreements, if applicable, or at
any other time, a Transferor may surrender its certificated or uncertificated Certificate to the
Owner Trustee in exchange for a newly issued certificated or uncertificated Certificate and a
second certificated or uncertificated interest in the Transferor Interest (a “Supplemental
Certificate”), the terms of which will be defined in a supplement (a “Certificate Supplement”) to
this Agreement (which Certificate Supplement will be subject to Section 10.01 to the extent that it
amends any of the terms of this Agreement), to be delivered to or upon the order of such Transferor
(or the Holder of a Supplemental Certificate, in the case of the transfer and exchange thereof).
Notwithstanding anything contained herein, any exchange of a certificated
Certificate for an uncertificated Certificate or an uncertificated Certificate for a
certificated Certificate by the Holder of such Certificate will not be subject to the conditions
set forth in clauses (i) through (vi) below. Except as set forth in the immediately preceding
sentence, the issuance of any such Supplemental Certificate will be subject to satisfaction of the
following conditions:

     (i) on or before the fifth day immediately preceding the Certificate surrender and
exchange, the requesting Transferor has given the Owner Trustee, the Servicer, the
Indenture Trustee and each Rating Agency notice (unless such notice requirement is
otherwise waived) of such Certificate surrender and exchange;

     (ii) such Transferor has delivered to the Owner Trustee and the Indenture Trustee any
related Certificate Supplement in form satisfactory to the Owner Trustee and the Indenture
Trustee, executed by each party to this Agreement (other than the Owner Trustee, the
Indenture Trustee and the Holder of the Supplemental Certificate, if any);

     (iii) such surrender and exchange will not result in any Adverse Effect and such
Transferor has delivered to the Owner Trustee and the Indenture Trustee an Officer’s
Certificate, dated the date of such surrender and exchange, to the effect that such
Transferor reasonably believes that such surrender and exchange

10

 

will not, based on the facts known to such officer at the time of such certification, have an Adverse Effect;

     (iv) such Transferor has delivered to the Owner Trustee and Indenture Trustee (with a
copy to each Rating Agency) a Tax Opinion, dated the date of such surrender and exchange
with respect to such surrender and exchange; and

     (v) the Net Adjusted Pool Balance as of the date of such surrender and exchange is
greater than the Required Pool Balance as of the date of such surrender and exchange after
giving effect to such surrender and exchange.

     (c) Any Supplemental Certificate held by any Person may be transferred or exchanged only upon
the delivery to the Trustee of a Tax Opinion dated as of the date of such transfer or exchange, as
the case may be, with respect to such transfer or exchange.

ARTICLE III A

TRANSFEROR INTEREST ACCOUNT

     Section 3A.01. Establishment of Transferor Interest Account. The Owner Trustee will establish
and maintain a Qualified Account in the name of “[Ford Credit Floorplan Corporation] [and] [Ford
Credit Floorplan LLC] for the benefit of the Certificateholders” (or such other name as the
Transferor[s] may direct in writing) to be designated as the “Transferor Interest Account.” The
Transferor Interest Account will be established and maintained initially with the Corporate Trust Office
of [Owner Trustee]. The Transferor Interest Account will be established and maintained pursuant to
an account agreement that specifies New York law as the governing law.

     Section 3A.02. Distribution. monies distributed to the Owner Trustee by the Indenture Trustee
from time to time for distribution to the Certificateholders will be deposited in the Transferor
Interest Account and the Transferor[s], in turn, will cause distributions to be made therefrom to
the Certificateholders at such times and in such amounts as the Transferor[s] mutually agree.

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ARTICLE IV

ACTIONS BY OWNER TRUSTEE

     Section 4.01. Prior Notice to Certificateholders with Respect to Certain Matters. With
respect to the following matters, unless otherwise instructed by Certificateholders representing at
least 51% of the Percentage Interest of the Transferor Interest, the Owner Trustee need not take
action unless at least thirty (30) days before the taking of such action the Owner Trustee has
given notice to each of the Certificateholders of:

     (a) the initiation of any claim or lawsuit by the Issuer or the Owner Trustee (other than an
action to collect on the Trust Estate) and the settlement of any action, claim or lawsuit brought
by or against the Issuer or the Owner Trustee (other than an action to collect on the Trust
Estate);

     (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Delaware Statutory Trust Statute);

     (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is required;

     (d) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is not required and such amendment materially adversely affects the
interest of the Certificateholders taken as a whole;

     (e) the amendment, change or modification of the Administration Agreement, except to cure any
ambiguity or to amend or supplement any provision in a manner that would not materially adversely
affect the interests of the Certificateholders taken as a whole; or

     (f) the appointment pursuant to the Indenture of a replacement or successor Note Registrar or
Indenture Trustee, or the consent to the assignment by the Note Registrar, Administrator or
Indenture Trustee of its obligations under the Indenture.

     Section 4.02. Restrictions on Power. The Owner Trustee will not be required to take or
refrain from taking any action if such action or inaction is contrary to any obligation of the
Owner Trustee under any of the Transaction Documents or contrary to Section 2.03.

ARTICLE V

AUTHORITY AND DUTIES OF OWNER TRUSTEE

     Section 5.01. General Authority. The Owner Trustee is authorized and directed to execute and
deliver on behalf of the Issuer the Transaction Documents and each certificate or other document
attached as an exhibit to or contemplated by the

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Transaction Documents to which the Issuer is to be
a party, or any amendment thereto or other agreement, in each case, in such form as the
Transferor[s] approve[s] as evidenced conclusively by the Owner Trustee’s execution thereof and the
[Transferor’s]/[Transferors’] execution of the related documents. The Owner Trustee is further
authorized from time to time to take such action on behalf of the Issuer as is permitted by this
Agreement and the other Transaction Documents and which Certificateholders representing at least
51% of the Percentage Interest of the Transferor Interest or the Administrator directs in writing
with respect to the Transaction Documents.

     Section 5.02. General Duties. Subject to Section 4.01 hereof, it is the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms
of this Agreement and the other Transaction Documents to which the Issuer is a party and to
administer the Issuer in the interest of the Certificateholders taken as a whole, subject to the
Transaction Documents and in accordance with the provisions of this Agreement. Notwithstanding
anything else to the contrary in this Agreement, the Owner Trustee will be deemed to have
discharged its duties and responsibilities hereunder and under the other Transaction Documents to
the extent the Administrator has agreed in the Administration Agreement to perform any act or to
discharge any duty of the Owner Trustee or the Issuer hereunder or under any other Transaction
Document, and the Owner Trustee will not be liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement. Except as expressly provided in
the Transaction Documents, the Owner Trustee has no obligation to administer, service or collect
the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Receivables.

     Section 5.03. Action upon Instruction.

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

     (b) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any other Transaction Document, the Owner
Trustee will promptly give notice (in such form as is appropriate under the circumstances) to each of the Certificateholders requesting
instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in
good faith in accordance with any written instruction received from Certificateholders representing
at least 51% of the Percentage Interest of the Transferor Interest, the Owner Trustee will not be
liable on account of such action to any Person. If the Owner Trustee does not receive appropriate
instruction within ten (10) days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it may, but
will be under no duty to, take or refrain from taking such action, not in violation of this
Agreement or the other

13

 

Transaction Documents, as it deems to be in the best interest of the
Transferor[s] taken as a whole, and will have no liability to any Person for such action or
inaction.

     (c) If the Owner Trustee is unsure as to the application of any provision of this Agreement or
any other Transaction Document or any such provision is ambiguous as to its application, or is, or
appears to be, in conflict with any other applicable provision, or if this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the course of action that
the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee
may give notice (in such form as is appropriate under the circumstances) to each of the
Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction received from
Certificateholders representing at least 51% of the Percentage Interest of the Transferor Interest,
the Owner Trustee will not be liable, on account of such action or inaction, to any Person. If the
Owner Trustee does not receive appropriate instruction within ten (10) days of such notice (or
within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but will be under no duty to, take or refrain from
taking such action, not in violation of this Agreement or the other Transaction Documents, as it
deems to be in the best interest of the Transferor[s] taken as a whole, and will have no liability
to any Person for such action or inaction.

