Document:

Exhibit
4.20

WARRANT

THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON
EXERCISE OF THIS WARRANT (THE “SECURITIES”)
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”) OR QUALIFIED UNDER ANY
STATE OR FOREIGN SECURITIES LAW, AND THE WARRANT AND THE ORDINARY SHARES
ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR
HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY  THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

to purchase

Ordinary Shares

of

Radview
Software Ltd.

at an exercise
price of $0.06 per share

VOID AFTER 17:00
p.m. (prevailing Tel Aviv time)

On the Expiration
Date (as hereinafter defined)

	
  No. W-____

  	
   

  	
  Date: ________, 2007

  

 

Radview Software Ltd., an
Israeli company with its principal offices in Israel located at 14 Hamelacha
Street, Park Afek, Rosh Ha’ayin 48091 Israel (the “Company”), hereby grants to _______________  (the “Holder”),
the right to purchase, subject to the terms and conditions hereof, up to
_____________________ (_______) Ordinary Shares, nominal value NIS 0.01 per
share, of the Company (“Ordinary Shares”),
exercisable at any time from time to time, on or after the date hereof (the “Effective Date”), and until the fifth (5th) anniversary of the Effective
Date (the “Expiration Date”). The
number and type of shares which may be purchased hereunder and the Exercise
Price are subject to adjustment as provided below.

1.                   DEFINITIONS

In
this Warrant the terms below shall have the following meaning, unless otherwise
specifically provided or required by the context:

1.1.                            “Warrant Shares” means (i) the Ordinary Shares purchasable hereunder;
and (ii) any other securities into which or for which any of the securities
described in (i) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

1.2.                            “Exercise Price” means the price of four cents ($0.06)  for each Warrant Share, as adjusted in the
manner set forth hereinafter.

1.3.                            “Warrants” means this Warrant and all warrants hereafter
issued in exchange or substitution for this Warrant.

 

2.                   WARRANT PERIOD; EXERCISE OF
WARRANT

2.1.                            This
Warrant may be exercised in whole at any time, or in part from time to time,
beginning on the Effective Date until the Expiration Date (the “Warrant Period”), by the surrender of this Warrant (with a
duly executed exercise form in the form attached hereto as Exhibit A),
at the principal office of the Company in Israel set forth above, together with
proper payment of the Exercise Price multiplied by the number of Warrant Shares
for which the Warrant is being exercised. Payment for Warrant Shares shall be
made by certified or official bank check(s), payable to the order of the
Company or by wire transfer to an account to be designated in writing by the
Company. Payments shall be made in United States dollars.

2.2.                            Subject
to the other limitations set forth in this Warrant, in lieu of payment of the
Exercise Price the Holder may elect to exchange this Warrant, or any portion
thereof, for a number of Warrant Shares equal to the number of Warrant Shares
computed using the following formula:

                                             X = Y
(A-B)

                                                          A

Where:

X
=                 the number of
Warrant Shares (adjusted to the date of such calculation, but excluding those
shares already issued under this Warrant) to be issued to the Holder.

Y
=                  the number of
Warrant Shares purchasable under the Warrant or such part that the Holder has
chosen to exercise in this manner (adjusted to the date of such calculations in
the event of re-capitalization, but excluding those shares already issued under
this Warrant).

A
=                 the Fair Market
Value of one Warrant Share.

B
=                 Exercise Price
(as adjusted to the date of such calculation in the event of
re-capitalization).

For purposes
hereof, the “Fair Market Value” of a Warrant Share as of a particular date (the
“Determination Date”) shall mean:

(i)                                     if the Company’s
Warrant Shares are traded on the American Stock Exchange or another national
exchange or are quoted on the National or SmallCap Market of The Nasdaq Stock
Market, Inc.(“Nasdaq”), then the closing or last sale price, respectively,
reported for the last business day immediately preceding the Determination
Date.

(ii)                                  If the Company’s
Warrant Shares are not traded on the American Stock Exchange or another
national exchange or on the Nasdaq but are traded on the NASD OTC Bulletin
Board, then the mean of the average of the closing bid and asked prices
reported for the last business day immediately preceding the Determination
Date.

(iii)                               Except as provided in
clause (iv) below, if the Company’s Warrant Shares are not publicly traded,
then as the Holder and the Company agree or in the absence of agreement, by
arbitration before a single arbitrator qualified by education and training to
pass on the matter to be decided.

 2
 

 

(iv)                              If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company’s Articles of Association (the “Articles”), then all amounts to be
payable per share to holders of the Warrant Shares pursuant to the Articles in
the event of such liquidation, dissolution or winding up, assuming for the
purposes of this clause (d) that all of the 
Warrant Shares then issuable upon exercise of the Warrant are
outstanding at the Determination Date.

2.3.                            The
Holder of the Warrant, by its acceptance hereof, covenants and agrees that this
Warrant is being acquired as an investment and not with a view to the
distribution hereof and such Holder further covenants and agrees that it will
not sell, transfer, pledge, assign, or hypothecate the Warrant or the Warrant
Shares unless there is an effective registration statement under the Securities
Act covering the Warrant or the Warrant Shares, or the Holder of the Warrant
and/or the Warrant Shares receives an opinion of counsel satisfactory to the
Company stating that such sale, transfer, pledge, assignment, or hypothecation
is exempt from the registration and prospectus delivery requirements of the
Securities Act and the qualification requirements under applicable law.

2.4.                            If
this Warrant should be exercised in part, the Company shall, upon surrender of
this Warrant for cancellation, execute and deliver a new Warrant evidencing the
rights of the Holder to purchase the remainder of the Warrant Shares
purchasable hereunder. The Company shall pay any and all expenses, taxes and
other charges that may be payable in connection with the issuance of the
Warrant Shares and the preparation and delivery of share certificates pursuant
to this Section 2 in the name of the Holder (including without limitation the
applicable stamp duty if mandated), and to the extent required, the execution
and delivery of a new Warrant, provided,
however, that the Company shall only be required to pay taxes which are due as
a direct result of the issuance of the Warrant Shares or other securities,
properties or rights underlying such Warrants (such as the applicable stamp
duty), and will not be required to pay any tax which may be (i) due as a result
of the specific identity of the Holder or (ii) payable in respect of any
transfer involved in the issuance and delivery of any such certificates in a
name other than that of the Holder.  For
the avoidance of doubt, the Corporation shall not be liable for any income tax
or capital gains tax that the Holder will be required to pay with respect to
the issuance of such Warrant Shares.

2.5.                            No
fractions of Ordinary Shares shall be issued in connection with the exercise of
this Warrant, and the number of Ordinary Shares issued shall be rounded up or
down to the nearest whole number.

2.6.                            Upon
the issuance of Ordinary Shares resulting from the exercise in whole or in part
of this Warrant, the Company shall deliver to the Holder an irrevocable letter
of instructions to the Company’s transfer agent to issue as soon as is
reasonably practicable to the Holder share certificates reflecting the Warrant
Shares exercised thereby, together with any and all other documents required
for the issuance of such certificates by the transfer agent.

 3
 

 

3.                   RESERVATION OF SHARES

The
Company covenants that: (i) at all times during the Warrant Period it shall
have in reserve, and will keep available solely for issuance or delivery upon
exercise of the Warrant, such number of Ordinary Shares as shall be issuable
upon the exercise hereof, and (b) upon exercise of the Warrant and payment of
the Exercise Price hereunder, or upon a cashless exercise as provided herein,
the Warrant Shares issuable upon such exercise will be validly issued, fully
paid, non assessable, free and clear from any lien, encumbrance, pledge or any
other third party right and not subject to any preemptive rights.

4.                   ADJUSTMENTS TO EXERCISE PRICE
AND NUMBER OF SECURITIES

4.1.                            Subdivision
and Combination. In case the Company shall at any time subdivide or combine
the Ordinary Shares, the Exercise Price shall forthwith be proportionately
decreased in the case of subdivision or increased in the case of combination.

4.2.                            Stock
Dividends and Distributions. In case the Company shall pay a dividend on,
or make a distribution of, Ordinary Shares or of the Company’s share capital,
the Exercise Price shall forthwith be proportionately decreased. An adjustment
pursuant to this Section 4.2 shall be made as of the record date for the
subject stock dividend or distribution.

4.3.                            Adjustment
in Number of Securities. Upon each adjustment of the Exercise Price
pursuant to the provisions of Sections 4.1 and 4.2, the number of Ordinary
Shares issuable upon the exercise of each Warrant shall be adjusted to the
nearest full amount by multiplying a number equal to the Exercise Price in
effect immediately prior to such adjustment by the number of Ordinary Shares
issuable upon exercise of the Warrants immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price.

4.4.                            No
Adjustment of Exercise Price in Certain Cases. No adjustment of the
Exercise Price shall be made if the amount of said adjustment shall be less
than 1 cents ($0.01) per Ordinary Share, provided, however, that in such case
any adjustment that would otherwise be required then to be made shall be
carried forward and shall be made at the time of and together with the next
subsequent adjustment which, together with any adjustment so carried forward,
shall amount to at least 1 cents ($0.01) per Ordinary Share.

4.5.                            Merger
or Consolidation. In case of any consolidation of the Company with or
merger of the Company with, or merger of the Company into (other than a merger
which does not result in any reclassification or change of the outstanding
Ordinary Shares), the Company shall cause the corporation formed by such
consolidation or merger or surviving such merger to execute and deliver to the
Holder a supplemental warrant agreement providing that the Holder of the
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
Warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the
number of Ordinary Shares of the Company for which such Warrant might have been
exercised immediately prior to such consolidation or merger. Such supplemental
warrant agreement shall provide for adjustments, which shall be identical to
the adjustments provided in this Section 4. The provisions of this Section 4.5
shall similarly apply to successive consolidations or mergers.

 4
 

 

5.                   In
each case of any adjustment or readjustment described above, the Company at its
expense, will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the
terms of the Warrant and prepare a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or
readjustment is based. The Company will forthwith mail a copy of each such
certificate to the Holder.

6.                   NOTICES TO WARRANT HOLDERS

Nothing
contained in this Warrant shall be construed as conferring upon the Holder the
right to vote or to consent or to receive notice as a shareholder in respect of
any meetings of shareholders for the election of directors or any other matter,
or as having any rights whatsoever as a shareholder of the Company. If,
however, at any time prior to the Expiration Date, any of the following events
shall occur:

6.1.                            The
Company shall take a record of the holders of its shares for the purpose of
entitling them to receive a dividend or distribution payable otherwise than in
cash, or a cash dividend or distribution payable other than out of current or
retained earnings, as indicated by the accounting treatment of such dividend or
distribution on the books of the Company;

6.2.                            The
Company shall offer to all the holders of its shares any additional shares of
the share capital of the Company or securities convertible into or exchangeable
for shares of the share capital of the Company, or any option, right or warrant
to subscribe therefor; or

6.3.                            A
dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its
property, assets and business as an entirety shall be proposed;

then,
in any one or more of said events, the Company shall give to the Holder written
notice of such event at least thirty (30) days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of
the shareholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale.

7.                   TRANSFERABILITY

7.1.                            The
Company need not register a transfer of this Warrant or the Warrant Shares
bearing the restrictive legend set forth in Section 7.2 below, unless the
conditions specified in such legend are satisfied and the transferees provide
the Company with written representations required pursuant to the Securities
Act for such transfer and such transferees agree to be bound by the terms and
conditions of this Warrant. The Company may also instruct its transfer agent
not to register the transfer of the shares of Warrant Shares unless the
conditions set forth in the previous sentence are satisfied. Any transfer of
the Warrant Shares is subject to the Company’s Articles of Association. The
Holder may, subject to applicable securities laws and compliance with the
foregoing, sell, transfer, assign, encumber, pledge or otherwise dispose or
undertake to dispose of the Warrant.

7.2.                            Unless
registered, the Warrant Shares issued upon exercise of the Warrants shall be
subject to a stop transfer order and the certificate or certificates evidencing
such Warrant Shares shall bear legend substantially similar to the following:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES 

 5
 

 

ACT OF 1933 (THE “SECURITIES ACT”). THE SHARES HAVE
BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE
SECURITIES ACT, OR AN OPINION OF COUNSEL FOR THE HOLDER OF THE SHARES
SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT.”

8.                   LOSS, ETC. OF WARRANT

Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and of indemnity reasonably satisfactory to the
Company, if lost, stolen or destroyed, and upon surrender and cancellation of
this Warrant, if mutilated, and upon reimbursement of the Company’s reasonable
direct expenses, the Company shall execute and deliver to the Holder a new
Warrant of like date, tenor and denomination.

9.                   HEADINGS

The
headings of this Warrant have been inserted as a matter of convenience and
shall not affect the construction hereof.

10.             NOTICES

Unless
otherwise provided, any notice required or permitted under this Warrant shall
be given in writing and shall be deemed effectively given upon personal
delivery to the party to be notified or seven (7) days after deposit with the post
authority, for dispatch by registered or certified mail, postage prepaid and
addressed to the Holder at the address set forth in the Company’s books and to
the Company at the address of its principal offices set forth above, or when
given by facsimile or other form of rapid written communication, provided that
confirming copies are sent by such airmail.

11.             GOVERNING LAW

This
Warrant shall be governed by and construed and enforced in accordance with the
laws of the State of Israel (regardless of the laws that might otherwise govern
under applicable Israel principles of conflicts of law). Except as provided
elsewhere herein, any dispute arising out of or in connection with this Warrant
is hereby submitted to the sole and exclusive jurisdiction of the competent
courts located in the District of Tel Aviv.

12.                                 Rights of Shareholders. No holder of
this Warrant shall be entitled, as a Warrant holder, to vote or receive
dividends or be deemed the holder of the shares of the applicable class of
Warrant Shares or any other securities of the Company which may at any time be
issuable on the exercise of this Warrant for any purpose, nor shall anything
contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted to shareholders at
any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of share, reclassification of
share, change of par value, consolidation, merger, conveyance, or other­wise)
or, except as specified herein, to receive notice of meetings, or to receive
dividends or subscription rights or otherwise until the Warrant shall have been
exercised and the shares of the applicable class of Warrant Shares purchasable
upon the exercise hereof shall have become deliverable, as provided herein.

 6
 

 

13.                       Additional
Representations and Warranties by the Holder. The Holder
represents and warrants to the Company as follows:

(a)                                  The
Holder understands that the Warrant and the Warrant Shares have not been
registered under the Securities Act (as defined below), or another comparable
law, by reason of their issuance in a transaction exempt from registration
under the Securities Act, and that they must be held by the Holder
indefinitely, and that the Holder must therefore bear the economic risk of such
investment indefinitely, unless the Warrant Shares have been registered for
resale under the Securities Act or such resale is exempted from such
registration. The Holder is aware of the provisions of Rule 144
promulgated under the Securities Act and its requirements for the resale of the
Warrant Shares which permits limited resale of shares purchased in a private
placement subject to the satisfaction of certain conditions. The Holder further
understands that the Warrant Shares have not been qualified under any state or
non-U.S. securities law. The Holder understands that no public market now
exists for any of the Warrant Shares and/or the Warrant and that the Company
has made no assurances that a public market will ever exist for the Warrant
Shares.

(b)                                 The
Holder has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of the purchase of this
Warrant and the Warrant Shares purchasable pursuant to the terms of this
Warrant and of protecting its interests in connection therewith.

(c)                                  The
Holder is able to bear the economic risk of the purchase of the Warrant Shares
pursuant to the terms of this Warrant including an entire loss of the value of
such investment.

(d)                                 If
Holder is a resident or citizen of the United States or the offer of the
Warrant Shares was made to the Holder, while such person or entity was in the
United States, then the Holder is an “accredited investor” within the meaning
of Rule 501(a) promulgated under the 
Securities Act .

(e)                                  If
the Holder is not a resident or citizen of the United States and the offer of
the Warrant Shares was not made to the Holder while the Holder was in the
United States, then the Holder acknowledge and agree that the offer and sale of
the Warrant Shares is being made in reliance upon Regulation S promulgated
under the Securities Act and that the offer and sale of the Warrant Shares
constitutes an “offshore transaction” within the meaning of Regulation S, as
amended from time to time.

14.    ENTIRE
AGREEMENT; AMENDMENT AND WAIVER

This Warrant and the Exhibit hereto constitute the full and entire
understanding and agreement between the parties with regard to the subject
matters hereof and thereof. Any term of this Warrant may be amended and the
observance of any term hereof may be waived (either prospectively or
retroactively and either generally or in a particular instance) only with the
written consent of both the Company and the Holders of a majority of the
outstanding Warrants issued pursuant to the subscription agreement dated
________,   except that any amendment
that has an adverse effect on the financial terms of the Warrant shall require
the consent of the affected Holder.  Any
amendment or waiver affected in accordance with this Section 14 shall be
binding upon the Company, the holders of all Warrants and each transferee of the
Warrants.

 7
 

 

SIGNATURE PAGE OF WARRANT

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed as of the date first written
above.

Radview
Software Ltd.

	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Jaron Lotan

  	
   

  
	
  Title:

  	
  Chairman of the Board

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Limor Stoller

  	
   

  
	
  Title:

  	
  Vice President of Finance

  	
   

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  

 

Holder

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 8
 

EXHIBIT A

Warrant Exercise
Form

_________________,
200_

Radview Software Ltd.

14 Hamelacha Street

Park Afek, Rosh Haayin 48091

Israel

Dear Sirs,

Re:    Exercise of Warrant

The undersigned, pursuant to the provisions set forth
in the attached Warrant      (No.
PW-____), hereby elects to purchase ____________ Ordinary Shares covered by
such Warrant.

The undersigned herewith makes payment of the full
Exercise Price for such shares at the price per share provided for in such
Warrant, which is $___________.  Such
payment takes the form of (check applicable box):

	
  ________

  	
   

  	
  $__________ in lawful money of the United States;
  and/or

  
	
  ________

  	
   

  	
  the cancellation of
  such portion of the attached Warrant as is exercisable for a total of
  _______  Ordinary Shares (using a Fair
  Market Value of $_______ per share for purposes of this calculation),
  pursuant to the cashless exercise procedure set forth in Section 2.2.

  

 

The undersigned requests that the certificates for
such shares be issued in the name of ___________ and delivered to _____________
whose address is ______________________.

The undersigned represents and warrants that all
offers and sales by the undersigned of the securities issuable upon exercise of
the within Warrant shall be made pursuant to registration of the Ordinary
Shares under the Securities Act of 1933, as amended (the “Securities Act”) or
pursuant to an exemption from registration under the Securities Act.

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature must conform to name of Holder as 

  specified on the face of the Warrant)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 9ex4_1.htm

    
      

    

     

     

    INDENTURE

     

     

    between

     

    FORD
      CREDIT AUTO OWNER TRUST 2007-A,

    as
      Issuer

     

    

    and

     

    

    THE
      BANK
      OF NEW YORK,

    as
      Indenture Trustee

     

    

    Dated
      as
      of June 1, 2007

     

    
       

      
        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      TABLE
        OF CONTENTS

    

      

    
      
        
          	
                  ARTICLE
                    I USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

                	 
	 	 	 	 
	
                  Section
                    1.1

                	 	
                  Usage,
                    Definitions and Incorporation by Reference.

                	
                  1

                
	
                  Section
                    1.2

                	 	
                  Incorporation
                    by Reference of Trust Indenture Act.

                	
                  1

                
	
                   

                	
                   

                	 	 
	
                  ARTICLE
                    II THE NOTES

                	 
	 	 	 	 
	
                  Section
                    2.1

                	 	
                  Form.

                	
                  2

                
	
                  Section
                    2.2

                	 	
                  Execution,
                    Authentication and Delivery.

                	
                  2

                
	
                  Section
                    2.3

                	 	
                  Tax
                    Treatment.

                	
                  3

                
	
                  Section
                    2.4

                	 	
                  Registration;
                    Registration of Transfer and Exchange.

                	
                  3

                
	
                  Section
                    2.5

                	 	
                  Mutilated,
                    Destroyed, Lost or Stolen Notes.

                	
                  6

                
	
                  Section
                    2.6

                	 	
                  Persons
                    Deemed Owners.

                	
                  7

                
	
                  Section
                    2.7

                	 	
                  Payment
                    of Principal and Interest

                	
                  7

                
	
                  Section
                    2.8

                	 	
                  Cancellation.

                	
                  8

                
	
                  Section
                    2.9

                	 	
                  Release
                    of Collateral.

                	
                  8

                
	
                  Section
                    2.10

                	 	
                  Book-Entry
                    Notes.

                	
                  8

                
	
                  Section
                    2.11

                	 	
                  Definitive
                    Notes.

                	
                  9

                
	
                  Section
                    2.12

                	 	
                  Authenticating
                    Agents.

                	
                  9

                
	
                  Section
                    2.13

                	 	
                  Note
                    Paying Agents.

                	
                  9

                
	 	 	 	 
	
                  ARTICLE
                    III COVENANTS AND REPRESENTATIONS

                	 
	 	 	 	 
	
                  Section
                    3.1

                	 	
                  Payment
                    of Principal and Interest.

                	
                  10

                
	
                  Section
                    3.2

                	 	
                  Maintenance
                    of Office or Agency.

                	
                  10

                
	
                  Section
                    3.3

                	 	
                  Money
                    for Payments To Be Held in Trust.

                	
                  10

                
	
                  Section
                    3.4

                	 	
                  Existence.

                	
                  11

                
	
                  Section
                    3.5

                	 	
                  Protection
                    of Collateral.

                	
                  11

                
	
                  Section
                    3.6

                	 	
                  Performance
                    of Obligations; Servicing of Receivables.

                	
                  12

                
	
                  Section
                    3.7

                	 	
                  Negative
                    Covenants.

                	
                  13

                
	
                  Section
                    3.8

                	 	
                  Opinions
                    as to Collateral.

                	
                  13

                
	
                  Section
                    3.9

                	 	
                  Annual
                    Statement as to Compliance

                	
                  13

                
	
                  Section
                    3.10

                	 	
                  Consolidation
                    and Merger; Sale of Assets

                	
                  14

                
	
                  Section
                    3.11

                	 	
                  Successor
                    or Transferee.

                	
                  15

                
	
                  Section
                    3.12

                	 	
                  No
                    Other Activities.

                	
                  15

                
	
                  Section
                    3.13

                	 	
                  Further
                    Instruments and Acts.

                	
                  15

                
	
                  Section
                    3.14

                	 	
                  Restricted
                    Payments.

                	
                  15

                
	
                  Section
                    3.15

                	 	
                  Notice
                    of Events of Default.

                	
                  15

                
	
                  Section
                    3.16

                	 	
                  Representations
                    and Warranties of the Issuer as to Security Interest

                	
                  15

                
	
                  Section
                    3.17

                	 	
                  Audits
                    of the Issuer.

                	
                  16

                
	
                  Section
                    3.18

                	 	
                  Representations
                    and Warranties of the Issuer

                	
                  16

                
	
                  Section
                    3.19

                	 	
                  Calculation
                    Agent

                	
                  17

                

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	
                ARTICLE
                  IV SATISFACTION AND DISCHARGE

              	 
	
                 

              	 	 	 
	
                Section
                  4.1

              	 	
                Satisfaction
                  and Discharge of Indenture.

              	
                17

              
	 	 
	
                ARTICLE
                  V REMEDIES

              	 
	
                 

              	
                 

              	 	 
	
                Section
                  5.1

              	 	
                Events
                  of Default.

              	
                18

              
	
                Section
                  5.2

              	 	
                Acceleration
                  of Maturity; Rescission and Annulment.

              	
                19

              
	
                Section
                  5.3

              	 	
                Collection
                  of Indebtedness by the Indenture Trustee.

              	
                19

              
	
                Section
                  5.4

              	 	
                Trustee
                  May File Proofs of Claim.

              	
                20

              
	
                Section
                  5.5

              	 	
                Trustee
                  May Enforce Claims Without Possession of Notes.

              	
                20

              
	
                Section
                  5.6

              	 	
                Remedies;
                  Priorities.

              	
                20

              
	
                Section
                  5.7

              	 	
                Optional
                  Preservation of the Collateral

              	
                22

              
	
                Section
                  5.8

              	 	
                Limitation
                  of Suits.

              	
                22

              
	
                Section
                  5.9

              	 	
                Unconditional
                  Rights of Noteholders To Receive Principal and Interest.

              	
                23

              
	
                Section
                  5.10

              	 	
                Restoration
                  of Rights and Remedies.

              	
                23

              
	
                Section
                  5.11

              	 	
                Rights
                  and Remedies Cumulative.

              	
                23

              
	
                Section
                  5.12

              	 	
                Delay
                  or Omission Not a Waiver.

              	
                23

              
	
                Section
                  5.13

              	 	
                Control
                  by Controlling Class of Noteholders.

              	
                23

              
	
                Section
                  5.14

              	 	
                Waiver
                  of Defaults and Events of Default.

              	
                24

              
	
                Section
                  5.15

              	 	
                Undertaking
                  for Costs.

              	
                24

              
	
                Section
                  5.16

              	 	
                Waiver
                  of Stay or Extension Laws.

              	
                24

              
	
                Section
                  5.17

              	 	
                Performance
                  and Enforcement of Certain Obligations.

              	
                24

              
	 	 
	
                ARTICLE
                  VI THE INDENTURE TRUSTEE

              	 
	 	 	 	 
	
                Section
                  6.1

              	 	
                Duties
                  of Indenture Trustee.

              	
                25

              
	
                Section
                  6.2

              	 	
                Rights
                  of Indenture Trustee.

              	
                26

              
	
                Section
                  6.3

              	 	
                Individual
                  Rights of Indenture Trustee.

              	
                27

              
	
                Section
                  6.4

              	 	
                Indenture
                  Trustee's Disclaimer.

              	
                27

              
	
                Section
                  6.5

              	 	
                Notice
                  of Defaults.

              	
                27

              
	
                Section
                  6.6

              	 	
                Reports
                  by Indenture Trustee.

              	
                27

              
	
                Section
                  6.7

              	 	
                Compensation
                  and Indemnity.

              	
                28

              
	
                Section
                  6.8

              	 	
                Replacement
                  of Indenture Trustee.

              	
                29

              
	
                Section
                  6.9

              	 	
                Successor
                  Indenture Trustee by Merger.

              	
                30

              
	
                Section
                  6.10

              	 	
                Appointment
                  of Separate Indenture Trustee or Co-Indenture Trustee.

              	
                30

              
	
                Section
                  6.11

              	 	
                Eligibility;
                  Disqualification.

              	
                31

              
	
                Section
                  6.12

              	 	
                Preferential
                  Collection of Claims Against Issuer.

              	
                32

              
	
                Section
                  6.13

              	 	
                Audits
                  of the Indenture Trustee.

              	
                32

              
	
                Section
                  6.14

              	 	
                Representations
                  and Warranties of the Indenture Trustee

              	
                32

              
	
                Section
                  6.15

              	 	
                Duty
                  to Update Disclosure

              	
                33

              
	 	 	 	 
	
                ARTICLE
                  VII NOTEHOLDERS' LISTS AND REPORTS

              	 
	 	 	 	 
	
                Section
                  7.1

              	 	
                Names
                  and Addresses of Noteholders.

              	
                34

              
	
                Section
                  7.2

              	 	
                Preservation
                  of Information; Communications to Noteholders.

              	
                34

              
	
                Section
                  7.3

              	 	
                Reports
                  by Issuer.

              	
                34

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
                7.4

            	 	
              Reports
                by Indenture Trustee.

            	
              35

            
	
               

            	
               

            	 	 
	
              ARTICLE
                VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

            	 
	 	 	 	 
	
              Section
                8.1

            	 	
              Collection
                of Money

            	
              35

            
	
              Section
                8.2

            	 	
              Trust
                Accounts; Distributions and Disbursements.

            	
              35

            
	
              Section
                8.3

            	 	
              General
                Provisions Regarding Bank Accounts.

            	
              39

            
	
              Section
                8.4

            	 	
              Release
                of Collateral.

            	
              39

            
	 	 	 	 
	
              ARTICLE
                IX SUPPLEMENTAL INDENTURES

            	 
	 	 	 	 
	
              Section
                9.1

            	 	
              Supplemental
                Indentures Without Consent of Noteholders.

            	
              41

            
	
              Section
                9.2

            	 	
              Supplemental
                Indentures with Consent of Noteholders.

            	
              42

            
	
              Section
                9.3

            	 	
              Execution
                of Supplemental Indentures.

            	
              43

            
	
              Section
                9.4

            	 	
              Effect
                of Supplemental Indenture.

            	
              43

            
	
              Section
                9.5

            	 	
              Conformity
                with Trust Indenture Act.

            	
              43

            
	
              Section
                9.6

            	 	
              Reference
                in Notes to Supplemental Indentures.

            	
              43

            
	 	 	 	 
	
              ARTICLE
                X REDEMPTION OF NOTES

            	 
	 	 	 	
               

            
	
              Section
                10.1

            	 	
              Redemption.

            	
              44

            
	 	 	 	 
	
              ARTICLE
                XI MISCELLANEOUS

            	 
	
               

            	 	 	 
	
              Section
                11.1

            	 	
              Compliance
                Certificates and Opinions, etc.

