Document:

ex10_1.htm

    
      

    

    
      EXHIBIT
        10.1

      

      EXECUTION
        COPY

       

       

       

      
        
          

        

      

       

      ASSET
        PURCHASE AGREEMENT

       

      by
        and
        among

       

      MEDIWARE
        INFORMATION SYSTEMS, INC.,

       

      INTEGRATED
        MARKETING SOLUTIONS, LLC,

       

      T.J.C.
        INVESTMENTS, INC.,

       

      S.M.C.,
        INC.,

       

      TODD
        COLLINS

       

      and

       

      SCOTT
        CECCORULLI

       

       
        
          

        

      

       

      Dated:
        October 16, 2007

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        
          	
                  ARTICLE
                    I  SALE AND PURCHASE OF ASSETS

                	
                  1

                
	 	 	 
	
                  1.1.           
                    

                	
                  Agreement
                    to Purchase and Sell

                	
                  1

                
	
                  1.2.

                	
                  Purchased
                    Assets

                	
                  2

                
	
                  1.3.

                	
                  Excluded
                    Assets

                	
                  3

                
	
                  1.4.

                	
                  Name
                    Following the Closing

                	
                  3

                
	
                  1.5.

                	
                  Certain
                    Consents to Assignment

                	
                  3

                
	 	 
	
                  ARTICLE
                    II  PURCHASE PRICE; ALLOCATION

                	
                  3

                
	 	 	 
	
                  2.1.

                	
                  Calculation
                    of Purchase Price

                	
                  3

                
	
                  2.2.

                	
                  Determination
                    of Estimated Initial Purchase Price

                	
                  4

                
	
                  2.3.

                	
                  Determination
                    of Initial Purchase Price.

                	
                  4

                
	
                  2.4.

                	
                  Incremental
                    Revenue Payment.

                	
                  5

                
	
                  2.5.

                	
                  Escrow
                    Amount

                	
                  7

                
	
                  2.6.

                	
                  Allocation
                    of Purchase Price

                	
                  7

                
	 	 
	
                  ARTICLE
                    III  ASSUMPTION OF LIABILITIES

                	
                  8

                
	 	 	 
	
                  3.1.

                	
                  Liabilities
                    to be Assumed by Buyer

                	
                  8

                
	
                  3.2.

                	
                  Liabilities
                    of Seller Not Assumed

                	
                  8

                
	 	 
	
                  ARTICLE
                    IV  CLOSING

                	
                  8

                
	 	 	 
	
                  4.1.

                	
                  Closing
                    Date

                	
                  8

                
	
                  4.2.

                	
                  Payment
                    of Estimated Initial Purchase Price

                	
                  8

                
	
                  4.3.

                	
                  Buyer’s
                    Additional Deliveries

                	
                  9

                
	
                  4.4.

                	
                  Seller’s
                    Deliveries

                	
                  9

                
	
                  4.5.

                	
                  Further
                    Assurances

                	
                  10

                
	 	 
	
                  ARTICLE
                    V  REPRESENTATIONS AND WARRANTIES OF SELLER, THE MEMBERS AND THE
                    PRINCIPALS

                	
                  11

                
	 	 	 
	
                  5.1.

                	
                  Organization
                    of Seller

                	
                  11

                
	
                  5.2.

                	
                  Authorization,
                    Execution and Enforceability

                	
                  11

                
	
                  5.3.

                	
                  Absence
                    of Restrictions and Conflicts

                	
                  11

                
	
                  5.4.

                	
                  Interests
                    in Other Entities

                	
                  12

                
	
                  5.5.

                	
                  Ownership
                    of Assets and Related Matters.

                	
                  12

                
	
                  5.6.

                	
                  Financial
                    Statements; Undisclosed Liabilities

                	
                  13

                
	
                  5.7.

                	
                  Operations
                    Since Balance Sheet Date

                	
                  13

                
	
                  5.8.

                	
                  Legal
                    Proceedings

                	
                  13

                
	
                  5.9.

                	
                  Licenses,
                    Permits and Compliance with Law

                	
                  14

                
	
                  5.10.

                	
                  Assumed
                    Contracts

                	
                  14

                
	
                  5.11.

                	
                  Taxes

                	
                  14

                
	
                  5.12.

                	
                  Employees

                	
                  14

                
	
                  5.13.

                	
                  Employee
                    Benefit Plans

                	
                  15

                
	
                  5.14.

                	
                  Labor
                    Relations

                	
                  16

                
	
                  5.15.

                	
                  Insurance

                	
                  16

                
	
                  5.16.

                	
                  Intellectual
                    Property.

                	
                  16

                
	
                  5.17.

                	
                  Code
                    Quality.

                	
                  22

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  5.18.          
                    

                	
                  Transactions
                    with Affiliates

                	
                  22

                
	
                  5.19.

                	
                  Customer
                    Relations

                	
                  23

                
	
                  5.20.

                	
                  Nondisclosed
                    Payments; Ethical Practices

                	
                  23

                
	
                  5.21.

                	
                  Brokers,
                    Finders and Investment Bankers

                	
                  23

                
	
                  5.22.

                	
                  Disclosure

                	
                  23

                
	 	 
	
                  ARTICLE
                    VI REPRESENTATIONS AND WARRANTIES OF BUYER

                	
                  24

                
	 	 	 
	
                  6.1.

                	
                  Organization,
                    Power and Good Standing

                	
                  24

                
	
                  6.2.

                	
                  Authority

                	
                  24

                
	
                  6.3.

                	
                  No
                    Violation

                	
                  24

                
	
                  6.4.

                	
                  Disclosure

                	
                  24

                
	
                  6.5.

                	
                  Seller
                    Customers

                	
                  24

                
	 	 
	
                  ARTICLE
                    VII  ACTION PRIOR TO THE CLOSING DATE

                	
                  25

                
	 	 	 
	
                  7.1.

                	
                  Access
                    to Information

                	
                  25

                
	
                  7.2.

                	
                  Preserve
                    Accuracy of Representations and Warranties; Notification of Certain
                    Matters.

                	
                  25

                
	
                  7.3.

                	
                  Consents
                    of Third Parties

                	
                  26

                
	
                  7.4.

                	
                  Merger
                    of the Subsidiary

                	
                  26

                
	
                  7.5.

                	
                  Operations
                    Prior to the Closing Date

                	
                  26

                
	
                  7.6.

                	
                  Non-Solicitation

                	
                  26

                
	 	 
	
                  ARTICLE
                    VIII  INDEMNIFICATION

                	
                  26

                
	 	 	 
	
                  8.1.

                	
                  Indemnification
                    of Buyer

                	
                  26

                
	
                  8.2.

                	
                  Indemnification
                    of Seller

                	
                  27

                
	
                  8.3.

                	
                  Method
                    of Asserting Claims

                	
                  28

                
	
                  8.4.

                	
                  Nature
                    and Survival of Representations

                	
                  29

                
	
                  8.5.

                	
                  Injunctive
                    and Other Relief

                	
                  29

                
	 	 
	
                  ARTICLE
                    IX  CONFIDENTIAL INFORMATION; NON-COMPETITION

                	
                  29

                
	 	 	 
	
                  9.1.

                	
                  Definitions

                	
                  29

                
	
                  9.2.

                	
                  Trade
                    Secrets and Confidential Information.

                	
                  30

                
	
                  9.3.

                	
                  Noncompetition.

                	
                  30

                
	
                  9.4.

                	
                  Severability

                	
                  31

                
	 	 
	
                  ARTICLE
                    X  ADDITIONAL COVENANTS AND AGREEMENTS

                	
                  31

                
	 	 	 
	
                  10.1.

                	
                  Employee
                    Matters

                	
                  31

                
	
                  10.2.

                	
                  Public
                    Announcements

                	
                  31

                
	
                  10.3.

                	
                  Access
                    to Properties and Records.

                	
                  31

                
	
                  10.4.

                	
                  Payment
                    of Debts

                	
                  32

                
	
                  10.5.

                	
                  Right
                    of Offset

                	
                  32

                
	 	 
	
                  ARTICLE
                    XI  CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER

                	
                  32

                
	 	 	 
	
                  11.1.

                	
                  No
                    Misrepresentation or Breach of Covenants and Warranties

                	
                  33

                
	
                  11.2.

                	
                  No
                    Changes or Destruction of Property

                	
                  33

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  11.3.          
                    

                	
                  No
                    Restraint or Litigation

                	
                  33

                
	
                  11.4.

                	
                  Necessary
                    Consents

                	
                  33

                
	 	 
	
                  ARTICLE
                    XII  CONDITIONS PRECEDENT TO OBLIGATIONS OF
                    SELLER

                	
                  33

                
	 	 	 
	
                  12.1.

                	
                  No
                    Misrepresentation or Breach of Covenants and Warranties

                	
                  33

                
	
                  12.2.

                	
                  No
                    Restraint or Litigation

                	
                  33

                
	 	 
	
                  ARTICLE
                    XIII  TERMINATION

                	
                  34

                
	 	 	 
	
                  13.1.

                	
                  Termination

                	
                  34

                
	
                  13.2.

                	
                  Notice
                    of Termination

                	
                  34

                
	
                  13.3.

                	
                  Effect
                    of Termination.

                	
                  34

                
	 	 
	
                  ARTICLE
                    XIV  GENERAL PROVISIONS

                	
                  34

                
	 	 	 
	
                  14.1.

                	
                  Waiver
                    of Terms

                	
                  35

                
	
                  14.2.

                	
                  Amendment
                    of Agreement

                	
                  35

                
	
                  14.3.

                	
                  Payment
                    of Expenses

                	
                  35

                
	
                  14.4.

                	
                  Contents
                    of Agreement, Parties in Interest, Assignment

                	
                  35

                
	
                  14.5.

                	
                  Notices

                	
                  35

                
	
                  14.6.

                	
                  Severability

                	
                  36

                
	
                  14.7.

                	
                  Schedules
                    and Exhibits

                	
                  36

                
	
                  14.8.

                	
                  Counterparts

                	
                  36

                
	
                  14.9.

                	
                  Headings

                	
                  36

                
	
                  14.10.

                	
                  Governing
                    Law; Jurisdiction

                	
                  36

                
	
                  14.11.

                	
                  Waiver
                    of Jury Trial

                	
                  36

                
	
                  14.12.

                	
                  Dispute
                    Resolution.

                	
                  37

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULES

      

      
        	
                Schedule

              	
                Title

              
	 	 
	
                1.3(e)

              	
                Excluded
                  Assets

              
	 	 
	
                2.3(g)

              	
                Pro-Rated
                  Expenses

              
	 	 
	
                2.4

              	
                Additional
                  Products and Services

              
	 	 
	
                5.3

              	
                Restrictions
                  and Conflicts

              
	 	 
	
                5.5(a)

              	
                Real
                  Property Leases

              
	 	 
	
                5.5(b)

              	
                Personal
                  Property Leases

              
	 	 
	
                5.5(e)

              	
                Receivables

              
	 	 
	
                5.6

              	
                Financial
                  Statements; Undisclosed Liabilities

              
	 	 
	
                5.7

              	
                Operations
                  Since Balance Sheet Date

              
	 	 
	
                5.8

              	
                Legal
                  Proceedings

              
	 	 
	
                5.9

              	
                Permits

              
	 	 
	
                5.10

              	
                Assumed
                  Contracts

              
	 	 
	
                5.12

              	
                Seller
                  Personnel

              
	 	 
	
                5.13

              	
                Employee
                  Benefit Plans

              
	 	 
	
                5.14

              	
                Labor
                  Relations

              
	 	 
	
                5.15

              	
                Insurance

              
	 	 
	
                5.16(e)

              	
                Owned
                  Intellectual Property

              
	 	 
	
                5.16(k)

              	
                Licenses
                  of Intellectual Property by Seller

              
	 	 
	
                5.16(l)

              	
                Licenses
                  of Intellectual Property to Seller

              
	 	 
	
                5.17(a)

              	
                Open
                  Source Software

              
	 	 
	
                5.18

              	
                Transactions
                  with Affiliates

              
	 	 
	
                5.19

              	
                Customer
                  Relations

              
	 	 
	
                10.1

              	
                Employee
                  List

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBITS

      

      
        	
                Exhibit

              	
                Title

              
	 	 
	
                A

              	
                Escrow
                  Agreement

              
	 	 
	
                B

              	
                Form
                  of Bill of Sale

              
	 	 
	
                C

              	
                Form
                  of General Assignment

              
	 	 
	
                D

              	
                Form
                  of Assignment and Assumption Agreement

              
	 	 
	
                E-1

              	
                Form
                  of Collins Employment Agreement

              
	 	 
	
                E-2

              	
                Form
                  of Ceccorulli Employment Agreement

              
	 	 
	
                F

              	
                Form
                  of Legal Opinion

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET
        PURCHASE AGREEMENT

      

      ASSET
        PURCHASE AGREEMENT, dated October 16, 2007, by and among Mediware Information
        Systems, Inc., a New York corporation (“Buyer”); Integrated Marketing
        Solutions, LLC, a Maryland limited liability company (“Seller”); T.J.C.
        Investments, Inc., a Maryland corporation (“TJC”); S.M.C. Inc., a
        Maryland corporation (“SMC”, and together with TJC, each, a
“Member” and, collectively, the “Members”); Todd Collins
        (“Collins”) and Scott Ceccorulli (“Ceccorulli”, and together with
        Collins, each, a “Principal” and, collectively, the
“Principals”).