     Section 5.04. No Duties Except as Specified in this Agreement or in Instructions. The Owner
Trustee has no duty or obligation to manage, make any payment with respect to, register, record,
sell, dispose of, or otherwise deal with the Issuer or the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or
in any document or written instruction received by the Owner Trustee pursuant to Section 5.03; and
no implied duties or obligations are to be read into this Agreement or any other Transaction
Document against the Owner Trustee. The Owner Trustee has no responsibility for any filing or
recording, including filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Issuer or to record this Agreement
or any other Transaction Document. [Owner Trustee] nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any liens on any part
of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the
administration of the Trust Estate.

     Section 5.05. No Action Except Under Specified Documents or Instructions. The Owner Trustee
may not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate
except (a) in accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (b) in accordance with the other Transaction Documents to which
the Issuer or the Owner Trustee is a party and (c) in accordance with any document or instruction
delivered to the Owner Trustee pursuant to Section 5.03. Neither the Transferor[s] nor

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the Certificateholders may direct the Owner Trustee to take any action that would violate the
provisions of this Section 5.05.

     Section 5.06. Restrictions. The Owner Trustee may not take any action (i) that would violate
the purposes of the Issuer set forth in Section 2.03 or (ii) that, to the actual knowledge of the
Owner Trustee, would result in the Issuer becoming an association (or publicly traded partnership)
taxable as a corporation for federal income tax purposes. Neither the Transferor[s] nor the
Certificateholders may direct the Owner Trustee to take action that would violate the provisions of
this Section 5.06.

ARTICLE VI

CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE

     Section 6.01. Acceptance of Trusts and Duties. Each of the Owner Trustee and the Delaware
Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect
to such trusts, but only upon the terms of this Agreement. Each Co-Trustee also agrees to disburse
all monies actually received by it constituting part of the Trust Estate upon the terms of this
Agreement and the other Transaction Documents to which such Co-Trustee is a party. Each Co-Trustee
shall not be answerable or accountable hereunder or under any other Transaction Document under any
circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 6.03 expressly made by such
Co-Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth
in the preceding sentence):

     (a) the Co-Trustees will not be liable for any error of judgment made by a responsible officer
of either of the Co-Trustees;

     (b) the Co-Trustees will not be liable with respect to any action taken or omitted to be taken
by them in accordance with the instructions of the Administrator or Certificateholders representing
at least 51% of the Percentage Interest of the Transferor Interest;

     (c) no provision of this Agreement or any other Transaction Document will require the
Co-Trustees to expend or risk funds or otherwise incur any financial liability in the performance
of any of their rights or powers hereunder or under any other Transaction Document, if the
Co-Trustees have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided to them;

     (d) under no circumstances will the Co-Trustees be liable for indebtedness evidenced by or
arising under any of the Transaction Documents, including the principal of and interest on the
Notes or amounts distributable on the Certificates;

     (e) the Co-Trustees will not be responsible for or in respect of the validity or sufficiency
of this Agreement or for the due execution hereof by the Transferor[s] or for the form, character,
genuineness, sufficiency, value or validity of any

15

 

of the Trust Estate or for or in respect of the validity or sufficiency of the other
Transaction Documents, other than the genuineness of the
signature and countersignature of the Owner Trustee on the certificate of authentication on the
Certificates, and the Co-Trustees will in no event assume or incur any liability, duty, or
obligation to any Noteholder or to the Transferor[s] or to the Certificateholders, other than as
expressly provided for herein or expressly agreed to in the other Transaction Documents;

     (f) the Co-Trustees will not be liable for the default or misconduct of the Transferor[s], the
Servicer, the Administrator or the Indenture Trustee under any of the other Transaction Documents
or otherwise, and the Co-Trustees will have no obligation or liability to perform the obligations
of the Owner Trustee hereunder or under the other Transaction Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture Trustee under the
Indenture or the Servicer under the Transfer and Servicing Agreements;

     (g) the Co-Trustees will be under no obligation to exercise any of the rights or powers vested
in them by this Agreement, or to institute, conduct or defend any litigation under this Agreement
or otherwise or in relation to this Agreement or any other Transaction Document, at the request,
order or direction of Certificateholders representing at least 51% of the Percentage Interest of
the Transferor Interest, unless such Certificateholders have offered to the Co-Trustees security or
indemnity satisfactory to them against the costs, expenses and liabilities that may be incurred by
the Co-Trustees therein or thereby. The right of the Co-Trustees to perform any discretionary act
enumerated in this Agreement or in any other Transaction Document is not to be construed as a duty,
and the Co-Trustees will not be answerable for, other than the negligence or willful misconduct of
either of them in the performance of, any such act; and

     (h) notwithstanding anything contained herein to the contrary, the Delaware Trustee will not
be required to take any action in any jurisdiction other than in the State of Delaware if the
taking of such action (i) requires the registration with, licensing by or the taking of any other
similar action in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect to the Delaware Trustee
(other than any registration, licensing or taking of
any other similar action that at the time of such action is in effect or has been taken); (ii)
results in any fee, tax or other governmental charge under the laws of any jurisdiction or any
political subdivisions thereof in existence on the date hereof other than the State of Delaware
becoming payable by the Delaware Trustee; or (iii) subjects the Delaware Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from
acts unrelated to the consummation of the transactions by the Delaware Trustee contemplated hereby.
The Delaware Trustee will be entitled to obtain advice of counsel (which advice will be an expense
of the Transferor[s]) to determine whether any action required to be taken pursuant to the
Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding
sentence. If said counsel advises the Delaware Trustee that such action will result in such
consequences, Certificateholders representing at least 51% of the Percentage Interest of the
Transferor

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Interest will appoint an additional trustee pursuant to Section 9.05 hereof to proceed
with such action.

     Section 6.02. Furnishing of Documents. The Owner Trustee will furnish to each of the
Transferor[s], the Certificateholders and the Indenture Trustee, promptly upon written request
therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Owner Trustee under the Transaction
Documents.

     Section 6.03. Representations and Warranties of the Co-Trustees.

     (a) The Owner Trustee hereby represents and warrants to the Transferor[s] and each
Certificateholder that:

     (i) It is a banking corporation duly organized and validly existing in good standing
under the laws of the State of New York. It has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement.

     (ii) It has taken all corporate action necessary to authorize the execution and
delivery by it of this Agreement, and this Agreement will be executed and delivered by one
of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

     (iii) Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by it with any of
the terms or provisions hereof will contravene any federal, New York or Delaware law,
governmental rule or regulation governing the banking or trust powers of the Owner Trustee
or any judgment or order binding on it, or constitute any default under its charter
documents or by-laws or, any indenture, mortgage, contract, agreement or instrument to
which it is a party or by which any of its properties may be bound.

     (b) The Delaware Trustee hereby represents and warrants to the Transferor[s] and each
Certificateholder that:

     (i) It is a banking corporation duly organized and validly existing in good standing
under the laws of the State of Delaware. It has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement.

     (ii) It has taken all corporate action necessary to authorize the execution and
delivery by it of this Agreement, and this Agreement will be executed and delivered by one
of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

     (iii) Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance

17

 

by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental
rule or regulation governing the banking or trust powers of the Delaware Trustee or any
judgment or order binding on it, or constitute any default under its charter documents or
by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a
party or by which any of its properties may be bound.

     Section 6.04. Reliance; Advice of Counsel.

     (a) The Co-Trustees may rely upon, will be protected in relying upon, and will incur no
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond, or other document or paper (whether in its original or
facsimile form) reasonably believed by them to be genuine and reasonably believed by them to be
signed by the proper party or parties. The Co-Trustees may accept a certified copy of a resolution
of the board of directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in full force and
effect. As to any fact or matter the method of the determination of which is not specifically
prescribed herein, the Co-Trustees may for all purposes hereof rely on a certificate, signed by the
president or any vice president or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter, and such certificate will constitute full protection to the
Co-Trustees for any action taken or omitted to be taken by them in good faith in reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the performance of their
duties and obligations under this Agreement or the other Transaction Documents, the Co-Trustees (i)
may act directly or through their agents or attorneys pursuant to agreements entered into with any
of them, and the Co-Trustees will not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys are selected by the Co-Trustees with reasonable care, and
(ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable
care and employed by them. The Co-Trustees will not be liable for anything done, suffered or
omitted in good faith by them in accordance with the written opinion or written advice of any
such counsel, accountants or other such Persons and not contrary to this Agreement or any other
Transaction Document.