            	
              45

            
	
              Section
                11.2

            	 	
              Form
                of Documents Delivered to Indenture Trustee.

            	
              46

            
	
              Section
                11.3

            	 	
              Acts
                of Noteholders.

            	
              46

            
	
              Section
                11.4

            	 	
              Notices,
                etc., to Indenture Trustee, Issuer and Rating Agencies.

            	
              47

            
	
              Section
                11.5

            	 	
              Notices
                to Noteholders; Waiver.

            	
              47

            
	
              Section
                11.6

            	 	
              Conflict
                with Trust Indenture Act.

            	
              48

            
	
              Section
                11.7

            	 	
              Benefits
                of Indenture.

            	
              48

            
	
              Section
                11.8

            	 	
              GOVERNING
                LAW.

            	
              48

            
	
              Section
                11.9

            	 	
              Submission
                to Jurisdiction.

            	
              48

            
	
              Section
                11.10

            	 	
              WAIVER
                OF JURY TRIAL.

            	
              48

            
	
              Section
                11.11

            	 	
              Severability.

            	
              48

            
	
              Section
                11.12

            	 	
              Counterparts.

            	
              49

            
	
              Section
                11.13

            	 	
              Headings.

            	
              49

            
	
              Section
                11.14

            	 	
              Recording
                of Indenture.

            	
              49

            
	
              Section
                11.15

            	 	
              Trust
                Obligation.

            	
              49

            
	
              Section
                11.16

            	 	
              Subordination
                of Claims against the Depositor.

            	
              49

            
	
              Section
                11.17

            	 	
              No
                Petition.

            	
              50

            

    

    

    
      
        	
                EXHIBIT
                  A-1

              	 	
                FORM
                  OF CLASS A-1 NOTE

              	
                A-1-1

              
	
                EXHIBIT
                  A-2a

              	 	
                FORM
                  OF CLASS A-2a NOTE

              	
                A-2a-1

              
	
                EXHIBIT
                  A-2b

              	 	
                FORM
                  OF CLASS A-2b NOTE

              	
                A-2b-1

              
	
                EXHIBIT
                  A-3a

              	 	
                FORM
                  OF CLASS A-3a NOTE

              	
                A-3a-1

              
	
                EXHIBIT
                  A-3b

              	 	
                FORM
                  OF CLASS A-3b NOTE

              	
                A-3b-1

              
	
                EXHIBIT
                  A-4a

              	 	
                FORM
                  OF CLASS A-4a NOTE

              	
                A-4a-1

              
	
                 

              	 	 	
                  

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                EXHIBIT
                  A-4b

              	 	
                FORM
                  OF CLASS A-4b NOTE

              	
                A-4b-1

              
	
                EXHIBIT
                  B

              	 	
                FORM
                  OF CLASS B NOTE

              	
                B-1

              
	
                EXHIBIT
                  C

              	 	
                FORM
                  OF CLASS C NOTE

              	
                C-1

              
	
                EXHIBIT
                  D

              	 	
                FORM
                  OF CLASS D NOTE

              	
                D-1

              
	
                EXHIBIT
                  E

              	 	
                FORM
                  OF INVESTMENT LETTER: CLASS D NOTES

              	
                E-1

              
	
                SCHEDULE
                  A

              	 	
                Schedule
                  of Receivables

              	
                SA-1

              
	
                 

              	 	 	
                 

              

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

    

    CROSS
      REFERENCE TABLE1

     

    
      	
              TIA

              Section

            	 	
              Indenture

              Section

            
	
               

            	 	 
	
              310
                (a)(1)

            	 	
              6.11

            
	
              (a)(2)

            	 	
              6.11

            
	
              (a)(3)

            	 	
              6.10

            
	
              (a)(4)

            	 	
              N.A.2

            
	
              (a)(5)

            	 	
              6.11

            
	
              (b)

            	 	
              6.8;
                6.11

            
	
              (c)

            	 	
              N.A.

            
	
              311
                (a)

            	 	
              6.12

            
	
              (b)

            	 	
              6.12

            
	
              (c)

            	 	
              N.A.

            
	
              312
                (a)

            	 	
              7.1;
                7.2

            
	
              (b)

            	 	
              7.2

            
	
              (c)

            	 	
              7.2

            
	
              313
                (a)

            	 	
              .   7.4

            
	
              (b)

            	 	
              7.4

            
	
              (c)

            	 	
              7.4

            
	
              (d)

            	 	
              7.4

            
	
              314
                (a)

            	 	
              3.9,
                7.3

            
	
              (b)

            	 	
              3.8,
                11.13

            
	
              (c)(1)

            	 	
              11.1

            
	
              (c)(2)

            	 	
              11.1

            
	
              (c)(3)

            	 	
              11.1

            
	
              (d)

            	 	
              11.1

            
	
              (e)

            	 	
              11.1

            
	
              315
                (a)

            	 	
              6.1

            
	
              (b)

            	 	
              6.5

            
	
              (c)

            	 	
              6.1

            
	
              (d)

            	 	
              6.1

            
	
              (e)

            	 	
              5.15

            
	
              316
                (a)(1)(A)

            	 	
              5.13

            
	
              (a)(1)(B)

            	 	
              5.14

            
	
              (a)(2)

            	 	
              N.A.

            
	
              (b)

            	 	
              5.9

            
	
              (c)

            	 	
              N.A

            
	
              317
                (a)(1)

            	 	
              5.4

            
	
              (a)(2)

            	 	
              5.4

            
	
              (b)

            	 	
              3.3

            
	
              318
                (a)

            	 	
              11.6

            

    

    _______________________

    
      	
              1

            	
              Note:  This
                Cross Reference Table is not deemed, for any purpose, to be part
                of this
                Indenture.

            

    

    
      	
              2

            	
              N.A.
                means Not Applicable.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDENTURE,
      dated as of June 1, 2007 (this "Indenture"), between FORD CREDIT AUTO
      OWNER TRUST 2007-A, a Delaware statutory trust, as Issuer, and THE BANK OF
      NEW
      YORK, a New York banking corporation, as Indenture Trustee for the benefit
      of
      the Secured Parties.

     

    Each
      party agrees as follows for the benefit of the other party and for the equal
      and
      ratable benefit of the Secured Parties.

     

    GRANTING
      CLAUSE

     

    The
      Issuer Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee
      for the benefit of the Secured Parties, all of the Issuer's right, title and
      interest in, to and under, whether now owned or hereafter acquired, the
      Collateral.

     

    The
      foregoing Grant is made in trust to secure (a) the payment of principal of,
      interest on and any other amounts owing in respect of the Notes as provided
      in
      this Indenture and (b) to secure compliance by the Issuer with the provisions
      of
      this Indenture and the Interest Rate Swaps for the benefit of the Secured
      Parties.

     

    The
      Indenture Trustee acknowledges such Grant, accepts the trusts under this
      Indenture in accordance with this Indenture and agrees to perform the duties
      required in this Indenture to the best of its ability to protect the interests
      of the Secured Parties.

     

    ARTICLE
      I

    USAGE,
      DEFINITIONS AND INCORPORATION BY REFERENCE

     

    Section
      1.1    Usage,
      Definitions and Incorporation by Reference.  Capitalized terms
      used but not otherwise defined in this Indenture are defined in Appendix A
      to
      the Sale and Servicing Agreement.  Appendix A also contains rules as
      to usage applicable to this Indenture.  Appendix A is incorporated by
      reference into this Indenture.

     

    Section
      1.2    Incorporation
      by
      Reference of Trust Indenture Act.  Whenever this Indenture refers
      to a provision of the TIA, the provision is incorpo­rated by reference in
      and made a part of this Indenture.  The following TIA terms used in
      this Indenture have the following meanings:

     

    "indenture
      securities" means the Notes.

     

    "indenture
      security holder" means a Noteholder.

     

    "indenture
      to be qualified" means this Indenture.

     

    "indenture
      trustee" or "institutional trustee" means the Indenture
      Trustee.

     

    "obligor"
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined in the TIA, defined by TIA
      reference to another statute or defined by Securities and Exchange Commission
      rule have the meaning assigned to them by such definitions.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

    THE
      NOTES

     

    Section
      2.1    Form.

     

    (a)    Each
      Class of
      Notes, together with the Indenture Trustee's certificates of authentication,
      will be in substantially the form set forth in the related Exhibit with such
      variations as are required or permitted by this Indenture.  The Notes
      may have such marks of identification and such legends or endorsements placed
      on
      them as may be determined, consistent with this Indenture, by the officers
      executing such Notes, as evidenced by their execution of such
      Notes.  The physical Notes will be produced by any method as
      determined by the officers executing such Notes, as evidenced by their execution
      of such Notes.

     

    (b)          Each
      Note will be dated the date of its authentica­tion.  The terms of
      the Notes set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a,
      Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B, Exhibit C and Exhibit
      D are
      part of this Indenture and are incorporated into this Indenture by
      reference.

     

    Section
      2.2    Execution,
      Authentication and Delivery.

     

    (a)          A
      Responsible Person of the Issuer will execute the Notes on behalf of the
      Issuer.  The signature of such Responsible Person on the Notes may be
      manual or facsimile.  Notes bearing the manual or facsimile signature
      of an individual who was a Responsible Person of the Issuer will bind the
      Issuer, notwithstanding that such individual has ceased to hold such office
      before the authentication and delivery of such Notes or did not hold such office
      at the date of issuance of such Notes.

     

    (b)          The
      Indenture Trustee will, upon Issuer Order, authenticate and deliver the Notes
      for original issue in the Classes, Note Interest Rates and initial Note Balances
      as set forth below.

     

    
      	
              Class

            	
              Note
                Interest Rate

            	
               

              Initial
                Note Balance

            
	
              Class
                A-1 Notes

            	
              5.34852%

            	
              $466,000,000

            
	
              Class
                A-2a Notes

            	
              5.42%

            	
              $300,000,000

            
	
              Class
                A-2b Notes

            	
              one-month
                LIBOR + 0.01%

            	
              $287,596,000

            
	
              Class
                A-3a Notes

            	
              5.40%

            	
              $255,444,000

            
	
              Class
                A-3b Notes

            	
              one-month
                LIBOR + 0.03%

            	
              $294,000,000

            
	
              Class
                A-4a Notes

            	
              5.47%

            	
              $144,330,000

            
	
              Class
                A-4b Notes

            	
              one-month
                LIBOR + 0.05%

            	
              $145,000,000

            
	
              Class
                B Notes

            	
              5.60%

            	
              $59,759,000

            
	
              Class
                C Notes

            	
              5.80%

            	
              $39,840,000

            
	
              Class
                D Notes

            	
              7.05%

            	
              $39,839,000

            

    

    

    (c)          The
      Notes (other than the Class A-1 Notes and the Class D Notes) will be issuable
      as
      Book-Entry Notes in minimum denominations of $100,000 and in multiples of $1,000
      in excess thereof.  The Class A-1 Notes and the Class D Notes will be
      issuable as Book-Entry Notes in minimum denominations of $250,000 and in
      multiples of $1,000 in excess thereof.

     

    (d)          No
      Note will be entitled to any benefit under this Indenture or be valid for any
      purpose, unless it bears a certificate of authentication substantially in the
      form provided for in this Indenture executed by the Indenture Trustee by the
      manual signature of one of its authorized signatories, and such certificate
      upon
      any Note will be conclusive evidence, and the only evidence, that such Note
      has
      been duly authenticated and delivered under this Indenture.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      2.3    Tax
      Treatment.  The Issuer intends that each Class of Notes, if
      beneficially owned by a Person other than Ford Credit, will be indebtedness
      of
      the Issuer secured by the Collateral for U.S. federal, State and local income,
      single business and franchise tax purposes.  The Issuer, by entering
      into this Indenture, and each Noteholder, by its acceptance of a Note (and
      each
      Note Owner by its acceptance of an interest in the applicable Book-Entry Note),
      agree to treat the Notes for U.S. federal, State and local income, single
      business and franchise tax purposes as indebtedness of the Issuer.

     

    Section
      2.4    Registration;
      Registration of Transfer and Exchange.

     

    (a)          The
      Issuer appoints the Indenture Trustee to be the "Note Registrar" and to
      keep a register (the "Note Register") for the purpose of registering
      Notes and transfers of Notes as provided in this Indenture.  Upon any
      resignation of the Note Registrar, the Issuer will promptly appoint a successor
      or, if it elects not to make such an appointment, assume the duties of Note
      Registrar.  If the Issuer appoints a Person other than the Indenture
      Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee
      of
      such appointment, (ii) the Indenture Trustee will have the right to inspect
      the
      Note Register at all reasonable times and to obtain copies of the Note Register
      and (iii) the Indenture Trustee will have the right to rely upon a certificate
      executed by an officer of the Note Registrar as to the names and addresses
      of
      the Noteholders and the principal amounts and number of the Notes.

     

    (b)          Upon
      surrender for registration of transfer of any Note at the office or agency
      of
      the Issuer maintained under Section 3.2, if the requirements of Section 8-401(a)
      of the UCC are met, the Issuer will execute, the Indenture Trustee will
      authenticate and the Noteholder will obtain from the Indenture Trustee, in
      the
      name of the designated transferee or transferees, one or more new Notes of
      the
      same Class, in any authorized denomination, in the same aggre­gate principal
      amount.

     

    (c)          A
      Noteholder may exchange Notes for other Notes of the same Class, in any
      authorized denominations, in the same aggregate principal amount, by
      surrendering the Notes to be exchanged at the office or agency of the Issuer
      maintained under Section 3.2.  If the requirements of Section 8-401(a)
      of the UCC are met, the Issuer will execute, the Indenture Trustee will
      authenticate and the Noteholder will obtain from the Indenture Trustee the
      Notes
      that the Noteholder making such exchange is entitled to receive.

     

    (d)          All
      Notes issued upon any registration of transfer or exchange of Notes will be
      the
      valid obligations of the Issuer, evidencing the same debt, and entitled to
      the
      same benefits under this Indenture as the Notes surrendered upon such
      registration of transfer or exchange.

     

    (e)          Every
      Note presented or surrendered for registration of transfer or exchange will
      be
      (i) duly endorsed by, or be accompanied by a written instrument of transfer
      in
      form satisfactory to the Note Registrar or the Indenture Trustee duly executed
      by, the Noteholder of such Note or such Noteholder's attorney duly authorized
      in
      writing, with such signature guaranteed by an "eligible guarantor institution"
      meeting the requirements of the Note Registrar which requirements include
      membership or participation in Securities Transfer Agents Medallion Program
      or
      such other "signature guarantee program" as may be determined by the Note
      Registrar in addition to, or in substitution for, the Securities Transfer Agents
      Medallion Program, all in accordance with the Exchange Act, and (ii) accompanied
      by such other documents as the Indenture Trustee may require.

     

    (f)          None
      of the Issuer, the Note Registrar or the Indenture Trustee will impose a service
      charge on a Noteholder for any registration of transfer or exchange of
      Notes.  The Issuer, the Note Registrar or the Indenture Trustee may
      require such Noteholder to pay an amount sufficient to cover any tax or
      other governmental charge that may be imposed in connection with such
      registration of transfer or exchange of the Notes.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (g)          Neither
      the Issuer nor the Note Registrar will be required to register transfers or
      exchanges of Notes selected for redemption or Notes whose next Payment Date
      is
      not more than 15 days after the requested date of such transfer or
      exchange.

     

    (h)          Neither
      the Class A-1 Notes nor the Class D Notes have been registered under the
      Securities Act or any state securities law.  None of the Issuer, the
      Note Registrar or the Indenture Trustee is obligated to register the Class
      A-1
      Notes or the Class D Notes under the Securities Act or any other securities
      or
      "blue sky" laws or to take any other action not otherwise required under this
      Indenture or the Trust Agreement to permit the transfer of any Class A-1 Note
      or
      Class D Note without registration.

     

    (i)          No
      Class A-1 Note or Class D Note may be sold, transferred, assigned, participated,
      pledged, or otherwise disposed of (any such act, a "Class A-1 Note
      Transfer" or a "Class D Note Transfer," respectively) to any
      Person except in accordance with the provisions of this Section 2.4, and any
      attempted Class A-1 Note Transfer or Class D Note Transfer in violation of
      this
      Section 2.4 will be null and void (each a "Void Class A-1 Note
      Transfer" or a "Void Class D Note Transfer,"
      respectively).

     

    (j)          Each
      Class A-1 Note will bear a legend to the effect of the legend contained in
      Exhibit A-1 unless determined otherwise by the Administrator (as certified
      to
      the Indenture Trustee in an Officer's Certificate) consistent with applicable
      law.

     

    As
      a
      condition to the registration of any Class A-1 Note Transfer, the prospective
      transferee of such Class A-1 Note will be deemed to represent to the Indenture
      Trustee, the Note Registrar and the Issuer the following:

     

    (i)          It
      understands that the Class A-1 Notes have not been and will not be registered
      under the Securities Act or any state or other applicable securities or "blue
      sky" law.

     

    (ii)          It
      understands that Class A-1 Note Transfers are only permitted if made in
      compliance with the Securities Act and other applicable laws and only to a
      person that the holder reasonably believes is a "qualified institutional
      buyer" within the meaning of Rule 144A under the Securities Act (a
      "QIB").

     

    (iii)          It
      (A) is a QIB, (B) is aware that the sale to it is being made in reliance on
      Rule
      144A under the Securities Act and if it is acquiring such Class A-1 Notes or
      any
      interest or participation in the Class A-1 Notes for the account of another
      QIB,
      such other QIB is aware that the sale is being made in reliance on Rule 144A
      under the Securities Act and (C) is acquiring such Class A-1 Notes or any
      interest or participation in the Class A-1 Notes for its own account or for
      the
      account of another QIB.

     

    (iv)          It
      is purchasing the Class A-1 Notes for its own account or for one or more
      investor accounts for which it is acting as fiduciary or agent, in each case
      for
      investment, and not with a view to offer, transfer, assign, participate, pledge
      or otherwise dispose of such Class A-1 Notes in connection with any
      distribution of such Class A-1 Notes that would violate the Securities
      Act.

     

    (k)          Each
      Class D Note will bear a legend to the effect of the legend contained in Exhibit
      D unless determined otherwise by the Administrator (as certified to the
      Indenture Trustee in an Officer's Certificate) consistent with applicable
      law.

     

    As
      a
      condition to the registration of any Class D Note Transfer, the prospective
      transferee of such Class D Note will be required to represent in writing to
      the
      Depositor, the Note Registrar and the Issuer the following, unless determined
      otherwise by the Administrator (as certified to the Indenture Trustee in an
      Officer's Certificate):

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (i)          It
      understands that no subsequent Class D Note Transfer is permitted unless it
      causes its proposed transferee to provide to the Issuer, the Note Registrar
      and
      the Depositor a letter substantially in the form of Exhibit E hereof (with
      such
      changes therein as may be approved by the Depositor), as applicable, or such
      other written statement as the Depositor will prescribe.

     

    (ii)          It
      is either:

     

    (1)          not,
      and each account (if any) for which it is purchasing the Class D Notes is not
      (a) an employee benefit plan, as defined in Section 3(3) of ERISA, subject
      to
      Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code subject
      to Section 4975 of the Code, or (c) an entity whose underlying assets include
      plan assets by reason of a plan's investment in the entity (within the meaning
      of Department of Labor Regulation 29 C.F.R. Section 2510.3-101 (the "Plan Assets
      Regulation") or otherwise under ERISA), with each of (a) through (c) in this
      subsection (1) being a "Benefit Plan Investor"; or

     

    (2)          an
      insurance company acting on behalf of a general account and (a) on the date
      of
      purchase less than 25% (or such lower percentage as may be determined by
      the Depositor) of the assets of such general account (as reasonably determined
      by it) constitute "plan assets" for purposes of Title I of ERISA and Section
      4975 of the Code, (b) the purchase and holding of such Class D Notes are
      eligible for exemptive relief under Section (I) of Prohibited Transaction Class
      Exemption 95-60, (c) the purchaser agrees that if, after the purchaser's initial
      acquisition of the Class D Notes, at any time during any calendar quarter 25%
      (or such lower percentage as may be determined by the Depositor) or more of
      the
      assets of such general account (as reasonably determined by it no less
      frequently than each calendar quarter) constitute "plan assets" for purposes
      of
      Title I of ERISA or Section 4975 of the Code and the Depositor so requests,
      it
      will dispose of all Class D Notes then held in its general account by the end
      of
      the next following calendar quarter and (d) is not a person, other than a
      Benefit Plan Investor, who has discretionary authority or control with respect
      to the assets of the Issuer or any person who provides investment advice for
      a
      fee (direct or indirect) with respect to such assets or any affiliate (as
      defined in the Plan Assets Regulation) of such person.

     

    (iii)          It
      is a person who is (A) a citizen or resident of the United States, (B) a
      corporation or partnership organized in or under the laws of the United States
      or any State thereof (including the District of Columbia), (C) an estate the
      income of which is includible in gross income for United States tax purposes,
      regardless of its source, (D) a trust if a U.S. court is able to exercise
      primary supervision over the administration of such trust and one or more
      persons described in clause (A), (B), (C) or (E) of this paragraph (iii) has
      the
      authority to control all substantial decisions of the trust or (E) a person
      not
      described in clauses (A) through (D) of this paragraph (iii) whose ownership
      of
      the Class D Notes is effectively connected with such persons conduct of a trade
      or business within the United States (within the meaning of the Code) and who
      provides the Issuer and the Depositor with an IRS Form W-8ECI (and such other
      certifications, representations, or opinions of counsel as may be requested
      by
      the Issuer or the Depositor).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (iv)          It
      understands that any purported Class D Note Transfer in contravention of any
      of
      the restrictions and conditions contained in this Section will be a Void Class
      D
      Note Transfer, and the purported transferee in a Void Class D Note Transfer
      will
      not be recognized by the Issuer or any other person as a Class D Noteholder,
      for
      any purpose.

     

    (l)          By
      acceptance of any Class A-1 Note or Class D Note, the Class A-1 Noteholder
      or
      the Class D Noteholder specifically agrees with and represents to the Depositor,
      the Issuer and the Note Registrar, that no transfer of a Class A-1 Note or
      Class
      D Note, respectively, will be made unless the registration requirements of
      the
      Securities Act and any applicable State securities laws are complied with and
      (A) such transfer of a Class A-1 Note or Class D Note is to the Depositor or
      its
      Affiliates, or (B) such transfer of a Class A-1 Note or Class D Note is exempt
      from the registration requirements under the Securities Act because such Class
      A-1 Note Transfer or Class D Note Transfer is in compliance with Rule 144A
      under
      the Securities Act, to a transferee who the transferor reasonably believes
      is a
      Qualified Institutional Buyer (as defined in the Securities Act) that is
      purchasing for its own account or for the account of a Qualified Institutional
      Buyer and to whom notice is given that such Class A-1 Note Transfer or Class
      D
      Note Transfer is being made in reliance upon Rule 144A under the Securities
      Act.  With respect to any Class D Note Transfer the transferee is
      required to execute and deliver to the Indenture Trustee, the Issuer and the
      Note Registrar an investment letter substantially in the form attached as
      Exhibit E.

     

    (m)          The
      Depositor will make available to the prospective transferor and transferee
      of a
      Class A-1 Note or Class D Note information requested to satisfy the requirements
      of paragraph (d) (4) of Rule 144A (the "Rule 144A Information"). The Rule
      144A Information will include any or all of the following items requested by
      the
      prospective transferee:

     

    (i)          the
      offering memorandum relating to the Class A-1 Note or Class D Notes, as
      applicable, and any amendments or supplements to such offering
      memorandum;

     

    (ii)          the
      Monthly Investor Report for each Payment Date preceding such request;
      and

     

    (iii)          such
      other information as is reasonably available to the Indenture Trustee in order
      to comply with requests for information pursuant to Rule 144A under the
      Securities Act.

     

    (n)          Any
      Noteholder  that purchases and holds the Class A Notes, the Class B
      Notes or the Class C Notes will be deemed to have represented that its purchase
      and holding of such Notes does not and will not constitute a non-exempt
      prohibited transaction under ERISA or the Code.

     

    Section
      2.5    Mutilated,
      Destroyed, Lost or Stolen Notes.

     

    (a)          If
      a mutilated Note is surrendered to the Indenture Trustee or the Indenture
      Trustee receives evidence to its satisfaction of the destruction, loss or theft
      of a Note, then the Issuer will execute and, upon Issuer Request, the Indenture
      Trustee will authenticate and deliver a replacement Note of the same Class
      and
      principal amount in exchange for or in lieu of such Note so long as (i) the
      Indenture Trustee receives such security or indemnity as may be required by
      it
      to hold the Issuer and the Indenture Trustee harmless, (ii) none of the Issuer,
      the Note Registrar or the Indenture Trustee have received notice that such
      Note
      has been acquired by a protected purchaser, as defined in Section 8-303 of
      the
      UCC and (iii) the require­ments of Section 8-405 of the UCC are
      met.  However, if any such destroyed, lost or stolen Note (but not a
      mutilated Note) is due and payable within 15 days or has been called for
      redemption, instead of issuing a replacement Note, the Issuer may pay such
      destroyed, lost or stolen Note when so due or payable or upon the Redemption
      Date without surrender of such Note.  If a protected purchaser of the
      original Note in lieu of which such replacement Note was issued (or such
      payment made) presents for payment such original Note, the Issuer and the
      Indenture Trustee will be entitled to recover such replacement Note (or such
      payment) from the Person to whom it was delivered or any Person taking such
      replacement Note (or such payment) from such Person to whom such replacement
      Note (or such payment) was delivered or any assignee of such Person, except
      a
      protected purchaser, and will be entitled to recover upon the security or
      indemnity provided for such replacement Note (or such payment) for any cost,
      expense, loss, damage, claim or liability incurred by the Issuer or the
      Indenture Trustee in connection with such replacement Note (or such
      payment).

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b)          Upon
      the issuance of any replacement Note under Section 2.5(a), the Issuer may
      require the Noteholder of such Note to pay an amount sufficient to cover any
      tax
      or other governmental charge imposed and any other reasonable expenses incurred
      in connection with such replacement Note.

     

    (c)          Each
      replacement Note issued pursuant to Section 2.5(a) will constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note will be enforceable by anyone and, except as
      otherwise provided in this Indenture, will be entitled to all the benefits
      of
      this Indenture equally and proportionately with all other Notes of the same
      Class duly issued under this Indenture.

     

    (d)          The
      provisions of this Section 2.5 are exclusive and preclude (to the extent lawful)
      all other rights and remedies with respect to the replacement or payment of
      mutilated, destroyed, lost or stolen Notes.

     

    Section
      2.6    Persons Deemed
      Owners.  With respect to any date of determination, the Issuer,
      the Indenture Trustee and any agent of the Issuer or the Indenture Trustee
      may
      treat the Person in whose name any Note is registered as of such date as the
      owner of such Note for the purpose of receiving payments of principal of and
      any
      interest on such Note and for all other purposes, and none of the Issuer, the
      Inden­ture Trustee or any agent of the Issuer or the Indenture Trustee will
      recognize notice to the contrary.

     

    Section
      2.7    Payment of
      Principal and Interest

     

    (a)          Each
      Class of Notes will accrue interest at the applicable Note Interest
      Rate.  Interest on each Note will be due and payable on each Payment
      Date as specified in such Note.  Interest on the Class A-1 Notes, the
      Class A-2b Notes, the Class A-3b Notes and the Class A-4b Notes will be computed
      on the basis of actual number of days elapsed and a 360-day
      year.  Interest on the Notes (other than the Class A-1 Notes, Class
      A-2b Notes, the Class A-3b Notes and the Class A-4b Notes) will be computed
      on
      the basis of a 360-day year consisting of twelve 30-day months.

     

    (b)          Interest
      and principal payments on each Class of Notes will be made ratably to the
      Noteholders of such Class entitled to such payments.  On each Payment
      Date before the issuance of Definitive Notes, distributions to be made with
      respect to interest on and principal of the Book-Entry Notes will be paid to
      the
      Registered Noteholder by wire transfer in immediately available funds to the
      account designated by the nominee of the Clearing Agency (initially, such
      nominee will be Cede & Co.).  Distributions to be made with
      respect to interest on and principal of the Class D Notes and, on and after
      the
      date on which Definitive Notes are issued, the Class A Notes, Class B Notes
      and
      Class C Notes will be paid to the Registered Noteholder (i) if such Noteholder
      has provided to the Note Registrar appropriate instructions at least 5 Business
      Days before such Payment Date and the aggregate original principal amount of
      such Noteholder's Notes is at least $1,000,000, by wire transfer in immediately
      available funds to the account of such Noteholder or (ii) by check mailed first
      class mail, postage prepaid, to such Registered Noteholder's address as it
      appears on the Note Register on the related Record Date.  However, the
      final install­ment of principal (whether payable by wire transfer or check)
      of each Note on a Payment Date, the Redemp­tion Date or the applicable
      Final Scheduled Payment Date will be payable only upon presentation and
      surrender of such Note.  The Indenture Trustee will notify each
      Registered Noteholder of the date on which the Issuer expects that the final
      installment of principal of and interest on such Registered Noteholder's Notes
      will be paid not later than 5 days before such date.  Such notice will
      specify the place where such Notes may be presented and surrendered for payment
      of such installment.  All funds paid by wire transfers or checks that
      are returned undelivered will be held in accordance with Section
      3.3.