      

      R
        E C I T A L S

      

      A.           Seller
        is engaged in the business of blood center recruitment, operational software
        and
        related services (the “Business”), operating from its primary business
        location at 108 Water Street, 3rd Floor,
        Baltimore,
        Maryland, and from its business location at 7800 Belfort Parkway, Suite 291,
        Jacksonville, Florida;

      

      B.           The
        Members own beneficially and of record over 89% of the issued and outstanding
        membership interests of Seller;

      

      C.           Collins
        owns beneficially and of record 100% of the issued and outstanding shares
        of
        TJC;

      

      D.           Ceccorulli
        and his spouse (“Mrs. Ceccorulli”) collectively own beneficially and of
        record 100% of the issued and outstanding shares of SMC; and

      

      E.           Seller
        desires to sell to Buyer, and Buyer desires to purchase from Seller, on a
        going
        concern basis, substantially all of the assets, properties and business of
        Seller related to the Business, all on the terms and subject to the conditions
        set forth herein.

      

      NOW,
        THEREFORE, for good and valuable consideration, the receipt and sufficiency
        of
        which are hereby acknowledged and in consideration of the foregoing recitals
        and
        the mutual covenants, warranties, representations and conditions contained
        in
        this Agreement, it is hereby agreed as follows:

      

      ARTICLE
        I

      

      SALE
        AND PURCHASE OF ASSETS

      

      1.1.           Agreement
        to Purchase and Sell.  Subject to the terms and
        conditions of this Agreement, on the Closing Date (as defined in
Section 4.1), Seller shall sell, convey, assign, transfer and
        deliver to Buyer, and Buyer shall purchase and acquire from Seller, all of
        the
        assets, properties, rights and business as a going concern as of the Closing
        Date, of whatever kind or nature and wherever situated or located and whether
        reflected on Seller’s books and records or previously written-off or otherwise
        not shown on Seller’s books and records, of Seller (other than the Excluded
        Assets (as defined in Section 1.3)).  All of said
        assets, properties, rights and business (other than the Excluded Assets)
        are
        collectively referred to in this Agreement as the “Purchased
        Assets”.  All of the Purchased Assets shall be sold to Buyer free
        and clear of any Liens (as defined in
Section 5.5(d)).

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      1.2.           Purchased
        Assets.  The Purchased Assets shall include the following
        items:

      

      (a)           all
        furniture, fixtures, equipment (including office equipment), machinery, parts,
        computer hardware, automobiles and trucks, inventory, supplies, parts and
        all
        other tangible personal property of Seller (“Tangible
        Assets”);

      

      (b)           all
        leasehold interests and leasehold improvements created by all leases, including
        capitalized leases, of personal property under which Seller is a lessee or
        lessor;

      

      (c)           all
        trade accounts receivable, notes receivable, negotiable instruments and chattel
        paper;

      

      (d)           all
        deposits and rights with respect thereto in connection with the Business
        and all
        rebates due from vendors;

      

      (e)           subject
        to Section 1.5, all contracts, claims and rights (and
        benefits arising therefrom) relating to or arising out of the Business, and
        all
        rights against suppliers under warranties covering any of the Tangible
        Assets;

      

      (f)           all
        sales orders and sales contracts, purchase orders and purchase contracts,
        quotations and bids generated by the operation of the Business;

      

      (g)           all
        Intellectual Property (as defined in
Section 5.16);

      

      (h)           subject
        to Section 1.5, all license agreements, distribution
        agreements, sales representative agreements, service agreements, supply
        agreements, franchise agreements, computer software agreements and technical
        service agreements; 

      

      (i)           all
        customer lists, customer records and information relating to the
        Business;

      

      (j)           all
        books and records relating to the Business, including blueprints, drawings
        and
        other technical papers, payroll, employee benefit, accounts receivable and
        payable, inventory, maintenance and asset history records, ledgers and books
        of
        original entry, all insurance records and Permit files;

      

      (k)           all
        rights in connection with prepaid expenses, advances and credits with respect
        to
        the Purchased Assets;

      

      (l)           all
        sales and promotional materials, catalogues and advertising literature relating
        to the Business;

      

      (m)           all
        transferable Permits (as defined in Section 5.9);
        and

      

      (n)           all
        lock boxes relating to the Business to which Seller’s account debtors remit
        payments.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      1.3.           Excluded
        Assets.  Notwithstanding anything to the contrary set
        forth herein, the term “Purchased Assets” shall not mean or include the
        following assets, properties and rights of Seller (collectively, the
“Excluded Assets”):

      

      (a)           all
        cash on hand and in banks and cash equivalents;

      

      (b)           any
        Permit that is not transferable to Buyer;

      

      (c)           the
        organizational documents, minute books and other books and records related
        to
        the formation of Seller or the Subsidiary (as defined in Section
5.4);

      

      (d)           any
        rights relating to, or proceeds from the sale of the book authored by Collins,
        tentatively titled “Blood 101”; and

      

      (e)           such
        other assets as may be listed on Schedule 1.3(e)
        hereto.

      

      1.4.           Name
        Following the Closing.  Immediately following the
        Closing, Seller shall amend its Articles of Organization so as to change
        its
        name to “IMSLITE” or such other name which is not, in the judgment of Buyer
        acting reasonably, confusingly similar to the name “Integrated Marketing
        Solutions”, and none of Seller, the Members, the Principals or any of their
        respective affiliates, successors or assigns shall thereafter use such name
        or
        other names acquired by Buyer hereunder or names confusingly similar
        thereto.

      

      1.5.           Certain
        Consents to Assignment.  To the extent that the
        assignment of any right or agreement the benefit of which is to be acquired
        by
        Buyer pursuant to this Agreement shall require the consent of any other party,
        and Buyer shall have waived the obtaining of such consent prior to the Closing,
        this Agreement shall not constitute a contract to assign or assume the same
        until such consent is obtained.  If any such consent is not obtained,
        (a) this Agreement shall not constitute or be deemed to be a contract to
        assign
        or assume the same if an attempted assignment without such consent, approval
        or
        waiver would constitute a breach of such right or agreement or create in
        any
        party thereto the right or power to cancel or terminate such right or agreement,
        (b) Seller, the Members and the Principals will cooperate with Buyer in any
        reasonable arrangement requested by Buyer designed to provide to Buyer the
        benefit, monetary or otherwise, of Seller’s rights under such right or
        agreement, including enforcement of any and all rights of Seller against
        the
        other party thereto arising out of a breach or cancellation thereof by such
        other party; provided that Buyer agrees to indemnify Seller, the Members
        and the
        Principals against all costs (including attorneys fees) and damages arising
        out
        of such arrangement subject to any rights Buyer may have arising out of any
        breach by Seller, Members and/or Principals of any representation and warranty
        contained in Article IV relating to such right or agreement, and (c) with
        respect to any Real Property Lease set forth on
Schedule 5.5(a) for which Buyer has waived the obtaining of a
        required consent, Buyer shall indemnify and hold harmless Seller, the Members
        and the Principals against any and all costs and damages, associated with
        their
        respective continuing obligations under any such Real Property
        Lease.

      

      ARTICLE
        II

      

      PURCHASE
        PRICE; ALLOCATION

      

      2.1.           Calculation
        of Purchase Price.  The purchase price (the “Purchase
        Price”) for the Purchased Assets shall be an amount equal
        to:

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (a)           $5,275,000,
        plus (or minus) the amount (if any) by which the Closing Working Capital
        (as
        determined in accordance with Section 2.3) is greater than (or
        less than) $233,329 (as adjusted, the “Initial Purchase Price”),
plus,

      

      (b)           an
        Incremental Revenue Payment (as defined in Section 2.4) of up
        to $575,000, payable in accordance with
Section 2.4.

      

      2.2.           Determination
        of Estimated Initial Purchase Price.  At
        least two business days prior to the Closing Date, Seller shall deliver to
        Buyer
        a certificate executed on behalf of Seller by the President of Seller, dated
        the
        date of its delivery, stating that there has been conducted under the
        supervision of such officer a review of all relevant information and data
        then
        available and setting forth Seller’s best good faith estimate of the Initial
        Purchase Price (the “Estimated Initial Purchase Price”), including an
        estimate of the Closing Working Capital (as defined in Section
2.3(a)) that such officer anticipates based upon the most recent
        available financial statements will be reflected on the Closing Statement
        prepared in accordance with Section 2.3.  Such Estimated
        Initial Purchase Price shall be subject to approval by Buyer.

      

      2.3.           Determination
        of Initial Purchase Price.

      

      (a)           Within
        30 days following the Closing Date, Buyer shall prepare and deliver to Seller
        a
        statement (the “Preliminary Closing Statement”) setting forth (i) the
        Working Capital (as defined below) as of the Closing Date (the “Closing
        Working Capital”) and (ii) the Initial Purchase Price.

      

      (b)           Seller
        may review such statement and, within 10 days after the date of such receipt,
        may deliver to Buyer a certificate setting forth its objections to those
        items
        and amounts reflected in the Preliminary Closing Statement, together with
        a
        summary of the reasons therefor and calculations which, in its view, are
        necessary to eliminate such objections.  Any items and amounts not
        identified and properly objected to by Seller in such certificate of objection
        shall be deemed to have been agreed to by Seller.  If Seller fails to
        deliver such certificate of objection within such 10 day period, the Preliminary
        Closing Statement shall be deemed to have been accepted and agreed to by
        Seller
        in the form in which it was delivered by Buyer and shall be final and binding
        upon the parties as the “Closing Statement” for purposes of this
        Agreement, and the determination of the Closing Working Capital and the Initial
        Purchase Price set forth therein shall be final and binding as the “Closing
        Working Capital” and the “Initial Purchase Price” for purposes of
        this Agreement.

      

      (c)           If
        Seller duly delivers a certificate of objection pursuant to
Section 2.3(b), Buyer and Seller shall use their reasonable
        efforts to resolve by written agreement (the “Agreed Working Capital
        Adjustments”), no later than 10 days following Buyer’s receipt of such
        certificate, the disputed items or amounts identified in such
        certificate.  If Buyer and Seller reach agreement in writing on such
        disputed items or amounts, the Preliminary Closing Statement as adjusted
        by the
        Agreed Working Capital Adjustments shall be final and binding as the “Closing
        Statement” for purposes of this Agreement, and the determination of the
        Closing Working Capital and the Initial Purchase Price set forth therein
        shall
        be final and binding as the “Closing Working Capital” and the “Initial
        Purchase Price” for purposes of this Agreement.

      

      (d)           If
        any objections raised by Seller are not resolved by Agreed Working Capital
        Adjustments within the 10 day period referred to in
Section 2.3(c), then Buyer and Seller shall promptly submit
        the objections that are then unresolved to an accounting firm which is
        reasonably acceptable to Buyer and Seller and which has no material relationship
        with Buyer, Seller or their respective Affiliates or other material conflict
        (the “Accounting Firm”) and the Accounting Firm shall be directed by
        Buyer and Seller to resolve the unresolved objections (based solely on the
        presentations by Buyer and by Seller as to whether any disputed items or
        amounts
        had been determined in a manner consistent with GAAP and its consideration
        of
        only those items or amounts in the Preliminary Closing Statement as to which
        Seller has objected) as promptly as practicable and to deliver written notice
        to
        each of Buyer and Seller setting forth its resolution of the disputed items
        or
        amounts.  The Preliminary Closing Statement, after giving effect to
        any Agreed Working Capital Adjustments and to the resolution of disputed
        matters
        by the Accounting Firm, shall be final and binding as the “Closing
        Statement” for purposes of this Agreement, and the determination of the
        Closing Working Capital and the Initial Purchase Price set forth therein
        shall
        be final and binding as the “Closing Working Capital” and the “Initial
        Purchase Price” for purposes of this Agreement.

      
        
          
          

        

        
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      (e)           The
        parties hereto shall make available to Buyer, Seller and, if applicable,
        the
        Accounting Firm, such books, records and other information (including work
        papers) as any of the foregoing may reasonably request to prepare or review
        the
        Preliminary Closing Statement or any matters submitted to the Accounting
        Firm.  The fees and expenses of the Accounting Firm hereunder shall be
        paid 50% by Buyer and 50% by Seller.

      

      (f)           If
        the Estimated Initial Purchase Price is greater than the Initial Purchase
        Price,
        Seller, the Members and the Principals shall, within 10 business days after
        the
        Closing Statement is finalized pursuant to this Section 2.3,
        make payment by wire transfer to Buyer in immediately available funds of
        the
        amount of such difference, together with interest at a rate of 7% per annum
        from
        the Closing Date to the date of such payment.  If the Estimated
        Initial Purchase Price is less than the Initial Purchase Price, Buyer shall,
        within 10 business days after the Closing Statement is finalized pursuant
        to
        this Section 2.3, make payment by wire transfer to Seller in
        immediately available funds of the amount of such difference, together with
        interest at a rate of 7% per annum from the Closing Date to the date of such
        payment.