     Section 6.05. Not Acting in Individual Capacity. Except as expressly provided in this Article
VI, in accepting the trusts hereby created [Owner Trustee] acts solely as Owner Trustee hereunder
and [Delaware Trustee] acts solely as Delaware Trustee hereunder and not in their individual
capacities, and all Persons having any claim against the Co-Trustees by reason of the transactions
contemplated by this Agreement or any other Transaction Document may look only to the Trust Estate
for payment or satisfaction thereof.

     Section 6.06. Co-Trustees Not Liable for Certificates, Notes or Receivables. The recitals
contained herein and in the Certificates (other than the genuineness of the signature and
counter-signature of the Owner Trustee on the

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Certificates and the representations and warranties
of the Co-Trustees in Section 6.03) will be taken as the statements of the Transferor[s], and the
Co-Trustees assume no responsibility for the correctness thereof. The Co-Trustees make no
representations as to the validity or sufficiency of this Agreement, any other Transaction Document
or the Certificates (other than the genuineness of the signature and countersignature of the Owner
Trustee on the Certificates), the Notes, or of any Receivable or related documents. The Owner
Trustee, the Delaware Trustee, [Owner Trustee] and [Delaware Trustee] will at no time have any
responsibility or liability for or with respect to (a) the legality, validity and enforceability of
the Receivables; or (b) unless otherwise required in accordance with the terms of the Transaction
Documents, the perfection and priority of any security interest in the Receivables or the
maintenance of any such perfection and priority; or (c) for or with respect to the sufficiency of
the Trust Estate or its ability to generate the payments to be distributed to the Noteholders under
the Indenture, including, without limitation, the existence, condition and ownership of the
Receivables; the existence and contents of the Receivables on any computer or other record thereof;
the validity of the assignment of the Receivables to the Issuer or of any intervening assignment;
the completeness of the Receivables; the performance or enforcement of the Receivables; the
compliance by the Transferor[s] with any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or representation or any
action of the Administrator, the Servicer or the Indenture Trustee taken in the name of the Owner
Trustee or the Delaware Trustee; provided, however, that if the Owner Trustee is appointed by the
Administrator to perform the actions specified in clause (b) of this sentence and the Owner Trustee
accepts such appointment, then with respect to the actions specified in such clause (b), this
sentence will have no effect with regard to the Owner Trustee.

     Section 6.07. Co-Trustees May Own Notes. [Owner Trustee] and [Delaware Trustee], in their individual or any other capacities may
become the owner or pledgee of Notes and may deal with the Transferor[s], the Administrator, the
Servicer and the Indenture Trustee in banking transactions with the same rights as they would have
if they were not the Owner Trustee and the Delaware Trustee, respectively.

ARTICLE VII

COMPENSATION AND INDEMNITY OF CO-TRUSTEES

     Section 7.01. Co-Trustees’ Fees and Expenses. The Co-Trustees will receive as compensation
for their services hereunder such fees as have been separately agreed upon before the date hereof
between each of the Transferor[s] and the Co-Trustees, and the Co-Trustees will be entitled to be
reimbursed, jointly and severally, by the Transferor[s] for their other reasonable expenses
hereunder, including the reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Co-Trustees may employ in connection with the exercise
and performance of their rights and their duties hereunder; provided, however, that the
Co-Trustees’ rights to enforce such obligation is subject to the provisions of Section 10.08. Such
amounts will be treated for tax purposes as having been contributed to the Issuer by the
[respective] Transferor[s] and the tax deduction for such amounts will be allocated to the

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[respective] Transferor[s] in accordance with the actual payments made by each Transferor.

     Section 7.02. Indemnification. The Transferor[s] will be liable, [jointly and severally,] as
primary obligor for, and will indemnify the Co-Trustees, [Owner Trustee], [Delaware Trustee] and
their respective successors, assigns, agents, employees and servants (collectively, the
“Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages,
taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”) which may at any time be imposed on, incurred by, or asserted against the Co-Trustees,
[Owner Trustee], [Delaware Trustee] or any Indemnified Party in any way relating to or arising out
of this Agreement, the other Transaction Documents, the Trust Estate, the acceptance and
administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder;
provided that the Transferor[s] will not be liable for or required to indemnify any Indemnified
Party from and against Expenses arising or resulting from (i) the Indemnified Party’s own willful
misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or warranty
contained in Section 6.03 made by the Indemnified Party or (iii) taxes imposed on [Owner Trustee]
or [Delaware Trustee] in connection with the fees earned by either of them pursuant to this
Agreement. An Indemnified Party’s right to enforce such obligation is subject to the provisions of
Section 10.08. The indemnities contained in this Section will survive the resignation or removal
of the Co-Trustees or the termination of this Agreement. In the event of any claim, action or
proceeding for which indemnity is sought pursuant to this Section, the Co-Trustees’ choice of legal counsel will be subject to
the approval of the Transferor[s], which approval may not be unreasonably withheld.

     Section 7.03. Payments to Co-Trustees. Any amounts paid to the Co-Trustees pursuant to this
Article VII will be deemed not to be a part of the Trust Estate immediately after such payment.

ARTICLE VIII

TERMINATION OF AGREEMENT

     Section 8.01. Termination of Agreement. The legal existence of the Issuer will terminate upon
the earlier of (i) December 31, 20___ and (ii) at the option of the Transferor[s], the day following
the day on which the right of all Series of Notes to receive payments from the Trust Estate has
terminated (the “Trust Termination Date”). Any money or other property held as part of the Trust
Estate following such termination will be distributed to the Transferor[s]. The bankruptcy,
liquidation, dissolution, termination, death or incapacity of either Transferor will not (1)
operate to terminate this Agreement or the legal existence of the Issuer or (2) entitle either
Transferor’s legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust
Estate or (3) otherwise affect the rights, obligations and liabilities of the parties hereto. Upon

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dissolution of the Issuer, the Owner Trustee will wind up the business and affairs of the Issuer as
required by Section 3808 of the Delaware Statutory Trust Statute.

     Except as provided in this Section 8.01, the Transferor[s] will not be entitled to revoke or
terminate the legal existence of the Issuer or this Agreement.

     Upon the winding up of the Issuer, this Agreement (other than Article VII) will terminate.

ARTICLE IX

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES; SUCCESSOR DELAWARE TRUSTEES 

     Section 9.01. Eligibility Requirements for Owner Trustee and Delaware Trustee.

     (a) The Owner Trustee will at all times (i) be a corporation authorized to exercise corporate
trust powers; (ii) have a combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or state authorities; and (iii) have (or have a parent that
has) a rating of at least “Baa3” by Moody’s, at least “BBB-” by Standard & Poor’s and, if rated by
Fitch, at least “BBB-” by Fitch, or be otherwise satisfactory to each Rating Agency. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the combined capital and
surplus of such corporation will be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Owner Trustee ceases to be
eligible in accordance with the provisions of this Section, the Owner Trustee will resign
immediately in the manner and with the effect specified in Section 9.02.

     (b) The Delaware Trustee will at all time be a corporation satisfying the provisions of
Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Delaware Trustee
ceases to be eligible in accordance with the provisions of this Section, the Delaware Trustee will
resign immediately in the manner and with the effect specified in Section 9.02.

     Section 9.02. Resignation or Removal of Owner Trustee or Delaware Trustee.

     (a) The Owner Trustee or the Delaware Trustee may at any time resign and be discharged from
the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving
such notice of resignation, the Administrator will promptly appoint a successor Owner Trustee or
the Delaware Trustee, as applicable, by written instrument, in duplicate, one copy of which
instrument will be delivered to the resigning Owner Trustee or the Delaware Trustee and one copy to
the successor Owner Trustee or the Delaware Trustee. If no successor Owner Trustee or the Delaware
Trustee has been appointed and accepted appointment within 30 days after the giving of such

21

 

notice of resignation, the resigning Owner Trustee or the Delaware Trustee may, at the expense of the
Transferor[s], petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee or the Delaware Trustee, as applicable, provided, however, that such right to appoint
or to petition for the appointment of any such successor will in no event relieve the resigning
Owner Trustee or the Delaware Trustee from any obligations otherwise imposed on it under the
Transaction Documents until such successor has in fact assumed such appointment.