       

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (c)           The
      principal of each Note will be payable in installments on each Payment Date
      as
      specified in such Note.  The entire unpaid Note Balance of each Class
      of Notes will be due and payable on the date that the Notes are declared to
      be
      immediately due and payable in the manner provided in Section 5.2.

     

    Section
      2.8    Cancellation.  Any
      Person that receives a Note surrendered for payment, registration of transfer,
      exchange or redemption will deliver such Note to the Indenture
      Trustee.  The Indenture Trustee will promptly cancel all Notes it
      receives that have been surrendered for payment, registration of transfer or
      exchange, or redemption.  The Issuer may deliver to the Indenture
      Trustee for cancellation any Notes previously authenticated and delivered under
      this Indenture which the Issuer may have acquired in any manner, and the
      Indenture Trustee will promptly cancel such Notes.  No Notes will be
      authenticated in lieu of or in exchange for any Notes cancelled as provided
      in
      this Section 2.8.  The Indenture Trustee may hold or dispose of all
      cancelled Notes in accordance with its standard retention or disposal policy
      unless the Issuer directs, by Issuer Order, that they be destroyed or returned
      to it (so long as such Notes have not been disposed of previously by the
      Indenture Trustee).

     

    Section
      2.9    Release
      of
      Collateral.  The Indenture Trustee will release property
      from the lien of this Indenture only in accordance with Sections 8.4 and
      10.1.

     

    Section
      2.10    Book-Entry
      Notes.  The Book-Entry Notes, upon original issuance, will
      be issued in the form of typewritten Notes representing the Book-Entry Notes
      and
      delivered to The Depository Trust Company, the initial Clearing Agency, by,
      or
      on behalf of, the Issuer.  The Book-Entry Notes will be registered
      initially on the Note Register in the name of Cede & Co., the nominee of the
      initial Clearing Agency, and no Note Owner will receive a Definitive Note
      representing such Note Owner's interest in such Note, except as provided in
      Section 2.11.  Unless and until definitive, fully registered Notes
      (the "Definitive Notes") have been issued to Note Owners pursuant to
      Section 2.11:

     

    (a)          with
      respect to Book-Entry Notes, the Note Registrar and the Indenture Trustee will
      be entitled to deal with the Clearing Agency for all purposes of this Indenture
      (including the payment of principal of and interest on the Book-Entry Notes
      and
      the giving of notices, instructions or directions under this Indenture) as
      the
      sole Noteholder of the Book-Entry Notes, and will have no obligation to the
      Note
      Owners;

     

    (b)          the
      Clearing Agency will make book-entry transfers among its participants and
      receive and transmit payments of principal of and interest on the Book-Entry
      Notes to such participants;

     

    (c)          to
      the extent that the provisions of this Section 2.10 conflict with any other
      provisions of this Indenture, the provisions of this Section 2.10 will
      control;

     

    (d)          the
      rights of Note Owners may be exercised only through the Clearing Agency and
      will
      be limited to those established by law and agreements between such Note Owners
      and the Clearing Agency and/or its participants pursuant to the DTC Letter;
      and

     

    (e)          whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Noteholders of a specified percentage of the Note Balance
      of
      the Notes Outstanding (or the Controlling Class), the Clearing Agency will
      be
      deemed to represent such percentage only to the extent that it has received
      instructions to such effect from Note Owners and/or the Clearing Agency's
      participants owning or representing, respectively, such required percentage
      of
      the beneficial interest of the Notes Outstanding (or the Controlling Class)
      and
      has delivered such instructions to the Indenture Trustee.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Section
      2.11    Definitive
      Notes.   With respect to any Class or Classes of
      Book-Entry Notes, if (i) the Administrator advises the Indenture Trustee that
      the Clearing Agency is no longer willing or able to properly discharge its
      responsibilities as depository for the Book-Entry Notes and the
      Administra­tor is unable to reach an agreement on satisfactory terms with a
      qualified successor, (ii) the Administrator notifies the Indenture Trustee
      that
      it elects to terminate the book-entry system through the Clearing Agency or
      (iii) after the occurrence of an Event of Default or an Event of Servicing
      Termination, so long as any Book-Entry Notes are Outstanding Note Owners
      representing not less than a majority of the Controlling Class notify the
      Indenture Trustee and the Clearing Agency that they elect to terminate the
      book-entry system through the Clearing Agency, then the Clearing Agency will
      notify all Note Owners and the Indenture Trustee of the occurrence of such
      election and of the availability of Definitive Notes to the Note
      Owners.  After the Clearing Agency has surrendered the typewritten
      Notes representing the Book-Entry Notes and delivered the registration
      instructions to the Indenture Trustee, the Issuer will execute and the Indenture
      Trustee will authenticate the Definitive Notes in accordance with the
      instructions of the Clearing Agency.  None of the Issuer, the Note
      Registrar or the Indenture Trustee will be liable for any delay in delivery
      of
      such instructions and may conclusively rely on, and will be protected in relying
      on, such instructions.  Upon the issuance of Definitive Notes to Note
      Owners, the Indenture Trustee will recognize the holders of such Definitive
      Notes as Noteholders.

     

    Section
      2.12    Authenticating
      Agents.

     

    (a)          The
      Indenture Trustee may appoint one or more Persons (each, an
      "Authenticating Agent") with the power to act on its behalf and
      subject to its direction in the authentication of Notes in connection with
      issuances, transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.6, as
      though each such Authenticat­ing Agent had been expressly authorized by
      those Sections to authenticate such Notes.  For all purposes of this
      Indenture, the authentication of Notes by an Authenti­cating Agent pursuant
      to this Section 2.12 is deemed to be the authentication of Notes "by the
      Indenture Trustee."

     

    (b)          Any
      Person into which an Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      consolidation or conversion to which an Authenticating Agent is a party, or
      any
      Person succeeding to all or substantially all of the corporate trust business
      of
      an Authenticating Agent, will be the successor of such Authenticating Agent
      under this Indenture without the execution or filing of any document or any
      further act.

     

    (c)          An
      Authenticating Agent may resign by giving notice of resignation to the Indenture
      Trustee and the Owner Trustee.  The Indenture Trustee may terminate
      the agency of an Authenticating Agent by giving notice of termination to such
      Authenticating Agent and the Owner Trustee.  Upon receiving such
      notice of resignation or upon such a termination, the Indenture Trustee may
      appoint a successor Authenticating Agent and will notify the Owner Trustee
      of
      any such appointment.

     

    (d)          Sections
      2.8 and 6.4 will apply to each Authenticating Agent.

     

    Section
      2.13                                Note
      Paying Agents.

     

    (a)          The
      Indenture Trustee may appoint one or more Note Paying Agents that meet the
      eligibility standards for the Indenture Trustee specified in Section
      6.11(a).  The Note Paying Agents will have the power to make
      distributions from the Trust Accounts.

     

    (b)          Any
      Person into which a Note Paying Agent may be merged or converted or with which
      it may be consolidated, or any Person resulting from any merger, consolidation
      or conversion to which a Note Paying Agent is a party, or any Person succeeding
      to all or substantially all of the corporate trust business of a Note Paying
      Agent, will be the successor of such Note Paying Agent under this Indenture
      without the execution or filing of any document or any further act.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (c)          A
      Note Paying Agent may resign by giving notice of resignation to the Indenture
      Trustee, the Administrator and the Issuer.  The Indenture Trustee may
      terminate the agency of a Note Paying Agent by giving notice of termination
      to
      such Note Paying Agent, the Administrator and the Issuer.  Upon
      receiving such notice of resignation or upon such a termination, the Indenture
      Trustee may appoint a successor Note Paying Agent and will notify the
      Administrator and the Issuer of any such appointment.

     

    (d)          Sections
      2.8 and 6.4 will apply to each Note Paying Agent.

     

     

    ARTICLE
      III

    COVENANTS
      AND REPRESENTATIONS

     

    Section
      3.1    Payment
      of Principal and
      Interest.  The Issuer will duly and punctually pay the
      principal of and interest on the Notes in accordance with the Notes and this
      Indenture.  Amounts withheld under the Code or any State or local tax
      law by any Person from a payment to any Noteholder will be considered as having
      been paid by the Issuer to such Noteholder.

     

    Section
      3.2    Maintenance
      of Office or
      Agency.  The Issuer will maintain an office or agency in
      the Borough of Manhattan, The City of New York, where Notes may be surrendered
      for registration of transfer or exchange, and where notices and demands to
      or
      upon the Issuer in respect of the Notes and this Indenture may be
      served.  The Issuer initially appoints the Indenture Trustee to serve
      as its agent for such purposes.  The Issuer will promptly notify the
      Indenture Trustee of any change in the location of such office or
      agency.  If the Issuer fails to maintain any such office or agency or
      fails to furnish the Indenture Trustee with the address of such office or
      agency, such surrenders, notices and demands may be made or served at the
      Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its
      agent to receive all such surrenders, notices and demands.

     

    Section
      3.3     Money for Payments
      To Be Held in Trust.

     

    (a)          All
      payments of amounts due and payable with respect to any Notes and the Interest
      Rate Swaps that are to be made from amounts withdrawn from the Bank Accounts
      will be made on behalf of the Issuer by the Indenture Trustee or by another
      Note
      Paying Agent, and no amounts so withdrawn from the Bank Accounts for payments
      of
      Notes may be paid over to the Issuer, except as provided in this Section
      3.3.

     

    (b)          The
      Indenture Trustee (including in its capacity as Note Paying Agent) will cause
      each Note Paying Agent (other than the Indenture Trustee itself) to execute
      and
      deliver to the Indenture Trustee, an instrument in which such Note Paying Agent
      agrees with the Indenture Trustee to:

     

    (i)          hold
      all sums held by it for the payment of amounts due on the Notes in trust for
      the
      benefit of the Persons entitled to such sums until such sums are paid to such
      Persons or otherwise disposed of as provided in this Indenture and pay such
      sums
      to such Persons as provided in this Indenture;

     

    (ii)          give
      the Indenture Trustee notice of any default by the Issuer of which it has actual
      knowledge in the making of any payment required to be made with respect to
      the
      Notes;

     

    (iii)          during
      the continuance of any such default, upon the request of the Indenture Trustee,
      immediately pay to the Indenture Trustee all sums held in trust by such Note
      Paying Agent;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (iv)          immediately
      resign as a Note Paying Agent and immediately pay to the Indenture Trustee
      all
      sums held by it in trust for the payment of Notes if it ceases to meet the
      eligibility standards specified in Section 6.11(a) with respect to the Indenture
      Trustee; and

     

    (v)          comply
      with all requirements of the Code and any State or local tax law with respect
      to
      withholding and reporting requirements in connection with payments on the
      Notes.

     

    (c)          The
      Issuer may by Issuer Order, direct any Note Paying Agent to pay to the Indenture
      Trustee all sums held in trust by such Note Paying Agent, such sums to be held
      by the Indenture Trustee upon the same trusts as those upon which the sums
      were
      held by such Note Paying Agent.  Upon a Note Paying Agent's payment of
      all sums held in trust to the Indenture Trustee, such Note Paying Agent will
      be
      released from all further liability with respect to such money.

     

    (d)          Subject
      to laws with respect to escheat of funds, any money held by the Indenture
      Trustee or any Note Paying Agent in trust for the payment of any amount due
      with
      respect to any Note and remaining unclaimed for 2 years after such amount has
      become due and payable will be discharged from such trust and paid to the Issuer
      upon Issuer Request.  After such discharge and payment, the Noteholder
      of such Note will, as an unsecured general creditor, look only to the Issuer
      for
      payment of such amount due and unclaimed (but only to the extent of the amounts
      so paid to the Issuer), and all liability of the Indenture Trustee or such
      Note
      Paying Agent with respect to such trust money will thereupon
      cease.  However, the Indenture Trustee or such Note Paying Agent,
      before making any such repayment, will publish once, at the expense and
      direction of the Issuer, in a newspaper customarily published on each Business
      Day in the English language and of general circulation in The City of New York,
      notice that such money remains unclaimed and that after a date specified in
      such
      notice, which must be at least 30 days from the date of such publication, any
      unclaimed balance of such money then remaining will be repaid to the
      Issuer.  The Indenture Trustee will also adopt and employ, at the
      expense of the Administrator and direction of the Issuer, any other reasonable
      means of notification of such repayment (including notifying Noteholders whose
      Notes have been called but have not been surrendered for redemption or whose
      right to or interest in monies due and payable but not claimed is determinable
      from the records of the Indenture Trustee or of any Note Paying Agent of such
      repayment, at the last address of record for each such Noteholder).

     

    Section
      3.4    Existence.  The
      Issuer will
      keep in full effect its existence, rights and franchises as a statutory trust
      under the Delaware Statutory Trust Act (unless it becomes, or any successor
      Issuer under this Indenture is or becomes, organized under the laws of any
      other
      State or of the United States, in which case the Issuer will keep in full effect
      its existence, rights and franchises under the laws of such other jurisdiction)
      and will obtain and preserve its qualification in each jurisdiction in which
      such qualification is or will be necessary to protect the validity and
      enforceability of this Indenture, the Notes, the Collateral and each other
      instrument or agreement included in the Collateral.

     

    Section
      3.5    Protection of
      Collateral.

     

    (a)          The
      Issuer will (1) execute and deliver all such supple­ments and amendments to
      this Indenture and instruments of further assurance and other instruments,
      (2)
      file or authorize and cause to be filed all such financing statements and
      amendments and continuations of such financing statements and (3) take such
      other action, in each case necessary or advisable to:

     

    (i)          maintain
      or preserve the lien and security interest (and the priority of such security
      interest) of this Indenture or carry out more effectively the purposes of this
      Indenture;

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (ii)         perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)        enforce
      any of the Collateral; or

     

    (iv)        preserve
      and defend title to the Collateral and the rights of the Indenture Trustee
      and
      the Secured Parties in such Collateral against the claims of all
      Persons.

     

    (b)          The
      Issuer authorizes the Administrator and the Indenture Trustee to file any
      financing or continuation statements, and amendments to such statements, in
      all
      jurisdictions and with all filing offices as the Administrator or the Indenture
      may determine are necessary or advisable to preserve, maintain and protect
      the
      interest of the Indenture Trustee in the Collateral.  Such financing
      and continuation statements may describe the Collateral in any manner as the
      Administrator or the Indenture Trustee may reasonably determine to ensure the
      perfection of the interest of the Indenture Trustee in the Collateral (including
      describing the Collateral as "all assets" of the Issuer).  The
      Administrator or the Indenture Trustee, as applicable, will deliver to the
      Issuer file-stamped copies of, or filing receipts for, any such financing
      statement and continuation statement promptly upon such document becoming
      available following filing.

     

    (c)          The
      Indenture Trustee is under no obligation to make any determination of whether
      any such financing or continuation statements, and amendments to such
      statements, are required to be filed pursuant to this Section 3.5.

     

    Section
      3.6    Performance of
      Obligations; Servicing of Receivables.

     

    (a)          No
      Release of Material Covenants or Obligations.  The Issuer will not
      take any action, and will use its best efforts to prevent any action from being
      taken by others, that would release any Person from any material covenants
      or
      obligations under any instrument or agreement included in the Collateral or
      that
      would result in the amendment, hypothecation, subordination, termination or
      discharge of, or impair the validity or effectiveness of, any such instrument
      or
      agreement, except as provided in any Basic Document.

     

    (b)          Contracting.  The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer's Certificate of the Issuer will be
      deemed to be action taken by the Issuer.  Initially, the Issuer
      has contracted with the Servicer and the Administrator to assist the Issuer
      in performing its duties under this Indenture.

     

    (c)          Performance
      of Obligations.  The Issuer will punctually perform and observe
      all of its obligations and agreements contained in the Basic Documents and
      in
      the instruments and agreements included in the Collateral.

     

    (d)          Event
      of Servicing Termination.  If the Issuer has actual knowledge of
      the occurrence of an Event of Servicing Termination, the Issuer will promptly
      notify the Indenture Trustee and the Rating Agencies of such occurrence and
      specify in such notice any action the Issuer is taking in respect of such
      event.  If an Event of Servicing Termination arises from the failure
      of the Servicer to perform any of its duties and obligations under the Sale
      and
      Servicing Agreement with respect to the Receivables, the Issuer will take all
      reasonable steps available to cause the Servicer to remedy such
      failure.

     

    (e)          Interest
      Rate Swap.  The Issuer will not enter into any Interest
      Rate Swap after the Closing Date unless (i) as of the date that such
      Interest Rate Swap is entered into, the related Swap Counterparty has the Swap
      Required Ratings and (ii) such Interest Rate Swap provides that, if the
      related Swap Counterparty fails to have the Swap Required Ratings, such Swap
      Counterparty will take the actions that are specified in the Interest Rate
      Swap
      entered into by the Issuer on the Closing Date.

     

    
      
        
        

      

      
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    Promptly
      following the termination of any Interest Rate Swap due to an Event of Default
      or Termination Event (as each such term is defined in such Interest Rate Swap),
      the Issuer will use reasonable efforts to enter into a replacement Interest
      Rate
      Swap on terms similar to those of such terminated Interest Rate Swap with an
      eligible Swap counterparty unless the Indenture Trustee sells the Collateral
      pursuant to Section 5.6(a)(iv).

     

    Section
      3.7    Negative
      Covenants.  So long as any Notes are Outstanding, the
      Issuer will not:

     

    (a)          except
      as expressly permitted by any Basic Document, sell, transfer, exchange or
      otherwise dispose of any of the assets in the Collateral unless directed to
      do
      so by the Indenture Trustee;

     

    (b)          claim
      any credit on, or make any deduction from the principal or interest payable
      in
      respect of, the Notes (other than amounts withheld from such payments under
      the
      Code or any State or local tax law) or assert any claim against any present
      or
      former Noteholder by reason of the payment of the taxes levied or assessed
      upon
      the Issuer or the Collateral;

     

    (c)          dissolve
      or liquidate in whole or in part;

     

    (d)          (i)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as expressly
      permitted by this Indenture, (ii) permit any Lien other than Permitted Liens
      to
      be created on or extend to or otherwise arise upon or burden the Collateral
      or (iii) permit the lien of this Indenture not to constitute a valid first
      priority security interest in the Collateral (other than with respect to
      Permitted Liens); or

     

    (e)          except
      as otherwise provided in any Basic Document, amend, modify, waive, supplement,
      terminate or surrender the terms of any Collateral or any of the Basic Documents
      without the consent of the Indenture Trustee or the Noteholders of at least
      a
      majority of the Note Balance of the Notes Outstanding and upon notice to
      the Rating Agencies.

     

    Section
      3.8    Opinions as to
      Collateral.

     

    (a)          On
      the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion
      of
      Counsel to the effect that this Indenture has been properly recorded and filed
      to make effective the lien intended to be created by this Indenture, and
      reciting the details of such action, or stating that in the opinion of such
      counsel no such action is necessary to make such lien effective.

     

    (b)          On
      or before April 30 in each calendar year, beginning April 30, 2008, the Issuer
      will furnish to the Indenture Trustee an Opinion of Counsel either to the effect
      that, in the opinion of such counsel, such action has been taken with respect
      to
      the recording, filing, re-recording and refiling of this Indenture, as is
      necessary to maintain the lien of this Indenture, and reciting the details
      of
      such action, or to the effect that in the opinion of such counsel no such action
      is necessary to maintain such lien.

     

    Section
      3.9    Annual
      Statement as to Compliance.  The Issuer will deliver to the
      Indenture Trustee within 90 days after the end of each calendar year, an
      Officer's Certificate, stating, as to the Responsible Person signing such
      Officer's Certificate, that (i) a review of the Issuer's activities and of
      its
      performance under this Indenture during the preceding calendar year (or, in
      the
      case of the first certificate, the portion of the preceding calendar year since
      the Closing Date) has been made under such Responsible Person's supervision
      and
      (ii) to such Responsible Person's knowledge, based on such review, the Issuer
      has complied in all material respects with all conditions and covenants to
      be
      complied with by the Issuer under this Indenture during the preceding calendar
      year, or, if there has been a failure to comply in any material respect that
      is
      continuing, specifying each such failure known to such Responsible Person and
      the nature and status of such failure.  If the Issuer is not required
      to file periodic reports under the Exchange Act or otherwise required by law
      to
      file an Officer's Certificate of the Issuer as to compliance, such Officer's
      Certificate may be delivered on or before April 30 of each calendar
      year.  A copy of the Officer's Certificate referred to in this Section
      3.9 may be obtained by any Noteholder or Person certifying it is a Note Owner
      by
      a request in writing to the Indenture Trustee at its Corporate Trust
      Office.  The Issuer's obligation to deliver an Officer's Certificate
      under this Section 3.9 will terminate upon the payment in full of the Notes,
      including by redemption in whole pursuant to Section 10.1.

     

    
      
        
        

      

      
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    Section
      3.10    Consolidation and
      Merger; Sale of Assets.  The Issuer will not consolidate or merge
      with or into any other Person or convey or transfer all or substantially all
      of
      the assets included in the Collateral to any Person, unless:

     

    (a)          the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger, or that acquires the properties and assets, (i) is organized and
      existing under the laws of the United States or any State and (ii) assumes,
      by
      an indenture supplemental to this Indenture, executed and delivered to the
      Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee,
      the
      due and punctual payment of the principal of and interest on all Notes, all
      obligations under the Interest Rate Swaps and the performance or observance
      of
      every agreement and covenant of this Indenture to be performed or observed
      by
      the Issuer, all as provided in this Indenture;

     

    (b)          with
      respect to a conveyance or transfer of all or substantially all of the assets
      included in the Collateral, the Person that acquires the properties and assets
      agrees by means of the supplemental inden­ture executed and delivered
      pursuant to clause (a) (i) that all right, title and interest so conveyed or
      transferred will be subject and subordinate to the rights of the Noteholders,
      (ii) unless otherwise provided in such supplemental indenture, to indemnify,
      defend and hold harmless the Issuer from and against any costs, expenses,
      losses, damages, claims and liabilities (including attor­neys' fees) arising
      under or related to this Indenture and the Notes and (iii) that such Person
      will make all filings with the Securities and Exchange Commission (and any
      other
      appropriate Person) required by the Exchange Act in connection with the
      Notes;

     

    (c)          immediately
      after giving effect to such consolidation, merger or sale, no Default or Event
      of Default will have occurred and be continuing;

     

    (d)          Rating
      Agency Confirmation has been obtained with respect to such consolidation, merger
      or sale;

     

    (e)          the
      Issuer has received an Opinion of Counsel (and has delivered copies of such
      Opinion of Counsel to the Indenture Trustee) to the effect that such
      consolidation, merger or sale will not cause (i) any security issued by the
      Issuer to be deemed sold or exchanged for purposes of Section 1001 of the Code
      or (ii) the Issuer to be treated as an association or publicly traded
      partnership taxable as a corporation for U.S. federal income tax
      purposes;

     

    (f)          any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture has been taken; and

     

    (g)          the
      Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and
      the
      Indenture Trustee an Officer's Certificate and an Opinion of Counsel each to
      the
      effect that such consolidation, merger or sale and such supplemental indenture
      comply with this Article III and that all conditions precedent in this Indenture
      relating to such consolidation, merger or sale have been complied with
      (including any filing required by the Exchange Act).

     

    
      
        
        

      

      
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    Section
      3.11    Successor or
      Transferee.

     

    (a)          Upon
      any consolidation or merger of the Issuer in accordance with Section 3.10,
      the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) will succeed to, and be substituted for, and may exercise every right
      and power of, the Issuer under this Indenture with the same effect as if such
      Person had been named as the Issuer in this Indenture.

     

    (b)          Upon
      a conveyance or sale of all or substantially all of the assets and properties
      of
      the Issuer pursuant to Section 3.10, the Issuer will be released from every
      covenant and agreement of this Indenture to be performed or observed by the
      Issuer with respect to the Notes immediately upon the delivery of notice to
      the
      Indenture Trustee stating that the Issuer is to be so released.

     

    Section
      3.12    No
      Other
      Activities.  The Issuer will not engage in any activities
      other than financing, acquiring, owning and pledging the Receivables in the
      manner contemplated by the Basic Documents and activities incidental
      thereto.

     

    Section
      3.13    Further
      Instruments and Acts.  Upon request of the Indenture Trustee, the
      Issuer will execute and deliver such further instruments and do such further
      acts as may be reasonably necessary or proper to carry out the purpose of this
      Indenture.

     

    Section
      3.14    Restricted
      Payments.

     

    (a)          The
      Issuer will not, directly or indirectly, (i) make any distribution (by reduction
      of capital or otherwise) to the Owner Trustee or any owner of a beneficial
      interest in the Issuer or otherwise with respect to any ownership or equity
      interest or security in or of the Issuer or to the Servicer or the
      Administrator, (ii) redeem, purchase, retire or otherwise acquire for value
      any such ownership or equity interest or security or (iii) set aside or
      otherwise segregate any amounts for any such purpose.

     

    (b)          Notwithstanding
      Section 3.14(a), the Issuer may make payments to the Servicer, the
      Administrator, the Owner Trustee, the Indenture Trustee, the Swap
      Counterparties, the Noteholders and the Depositor to the extent contemplated
      by
      the Basic Documents.

     

    (c)          The
      Issuer will not, directly or indirectly, make payments to or distributions
      from
      the Collection Account or the Principal Payment Account except in accordance
      with the Basic Documents.

     

    Section
      3.15    Notice of Events
      of Default.

     

      The
      Issuer will notify the Indenture Trustee and the Rating Agencies within 5
      Business Days after a Responsible Person of the Issuer obtains actual knowledge
      of an Event of Default.

     

    Section
      3.16    Representations
      and Warranties of the Issuer as to Security Interest.  The Issuer
      represents and warrants to the Indenture Trustee as of the Closing
      Date:

     

    (a)          This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee which
      security interest is prior to all other Liens, and is enforceable as such
      against creditors of and purchasers from the Issuer.

     

    (b)          All
      of the Permitted Investments have been and will be credited to a Securities
      Account.  The securities intermediary for each Securities Account has
      agreed to treat all assets credited to the Securities Accounts as "financial
      assets" within the meaning of the applicable UCC.  The Collateral
      (other than those Permitted Investments which have been credited to a Securities
      Account) constitutes "chattel paper," "instruments" or "general
      intangibles" within the meaning of the applicable UCC.

     

    
      
        
        

      

      
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    (c)          The
      Issuer owns and has good and marketable title to the Receivables free and clear
      of any Lien other than Permitted Liens.  The Issuer has received all
      consents and approvals required by the terms of the Receivables to transfer
      to
      the Indenture Trustee all of its interest and rights in the Receivables and
      the Interest Rate Swaps, except to the extent that any requirement for consent
      or approval is rendered ineffective under the applicable UCC.

     

    (d)          The
      Issuer has caused, or will cause within 10 days after the Closing Date, the
      filing of all appropriate financing statements in the proper filing office
      in
      the appropriate jurisdictions under applicable law in order to perfect the
      security interest Granted in the Collateral to the Indenture
      Trustee.

     

    (e)          The
      Issuer has delivered to the Indenture Trustee a fully executed agreement
      pursuant to which the securities intermediary has agreed to comply with all
      instructions originated by the Indenture Trustee relating to the Securities
      Accounts without further consent by the Issuer.

     

    (f)          Other
      than the security interest Granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any part of the Collateral.  The
      Issuer has not authorized the filing of and is not aware of any financing
      statements against the Issuer that include a description of collateral covering
      any part of the Collateral, other than any financing statements relating to
      the
      security interest Granted to the Indenture Trustee.  The Issuer is not
      aware of any judgment or tax lien filings against it.

     

    (g)          The
      Securities Accounts are not in the name of any Person other than the Issuer
      or
      the Indenture Trustee.  The Issuer has not consented to the securities
      intermediary of any Securities Account complying with entitlement orders of
      any
      Person other than the Indenture Trustee.

     

    (h)          All
      financing statements filed or to be filed against the Issuer, or any assignor
      of
      which the Issuer is the assignee, in favor of the Indenture Trustee in
      connection with this Indenture describing the Collateral contain a statement
      substantially to the following effect:  "The grant of a security
      interest in any collateral described in this financing statement will violate
      the rights of the Secured Parties."