      

      (g)           For
        purposes of this Agreement, “Working Capital” means, as of any date of
        determination, the excess of the total current assets of Seller included
        in the
        Purchased Assets as of such date over the total current liabilities of Seller
        included in the Assumed Liabilities, determined in accordance with GAAP on
        a
        basis consistent with the methodologies, practices and principles used in
        the
        preparation of the Financial Statements (except as otherwise provided in
        this
        definition and without regard to any purchase accounting adjustments arising
        out
        of the transactions contemplated hereby).  In determining the amount
        of such total current assets and total current liabilities hereunder, (i)
        all
        accounting entries shall be taken into account regardless of their amount
        and
        all known errors and omissions corrected; (ii) all proper adjustments shall
        be
        made; (iii) the value of accounts receivable shall (A) be reduced by the
        amount
        of a customary reserve for uncollectible accounts and (B) exclude any accounts
        receivable from any Affiliates (as defined in Section 5.18)
        of any of Seller, the Members or the Principals; (iv) deferred tax assets
        shall
        be excluded from the determination of total current assets; (v) accrued expenses
        shall exclude amounts owed to the Members, the Principals or any Affiliates
        of
        the Members or the Principals; and (vi) the items set forth in Schedule
        2.3(g) shall be pro-rated as of the Closing Date.

      

      2.4.           Incremental
        Revenue Payment.

      

      (a)           As
        promptly as practicable following the completion of the Buyer’s annual audit for
        the fiscal year ended June 30, 2008, but in no event later than September
        30,
        2008, Buyer shall prepare and deliver to Seller a report (the “Preliminary
Revenue Report”) setting forth the amount of revenues recognized by
        Buyer, in accordance with Buyer’s revenue recognition policies which are in
        accordance with the provisions of the American Institute of Certified Public
        Accountants Statement of Position (“SOP”) 97-2, "Software Revenue
        Recognition" as amended by SOP No. 98-4, SOP 98-9 and clarified by Staff
        Accounting Bulletin (“SAB”) 101, SAB No. 104 and Emerging
        Issues Task Force 00-21 applied in each case in a manner consistent with
        GAAP,
        during the period beginning July 1, 2007, and ending on June 30, 2008 (the
        “Period”) with respect to sales of (i) the products and services sold by
        the Business as of the Closing Date and (ii) the products or services described
        on Schedule 2.4 hereto.  Buyer shall provide, as
        reasonably requested by Seller from time to time during the Period, but no
        more
        frequently than once per calendar quarter, progress reports setting forth
        the
        amount of revenues recognized by Buyer as of the date of the
        request.

      
        
          
          

        

        
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      (b)           Seller
        may review such report and, within 10 days after the date of such receipt,
        may
        deliver to Buyer a certificate setting forth its objections to those items
        and
        amounts reflected in the Preliminary Revenue Report, together with a summary
        of
        the reasons therefor and calculations which, in its view, are necessary to
        eliminate such objections.  Any items and amounts not identified and
        properly objected to by Seller in such certificate of objection shall be
        deemed
        to have been agreed to by Seller.  If Seller fails to deliver such
        certificate of objection within such 10 day period, the Preliminary Revenue
        Report shall be deemed to have been accepted and agreed to by Seller in the
        form
        in which it was delivered by Buyer and shall be final and binding upon the
        parties, and the determination of the amount of revenue set forth therein
        shall
        be final and binding as the “Revenue Report” for purposes of this
        Agreement.

      

      (c)           If
        Seller duly delivers a certificate of objection pursuant to
Section 2.4(b), Buyer and Seller shall use their
        reasonable efforts to resolve by written agreement (the “Agreed
        Adjustments”), no later than 10 days following Buyer’s receipt of such
        certificate, the disputed items or amounts identified in such
        certificate.  If Buyer and Seller reach agreement in writing on such
        disputed items or amounts, the Preliminary Revenue Report as adjusted by
        the
        Agreed Adjustments shall be final and binding as the “Revenue Report” for
        purposes of this Agreement.

      

      (d)           If
        any objections raised by Seller are not resolved by Agreed Adjustments within
        the 10 day period referred to in Section 2.4(c), then
        Buyer and Seller shall promptly submit the objections that are then unresolved
        to the Accounting Firm (as defined in Section 2.3(d)) and the
        Accounting Firm shall be directed by Buyer and Seller to resolve the unresolved
        objections (based solely on the presentations by Buyer and by Seller as to
        whether any disputed items or amounts had been determined in a manner consistent
        with GAAP and its consideration of only those items or amounts in the
        Preliminary Revenue Report as to which Seller has objected) as promptly as
        practicable and to deliver written notice to each of Buyer and Seller setting
        forth its resolution of the disputed items or amounts.  The
        Preliminary Revenue Report, after giving effect to any Agreed Adjustments
        and to
        the resolution of disputed matters by the Accounting Firm, shall be final
        and
        binding as the “Revenue Report” for purposes of this
        Agreement.

      

      (e)           The
        parties hereto shall make available to Buyer, Seller and, if applicable,
        the
        Accounting Firm, such books, records and other information (including work
        papers) as any of the foregoing may reasonably request to prepare or review
        the
        Preliminary Revenue Report or any matters submitted to the Accounting
        Firm.  The fees and expenses of the Accounting Firm hereunder shall be
        paid 50% by Buyer and 50% by Seller.

      
        
          
          

        

        
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      (f)           Promptly
        (but not later than 10 days) after the Revenue Report is finalized pursuant
        to
        this Section 2.4, Buyer shall pay to Seller an amount equal
        to:

      

      (i)           $300,000,
        if the revenue reflected in the Revenue Report is greater than $3,100,000,
        but
        less than $3,250,000;

      

      (ii)           $368,750,
        if the revenue reflected in the Revenue Report is greater than $3,250,000,
        but
        less than $3,500,000;

      

      (iii)           $437,500,
        if the revenue reflected in the Revenue Report is greater than $3,500,000,
        but
        less than $3,750,000;

      

      (iv)           $506,250,
        if the revenue reflected in the Revenue Report is greater than $3,750,000,
        but
        less than $4,000,000; or

      

      (v)           $575,000,
        if the revenue reflected in the Revenue Report is equal to or greater than
        $4,000,000.

      

      Any
        payment required to be made by Buyer to Seller pursuant to this
Section 2.4(f) shall be referred to herein as the
“Incremental Revenue Payment.”  Notwithstanding the foregoing,
        if Buyer terminates either Principal with no Cause (as defined in the Employment
        Agreements) prior to June 30, 2007, Buyer shall pay to Seller, in accordance
        with this Section 2.4, $575,000 (as the Incremental Revenue Payment) whether
        or
        not the $4,000,000 revenue target is achieved.

      

      2.5.           Escrow
        Amount.  Concurrently with the execution of this
        Agreement, Buyer shall pay $200,000 (the “Escrow Amount”) in cash by wire
        transfer of immediately available funds to Gordon, Feinblatt, Rothman,
        Hoffberger, & Hollander, LLC (the “Escrow Agent”) to be held pursuant
        to the terms of the Escrow Agreement attached hereto as Exhibit A, to be
        executed as of the date hereof.  The Escrow Amount shall be held in
        accordance with the terms of the Escrow Agreement for the satisfaction of
        any
        claim relating to termination of this Agreement by Seller in accordance with
        Section 13.1(d); provided, however, that concurrently with
        the Closing, Buyer and Seller shall jointly instruct the Escrow Agent to
        distribute to Seller the Escrow Amount as a portion of the Initial Purchase
        Price.

      

      2.6.           Allocation
        of Purchase Price.  The Purchase Price shall be allocated
        approximately 97% among the Purchased Assets and 3% to the covenants described
        in Article IX, subject to a final analysis by Buyer’s
        independent valuation expert.  The parties agree that the allocations
        set forth in this Section 2.6 shall be used by them and
        respected for all purposes including, without limitation, income tax purposes,
        if in conformance with the rules and regulations of the Internal Revenue
        Code of
        1986, as amended (the “Code”), and that the parties shall follow such
        allocations for all reporting purposes including, without limitation, Form
        8594
        to be filed pursuant to the Code.  Notwithstanding the foregoing, if
        Buyer shall determine, following consultation with its independent valuation
        expert, that more than 4% of the Purchase Price shall be allocated to the
        covenants described in Article IX, Buyer shall reimburse each of Seller,
        the Members and the Principals for any taxes such party incurs in excess
        of
        those it would have paid had 4% of the Purchase Price been allocated to the
        covenants described in Article IX.

      
        
          
          

        

        
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      ARTICLE
        III

      

      ASSUMPTION
        OF LIABILITIES

      

      3.1.           Liabilities
        to be Assumed by Buyer.  At the Closing, Buyer shall
        assume and agree to perform and discharge when and as due the following
        liabilities and obligations, as the same may exist at or accrue following
        the
        Closing Date, and no others (the “Assumed Liabilities”):

      

      (a)           all
        liabilities of Seller with respect to the Business to the extent such
        liabilities are reflected on the Balance Sheet (as defined in
Section 5.6);

      

      (b)           all
        liabilities of Seller with respect to the Business arising in the ordinary
        course of the Business since the Balance Sheet Date (as defined in Section
        5.6) to the extent such liabilities are included as part of the Closing
        Working Capital (as defined in Section 2.3); and

      

      (c)           all
        liabilities and obligations of Seller to be paid or performed after the Closing
        Date arising in the ordinary course of the Business pursuant to any of the
        Assumed Contracts, except (i) to the extent such liabilities and obligations,
        but for a breach or default by Seller, would have been paid, performed or
        otherwise discharged on or prior to the Closing Date or (ii) to the extent
        the
        same arise out of Seller’s, Members’ or Principals’ breach of contract, breach
        of warranty, tort, infringement or violation of law.

      

      3.2.           Liabilities
        of Seller Not Assumed.  Except as specifically provided
        in Section 3.1 hereof, Buyer shall not assume, or in any way
        become liable for, any liabilities or obligations of Seller, the Members,
        the
        Principals or the Business of any kind or nature, whether accrued, absolute,
        contingent or otherwise, or whether due or to become due, or otherwise, whether
        known or unknown, arising out of events, transactions or facts which shall
        have
        occurred, arisen or existed on or prior to the Closing Date (the “Excluded
        Liabilities”), which liabilities and obligations, if ever in existence,
        shall continue to be liabilities and obligations of Seller, the Members or
        the
        Principals, as the case may be.

      

      ARTICLE
        IV

      

      CLOSING

      

      4.1.           Closing
        Date.  The consummation of the transactions contemplated
        by this Agreement (the “Closing”) shall take place at the offices of
        Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite
        3900, Chicago, Illinois or at such other place as is mutually agreeable to
        Buyer
        and Seller, at 10:00 a.m. local time on October 31, 2007, or such other date
        and
        time as is mutually agreeable to Buyer and Seller (the “Closing
        Date”).  The Closing shall be deemed to have become effective as
        of the close of business on the Closing Date. 

      

      4.2.           Payment
        of Estimated Initial Purchase Price.  At the
        Closing,

      

      (a)           Buyer
        shall pay to Seller the Estimated Initial Purchase Price (as defined in
Section 2.2), net of the Escrow Amount, by wire transfer of
        immediately available funds to a bank account in the United States specified
        by
        Seller in writing to Buyer at least two business days prior to the Closing;
        and

      
        
          
          

        

        
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      (b)           Buyer
        and Seller shall jointly instruct the Escrow Agent to distribute to Seller
        the
        Escrow Amount as a portion of the Initial Purchase Price.

      

      4.3.           Buyer’s
        Additional Deliveries.  Subject to fulfillment or waiver
        of the conditions set forth in Article XI, at the Closing, Buyer shall
        deliver to Seller all of the following:

      

      (a)           a
        certificate of the secretary or an assistant secretary of Buyer, dated the
        Closing Date, in form and substance reasonably satisfactory to Seller, as
        to:
        (i) the resolutions of the board of directors of Buyer authorizing the
        execution, delivery and performance of this Agreement and the transactions
        contemplated hereby; and (ii) the incumbency and signature of the officer(s)
        of
        Buyer executing this Agreement;

      

      (b)           the
        certificate of Buyer contemplated by Section 12.1, duly
        executed by an authorized officer of Buyer;

      

      (c)           Employment
        Agreements in the form attached hereto as Exhibits E1 and E2
        with respect to Collins and Ceccorulli, duly executed by Buyer; and

      

      (d)           the
        Assignment and Assumption Agreement (as defined in
Section 4.4(i)) duly executed by Buyer.

