Document:

Exhibit 10.2

    
      
        

      

      November
        16, 2006

       

      
        	
                To:

              	
                BARCLAYS
                  BANK PLC

              

      

      Email:
        BGSOperations@barcap.com 

      

      
        	
                From:

              	
                FORD
                  CREDIT AUTO OWNER TRUST 2006-C

              

      

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

      as
        Owner
        Trustee 

      300
        Delaware Avenue, Ninth Floor

      Wilmington,
        Delaware 19801

      Attention:
        Corporate Trust Department

      Telephone:
        (302) 552-3200

      Facsimile:
        (302) 552-3129

      

      
        	 	
                Re:

              	
                Interest
                  Rate Swap Reference No. 11777

              

      

       

      Ladies
        and Gentlemen:

      

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

       

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

      

      1.  This
        Confirmation
        supplements, forms part of, and is subject to, the ISDA Master Agreement
        and the
        Schedule thereto, both dated as of November
        16, 2006, between you and us (as amended, supplemented or otherwise modified
        from time to time, the “Agreement”). All provisions contained in the Agreement
        govern this Confirmation except as expressly modified below. Other capitalized
        terms used herein and not otherwise defined will have the meanings given
        them in
        the Indenture referred to in the Agreement. In the event of any inconsistency
        between those terms and this Confirmation, this Confirmation will
        govern.

      

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

      

      
        	 	
                Party
                  A:

              	
                Barclays
                  Bank plc

              

      

      

      
        	 	
                Party
                  B:

              	
                Ford
                  Credit Auto Owner Trust 2006-C.

              

      

      

      
        	 	
                Trade
                  Date:

              	
                November
                  16, 2006.

              

      

      

      
        	 	
                Effective
                  Date:

              	
                November
                  22, 2006.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                Notional
                  Amount:

              	
                For
                  the first Calculation Period (from and including, November 22,
                  2006 to but
                  excluding December 15, 2006), the Notional Amount of this Transaction
                  for
                  purposes of calculating payments due by either party on the first
                  Payment
                  Date will be $856,441,000. With respect to any subsequent Calculation
                  Period up through and including the Calculation Period ending on
                  but
                  excluding December 15, 2009, the Notional Amount will be the Note
                  Balance
                  of the Class A-2b Notes (after giving effect to all amounts paid
                  on the
                  Payment Date that is the first day of such Calculation Period)
                  as stated
                  on the Servicer’s monthly investor report relating to such Payment Date
                  (the “Actual Balance”). Party B will determine the Notional Amount and
                  will inform Party A of such determination by the twelfth day of
                  each
                  calendar month using the aggregate outstanding principal balance
                  for the
                  Class A-2b Notes prior to giving effect to any payments of principal
                  of
                  Class A-2b Notes on the following Payment Date, as shown in the
                  Servicer's
                  monthly investor report relating to such Payment
                  Date.

              

      

      

        
          	 	
                  Termination
                    Date:

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

                

        

      

      

      Fixed
        Amounts

      

      
        	 	
                Fixed
                  Rate Payer: 

              	
                Party
                  B.

              

      

      

      Fixed
        Rate Payer 

      
        	 	
                Payment
                  Date:

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

              

      

      

      
        	 	
                Period
                  End Date:

              	
                The
                  15th
                  day of each calendar month, with No Adjust-ment. (This means that
                  each
                  Calculation Period for the Fixed Amount will have 30 days, except
                  for the
                  Initial Calculation Period, which will commence on November 22,
                  2006 and
                  end on and excluding December 15,
                  2006.)

              

      

      

      
        	 	
                Fixed
                  Rate:

              	
                5.277%

              

      

      

      Fixed
        Rate Day

      
        	 	
                Count
                  Fraction:

              	
                30/360

              

      

      

      Floating
        Amounts

      

      
        	 	
                Floating
                  Rate Payer:

              	
                Party
                  A. 

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Floating
        Rate Payer

      
        	 	
                Payment
                  Dates:

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

              

      

      

      Floating
        Rate for 

      Initial
        Calculation

      
        	 	
                Period:

              	
                5.32%
                  (excluding spread)

              

      

      

      
        	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA.

              

      

      

      
        	 	
                Designated
                  Maturity:

              	
                One
                  month. 

              

      

      

      
        	 	
                Spread:

              	
                Plus
                  0.02%

              

      

      

      Floating
        Rate Day 

      
        	 	
                Count
                  Fraction:

              	
                Actual/360.

              

      

      

      
        	 	
                Reset
                  Dates:

              	
                The
                  first day of each Floating Rate Payer Calculation
                  Period.

              

      

      

      
        	 	
                Business
                  Days:

              	
                New
                  York and Delaware.