     

    Section
      3.17    Audits
      of the Issuer.  The
      Issuer
      agrees that, with reasonable prior notice, it will permit any authorized
      representative of the Indenture Trustee, the Servicer or the Administrator,
      during the Issuer's normal business hours, to examine and audit the books of
      account, records, reports and other documents and materials of the Issuer
      relating to the performance of the Issuer's obligations under this
      Indenture.  In addition, the Issuer will permit such representatives
      to make copies and extracts of any such books and records and to discuss the
      same with the Issuer's officers and registered public
      accountants.  Each of the Indenture Trustee, the Servicer and the
      Administrator will, and will cause its authorized representatives to, hold
      in
      confidence all such information except to the extent (a) disclosure may be
      required by law (and all reasonable applications for confidential treatment
      are
      unavailing) or (b) that the Indenture Trustee, the Servicer or the
      Administrator, as the case may be, reasonably determines that such disclosure
      is
      consistent with its obligations under this Indenture.

     

    Section
      3.18    Representations
      and Warranties of the Issuer.  The Issuer represents and
      warrants to the Indenture Trustee as of the Closing Date:

     

    (a)          Organization
      and Qualification.  The Issuer is a statutory trust duly formed,
      validly existing and in good standing under the laws of the State of
      Delaware.

     

    
      
        
        

      

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

     

    (c)          No
      Conflicts and No Violation.  The execution and delivery by the
      Issuer of this Indenture, the consummation by the Issuer of the transactions
      contemplated by this Indenture and the compli­ance by the Issuer with this
      Indenture will not (i) violate any Delaware State law, governmental rule or
      regulation applicable to the Issuer or any judgment or decree binding on it
      or
      (ii) conflict with, result in a breach of, or constitute (with or without notice
      or lapse of time or both) a default under any indenture, mortgage, deed of
      trust, loan agreement, guarantee or similar agreement or instrument under which
      the Issuer is a debtor or guarantor, in each case which conflict, breach,
      default, lien, or violation would reasonably be expected to have a material
      adverse effect on the Issuer's ability to perform its obligations under this
      Indenture.

     

    (d)          No
      Proceedings.  To the Issuer's knowledge, there are no proceedings
      or investigations pending or overtly threatened in writing before any court
      or
      other governmental authority of the State of Delaware: (i) asserting the
      invalidity of any of the Basic Documents or the Notes (ii) seeking to prevent
      the issuance of the Notes or the consummation of any of the transactions
      contemplated by any of the Basic Documents, (iii) seeking any determination
      or
      ruling that would reasonably be expected to have a material adverse effect
      on
      the Trust Property or the Issuer's ability to perform its obligations under,
      or
      the validity or enforceability any of the Basic Documents or the
      Notes.

     

    Section
      3.19    Calculation
      Agent.

     

    (a)          The
      Issuer agrees that for so long as any of the Floating Rate Notes are Outstanding
      there will at all times be an agent appointed to calculate LIBOR in respect
      of
      each Interest Period (the "Calculation Agent").  The Issuer
      appoints The Bank of New York as Calculation Agent for purposes of determining
      LIBOR for each Interest Period and The Bank of New York accepts such
      appointment.  The Calculation Agent may be removed by the Issuer at
      any time.  If the Calculation Agent is unable or unwilling to act as
      such or is removed by the Issuer, the Issuer will promptly appoint as a
      replacement Calculation Agent a leading bank which is engaged in transactions
      in
      Eurodollar deposits in the international Eurodollar market and which does not
      control or is not controlled by or under common control with the Issuer or
      its
      Affiliates.  The Calculation Agent may not resign its duties without a
      successor having been duly appointed.

     

    ARTICLE
      IV

    SATISFACTION
      AND DISCHARGE

     

    Section
      4.1    Satisfaction and
      Discharge of Indenture.

     

    (a)          Subject
      to Section 4.1(b), this Indenture will cease to be of further effect with
      respect to the Notes, and the Indenture Trustee, upon Issuer Order and at the
      expense of the Issuer, will execute proper instruments acknowledging
      satisfaction and discharge of this Indenture with respect to the Notes,
      if:

     

    (i)          all
      Notes that have been authenticated and delivered (other than (x) Notes that
      have
      been destroyed, lost or stolen and that have been replaced or paid as provided
      in Section 2.5 and (y) Notes for whose payment money has been deposited in
      trust
      or segregated and held in trust by the Issuer and thereafter repaid to the
      Issuer or discharged from such trust, as provided in Section 3.3) have been
      delivered to the Indenture Trustee for cancellation;

     

    
      
        
        

      

      
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    (ii)          the
      Issuer has paid or caused to be paid all other sums payable under the Basic
      Documents and all payments due to the Swap Counterparties by the
      Issuer; and

     

    (iii)          the
      Issuer has delivered to the Indenture Trustee an Officer's Certificate and
      an
      Opinion of Counsel, each to the effect that all conditions precedent relating
      to
      the satisfaction and discharge of this Indenture pursuant to this Section 4.1(a)
      have been complied with.

     

    (b)          After
      the satisfaction and discharge of this Indenture pursuant to Section 4.1(a),
      this Indenture will continue as to (i) rights of registration of transfer and
      exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii)
      the rights of Noteholders to receive payments of principal of and interest
      on
      the Notes, (iv) Sections 3.3, 3.4, 3.5, 3.7, 3.10, 3.12, 3.13, 3.14 and 3.15,
      (v) the rights, obligations and immunities of the Indenture Trustee under
      this Indenture and (vi) the rights of the Secured Parties as beneficiaries
      of
      this Indenture with respect to the property deposited with the Indenture Trustee
      payable to all or any of them for a period of 2 years following such
      satisfaction and discharge.

     

    (c)          Upon
      the satisfaction and discharge of the Indenture pursuant to this Section 4.1,
      at
      the request of the Owner Trustee, the Indenture Trustee will deliver to the
      Owner Trustee a certificate of a Trustee Officer stating that all Noteholders
      have been paid in full and stating whether, to the best knowledge of such
      Trustee Officer, any claims remain against the Issuer in respect of the
      Indenture and the Notes.

     

    ARTICLE
      V

    REMEDIES

     

    Section
      5.1    Events of
      Default.

     

    (a)          The
      occurrence of any one of the following events will constitute an event of
      default under this Indenture (each, an "Event of Default"):

     

    (i)          failure
      to pay interest due on any Note of the Controlling Class when the same becomes
      due and payable on each Payment Date, and such failure continues for a period
      of
      5 days or more;

     

    (ii)          failure
      to pay the principal of any Note at its Final Scheduled Payment Date or
      Redemption Date, if any;

     

    (iii)          failure
      to observe or perform any material covenant or agreement of the Issuer made
      in
      this Indenture (other than covenants and agreements as to which the failure
      to
      observe or perform is specifically covered elsewhere in this Section 5.1) or
      any
      representation or warranty of the Issuer made in this Indenture or in any
      Officer's Certificate or other document delivered pursuant to or in connection
      with this Indenture proves to have been incorrect in any material respect as
      of
      the time made and, in each case, such failure or incorrectness continues for
      a
      period of 60 days after notice was given to the Issuer by the Indenture Trustee
      or to the Issuer and the Indenture Trustee by the Noteholders of at least 25%
      of
      the Note Balance of the Controlling Class specifying such failure or
      incorrectness, requiring it to be remedied and stating that such notice is
      a
      "Notice of Default"; or

     

    (iv)          the
      occurrence of an Insolvency Event with respect to the Issuer.

     

    (b)          The
      Issuer will notify the Indenture Trustee within 5 Business Days after a
      Responsible Person of the Issuer has actual knowledge of the occurrence of
      an
      event set forth in Section 5.1(a)(iii) which with the giving of notice and
      the
      lapse of time would become an Event of Default, which notice will describe
      such
      Default, the status of such Default and what action the Issuer is taking or
      proposes to take with respect to such Default.  The Issuer will send a
      copy of such notice to each Qualified Institution or Qualified Trust Institution
      (if not the Indenture Trustee) maintaining a Bank Account.

     

    
      
        
        

      

      
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    Section
      5.2    Acceleration of
      Maturity; Rescission and Annulment.

     

    (a)          If
      an Event of Default occurs and is continuing, the Indenture Trustee or the
      Noteholders of at least a majority of the Note Balance of the Controlling Class
      may declare all of the Notes to be immediately due and payable, by notice to
      the
      Issuer (and to the Indenture Trustee if given by the
      Noteholders).  Upon any such declaration, the unpaid Note Balance of
      the Notes, together with accrued and unpaid interest through the date of
      acceleration, will become immediately due and payable.  If an Event of
      Default specified in Section 5.1(a)(iv) occurs, all unpaid principal of and
      accrued and unpaid interest on the Notes, and all other amounts payable under
      this Indenture, will automatically become due and payable without any
      declaration or other act on the part of the Indenture Trustee or any
      Noteholder.  Upon any such declaration or automatic acceleration, the
      Indenture Trustee will promptly notify each Noteholder, each Swap
      Counterparty and each Qualified Institution or Qualified Trust Institution
      (if
      not the Indenture Trustee) maintaining a Bank Account.

     

    (b)          The
      Noteholders of at least a majority of the Note Balance of the Controlling Class,
      by notice to the Issuer and the Indenture Trustee, may rescind and annul a
      declaration of acceleration of maturity and its consequences before a
      judgment or decree for payment of the amount due has been obtained by the
      Indenture Trustee as provided in this Article V if:

     

    (i)          the
      Issuer has paid or deposited with the Indenture Trustee an amount sufficient
      to
      (1) pay all payments of principal of and interest on the Notes and all other
      amounts that would then be due under this Indenture or upon the Notes and the
      Interest Rate Swaps if the Event of Default giving rise to such acceleration
      had
      not occurred, (2) pay all amounts owed to the Indenture Trustee under Section
      6.7, and (3) pay all other outstanding fees and expenses of the Issuer,
      and

     

    (ii)          all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.14.

     

    No
      such
      rescission will affect any subsequent default or impair any right resulting
      from
      such rescission.

     

    Section
      5.3    Collection of
      Indebtedness by the Indenture Trustee.

     

    (a)          The
      Issuer covenants that if an Event of Default under Section 5.1(a)(i) or (ii)
      occurs and continues, the Issuer, upon demand of the Indenture Trustee, will
      pay
      to the Indenture Trustee for the benefit of the Noteholders, such overdue amount
      with interest on any overdue principal at the applicable Note Interest Rate
      and,
      to the extent lawful, with interest on any overdue interest at the applicable
      Note Interest Rate.  In addition, the Issuer covenants to pay, or to
      cause the Administrator to pay, the costs and expenses of collection, including
      all amounts owed to the Indenture Trustee under Section 6.7.

     

    (b)          If
      the Issuer fails to pay such amounts upon such demand, the Indenture Trustee,
      in
      its own name and as trustee of an express trust, may institute a Proceeding
      for
      the collection of the sums so due and unpaid, and may prosecute such Proceeding
      to judgment or final decree, and may enforce the same against the Issuer and
      collect the monies adjudged or decreed to be payable in the manner provided
      by
      law out of the Collateral.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Section
      5.4    Trustee May File
      Proofs of Claim.

     

    (a)          In
      case there is pending, relative to the Issuer, Proceedings under the Bankruptcy
      Code or any other federal or State bankruptcy, insolvency or other similar
      law,
      or in case a trustee, liquidator, receiver or similar official has been
      appointed for or taken possession of the Issuer or its property, the Indenture
      Trustee, irrespective of whether the Indenture Trustee has made any demand
      pursuant to Section 5.3, may:

     

    (i)          file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any amounts due to the Indenture Trustee pursuant to Section
      6.7), the Secured Parties allowed in such Proceedings;

     

    (ii)          unless
      prohibited by applicable law, vote on behalf of the Secured Parties in any
      election of a trustee, a standby trustee or a Person performing similar
      functions in any such Proceedings;

     

    (iii)          collect
      and receive any monies or other property payable or deliverable on any such
      claims and pay all amounts received with respect to the claims of the Secured
      Parties, including such claims asserted by the Indenture Trustee on their
      behalf; and

     

    (iv)          file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee, the Secured
      Parties allowed in any judicial proceedings relative to the Issuer, its
      creditors and its property.

     

    Any
      trustee, liquidator, receiver or similar official in any such Proceeding is
      authorized by each Noteholder and each Swap Counterparty to make payments to
      the
      Indenture Trustee and, if the Indenture Trustee consents to the making of
      payments directly to such Noteholders and such Swap Counterparty, to pay to
      the
      Indenture Trustee an amount sufficient to cover all amounts owed to the
      Indenture Trustee under Section 6.7.

     

    (b)          Except
      as provided in Section 5.4(a)(ii), this Indenture does not authorize the
      Indenture Trustee to authorize or consent to or vote for or accept or adopt
      on
      behalf of any Noteholder or any Swap Counterparty any plan of reorganization,
      arrangement, adjustment or composition affecting the Notes or the Interest
      Rate
      Swaps or the rights of any Noteholder or any Swap Counterparty to authorize
      the
      Indenture Trustee to vote in respect of the claim of any Noteholder or any
      Swap
      Counterparty in any such proceeding.

     

    Section
      5.5    Trustee May
      Enforce Claims Without Possession of Notes.

     

    (a)          All
      rights of action and claims under this Indenture, or under any of the Notes,
      may
      be enforced by the Indenture Trustee without the possession of any of the Notes
      or the production of any of the Notes in any Proceeding relative to any of
      the
      Notes, and any such Proceeding instituted by the Indenture Trustee will be
      brought in its own name as trustee of an express trust, and any recovery of
      judgment, subject to the amounts owed to the Indenture Trustee under Section
      6.7, will be for the benefit of the Secured Parties in respect of which such
      judgment has been recovered.

     

    (b)          In
      any Proceeding brought by the Indenture Trustee (and any Proceeding involving
      the interpretation of this Indenture to which the Indenture Trustee is a party),
      the Indenture Trustee will be held to represent all the Noteholders, and it
      will
      not be necessary to make any Noteholder a party to any such
      Proceeding.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Section
      5.6    Remedies;
      Priorities.

     

    (a)          If
      the Notes have been accelerated under Section 5.2(a), the Indenture Trustee
      may
      do one or more of the following (subject to Section 5.7), and will upon
      direction of a majority of the Controlling Class:

     

    (i)          institute
      a Proceeding in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect to the Notes, enforce any judgment obtained and collect from the Issuer
      monies adjudged due;

     

    (ii)          institute
      a Proceeding for the complete or partial foreclosure of this Indenture with
      respect to the Collateral;

     

    (iii)          exercise
      any remedies of a secured party under the UCC and take any other action to
      protect and enforce the rights and remedies of the Indenture Trustee, the
      Noteholders and the Swap Counterparties; and

     

    (iv)          sell
      or otherwise liquidate the Collateral or any portion of the Collateral or rights
      or interest in the Collateral at one or more public or private sales called
      and
      conducted in any manner permitted by law.

     

    The
      Indenture Trustee will notify each Noteholder, each Swap Counterparty and the
      Depositor of any sale or liquidation pursuant to Section 5.6(a)(iv) at least
      15
      days (but not less than the time required under the UCC or any other law) before
      such sale or liquidation.  Any Noteholder, any Swap Counterparty or
      the Depositor may submit a bid with respect to such sale or
      liquidation.

     

    (b)          Notwithstanding
      Section 5.6(a), the Indenture Trustee is prohibited from selling or otherwise
      liquidating the Collateral unless:

     

    (i)          the
      Event of Default is described in Section 5.1(a)(i) or (ii); or

     

    (ii)          the
      Event of Default is described in Section 5.1(a) (iii) and:

     

    (1)          the
      Noteholders representing 100% of the Note Balance of the Notes consent to such
      sale or liquidation; or

     

    (2)          the
      proceeds of such sale or liquidation are expected to be sufficient to pay in
      full all amounts owed by the Issuer to the Noteholders including all principal
      of and accrued interest on the Outstanding Notes and all payments due (including
      any Swap Termination Payments) under the Interest Rate Swaps;

     

    (iii)           the
      Event of Default is described in Section 5.1(a) (iv) and:

     

    (1)          the
      Noteholders representing 100% of the Note Balance of the Controlling Class
      consent to such sale or liquidation; or

     

    (2)          the
      proceeds of such sale or liquidation are expected to be sufficient to pay in
      full all amounts owed by the Issuer to the Secured Parties including all
      principal of and accrued interest on the Outstanding Notes and all payments
      due
      (including any Swap Termination Payments) under the Interest Rate Swaps;
      or

     

    (3)          the
      Indenture Trustee (A) determines (but will have no obligation to make such
      determination) that the Collateral will not continue to provide sufficient
      funds
      for the payment of principal of and interest on the Notes as they would have
      become due if the Notes had not been declared due and payable and (B) obtains
      the consent of Noteholders of at least 66 2/3% of the Note Balance of the
      Controlling Class.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    In
      determining whether the condition specified in clause (ii)(2), (iii)(2) or
      (iii)
      (3) (A) above has been satisfied, the Indenture Trustee may, but need not,
      obtain and rely upon an opinion of a nationally recognized Independent
      investment banking firm or firm of certified public accountants as to the
      expected proceeds or as to the sufficiency of the Collateral for such
      purpose.

     

    (c)          Any
      money or property collected by the Indenture Trustee following the occurrence
      of
      (i) an Event of Default specified in Section 5.1(a)(i), (ii) or (iv) and an
      acceleration of the Notes or (ii) an Event of Default specified in Section
      5.1(a)(iii) and the sale or other liquidation of the Collateral pursuant to
      Section 5.6(a)(iv), will be deposited into the Collection Account for
      distribution in accordance with Section 8.2(e) on the Payment Date following
      the
      Collection Period during which such amounts are collected.  In all
      other circumstances, Section 8.2(c) will continue to apply after an Event of
      Default.

     

    Section
      5.7    Optional
      Preservation of the Collateral.  If the Notes have been
      accelerated under Section 5.2(a) and such declaration and its consequences
      have
      not been rescinded and annulled in accordance with Section 5.2(b), the Indenture
      Trustee may elect to maintain possession of the Collateral.  It is the
      intention of the parties to this Indenture and the Noteholders that there
      at all times be sufficient funds for the payment of principal of and
      interest on the Notes and any payments due to the Swap
      Counterparties.  The Indenture Trustee will take such intention into
      account when determining whether or not to maintain possession of the
      Collateral.  In determining whether to maintain possession of the
      Collateral, the Indenture Trustee may obtain and rely upon an opinion of a
      nationally recognized Independent investment banking firm or firm of certified
      public accountants as to the feasibility of such proposed action and as to
      the
      sufficiency of the Collateral for such purpose.

     

    Section
      5.8    Limitation of
      Suits.

     

    (a)          No
      Noteholder has any right to institute any Proceeding with respect to this
      Indenture or for the appointment of a receiver or trustee, or for any other
      remedy under this Indenture, unless:

     

    (i)          such
      Noteholder has given notice to the Indenture Trustee of a continuing Event
      of
      Default;

     

    (ii)         the
      Noteholders of at least 25% of the Note Balance of the Controlling Class have
      requested the Indenture Trustee to institute such Proceeding in respect of
      such
      Event of Default in its own name as Indenture Trustee under this
      Indenture;

     

    (iii)        such
      Noteholders have offered reasonable indemnity satisfactory to the Indenture
      Trustee against any costs, expenses, losses, damages, claims and liabilities
      that may be incurred by the Indenture Trustee, or its agents, counsel,
      accountants and experts, in complying with such request;

     

    (iv)        the
      Indenture Trustee has failed to institute such Proceedings for 60 days after
      its
      receipt of such notice, request and offer of indemnity; and

     

    (v)         the
      Noteholders of at least a majority of the Note Balance of the Controlling Class
      have not given the Indenture Trustee any direction inconsistent with such
      request during such 60 day period.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (b)          No
      Noteholder has any right to affect, disturb or prejudice the rights of any
      other
      Noteholder or to obtain or to seek to obtain priority or preference over any
      other Noteholder or to enforce any right under this Indenture, except in the
      manner provided in this Indenture.

     

    (c)          If
      the Indenture Trustee receives conflicting requests pursuant to Section
      5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than
      a
      majority of the Note Balance of the Controlling Class, the Indenture Trustee
      in
      its sole discretion may determine what action, if any, will be
      taken.

     

    Section
      5.9    Unconditional
      Rights of Noteholders
      To Receive Principal and Interest.  Notwithstanding any
      other provisions in this Indenture, each Noteholder has an absolute and
      unconditional right to receive payment of the principal of and any interest
      on
      its Note on or after the respective due dates expressed in such Note or in
      this
      Indenture (or, in the case of redemption, on or after the Redemption Date)
      and
      to institute a Proceeding for the enforcement of any such payment in accordance
      with Section 5.8.  Such rights may not be impaired or affected without
      the consent of such Noteholder.

     

    Section
      5.10    Restoration of
      Rights and Remedies.  If
      the Indenture Trustee or
      any Noteholder has instituted any Proceeding to enforce
      any right or
      remedy under this Indenture and such Proceeding has been discontinued or
      abandoned for any reason or has been determined adversely to
      the Indenture
      Trustee or to such Noteholder, then the Issuer, the Indenture Trustee and the
      Noteholders, subject to any determination in such Proceeding, will be restored
      severally and respectively to their former positions under this Indenture,
      and
      thereafter all rights and remedies of the Indenture Trustee and the Noteholders
      will continue as though no such Proceeding had been instituted.

     

    Section
      5.11    Rights
      and Remedies
      Cumulative.  No right or remedy conferred upon or reserved to
      the Indenture Trustee
      or to the Noteholders in this Indenture is intended to be exclusive of any
      other
      right or remedy, and every right and remedy, to the extent permitted by law,
      will be cumulative and in addition to every other right and remedy given under
      this Indenture or now or hereafter existing at law or in equity or
      otherwise.  The assertion or employment of any right or remedy under
      this Indenture, or otherwise, will not prevent the concurrent assertion or
      employment of any other appropriate right or remedy.  The Indenture
      Trustee's right to seek and recover judgment on the Notes or under this
      Indenture will not be affected by the seeking, obtaining or application of
      any
      other relief under or with respect to this Indenture.  Neither the
      lien of this Indenture nor any rights or remedies of the Indenture Trustee
      or
      the Noteholders will be impaired by the recovery of any judgment by the
      Indenture Trustee against the Issuer or by the levy of any execution under
      such
      judgment upon any portion of the Collateral or upon any of the assets of the
      Issuer.

     

    Section
      5.12    Delay
      or Omission Not a
      Waiver.  No delay or omission of the Indenture Trustee or
      any Noteholder to exercise any right or remedy accruing upon any Default or
      Event of Default will impair any such right or remedy, or constitute a waiver
      of
      any such Default or Event of Default.  Every right and remedy
      conferred by this Article V or by law to the Indenture Trustee or to the
      Noteholders may be exercised from time to time, and as often as may be deemed
      expedient, by the Indenture Trustee or by the Noteholders, as the case may
      be.

     

    Section
      5.13    Control by
      Controlling Class of Noteholders.  The Noteholders of at
      least a majority of the Note Balance of the Controlling Class have the right
      to
      direct the time, method and place of conducting any Proceeding for any remedy
      available to the Indenture Trustee with respect to the Notes or exercising
      any
      trust or power conferred on the Indenture Trustee if:

     

    (a)          such
      direction does not conflict with any law or with this Indenture;

     

    (b)          except
      as provided in Section 5.6(b), any direction to the Indenture Trustee to sell
      or
      liquidate the Collateral must be made by Noteholders of 100% of the Note Balance
      of the Controlling Class;

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (c)          if
      the Indenture Trustee elects to retain the Collateral pursuant to Section 5.7,
      then any direction to the Indenture Trustee by Noteholders of less than 100%
      of
      the Note Balance of the Controlling Class to sell or liquidate the Collateral
      will be of no force and effect; and

     

    (d)          the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction from the Noteholders of
      at
      least a majority of the Note Balance of the Controlling Class.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.13, the Indenture Trustee
      need not take any action that it determines might materially adversely affect
      the rights of any Noteholders not consenting to such action.

     

    Section
      5.14    Waiver of Defaults
      and Events of Default.

     

    (a)          The
      Noteholders of at least a majority of the Note Balance of the Controlling Class
      may waive any Default or Event of Default and its consequences except an Event
      of Default (i) in the payment of principal of or interest on any of the Notes
      (other than an Event of Default relating to failure to pay principal due only
      by
      reason of acceleration) or (ii) in respect of a covenant or provision of this
      Indenture that cannot be amended, supplemented or modified without the consent
      of all Noteholders.

     

    (b)          Upon
      any such waiver, such Default or Event of Default will be deemed not to have
      occurred for every purpose of this Indenture.  No such waiver will
      extend to any other Default or Event of Default or impair any right relating
      to
      any other Default or Event of Default.

     

    Section
      5.15    Undertaking
      for
      Costs.  All parties to this Indenture agree, and each
      Noteholder by such Noteholder's acceptance of a Note will be deemed to have
      agreed, that a court may in its discretion require, in any suit for the
      enforcement of any right or remedy under this Indenture, or in any suit against
      the Indenture Trustee for any action taken, suffered or omitted by it as
      Indenture Trustee, the filing by any party litigant in such suit of an
      undertaking to pay the costs of such suit, and that such court may in its
      discretion assess reasonable costs, including reasonable attorneys' fees,
      against any party litigant in such suit.  This Section 5.15 will not
      apply to (a) any suit instituted by the Indenture Trustee, (b) any suit
      instituted by any Noteholder or group of Noteholders, in each case holding
      in
      the aggregate more than 10% of the Note Balance of the Notes Outstanding (or
      in
      the case of a suit for the enforcement of any right or remedy under this
      Indenture that is instituted by the Controlling Class, more than 10% of the
      Note
      Balance of the Controlling Class) or (c) any suit instituted by any Noteholder
      for the enforcement of the payment of principal of or interest on any Note
      on or
      after the respective due dates expressed in such Note and in this Indenture
      (or,
      in the case of redemption, on or after the Redemption Date).

     

    Section
      5.16    Waiver
      of Stay or
      Extension
      Laws.  The Issuer covenants (to the extent that it may
      lawfully do so) that it will not insist upon, or plead or in any manner
      whatsoever, claim or take the benefit or advantage of, any stay or extension
      that may affect the covenants or the performance of this Indenture, and the
      Issuer (to the extent that it may lawfully do so) waives all benefit or
      advantage of any such law, and covenants that it will not hinder, delay or
      impede the execution of any power in this Indenture granted to the Indenture
      Trustee, but will suffer and permit the execution of every such power as though
      no such law had been enacted.

     

    Section
      5.17    Performance and
      Enforcement of Certain Obligations.

     

    (a)          At
      the Administrator's expense, the Issuer will promptly take all such lawful
      action as the Indenture Trustee may request to (i) compel the performance by
      (1)
      the Depositor and the Servicer of their obligations to the Issuer under the
      Sale
      and Servicing Agreement, or (2) the Depositor and Ford Credit of their
      obligations under the Purchase Agreement and (ii) exercise any and all
      rights, remedies, powers, privileges and claims lawfully available to the Issuer
      under such agreements to the extent and in the manner directed by the Indenture
      Trustee.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    (b)          If
      an Event of Default has occurred and is continu­ing, the Indenture Trustee
      may, and at the direction of the Noteholders of at least
      66 2/3% of the Note Balance of the Controlling Class will, exercise all rights,
      remedies, powers, privileges and claims of the Issuer against (i) the Depositor
      or the Servicer under the Sale and Servicing Agreement, or (ii) the Depositor
      or
      Ford Credit under the Purchase Agreement, including the right or power to
      take any action to compel or secure performance or observance by such Persons
      of
      their obligations to the Issuer under such agreements, and to give any consent,
      request, notice, direction, approval, extension or waiver under such agreements,
      and any right of the Issuer to take such action will be suspended.

     

    (c)          Promptly
      following a request from the Indenture Trustee to do so, and at the
      Administrator's expense, the Issuer will take all such lawful action as the
      Indenture Trustee may request to compel the performance by the Swap
      Counterparties in accordance with the related Interest Rate Swaps and to
      exercise any and all rights, remedies, powers, privileges and claims lawfully
      available to the Issuer under or in connection with such Interest Rate Swap
      to
      the extent and in the manner directed by the Indenture Trustee.

     

    (d)          If
      an Event of Default has occurred and is continuing, the Indenture Trustee may,
      and at the direction of the Noteholders evidencing not less than 66 2/3% of
      the
      Note Balance of the Outstanding Notes will, exercise all rights, remedies,
      powers, privileges and claims of the Issuer against each of the Swap
      Counterparties, including the right or power to take any action to compel or
      secure performance or observance by each Swap Counterparty of its obligations
      to
      the Issuer under the respective Interest Rate Swap, and to give any consent,
      request, notice, direction, approval, extension or waiver under the related
      Interest Rate Swap, and any right of the Issuer to take such action will be
      suspended.

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE

     

    Section
      6.1    Duties of
      Indenture Trustee.

     

    (a)          If
      an Event of Default has occurred and is continuing, the Indenture Trustee will
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent Person would use under
      the circumstances in the conduct of such Person's own affairs.