      

      4.4.           Seller’s
        Deliveries.  Subject to fulfillment or waiver of the
        conditions set forth in Article XII, at the Closing, Seller shall deliver
        to Buyer all of the following:

      

      (a)           a
        copy of the Articles of Organization of Seller certified as of a recent date
        by
        the Secretary of State of the State of Maryland;

      

      (b)           a
        certificate of good standing of Seller issued as of a recent date by the
        Secretary of State of the State of Maryland;

      

      (c)           a
        certificate of good standing of Seller issued as of a recent date by the
        Secretary of State of the State of Florida;

      

      (d)           a
        certificate of the President of Seller, dated the Closing Date, in form and
        substance reasonably satisfactory to Buyer, as to: (i) no amendments to the
        Articles of Organization of Seller since a specified date; (ii) the Limited
        Liability Company Agreement of Seller; (iii) the resolutions of the Members
        of
        Seller authorizing the execution, delivery and performance of this Agreement
        and
        the transactions contemplated hereby; and (iv) incumbency and signature of
        the
        officer of Seller executing this Agreement;

      

      (e)           the
        certificates of Seller, the Members and the Principals contemplated by
Sections 11.1 and 11.2, duly executed by Seller, each
        Member and each Principal;

      

      (f)           a
        Certificate of Merger, accepted and certified by the Department of Assessments
        and Taxation of the State of Maryland, reflecting the merger of the Subsidiary
        with and into Seller, as contemplated by
Section 7.4;

      

      (g)           the
        Bill of Sale, in the form attached hereto as Exhibit B (the “Bill of
        Sale”) duly executed by Seller;

      
        
          
          

        

        
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      (h)           the
        General Assignment, in the form attached hereto as Exhibit C (the
“General Assignment”) duly executed by Seller;

      

      (i)           the
        Assignment and Assumption Agreement, in the form attached hereto as Exhibit
        D (the “Assignment and Assumption Agreement”) duly executed by
        Seller;

      

      (j)           all
        consents, waivers or approvals obtained by Seller with respect to the Purchased
        Assets or the consummation of the transactions contemplated by this
        Agreement;

      

      (k)           Employment
        Agreements in the form attached hereto as Exhibits E1 and E2,
        duly executed by Collins and Ceccorulli;

      

      (l)           certificates
        of title or origin (or like documents) with respect to any equipment included
        in
        the Purchased Assets for which a certificate of title or origin is required in
        order to transfer title;

      

      (m)           assignments,
        in recordable form, with respect to each of the Copyrights, Patents, and
        trademarks included in the Purchased Assets, duly executed by Seller and
        in form
        and substance reasonably satisfactory to Buyer;

      

      (n)           evidence,
        in form and substance reasonably satisfactory to Buyer, of the release of
        all
        Liens on the Purchased Assets;

      

      (o)           an
        opinion of Seller’s legal counsel, dated the Closing Date, in the form of
Exhibit F hereto;

      

      (p)           tax
        clearance certificates from the State of Maryland and the State of Florida,
        as
        applicable, which show that Buyer is not required to withhold any portion
        of the
        Purchase Price to satisfy any unpaid tax liabilities of Seller; and

      

      (q)           such
        other bills of sale, assignments and other instruments of transfer or conveyance
        as Buyer may reasonably request or as may be otherwise necessary to evidence
        and
        effect the sale, assignment, transfer, conveyance and delivery of the Purchased
        Assets to Buyer.

      

      4.5.           Further
        Assurances.  If at any time after the Closing Date Buyer
        shall consider or be advised that any further deeds, assignments or assurances
        in law or any other acts are necessary, desirable or proper to (a) vest,
        perfect
        or confirm, of record or otherwise, in Buyer, the title to the Purchased
        Assets,
        or (b) otherwise carry out the purposes of this Agreement, Seller, the Members
        and the Principals agree that they shall execute and deliver all such deeds,
        assignments and assurances in law and do all acts reasonably necessary,
        desirable or proper to vest, perfect and confirm title to such Purchased
        Assets
        in Buyer, and otherwise to carry out the purposes of this Agreement and the
        transactions contemplated by this Agreement and the expense of the foregoing
        shall be borne as provided in Section 14.3
        hereof.  In addition, from and after the Closing Date, Seller will
        promptly deliver or cause to be delivered to Buyer all payments received
        by or
        on account of Seller to which Buyer is entitled hereunder, and Buyer will
        promptly deliver or cause to be delivered to Seller all payments received
        by or
        on account of Buyer to which Seller is entitled hereunder, in either case
        within
        30 days of receipt by the party not entitled thereto.

      
        
          
          

        

        
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      ARTICLE
        V

      

      REPRESENTATIONS
        AND WARRANTIES OF SELLER, THE MEMBERS AND THE
        PRINCIPALS

      

      Seller,
        each of the Members and each of the Principals, jointly and severally, represent
        and warrant to Buyer as follows:

      

      5.1.           Organization
        of Seller.  Seller is a limited liability company duly
        organized, validly existing and in good standing under the laws of the State
        of
        Maryland, with full power and authority to enter into this Agreement and
        to
        perform its obligations hereunder.  Seller is duly qualified to
        transact business as a foreign corporation and is in good standing in Florida,
        which is the only other jurisdiction in which the ownership or leasing of
        the
        Purchased Assets or the conduct of the Business requires such
        qualification.  Seller has full corporate power and authority to own
        or lease and to operate and use the Purchased Assets and to carry on the
        Business as now conducted.

      

      5.2.           Authorization,
        Execution and Enforceability.  This Agreement and each
        other certificate, agreement, document or instrument to be executed and
        delivered by Seller, either of the Members or either of the Principals in
        connection with the transactions contemplated by this Agreement (collectively,
        the “Seller Ancillary Documents”) have been duly executed and delivered
        by Seller, each such Member and each such Principal and constitute the valid
        and
        legally binding agreements of Seller, each Member and each Principal, as
        the
        case may be, enforceable against Seller, each Member and each Principal in
        accordance with their respective terms.  The execution, delivery and
        performance of this Agreement and the Seller Ancillary Documents and the
        consummation of the transactions contemplated by this Agreement and the Seller
        Ancillary Documents have been duly authorized by all necessary corporate
        action
        on the part of Seller.

      

      5.3.           Absence
        of Restrictions and Conflicts.  Except as disclosed in
Schedule 5.3, the execution, delivery and performance of
        this
        Agreement and the Seller Ancillary Documents, the consummation of the
        transactions contemplated by this Agreement and the Seller Ancillary Documents
        and the fulfillment of and compliance with the terms and conditions of this
        Agreement and the Seller Ancillary Documents do not, (a) conflict with or
        result
        in any breach of any term or provision of the formation documents of Seller,
        (b)
        with or without the passing of time or the giving of notice or both, violate
        or
        conflict with, constitute a breach of or default (or give rise to any right
        of
        termination, amendment or cancellation) under, result in the loss of any
        benefit
        under or permit the acceleration of any obligation under, any Assumed Contract
        or result in the creation of any Lien on any of the Purchased Assets pursuant
        to, any of the terms, conditions or provisions of any note, bond, mortgage,
        indenture, lease, license, contract, agreement or other obligation to which
        Seller, either Member or either Principal is a party or by which any of their
        properties or assets may be bound, or (c) violate any judgment, decree or
        order
        of any Governmental Authority (as defined below) to which Seller is a party
        or
        by which Seller, either Member, either Principal or any of their respective
        properties is bound or any statute, law, rule or regulation applicable to
        Seller, either Member or either Principal.  No consent, approval,
        order or authorization of, or registration, declaration or filing with, any
        court, arbitrator, governmental agency or public or regulatory unit, agency,
        body or authority of the United States, any foreign country or any domestic
        or
        foreign state, county, city or other political subdivision thereof (each
        a
“Governmental Authority”) with respect to Seller, either Member or either
        Principal is required in connection with the execution, delivery or performance
        of this Agreement or the Seller Ancillary Documents by Seller, either Member
        or
        either Principal, or the consummation of the transactions contemplated by
        this
        Agreement or the Seller Ancillary Documents by Seller or such Member or
        Principal.

      
        
          
          

        

        
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      5.4.           Interests
        in Other Entities.  As of the date hereof, except for
        Seller’s interest in Fulfillment Services International, LLC (the
“Subsidiary”), consisting of all of the membership interests of the
        Subsidiary, Seller does not own, directly or indirectly, any equity interest
        (by
        stock ownership, partnership interest, limited liability company interest,
        joint
        venture interest or otherwise) in any other corporation, partnership, limited
        liability company, joint venture, firm, association or business
        enterprise.  As of the Closing Date, and following the merger
        described in Section 7.4 between Seller and the Subsidiary,
        Seller will not own, and the Purchased Assets do not include, any equity
        interest (by stock ownership, partnership interest, limited liability company
        interest, joint venture interest or otherwise) in any other corporation,
        partnership, limited liability company, joint venture, firm, association
        or
        business enterprise.

      

      5.5.           Ownership
        of Assets and Related Matters.

      

      (a)           Real
        Property.  The Purchased Assets do not include and Seller does not
        own, any real property.  Schedule 5.5(a)
        sets forth a list and brief description of each lease or similar agreement
        (showing the parties thereto, annual rental, expiration date, renewal and
        purchase options, if any, the improvements thereon, the uses being made thereof,
        and the location and the legal description of the real property covered by
        such
        lease or other agreement) (“Real Property Leases”) under which Seller is
        lessee of, or holds or operates, any real property owned by any third party
        (the
“Leased Real Property”).  Except as set forth in such Schedule,
        Seller has the right to quiet enjoyment of all the Leased Real Property for
        the
        full term of the lease or similar agreement (and any renewal option related
        thereto) relating thereto, and the leasehold or other interest of Seller
        in the
        Leased Real Property is not subject or subordinate to any
        Liens.  Neither the whole nor any part of any real property leased,
        used or occupied by Seller is subject to any pending suit for condemnation
        or
        other taking by any Governmental Authority, and, to the knowledge of Seller,
        no
        such condemnation or other taking is threatened or contemplated.

      

      (b)           Personal
        Property Leases.  Schedule 5.5(b) sets
        forth a correct and complete list of all leases and agreements of Seller
        granting Seller possession of or rights to personal property (the “Personal
        Property Leases”).  Seller has heretofore delivered to Buyer
        correct and complete copies of all the Personal Property
        Leases.  Except as otherwise noted on
Schedule 5.5(b), all of the Personal Property Leases
        are valid and enforceable in all respects in accordance with their respective
        terms with respect to Seller and, to the knowledge of Seller, any other party
        thereto.  Except as otherwise noted in
Schedule 5.5(b), there is not, with respect to the
        Personal Property Leases, any existing default, or event of default, or event
        which with or without due notice or lapse of time or both would constitute
        a
        default or an event of default, on the part of Seller or, to the knowledge
        of
        Seller, any other party thereto.  Seller has peaceful and undisturbed
        physical possession of all equipment and other assets that are covered by
        the
        Personal Property Leases.  

      

      (c)           No
        Third Party Options.  There are no existing agreements, options,
        commitments or rights with, of or to any Person (other than Buyer pursuant
        to
        this Agreement) to acquire any assets, properties or rights included in the
        Purchased Assets or any interest therein.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      (d)           Ownership;
        Sufficiency of Assets.  Seller has, and transfers to Buyer on the
        Closing Date, good and valid, legal and beneficial title to the Purchased
        Assets, free and clear of all mortgages, liens, pledges, security interests,
        charges, easements, leases, subleases, licenses and other occupancy
        arrangements, covenants, rights of way, options, claims, restrictions, or
        encumbrances of any kind other than the Assumed Liabilities (collectively,
        “Liens”).  The Purchased Assets constitute all the assets and
        properties (i) used by Seller, (ii) that would be necessary to permit Seller
        to
        continue to conduct the operations of the Business in accordance with the
        past
        practices of Seller, and (iii) to the knowledge of Seller, necessary to permit
        Buyer to conduct the operations of the Business in accordance with the past
        practices of Seller.

      

      (e)           Accounts
        Receivable.  Seller has delivered to Buyer a schedule of Seller’s
        accounts receivable as of September 1, 2007 (the “Receivables”) showing
        the amount of each receivable and an aging of amounts due thereunder, which
        schedule is true and complete as of that date.  Except as set forth in
Schedule 5.5(e), to the knowledge of Seller, the debtors to
        which the Receivables relate are not in or subject to a bankruptcy or insolvency
        proceeding, and none of the Receivables have been made subject to an assignment
        for the benefit of creditors.  All of the Receivables (i) arose from
        bona fide transactions in the ordinary course of business, (ii) have been
        executed on terms consistent with Seller’s past practice and (iii) are valid,
        existing and collectible within 90 days from the Closing
        Date without resort to legal proceedings or collection agencies,
        (iv) represent monies due for services rendered in the ordinary course of
        business and (v) are not subject to any refunds or adjustments or any defenses,
        rights of set-off, assignment, restrictions, security interests or other
        encumbrances.  Except as set forth in
Schedule 5.5(e), all of the Receivables are current, and
        there are no disputes regarding the collectibility of any such
        Receivables.  None of the Receivables have been factored, pledged,
        turned over for collection or assigned to any Person.

      

      5.6.           Financial
        Statements; Undisclosed Liabilities.  Schedule
5.6 contains the unaudited balance sheet of Seller
        and the Subsidiary
        (the “Balance Sheet”) as of August 31, 2007 (the “Balance Sheet
        Date”) and the related statement of income for the 12 months then
        ended.  Except as set forth therein, such balance sheet and statement
        of income (collectively, the “Financial Statements”) present fairly the
        financial position and results of operations of the Seller and the Subsidiary
        as
        of the Balance Sheet Date and for the period covered thereby.  Neither
        Seller nor the Subsidiary has any liabilities or obligations (direct or
        indirect, contingent or absolute, matured or unmatured) of any nature
        whatsoever, whether arising out of contract, tort, statute or otherwise,
        other
        than those (a) reflected, reserved against or given effect to in the Balance
        Sheet, (b) that have arisen after August 31, 2007 in the ordinary course
        of the
        Business and consistent with past practices (none of which would be expected
        to
        have a material adverse effect on the financial condition, operations, or
        results of operations of the Business, taken as a whole), or (c) set forth
        in
Schedule 5.6.

      

      5.7.           Operations
        Since Balance Sheet Date.  Except as set forth in
Schedule 5.7, since the Balance Sheet Date, Seller has conducted
        the Business only in the ordinary course and in conformity with past practice
        and there has been (a) no damage, destruction, loss or claim, whether or
        not
        covered by insurance, or condemnation or other taking adversely affecting
        any of
        the Purchased Assets; and (b) no material adverse effect on the financial
        condition, operations, or results of operations of the Business, taken as
        a
        whole.