     (b) If at any time a Co-Trustee ceases to be eligible in accordance with the provisions of
Section 9.01, or if a Co-Trustee resigns pursuant to this Section 9.02, or if a Co-Trustee fails to
resign after written request therefor by the Administrator, or if at any time a Co-Trustee is
legally unable to act, or is adjudged bankrupt or insolvent, or a receiver of a Co-Trustee or of
its property is appointed, or any public officer takes charge or control of a Co-Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, then the
Administrator may, but will not be required to, remove such Co-Trustee or may remove both
Co-Trustees. If the Administrator removes one or both of the Co-Trustees under the authority of
the immediately preceding sentence, the Administrator will promptly (i) appoint a successor
Co-Trustee or Co-Trustees, as applicable, by written instrument, in duplicate, one copy of which
instrument will be delivered to the outgoing Co-Trustee or Co-Trustees, as applicable, so removed
and one copy to the successor Co-Trustee or Co-Trustees, as applicable, and (ii) pay all fees owed
to the outgoing Co-Trustee or Co-Trustees, as applicable.

     (c) Any resignation or removal of a Co-Trustee and appointment of a successor Co-Trustee or
Co-Trustees pursuant to any of the provisions of this Section will not become effective until
acceptance of appointment by the successor Co-Trustee or Co-Trustees pursuant to Section 9.03 and
payment of all fees and expenses owed to the outgoing Co-Trustee or Co-Trustees and the filing of a
certificate of amendment to the Certificate of Trust if required by the Delaware Statutory Trust
Statute. The Administrator will provide notice of such resignation or removal of the Co-Trustee or
Co-Trustees to any remaining Co-Trustee and to each Rating Agency.

     Section 9.03. Successor Co-Trustees.

     (a) Any successor Co-Trustee appointed pursuant to Section 9.02 will execute, acknowledge and
deliver to the Administrator and to its predecessor Co-Trustee an instrument accepting such
appointment under this Agreement. Upon the resignation or removal of the predecessor Co-Trustee
becoming effective pursuant to Section 9.02 such successor Co-Trustee, without any further act,
deed or conveyance, will become fully vested with all the rights, powers, duties, and obligations
of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee
or Delaware Trustee, as applicable. The predecessor Co-Trustee will, upon payment of its fees and
expenses, deliver to the successor Co-Trustee all documents and statements and monies held by it
under this Agreement, and the Administrator and the predecessor Co-Trustee will execute and deliver
such instruments and do such other things as are reasonably required for fully and certainly
vesting and confirming in the successor Co-Trustee all such rights, powers, duties, and
obligations.

22

 

     (b) No successor Co-Trustee may accept appointment as provided in this Section, unless at the
time of such acceptance such successor Co-Trustee is eligible pursuant to Section 9.01.

     (c) Upon acceptance of appointment by a successor Co-Trustee pursuant to this Section, the
Administrator will provide notice of such acceptance of appointment including the name of such
successor Co-Trustee Trustee to each of the Transferor[s], the Certificateholders, the Indenture
Trustee, the Noteholders, any remaining Co-Trustee and each Rating Agency. If the Administrator
fails to provide such notice within ten (10) days after acceptance of appointment by the successor
Co-Trustee Trustee, the successor Co-Trustee will cause such notice to be provided at the expense
of the Administrator.

     (d) Any successor Delaware Trustee appointed hereunder will prepare, execute and file an
amendment to the Certificate of Trust with the Secretary of State of the State of Delaware
identifying the name and principal place of business of such successor Delaware Trustee in the
State of Delaware.

     Section 9.04. Merger or Consolidation of Co-Trustee. Notwithstanding anything herein to the
contrary, any corporation into which a Co-Trustee is merged or converted or with which it is
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Co-Trustee
will be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of such Co-Trustee, will be the successor of such Co-Trustee hereunder without the
execution or filing of any instrument or any further act on the part of any of the parties hereto;
provided that such corporation is required to meet the eligibility requirements set forth in
Section 9.01; and provided, further, that such Co-Trustee (i) provide notice of such merger or
consolidation to each Rating Agency not less than fifteen (15) days prior to the effective date
thereof and (ii) file an amendment to the Certificate of Trust as required by Section 9.03.

     Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust Estate may at the time be located, the Administrator
and the Owner Trustee acting jointly will have the power and will execute and deliver all
instruments to appoint one or more Persons approved by each of the Administrator and the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity,
such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner
Trustee may consider necessary or desirable. If the Administrator has not joined in such
appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone
will have the power to make such appointment. No co-trustee or separate trustee under this
Agreement will be required to meet the terms of eligibility as a successor trustee pursuant to
Section 9.01 and no notice of the appointment of any co-trustee or separate trustee will be
required pursuant to Section 9.03.

23

 

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

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

     (ii) no trustee appointed under this Section 9.05 will be personally liable by reason
of any act or omission of any other trustee under this Agreement; and

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

     Any notice, request or other writing given to the Owner Trustee will be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee will refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, will be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument will be filed with the Owner Trustee and a copy thereof given
to the Administrator.

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

     Section 9.06. Compliance with Delaware Statutory Trust Statute. Notwithstanding anything
herein to the contrary, the Issuer will at all times have at least one trustee that meets the
requirements of Section 3807(a) of the Delaware Statutory Trust Statute.

24

 

ARTICLE X

MISCELLANEOUS

     Section 10.01. Supplements and Amendments.

     (a) This Agreement may be amended from time to time, by a written amendment duly executed and
delivered by the Transferor[s] and the Owner Trustee, with the written consent of the Indenture
Trustee, but without the consent of any of the Noteholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or modifying in any
manner the rights of the Noteholders; provided, however, that such amendment:

     (i) may not, as evidenced by an Officer’s Certificate of each Transferor addressed and
delivered to the Owner Trustee and the Indenture Trustee, materially and adversely affect
the interest of any Noteholder or such Transferor; and

     (ii) may not, as evidenced by an Opinion of Counsel addressed and delivered to the
Owner Trustee and the Indenture Trustee, cause the Issuer to be classified as an
association (or a publicly traded partnership) taxable as a corporation for federal income
tax purposes.

     (b) Additionally, notwithstanding Section 10.01(a), this Agreement will be amended by the
Transferor[s] and the Owner Trustee without the consent of the Indenture Trustee or any of the
Noteholders to add, modify or eliminate such provisions as may be necessary or advisable in order
to enable all or a portion of the Issuer to avoid the imposition of state or local income or
franchise taxes imposed on the Issuer’s property or its income; provided, however, that:

     (i) each Transferor delivers to the Indenture Trustee and the Owner Trustee an
Officer’s Certificate to the effect that the proposed amendments meet the requirements set
forth in this subsection;

     (ii) the Rating Agency Condition has been satisfied; and

     (iii) such amendment does not affect the rights, duties or obligations of the Owner
Trustee hereunder.

     (c) This Agreement may also be amended from time to time by a written amendment duly executed
and delivered by the Transferor[s] and the Owner Trustee, with the consent of the Indenture Trustee
and the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the
Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Agreement or of modifying in any manner the rights of the Noteholders;
provided, however, that without the consent of all Noteholders, no such amendment may:

25

 

     (i) increase or reduce in any manner the amount of, or accelerate or delay the timing
of, distributions that are required to be made for the benefit of the Noteholders; or

     (ii) reduce the aforesaid percentage of the Outstanding Amount of the Notes, the
Holders of which are required to consent to any such amendment; and

provided, further, any such amendment will be subject to delivery to the Indenture Trustee of a Tax
Opinion.

     (d) Promptly after the execution of any such amendment or consent, the Transferor[s] will
furnish written notification of the substance of such amendment or consent to the Indenture Trustee
and each Rating Agency. The Noteholders must consent to and approve the substance of all proposed
amendments and consents, but they need not consent to and approve in writing the particular form of
such amendment or consent. Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee will cause the filing of such amendment with the Secretary of State.

     (e) The Owner Trustee is entitled to receive, and will be fully protected in relying upon, an
Officer’s Certificate of each Transferor or the Administrator to the effect that the conditions to
such Amendment have been satisfied. The Owner Trustee may, but is not obligated to, enter into any
such amendment which affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise.

     (f) No amendment to this Agreement may be made that affects the rights and liabilities of the
Delaware Trustee without the consent of the Delaware Trustee.

     (g) No amendment to this Agreement may be made that affects the Certificate of Trust without
the consent of the Delaware Trustee.

     Section 10.02. No Legal Title to Trust Estate in Transferor[s]. The Transferor[s] do[es] not
have legal title to any part of the Trust Estate. No transfer, by operation of law or otherwise, of
any right, title, and interest of either Transferor to and in its beneficial ownership interest in
the Trust Estate will operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Trust
Estate.