     

    (b)          Except
      during the continuance of an Event of Default:

     

    (i)          the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and no implied covenants or obligations
      are to be read into this Indenture against the Indenture Trustee;
      and

     

    (ii)          in
      the absence of bad faith on its part, the Indenture Trustee may conclusively
      rely, as to the truth of the statements and the correctness of the opinions
      furnished to it, upon any certificates or opinions furnished to it and, if
      required by the terms of this Indenture, conforming to the requirements of
      this
      Indenture, provided that the Indenture Trustee will examine any such
      certificates and opinions to determine whether or not they conform to the
      requirements of this Indenture.

     

    (c)          The
      Indenture Trustee will not be relieved from liability for its own willful
      misconduct, negligent action or negligent failure to act, except
      that:

     

    (i)          this
      Section 6.1(c) does not limit the effect of Section 6.1(b);

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    (ii)          the
      Indenture Trustee will not be liable for any error of judgment made in good
      faith by a Responsible Person unless it is proved that the Indenture Trustee
      was
      negligent in ascertaining the pertinent facts; and

     

    (iii)          the
      Indenture Trustee will not be liable for any action it takes or omits to take
      in
      good faith in accordance with a direction received by it pursuant to Section
      5.13 and 5.17(b).

     

    (d)          The
      Indenture Trustee will not be liable for interest on any money received by
      it
      except as the Indenture Trustee may agree in writing with the
      Issuer.

     

    (e)          Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law, this Indenture or the Sale and Servicing
      Agreement.

     

    (f)          Every
      provision of this Indenture relating to the conduct of, affecting the liability
      of or affording protection to the Indenture Trustee is subject to this Section
      6.1 and to the TIA.

     

    (g)          The
      Indenture Trustee will not be charged with knowledge of any Default or any
      Event
      of Default unless either (i) a Responsible Person of the Indenture Trustee
      has
      actual knowledge of such Default or Event of Default or (ii) notice of such
      Default or Event of Default has been given to the Indenture Trustee in
      accordance with this Indenture.

     

    Section
      6.2    Rights of
      Indenture Trustee.

     

    (a)          The
      Indenture Trustee may rely and will be protected in acting or refraining from
      acting upon any certificate, instrument, opinion, report, notice, request,
      direction, consent or other document believed by it to be genuine and appears
      on
      its face to be properly executed and signed or presented by the proper
      Person.  The Indenture Trustee need not investigate any fact or
      matters stated in any such document.

     

    (b)          Before
      the Indenture Trustee acts or refrains from acting, it may require an Officer's
      Certificate or an Opinion of Counsel.  The Inden­ture Trustee will
      not be liable for any action it takes or omits to take in good faith in reliance
      on an Officer's Certificate or Opinion of Counsel.

     

    (c)          The
      Indenture Trustee may exercise any of its rights or powers under this Indenture
      or perform any duties under this Indenture either directly or by or through
      agents or attorneys or a custodian or nominee, and the Indenture Trustee will
      not be responsible for any misconduct or negligence on the part of, or for
      the
      supervision of, any such agent, counsel, custodian or nominee appointed with
      due
      care by it under this Indenture.

     

    (d)          The
      Indenture Trustee will not be liable for any action it takes or omits to take
      in
      good faith which it believes to be authorized or within its rights or powers
      if
      such action or omission by the Indenture Trustee does not constitute
      negligence.

     

    (e)          The
      Indenture Trustee may consult with counsel, and the advice or opinion of counsel
      with respect to legal matters relating to this Indenture and the Notes will
      be
      full and complete authorization and protection from liability with respect
      to
      any action taken or not taken by the Indenture Trustee under this Indenture
      in
      good faith and in accordance with the advice or opinion of such
      counsel.

     

    (f)          The
      Indenture Trustee is under no obligation to (i) exercise any of the rights
      or
      powers vested in it by this Indenture or to expend or risk its own funds or
      otherwise incur financial liability in the performance of its duties under
      this
      Indenture if it has reasonable grounds to believe that repayment of funds
      advanced by it or adequate indemnity satisfactory to it against such risk or
      liability is not reasonably assured to it or (ii) to honor the request or
      direction of any of the Noteholders pursuant to this Indenture unless such
      Noteholders have offered to the Indenture Trustee reasonable security or
      indemnity satisfactory to it from and against the reasonable costs, expenses,
      disbursements, advances and liabilities that might be incurred by the
      Indenture Trustee, or its agents, counsel, accountants and experts, in complying
      with such request or direction.

     

    
      
        
        

      

      
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    Section
      6.3    Individual
      Rights of Indenture
      Trustee.  The Indenture Trustee, in its individual or any
      other capacity, may become the owner or pledgee of Notes and may otherwise
      deal
      with the Issuer or any of its Affiliates with the same rights it would have
      if
      it were not Indenture Trustee.  Any Note Paying Agent, Note
      Registrar, co-registrar or co-paying agent under this Indenture may do the
      same
      with like rights.

     

    Section
      6.4    Indenture
      Trustee's Disclaimer.  The Indenture Trustee (a)
      will not be responsible for, and makes no representation or warranty as to,
      the
      validity or adequacy of this Indenture or the Notes and (b) will not be
      accountable for the Issuer's use of the proceeds from the Notes, or responsible
      for any statement of the Issuer in this Indenture or in any document issued
      in
      connection with the sale of the Notes or in the Notes other than the Indenture
      Trustee's certificate of authentication.

     

    Section
      6.5    Notice of
      Defaults.  Within 90 days after any Default under this Indenture
      of which the a Responsible Person of the Indenture Trustee has knowledge, the
      Indenture Trustee will mail as described in Section 313(c) of the TIA to each
      Noteholder, notice of such Default, unless such Default has been cured or
      waived, provided that (a) except in the case of a Default in the payment of
      principal of or interest on any Note, the Indenture Trustee may withhold such
      notice if and so long as a committee of its Responsible Persons in good faith
      determines that the withholding of such notice is in the interests of the
      Noteholders and (b) in the case of any Default specified in Section 5.1(a)(iii),
      the Indenture Trustee will not give notice to the Noteholders until at least
      30
      days after the occurrence of such Default.

     

    Section
      6.6    Reports by
      Indenture Trustee.

     

    (a)          Upon
      delivery to the Indenture Trustee by the Servicer of the information prepared
      by
      the Servicer pursuant to Section 3.4(a) of the Sale and Servicing Agreement
      to
      enable each Noteholder to prepare its federal and State income tax returns,
      the
      Indenture Trustee will deliver the relevant portions of such information to
      each
      Noteholder of record as of the most recent Record Date (which delivery may
      be
      made by making such information available to the Noteholders through the
      Indenture Trustee's website, which initially is located at
www.absreporting.com).

     

    (b)          On
      each Payment Date, the Indenture Trustee will deliver the Monthly Investor
      Report to each Noteholder of record as of the most recent Record Date (which
      delivery may be made by e-mail to the e-mail addresses in the Note Register
      without need for confirmation of receipt or by making such report available
      to
      the Noteholders through the Indenture Trustee's website, which initially is
      located at www.absreporting.com).  On each Payment Date, the
      Indenture Trustee will deliver the Monthly Investor Report to the Owner Trustee
      (by e-mail without need for confirmation of receipt) to forward to the holder
      of
      the Residual Interest.

     

    (c)          If
      required by Regulation AB and requested by the Depositor or the Servicer, the
      Indenture Trustee will deliver to the Depositor, the Owner Trustee, and the
      Servicer on or before March 1 of each year, beginning March 1, 2008, an
      Officer's Certificate, dated as of December 31 of the preceding calendar year,
      signed by a Responsible Person of the Indenture Trustee (i) to the effect that
      (A) a review of the Indenture Trustee's activities during the preceding calendar
      year (or, in the case of the first certificate, the portion of the preceding
      calendar year, since the Closing Date) and of its performance under this
      Indenture has been made under such Responsible Person's supervision and (B)
      to
      such Responsible Person's knowledge, based on such review, the Indenture Trustee
      has fulfilled in all material respects all of its obligations under this
      Indenture throughout such calendar year (or, in the case of the first
      certificate, the portion of the preceding calendar year since the Closing Date),
      or, if there has been a failure to fulfill any such obligation in any material
      respect, specifically identifying each such failure known to such Responsible
      Person and the nature and status of such failure and (ii) certifying to matters
      related to the Indenture Trustee as required under Form 10-K under the Exchange
      Act.  If the Issuer is not required to file periodic reports under the
      Exchange Act or otherwise required by law to file an Officer's Certificate
      of the Indenture Trustee as to compliance, such Officer's Certificate may be
      delivered on or before April 1 of each calendar year.

     

    
      
        
        

      

      
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    (d)          If
      required under Regulation AB, the Indenture Trustee will:

     

    (i)          deliver
      to the Depositor, the Owner Trustee and the Servicer, a report, dated as of
      December 31 of the preceding calendar year, on its assessment of compliance
      with
      the applicable minimum servicing criteria regarding general servicing, cash
      and
      collection administration, investor remittances and reporting and pool asset
      administration during the preceding calendar year, including disclosure of
      any
      material instance of non-compliance identified by the Indenture Trustee, as
      required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
      Regulation AB under the Securities Act.

     

    (ii)          cause
      a firm of registered public accountants that is qualified and independent within
      the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver
      to the Depositor, Owner Trustee and the Servicer an attestation report that
      satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange
      Act,
      as applicable, on the assessment of compliance with servicing criteria with
      respect to the prior calendar year.  Such attestation report will be
      addressed to the board of directors of the Servicer and to the Depositor and
      Owner Trustee.  Such attestation report will be in accordance with
      Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
      the
      Exchange Act.  The firm may render other services to the Indenture
      Trustee, but the firm must indicate in each attestation report that it is
      qualified and independent within the meaning of Rule 2-01 of Regulation S-X
      under the Securities Act.

     

    (iii)          The
      reports referred to in this Section 6.6(d) will be delivered on before March
      1
      of each year, beginning March 1, 2008 in a format suitable for filing with
      the
      Securities and Exchange Commission on EDGAR, unless the Issuer is not required
      to file periodic reports under the Exchange Act or any other law, in which
      case
      the reports will be delivered on or before April 1 of each calendar year,
      beginning April 1, 2008.

     

    Section
      6.7    Compensation and
      Indemnity.

     

    (a)          The
      Issuer will pay the Indenture Trustee as compensation for the Indenture
      Trustee's services under this Indenture such fees as have been separately agreed
      upon on the date of this Indenture between the Issuer and the Indenture
      Trustee.  The Indenture Trustee's compensation will not be limited by
      any law on compensation of a trustee of an express trust.  The Issuer
      will reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
      incurred or made by the Indenture Trustee, including costs of collection, and
      the reasonable compensation, expenses and disbursements of the Indenture
      Trustee's agents, counsel, accountants and experts, but excluding any expenses
      incurred by the Indenture Trustee through the Indenture Trustee's willful
      misconduct, bad faith or negligence (except for errors in
      judgment).

     

    (b)          The
      Issuer will cause the Administrator to indemnify, defend and hold harmless
      the
      Indenture Trustee, and its respective officers, directors, employees and agents,
      from and against any and all costs, expenses, losses, damages, claims and
      liabilities (including the reasonable compensation, expenses and
      disbursements of the Indenture Trustee's agents, counsel, accountants and
      experts) incurred by it in connection with the administration of and the
      performance of its duties under this Indenture, including the costs and expenses
      of defending itself against any loss, damage, claim or liability incurred by
      it
      in connection with the exercise or performance of any of its powers or duties
      under this Indenture, but excluding any cost, expense, loss, damage, claim
      or
      liability (i) incurred by the Indenture Trustee through the Indenture Trustee's
      willful misconduct, bad faith or negligence (except for errors in judgment)
      or (ii) arising from the Indenture Trustee's breach of any of its
      representations or warranties set forth in this Indenture.

     

    
      
        
        

      

      
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    (c)          Promptly
      upon receipt by the Indenture Trustee, or any of its officers, directors,
      employees and agents (each, an "Indemnified Person"), of notice of the
      commencement of any Proceeding against any such Indemnified Person, such
      Indemnified Person will, if a claim in respect of such Proceeding is to be
      made
      under Section 6.7(b), notify the Issuer and the Administrator of the
      commencement of such Proceeding.  Failure by the Indenture Trustee to
      so notify the Issuer and the Administrator will not relieve the Issuer or
      the Administrator of its obligations under this Section 6.7, provided that
      neither the Issuer nor the Administrator has been materially prejudiced by
      such
      failure to so notify and notice is given within 180 days of a Responsible Person
      of the Indenture Trustee learning of such Proceeding.  The Issuer, or,
      if Issuer so causes, the Administrator, may participate in and assume the
      defense and settlement of any such Proceeding at its expense, and no settlement
      of such Proceeding may be made without the approval of the Issuer or the
      Administrator, as applicable, and such Indemnified Person, which approvals
      will
      not be unreasonably withheld, delayed or conditioned.  After notice
      from the Issuer or the Administrator, as applicable, to the Indemnified Person
      of the intention of the Issuer or the Administrator, as applicable, to assume
      the defense of such Proceeding with counsel reasonably satisfactory to the
      Indemnified Person, and so long as the Issuer or the Administrator, as
      applicable, so assumes the defense of such Proceeding in a manner reasonably
      satisfactory to the Indemnified Person, neither the Issuer nor the Administrator
      will be liable for any legal expenses of counsel to the Indemnified Person
      unless there is a conflict between the interests of the Issuer or the
      Administrator, as applicable, on one hand, and an Indemnified Person, on the
      other hand, in which case the Issuer or the Administrator, will pay for the
      separate counsel to the Indemnified Person.

     

    (d)          The
      payment obligations of the Issuer and the Administrator, to the Indenture
      Trustee pursuant to this Section 6.7 will survive the resignation or removal
      of
      the Indenture Trustee and the discharge of this Indenture.  Expenses
      incurred by the Indenture Trustee after the occurrence of a Default specified
      in
      Section 5.1(a)(iv) are intended to constitute expenses of administration under
      Title 11 of the United States Code or any other applicable federal or State
      bankruptcy, insolvency or similar law.

     

    Section
      6.8    Replacement of
      Indenture Trustee.

     

    (a)          No
      resignation or removal of the Indenture Trustee, and no appointment of a
      successor Indenture Trustee, will become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section
      6.8.  Subject to the preceding sentence, the Indenture Trustee may
      resign by notifying the Issuer.  The Noteholders of at least a
      majority in Note Balance of the Controlling Class may remove the Indenture
      Trustee without cause by notifying the Indenture Trustee and the Issuer and
      may
      appoint a successor Indenture Trustee.

     

    (b)          The
      Issuer must remove the Indenture Trustee if:

     

    (i)          the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii)          an
      Insolvency Event occurs with respect to the Indenture Trustee;

     

    (iii)          a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    
      
        
        

      

      
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    (iv)          the
      Indenture Trustee becomes legally unable to act or otherwise incapable of acting
      as Indenture Trustee.

     

    (c)          If
      the Indenture Trustee resigns or is removed or if a vacancy exists in the office
      of Indenture Trustee for any reason, the Issuer must appoint a successor
      Indenture Trustee promptly.

     

    (d)          Any
      successor Indenture Trustee will have all the rights, powers, duties and
      obligations of the Indenture Trustee under this Indenture.  The Issuer
      will continue to pay all amounts owed to the retiring Indenture Trustee in
      accordance with Section 8.2 following the retiring Indenture Trustee's
      resignation or removal until all such amounts are paid.  The successor
      Indenture Trustee will deliver a notice of its succession to the
      Noteholders.  The retiring Indenture Trustee will promptly transfer
      all property held by it as Indenture Trustee to the successor Indenture
      Trustee.

     

    (e)          If
      a successor Indenture Trustee does not take office within 60 days after the
      retiring Indenture Trustee tenders its resignation or is removed, the retiring
      Indenture Trustee, the Issuer or the Noteholders of at least a majority in
      Note
      Balance of the Controlling Class may petition any court of competent
      jurisdiction for the appointment of a successor Indenture Trustee.

     

    (f)          Notwithstanding
      the replacement of the retiring Indenture Trustee pursuant to this Section
      6.8,
      any obligations of the Issuer and the Administrator owing to the retiring
      Indenture Trustee under Section 6.7 up to the date of removal will continue
      for
      the benefit of the retiring Indenture Trustee.

     

    Section
      6.9    Successor
      Indenture Trustee by Merger.

     

    (a)          If
      the Indenture Trustee consolidates with, merges or converts into, or transfers
      all or substantially all of its corporate trust business or assets to, another
      corporation or banking association, the resulting, surviving or transferee
      corporation or banking association will be the successor Indenture Trustee
      so
      long as such corporation or banking association is otherwise qualified and
      eligible under Section 6.11.  The Indenture Trustee will promptly
      notify the Issuer, the Servicer and the Rating Agencies of any such
      transaction.

     

    (b)          If,
      at the time any such successor by merger, conversion or consolidation to the
      Indenture Trustee succeeds to the trusts created by this Indenture, any of
      the
      Notes have been authenticated but not delivered, such successor may adopt the
      certificate of authentication of any predecessor Indenture Trustee and deliver
      such Notes so authenticated.  If at such time any of the Notes have
      not been authenticated, any successor to the Indenture Trustee may authenticate
      such Notes either in the name of any predecessor Indenture Trustee or in the
      name of such successor Indenture Trustee.  In all such cases, such
      certificates will have the same force and effect provided for anywhere in the
      Notes or in this Indenture as the certificate of the predecessor Indenture
      Trustee.

     

    Section
      6.10    Appointment of
      Separate Indenture Trustee or Co-Indenture Trustee.

     

    (a)          For
      the purpose of meeting any legal requirement of any jurisdiction in which any
      part of the Collateral may at the time be located, after delivering written
      notice to the Issuer and the Servicer, the Indenture Trustee may appoint one
      or
      more Persons to act as a separate trustee or separate trustees, or co-trustee
      or
      co-trustees, of all or any part of the Issuer, and to vest in such Persons,
      in
      such capacity and for the benefit of the Secured Parties, such title to the
      Collateral, or any part of the Collateral, and, subject to this Section 6.10,
      such rights, powers, duties and obligations as the Indenture Trustee may
      consider necessary or desirable.  No separate trustee or co-trustee
      will be required to meet the terms of eligibility as a successor trustee under
      Section 6.11 and no notice to Noteholders of the appointment of any separate
      trustee or co-trustee will be required under Section 6.8.

     

    
      
        
        

      

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

     

    (i)           all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee will be conferred or imposed upon and exercised or performed by the
      Indenture Trustee, or the Indenture Trustee and such separate trustee or
      co-trustee jointly (it being understood that such separate trustee or co-trustee
      will not be authorized to act separately without the Indenture 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 Indenture Trustee
      will
      be 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
      Collateral or any portion of the Collateral in any such jurisdiction) will
      be
      exercised and performed singly by such separate trustee or co-trustee, but
      solely at the direction of the Indenture Trustee;

     

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

     

    (iii)           the
      Indenture Trustee may accept the resignation of or remove any separate trustee
      or co-trustee.

     

    (c)          Any
      notice, request or other writing given to the Indenture Trustee will be deemed
      to have been given to each appointed separate trustee and co-trustee, as
      effectively as if given to each of them.  Every instrument appointing
      any separate trustee or co-trustee will refer to this Indenture and the
      conditions of this Section 6.10.  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 Indenture Trustee or separately, as may be provided in such instrument
      of appointment, subject to this Indenture.  Every such instrument will
      be filed with the Indenture Trustee.

     

    (d)          Any
      separate trustee or co-trustee may appoint the Indenture Trustee as its agent
      or
      attorney-in-fact with power and authority, to the extent not prohibited by
      law,
      to do any lawful act under or in respect of this Indenture 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 Indenture
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      Section
        6.11    Eligibility;
        Disqualification.

    

     

    (a)          The
      Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA
      and
      must comply with Section 310(b) of the TIA.  The Indenture Trustee or
      its parent must have a combined capital and surplus of at least $50,000,000
      as
      set forth in its most recent annual published report of condition and must
      have
      a long-term debt rating of investment grade by each of the Rating Agencies
      or must otherwise be acceptable to each of the Rating
      Agencies.  Within 10 days after the Indenture Trustee fails to satisfy
      any of the requirements set forth in this Section 6.11(a), the Indenture Trustee
      will notify the Issuer and the Servicer of such failure.

     

    (b)          Within
      90 days after the occurrence of an Event of Default that has not been cured
      or
      waived, unless authorized by the Securities and Exchange Commission, the
      Indenture Trustee will resign with respect to the Class A Notes, the Class
      B
      Notes, the Class C Notes and/or the Class D Notes in accordance with Section
      6.8, and the Issuer will appoint a successor Indenture Trustee for any or all
      of
      such Class A Notes, Class B Notes, Class C Notes and/or Class D Notes, as
      applicable, so that there will be separate Indenture Trustees for the Class
      A
      Notes, Class B Notes, the Class C Notes and the Class D Notes.  If the
      Indenture Trustee fails to comply with the terms of the preceding sentence,
      the
      Indenture Trustee must comply with TIA Section 310(b)(ii) and
      (iii).

     

    
      
        
        

      

      
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    (c)          If
      a successor Indenture Trustee is appointed with respect to any of the Class
      A
      Notes, Class B Notes, Class C Notes or Class D Notes pursuant to this Section
      6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture
      Trustee will execute an indenture supplemental to this
      Indenture.  Such supplemental indenture will contain:

     

    (i)          provisions
      by which the successor Indenture Trustee accepts its appointment;

     

    (ii)          provisions
      necessary or desirable to transfer and confirm to, and to vest in, the successor
      Indenture Trustee all the rights, powers, duties and obligations of the retiring
      Indenture Trustee with respect to the Notes to which the appointment of such
      successor Indenture Trustee relates;

     

    (iii)          if
      the retiring Indenture Trustee is not retiring with respect to all of the Notes,
      provisions necessary or desirable to confirm that all the rights, powers, duties
      and obligations of the retiring Indenture Trustee with respect to the Notes
      as
      to which the retiring Indenture Trustee is not retiring continue to be vested
      in
      the Indenture Trustee; and

     

    (iv)          provisions
      necessary to provide for or facilitate the administration of the trusts
      hereunder by more than one Indenture Trustee.

     

    Nothing
      in this Indenture or in such supplemental indenture will constitute such
      Indenture Trustees co-trustees of the same trust and each such Indenture Trustee
      will be a trustee of a trust or trusts under this Indenture separate and apart
      from any trust or trusts under this Indenture administered by any other
      Indenture Trustee.  The indenture supplement will become effective
      upon the removal of the retiring Indenture Trustee.

     

    Section
      6.12    Preferential
      Collection of Claims
      Against Issuer.  The Indenture Trustee will comply with
      Section 311(a) of the TIA, excluding any creditor relationship listed in Section
      311(b) of the TIA.  An Indenture Trustee who has resigned or been
      removed will be subject to Section 311(a) of the TIA.

     

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

     

    Section
      6.14    Representations
      and Warranties of
      the Indenture Trustee.  The Indenture Trustee represents
      and warrants to the Issuer as of the Closing Date:

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (e)          Eligibility.  The
      Indenture Trustee satisfies the requirements of Section 310(a) of the
      TIA.  The Indenture Trustee or its parent has a combined capital and
      surplus of at least $50,000,000 as set forth in its most recent annual published
      report of condition.

     

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

     

    Section
      6.15    Duty to Update
      Disclosure.  The Indenture Trustee will notify and provide
      information, and certify such information in an Officer's Certificate, to the
      Depositor upon any event or condition relating to the Indenture Trustee or
      actions taken by the Indenture Trustee that (A) (i) is required to be
      disclosed by the Depositor under Item 2 (the institution of, material
      developments in, or termination of legal proceedings against The Bank of New
      York that are material to Noteholders) of Form 10-D under the Exchange Act
      within 5 days of such occurrence or (ii) the Depositor reasonably requests
      of
      the Indenture Trustee that the Depositor, in good faith, believes is necessary
      to comply with Regulation AB within 5 days of such request or (B) (i) is
      required to be disclosed under Item 5 (submission of matters to a vote of
      Noteholders) of Form 10-D under the Exchange Act within 5 days of a Responsible
      Person of the Indenture Trustee becoming aware of such submission, (ii) is
      required to be disclosed under Item 6.02 (resignation, removal, replacement
      or
      substitution of The Bank of New York as Indenture Trustee) or Item 6.04 (failure
      to make a distribution when required) of Form 8-K under the Exchange Act
      within 2 days of a Responsible Person of the Indenture Trustee becoming aware
      of
      such occurrence or (iii) causes the information provided by the Indenture
      Trustee in any certificate delivered by a Responsible Person of the Indenture
      Trustee to be untrue or incorrect in any material respect or is necessary to
      make the statements provided by the Indenture Trustee in light of the
      circumstances in which they were made not misleading within 5 days of a
      Responsible Person of the Indenture Trustee becoming aware thereof.

     

    
      
        
        

      

      
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    ARTICLE
      VII

    NOTEHOLDERS'
      LISTS AND REPORTS

     

    Section
      7.1    Names
      and Addresses of
      Noteholders.  If the Indenture Trustee is not the Note
      Registrar, the Issuer will furnish a list of the names and addresses of the
      Noteholders of any Definitive Notes to the Indenture Trustee (a) not more than
      5
      days after each Record Date, as of such Record Date and (b) not more than 30
      days after receipt by the Issuer of a request from the Indenture Trustee, as
      of
      a date not more than 10 days before the time such list is
      furnished.  If the Indenture Trustee is the Note Registrar, the
      Indenture Trustee, upon the request of the Owner Trustee, will furnish within
      10
      days to the Owner Trustee a list of Noteholders of all Book-Entry Notes as
      of
      the date specified by the Owner Trustee.

     

    Section
      7.2    Preservation of
      Information; Communications to Noteholders.

     

    (a)          The
      Indenture Trustee will preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Noteholders contained in the most
      recent list furnished to the Indenture Trustee pursuant to Section 7.1 and
      the
      names and addresses of Noteholders received by the Indenture Trustee in its
      capacity as Note Registrar.  The Indenture Trustee may destroy
      any list furnished to it pursuant to Section 7.1 upon receipt of a new
      list.

     

    (b)          Noteholders
      may communicate pursuant to Section 312(b) of the TIA with other Noteholders
      with respect to their rights under this Indenture or under the
      Notes.

     

    (c)          The
      Issuer, the Indenture Trustee and the Note Registrar will have the protection
      of
      Section 312(c) of the TIA.

     

    Section
      7.3    Reports by
Issuer.

     

    (a)          The
      Issuer will:

     

    (i)          file
      with the Indenture Trustee, within 15 days after the Issuer is required to
      file
      the same with the Securities and Exchange Commission, copies of the annual
      reports and of the information, documents and other reports (or copies of such
      portions of any of the foregoing as the Securities and Exchange Commission
      may
      prescribe) that the Issuer is required to file with the Securities and Exchange
      Commission pursuant to Section 13 or 15(d) of the Exchange Act;

     

    
      
        
        

      

      
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    (ii)          file
      with the Indenture Trustee and the Securities and Exchange Commission such
      additional information, documents and reports with respect to compliance by
      the
      Issuer with the conditions and covenants of this Indenture, as may be prescribed
      by the Securities and Exchange Commission; and

     

    (iii)          supply
      to the Indenture Trustee such information, documents and reports (or summaries)
      required to be filed by the Issuer pursuant to Section 7.3(a)(i) and (ii) as
      may
      be required by rules and regulations prescribed by the Securities and Exchange
      Commission.

     

    (b)           (i)          The
      Indenture Trustee will mail as described in TIA Section 313(c) to all
      Noteholders the information, documents and reports (or summaries) supplied
      to
      the Indenture Trustee pursuant to Section 7.3(a).

     

    (c)          Unless
      the Issuer otherwise determines, the fiscal year of the Issuer will be the
      calendar year.

     

    Section
      7.4    Reports by
      Indenture Trustee.

     

    (a)          Within
      90 days after each April 15, beginning April 15, 2008, the Indenture Trustee
      will prepare and mail to each Noteholder a report dated as of such April 15
      that
      complies with Section 313(a) of the TIA, but only if such report is required
      pursuant Section 313(a) of the TIA.  The Indenture Trustee will also
      prepare and mail to Noteholders any report required pursuant to Section 313(b)
      of the TIA.  Any report mailed to the Noteholders pursuant to this
      Section 7.4(a) will be mailed in compliance with Section 313(c) of the
      TIA.

     

    (b)          The
      Indenture Trustee will file with the Securities and Exchange Commission and
      any
      stock exchange on which the Notes are listed a copy of each report delivered
      pursuant to Section 7.4(a) at the time of its mailing to
      Noteholders.  The Issuer will notify the Indenture Trustee if and when
      the Notes are listed on any stock exchange.

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.1    Collection of
      Money.

     

    (a)          Except
      as otherwise provided in this Indenture, the Indenture Trustee may demand
      payment or delivery of, and will receive and collect, directly and without
      intervention or assistance of any fiscal agent or other intermediary, all money
      and other property payable to or receivable by the Indenture Trustee pursuant
      to
      this Indenture and the Sale and Servicing Agreement.  The Indenture
      Trustee will apply all such money received by it as provided in this Indenture
      and the Sale and Servicing Agreement.