              

      

      

      3.  Account
        Details

      

      
        	 	
                Payments
                  to Party A:

              	
                Barclays
                  Bank PLC New York

              

      

      ABA#
        026002574

      Beneficiary:
        Barclays Swaps

      Beneficiary
        Account: 050-01922-8

      

      
        	 	
                Payments
                  to Party B:

              	
                The
                  Bank of New York

              

      

      ABA
        #
        021000018

      Acct
        #
111-565
        

      Attn:
        John Rooney

      For
        further credit to: Ford Credit Auto Owner Trust 2006-C Collection Acct TAS
        #879441

      

      Party
        A
        Operations 

      
        	 	
                Contact:

              	
                Barclays
                  Bank PLC 

              

      

      Email:
        BGSOperations@barcap.com

      

      Party
        B
        Operations 

      
        	 	
                Contact:

              	
                Ford
                  Credit Auto Owner Trust 2006-C

              

      

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

      300
        Delaware Avenue, Ninth Floor

      Wilmington,
        Delaware 19801

      Attn:
        Corporate Trust Administration

      Telephone:
        (302) 552-3102

      Fax:
        (302) 552-3129

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      with
        copies to:

      

      The
        Bank
        of New York,

      as
        Indenture
        Trustee
        for 

      Ford
        Credit Auto Owner Trust 2006-C

      101
        Barclay Street 

      Floor
        8
        West

      New
        York,
        New York 10286

      Attn:
        Structured Finance Services - 

      Asset
        Backed Securities, Ford 2006-C

      Telephone:
        (212) 815-4389

      Fax:
        (212) 815-2493; 

      

      and

      

      Ford
        Motor Credit Company 

      c/o
        Ford
        Motor Company 

      WHQ,
        One
        American Road

      Suite
        801-C1

      Dearborn,
        Michigan 48126

      Attention:
        Securitization Operations Supervisor

      Telephone:
        (313) 206-5899

      Fax:
        (313)
        390-4133

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

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

       

    

    
      
        	 	
                Best
                  Regards,

              	 
	 	 	 	 	 
	 	
                FORD
                  CREDIT AUTO OWNER TRUST 2006-C

              
	 	 	 	 	 
	 	
                By: 
                  

              	
                U.S.
                  BANK TRUST NATIONAL ASSOCIATION,

              
	 	 	
                not
                  in its individual capacity 

              	 
	 	 	
                but
                  solely as Owner Trustee

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                By: 
                  

              	
                /s/
                  Mildred F. Smith

              	 
	 	 	
                Name:
                  Mildred F. Smith

              	 
	 	 	
                Title:  Vice
                  President

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                BARCLAYS
                  BANK PLC 

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                By:

              	
                /s/
                  T.G. Moran

              	 
	 	 	
                Name:
                  Timothy G. Moran

              	 
	 	 	
                Title:  Director

              	 

      

       

      

        [SIGNATURE
          PAGE FOR A-2b FRONT END SWAP CONFIRM]Exhibit 10.3

    
      

    

    November
      16, 2006

     

    
      	
              To:

            	
              BARCLAYS
                BANK PLC

            

    

    Email:
      BGSOperations@barcap.com

    

    
      	
              From:

            	
              FORD
                CREDIT AUTO OWNER TRUST 2006-C

            

    

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

    as
      Owner
      Trustee 

    300
      Delaware Avenue, Ninth Floor

    Wilmington,
      Delaware 19801

    Attention:
      Corporate Trust Department

    Telephone:
      (302) 552-3200

    Facsimile:
      (302) 552-3129

    

    
      	 	
              Re:

            	
              Interest
                Rate Swap Reference No. 11777

            

    

     

    Ladies
      and Gentlemen:

    

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

     

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

    

    1.  This
      Confirmation
      supplements, forms part of, and is subject to, the ISDA Master Agreement and
      the
      Schedule thereto, both dated as of November
      16, 2006, between you and us (as amended, supplemented or otherwise modified
      from time to time, the “Agreement”). All provisions contained in the Agreement
      govern this Confirmation except as expressly modified below. Other capitalized
      terms used herein and not otherwise defined will have the meanings given them
      in
      the Indenture referred to in the Agreement. In the event of any inconsistency
      between those terms and this Confirmation, this Confirmation will
      govern.

    

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

    

    
      	 	
              Party
                A:

            	
              Barclays
                Bank plc

            

    

    

    
      	 	
              Party
                B:

            	
              Ford
                Credit Auto Owner Trust 2006-C.

            

    

    

    
      	 	
              Trade
                Date:

            	
              November
                16, 2006.

            

    

    

    
      	 	
              Effective
                Date:

            	
              November
                22, 2006.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              Notional
                Amount:

            	
              For
                the first Calculation Period (from and including, November 22, 2006
                to but
                excluding December 15, 2006), the Notional Amount of this Transaction
                for
                purposes of calculating payments due by either party on the first
                Payment
                Date will be $251,838,000. With respect to any subsequent Calculation
                Period up through and including the Calculation Period ending on
                but
                excluding February 15, 2012, the Notional Amount will be the Note
                Balance
                of the Class A-4b Notes (after giving effect to all amounts paid
                on the
                Payment Date that is the first day of such Calculation Period) as
                stated
                on the Servicer’s monthly investor report relating to such Payment Date
                (the “Actual Balance”). Party B will determine the Notional Amount and
                will inform Party A of such determination by the twelfth day of each
                calendar month using the aggregate outstanding principal balance
                for the
                Class A-4b Notes prior to giving effect to any payments of principal
                of
                Class A-4b Notes on the following Payment Date, as shown in the Servicer's
                monthly investor report relating to such Payment
                Date.