     Section 10.03. Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Owner Trustee, the Delaware Trustee, the Transferor[s], the
Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, is to be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust
Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

     Section 10.04. Notices. Unless otherwise expressly specified or permitted by the terms
hereof, all notices must be in writing and will be sufficiently given if

26

 

delivered in person or by overnight courier service at, or sent by facsimile transmission or other electronic transmission,
followed by first class mail, to (i) in the case of the Owner Trustee at its Corporate Trust
Office, Attention: ______________ (facsimile: ______-______-______), (ii) in the case of the Delaware
Trustee at its Corporate Office, Attention: Corporate Trust Administration (facsimile:
______-______-______), (iii) [in the case of Ford Credit Floorplan Corporation at One American Road,
Dearborn, Michigan 48126, Attention: Secretary, Office of the General Counsel (facsimile:
313-248-7613)], [(iv) in the case of Ford Credit Floorplan LLC at One American Road, Dearborn,
Michigan 48126, Attention: Secretary, Office of the General Counsel (facsimile: 313-248-7613)], or
(v) as to each other party, at such other address as may be designated by such party in a written
notice to each other party. All notices will be effective on receipt.

     Section 10.05. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction will not invalidate or render unenforceable such provision in any other
jurisdiction.

     Section 10.06. Separate Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered will be an original, but all
such counterparts will together constitute but one and the same instrument.

     Section 10.07. Successors and Assigns. All covenants and agreements contained herein are
binding upon, and inure to the benefit of, the Owner Trustee and its successors, the Delaware
Trustee and its successors and the Transferor[s] and [its]/[their respective] successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or
other instrument or action by a Transferor will bind the successors and assigns of such Transferor.

     Section 10.08. Nonpetition Covenants. Notwithstanding any prior termination of the legal
existence of the Issuer or this Agreement, the Owner Trustee (not in its individual capacity but
solely as Owner Trustee) may not at any time with respect to the Issuer or any Transferor,
acquiesce, petition or otherwise invoke or cause the Issuer or such Transferor to invoke the
process of any court or governmental authority for the purpose of commencing or sustaining a case
against the Issuer or such Transferor under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Issuer or such Transferor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Issuer or such Transferor;
provided, however, that this Section is not intended to preclude any remedy described in Article V
of the Indenture.

     Section 10.09. No Recourse. [The]/[Each of the] Transferor[s] by accepting the Certificates
acknowledges that the Certificates do not represent interests in or obligations of the Servicer,
the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and no
recourse may be had against such parties or their

27

 

assets, or against the assets pledged under the Indenture, except as expressly provided in the Transaction Documents.

     Section 10.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference
only and are not intended to define or limit any of the terms or provisions hereof.

     Section 10.11. Governing Law. THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER ARE TO BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.12. Transferor Payment Obligation. The Transferor[s] [is]/[are jointly and
severally] responsible for payment of the Administrator’s fees under the Administration Agreement
(to the extent not paid pursuant to [Section 4.04(a) of the applicable Indenture Supplement]) and
will reimburse the Administrator for all expenses and liabilities of the Administrator incurred
thereunder.

     Section 10.13. Acceptance of Terms of Agreement. THE RECEIPT AND ACCEPTANCE OF A CERTIFICATE
BY ANY TRANSFEROR, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, CONSTITUTE THE
UNCONDITIONAL ACCEPTANCE BY SUCH TRANSFEROR OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND
CONSTITUTE THE AGREEMENT OF THE ISSUER THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT ARE BINDING,
OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER AND SUCH TRANSFEROR.

     Section 10.14. Integration of Documents. This Agreement constitutes the entire agreement of
the parties hereto and thereto with respect to the subject matter hereof and thereof and supersedes
all prior agreements relating to the subject matter hereof and thereof.

28

 

     IN WITNESS WHEREOF, the Transferor[s], the Owner Trustee and the Delaware Trustee have caused
this Trust Agreement to be duly executed by their respective duly authorized officers, all as of
the day and year first above written.

	 	 	 	 	 
	 	[FORD CREDIT FLOORPLAN CORPORATION],

as Transferor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	[FORD CREDIT FLOORPLAN LLC],

as Transferor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	[OWNER TRUSTEE],

as Owner Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	[DELAWARE TRUSTEE],

as Delaware Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

29

 

	 	 	 	 	 

Exhibit A

Form of Certificate

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
NEITHER THIS CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH
THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH
REGISTRATION PROVISIONS.

     THIS CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED
OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TRANSFER AND SERVICING AGREEMENT REFERRED TO
HEREIN.

			
	No. ___
	 	Percentage Interest ___%

Ford Credit Floorplan Master Owner Trust __

CERTIFICATE

     Evidencing an interest in a trust, the corpus of which consists primarily of an interest in
receivables arising from time to time in connection with dealer floorplan financing accounts
transferred by [Ford Credit Floorplan Corporation, a Delaware corporation], [and] [Ford Credit
Floorplan LLC, a Delaware limited liability company], as transferor[s] ([collectively, the
“Transferors” and, individually], [the]/[a] “Transferor”).

     (Not an interest in or obligation of the Transferor[s] or any affiliate thereof)

     This certifies that [FORD CREDIT FLOORPLAN CORPORATION]/[FORD CREDIT FLOORPLAN LLC] is the
registered owner of a beneficial ownership interest in the assets of a trust (the “Trust”) subject
to the lien of the Noteholders pursuant to the Indenture, dated as of ________, 20___(as amended
and supplemented, the “Indenture”), between the Issuer and [Indenture Trustee], as Indenture
Trustee, and not allocated to the interest of any Holder of a Supplemental Certificate pursuant to
the Amended and Restated Trust Agreement, dated as of ________, 20___(as amended and supplemented,
the “Trust Agreement”), among the Transferor[s], [Owner Trustee], as owner trustee (the “Owner
Trustee”), and [Delaware Trustee], as Delaware trustee (the “Delaware Trustee”). The corpus of the
Issuer consists of (a) a portfolio of certain receivables (the “Receivables”) arising from time to
time in connection with dealer floorplan financing accounts identified under the Transfer and
Servicing Agreements, each dated as of ________, 20___(as amended and supplemented, the “Transfer
and Servicing Agreements”), among the applicable Transferor, Ford Motor Credit Company, as servicer
(the “Servicer”), and the Issuer from time to time (the “Accounts”), (b) certain Receivables
generated under the Accounts from time to time thereafter, (c) certain funds collected or to be
collected from account holders in respect of the Receivables, (d) all funds which are from time to
time on deposit in the Collection Account and in the Series Accounts, (e) the benefits of any
Series

 

 

Enhancements issued and to be issued by Series Enhancers with respect to one or more Series of
Notes and (f) all other assets and interests constituting the Issuer. Although a summary of certain
provisions of the Transfer and Servicing Agreements, the Trust Agreement and the Indenture
(collectively, the “Agreements”) is set forth below, this Certificate does not purport to summarize
the Agreements and reference is made to the Agreements for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Owner Trustee. A copy of the Agreements may be requested from the
Owner Trustee by writing to the Owner Trustee at its Corporate Trust Office. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to them in the
Agreements.

     This Certificate is issued under and is subject to the terms, provisions and conditions of the
Agreements, to which Agreements, as amended and supplemented from time to time, the Transferor
named above by virtue of its acceptance hereof assents and is bound.

     The Receivables consist of receivables that arise from time to time in connection with the
purchase and financing by various retail motor vehicle dealers of their new and used automobile and
light-duty truck inventory.

     This Certificate is one of the Certificates representing the ownership interest in the
Transferor Interest, including the right to receive a portion of the Collections and other amounts
at the times and in the amounts specified in the Indenture. The aggregate interest represented by
the Certificates at any time in the Receivables in the Issuer may not exceed the Transferor
Interest at such time. In addition to the Certificates, (a) Notes will be issued to investors
pursuant to the Indenture, which will represent obligations of the Issuer, and (b) Supplemental
Certificates may be issued pursuant to the Trust Agreement, which will represent that portion of
the Transferor Interest not allocated to the Transferor[s]. This Certificate represents an interest
in the Collection Account or the Series Accounts, subject to the lien of the Notes and only as
expressly provided in the Agreements, or any Series Enhancements.