     

    (b)          The
      Issuer, or the Administrator on its behalf, will direct each Swap Counterparty
      to remit any Net Swap Receipts and any Swap Termination Receipts payable to
      the
      Issuer to the Collection Account; provided, however, that upon direction of
      the
      Administrator, the Indenture Trustee may apply a part or all of any Swap
      Termination Receipts as an initial payment to a replacement Swap
      Counterparty.

     

    Section
      8.2    Trust Accounts;
      Distributions and Disbursements.

     

    (a)          On
      or before the Closing Date, the Issuer will cause the Servicer or the Depositor,
      as applicable, to establish the Trust Accounts as provided in Section 4.1 of
      the
      Sale and Servicing Agreement.

     

    (b)          On
      or before each Payment Date, the Indenture Trustee will withdraw all amounts
      required to be withdrawn from the Reserve Account and deposit them into the
      Collection Account pursuant to Section 4.4 of the Sale and Servicing
      Agreement.

     

    (c)          As
      long as the Indenture Trustee has received the Monthly Investor Report by the
      related Determination Date, the Indenture Trustee (based on the information
      contained in the most recent Monthly Investor Report) will make the following
      withdrawals from the Collection Account and make deposits and payments on each
      Payment Date, to the extent of Available Funds on deposit in the Collection
      Account with respect to such Payment Date, in the following order of priority
      (pro rata to the Persons within each priority level based on the
      amounts due except as otherwise specified):

     

    
      
        
        

      

      
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    (i)         
      first, to the payment of all amounts, including indemnities, then due to the
      Indenture Trustee and the Owner Trustee to the extent not paid by the Depositor
      or Administrator, up to a maximum of $150,000 per year;

     

    (ii)        
      second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees from
      preceding Collection Periods;

     

    (iii)       
      third, to the Swap Counterparties, any Net Swap Payments due;

     

    (iv)       
      fourth, to the Swap Counterparties, any Senior Swap Termination Payments
      due;

     

    (v)        
      fifth, to the Noteholders of Class A Notes, interest due on the Class A Notes,
      pro rata based on the Note Balances of the Class A Notes as of the
      preceding Payment Date;

     

    (vi)       
      sixth, to the Principal Payment Account, the First Priority Principal
      Payment;

     

    (vii)      
      seventh, to the Noteholders of Class B Notes, the Accrued Note Interest for
      the
      Class B Notes;

     

    (viii)     
      eighth, to the Principal Payment Account, the Second Priority Principal
      Payment;

     

    (ix)        
      ninth, to the Noteholders of Class C Notes, the Accrued Note Interest for the
      Class C Notes;

     

    (x)         
      tenth, to the Principal Payment Account, the Third Priority Principal
      Payment;

     

    (xi)        
      eleventh, to the Noteholders of Class D Notes, the Accrued Note Interest for
      the
      Class D Notes;

     

    (xii)       
      twelfth, to the Reserve Account, the amount required to reinstate the amount
      in
      the Reserve Account up to the Specified Reserve Balance;

     

    (xiii)      
      thirteenth, to the Principal Payment Account, the Regular Principal
      Payment;

     

    (xiv)      
      fourteenth, to the Swap Counterparties, any Subordinated Swap Termination
      Payments due;

     

    (xv)       
      fifteenth, to the payment of all amounts due to the Indenture Trustee and the
      Owner Trustee to the extent not paid by the Depositor or Administrator or
      pursuant to Section 8.2(c)(i) on such Payment Date; and

     

    
      
        
        

      

      
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    (xvi)       sixteenth,
      to the Trust Distribution Account (or if the Trust Distribution Account has
      not
      been established, to the holder of the Residual Interest), any funds remaining
      on deposit in the Collection Account with respect to the Collection Period
      preceding such Payment Date.

     

    (d)          On
      each Payment Date, the Indenture Trustee (based on the information contained
      in
      the most recent Monthly Investor Report) will withdraw the funds on deposit
      in
      the Principal Payment Account and make deposits and payments in the following
      order of priority, in each case, applied ratably in accordance with the Note
      Balance of the Notes of such Class:

     

    (i)          first,
      to the Noteholders of the Class A-1 Notes in payment of principal until the
      Note
      Balance of the Class A-1 Notes has been reduced to zero;

     

    (ii)         second,
      to the Noteholders of the Class A-2a Notes and the Noteholders of the Class
      A-2b
      Notes, pro rata based on their respective Note Balances, in payment of
      principal until the aggregate Note Balance of the Class A-2a Notes and the
      Class
      A-2b Notes has been reduced to zero;

     

    (iii)        third,
      to the Noteholders of the Class A-3a Notes and the Noteholders of the Class
      A-3b
      Notes, pro rata based on their respective Note Balances, in payment of
      principal until the aggregate Note Balance of the Class A-3a Notes and the
      Class
      A-3b Notes has been reduced to zero;

     

    (iv)        fourth,
      to the Noteholders of the Class A-4a Notes and the Noteholders of the Class
      A-4b
      Notes, pro rata based on their respective Note Balances, in payment of
      principal until the aggregate Note Balance of the Class A-4a Notes and the
      Class
      A-4b Notes has been reduced to zero;

     

    (v)         fifth,
      to the Noteholders of the Class B Notes in payment of principal until the Note
      Balance of the Class B Notes has been reduced to zero;

     

    (vi)        sixth,
      to the Noteholders of the Class C Notes in payment of principal until the Note
      Balance of the Class C Notes has been reduced to zero;

     

    (vii)       seventh,
      to the Noteholders of the Class D Notes in payment of principal until the Note
      Balance of the Class D Notes has been reduced to zero; and

     

    (viii)    
      eighth, to the Trust Distribution Account (or if the Trust Distribution Account
      has not been established, to the holder of the Residual Interest), any funds
      remaining on deposit in the Principal Payment Account.

     

    (e)    Notwithstanding
      anything in this Indenture to the contrary, if the Notes are accelerated (A)
      following an Event of Default specified in Section 5.1(a)(i), (ii) or (iv)
      or
      (B) following an Event of Default specified in Section 5.1(a)(iii) and
      liquidation of the Collateral in accordance with Section 5.6(a)(iv), then oneach
      Payment Date following the Collection Period during which such Event of Default
      or liquidation occurs, the Indenture Trustee (based on the information contained
      in the most recent Monthly Investor Report) will make the following withdrawals
      from the Bank Accounts and make payments and distributions on each Payment
      Date,
      to the extent of funds on deposit in the Bank Accounts with respect to the
      Collection Period preceding such Payment Date, in the following order of
      priority (pro rata to the Persons within each priority level based on
      the amounts due except as otherwise specified):

     

    
      
        
        

      

      
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    (i)           first,
      to the payment of all amounts due to the Indenture Trustee and the Owner
      Trustee;

     

    (ii)         
      second, to the Servicer for due and unpaid Servicing Fees;

     

    (iii)        
      third, to the Swap Counterparties, any Net Swap Payments due;

     

    (iv)        fourth,
      to the Swap Counterparties, any Senior Swap Termination Payments
      due;

     

    (v)         fifth,
      to the Noteholders of Class A Notes, interest due on the Class A Notes, pro
      rata based on the Note Balances of the Class A Notes as of the preceding
      Payment Date;

     

    (vi)        sixth,
      to the Noteholders of the Class A-1 Notes in payment of principal until the
      Note
      Balance of the Class A-1 Notes is reduced to zero;

     

    (vii)       seventh,
      to the Noteholders of the Class A-2a Notes and the Noteholders of the Class
      A-2b
      Notes, in payment of principal until the Note Balance of the Class A-2a Notes
      and the Class A-2b Notes is reduced to zero;

     

    (viii)      eighth,
      to the Noteholders of the Class A-3a Notes and the Noteholders of the Class
      A-3b
      Notes, in payment of principal until the Note Balance of the Class A-3a Notes
      and the Class A-3b Notes is reduced to zero;

     

    (ix)         ninth,
      to the Noteholders of the Class A-4a Notes and the Noteholders of the Class
      A-4b
      Notes, in payment of principal until the Note Balance of the Class A-4a Notes
      and the Class A-4b Notes is reduced to zero;

     

    (x)          tenth,
      to the Noteholders of Class B Notes, the Accrued Note Interest for the Class
      B
      Notes;

     

    (xi)         eleventh,
      to the Noteholders of the Class B Notes in payment of principal until the Note
      Balance of the Class B Notes is reduced to zero;

     

    (xii)        twelfth,
      to the Noteholders of Class C Notes, the Accrued Note Interest for the Class
      C
      Notes;

     

    (xiii)       thirteenth,
      to the Noteholders of the Class C Notes in payment of principal until the Note
      Balance of the Class C Notes is reduced to zero;

     

    (xiv)       fourteenth,
      to the Noteholders of Class D Notes, the Accrued Note Interest for the Class
      D
      Notes;

     

    
      
        
        

      

      
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    (xv)        fifteenth,
      to Noteholders of the Class D Notes in payment of principal until the Note
      Balance of the Class D Notes is reduced to zero;

     

    (xvi)      
      sixteenth, to the Swap Counterparties, any Subordinated Swap Termination
      Payments due; and

     

    (xvii)    seventeenth,
      to the Trust Distribution Account (or if the Trust Distribution Account has
      not
      been established, to the holder of the Residual Interest), any money or property
      remaining after payment in full of the amounts described in Section 8.2(e)(i)
      through (xvi).

     

    (f)    Each
      of (i)
      the subordination of interest payments to the Noteholders of the Class B Notes
      to the payment of principal to the Noteholders of the Class A Notes, (ii) the
      subordination of interest payments to the Noteholders of the Class C Notes
      to
      the payment of principal to the Noteholders of the Class A Notes and the Class
      B
      Notes and (iii) the subordination of interest payments to the Noteholders of
      the
      Class D Notes to the payment of principal to the Noteholders of the Class A
      Notes, the Class B Notes and the Class C Notes pursuant to Section 8.2(c) is
      deemed a subordination agreement within the meaning of Section 510(a) of
      the Bankruptcy Code.

     

    Section
      8.3    General Provisions
      Regarding Bank Accounts.

     

    (a)    The
      Indenture
      Trustee will not be liable by reason of any insufficiency in any of the Bank
      Accounts resulting from any loss on any Permitted Investment included in the
      Bank Accounts, except for losses attributable to the Indenture Trustee's failure
      to make payments on such Permitted Investments issued by the Indenture Trustee,
      in its commercial capacity as principal obligor and not as
      trustee.  In addition, the Indenture Trustee has no duty to monitor
      the activities of any Qualified Institution or Qualified Trust Institution
      (unless such Qualified Institution or Qualified Trust Institution is also the
      Indenture Trustee) and will not be liable for the actions or inactions of any
      Qualified Institution or Qualified Trust Institution (unless such Qualified
      Institution or Qualified Trust Institution is also the Indenture
      Trustee).

     

    (b)    A
      Responsible
      Person of the Indenture Trustee will provide notice to the Qualified Institution
      or Qualified Trust Institution maintaining the Reserve Account and the
      Collection Account (if not the Indenture Trustee) if an Event of Default has
      occurred and is continuing with respect to the Notes.

     

    Section
      8.4    Release of
      Collateral.

     

    (a)    The
      Indenture
      Trustee will release property from the lien of this Indenture only upon receipt
      of an Issuer Request accompanied by an Officer's Certificate and an Opinion
      of
      Counsel meeting the requirements of Section 11.1.

     

    (b)    To
      facilitate
      the Servicer's servicing of the Receivables pursuant to the Sale and Servicing
      Agreement, the Indenture Trustee will be deemed to release, and does release,
      and each Noteholder or Note Owner by its acceptance of a Note or a beneficial
      interest in a Note respectively acknowledges that the Indenture Trustee will
      release any and all liens and other rights and interests it possesses or may
      possess from time to time, without further action of the parties, in, to and
      under:

     

    (i)           each
      Receivable and all proceeds of such Receivable, effective on the date on which
      a
      Purchase Amount with respect to such Receivable is deposited into the Collection
      Account;

     

    (ii)           each
      Receivable and the proceeds of such Receivable and the rights of Ford Credit
      (individually or as Servicer) under any contract or agreement for the sale
      of
      such Receivable in accordance with Section 3.3 of the Sale and Servicing
      Agreement, effective immediately prior to the date on which such contract or
      agreement arises (provided that the Servicer will receive and apply all
      proceeds of such sale in accordance with Section 3.3 of the Sale and Servicing
      Agreement); and

     

    (iii)           each
      Receivable and the proceeds of such Receivable, effective upon the date (if
      any)
      on which such Receivable became a Liquidated Receivable and the proceeds of
      a
      sale by auction or other disposition of the related Financed Vehicle have been
      received and applied.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (c)    Upon
      request
      by the Servicer or the Issuer, the Indenture Trustee will execute instruments
      and authorize or file termination statements to release property from the lien
      of this Indenture or convey the Indenture Trustee's interest in the same to
      effect the transfers of Receivables permitted by Sections 8.4 or
      10.1.  No party relying upon an instrument or authorization executed
      by the Indenture Trustee as provided in this Article VIII is required to
      ascertain the Indenture Trustee's authority, inquire into the satisfaction
      of
      any conditions precedent or require evidence as to the application of any
      monies.

     

    (d)    The
      Indenture
      Trustee, at such time as there are no Notes Outstanding, all sums due from
      the
      Issuer to the Indenture Trustee pursuant to Section 6.7 have been paid in full
      and all payments due under the Interest Rate Swaps (including any Swap
      Termination Payments) have been paid in full, will release the Collateral from
      the lien of this Indenture and release to the Issuer or any other Person
      entitled to such funds, the funds then on deposit in the Bank Accounts under
      this Indenture.  The Indenture Trustee will release property from the
      lien of this Indenture pursuant to this Section 8.4(d) only upon receipt of
      an
      Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel
      and (if required by the TIA) Independent Certificates in accordance with
      Sections 314(c) and 314(d)(1) of the TIA meeting the requirements of Section
      11.1.

     

    
      
        
        

      

      
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    ARTICLE
      IX

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.1    Supplemental
      Indentures Without Consent of Noteholders.

     

    (a)    Without
      the
      consent of the Noteholders but with prior notice by the Issuer to the Rating
      Agencies, the Issuer and the Indenture Trustee (when directed by Issuer Order)
      may enter into one or more indentures supplemental to this Indenture (which
      will
      conform to the provisions of the Trust Indenture Act as in force at the date
      of
      the execution of any such indenture supplemental to this Indenture) for any
      of
      the following purposes:

     

    (i)           to
      correct or amplify the description of any property subject to the lien of this
      Indenture, or better to assure, convey and confirm unto the Indenture Trustee
      any property subject or required to be subjected to the lien of this Indenture,
      or to subject additional property to the lien of this Indenture;

     

    (ii)          to
      evidence the succession, in compliance with this Indenture, of another Person
      to
      the Issuer, and the assumption by any such successor of the covenants of the
      Issuer in this Indenture and in the Notes;

     

    (iii)         to
      add to the covenants of the Issuer, for the benefit of the Noteholders, or
      to
      surrender any right or power conferred upon the Issuer in this
      Indenture;

     

    (iv)         to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)          to
      cure any ambiguity, to correct or supplement any provision in this Indenture
      or
      in any supplemental indenture that may be inconsistent with any other provision
      in this Indenture or in any supplemental indenture or to add provisions which
      are not inconsistent with the provisions of this Indenture so long as such
      action does not materially adversely affect the interests of the Noteholders
      or
      the Swap Counterparties;

     

    (vi)         to
      evidence the acceptance of the appointment under this Indenture of a successor
      trustee with respect to the Notes and to add to or change any of the provisions
      of this Indenture as will be necessary to facilitate the administration of
      the
      trusts under this Indenture by more than one trustee, pursuant to Article VI;
      or

     

    (vii)        to
      modify, eliminate or add to the provisions of this Indenture as necessary to
      effect the qualification of this Indenture under the TIA and to add to this
      Indenture such other provisions as may be required by the TIA.

     

    All
      supplemental indentures pursuant to this Section 9.1(a) will be in form
      reasonably satisfactory to the Indenture Trustee.  The Indenture
      Trustee is authorized to join in the execution of any such supplemental
      indenture and to make any further reasonably appropriate agreements and
      stipulations that may be contained in such supplemental indenture.

    

    (b)    The
      Issuer
      and the Indenture Trustee, when directed by Issuer Order, may enter, without
      the
      consent of any of the Noteholders, into an indenture or indentures supplemental
      to this Indenture for the purpose of adding any provisions to, or changing
      in
      any manner or eliminating any of the provisions of, this Indenture or of
      modifying in any manner (other than the modifications set forth in Section
      9.2)
      the rights of the Noteholders under this Indenture or for the purpose of issuing
      additional securities in exchange for all or a portion of the Residual Interest,
      subject to the following conditions:

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    (i)           the
      Issuer delivers, or causes the Administrator to deliver to the Indenture Trustee
      an Officer's Certificate to the effect that such amendment will not have a
      material adverse effect on the Notes;

     

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

     

    (iii)         each
      Rating Agency provides Rating Agency Confirmation with respect to such
      amendment; and

     

    (iv)         with
      respect to the issuance of additional securities only, (A)
      payments of interest on such additional securities on each Payment Date will
      be
      subordinate to payments of interest on the Notes, (B) payments of principal
      of
      such additional securities will be subordinate to payments of principal on
      the
      Notes and (C) either (x) such additional securities are registered under the
      Securities Act or (y) the Issuer delivers an Opinion of Counsel to the
      Indenture Trustee to the effect that the offer, sale and delivery of such
      additional securities do not require registration under the Securities
      Act.

     

    Section
      9.2    Supplemental
      Indentures with Consent of Noteholders.

     

    (a)    The
      Issuer
      and the Indenture Trustee, when directed by Issuer Order, may enter, with the
      consent of the Noteholders of a majority of the Note Balance of the Controlling
      Class, into an indenture or indentures supplemental to this Indenture for the
      purpose of adding any provisions to, or changing in any manner or eliminating
      any of the provisions of, this Indenture or modifying in any manner the rights
      of the Noteholders under this Indenture subject to the following
      conditions:

     

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

     

    (ii)          each
      Rating Agency provides Rating Agency Confirmation with respect to such
      amendment; and

     

    (iii)        
      such action does not materially adversely affect the interests of the Swap
      Counterparties.

     

    No
      such
      supplemental indenture, without the consent of each Noteholder of each
      Outstanding Note adversely affected by such supplemental indenture,
      will:

    

    (iv)         modify
      or alter Section 9.1 or this Section 9.2;

     

    
      
        
        

      

      
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    (v)          change
      (A) the Final Scheduled Payment Date or the date of payment of any installment
      of principal of or interest on any Note, (B) the principal amount of or interest
      rate on any Note, (C) the price at which the Notes may be redeemed or the
      percentage of the Initial Pool Balance at which the Servicer may exercise its
      option to purchase the Trust Property pursuant to Section 8.1 of the Sale and
      Servicing Agreement, (D) the provisions of this Indenture relating to the
      priority of payments on the Notes or relating to the application of collections
      on, or the proceeds of the sale of, the Collateral to payment of principal
      of or
      interest on the Notes, or change any place of payment where, or the coin or
      currency in which, any Note or the interest on any Note is payable, or (E)
      impair the right of Noteholders to institute suits to enforce this
      Indenture;

     

    (vi)         reduce
      the percentage of the Note Balance of the Notes Outstanding or the Controlling
      Class required for any action;

     

    (vii)        modify
      or alter (A) the proviso to the definition of "Outstanding" or (B) the
      definition of "Controlling Class";

     

    (viii)       modify
      the calculation of the amount of any payment of interest or principal due on
      any
      Note on any Payment Date; or

     

    (ix)          permit
      the creation of any lien ranking prior or equal to the lien of this Indenture
      with respect to any part of the Collateral other than Permitted Liens, or except
      as permitted by this Indenture or the other Basic Documents, release the lien
      of
      this Indenture with respect to any part of the Collateral.

     

    (b)    It
      will not
      be necessary for any Act of Noteholders under this Section 9.2 to approve the
      particular form of any proposed supplemental indenture, but it will be
      sufficient if such Act of Noteholders approves the substance of such proposed
      supplemental indenture.

     

    Section
      9.3    Execution of
      Supplemental Indentures.  In executing, or permitting the
      additional trusts created by, any supplemental indenture permitted by this
      Article IX or the modification of the trusts created by this Indenture, the
      Indenture Trustee will be entitled to receive, and subject to Sections 6.1
      and
      6.2, will be fully protected in relying upon, an Opinion of Counsel to the
      effect that the execution of such supplemental indenture is authorized or
      permitted by this Indenture and that all conditions precedent to the execution
      and delivery of such supplemental indenture have been satisfied.  The
      Indenture Trustee may, but is not obligated to, enter into any such supplemental
      indenture that affects the Indenture Trustee's own rights, powers, duties,
      obligations, liabilities or immunities under this Indenture or
      otherwise.

     

    Section
      9.4    Effect of
      Supplemental Indenture.  Upon the execution of any supplemental
      indenture pursuant to this Article IX, this Indenture will be modified and
      amended in accordance with such supplemental indenture, and such supplemental
      indenture will be part of this Indenture for any and all
      purposes.  Every Noteholder of Notes authenticated and delivered
      before or after such supplemental indenture will be bound by such
      supplemental indenture.

    
       

      Section
        9.5    Conformity with
        Trust Indenture Act. Every
        amendment of this Indenture and every supplemental indenture executed pursuant
        to this Article IX will conform to the requirements of the Trust Indenture
        Act
        as then in effect so long as this Indenture is qualified under the Trust
        Indenture Act.

       

      Section
        9.6    Reference
        in Notes
        to Supplemental Indentures.  Notes authenticated and delivered
        after the execution of any supplemental indenture pursuant to this Article
        IX
        may, and if required by the Indenture Trustee will, bear a notation in form
        approved by the Indenture Trustee as to any matter provided for in such
        supplemental indenture.  If the Issuer or the Indenture Trustee so
        determine, new Notes so modified as to conform, in the opinion of the Indenture
        Trustee and the Issuer, to any such supplemental indenture may be prepared
        and
        executed by the Issuer and authenticated and delivered by the Indenture Trustee
        in exchange for Outstanding Notes.

       

    

    
      
        
        

      

      
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    ARTICLE
      X

    REDEMPTION
      OF NOTES

     

    Section
      10.1    Redemption.

     

    (a)    The
      Notes are
      subject to redemption in whole, but not in part, at the direction of the
      Servicer on any Payment Date on which the Servicer exercises its option to
      purchase the Trust Property pursuant to Section 8.1 of the Sale and Servicing
      Agreement.  After the Servicer notifies the Indenture Trustee that it
      will exercise its option pursuant to Section 8.1 of the Sale and Servicing
      Agreement, the Indenture Trustee will promptly notify the Noteholders and
      the Swap Counterparties:

     

    (i)           of
      the outstanding Note Balance of each Class of the Notes to be prepaid as of
      the
      most recent Payment Date and that the Notes plus accrued and unpaid interest
      on
      such Notes at the applicable Note Interest Rate to the Redemption Date will
      be
      paid in full;

     

    (ii)           of
      the place where such Notes are to be surrendered for final payment (which will
      be the office or agency of the Issuer maintained as provided in Section 3.2);
      and

     

    (iii)           that
      on the Redemption Date, the outstanding principal amount will become due and
      payable upon the Notes and that interest on the Notes will cease to accrue
      from
      and after the Redemption Date, unless the Issuer defaults in the payment of
      the
      Notes on the Redemption Date.

     

    (b)    The
      Issuer
      will cause the Servicer to deposit by 10:00 a.m. (New York City time) on the
      Business Day preceding the Redemption Date (or, with Rating Agency Confirmation,
      on the Redemption Date) in the Collection Account the amount required pursuant
      to Section 8.1 of the Sale and Servicing Agreement, whereupon all such Notes
      will be paid in full on the Redemption Date.

     

    (c)    On
      the
      Redemption Date, the outstanding principal amount of the Notes will be due
      and
      payable and interest on the Notes will cease to accrue from and after the
      Redemption Date, unless the Issuer defaults in the payment of the Notes on
      the
      Redemption Date.  Upon redemption, the Indenture Trustee agrees to
      execute any and all instruments to release the Collateral from the lien of
      this
      Indenture and release to the Issuer or any other Person entitled to any funds
      then on deposit in the Bank Accounts under this Indenture.

     

    
      
        
        

      

      
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    ARTICLE
      XI

    MISCELLANEOUS

     

    Section
      11.1    Compliance
      Certificates and Opinions, etc.

     

    (a)    In
      connection
      with any order or request by the Issuer to the Indenture Trustee to take any
      action under this Indenture, the Issuer will deliver the following documents
      to
      the Indenture Trustee (such documents, collectively, an "Issuer
      Order" or "Issuer Request", as applicable): (i) a written
      order or a written request, respectively, signed in the name of the Issuer
      by
      any one of its Responsible Persons and delivered to the Indenture Trustee,
      (ii)
      an Officer's Certificate stating that all conditions precedent provided for
      in
      this Indenture relating to the proposed action have been complied with, (iii)
      to
      the extent required by the TIA or upon request of the Indenture Trustee, an
      Opinion of Counsel to the effect that in the opinion of such counsel all such
      conditions precedent have been complied with and (iv) (if required by the TIA)
      an Independent Certificate from a firm of certified public accountants of
      national reputation selected by the Issuer.  However, in the case of
      any such application or request as to which the furnishing of such documents
      is
      specifically required by this Indenture, no additional certificate or opinion
      need be furnished.

     

    (b)    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture will include:

     

    (i)           a
      statement that each signatory of such certificate or opinion has read such
      covenant or condition and the definitions in this Indenture relating to such
      covenant or condition;

     

    (ii)           a
      brief statement as to the nature and scope of the examination or investigation
      upon which the statements or opinions contained in such certificate or opinion
      are based;

     

    (iii)           a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and

     

    (iv)           a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with.

     

    (c)    (i)    Before
      depositing any
      cash or property with the Indenture Trustee that is to be made the basis for
      the
      release of any property subject to the lien of this Indenture, the Issuer will,
      furnish to the Indenture Trustee (A) an Officer's Certificate certifying or
      stating the opinion of each person signing such certificate as to the fair
      value
      (within 90 days of such deposit) to the Issuer of the cash or property to be
      so
      deposited and (B) an Independent Certificate as to the same matters, if the
      fair
      value to the Issuer of the securities to be so deposited and of all other such
      securities made the basis of any such withdrawal or release since the
      commencement of the then-current calendar year, as set forth in the certificates
      delivered pursuant to Section 11.1(c)(i)(A), is 10% or more of the Note Balance
      of the Notes Outstanding, but such a certificate need not be furnished with
      respect to any property or securities so deposited, if the fair value of such
      property or securities to the Issuer as set forth in the related Officer's
      Certificate is less than $25,000 or less than 1% of the Note Balance of the
      Notes Outstanding.

     

    (ii)           Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer will furnish to the Indenture Trustee (A) an Officer's Certificate
      certifying or stating the opinion of each person signing such certificate as
      to
      the fair value (within 90 days of such release) of the property or
      securities proposed to be released and stating that in the opinion of such
      person the proposed release will not impair the security under this Indenture
      in
      contravention of the provisions of this Indenture and (B) an Independent
      Certificate as to the same matters if the fair value of the property or
      securities and of all other property, other than property as contemplated by
      Section 11.1(c)(iii), or securities released from the lien of this Indenture
      since the commencement of the then-current calendar year, as set forth in the
      certificates required by Section 11.1(c)(ii)(A) and this Section 11.1(c)(ii)(B),
      equals 10% or more of the Note Balance of the Notes Outstanding, but such
      certificate need not be furnished in the case of any release of property or
      securities, if the fair value of such property or securities as set forth in
      the
      related Officer's Certificate is less than $25,000 or less than 1% of the Note
      Balance of the Notes Outstanding.

     

    
      
        
        

      

      
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    (iii)           Notwithstanding
      Section 2.9 or any other provisions of this Section 11.1, the Issuer may,
      without compliance with the requirements of the other provisions of this Section
      11.1, (A) collect, liquidate, sell or otherwise dispose of Receivables and
      Financed Vehicles in the ordinary course of its business provided that all
      proceeds, Recoveries and related amounts and proceeds of such dispositions
      are
      applied in accordance with the provisions of this Indenture and (B) make cash
      payments out of the Bank Accounts, in each case, as and to the extent permitted
      or required by the Basic Documents.

     

    (d)    If
      the
      Securities and Exchange Commission issues an exemptive order under Section
      304(d) of the TIA modifying the Indenture Trustee's obligations under Sections
      314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property
      from the lien of this Indenture only in accordance with the Basic Documents
      and
      the conditions and procedures set forth in such exemptive order.

     

    Section
      11.2    Form of Documents
      Delivered to Indenture Trustee.