            

    

    

      
        	 	
                Termination
                  Date:

              	
                The
                  earlier of February 15, 2012 and the date the aggregate outstanding
                  principal balance of the Class A-4b Notes has been reduced to
                  zero.

              

      

       

    

    Fixed
      Amounts

    

    
      	 	
              Fixed
                Rate Payer: 

            	
              Party
                B.

            

    

    

    Fixed
      Rate Payer 

    
      	 	
              Payment
                Date:

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

            

    

    

    
      	 	
              Period
                End Date:

            	
              The
                15th
                day of each calendar month, with No Adjust-ment. (This means that
                each
                Calculation Period for the Fixed Amount will have 30 days, except
                for the
                Initial Calculation Period, which will commence on November 22, 2006
                and
                end on and excluding December 15,
                2006.)

            

    

    

    
      	 	
              Fixed
                Rate:

            	
              5.092%

            

    

    

    Fixed
      Rate Day

    
      	 	
              Count
                Fraction:

            	
              30/360

            

    

    

    Floating
      Amounts

    

    
      	 	
              Floating
                Rate Payer:

            	
              Party
                A. 

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Floating
      Rate Payer

    
      	 	
              Payment
                Dates:

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

            

    

     

    Floating
      Rate for 

    Initial
      Calculation

    
      	 	
              Period:

            	
              5.32%
                (excluding spread)

            

    

    

    
      	 	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA.

            

    

    

    
      	 	
              Designated
                Maturity:

            	
              One
                month. 

            

    

    

    
      	 	
              Spread:

            	
              Plus
                0.04%

            

    

    

    Floating
      Rate Day 

    
      	 	
              Count
                Fraction:

            	
              Actual/360.

            

    

    

    
      	 	
              Reset
                Dates:

            	
              The
                first day of each Floating Rate Payer Calculation
                Period.

            

    

    

    
      	 	
              Business
                Days:

            	
              New
                York and Delaware.

            

    

     

    3.  Account
      Details

    

    
      	 	
              Payments
                to Party A:

            	
              Barclays
                Bank PLC New York

            

    

    ABA#
      026002574

    Beneficiary:
      Barclays Swaps

    Beneficiary
      Account: 050-01922-8

    

    
      	 	
              Payments
                to Party B:

            	
              The
                Bank of New York

            

    

    ABA
      #
      021000018

    Acct
      #
111-565
      

    Attn:
      John Rooney

    For
      further credit to: Ford Credit Auto Owner Trust 2006-C Collection Acct TAS
      #879441

    

    Party
      A
      Operations 

    
      	 	
              Contact:

            	
              Barclays
                Bank PLC 

            

    

    Email:
      BGSOperations@barcap.com

    

    Party
      B
      Operations 

    
      	 	
              Contact:

            	
              Ford
                Credit Auto Owner Trust 2006-C

            

    

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

    300
      Delaware Avenue, Ninth Floor

    Wilmington,
      Delaware 19801

    Attn:
      Corporate Trust Administration

    Telephone:
      (302) 552-3102

    Fax:
      (302) 552-3129

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    with
      copies to:

    

    The
      Bank
      of New York,

    as
      Indenture
      Trustee
      for 

    Ford
      Credit Auto Owner Trust 2006-C

    101
      Barclay Street 

    Floor
      8
      West

    New
      York,
      New York 10286

    Attn:
      Structured Finance Services - 

    Asset
      Backed Securities, Ford 2006-C

    Telephone:
      (212) 815-4389

    Fax:
      (212) 815-2493; 

    

    and

    

    Ford
      Motor Credit Company 

    c/o
      Ford
      Motor Company 

    WHQ,
      One
      American Road

    Suite
      801-C1

    Dearborn,
      Michigan 48126

    Attention:
      Securitization Operations Supervisor

    Telephone:
      (313) 206-5899

    Fax:
      (313)
      390-4133

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

     

    
      
        
          	 	
                  Best
                    Regards,

                	 
	 	 	 
	 	 	 	 	 
	 	
                  FORD
                    CREDIT AUTO OWNER TRUST 2006-C

                
	 	 	 	 	 
	 	
                  By: 
                    

                	
                  U.S.
                    BANK TRUST NATIONAL ASSOCIATION,

                
	 	 	
                  not
                    in its individual capacity 

                	 
	 	 	
                  but
                    solely as Owner Trustee

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                  By:  

                	
                  /s/
                    Mildred F. Smith

                	 
	 	 	
                  Name:
                    Mildred F. Smith

                	 
	 	 	
                  Title:  Vice
                    President

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                  BARCLAYS
                    BANK PLC 

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                  By: 
                    

                	
                  /s/
                    T.G. Moran

                	 
	 	 	
                  Name:
                    Timothy G. Moran

                	 
	 	 	
                  Title:  Director

                	 

        

         

 

    

    [SIGNATURE
      PAGE FOR A-4b FRONT END SWAP CONFIRM]

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