     Unless otherwise specified in an Indenture Supplement with respect to a particular Series the
Transferor[s] [has]/[have] entered into the Transfer and Servicing Agreements, and the Certificates
representing the Transferor Interest are issued, with the intention that, for federal, state and
local income and franchise tax purposes, (a) the Notes of each Series that characterized as
indebtedness at the time of their issuance will qualify as indebtedness of the Transferor[s]
secured by the Receivables and (b) the Issuer will not be treated as an association taxable as a
corporation. Each Transferor, by entering into the applicable Transfer and Servicing Agreement and
by the acceptance of this Certificate, agrees to treat the Notes for federal, state and local
income and franchise tax purposes as indebtedness of such Transferor.

     Subject to certain conditions and exceptions specified in the Agreements, the obligations
created by the Agreements and the Issuer created thereby will terminate upon the earlier of (a)
December 31, 20___and (b) the day following the day on which the right of all Series of Notes to
receive payments from the Issuer has terminated (the “Trust Termination Date”); provided
that the Transferor[s] [has]/[have] delivered a written notice to the Owner Trustee electing to
terminate the Issuer.

B-2

 

     Unless the certificate of authentication hereon has been executed by or on behalf of the Owner
Trustee, by manual signature, this Certificate will not be entitled to any benefit under the
Agreement or be valid for any purpose.

     IN WITNESS WHEREOF, this Certificate has been duly executed by a duly authorized officer of
the Owner Trustee.

Dated: ____________

	 	 	 	 	 
	 	Ford Credit Floorplan Master Owner Trust ___

 	 
	 	 	By: [OWNER TRUSTEE], 	 
	 	 	 	    not in its individual
capacity but solely as
    Owner Trustee 	 
	 

	 	 	 	 	 
	 	 	 
	 	By  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Certificate of Authentication

This is one of the Certificates described in the within mentioned Trust Agreement.

[OWNER TRUSTEE],

not in its individual capacity but solely as Owner Trustee

	 	 	 	 	 
	 	 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

B-3exv10w1

 

Exhibit 10.1

SCHEDULE

to the

ISDA Master Agreement

dated as of __________, 20__

between

[SWAP COUNTERPARTY],

a company incorporated under the laws of _________

(“Party A”)

and

FORD CREDIT FLOORPLAN MASTER OWNER TRUST __,

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.

 

 

	 	(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 Master
Agreement to which this Schedule is attached or this Schedule (together, this
“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 event of default occurs with respect to the Series ___Notes
issued by Party B (the “Series ___Notes”) and the Indenture Trustee (as defined
below) liquidates all or a portion of the Trust Assets in the manner permitted
by the Indenture, dated as of ___, 20___(the “Indenture”), between Party
B and [Indenture Trustee] (the “Indenture Trustee”), and the Series ___Indenture
Supplement, dated as of ___, 20___(the “Series ___Indenture Supplement”),
pursuant to which the Series ___Notes were issued, with Party B as the sole
Affected Party
	 
	 	(ii)	 	Any amendment or supplement to the Indenture or to the Series ___
Indenture Supplement 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; and
	 
	 	(iii)	 	Failure of Party A to comply with the requirements of Part 5(m),
with Party A as the sole Affected Party.

2

 

	 	(iv)	 	If (A) [Ford Credit Floorplan Corporation] [and/or] [Ford Credit
Floorplan LLC], as depositor[s] of Party B ([the]/[each, a] “Depositor”) has a
reporting obligation with respect to this Transaction pursuant to Regulation AB
and (B) Party A fails to comply, within 30 days after receipt of a Swap
Financial Disclosure Request (as defined below) with the provisions set forth in
Part 5(o) below (provided, that if the significance percentage reaches
10% after a Swap Financial Disclosure Request has been made to Party A, Party A
must comply with the provisions set forth in Part 5(o)(c) below within 10 days
of Party A being informed of the significance percentage reaching 10%), with
Party A as the sole Affected Party.

Part 2. Tax Representations.

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

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

	 	(i)	 	Party A makes the following representations:
	 
	 	 	 	[                       ].
	 
	 	(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.

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	 	 	 	Date by which to be
	deliver document	 	Form/Document/Certificate	 	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.

3

 

	 	(b)	 	Other documents to be delivered are:

	 	 	 	 	 	 	 
	Party required	 	 	 	 	 	Covered by
	to deliver	 	 	 	Date by which to be	 	Section 3(d)
	document	 	Form/Document/Certificate	 	delivered	 	Representation
	Party A

	 	Annual audited financial
statements prepared in
accordance with
generally accepted
accounting principles in
the country in which the
party is organized,
including Form W-9.
	 	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 executing 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

	 	If Party B notifies
Party A that the
“significance
percentage” as computed
by Party B in accordance
with Regulation AB is or
becomes 10% or greater,
Party A will provide to
Party B the financial
data relating to Party A
required to be disclosed
by Party B in Party B’s
reasonable judgment
pursuant to Item 1115 of
Regulation AB.
	 	Promptly upon
request of Party B.
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	A certificate of a
responsible officer
certifying that the
information provided by
Party A to Party B for
use in the prospectus
relating to the Series
___Notes is true and
accurate in all material
respects
	 	Upon execution of
this Agreement
	 	Yes

4

 

Part 4. Miscellaneous

	 	(a)	 	Addresses for Notices:

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:

	 	 	 	 	 
	 	 	(1) TO PARTY A:
	 
	 	 	 	 
	 

	 	 	 	[Swap Counterparty]
	 
	 	 	 	 
	 

	 	 	 	                    
	 

	 	 	 	Attention:
	 

	 	 	 	Telephone:                     
	 

	 	 	 	Fax:                     
	 
	 	 	 	 
	 

	 	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	                    
	 

	 	 	 	Attention:                     
	 

	 	 	 	Telephone:                     
	 

	 	 	 	Fax:                     
	 
	 	 	 	 
	 	 	(2) TO PARTY B:
	 
	 	 	 	 
	 

	 	 	 	[Owner Trustee],
	 

	 	 	 	as Owner Trustee for
	 

	 	 	 	Ford Credit Floorplan Master Owner Trust ___
	 

	 	 	 	                    
	 

	 	 	 	Attention:                     
	 

	 	 	 	Telephone:                     
	 

	 	 	 	Fax:                     
	 
	 	 	 	 
	 	 	     with copies to:
	 
	 	 	 	 
	 

	 	 	 	[Indenture Trustee],
	 

	 	 	 	as Indenture Trustee for
	 

	 	 	 	Ford Credit Floorplan Master Owner Trust ___
	 
	 	 	 	 
	 

	 	 	 	                    
	 

	 	 	 	Attention:                     
	 

	 	 	 	Telephone:                     
	 

	 	 	 	Fax:                     

5

 

	 	 	 	 	 
	 

	 	and	 	 
	 
	 	 	 	 
	 

	 	 	 	Ford Motor Credit Company
	 

	 	 	 	One American Road, Suite 2411
	 

	 	 	 	Dearborn, Michigan 48126
	 

	 	 	 	Attention: Corporate Secretary
	 

	 	 	 	Telephone: (313) 323-1200
	 

	 	 	 	Fax: (313) 248-7613
	 
	 	 	 	 
	 

	 	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.

6

 

	 	(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.

Part 5. Other Provisions.

	 	(a)	 	Non-Reliance. In connection with the negotiation of, the entering into, and
the execution of this Agreement, [any Credit Support Document to which it is a party,]
each Transaction and any other documentation to which it is a party relating to this
Agreement or that it is required to deliver by this Agreement, 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 Agreement, [such Credit Support
Document,] each Transaction or such other documentation other than the
representations expressly set forth in this 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 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 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 this 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 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 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 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

7

 

otherwise) of this Agreement, [such Credit Support Document,] each
Transaction or such other documentation, and (c) has not committed to unwind
the Transactions.

	 	(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
consent 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 [the]/[either] Depositor 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 [the]/[either] Depositor 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 the Series ___Indenture
Supplement and on the Distribution Dates specified therein. Party A
acknowledges that Party B has pledged its assets constituting the Trust Assets
to the Indenture Trustee. Upon exhaustion of the assets of Party B and the
proceeds thereof in accordance with the Indenture and the Series ___Indenture
Supplement, 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), [the]/[either] Depositor or any
stockholder, holder of a beneficial interest, employee, officer, director,
incorporator or Affiliate of such

8

 

	 	 	 	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.
	 