     

    (a)    Any
      Officer's
      Certificate of a Responsible Person of the Issuer may be based, insofar as
      it
      relates to legal matters, upon an opinion of counsel, unless such officer knows,
      or in the exercise of reasonable care should know, that such opinion, with
      respect to the matters upon which such Officer's Certificate is based, is
      erroneous.  Any Officer's Certificate of a Responsible Person of the
      Issuer or opinion of counsel may be based, insofar as it relates to factual
      matters, upon an Officer's Certificate of or representation by a Responsible
      Person of the Servicer, the Depositor or the Issuer (including by the
      Administrator on behalf of the Issuer), stating that the information with
      respect to such factual matters is in the possession of the Servicer, the
      Depositor, the Issuer or the Administrator, unless such Responsible Person
      of
      the Issuer or counsel knows, or in the exercise of reasonable care should know,
      that the Officer's Certificate or representation with respect to such matters
      is
      erroneous.

     

    (b)    In
      any case
      where several matters are required to be certified by, or covered by an opinion
      of, any specified Person, it is not necessary that all such matters be certified
      by, or covered by the opinion of, only one such Person, or that they be
      certified or covered by only one document, but one such Person may certify
      or
      give an opinion with respect to some matters and one or more other such Persons
      as to other matters, and any such Person may certify or give an opinion as
      to
      such matters in one or several documents.

     

    Section
      11.3    Acts of
      Noteholders.

     

    (a)    Any
      request,
      demand, authorization, direction, notice, consent, waiver or other action
      provided by this Indenture to be given or taken by Noteholders or a specified
      percentage of Noteholders may be embodied in and evidenced by one or more
      instruments of substantially similar tenor signed by such Noteholders in person
      or by agents duly appointed in writing.  Except as otherwise provided
      in this Indenture such action will become effective when such instrument or
      instruments are delivered to the Indenture Trustee, and, if required, to
      the Issuer.  Such instrument or instruments (and the action embodied
      in such instrument or instruments and evidenced by such instrument or
      instruments) are sometimes referred to in this Indenture as the "Act of
      Noteholders" signing such instrument or instruments.  Proof of
      execution of any such instrument or of a writing appointing any such agent
      will
      be sufficient for any purpose of this Indenture and (subject to Section 6.1)
      conclusive in favor of the Indenture Trustee and the Issuer, if made in the
      manner provided in this Section 11.3.

     

    
      
        
        

      

      
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    (b)    The
      fact and
      date of the execution by any Person of any such instrument or writing may be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)    Any
      Act of
      Noteholders will bind the Noteholder of every Note issued upon the registration
      of such Note or in exchange for such Note or in lieu of such Note, in respect
      of
      anything done, omitted or suffered to be done by the Indenture Trustee or the
      Issuer in reliance on such Note, whether or not notation of such action is
      made
      upon such Note.

     

    Section
      11.4    Notices, etc., to
      Indenture Trustee, Issuer and Rating Agencies.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      11.5    Notices to
      Noteholders; Waiver.

     

    (a)    Any
      notice to
      Noteholders will be sufficiently given (unless otherwise provided in this
      Indenture) if in writing, sent by overnight delivery, mailed by registered
      first
      class mail, postage prepaid, or sent by facsimile, to each Noteholder adversely
      affected by such event, at its address or facsimile number as it appears on
      the
      Note Register, not later than the latest date, and not earlier than the
      earliest date, prescribed for the giving of such notice.  In any case
      where notice to Noteholders is given by mail, neither the failure to mail such
      notice nor any defect in any notice so mailed to any particular Noteholder
      will
      affect the sufficiency of such notice with respect to other Noteholders,
      and any notice that is mailed in the manner provided in this Indenture will
      conclusively be presumed to have been duly given.

     

    
      
        
        

      

      
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    (b)    Where
      this
      Indenture provides for notice in any manner, such notice may be waived by any
      Person entitled to receive such notice, either before or after the event, and
      such waiver will be the equivalent of such notice.  Waivers of notice
      by Noteholders will be filed with the Indenture Trustee but such filing will
      not
      be a condition precedent to the validity of any action taken in reliance
      upon such a waiver.

     

    (c)    In
      case, by
      reason of the suspension of regular mail service as a result of a strike, work
      stoppage or similar activity, it is impractical to mail notice of any event
      to
      Noteholders when such notice is required to be given pursuant to this Indenture,
      then any manner of giving such notice satisfactory to the Indenture Trustee
      will
      be deemed to be a sufficient giving of such notice.

     

    (d)    Where
      this
      Indenture provides for notice to the Rating Agencies, failure to give such
      notice will not affect any other rights or obligations created under this
      Indenture, and will not under any circumstance constitute a Default or Event
      of
      Default.

     

    Section
      11.6    Conflict with
      Trust Indenture Act. If
      any
      provision of this Indenture limits, qualifies or conflicts with another
      provision of this Indenture that is required or deemed to be included in this
      Indenture by any of the provisions of the TIA, such required or deemed provision
      will control.  The provisions of Sections 310 through 317 of the TIA
      that impose duties on any Person (including the provisions automatically deemed
      included in this Indenture unless expressly excluded by this Indenture) are
      a
      part of and govern this Indenture.

     

    Section
      11.7    Benefits of
      Indenture. Nothing
      in this Indenture or in the Notes, express or implied, will give to any Person,
      other than the parties to this Indenture and their successors under this
      Indenture, and the Secured Parties and any other party secured under this
      Indenture, and any other Person with an ownership interest in any part of the
      Collateral, any benefit or any legal or equitable right, remedy or claim under
      this Indenture, except that no Swap Counterparty has any right to institute
      any
      Proceeding, judicial or otherwise, with respect to enforcement of remedies
      under
      Article V of this Indenture upon the occurrence of an Event of
      Default.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      11.14    Recording of
      Indenture.  If this Indenture is subject to recording in any
      appropriate public recording offices, the Issuer, at its expense, will effect
      such recording and deliver an Opinion of Counsel to the Indenture Trustee (which
      may be counsel to the Issuer or any other counsel reasonably acceptable to
      the
      Indenture Trustee) to the effect that such recording is necessary either for
      the
      protection of the Secured Parties or any other Person secured under this
      Indenture or for the enforcement of any right or remedy granted to the Indenture
      Trustee under this Indenture.

     

    Section
      11.15    Trust
      Obligation.  No recourse may be taken, directly or indirectly,
      with respect to the obligations of the Issuer, the Owner Trustee or the
      Indenture Trustee on the Notes or under this Indenture or any certificate or
      other writing delivered in connection with this Indenture or the Notes, against
      (i) the Indenture Trustee or the Owner Trustee each in its individual
      capacities, (ii) any holder of a beneficial interest in the Issuer, (iii) any
      partner, owner, beneficiary, agent, officer, director, employee or agent of
      the
      Indenture Trustee or the Owner Trustee, each in its individual capacity or
      (iv)
      any holder of a beneficial interest in the Owner Trustee or the Indenture
      Trustee, each in its individual capacity, except as any such Person may have
      agreed (it being understood that the Indenture Trustee and the Owner Trustee
      have no such obligations in their individual capaci­ties).  For
      all purposes of this Indenture, in the performance of any duties or obligations
      of the Issuer under this Indenture, the Owner Trustee will be subject to, and
      entitled to the benefits of, Articles V, VI and VII of the Trust
      Agreement.

     

    Section
      11.16    Subordination of
      Claims against the Depositor.

     

    (a)    The
      obligations of the Issuer under this Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  The Indenture Trustee, by entering into this Indenture,
      and each Noteholder and Note Owner, by accepting a Note or a beneficial interest
      in a Note, acknowledge and agree that they have no right, title or interest
      in
      or to any Other Assets of the Depositor.  Notwithstanding the
      preceding sentence, if such Indenture Trustee, Noteholder or Note Owner either
      (i) asserts an interest or claim to, or benefit from, the Other Assets, or
      (ii)
      is deemed to have any such interest, claim to, or benefit in or from the
      Other Assets, whether by operation of law, legal process, pursuant to insolvency
      laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy
      Code), then such Indenture Trustee, Noteholder or Note Owner further
      acknowledges and agrees that any such interest, claim or benefit in or from
      the
      Other Assets is expressly subordinated to the indefeasible payment in full
      of
      the other obligations and liabilities, which, under the relevant documents
      relating to the securitization or conveyance of such Other Assets, are entitled
      to be paid from, entitled to the benefits of, or otherwise secured by such
      Other
      Assets (whether or not any such entitlement or security interest is legally
      perfected or otherwise entitled to a priority of distributions or application
      under applicable law, including insolvency laws, and whether or not asserted
      against the Depositor), including the payment of post-petition interest on
      such
      other obligations and liabilities.  This subordination agree­ment
      is deemed a subordination agreement within the meaning of Section 510(a) of
      the
      Bankruptcy Code.  The Indenture Trustee, each Noteholder and each Note
      Owner further acknowledges and agrees that no adequate remedy at law exists
      for
      a breach of this Section 11.16 and this Section 11.16 may be enforced by an
      action for specific performance.

     

    (b)    This
      Section
      11.16 is for the third party benefit of those entitled to rely on this Section
      11.16 and will survive the termination of this Indenture.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    Section
      11.17    No
      Petition.  The Indenture Trustee, each Noteholder or Note Owner,
      by accepting a Note or a beneficial interest in a Note, each covenants and
      agrees that, before the date that is 1 year and 1 day after the payment in
      full
      of all securities issued by the Depositor or the Issuer, it will not institute
      against, or join any other Person in instituting against, the Depositor or
      the
      Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings or other proceedings under any federal or State bankruptcy or
      similar law in connection with any obligations relating to the Notes, this
      Indenture or any of the Basic Documents.  This Section 11.17 will
      survive the resignation or removal of the Indenture Trustee under the Indenture
      and the termination of this Indenture.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    
      	
              EXECUTED
                BY:

            	 	 	 	 
	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A,

            
	 	 	
                as
                Issuer

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	 	
              not
                in its individual capacity but solely as Owner Trustee

            
	 	 	 	
              of
                Ford Credit Auto Owner Trust 2007-A

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/
                Nicole Poole

            
	 	 	 	
              Name:  Nicole
                Poole

            
	 	 	 	
              Title:    Vice
                President

            
	 	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
                not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	
              /s/
                John Bobko

            
	 	 	
              Name:  John
                Bobko

            
	 	 	
              Title:    Vice
                President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-1 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    THIS
      NOTE
      HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW
      OF
      ANY STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS
      NOTE, AGREES FOR THE BENEFIT OF THE ISSUER AND THE DEPOSITOR THAT THIS NOTE
      MAY
      BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED
      OF
      ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY
      (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
      THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
      THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
      RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR
      (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL
      APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY
      LAWS
      OF THE STATES OF THE UNITED STATES.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
               $466,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AJ7

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-1
      5.34852% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED
      SIXTY-SIX MILLION DOLLARS payable on the fifteenth day of each calendar month,
      or, if any such day is not a Business Day, the next succeeding Business Day,
      commencing in July 2007 (each, a "Payment Date") in an amount equal to
      the aggregate amount payable to Noteholders of Class A-1 Notes on such Payment
      Date from the Principal Payment Account in respect of principal on the Class
      A-1
      Notes pursuant to Section 3.1 of the Indenture, dated as of June 1, 2007 (the
      "Indenture"), between the Issuer and The Bank of New York, as Indenture
      Trustee (the "Indenture Trustee").  However, the entire unpaid
      principal amount of this Note will be due and payable on the earlier of the
      July
      2008 Payment Date (the "Class A-1 Final Scheduled Payment Date") or the
      Redemption Date pursuant to Section 10.1 of the
      Indenture.  Notwithstanding the foregoing, the entire unpaid principal
      amount of the Notes will be due and payable on the date on which the Notes
      are
      declared to be immediately due and payable in the manner provided in Section
      5.2(a) of the Indenture.  All principal payments on the Class A-1
      Notes will be made ratably to the Noteholders entitled to such principal
      payments. Capitalized terms used but not otherwise defined in this Note are
      defined in Article I of the Indenture, which also contains rules as to usage
      applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the previous Payment Date on which interest has been
      paid (or, in the case of the initial Payment Date, from and including the
      Closing Date) to but excluding such Payment Date.  Interest will be
      computed on the basis of actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-1 5.34852% Asset Backed Notes
      (the
      "Class A-1 Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes,
      the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes, the Class
      B
      Notes, the Class C Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    The
      Class
      A-1 Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-1
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-1
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    

    This
      is
      one of the Class A-1 Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 
	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

              not
                in its individual capacity but 

              solely
                as Indenture Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
               

            
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-1-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    

    ____________________________________

    (name
      and
      address of assignee)

     

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said Note, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	 	 	
               

            	
              */

            
	 	 	 	
               Signature
                Guaranteed

            	 
	 	 	 	 
	 	 	 	
              */

            

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange Act.

            

    

     

    
      
        
        

      

      
        A-1-7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-2a

     

    FORM
      OF
      CLASS A-2a NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-2a-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $300,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AA6

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-2a 5.42% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED
      MILLION DOLLARS payable on the fifteenth day of each calendar month, or, if
      any
      such day is not a Business Day, the next succeeding Business Day, commencing
      in
      July 2007 (each, a "Payment Date") in an amount equal to the aggregate
      amount payable to Noteholders of Class A-2a Notes on such Payment Date from
      the
      Principal Payment Account in respect of principal on the Class A-2a Notes
      pursuant to Section 3.1 of the Indenture, dated as of June 1, 2007 (the
      "Indenture"), between the Issuer and The Bank of New York, as Indenture
      Trustee (the "Indenture Trustee").  However, the entire unpaid
      principal amount of this Note will be due and payable on the earlier of the
      April 2010 Payment Date (the "Class A-2a Final Scheduled Payment Date")
      or the Redemption Date pursuant to Section 10.1 of the
      Indenture.  Notwithstanding the foregoing, the entire unpaid principal
      amount of the Notes will be due and payable on the date on which the Notes
      are
      declared to be immediately due and payable in the manner provided in Section
      5.2(a) of the Indenture.  All principal payments on the Class A-2a
      Notes will be made ratably to the Noteholders entitled to such principal
      payments. Capitalized terms used but not otherwise defined in this Note are
      defined in Article I of the Indenture, which also contains rules as to usage
      applicable to this Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-2a 5.42% Asset Backed Notes (the
      "Class A-2a Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2b Notes, the Class A-3a Notes,
      the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes, the Class
      B
      Notes, the Class C Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    The
      Class
      A-2a Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-2a
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    
      
        
        

      

      
        A-2a-2

        
          

        

      

      
        
        

      

    

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-2a
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-2a-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-2a-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-2a-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST NATIONAL ASSOCIATION,

              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

     

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-2a Notes designated above and referred to in the
      Indenture.

     

    

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
               

            
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-2a-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    

    _______________________________________

    (name
      and
      address of assignee)

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
               Signature
                Guaranteed

            	 
	 	 	 	 
	 	 	 	
              */

            

    

    

    

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange
                Act.

            

    

    
      
        
        

      

      
        A-2a-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-2b

     

    

    FORM
      OF
      CLASS A-2b NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-2b-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $287,596,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AB4

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-2b FLOATING RATE ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED
      EIGHTY-SEVEN MILLION FIVE HUNDRED NINETY-SIX THOUSAND DOLLARS payable on the
      fifteenth day of each calendar month, or, if any such day is not a Business
      Day,
      the next succeeding Business Day, commencing in July 2007 (each, a "Payment
      Date") in an amount equal to the aggregate amount payable to Noteholders of
      Class A-2b Notes on such Payment Date from the Principal Payment Account in
      respect of principal on the Class A-2b Notes pursuant to Section 3.1 of the
      Indenture, dated as of June 1, 2007 (the "Indenture"), between the Issuer
      and The Bank of New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the April  2010 Payment
      Date (the "Class A-2b Final Scheduled Payment Date") or the Redemption
      Date pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class A-2b Notes will be
      made ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at a rate based on LIBOR determined in
      accordance with the terms of the Indenture which rate will not be less than
      LIBOR plus 0.01% on each Payment Date until the principal of this Note is paid
      or made available for payment, on the principal amount of this Note outstanding
      on the preceding Payment Date (after giving effect to all payments of principal
      made on the preceding Payment Date), subject to certain limitations contained
      in
      Section 3.1 of the Indenture.  Interest on this Note will accrue for
      each Payment Date from and including the previous Payment Date on which interest
      has been paid (or, in the case of the initial Payment Date, from and including
      the Closing Date) to but excluding such Payment Date.  Interest will
      be computed on the basis of actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-2b Floating Rate Asset Backed
      Notes
      (the "Class A-2b Notes") of the Issuer.  Also authorized under
      the Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-3a
      Notes, the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes, the
      Class B Notes, the Class C Notes and the Class D Notes.  The Indenture
      and all indentures supplemental to the Indenture set forth the respective rights
      and obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    
      
        
        

      

      
        A-2b-2

        
          

        

      

      
        
        

      

    

    The
      Class
      A-2b Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-2b
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-2b
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-2b-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-2b-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-2b-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-2b Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-2b-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    

    _______________________________________

    (name
      and
      address of assignee)

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

    

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange
                Act.

            

    

    
      
        
        

      

      
        A-2b-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3a

     

    FORM
      OF
      CLASS A-3a NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-3a-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $255,444,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AC2

            

    

     

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-3a 5.40% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED
      FIFTY-FIVE MILLION FOUR HUNDRED FORTY-FOUR THOUSAND DOLLARS payable on the
      fifteenth day of each calendar month, or, if any such day is not a Business
      Day,
      the next succeeding Business Day, commencing in July 2007 (each, a "Payment
      Date") in an amount equal to the aggregate amount payable to Noteholders of
      Class A-3a Notes on such Payment Date from the Principal Payment Account in
      respect of principal on the Class A-3a Notes pursuant to Section 3.1 of the
      Indenture, dated as of June 1, 2007 (the "Indenture"), between the Issuer
      and The Bank of New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the August 2011 Payment Date
      (the
      "Class A-3a Final Scheduled Payment Date") or the Redemption Date
      pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class A-3a Notes will be
      made ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-3a 5.40% Asset Backed Notes (the
      "Class A-3a Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
      the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes, the Class
      B
      Notes, the Class C Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    
      
        
        

      

      
        A-3a-2

        
          

        

      

      
        
        

      

    

    The
      Class
      A-3a Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-3a
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-3a
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-3a-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-3a-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-3a-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

     

     

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-3a Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
               

            
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-3a-6

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

    _____________________________________

    (name
      and
      address of assignee)

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange Act.

            

    

     

    
      
        
        

      

      
        A-3a-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3b

     

    

    FORM
      OF
      CLASS A-3b NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-3b-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $294,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AD0

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-3b FLOATING RATE ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED
      NINETY-FOUR MILLION DOLLARS payable on the fifteenth day of each calendar month,
      or, if any such day is not a Business Day, the next succeeding Business Day,
      commencing in July 2007 (each, a "Payment Date") in an amount equal to
      the aggregate amount payable to Noteholders of Class A-3b Notes on such Payment
      Date from the Principal Payment Account in respect of principal on the Class
      A-3b Notes pursuant to Section 3.1 of the Indenture, dated as of June 1, 2007
      (the "Indenture"), between the Issuer and The Bank of New York, as
      Indenture Trustee (the "Indenture Trustee").  However, the
      entire unpaid principal amount of this Note will be due and payable on the
      earlier of the August 2011 Payment Date (the "Class A-3b Final Scheduled
      Payment Date") or the Redemption Date pursuant to Section 10.1 of the
      Indenture.  Notwithstanding the foregoing, the entire unpaid principal
      amount of the Notes will be due and payable on the date on which the Notes
      are
      declared to be immediately due and payable in the manner provided in Section
      5.2(a) of the Indenture.  All principal payments on the Class A-3b
      Notes will be made ratably to the Noteholders entitled to such principal
      payments. Capitalized terms used but not otherwise defined in this Note are
      defined in Article I of the Indenture, which also contains rules as to usage
      applicable to this Note.

     

    The
      Issuer will pay interest on this Note at a rate based on LIBOR determined in
      accordance with the terms of the Indenture which rate will not be less than
      LIBOR plus 0.03% on each Payment Date until the principal of this Note is paid
      or made available for payment, on the principal amount of this Note outstanding
      on the preceding Payment Date (after giving effect to all payments of principal
      made on the preceding Payment Date), subject to certain limitations contained
      in
      Section 3.1 of the Indenture.  Interest on this Note will accrue for
      each Payment Date from and including the previous Payment Date on which interest
      has been paid (or, in the case of the initial Payment Date, from and including
      the Closing Date) to but excluding such Payment Date.  Interest will
      be computed on the basis of actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-3b Floating Rate Asset Backed
      Notes
      (the "Class A-3b Notes") of the Issuer.  Also authorized under
      the Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
      Notes, the Class A-3a Notes, the Class A-4a Notes, the Class A-4b Notes, the
      Class B Notes, the Class C Notes and the Class D Notes.  The Indenture
      and all indentures supplemental to the Indenture set forth the respective rights
      and obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    
      
        
          
          

        

        
          A-3b-2

          
            

          

        

        
          
          

        

      

    

    

    The
      Class
      A-3b Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-3b
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-3b
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-3b-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-3b-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-3b-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-3b Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___,
                2007

            	
               

            	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	
               

            
	 	 	 
	 	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-3b-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    _______________________________________

    (name
      and
      address of assignee)

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    
      	 	 	 	 	 
	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

    

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange
                Act.

            

    

    
      
        
        

      

      
        A-3b-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-4a

     

    FORM
      OF
      CLASS A-4a NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-4a-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $144,330,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AE8

            

    

     

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-4a 5.47% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED
      FORTY-FOUR MILLION THREE HUNDRED THIRTY THOUSAND DOLLARS payable on the
      fifteenth day of each calendar month, or, if any such day is not a Business
      Day,
      the next succeeding Business Day, commencing in July 2007 (each, a "Payment
      Date") in an amount equal to the aggregate amount payable to Noteholders of
      Class A-4a Notes on such Payment Date from the Principal Payment Account in
      respect of principal on the Class A-4a Notes pursuant to Section 3.1 of the
      Indenture, dated as of June 1, 2007 (the "Indenture"), between the Issuer
      and The Bank of New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the June 2012 Payment Date (the
      "Class A-4a Final Scheduled Payment Date") or the Redemption Date
      pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class A-4a Notes will be
      made ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-4a 5.47% Asset Backed Notes (the
      "Class A-4a Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
      the Class A-3a Notes, the Class A-3b Notes, the Class A-4b Notes, the Class
      B
      Notes, the Class C Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    
      
        
        

      

      
        A-4a-2

        
          

        

      

      
        
        

      

    

    The
      Class
      A-4a Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-4a
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-4a
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-4a-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-4a-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-4a-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            
	 	 	 

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-4a Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        A-4a-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    ____________________________________

    (name
      and
      address of assignee)

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange Act.

            

    

     

    
      
        
        

      

      
        A-4a-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4b

     

    FORM
      OF
      CLASS A-4b NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        A-4b-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $145,000,000

            
	 	 
	
              No.
                R-1

            	
               CUSIP
                NO. 34529A AF5

            

    

     

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      A-4b FLOATING RATE ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED
      FORTY-FIVE MILLION DOLLARS payable on the fifteenth day of each calendar month,
      or, if any such day is not a Business Day, the next succeeding Business Day,
      commencing in July 2007 (each, a "Payment Date") in an amount equal to
      the aggregate amount payable to Noteholders of Class A-4b Notes on such Payment
      Date from the Principal Payment Account in respect of principal on the Class
      A-4b Notes pursuant to Section 3.1 of the Indenture, dated as of June 1, 2007
      (the "Indenture"), between the Issuer and The Bank of New York, as
      Indenture Trustee (the "Indenture Trustee").  However, the
      entire unpaid principal amount of this Note will be due and payable on the
      earlier of the June 2012 Payment Date (the "Class A-4b Final Scheduled
      Payment Date") or the Redemption Date pursuant to Section 10.1 of the
      Indenture.  Notwithstanding the foregoing, the entire unpaid principal
      amount of the Notes will be due and payable on the date on which the Notes
      are
      declared to be immediately due and payable in the manner provided in Section
      5.2(a) of the Indenture.  All principal payments on the Class A-4b
      Notes will be made ratably to the Noteholders entitled to such principal
      payments. Capitalized terms used but not otherwise defined in this Note are
      defined in Article I of the Indenture, which also contains rules as to usage
      applicable to this Note.

     

    The
      Issuer will pay interest on this Note at a rate based on LIBOR determined in
      accordance with the terms of the Indenture which rate will not be less than
      LIBOR plus 0.05% on each Payment Date until the principal of this Note is paid
      or made available for payment, on the principal amount of this Note outstanding
      on the preceding Payment Date (after giving effect to all payments of principal
      made on the preceding Payment Date), subject to certain limitations contained
      in
      Section 3.1 of the Indenture.  Interest on this Note will accrue for
      each Payment Date from and including the previous Payment Date on which interest
      has been paid (or, in the case of the initial Payment Date, from and including
      the Closing Date) to but excluding such Payment Date.  Interest will
      be computed on the basis of actual days elapsed and a 360-day year.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class A-4b Floating Rate Asset Backed
      Notes
      (the "Class A-4b Notes") of the Issuer.  Also authorized under
      the Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
      Notes, the Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the
      Class B Notes, the Class C Notes and the Class D Notes.  The Indenture
      and all indentures supplemental to the Indenture set forth the respective rights
      and obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    
      
        
        

      

      
        A-4b-2

        
          

        

      

      
        
        

      

    

    The
      Class
      A-4b Notes are and will be equally and ratably secured by the collateral pledged
      as security therefor as provided in the Indenture.  The Class A-4b
      Notes are subordinated to the rights of the Swap Counterparties to receive
      payments (other than Subordinated Swap Termination Payments) pursuant to the
      Interest Rate Swaps.  Interest on and principal of the Notes will be
      payable in accordance with the priority of payments set forth in Section 8.2
      of
      the Indenture.

     

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class A-4b
      Note Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        A-4b-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and do not represent any obligation or interest in any assets of the
      Depositor.  Each Noteholder and Note Owner, by its acceptance of a
      Note or a beneficial interest in a Note, acknowledges and agrees that it has
      no
      right, title or interest in or to any Other Assets of the
      Depositor.  Notwithstanding the preceding sentence, if such Noteholder
      or Note Owner either (i) asserts an interest or claim to, or benefit from,
      Other
      Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
      or
      from Other Assets, whether by operation of law, legal process, pursuant to
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Bankruptcy Code), then such Noteholder or Note Owner further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      will be expressly subordinated to the indefeasible payment in full of the other
      obligations and liabilities, which, under the relevant documents relating to
      the
      securitization or conveyance of such Other Assets, are entitled to be paid
      from,
      entitled to the benefits of, or otherwise secured by such Other Assets (whether
      or not any such entitlement or security interest is legally perfected or
      otherwise entitled to a priority of distributions or application under
      applicable law, including insolvency laws, and whether or not asserted against
      the Depositor), including the payment of post-petition interest on such other
      obligations and liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied.  In addition, the Indenture contains provisions
      permitting the Noteholders of Notes evidencing specified percentages of the
      Note
      Balance of the Notes Outstanding or of the Controlling Class, on behalf of
      all
      Noteholders, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Noteholder of this
      Note will be conclusive and binding upon such Noteholder and upon all future
      Noteholders of this Note and of any Note issued upon the registration of
      transfer of this Note or in exchange of this Note or in lieu of this Note
      whether or not notation of such consent or waiver is made upon this
      Note.

     

    
      
        
        

      

      
        A-4b-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      time, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        A-4b-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-4b Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Responsible
                Person

            

    

     

    
      
        
        

      

      
        A-4b-6

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    ____________________________________

    (name
      and
      address of assignee)

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange Act.

            

    

     

    
      
        
        

      

      
        A-4b-7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

     

    FORM
      OF
      CLASS B NOTE

     

    

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $59,759,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AG3

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    Class
      B
      5.60% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of FIFTY-NINE
      MILLION SEVEN HUNDRED FIFTY-NINE THOUSAND DOLLARS payable on the fifteenth
      day
      of each calendar month, or, if any such day is not a Business Day, the next
      succeeding Business Day, commencing in July 2007 (each, a "Payment Date")
      in an amount equal to the aggregate amount payable to Noteholders of Class
      B
      Notes on such Payment Date from the Principal Payment Account in respect of
      principal on the Class B Notes pursuant to Section 3.1 of the Indenture, dated
      as of June 1, 2007 (the "Indenture"), between the Issuer and The Bank of
      New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the October 2012 Payment Date
      (the "Class B Final Scheduled Payment Date") or the Redemption Date
      pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class B Notes will be made
      ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class B 5.60% Asset Backed Notes (the
      "Class B Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
      the Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the Class
      A-4b
      Notes, the Class C Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    The
      Class
      B Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefore as provided in the Indenture.  The Class B Notes
      are subordinated in right of payment to the Class A Notes and to certain amounts
      payable to the Swap Counterparties pursuant to the Interest Rate Swaps as and
      to
      the extent provided in the Indenture.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class B
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, acknowledges
      and
      agrees that it has no right, title or interest in or to any Other Assets of
      the
      Depositor.  To the extent that, notwithstanding the agreements and
      provisions contained in the preceding sentence, such Noteholder or Note Owner
      either (i) asserts an interest or claim to, or benefit from, Other Assets,
      or
      (ii) is deemed to have any such interest, claim to, or benefit in or from Other
      Assets, whether by operation of law, legal process, pursuant to insolvency
      laws
      or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code
      or
      any successor provision having similar effect under the Bankruptcy Code), then
      such Noteholder or Note Owner further acknowledges and agrees that any such
      interest, claim or benefit in or from Other Assets is and will be expressly
      subordinated to the indefeasible payment in full of the other obligations and
      liabilities, which, under the relevant documents relating to the securitization
      or conveyance of such Other Assets, are entitled to be paid from, entitled
      to
      the benefits of, or otherwise secured by such Other Assets (whether or not
      any
      such entitlement or security interest is legally perfected or otherwise entitled
      to a priority of distributions or application under applicable law, including
      insolvency laws, and whether or not asserted against the Depositor), including
      the payment of post-petition interest on such other obligations and
      liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences.  Any such
      consent or waiver by the Noteholder of this Note will be conclusive and binding
      upon such Noteholder and upon all future Noteholders of this Note and of any
      Note issued upon the registration of transfer of this Note or in exchange of
      this Note or in lieu of this Note whether or not notation of such consent or
      waiver is made upon this Note.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
          
          

        

        
          B-5

          
            

          

        

        
          
          

        

      

    

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION,

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class B Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    __________________________________

    (name
      and
      address of assignee)

     

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	 	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange
                Act.