      

      5.8.           Legal
        Proceedings.  Except as set forth in Schedule
5.8, there are no suits, actions, claims, proceedings
        or
        investigations (collectively, “Proceedings”) pending or, to the knowledge
        of Seller, threatened against, relating to or involving Seller, the Business,
        or
        any of Seller’s officers or directors (acting in their capacity as such) before
        any Governmental Authority nor, to the knowledge of Seller, is there any
        basis
        for any such Proceeding.  There is no judgment, decree, injunction,
        citation, settlement agreement, rule or order of any Governmental Authority
        outstanding against Seller.

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      5.9.           Licenses,
        Permits and Compliance with
        Law.  Schedule 5.9 is a true and
        complete list of all notifications, licenses, permits (including environmental,
        construction and operation permits), franchises, certificates, approvals,
        exemptions, classifications, registrations and other similar documents and
        authorizations, and applications therefor held by Seller and issued by, or
        submitted by Seller to, any Governmental Authority (collectively, the
“Permits”).  Seller owns or possesses all of the Permits
        necessary to carry on the Business and as proposed to be
        conducted.  Except as set forth in Schedule 5.9,
        each of the Permits is valid, subsisting and in full force and effect and
        may be
        assigned and transferred to Buyer in accordance with this Agreement and will
        continue in full force and effect thereafter, in each case without (a) the
        occurrence of any breach, default or forfeiture of rights thereunder, or
        (b) the
        consent, approval, or act of, or the making of any filing with, any Governmental
        Authority.  The execution, delivery, and performance of this Agreement
        and the consummation of the transactions contemplated hereby will not adversely
        affect any Permit.  Seller has taken all necessary action to maintain
        each Permit.  No loss or expiration of any Permit is threatened,
        pending, or reasonably foreseeable (other than expiration upon the end of
        any
        term).  Except as set forth in Schedule 5.9, Seller
        is (and has been at all times during the past five years) in compliance with
        all
        applicable laws (including applicable laws relating to privacy, zoning,
        environmental matters and the safety and health of employees), ordinances,
        regulations and orders of all Governmental Authorities.

      

      5.10.           Assumed
        Contracts.  Schedule 5.10 sets forth,
        as of the Closing Date, (a) a complete and correct list, organized by type
        of
        agreement, of all contracts (including Real Property Leases and Personal
        Property Leases) to which Seller is a party and which currently are outstanding
        and (b) a complete and correct list of all consents or notices required to
        be
        obtained or given under the contracts listed on Schedule 5.10
        in connection with this Agreement.  Complete and correct copies of all
        Assumed Contracts (as defined below) have been delivered to
        Buyer.  The Assumed Contracts are in full force and effect and are
        valid and enforceable in accordance with their respective terms with respect
        to
        Seller and, to the knowledge of Seller, each other party
        thereto.  Except as set forth in Schedule 5.10,
        there is not, with respect to the Assumed Contracts, any existing default,
        or
        event of default, or event which with or without due notice or lapse of time
        or
        both would constitute a default or event of default, on the part of Seller
        or,
        to the knowledge of Seller, any other party thereto.  As used in this
        Agreement, the term “Assumed Contracts” shall mean all contracts listed
        in Schedule 5.10 (unless otherwise indicated
        thereon).

      

      5.11.          Taxes.  Either
        Seller, the Members or the Principals have filed, or have caused to be filed,
        when due or within proper extensions of time, all federal, state, and local
        tax
        returns and reports required to be filed with respect to the Business. Seller,
        each of the Members and each of the Principals have paid, or have caused
        to be
        paid, when due or within proper extensions of time, all federal, state and
        local
        taxes due with respect to the income, employment, sales, operations, or
        properties of Seller.

      

      5.12.        Employees.  Schedule
        5.12 contains a true and complete list of all of Seller Personnel
        (as
        defined in Section 5.13(a)) as of the date hereof who have
        performed services attributable to the Business, specifying their annual
        salary,
        hourly wages, scheduled hours to work per week, position, status, length
        of
        service, location of employment, consulting or other independent contractor
        fees
        and the allocation of amounts paid and other benefits provided to each of
        them,
        respectively, together with an appropriate notation next to the name of any
        such
        employee on such list who is subject to any written employment agreement
        or any
        other written term sheet or other document describing the terms and/or
        conditions of employment of such employee or of the rendering of services
        by
        such independent contractor.  Seller has received no claim from any
        Governmental Authority to the effect that it has improperly classified as
        an
        independent contractor any Person named on
Schedule 5.12.  Seller has made no verbal
        commitments to any such officers, employees or former employees, consultants
        or
        independent contractors with respect to compensation, promotion, retention,
        termination, severance or similar matters in connection with the transactions
        contemplated by this Agreement or otherwise.  Except as indicated on
Schedule 5.12, all employees of Seller are actively at work on the
        date hereof.

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      5.13.         Employee
        Benefit Plans.  Except as set forth in Schedule
5.13:

      

      (a)           There
        are no deferred compensation, incentive compensation, equity compensation
        plans,
“welfare” plans, funds or programs (within the meaning of Section 3(1) of
        the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”)), “pension” plans, funds or programs (within the meaning of
        Section 3(2) of ERISA), other employee benefit plans, funds, programs,
        agreements or arrangements, in any case, that are sponsored, maintained or
        contributed to or required to be contributed to by Seller or by any trade
        or
        business, whether or not incorporated (an “ERISA Affiliate”), that
        together with Seller would be deemed a “single employer” within the meaning of
        Section 4001(b) of ERISA, or to which Seller or an ERISA Affiliate is party,
        whether written or oral, for the benefit of any employee (whether full-time,
        part-time or otherwise) or former employee of Seller (individually, a
“Benefit Plan,” and collectively, the “Benefit Plans”) that would
        in any way require or bind Buyer to make any payments to any employee or
        contractor, or former employee or contractor, of Seller (collectively,
“Seller Personnel”) in connection with Buyer’s hiring of or engaging any
        such Seller Personnel under any circumstances.

      

      (b)           There
        are no employment, termination, retention, change in control or severance
        agreements to which Seller or an ERISA Affiliate is a party, whether written
        or
        oral, for the benefit of any employee or former employee of Seller
        (individually, an “Employment Contract,” and collectively, the
“Employment Contracts”) that would in any way require or bind Buyer to
        make any payments to any Seller Personnel in connection with Buyer’s hiring of
        or engaging any such Seller Personnel under any circumstances.

      

      (c)           No
        liability under Title IV or Section 302 of ERISA has been incurred by Seller
        or
        an ERISA Affiliate that has not been satisfied in full, and no condition
        exists
        that presents a risk to Buyer or any ERISA Affiliate of incurring any such
        liability that would in any way require or bind Buyer to make any payments
        to
        any Seller Personnel in connection with Buyer’s hiring of or engaging any such
        Seller Personnel under any circumstances.

      

      (d)           No
        Benefit Plan is a “multiemployer pension plan,” as defined in Section 3(37) of
        ERISA, nor is any Benefit Plan a plan described in Section 4063(a) of ERISA
        that
        would in any way require or bind Buyer to make any payments to any Seller
        Personnel in connection with Buyer’s hiring of or engaging any such Seller
        Personnel under any circumstances.

      

      (e)           The
        consummation of the transactions contemplated by this Agreement will not
        (i)
        entitle any current or former employee or officer of Seller to severance
        pay,
        unemployment compensation or any other payment, or (ii) accelerate the time
        of
        payment or vesting, or increase the amount of compensation due any such employee
        or officer.

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      (f)           There
        are no Benefit Plans or Employment Contracts that provide medical, surgical,
        hospitalization, death or similar benefits (whether or not insured) for
        employees or former employees of Seller for periods extending beyond their
        retirement or other termination of service, other than (i) coverage mandated
        by
        applicable law, (ii) death benefits under any “pension plan,” or (iii) benefits
        the full cost of which is borne by the current or former employee (or his
        beneficiary).

      

      5.14.        Labor
        Relations.  Except as set forth in Schedule
5.14, Seller has engaged in no unfair labor practice
        within the
        meaning of the National Labor Relations Act or state law equivalent, and
        there
        exists no pending or, to the knowledge of Seller, threatened unfair labor
        practice charges or race, color, religion, sex, national origin, age or
        disability discrimination charges against Seller before any board, department,
        commission or agency.

      

      5.15.         Insurance.  Schedule
        5.15 sets forth a correct and complete list of current insurance
        policies and coverages carried by or for the benefit of Seller.  All
        such policies are in full force and effect and all premiums due and payable
        in
        respect thereof have been paid.  Since the respective dates of such
        policies, no notice of cancellation or non-renewal with respect to any such
        policy has been received by Seller.  Schedule 5.15 sets
        forth a list of all pending claims with respect to all such
        policies.

      

      5.16.       Intellectual
        Property.

      

      (a)           Definition
        of Intellectual Property.  The term “Intellectual Property”
means:

      

      (i)           all
        business names, trade names, registered and unregistered trademarks (including
        common law marks), trade dress, service marks, and Internet domain names,
        URLs,
        and IP addresses (including all goodwill therein, and all U.S. federal, state
        and foreign registrations with respect to any of the foregoing, and applications
        for registration of any of the foregoing) (collectively,
“Marks”);

      

      (ii)           all
        patents (including all reissues, divisions, continuations, continuations
        in
        part, and extensions thereof), design rights, patent applications, and file
        histories (collectively, “Patents”);

      

      (iii)           all
        copyrights, whether or not registered, in both published and unpublished
        works
        (including all U.S. and foreign registrations and applications for registration
        of the foregoing) and moral rights thereof (collectively,
“Copyrights”);

      

      (iv)           all
        software (in all forms and in all media) of any computing device, including
        (A) any and all software implementations of algorithms, models and
        methodologies, (B) software under development, (C) software that has been
        sunset or no longer being supported or enhanced, (D) the computer software
        supporting any Internet site(s), (E) software used to develop other
        software or internet sites, and (F) software for internal operations
        (collectively, “Software”);

      

      (v)           all
        data, compilations of data and databases (in all forms and in all media),
        and
        all database rights therein (collectively, “Data
        Rights”);

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      (vi)           all
        descriptions, flow-charts, work product, programmers’ notes, schematics,
        specifications, project plans, listing, scripts, software tools, release
        notes,
        logic diagrams, pseudocode, project reports, lists of third party software,
        assembly, linking and compilation instructions, end user documentation, IT
        personnel documentation, training materials, manuals, system documentation
        and
        similar information suitable and sufficient to enable a person possessing
        reasonable skill and expertise in computer software and information technology
        to design, plan, organize, develop, install, build, load, operate, support,
        maintain, modify, improve, correct errors to, enhance, and distribute the
        Software and any databases containing Data (as defined in
Section 5.16(n)) (collectively,
“Documentation”); and

      

      (vii)           all
        other know-how, Trade Secrets (as defined in Section 9.1(f)),
        Confidential Information (as defined in Section 9.1(a)),
        customer lists, technical documentation, technical information, data,
        technology, research records, inventions, plans, ideas, drawings, schematics,
        compilations, devices, formulas, designs, discoveries, prototypes, methods,
        techniques, processes, procedures, programs, or codes, whether tangible or
        intangible.

      

      (b)           Ownership
        and Use of Intellectual Property.  Seller owns, or has the right
        to use pursuant to licenses, sublicenses, agreements, or permissions, all
        Intellectual Property used by the Business and as presently proposed to be
        conducted.  The consummation of the transactions provided for under
        this Agreement will not result in the loss or impairment of any such
        Intellectual Property.  Each item of Intellectual Property used by the
        Business will be owned or available for use by Buyer on identical terms and
        conditions immediately subsequent to the Closing Date.  Seller has
        taken all necessary and desirable actions to maintain and protect each item
        of
        Intellectual Property used by the Business.  Buyer acknowledges that
        Seller has not made any filing for the protection of Intellectual
        Property.

      

      (c)           Infringement
        of Third Party Intellectual Property Rights.  Seller has not
        interfered with, infringed upon, misappropriated, or otherwise come into
        conflict with any Intellectual Property rights of third
        parties.  Seller has not received any charge, complaint, claim,
        demand, or notice alleging any such interference, infringement,
        misappropriation, or violation (including any claim that Seller must license
        or
        refrain from using any Intellectual Property rights of any third
        party).  The continued operation of the Business as conducted on the
        Closing Date will not interfere with, infringe upon, misappropriate, or
        otherwise come into conflict with, any Intellectual Property rights of third
        parties.

      

      (d)           Infringement
        of Seller Intellectual Property Rights.  No third party (including
        any present or former employee, consultant, or shareholder) has interfered
        with,
        infringed upon, misappropriated, or otherwise come into conflict with any
        Intellectual Property rights of Seller.

      

      (e)           Owned
        Intellectual Property.  Schedule 5.16(e)
        identifies each Mark, Patent and Copyright that Seller has with respect to
        any
        of its Intellectual Property used by the Business.  Seller has
        delivered to Buyer correct and complete copies of all registrations or
        applications for such Marks, Patents and Copyrights (as amended to date)
        and has
        made available to Buyer correct and complete copies of all other written
        documentation evidencing ownership and prosecution (if applicable) of each
        such
        item.  Schedule 5.16(e) also identifies all Software
        owned by Seller or used by the Business (whether or not the Copyright therein
        has been registered).  With respect to each item of Intellectual
        Property required to be identified in Schedule 5.16(e):

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      (i)           Seller
        possesses all right, title, and interest in and to the item, free and clear
        of
        any and all Liens.

      

      (ii)           The
        item is not subject to any outstanding injunction, judgment, order, decree,
        ruling, or charge.