	 	(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 Series ___Noteholders pursuant to the Indenture and the
Series ___Indenture Supplement 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 Series ___Noteholders, 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 Series ___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 Series ___Indenture Supplement
and on the Distribution 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 Series ___Indenture
Supplement 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

9

 

	 	 	 	outside of this Agreement (including the Confirmations hereto). This Part 5(j) will
not affect the rights and obligations of the Parties pursuant to Section 2(c).
	 
	 	(k)	 	Limitation of Liability of Owner Trustee. Notwithstanding anything contained
in this Agreement to the contrary, this Agreement (and any Confirmation pursuant to
this Agreement) has been or will be signed on behalf of Party B by [Owner Trustee] not
in its individual capacity but solely in its capacity as Owner Trustee of Party B and
in no event will [Owner Trustee] 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 incorporated by reference in
and will be deemed a part of this Agreement, except that references in the Definitions
to a “Swap Transaction” will be deemed references to a “Transaction” for purposes of
this Agreement. In the event of any inconsistency between the provisions of this
Agreement and the Definitions, this Agreement will prevail. In the event of any
inconsistency between the provision of any Confirmation and this Agreement or the
Definitions, such Confirmation will prevail for the purpose of the relevant
Transaction.
	 
	 	 	 	Additional Defined Terms. Capitalized terms used but not defined in this
Agreement or any Confirmation shall have the meanings assigned thereto in the Series
___Indenture Supplement or, if not defined therein, in the Indenture.
	 
	 	(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 “___” or “___” by S&P (or if it has no short term unsecured
debt rating by S&P, a long term unsecured debt rating of “___” by S&P),] [(x) either (i)
Party A’s long term unsecured and unsubordinated debt rating is withdrawn or reduced
below “___” by Moody’s and Party A does not have a short-term unsecured and
unsubordinated debt rating of “___” or above by Moody’s or (ii) Party A’s long or
short-term unsecured and unsubordinated debt rating is withdrawn or reduced below “___”
or “___” by Moody’s,] [(y) Party A’s long term unsecured and unsubordinated debt rating
is withdrawn or reduced below “___” by Fitch] (such rating threshold[s] in clause[s]
[(w), (x), and (y)], the “Approved Rating Thresholds”) or (z) any event set forth in
clause [(w), (x) or (y)] occurs and is continuing and any Rating Agency gives notice to
Party B, the Indenture Trustee or the Administrator that the credit support, if any,
with respect to Party A is no longer deemed adequate to maintain the then-current
rating on the Series ___Notes, within 30 days of such rating withdrawal, downgrade or
notification (unless each such Rating Agency has reconfirmed the rating of each Class
of Series ___Notes which was in effect immediately prior to such withdrawal or
downgrade or notification), Party A will (i) assign each Transaction to another
counterparty with the

10

 

	 	 	 	Approved Rating Thresholds and approved by Party B (which approval will not be
unreasonably withheld) on terms substantially similar 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
Series _______ 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 Condition. 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.
	 
	 	(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 Class of Series ___Notes.
	 
	 	(o)	 	Regulation AB Financial Disclosure.
	 
	 	 	 	Party A acknowledges that for so long as there are reporting obligations with respect
to this Transaction under Regulation AB, the [Depositor is]/[Depositors are] 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.
	 
	 	 	 	In the event that the [Depositor determines]/[Depositors determine], reasonably and
in good faith, that the significance percentage of this Agreement has increased to at
least nine (9) percent, then on a Business Day after the date of such determination
the Depositor[s] 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 ten (10) percent (such request, an “Swap Financial
Disclosure Request” and such requested information, subject to the last sentence of
this paragraph, is 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 (i) provide the Depositor[s] with the Swap Financial Disclosure, (ii)
subject to the Rating Agency Condition 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
to provide the Swap Financial Disclosure for such entity or (iii) subject to the
Rating Agency Condition 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. If permitted by Regulation AB,
any required

11

 

	 	 	 	Swap Financial Disclosure may be provided by incorporation by reference from reports
filed pursuant to the Exchange Act.

* * *

12

 

EXECUTED:

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	[SWAP COUNTERPARTY]	 	 	 	FORD CREDIT FLOORPLAN	 	 
	 	 	 	 	 	 	MASTER OWNER TRUST __	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: [OWNER TRUSTEE],	 	 
	 	 	 	 	 	 	not in its individual capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:	 	 	 	Name:	 	 
	Title:	 	 	 	Title:	 	 
	 
	Date:	 	 	 	Date:	 	 
	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:	 	 	 	 	 	 	 	 
	Title:	 	 	 	 	 	 	 	 
	 
	Date:
	 	 	 	 	 	 	 	 	 	 

[Signature Page for Swap Schedule]

13

 

__________, 20__

	 	 	 
	To:

	 	[SWAP COUNTERPARTY]
	 

	 	Contact:                                                             
	 

	 	Attention:                                                             
	 

	 	Fax:                                                             
	 

	 	Telephone:                                                             
	 
	 	 
	From:

	 	FORD CREDIT FLOORPLAN MASTER OWNER TRUST __
	Contact:

	 	c/o [Owner Trustee]
	 

	 	as Owner Trustee
	 

	 	                                                                                
	 

	 	Attention:                                                             
	 

	 	Telephone:                                                             
	 

	 	Facsimile:                                                             
	 
	 	 
	 

	 	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 [Swap Counterparty] (“Party A”) and Ford Credit Floorplan Master
Owner Trust ___(“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 2000 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc.) are incorporated into this Confirmation.
For these purposes, all references in those Definitions to a “Swap Transaction” will be deemed to
apply to the Transaction referred to herein. In the event of any inconsistency between those
Definitions and this Confirmation, this Confirmation will govern.

                         1. This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
dated as of ___, 20___, 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 but not defined herein shall have the
meanings assigned thereto in the Series ___Indenture Supplement referred to in the Agreement or, if
not defined therein, 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:
	 	[Swap Counterparty].
	 
	 	 	 	 
	 

	 	Party B:
	 	Ford Credit Floorplan Master Owner Trust ___.
	 
	 	 	 	 
	 

	 	Notional Amount A:
	 	USD ___on the Effective Date and, for any Payment Date
thereafter, USD ___less all

1

 

	 	 	 	 	 
	 

	 	 	 	payments of principal to the Class A Noteholders
through the immediately preceding Distribution Date.
	 
	 	 	 	 
	 

	 	Notional Amount B:
	 	USD ___on the Effective Date and, for any Payment Date
thereafter, USD ___less all payments of principal to the Class B
Noteholders through the immediately preceding Distribution Date.
	 
	 	 	 	 
	 

	 	Trade Date:
	 	                                        , 20                    .
	 
	 	 	 	 
	 

	 	Effective Date:
	 	                                        , 20                    .
	 
	 	 	 	 
	 

	 	Termination Date:
	 	                                        , 20                    , subject to adjustment in accordance with the
Following Business Day Convention.
	 
	 	 	 	 
	 

	 	Party A Floating Amounts:
	 	 

	 	 	 	 	 
	 

	 	    Floating Rate Payer A:
	 	Party A.
	 
	 	 	 	 
	 

	 	    Floating Rate Payer A
    Payment
Dates:
	 	___, 20___
and the
15th day
of each month
thereafter until
and including the
Termination Date,
subject to
adjustment in
accordance with the
Following Business
Day Convention.

Floating Amounts payable by Party A hereunder will be comprised of the Party A:
Class A Note Floating Amount Payments plus the Party A: Class B Note Floating
Amount Payments, as set forth below.

Party A: Class A Note Floating Amount Payments:

	 	 	 	 	 
	 

	 	Floating Amounts for the

First Floating Rate

Payer A Payment Date:
	 	The product of (i) Notional Amount A,
(ii) one-month LIBOR on ___,
20___plus the Class A Spread from and
including the Effective Date to but
excluding the first Floating Rate Payer
A Payment Date and (iii) the applicable
Floating Rate A Day Count Fraction.
	 
	 	 	 	 
	 

	 	Reset Dates:
	 	The first day of each Calculation
Period.
	 
	 	 	 	 
	 

	 	Reset Determination Date:
	 	Two London Business Days (as defined in
the Series ___Indenture Supplement)
prior to the Reset Date.
	 
	 	 	 	 
	 

	 	Calculation Period:
	 	From the Floating Rate Payer A Payment
Date through and including the day
immediately preceding the following
Floating Rate Payer A Payment Date.
	 