            

    

    
      
        
        

      

      
        B-7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

     

     

    FORM
      OF
      CLASS C NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    EACH
      NOTE
      OWNER, BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT
      THAT ITS PURCHASE AND HOLDING OF SUCH NOTE DOES NOT CONSTITUTE AND WILL NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              REGISTERED

            	
              $39,840,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AH1

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      C
      5.80% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of THIRTY-NINE
      MILLION EIGHT HUNDRED FORTY THOUSAND DOLLARS payable on the fifteenth day of
      each calendar month, or, if any such day is not a Business Day, the next
      succeeding Business Day, commencing in July 2007 (each, a "Payment Date")
      in an amount equal to the aggregate amount payable to Noteholders of Class
      C
      Notes on such Payment Date from the Principal Payment Account in respect of
      principal on the Class C Notes pursuant to Section 3.1 of the Indenture, dated
      as of June 1, 2007 (the "Indenture"), between the Issuer and The Bank of
      New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the February 2013 Payment Date
      (the "Class C Final Scheduled Payment Date") or the Redemption Date
      pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class C Notes will be made
      ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class C 5.80% Asset Backed Notes (the
      "Class C Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
      the Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the Class
      A-4b
      Notes, the Class B Notes and the Class D Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    The
      Class
      C Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefore as provided in the Indenture.  The Class C Notes
      are subordinated in right of payment to the Class A Notes, the Class B Notes
      and
      to certain amounts payable to the Swap Counterparties pursuant to the Interest
      Rate Swaps as and to the extent provided in the Indenture.

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class C
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
      Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, acknowledges
      and
      agrees that it has no right, title or interest in or to any Other Assets of
      the
      Depositor.  To the extent that, notwithstanding the agreements and
      provisions contained in the preceding sentence, such Noteholder or Note Owner
      either (i) asserts an interest or claim to, or benefit from, Other Assets,
      or
      (ii) is deemed to have any such interest, claim to, or benefit in or from Other
      Assets, whether by operation of law, legal process, pursuant to insolvency
      laws
      or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code
      or
      any successor provision having similar effect under the Bankruptcy Code), then
      such Noteholder or Note Owner further acknowledges and agrees that any such
      interest, claim or benefit in or from Other Assets is and will be expressly
      subordinated to the indefeasible payment in full of the other obligations and
      liabilities, which, under the relevant documents relating to the securitization
      or conveyance of such Other Assets, are entitled to be paid from, entitled
      to
      the benefits of, or otherwise secured by such Other Assets (whether or not
      any
      such entitlement or security interest is legally perfected or otherwise entitled
      to a priority of distributions or application under applicable law, including
      insolvency laws, and whether or not asserted against the Depositor), including
      the payment of post-petition interest on such other obligations and
      liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences.  Any such
      consent or waiver by the Noteholder of this Note will be conclusive and binding
      upon such Noteholder and upon all future Noteholders of this Note and of any
      Note issued upon the registration of transfer of this Note or in exchange of
      this Note or in lieu of this Note whether or not notation of such consent or
      waiver is made upon this Note.

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        C-5

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class C Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	
               

            
	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        C-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    _______________________________

    (name
      and
      address of assignee)

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange
                Act.

            

    

    
      
        
        

      

      
        C-7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

     

    

    FORM
      OF
      CLASS D NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE
&
CO., HAS AN INTEREST IN THIS NOTE.

     

    THIS
      NOTE
      HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW
      OF
      ANY STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS
      NOTE, AGREES FOR THE BENEFIT OF THE ISSUER AND THE DEPOSITOR THAT THIS NOTE
      MAY
      BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED
      OF
      ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY
      (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A U.S.
      PERSON, AS DEFINED IN THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
      "CODE"), THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER,
      WITHIN THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR
      FOR
      THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
      REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
      144A, SUBJECT TO THE RECEIPT BY THE ISSUER, THE DEPOSITOR AND THE NOTE REGISTRAR
      OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT E TO THE INDENTURE,
      WITH SUCH CHANGES IN SUCH LETTER AS MAY BE APPROVED BY THE DEPOSITOR, OR (II)
      TO
      THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
      SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
      STATES OF THE UNITED STATES.

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    IN
      ADDITION, EACH HOLDER REPRESENTS THAT IT IS EITHER: (A) NOT, AND EACH ACCOUNT
      (IF ANY) FOR WHICH IT IS PURCHASING THE CLASS D NOTES IS NOT (I) AN EMPLOYEE
      BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED ("ERISA")) SUBJECT TO TITLE I OF ERISA, (II)
      A
      PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE CODE SUBJECT TO SECTION 4975 OF
      THE
      CODE, OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
      OF A PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR
      REGULATION 29 C.F.R. SECTION 2510.3-101 (THE "PLAN ASSETS REGULATION") OR
      OTHERWISE UNDER ERISA, WITH EACH OF (I) THROUGH (III) IN THIS SUBSECTION (A)
      BEING A "BENEFIT PLAN INVESTOR" OR (B) AN INSURANCE COMPANY ACTING ON BEHALF
      OF
      A GENERAL ACCOUNT AND (I) ON THE DATE OF PURCHASE LESS THAN 25% (OR SUCH LESSER
      PERCENTAGE AS MAY BE DETERMINED BY THE DEPOSITOR) OF THE ASSETS OF SUCH GENERAL
      ACCOUNT (AS REASONABLY DETERMINED BY IT) CONSTITUTE "PLAN ASSETS" FOR PURPOSES
      OF TITLE I OF ERISA AND SECTION 4975 OF THE CODE, (II) THE PURCHASE AND HOLDING
      OF SUCH CLASS D NOTES ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER SECTION (I) OF
      PROHIBITED TRANSACTION CLASS EXEMPTION 95-60,  (III) THE PURCHASER
      AGREES THAT IF, AFTER THE PURCHASER'S INITIAL ACQUISITION OF THE CLASS D NOTES,
      AT ANY TIME DURING ANY CALENDAR QUARTER 25% (OR SUCH LESSER PERCENTAGE AS MAY
      BE
      DETERMINED BY THE DEPOSITOR) OR MORE OF THE ASSETS OF SUCH GENERAL ACCOUNT
      (AS
      REASONABLY DETERMINED BY IT NO LESS FREQUENTLY THAN EACH CALENDAR QUARTER)
      CONSTITUTE "PLAN ASSETS" FOR PURPOSES OF TITLE I OF ERISA OR SECTION 4975 OF
      THE
      CODE AND THE DEPOSITOR SO REQUESTS, IT WILL DISPOSE OF ALL CLASS D NOTES THEN
      HELD IN ITS GENERAL ACCOUNT BY THE END OF THE NEXT FOLLOWING CALENDAR QUARTER
      AND (IV) IS NOT A PERSON, OTHER THAN A BENEFIT PLAN INVESTOR, WHO HAS
      DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUER
      OR
      ANY PERSON WHO PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH
      RESPECT TO SUCH ASSETS OR ANY AFFILIATE (AS DEFINED IN THE PLAN ASSETS
      REGULATION) OF SUCH PERSON.

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS
      NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY
      BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    
      	
              REGISTERED

            	
              $39,839,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34529A AK4

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-A

     

    CLASS
      D
      7.05% ASSET BACKED NOTES

     

    Ford
      Credit Auto Owner Trust 2007-A, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to CEDE & CO., or registered assigns, the principal sum of THIRTY-NINE
      MILLION EIGHT HUNDRED THIRTY-NINE THOUSAND DOLLARS payable on the fifteenth
      day
      of each calendar month, or, if any such day is not a Business Day, the next
      succeeding Business Day, commencing in July 2007 (each, a "Payment Date")
      in an amount equal to the aggregate amount payable to Noteholders of Class
      D
      Notes on such Payment Date from the Principal Payment Account in respect of
      principal on the Class D Notes pursuant to Section 3.1 of the Indenture, dated
      as of June 1, 2007 (the "Indenture"), between the Issuer and The Bank of
      New York, as Indenture Trustee (the "Indenture
      Trustee").  However, the entire unpaid principal amount of this
      Note will be due and payable on the earlier of the December 2013 Payment Date
      (the "Class D Final Scheduled Payment Date") or the Redemption Date
      pursuant to Section 10.1 of the Indenture.  Notwithstanding the
      foregoing, the entire unpaid principal amount of the Notes will be due and
      payable on the date on which the Notes are declared to be immediately due and
      payable in the manner provided in Section 5.2(a) of the
      Indenture.  All principal payments on the Class D Notes will be made
      ratably to the Noteholders entitled to such principal payments. Capitalized
      terms used but not otherwise defined in this Note are defined in Article I
      of
      the Indenture, which also contains rules as to usage applicable to this
      Note.

     

    The
      Issuer will pay interest on this Note at the rate per annum shown above on
      each
      Payment Date until the principal of this Note is paid or made available for
      payment, on the principal amount of this Note outstanding on the preceding
      Payment Date (after giving effect to all payments of principal made on the
      preceding Payment Date), subject to certain limitations contained in Section
      3.1
      of the Indenture.  Interest on this Note will accrue for each Payment
      Date from and including the 15th day of
      the
      calendar month preceding each Payment Date (or, in the case of the initial
      Payment Date, from and including the Closing Date) to but excluding the 15th day of
      the
      following calendar month.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts.  All payments made by the Issuer
      with respect to this Note will be applied first to interest due and payable
      on
      this Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized issue of Class D 7.05% Asset Backed Notes (the
      "Class D Notes") of the Issuer.  Also authorized under the
      Indenture are the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
      the Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the Class
      A-4b
      Notes, the Class B Notes and the Class C Notes.  The Indenture and all
      indentures supplemental to the Indenture set forth the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the
      Noteholders.  The Notes are subject to all terms of the
      Indenture.

     

    The
      Class
      D Notes are and will be equally and ratably secured by the collateral pledged
      as
      security therefor as provided in the Indenture.  The Class D Notes are
      subordinated in right of payment to the Class A Notes, the Class B Notes, the
      Class C Notes and to certain amounts payable to the Swap Counterparties pursuant
      to the Interest Rate Swaps as and to the extent provided in the
      Indenture.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    Payments
      of interest on this Note on each Payment Date, together with any installment
      of
      principal to the extent not in full payment of this Note, will be made to the
      Registered Noteholder of this Note either by wire transfer in immediately
      available funds, to the account of such Noteholder at a bank or other entity
      having appropriate facilities for such wire transfer, if such Noteholder has
      provided to the Note Registrar appropriate written instructions at least 5
      Business Days before such Payment Date and such Noteholder's Notes in the
      aggregate evidence a denomination of not less than $1,000,000, or, if not,
      by
      check mailed first class mail, postage prepaid, to such Registered Noteholder's
      address as it appears on the Note Register on each Record
      Date.  However, unless Definitive Notes have been issued to Note
      Owners, payment will be made by wire transfer in immediately available funds
      to
      the account designated by Cede & Co., as nominee of the Clearing Agency or
      any successor nominee.  Such payments will be made without requiring
      that this Note be submitted for notation of payment.  Any reduction in
      the principal amount of this Note effected by any payments made on any Payment
      Date will be binding upon all future Noteholders of this Note and of any Note
      issued upon the registration of transfer of this Note or in exchange of this
      Note or in lieu of this Note, whether or not noted on this Note.  If
      funds are expected to be available for payment in full of the then remaining
      unpaid principal amount of this Note on a Payment Date, then the Indenture
      Trustee, in the name of and on behalf of the Issuer, will notify the Registered
      Noteholder of this Note as of the preceding Record Date by notice mailed or
      transmitted by facsimile before such Payment Date, and the amount then due
      and
      payable will be payable only upon presentation and surrender of this Note at
      the
      Indenture Trustee's Corporate Trust Office or at the office of the Indenture
      Trustee's agent appointed for such purposes located in The City of New
      York.

     

    The
      Issuer will pay interest on overdue installments of interest at the Class D
      Note
      Interest Rate to the extent lawful.

     

    The
      Notes
      may be redeemed, in whole but not in part, in the manner and to the extent
      described in the Indenture and the Sale and Servicing Agreement.

     

    In
      addition, the Class D Notes may not be acquired by or on behalf of a Person
      other than a person who is (A) a citizen or resident of the United States,
      (B) a
      corporation or partnership organized in or under the laws of the United States
      or any State thereof (including the District of Columbia), (C) an estate the
      income of which is includible in gross income for United States tax purposes,
      regardless of its source, (D) a trust if a U.S. court is able to exercise
      primary supervision over the administration of such trust and one or more
      persons described in clause (A), (B), (C) or (E) of this paragraph has the
      authority to control all substantial decisions of the trust or (E) a person
      not
      described in clauses (A) through (D) of this paragraph whose ownership of the
      Class D Notes is effectively connected with such persons conduct of a trade
      or
      business within the United States (within the meaning of the Code) and who
      provides the Issuer and the Depositor with an IRS Form W-8ECI (and such other
      certifications, representations, or opinions of counsel as may be requested
      by
      the Issuer or the Depositor).

     

    The
      transfer of this Note is subject to the restrictions on transfer specified
      on
      the face of this Note and to the other limitations set forth in the
      Indenture.  Subject to the satisfaction of such restrictions and
      limitations, the transfer of this Note may be registered on the Note Register
      upon surrender of this Note for registration of transfer at the office or agency
      designated by the Issuer pursuant to the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the
      Indenture Trustee duly executed by, the Noteholder of this Note or such
      Noteholder's attorney duly authorized in writing, with such signature guaranteed
      by an "eligible guarantor institution" meeting the requirements of the Note
      Registrar, and thereupon one or more new Notes of the same Class in authorized
      denominations and in the same aggregate principal amount will be issued to
      the
      designated transferee or transferees.  No service charge will be
      charged for any registration of transfer or exchange of this Note, but the
      transferor may be required to pay an amount sufficient to cover any tax or
      other
      governmental charge that may be imposed in connection with any such registration
      of transfer or exchange.

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    Each
      Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees that no recourse
      may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
      Indenture or any certificate or other writing delivered in connection with
      the
      Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee,
      each in its individual capacity, (ii) any holder of a beneficial interest in
      the
      Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee or the Owner Trustee, each in its
      individual capacity, or (iv) any holder of a beneficial interest in the Owner
      Trustee or the Indenture Trustee, each in its individual capacity, except as
      any
      such Person may have agreed.

     

    The
      obligations of the Issuer under the Indenture are solely the obligations of
      the
      Issuer and will not represent any obligation or interest in any assets of the
      Depositor other than the Trust Property conveyed to the Issuer pursuant to
      Article II of the Sale and Servicing Agreement. Each Noteholder and Note Owner,
      by its acceptance of a Note or a beneficial interest in a Note, acknowledges
      and
      agrees that it has no right, title or interest in or to any Other Assets of
      the
      Depositor.  To the extent that, notwithstanding the agreements and
      provisions contained in the preceding sentence, such Noteholder or Note Owner
      either (i) asserts an interest or claim to, or benefit from, Other Assets,
      or
      (ii) is deemed to have any such interest, claim to, or benefit in or from Other
      Assets, whether by operation of law, legal process, pursuant to insolvency
      laws
      or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code
      or
      any successor provision having similar effect under the Bankruptcy Code), then
      such Noteholder or Note Owner further acknowledges and agrees that any such
      interest, claim or benefit in or from Other Assets is and will be expressly
      subordinated to the indefeasible payment in full of the other obligations and
      liabilities, which, under the relevant documents relating to the securitization
      or conveyance of such Other Assets, are entitled to be paid from, entitled
      to
      the benefits of, or otherwise secured by such Other Assets (whether or not
      any
      such entitlement or security interest is legally perfected or otherwise entitled
      to a priority of distributions or application under applicable law, including
      insolvency laws, and whether or not asserted against the Depositor), including
      the payment of post-petition interest on such other obligations and
      liabilities.

     

    THIS
      SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE
      MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each
      Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
      Owner, a beneficial interest in a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder or Note Owner will not institute
      against the Depositor or the Issuer, or join in any institution against the
      Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
      insolvency or liquidation proceedings under any federal or State bankruptcy
      or
      similar law in connection with any obligations relating to the Notes, the
      Indenture or any of the other Basic Documents.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, State, and local income and franchise tax purposes, each
      Class of Notes, if beneficially owned by a Person other than Ford Credit, will
      qualify as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder or Note Owner, by its acceptance of a Note or a beneficial interest
      in a Note, will be deemed to agree to treat the Notes for federal, State and
      local income, single business and franchise tax purposes as indebtedness of
      the
      Issuer.

     

    
      
        
        

      

      
        D-5

        
          

        

      

      
        
        

      

    

    With
      respect to any date of determination, the Issuer, the Indenture Trustee and
      any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose
      name
      this Note is registered as of such date as the owner of such Note for the
      purpose of receiving payments of principal of and any interest on such Note
      and
      for all other purposes, and none of the Issuer, the Indenture Trustee or any
      agent of the Issuer or the Indenture Trustee will recognize notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions requiring the consent of all
      adversely affected Noteholders as provided in the Indenture, the amendment
      of
      the Indenture and the modification of the rights and obligations of the Issuer
      and the rights of the Noteholders under the Indenture by the Issuer with the
      consent of the Noteholders of Notes evidencing not less than a majority of
      the
      Note Balance of the Controlling Class.  The Indenture also permits the
      Indenture Trustee to amend or waive certain terms and conditions set forth
      in
      the Indenture without the consent of the Noteholders provided certain conditions
      are satisfied. In addition, the Indenture contains provisions permitting the
      Noteholders of Notes evidencing specified percentages of the Note Balance of
      the
      Notes Outstanding or of the Controlling Class, on behalf of all Noteholders,
      to
      waive compliance by the Issuer with certain provisions of the Indenture and
      certain defaults under the Indenture and their consequences.  Any such
      consent or waiver by the Noteholder of this Note will be conclusive and binding
      upon such Noteholder and upon all future Noteholders of this Note and of any
      Note issued upon the registration of transfer of this Note or in exchange of
      this Note or in lieu of this Note whether or not notation of such consent or
      waiver is made upon this Note.

     

    The
      term
      "Issuer", as used in this Note, includes any successor to the Issuer under
      the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the Noteholders
      under the Indenture.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations set forth in the
      Indenture.

     

    THIS
      NOTE
      AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS
      OF THE STATE OF NEW YORK.

     

    No
      reference in this Note to the Indenture, and no provision of this Note or of
      the
      Indenture, will alter or impair the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency prescribed in this
      Note.

     

    Anything
      in this Note to the contrary notwithstanding, except as provided in the Basic
      Documents, none of The Bank of New York, in its individual capacity, U.S. Bank
      Trust National Association, in its individual capacity, any owner of a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      will be personally liable for, nor will recourse be had to any of them for,
      the
      payment of principal or of interest on this Note or performance of, or omission
      to perform, any of the covenants, obligations or indemnifications contained
      in
      the Indenture.  The Noteholder of this Note, by its acceptance of this
      Note, agrees that, except as provided in the Basic Documents, in the case of
      an
      Event of Default under the Indenture, the Noteholder has no claim against any
      of
      the foregoing for any deficiency, loss or claim therefrom; provided, however,
      that nothing contained in this Note will be taken to prevent recourse to, and
      enforcement against, the assets of the Issuer for any and all liabilities,
      obligations and undertakings contained in the Indenture or in this
      Note.

     

    
      
        
        

      

      
        D-6

        
          

        

      

      
        
        

      

    

    Unless
      the certificate of authentication on this Note has been executed by the
      Indenture Trustee whose name appears below by manual signature, this Note will
      not be entitled to any benefit under the Indenture, or be valid or obligatory
      for any purpose.

     

    REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

     

    
      
        
        

      

      
        D-7

        
          

        

      

      
        
        

      

    

    The
      Issuer has caused this instrument to be signed, manually or in facsimile, by
      its
      Responsible Person, as of the date set forth below.

     

    
      	
              Date:
                June___, 2007

            	 	 
	 	 	 
	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	
              NATIONAL
                ASSOCIATION

            
	 	 	
              not
                in its individual capacity but solely as Owner Trustee of Ford Credit
                Auto
                Owner Trust 2007-A

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Responsible
                Person

            

    

    

    

    TRUSTEE'S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class D Notes designated above and referred to in the
      Indenture.

     

    
      	
              Date:
                June___, 2007

            	 	 	 
	 	 	 	 
	 	 	
              THE
                BANK OF NEW YORK,

            
	 	 	
              not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
               

            
	 	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        D-8

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    

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

     

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:

     

     

    _______________________________________

    (name
      and
      address of assignee)

    

    the
      within Note and all rights under said Note, and hereby irrevocably constitutes
      and appoints _________________, attorney, to transfer said Note on the books
      kept for registration of said, with full power of substitution in the
      premises.

     

    

    
      	
              Dated:

            	
               

            	 	
               

            	
              */

            
	 	 	 	
              Signature
                Guaranteed

            	 
	 	 	 	 	 
	 	 	 	
              */

            	 

    

     

    

    
      	
              */

            	
              NOTICE:  The
                signature to this assignment must correspond with the name of the
                registered owner as it appears on the face of the within Note in
                every
                particular, without alteration, enlargement or any change
                whatever.  Such signature must be guaranteed by an "eligible
                guarantor institution" meeting the requirements of the Note Registrar,
                which requirements include membership or participation in the Securities
                Transfer Agents Medallion Program or such other "signature guarantee
                program" as may be determined by the Note Registrar in addition to,
                or in
                substitution for, the Securities Transfer Agents Medallion Program,
                all in
                accordance with the Exchange Act.

            

    

    

    
      
        
        

      

      
        D-9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    FORM
      OF
      INVESTMENT LETTER

     

    CLASS
      D
      NOTES

     

    June
      27, 2007

     

    
      Ford
        Credit Auto Owner Trust 2007-A,

      as
        Issuer

      The
        Bank
        of New York,

      as
        Indenture Trustee and Note Registrar

      101
        Barclay Street, Floor 4 West, New York, New York 10286

      Attention:
        Structured Finance Services-Asset Backed Securities,

      Ford
        Credit Auto Owner Trust Series 2007-A

      

      Ford
        Credit Auto Receivables Two LLC

      c/o
        Ford
        Motor Credit Company LLC

      c/o
        Ford
        Motor Company

      World
        Headquarters

      One
        American Road, Suite 801-C1

      Dearborn,
        Michigan 48126

      Attention:  Ford
        Credit SPE Management Office

       

    

    
      
        	
                 

              	
                Re:

              	
                Ford
                  Credit Auto Owner Trust 2007-A

                Class
                  D 7.05% Asset Backed Notes

              

      

      
      

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed purchase of the Class D 7.05% Asset Backed Notes
      (the "Class D Notes") of Ford Credit Auto Owner Trust 2007-A (the "Issuer"),
      a
      trust formed by Ford Credit Auto Receivables Two LLC (the "Depositor"), we
      confirm that:

     

    
      We
        agree
        not to sell, transfer, assign, participate, pledge or otherwise dispose of
        any
        Class D Note or any interest or participation in such Class D Notes (any
        such
        act, a "Class D Note Transfer"), except in compliance with the offering
        memorandum dated as of June 19, 2007, the Securities Act of 1933, as amended
        (the "Securities Act"), and the restrictions and conditions in the legend
        on the
        face of the Class D Notes.

       

      We
        understand that the Class D Notes have not been and will not be registered
        under
        the Securities Act or any state securities or blue sky law.

       

      We
        understand that offers of the Class D Notes or any interest or participation
        in
        the Class D Notes or Class D Note Transfers are only permitted if made in
        compliance with the Securities Act and other applicable laws and only to
        a
        person that the holder reasonably believes is a "qualified institutional
        buyer"
        (a "QIB") within the meaning of Rule 144A under the Securities Act.

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

       

      We
        acknowledge that neither the Issuer nor any person representing the Issuer
        has
        made any representation to us with respect to the Issuer or the offering
        or sale
        of any Class D Notes, other than the information contained in the offering
        memorandum.

       

      We
        are
        purchasing the Class D Notes for our own account or for one or more investor
        accounts for which we are acting as fiduciary or agent, in each case for
        investment, and not with a view to offer, transfer, assign, participate,
        pledge
        or otherwise dispose of such Class D Notes in connection with any distribution
        of such Class D Notes that would violate the Securities Act.

    

     

    
      We
        either:

    

     

    (a)    are
      not, and
      each account (if any) for which we are purchasing the Class D Notes is not
      (i)
      an employee benefit plan (as defined in Section 3(3) of Employee Retirement
      Income Security Act of 1974, as amended ("ERISA")) subject to Title I of ERISA,
      (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of
      1986, as amended (the "Code") subject to Section 4975 of the Code, or (iii)
      an
      entity whose underlying assets include plan assets by reason of a plan's
      investment in the entity (within the meaning of Department of Labor Regulation
      29 C.F.R. Section 2510.3-101 (the "Plan Assets Regulation") or otherwise under
      ERISA), with each of (i) through (iii) in this subsection (a) being a "Benefit
      Plan Investor," or

     

    are
      an
      insurance company acting on behalf of a general account and (i) on the date
      of
      this investment letter less than 25% of the assets of such general account
      (as
      reasonably determined by us) constitute "plan assets" for purposes of Title
      I of
      ERISA and Section 4975 of the Code, (ii) the purchase and holding of such Class
      D Notes are eligible for exemptive relief under Section (I) of Prohibited
      Transaction Class Exemption 95-60, (iii) we agree that if, after the our initial
      acquisition of the Class D Notes, at any time during any calendar quarter 25%
      or
      more of the assets of such general account (as reasonably determined by us
      no
      less frequently than each calendar quarter) constitute "plan assets" for
      purposes of Title I of ERISA or Section 4975 of the Code and the Depositor
      so
      requests, we will dispose of all Class D Notes then held in our general account
      by the end of the next following calendar quarter and (iv) not a person, other
      than a Benefit Plan Investor, who has discretionary authority or control with
      respect to the assets of the Issuer or any person who provides investment advice
      for a fee (direct or indirect) with respect to such assets or any affiliate
      (as
      defined in the Plan Assets Regulation) of such person.

     

    
      	
              (7)

            	
              We
                understand that no subsequent Class D Note Transfer is permitted
                unless we
                cause our proposed transferee to provide to the Issuer, the Note
                Registrar
                and the Initial Purchaser a letter substantially in the form of this
                letter, or such other written statement as the Depositor shall
                prescribe.

            

    

     

    
      	
              (8)

            	
              We
                understand that any purported Class D Note Transfer in contravention
                of
                any of the restrictions and conditions described above will be void,
                and
                the purported transferee in a void Class D Note Transfer will not
                be
                recognized by the Issuer or any other person as a Class D Noteholder
                for
                any purpose.

            

    

     

    
      	
              (9)

            	
              We
                agree to treat the Class D Notes as indebtedness for applicable federal,
                state and local income and franchise tax law purposes and for purposes
                of
                any other tax imposed on, or measured by,
                income.

            

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

    

    
      	
              (10)

            	
              We
                acknowledge that the Depositor and the Issuer rely on the truth and
                accuracy of the foregoing acknowledgments, representations and agreements,
                and agrees that if any of the foregoing acknowledgments, representations
                and agreements deemed to have been made by it are no longer accurate,
                it
                will promptly notify the Depositor and the
                Issuer.

            

    

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered
      hereby.

     

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              ABN
                AMRO INCORPORATED

            
	 	 	 
	 	 	 
	 	
              By:

            	
               

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    

    Securities
      To Be Purchased:

    $39,839,000-
      principal amount of Class D Notes

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    

    Schedule
      of Receivables

     

    Delivered
      on CD Rom to the Indenture Trustee at the Closing

     

     

    
      S-1

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