      

      (iii)           No
        action, suit, proceeding, hearing, investigation, charge, complaint, claim,
        or
        demand is pending or threatened which challenges the legality, validity,
        enforceability, use, or ownership of the item.

      

      (iv)           Seller
        is under no obligation to grant any right, license or permission to use,
        or with
        respect to, any of the Intellectual Property other than as set forth on
Schedule 5.16(k).

      

      (v)           No
        (A) government funding; (B) facilities of a university, college, other
        educational institution or research center; or (C) funding from any Person
        (other than funds received in consideration for Seller’s capital stock or
        ownership interests or from Customers (as defined in
Section 5.19)) was used in the development of the
        item.  No current or former employee, consultant or independent
        contractor of Seller, who was involved in, or who contributed to, the creation
        or development of the item, has performed services for the government,
        university, college or other educational institution or research center during
        a
        period of time during which such employee, consultant or independent contractor
        was also performing services for Seller.

      

      (f)           Patents.  With
        respect to the Patents required to be disclosed on
Schedule 5.16(e):

      

      (i)           Each
        issued Patent is in compliance with all applicable requirements (including
        the
        payment of filing, examination and maintenance fees and proofs of working
        or
        use), and, except with respect to each application for a Patent that has
        not yet
        been issued, is valid, subsisting, enforceable and in full force and
        effect.

      

      (ii)           No
        Patent has been or is now involved in any interference, reissue, reexamination
        or opposition proceeding, there is no potentially interfering patent or patent
        application of any third party; there are no inventorship disputes with respect
        to the Patents concerning any named or unnamed inventors; and the validity
        and
        scope of the rights under the Patents and Seller’s rights and title thereto or
        rights therein have not been questioned in any prior litigation, are not
        being
        questioned in any pending litigation, and are not the subject of any threatened
        or proposed litigation (and Seller has not received notice of any such
        threatened or proposed litigation).

      

      (g)           Marks.  With
        respect to the Marks required to be disclosed on Schedule
5.16(e):

      

      (i)           No
        Marks have been registered with the United States Patent and Trademark
        Office.

      

      (ii)           No
        Mark has been or is now involved in any opposition, invalidation, or
        cancellation proceeding and no such action or proceeding is threatened with
        respect to any of the Marks.

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      (h)           Copyrights.  Seller
        is the owner of each Copyright required to be disclosed in
Schedule 5.16(e).  The Copyrights are valid,
        subsisting and in full force and effect, and are not subject to any maintenance
        fees or taxes or actions falling due within one year after the date
        hereof.  There has been no challenge to the validity of any of the
        Copyrights, and to the best of Seller’s knowledge, there is no basis for any
        such challenge. None of the Copyrights have been registered with the Library
        of
        Congress.

      

      (i)           Software.  All
        Software owned, used or licensed by Seller performs properly and in conformity
        with the specifications set forth in its documentation.  Such Software
        operates without malfunctions or design failures, and is free from any defects,
        errors or “bugs” (in each case, with the exception of such de minimus
        malfunctions, design failures, defects, errors or “bugs” that do not adversely
        affect the use of such Software).  With respect to the Software
        required to be identified on Schedule 5.16(e):

      

      (i)           Such
        Software was either (A) developed by employees of Seller within the scope
        of
        their employment or (B) developed by independent contractors or consultants
        who
        have assigned all of their rights in and to the Software to Seller pursuant
        to
        written agreements.

      

      (ii)           Seller
        does not have any obligation to provide maintenance or support services with
        respect to any such Software to any third party.

      

      (iii)           Seller
        has not entered into any source code escrow or similar arrangement under
        which a
        third party does, or could in the future upon the occurrence of certain events,
        have the right to obtain the source code for any such Software.

      

      (iv)           The
        Documentation and source code for such Software is complete and
        accurate.  The source code and Documentation relating to such Software
        (A) has at all times been maintained in strict confidence, (B) has
        been disclosed only to employees who have a need to know in connection with
        the
        performance of their duties to Seller, and who have executed appropriate
        nondisclosure agreements as contemplated in
Section 5.16(j)(ii) hereof, and (C) has not been
        disclosed to any third party not under an obligation to maintain the
        confidential nature of such information.

      

      (j)           Trade
        Secrets.

      

      (i)           Seller
        has taken all reasonable precautions to protect the secrecy, confidentiality,
        and value of its Trade Secrets.

      

      (ii)           Seller
        has obtained or entered into written agreements with its respective Seller
        Personnel and with third parties in connection with the disclosure to, or
        use or
        appropriation by, Seller Personnel and third parties, of Trade Secrets owned
        by
        Seller, restricting the use, disclosure or appropriation of such Trade Secrets,
        and Seller does not know of any situation involving such Seller Personnel
        or
        third party use, disclosure or appropriation of any such Trade Secrets in
        which
        the lack of such written agreement is likely to adversely affect the right
        of
        Seller to protect the Trade Secret from unauthorized use or disclosure under
        applicable law.  True, correct and complete copies of such agreements
        have been delivered to Buyer.

      

      (k)           Licenses
        of Intellectual Property by
        Seller.  Schedule 5.16(k) identifies and
        includes a brief summary of each license, agreement, or other permission
        that
        Seller has granted to any third party with respect to any of its Intellectual
        Property.  Seller has delivered to Buyer a true, correct and complete
        copy of each such license, agreement, or permission (as amended to
        date).  With respect to each license, agreement, or permission
        required to be identified in
Schedule 5.16(k):

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      (i)           The
        license, sublicense, agreement, or permission is legal, valid, binding,
        enforceable, and in full force and effect.

      

      (ii)           The
        license, sublicense, agreement, or permission will continue to be legal,
        valid,
        binding, enforceable, and in full force and effect on identical terms following
        the consummation of the transactions contemplated by this
        Agreement.

      

      (iii)           No
        party to the license, sublicense, agreement, or permission is in breach or
        default, and no event has occurred which with notice or lapse of time or
        both
        would constitute a breach or default or permit termination, modification,
        or
        acceleration under the license, sublicense, agreement, or
        permission.

      

      (iv)           No
        party to the license, sublicense, agreement, or permission has repudiated
        any
        provision thereof.

      

      (l)           Licenses
        of Intellectual Property to
        Seller.  Schedule 5.16(l) identifies each item
        of Intellectual Property that any third party owns and that Seller uses pursuant
        to licenses, sublicenses, agreements, or permissions.  Seller has
        delivered to Buyer true, correct and complete copies of all such licenses,
        sublicenses, agreements, and permissions (as amended to date), excluding
        shrink
        wrap licenses associated with off the shelf software
        products.  Schedule 5.16(l) includes a summary of
        any license fee, royalty or other payment obligations of Seller under the
        applicable license, sublicense, agreement, or permission.  With
        respect to each item of Intellectual Property required to be identified in
        Schedule 5.16(l):

      

      (i)           The
        license, sublicense, agreement, or permission covering the item is legal,
        valid,
        binding, enforceable, and in full force and effect.

      

      (ii)           To
        the best of Seller’s knowledge, the license, sublicense, agreement, or
        permission will continue to be legal, valid, binding, enforceable, and in
        full
        force and effect on identical terms following the consummation of the
        transactions contemplated by this Agreement.

      

      (iii)           Seller
        is not in breach or default  of the license, sublicense, agreement, or
        permission and no event has occurred which with notice or lapse of time or
        both
        would constitute a breach or default by Seller or permit termination,
        modification, or acceleration under the license, sublicense, agreement, or
        permission.

      

      (iv)           To
        the best of Seller’s knowledge, no party to the license, sublicense or
        permission is in breach or default, and no event has occurred which with
        notice
        or lapse of time or both would constitute a breach or default by Seller or
        permit termination, modification, or acceleration under the license, sublicense,
        agreement, or permission.

      

      (v)           No
        party to the license, sublicense, agreement, or permission has repudiated
        any
        provision thereof.

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      (vi)           With
        respect to each sublicense, to the knowledge of Seller, the representations
        and
        warranties set forth in Section 5.16(k)(i)
        through (iv) are true and correct with respect to the underlying
        license.

      

      (vii)           To
        the knowledge of Seller, the underlying item of Intellectual Property is
        not
        subject to any outstanding injunction, judgment, order, decree, ruling, or
        charge.

      

      (viii)           To
        the knowledge of Seller, no action, suit, proceeding, hearing, investigation,
        charge, complaint, claim, or demand is pending or threatened that challenges
        the
        legality, validity, or enforceability of the underlying item of Intellectual
        Property.

      

      (ix)           Seller
        has granted no sublicense or similar right with respect to the license,
        sublicense, agreement, or permission.

      

      (m)           Royalties
        and other Payment Obligations.  Seller is not obligated to make
        any payments by way of any royalties, fees or otherwise to any owner, licensor
        or other claimant to any intellectual property rights for the ownership,
        transfer or use thereof other than as expressly required under any license,
        sublicense, agreement, or permission disclosed on
Schedule 5.16(l).

      

      (n)           Data.  The
        Data Rights and information used by Seller in providing products or services,
        in
        keeping track of the financial and business relationships between Seller
        and
        Customers and in managing the business of the Business (collectively, the
        “Data”) (i) does not violate the privacy rights of any Person,
        (ii) does not infringe upon, misappropriate, conflict with or violate the
        Intellectual Property rights of any Person, (iii) was collected and acquired
        in
        accordance with all applicable laws and agreements, and (iv) when used by
        Seller, in the manner in which the Data was used prior to the date hereof,
        does
        not violate any applicable law or agreement.  Seller has taken all
        commercially reasonable steps to maintain the confidentiality and proprietary
        nature of the Data.

      

      (o)           Agreements
        with Employees.  All former and current employees of Seller who
        have worked in or provided any services to the Business have executed written
        agreements assigning to Seller all rights to any inventions, improvements,
        works
        of authorship, discoveries, inventions, or information of
        Seller.  True, correct and complete copies of such agreements have
        been delivered to Buyer.  No employee of Seller who has worked in or
        provided any services to the Business has entered into any agreement that
        restricts or limits in any way the scope or type of work in which the employee
        may be engaged or requires the employee to transfer, assign or disclose
        information concerning his work to anyone other than Seller.

      
        
          
          

        

        
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      5.17.         Code
        Quality.

      

      (a)           Software.  Except
        as set forth on Schedule 5.17(a) (such Schedule to set forth
        (i) the name of each such Software, (ii) how such Software is or was used
        by
        Seller, (iii) whether such Software has been modified by or on behalf of
        Seller,
        (iv) whether such Software has been delivered by Seller to third parties
        and, if so, the identity of such third parties, (v) where such Software was
        obtained, and (vi) a copy or true and correct reference to the license under
        which such Software is licensed to Seller), none of the Software marketed
        by
        Seller contains, comprises, incorporates, or combines, and is not derived
        from
        or based on, any Open Source Software.  For the purposes of this
        Agreement, “Open Source Software” means (1) any Software that contains,
        or is derived in any manner (in whole or in part) from, any software that
        is
        distributed as free software, open source software (e.g. Linux) or similar
        licensing or distribution models; and/or (2) any Software that requires as
        a
        condition of use, modification and/or distribution that such Software or
        other
        Software incorporated into, derived from or distributed with such Software:
        (A)
        be disclosed or distributed in source code form; (B) be licensed for the
        purpose
        of making derivative works; or (C) be redistributable at no
        charge.  Open Source Software includes Software licensed or
        distributed under any of the following licenses or distribution models, or
        licenses or distribution models similar to any of the following: GNU's General
        Public License (GPL), GNU's Lesser/Library General Public License (LGPL),
        the
        Artistic License (e.g., PERL), the Berkeley license (BSD), the Mozilla Public
        License, the Netscape Public License, the Sun Community Source License (SCSL),
        the Sun Industry Source License (SISL), and the Apache Software
        license.  Buyer acknowledges that the programming language for
        Seller’s Software is PHP, an open source programming language.  A copy
        of the PHP license provided by Seller is attached to Schedule
        5.17(a).

      

      (b)           Disabling
        Devices.  The Owned Software, and to the knowledge of Seller the
        Software described in Sections 5.16(k) and 5.16(l),
        does not contain any virus, Trojan horse, worm, time bomb, drop dead device,
        or
        other software routines (collectively, “Virus”) designed (i) to
        permit unauthorized access by third parties, Seller or Buyer, or (ii) to
        disable, delete, repossess, modify, damage, erase, or otherwise interfere
        with
        or adversely affect the use and operation of such Software and/or any data,
        hardware or other Software.  Prior to each delivery of each version,
        revision, release, bug fix or other modification of Software to its Customers,
        Seller has used industry standard anti-virus software to determine if such
        Software contains any Viruses.

      

      (c)           Building
        the Software.  Seller possesses and has separately stored the
        source code and Documentation of each and every version and release of the
        Software currently licensed to or used by Customers sufficient to allow each
        such version and release to be assembled, linked and compiled into the actual
        machine readable version and release used by each such Customer.