	 	 	 	 
	 

	 	Floating Rate A:
	 	USD-LIBOR-BBA.
	 
	 	 	 	 
	 

	 	Designated Maturity:
	 	One month.
	 
	 	 	 	 
	 

	 	Class A Spread:
	 	___basis points.
	 
	 	 	 	 
	 

	 	Floating Rate A Day

Count Fraction:
	 	Actual/360.

2

 

Party A: Class B Note Floating Amount Payments:

	 	 	 	 	 
	 

	 	Floating Amounts for the

First Floating Rate

Payer A Payment Date:
	 	The product of (i) Notional Amount B,
(ii) one-month LIBOR on ___,
20___plus the Class B Spread from and
including the Effective Date to but
excluding the first Floating Rate Payer
A Payment Date and (iii) the applicable
Floating Rate A Day Count Fraction.
	 
	 	 	 	 
	 

	 	Reset Dates:
	 	The first day of each Calculation
Period.
	 
	 	 	 	 
	 

	 	Reset Determination Date:
	 	Two London Business Days (as defined in
the Series ___Indenture Supplement)
prior to the Reset Date.
	 
	 	 	 	 
	 

	 	Calculation Period:
	 	From the Floating Rate Payer A Payment
Date through and including the day
immediately preceding the following
Floating Rate Payer A Payment Date.
	 
	 	 	 	 
	 

	 	Floating Rate A:
	 	USD-LIBOR-BBA.
	 
	 	 	 	 
	 

	 	Designated Maturity:
	 	One month.
	 
	 	 	 	 
	 

	 	Class B Spread:
	 	___basis points.
	 
	 	 	 	 
	 

	 	Floating Rate A Day

Count Fraction:
	 	Actual/360.

Party B Floating Amounts:

	 	 	 	 	 
	 

	 	Initial Exchange Amount:
	 	USD ___.
	 
	 	 	 	 
	 

	 	Initial Exchange Date:
	 	___, 20___.

Notwithstanding anything to the contrary in the 2000 ISDA Definitions or the Master
Agreement, on any Floating Rate Payer B Payment Date, Party B will pay the lesser of
the amounts due on such Floating Rate Payer B Payment Date under the Party B: First
Floating Rate Swap and the Party B: Second Floating Rate Swap, each described
below.

Party B: First Floating Rate Swap:

	 	 	 	 	 
	 

	 	Floating Rate Payer:
	 	Party B.
	 
	 	 	 	 
	 

	 	Floating Rate Payer B Period End Dates
	 	___, 20___, and the last
day of each month thereafter
until ___, 20___.
	 
	 	 	 	 
	 

	 	Floating Rate Payer B

Payment Dates:
	 	___, 20___, and thereafter
Delayed Payment will apply and
such Payment Dates will be the
15th day of each
month thereafter until the
Termination Date, subject to the
Following Business Day
Convention.

3

 

	 	 	 	 	 
	 

	 	Floating Amount for

the First Floating

Rate Payer B Payment

Date:
	 	The product of (i) Notional
Amount A plus Notional Amount B,
(ii) the Weighted Average of the
Prime Rate (as defined below) on
the Reset Dates in the month of
___20___(as if the
Calculation Period were such
month) and (iii) 30/360.
	 
	 	 	 	 
	 

	 	Floating Rate B Option:
	 	The Prime Rate (as defined
below).
	 
	 	 	 	 
	 

	 	Designated Maturity:
	 	One month.
	 
	 	 	 	 
	 

	 	Floating Rate B Day

Count Fraction:
	 	30/360.
	 
	 	 	 	 
	 

	 	Reset Dates:
	 	Each Friday of each calendar
month, subject to the Following
Business Day Convention.
	 
	 	 	 	 
	 

	 	Method of Averaging:
	 	Weighted Average.

Party B: Second Floating Rate Swap:

	 	 	 	 	 
	 

	 	Floating Rate Payer:
	 	Party B.
	 
	 	 	 	 
	 

	 	Floating Rate Payer B

Payment Dates:
	 	___, 20___, and the
15th day of each month
thereafter until the Termination Date,
subject to the Following Business Day
Convention.
	 
	 	 	 	 
	 

	 	Floating Amount for the

First Floating Rate

Payer B Payment Date:
	 	The product of (i) Notional Amount A
plus Notional Amount B, (ii) one-month
LIBOR on ___, 20___effective
___, 20___and (iii) 30/360.
	 
	 	 	 	 
	 

	 	Reset Date:
	 	The first day of each Calculation
Period.
	 
	 	 	 	 
	 

	 	Reset Determination Date:
	 	Two London Business Days (as defined in
the Series ___Indenture Supplement)
prior to the Reset Date.
	 
	 	 	 	 
	 

	 	Calculation Period
	 	From the Floating Rate Payer B Payment
Date through and including the day
immediately preceding the following
Floating Rate Payer B Payment Date.
	 
	 	 	 	 
	 

	 	Floating Rate:
	 	USD-LIBOR-BBA.
	 
	 	 	 	 
	 

	 	Designated Maturity:
	 	One month.
	 
	 	 	 	 
	 

	 	Spread:
	 	Not applicable.
	 
	 	 	 	 
	 

	 	Floating Rate B Day

Count Fraction:
	 	30/360.

	 	 	 	 	 
	 

	 	Business Days:
	 	New York and Delaware.

4

 

	 	 	 	 	 
	 

	 	3. Account Details
	 	 
	 
	 	 	 	 
	 

	 	Payments to Party A:
	 	[Swap Counterparty]
	 
	 	 	 	 
	 

	 	 	 	                                                            
	 

	 	 	 	ABA #                                                             
	 

	 	 	 	Acct #                                                             
	 

	 	 	 	Attn:                                                             
	 
	 	 	 	 
	 

	 	Payments to Party B:
	 	[Indenture Trustee], in favor of Ford Credit Floorplan Master
Owner Trust ___
	 
	 	 	 	 
	 

	 	 	 	        
                                                    
	 

	 	 	 	ABA #                                                             
	 

	 	 	 	Acct #                                                             
	 

	 	 	 	Acct Name: Ford Credit Floorplan Master Owner Trust
	 

	 	 	 	                     Collection Account
	 

	 	 	 	Ref: Interest Rate Swap
	 
	 	 	 	 
	 

	 	Party A Operations Contact:
	 	[Swap Counterparty]
	 

	 	 	 	                                                            
	 

	 	 	 	Attention:                                                             
	 

	 	 	 	Telephone:                                                             
	 

	 	 	 	Fax:                                                             
	 
	 	 	 	 
	 

	 	Party B Operations Contact:
	 	Ford Credit Floorplan Master Owner Trust ___
	 

	 	 	 	[Owner Trustee], as Owner Trustee
	 

	 	 	 	                                                            
	 

	 	 	 	Attention:                                                             
	 

	 	 	 	Telephone:                                                             
	 

	 	 	 	Fax:                                                             
	 
	 	 	 	 
	 

	 	 	 	With a copy to:
	 
	 	 	 	 
	 

	 	 	 	[Indenture Trustee],
	 

	 	 	 	as Indenture Trustee
	 

	 	 	 	                                                            
	 

	 	 	 	Attention: Ford Credit Floorplan Master Owner Trust
	 

	 	 	 	                    
	 

	 	 	 	Telephone:                                                             
	 

	 	 	 	Fax:                                                             

5

 

	 	 	 	 	 
	 

	 	 	 	and a copy to:
	 
	 	 	 	 
	 

	 	 	 	c/o Ford Motor Company
	 

	 	 	 	World Headquarters
	 

	 	 	 	One American Road, Suite 801-C1
	 

	 	 	 	Dearborn, Michigan 48126
	 

	 	 	 	Attention: Swaps Securitization Operations
	 

	 	 	 	Telephone: (313) 594-3495
	 

	 	 	 	Fax: (313) 390-4133

6

 

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

	 	 	 	 	 	 	 
	 	 	Best Regards,	 	 
	 
	 	 	 	 	 	 
	 	 	[SWAP COUNTERPARTY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FORD CREDIT FLOORPLAN MASTER OWNER TRUST __	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[OWNER TRUSTEE],
	 	 
	 

	 	 	 	not in its individual capacity
	 	 
	 

	 	 	 	but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

[Signature Page for Swap Confirmation]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]