      

      5.18.        Transactions
        with Affiliates.  Except as set forth on
Schedule 5.18 or as expressly contemplated by this Agreement,
        no officer, director or Member of Seller, or any Person with whom any such
        officer, director or Member has any direct or indirect relation by blood,
        marriage, or adoption, or any entity in which any such Person owns any
        beneficial interest (other than a publicly held corporation whose stock is
        traded on a national securities exchange and less than five percent (5%)
        of the
        stock of which is beneficially owned by all such Persons in the aggregate)
        or
        any Affiliate of any of the foregoing, or any current or former Affiliate
        of
        Seller has any interest in any contract, arrangement, or understanding with,
        or
        relating to, the Business, the Purchased Assets or the Assumed
        Liabilities.  For purposes of this Agreement, “Affiliate” of
        any specified Person means any other Person directly or indirectly Controlling
        or Controlled by or under direct or indirect common Control with such specified
        Person.  For purposes of this definition, “Control,”
“Controlling,” and “Controlled,” when used with respect to any
        specified Person, means the power to direct the management and policies of
        such
        Person, directly or indirectly, whether through the ownership of voting
        securities, by contract or otherwise.  In addition, for purposes of
        this definition, “Person” means any individual, corporation, limited
        liability company, partnership, joint venture, trust, unincorporated
        organization, Governmental Authority or similar entity.

      
        
          
          

        

        
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      5.19.        Customer
        Relations.  Schedule 5.19 contains a
        complete and accurate list, as of the date hereof, of the names and addresses
        of
        all of the customers of the Business (collectively, the
“Customers”).  Seller maintains good relations with each of its
        Customers, and, to the knowledge of Seller, no event has occurred that would
        constitute a default, or event of default, or event which with or without
        due
        notice or lapse of time or both would constitute a default or event of default
        or would materially and adversely affect Seller’s relations with any such
        Customer.  Except as set forth in Schedule 5.19, no
        Customer (or former customer) during the last 12 months has asserted a default,
        canceled, terminated or made any threat to assert a default, cancel or otherwise
        terminate its contract or, in the case of Customers (or former customers),
        to
        decrease its usage of Seller’s services or products.  Seller has
        received no notice and has no knowledge to the effect that any current Customer
        may terminate or materially alter its business relations with Seller, as
        a
        result of the past actions or inactions by Seller, as a result of the
        transactions contemplated by this Agreement or otherwise.

      

      5.20.       Nondisclosed
        Payments; Ethical Practices.  Neither Seller nor the
        officers, directors or members of Seller, nor anyone acting on behalf of
        any of
        them, has made or received any payments not correctly categorized and fully
        disclosed in Seller’s books and records in connection with or in any way
        relating to or affecting Seller or the Business.  Neither Seller nor
        any representative thereof has offered or given, and Seller has no knowledge
        of
        any Person that has offered or given on its behalf, anything of value
        to:  (a) any official of a Governmental Authority, any political party
        or official thereof, or any candidate for political office; (b) any Customer
        or
        member of any Governmental Authority; or (c) any other Person, in any such
        case
        while knowing or having reason to know that all or a portion of such money
        or
        thing of value may be offered, given or promised, directly or indirectly,
        to any
        Customer, member of any Governmental Authority or candidate for political
        office
        for the purpose of the following: (x) influencing any action or decision
        of such
        Person, in such Person’s official capacity, including a decision to fail to
        perform such Person’s official function; (y) inducing such Person to use such
        Person’s influence with any Governmental Authority or instrumentality thereof to
        affect or influence any act or decision of such Governmental Authority or
        instrumentality to assist Seller in obtaining or retaining business for,
        or
        with, or directing business to, any Person; or (z) where such payment would
        constitute a bribe, kickback or illegal or improper payment to assist Seller
        in
        obtaining or retaining business for, or with, or directing business to, any
        Person.

      

      5.21.        Brokers,
        Finders and Investment Bankers.  Neither Seller nor any
        Member nor any Principal has employed any broker, finder, investment banker
        or
        other intermediary or incurred any liability for any investment banking fees,
        financial advisory fees, brokerage fees, finders’ fees or other similar fees in
        connection with the transactions contemplated herein.

      

      5.22.       Disclosure.  No
        representation, warranty or covenant made by Seller, any Member or any Principal
        in this Agreement (including the schedules hereto) contains an untrue statement
        of a material fact or omits to state a material fact required to be stated
        herein or necessary to make the statements contained herein, in light of
        the
        circumstances in which they were made, not misleading.

      

        
          
            
            

          

          
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      For
        purposes of this Agreement, “knowledge of Seller,” “Seller’s
        knowledge” and any similar terms mean the actual knowledge (after reasonable
        inquiry) of either of Collins or Ceccorulli.  For purposes of the
        representations and warranties set forth in Sections 5.3,
5.5, 5.7, 5.8, 5.9, 5.10, 5.11,
5.12,
5.13,
5.14,
5.15,
5.16,
5.20,
        and 5.21, “Seller” shall mean Seller, the Subsidiary, and any
        direct or indirect subsidiary of Seller or the Subsidiary at any
        time.

      ARTICLE
        VI

      

      REPRESENTATIONS
        AND WARRANTIES OF BUYER

      

      Buyer
        represents and warrants to Seller as follows:

      

      6.1.           Organization,
        Power and Good Standing.  Buyer is a corporation duly
        organized, validly existing and in good standing under the laws of the State
        of
        New York, and has all requisite power and authority to own or hold under
        lease
        its properties and assets and to carry on its business as now
        conducted.

      

      6.2.           Authority.  Buyer
        has all necessary power and authority to make, execute and deliver this
        Agreement and all other agreements and documents to be executed and delivered
        pursuant hereto, and Buyer has taken all necessary actions required to be
        taken
        to authorize it to execute and deliver this Agreement and such other agreements,
        and to perform all of its obligations, undertakings and agreements to be
        observed and performed by it hereunder and thereunder,
        respectively.  This Agreement has been duly executed and delivered by
        Buyer, and constitutes the valid and binding agreement of Buyer enforceable
        in
        accordance with its terms.

      

      6.3.           No
        Violation.  Neither the execution and delivery of this
        Agreement nor the consummation of the transactions contemplated hereby (a)
        will
        constitute a violation of, or be in conflict with, or result in a cancellation
        of, or constitute a default under, or create (or cause the acceleration of
        the
        maturity of) any debt, obligation or liability affecting, or result in the
        creation or imposition of any security interest, lien, or other encumbrance
        upon, any of the assets owned or used by Buyer under: (i) any term or provision
        of the Certificate of Incorporation or By-Laws (or other organic document)
        of
        Buyer; (ii) any judgment, decree, order, regulation or rule of any court
        or
        Governmental Authority applicable to Buyer; (iii) any statute or law applicable
        to Buyer; or (iv) any contract, agreement, indenture, lease or other commitment
        to which Buyer is a party or by which Buyer is bound; or (b) will cause any
        material change in the rights or obligations of any party under any such
        contract, agreement, indenture, lease or commitment.

      

      6.4.           Disclosure.  No
        representation or warranty of Buyer made hereunder or in any certificate,
        statement or other document delivered by or on behalf of Buyer hereunder
        contains any untrue statement of material fact or omits to state a material
        fact
        necessary in order to make the statements contained herein or therein not
        misleading.

      

      6.5.           Seller
        Customers.  As of the date hereof, to Buyer’s knowledge,
        Buyer does not have a business relationship with any of Seller’s Customers (as
        defined in Section 5.19) where such relationship is likely to cause a
        termination of any of an Assumed Contract by such Customer.

      
        
          
          

        

        
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      For
        purposes of this Agreement, “Buyer’s knowledge” and any similar terms
        mean the actual knowledge (after reasonable inquiry) of any of the executive
        officers of Buyer.

      

      ARTICLE
        VII

      

      ACTION
        PRIOR TO THE CLOSING DATE

      

      The
        respective parties hereto covenant and agree to take the following actions
        between the date hereof and the Closing Date:

      

      7.1.           Access
        to Information.  Seller shall afford the officers,
        employees and authorized representatives of Buyer (including independent
        public
        accountants and attorneys) reasonable access during normal business hours
        to the
        offices, properties, employees and business and financial records (including
        computer files, retrieval programs and similar documentation) and shall furnish
        to Buyer or its authorized representatives such additional information
        concerning the Purchased Assets, the Business and the operations of Seller
        as
        shall be reasonably requested, including all such information as shall be
        necessary to enable Buyer or its representatives to verify the accuracy of
        the
        representations and warranties contained in this Agreement, to verify that
        the
        covenants of Seller contained in this Agreement have been complied with and
        to
        determine whether the conditions set forth in Article XI have been
        satisfied.  Buyer agrees that such investigation shall be conducted in
        such a manner as not to interfere unreasonably with the operations of
        Seller.  No investigation made by Buyer or its representatives
        hereunder shall affect the representations and warranties of Seller, the
        Members
        and the Principals hereunder.

      

      7.2.           Preserve
        Accuracy of Representations and Warranties; Notification of Certain
        Matters.

      

      (a)           Each
        party hereto shall refrain from taking any action which would render any
        representation or warranty contained in Article V or VI inaccurate
        as of the Closing Date.  Each party shall promptly notify the other of
        any action, suit or proceeding that shall be instituted or threatened against
        such party to restrain, prohibit or otherwise challenge the legality of any
        transaction contemplated by this Agreement.

      

      (b)           Seller
        will notify Buyer of (i) any material adverse change in the condition of
        the
        Purchased Assets or the Business, (ii) any lawsuit, claim, proceeding or
        investigation that is threatened, brought, asserted or commenced against
        Seller,
        (iii) any notice or other communication from any third Person alleging that
        the
        consent of such third Person is or may be required in connection with the
        transactions contemplated by this Agreement, and (iv) any material default
        under
        any Assumed Contract or event which, with notice or lapse of time or both,
        would
        become such a default on or prior to the Closing Date and of which Seller
        has
        knowledge.

      

      7.3.           Consents
        of Third Parties.  Seller will act diligently and
        reasonably in attempting to obtain, before the Closing Date, the consent,
        approval or waiver, in form and substance reasonably satisfactory to Buyer,
        from
        any party to any Assumed Contract required to be obtained to assign or transfer
        any such Agreements to Buyer or to otherwise satisfy the condition set forth
        in
Section 11.4.  In connection with the foregoing,
        Seller shall deliver to each party to any Assumed Contract, within one business
        day following the date hereof, a notice of assignment sufficient to effect
        the
        assignment of the Assumed Contract to Buyer following the expiration of any
        applicable notice period.  Neither Seller nor Buyer shall have any
        obligation to offer or pay any consideration in order to obtain any such
        consents or approvals.  Seller shall not make any agreement or
        understanding affecting the Purchased Assets or the Business as a condition
        for
        obtaining any such consents or waivers except with the prior written consent
        of
        Buyer.  During the period prior to the Closing Date, Buyer shall act
        diligently and reasonably to cooperate with Seller in attempting to obtain
        the
        consents, approvals and waivers contemplated by this
Section 7.3.

      
        
          
          

        

        
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      7.4.           Merger
        of the Subsidiary.  Seller shall take all actions
        necessary, and shall cause the Subsidiary to take all actions necessary,
        to
        cause the Subsidiary to be merged with and into Seller.

      

      7.5.           Operations
        Prior to the Closing Date.  Seller shall operate and
        carry on the Business only in the ordinary course and substantially as presently
        operated.  Consistent with the foregoing, Seller shall keep and
        maintain the Purchased Assets in good operating condition and repair and
        shall
        use its best efforts consistent with good business practice to maintain the
        business organization of Seller intact and to preserve the goodwill of the
        suppliers, contractors, licensors, employees, customers, distributors and
        others
        having business relations with Seller.  In connection therewith,
        Seller shall not attempt to persuade any employee or agent of Seller to
        terminate his or her relationship with Seller or not to commence employment
        with
        Buyer after the Closing.

      

      7.6.           Non-Solicitation.  During
        the period commencing on the date hereof and continuing until the termination
        of
        this Agreement, none of Seller nor any of the Members or the Principals (the
        “Restricted Parties”) will provide or permit their respective
        representatives (a) to provide any information with respect to Seller or
        the
        Business to any Person who has identified itself as a prospective purchaser
        of
        Seller or a prospective purchaser or licensor of any of Seller’s assets (other
        than in the conduct of Seller’s Business in the ordinary course); (b) to solicit
        or discuss any transaction relating to any sale, license (other than in the
        ordinary conduct of Seller’s Business in the ordinary course) or change in
        control of any of the capital stock, Business or assets of Seller, any merger
        of
        Seller with or into any other entity, any corporate reorganization relating
        to
        any or all of Seller or its assets or indebtedness or any other significant
        corporate transaction involving Seller.  Seller and each of the
        Members and Principals further agrees to notify Buyer promptly if any third
        party makes any proposal, offer, inquiry or contact with respect to any of
        the
        foregoing.

      

      ARTICLE
        VIII

      

      INDEMNIFICATION

      

      8.1.           Indemnification
        of Buyer.  Seller, the Members and the Principals covenant and
        agree with Buyer that they jointly and severally shall reimburse, defend,
        indemnify and hold harmless Buyer, its affiliates and their respective officers,
        directors, agents, employees and stockholders (collectively, the “Buyer
        Indemnified Parties”) from and against any liability, loss, damage or
        expense (including, but not limited to, reasonable attorneys’ and accountants’
fees and expenses), whether or not resulting from third party claims, suffered
        by any of the Buyer Indemnified Parties, which exists, arises out of or results
        from:

      

      (i)           any
        untruth, inaccuracy, breach or omission of, from or in, the representations
        and
        warranties made to Buyer herein or in any agreement or certificate provided
        in
        connection with this Agreement, or any nonfulfillment of any covenant or
        agreement of Seller, the Members or the Principals under this Agreement or
        any
        of the Exhibits hereto;

      
        
          
          

        

        
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      (ii)           any
        liability or obligation of Seller, the Members or the Principals that is
        not an
        Assumed Liability;

      

      (iii)           any
        claim by any third party that the transactions contemplated by this Agreement
        interfere with, or otherwise violate any right of such third party;

      

      (iv)           any
        fees, expenses or other payments incurred or owed by Seller, the Members
        or the
        Principals to any attorneys, accountants, brokers or comparable third parties
        retained or employed by it in connection with closing the transactions
        contemplated by this Agreement;

      

      (v)           any
        failure to comply with any applicable statutory provisions relating to bulk
        sales and transfers or tax clearances, if applicable;

      

      (vi)           any
        claim made by any third party alleging facts which, if true, would entitle
        any
        of the Buyer Indemnified Parties to indemnification pursuant to this
Section 8.1; or

      

      (vii)           any
        and all actions, suits, claims, proceedings, investigations, audits, demands,
        assessments, fines, judgments, costs and other expenses (including, without
        limitation, reasonable audit and legal fees) incurred by any of the Buyer
        Indemnified Parties resulting from the circumstances described in
Sections 8.1(i) through (vi)
        above;

      

      provided,
        however, that Seller, the Members and the Principals shall be required to
        indemnify and hold harmless under Sections 8.1(i), (ii), (iv),
        (v), (vi) and (vii) with respect to any liability, loss, damage or expense
        incurred by Buyer Indemnified Parties only if the aggregate amount of any
        liability, loss, damage or expense suffered by Buyer Indemnified Parties
        exceeds
        $50,000, but if in excess of $50,000, then for the entire amount of such
        liabilities, losses, damages or expenses without deduction.

      

      8.2.           Indemnification
        of Seller.  Buyer covenants and agrees with Seller that
        Buyer shall reimburse, defend, indemnify and hold harmless Seller, its
        affiliates, officers, directors, agents, employees including the Principals
        (collectively, the “Seller Indemnified Parties”) from and against any
        liability, loss, damage or expense (including, but not limited to, reasonable
        attorneys’ and accountants’ fees and expenses), whether or not resulting from
        third party claims, suffered by any of the Seller Indemnified Parties, which
        exists, arises out of or results from:

      

      (i)           any
        untruth, inaccuracy, breach or omission of, from or in, the representations
        and
        warranties made to Seller herein, or any nonfulfillment of any covenant or
        agreement of Buyer under this Agreement or any of the Exhibits
        hereto;

      

      (ii)           any
        Assumed Liability;

      

      (iii)           any
        claim against any Seller Indemnified Party by any third party relating to
        a
        breach by Buyer of a contractual obligation owed to such third party by
        Buyer;

      
        
          
          

        

        
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      (iv)           any
        fees, expenses or other payments incurred or owed by Buyer to any attorneys,
        accountants, brokers or comparable third parties retained or employed by
        it in
        connection with closing the transactions contemplated by this
        Agreement;

      

      (v)           any
        claim made by any third party alleging facts which, if true, would entitle
        any
        of the Seller Indemnified Parties to indemnification pursuant to this
Section 8.2; or

      

      (vi)           any
        and all actions, suits, claims, proceedings, investigations, audits, demands,
        assessments, fines, judgments, costs and other expenses (including, without
        limitation, reasonable audit and legal fees) incurred by any of the Seller
        Indemnified Parties resulting from the circumstances described in
Sections 8.2(i) through (v) above;

      

      provided,
        however, that Buyer shall be required to indemnify and hold harmless
        under Section 8.2 with respect to any liability, loss, damage or
        expense incurred by Seller Indemnified Parties only if the aggregate amount
        of
        any liability, loss, damage or expense suffered by Seller Indemnified Parties
        exceeds $50,000, but if in excess of $50,000, then for the entire amount
        of such
        liabilities, losses, damages or expenses without deduction.

      

      8.3.           Method
        of Asserting Claims.  Subject to the time periods set forth in
Section 8.4 hereof, the party seeking indemnity
        (“Indemnitee”) will give prompt written notice to the party or parties
        providing indemnity (“Indemnitor”) of any Claim (as defined below) which
        it discovers or of which it receives notice after the Closing and which might
        give rise to a Claim by it against Indemnitor under this
Article VII, stating the nature, basis and (to the extent known)
        amount thereof.  Copies of any papers received in connection with a
        Claim shall be forwarded to Indemnitor together with the notice of the
        Claim.  In case of any Claim or suit by a third party or by any
        governmental body, or any legal administrative or arbitration proceeding
        with
        respect to which Indemnitor may have liability under the indemnity agreement
        contained in this Article VII, Indemnitor shall be entitled to
        participate therein, and, to the extent desired by Indemnitor, to assume
        the
        defense thereof, and after notice from Indemnitor to Indemnitee of the election
        to so assume the defense thereof, Indemnitor will not be liable to Indemnitee
        for any legal or other expenses subsequently incurred by Indemnitee in
        connection with the defense thereof, other than reasonable costs of
        investigation, unless Indemnitor does not actually assume the defense thereof
        following notice of such election.  Indemnitee and Indemnitor will
        render to each other such assistance as may reasonably be required of each
        other
        in order to ensure proper and adequate defense of any such suit, claim or
        proceeding.  Indemnitee will not make any settlement of any Claim
        which might give rise to liability of an Indemnitor under the indemnity
        agreement contained in this Article VIII without the prior written
        consent of Indemnitor, which consent shall not be unreasonably
        withheld.  If Indemnitor shall desire and be able to effect a
bonafide compromise or settlement of any such suit, claim or
        proceeding at its expense and such settlement includes as an unconditional
        term
        thereof the giving by the claimant or the plaintiff to the Indemnitee of
        a
        release from all liability in respect of such suit, claim or proceeding and
        does
        not provide any form of relief from the Indemnitee other than the payment
        of
        money damages or other money payment, and Indemnitee shall unreasonably refuse
        to consent to such compromise or settlement, then the Indemnitor’s liability
        under this Article VII with respect to such suit, claim or proceeding
        shall be limited to the amount so offered in compromise or settlement together
        with all legal and other expenses which may have been incurred prior to the
        date
        on which Indemnitee has refused to consent to such compromise or
        settlement.  For purposes hereof, the term “Claim” shall mean
        any claim for which any of the Buyer Indemnified Parties or the Seller
        Indemnified Parties may be entitled to indemnification pursuant to
Sections 8.1 or 8.2 above.

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

      8.4.           Nature
        and Survival of Representations. All statements made by or on
        behalf of Seller, any Member or any Principal contained herein or in any
        of the
        schedules or exhibits delivered on behalf of Seller, the Members or the
        Principals to Buyer hereunder shall be deemed to constitute representations
        and
        warranties of Seller, the Members and the Principals, regardless of (a) any
        investigation made by or on behalf of Buyer and (b) who prepared such
        document.  The representations and warranties made by the parties
        pursuant to Articles V and VI of this Agreement shall survive the
        Closing until the 18-month anniversary of the Closing Date, except that the
        representations and warranties made relating to taxes shall survive until
        30
        days after the expiration of the statute of limitations applicable to any
        such
        tax, and Indemnitee may present Claims pursuant to
Section 8.3 until such dates.

      

      8.5.           Injunctive
        and Other Relief.  Notwithstanding any other provision
        contained in this Article VIII, each party hereto specifically
        acknowledges that any breach or attempted breach by any
        other party of any provision of Article IX of this Agreement would result
        in irreparable injury to the non-breaching party or parties for which there
        is
        no adequate remedy at law.  In the event of a breach of any of the
        terms and provisions of Article IX, each non-breaching party shall be
        entitled, in addition to and not in lieu of money damages, to an order (without
        posting bond) in any suit brought for that purpose to enjoin such other party
        from violating any of the terms and provisions of such
        Article.  Pending the hearing and the decision on the application for
        such order, the damaged party shall be entitled to a temporary restraining
        order
        (without posting bond).  The remedies provided under this
Section 8.5 shall be without prejudice to any other remedy or
        remedies available to the injured party under this Agreement or
        otherwise.

      

      ARTICLE
        IX

      

      CONFIDENTIAL
        INFORMATION; NON-COMPETITION

      

      9.1.           Definitions.  For
        purposes of this Article IX, the following terms shall have the meanings
        set forth below:

      

      (a)           “Confidential
        Information” means any data or information of Seller, other than Trade
        Secrets, which is valuable to Seller and not generally known to competitors,
        including general business information, industry information, analyses, and
        other information of a proprietary nature that was developed or compiled
        by
        Seller;

      

      (b)           “Restricted
        Activities” means the development, sale, purchase, license, or distribution
        of any software products or systems that are a competitive replacement for
        the
        Software marketed by the Business, or assisting any third party to engage
        in
        such activities;

      

      (c)           “Restricted
        Entities” means Seller, the Members, the Principals, Mrs. Ceccorulli, and
        their respective Affiliates.

      

      (d)           “Restricted
        Period” means the period beginning on the Closing Date and ending on the
        second anniversary of the Closing Date;

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      (e)           “Territory”
        means the United States of America, such area being where Customers and actively
        sought prospective customers of Seller are located; and

      

      (f)           “Trade
        Secrets” means information of Seller, without regard to form, including, but
        not limited to, technical or nontechnical data, formulas, patterns,
        compilations, programs, devices, methods, techniques, drawings, processes,
        financial data, financial plans, product plans, or a list of actual or potential
        customers or suppliers which is not commonly known by or available to the
        public
        and which information: (i) derives economic value, actual or potential,
        from not being generally known to, and not being readily ascertainable by
        proper
        means by, other Persons who can obtain economic value from its disclosure
        or
        use; and (ii) is the subject of efforts that are reasonable under the
        circumstances to maintain its secrecy.

      

      9.2.           Trade
        Secrets and Confidential Information.

      

      (a)           Trade
        Secrets.  Seller and each of the Members and Principals agree not
        to, and agree to cause all of their respective Affiliates not to, use or
        disclose any Trade Secrets for so long as the pertinent information remains
        Trade Secret information (and, in any event, throughout the Restricted Period),
        regardless of whether the Trade Secrets are in written or tangible form,
        without
        the prior written consent of Buyer.  Nothing in this Agreement shall
        diminish the rights of Buyer regarding the protection of Trade Secrets and
        other
        Intellectual Property pursuant to applicable law.

      

      (b)           Confidential
        Information.  Seller, the Members and the Principals each agree
        that such Persons will hold in confidence all Confidential Information, and
        none
        of such Persons will disclose, publish, or make use of Confidential Information
        without the prior written consent of Buyer.

      

      9.3.           Noncompetition.

      

      (a)           Acknowledgment.  Seller,
        the Members and the Principals each acknowledge that Seller conducts the
        Restricted Activities throughout the Territory and that to protect adequately
        the interest of Buyer in the Business and the Purchased Assets, it is essential
        that any noncompetition covenant with respect thereto cover all Restricted
        Activities and the entire Territory for the duration of the Restricted
        Period.

      

      (b)           Noncompetition
        Covenant.  Seller, the Members and the Principals each agree that
        none of the Restricted Entities will, during the Restricted Period, directly
        or
        by assisting others, conduct Restricted Activities in the Territory or otherwise
        engage in, have an equity or profit interest in, or render services (of an
        executive, marketing, manufacturing, research and development, administrative,
        financial, or consulting nature) to any business that conducts any of Restricted
        Activities in the Territory.  Notwithstanding anything in this
        Agreement to the contrary, such persons may collectively acquire up to two
        percent (2%) of any company whose common stock is publicly traded on a national
        securities exchange.

      

      (c)           Nonsolicitation.  Seller,
        the Members and the Principals hereby jointly and severally agree that none
        of
        the Restricted Entities will, during the Restricted Period, directly or by
        assisting others:

      

      (i)           solicit
        or attempt to solicit, any business from any of Seller’s Customers existing as
        of the Closing Date or during the one-year period prior to the Closing Date,
        including actively sought prospective customers, for purposes of providing
        products or services that are a competitive replacement for any product or
        service provided or marketed by Seller; or

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      (ii)           hire,
        recruit, or solicit or attempt to hire, recruit, or solicit, on behalf of
        Seller
        or on behalf of any other Person, any employee or independent contractor
        of
        Buyer.

      

      9.4.           Severability.  If
        a judicial determination is made that any of the provisions of this Article
        IX constitutes an unreasonable or otherwise unenforceable restriction
        against Seller, the provisions of this Article IX shall be rendered void
        only to the extent that such determination finds such provisions to be
        unreasonable or otherwise unenforceable with respect to Seller.  In
        this regard, Seller hereby agrees that any judicial authority construing
        this
Article IX shall be empowered to sever or modify any portion of the
        Territory, any prohibited business activity or any time period from the coverage
        of this Agreement, and to apply the provisions of this Article IX to the
        remaining portion of the Territory, the remaining business activities or
        the
        remaining time period not so severed or modified by such judicial or arbitral
        authority.  Moreover, notwithstanding the fact that any provision of
        this Article IX is determined not to be specifically enforceable,
        Buyer shall nevertheless be entitled to recover monetary damages as a result
        of
        any breach of any such provision by Seller.

      

      ARTICLE
        X

      

      ADDITIONAL
        COVENANTS AND AGREEMENTS

      

      10.1.        Employee
        Matters.  The parties hereto acknowledge that,
        (i) in addition to the Principals with whom Buyer is entering into the
        Employment Agreements, Buyer will offer employment to the employees of Seller
        identified on Schedule 10.1, at the salary set forth opposite each such
        employee’s name on Schedule 10.1 and on such other terms and conditions
        as shall be mutually agreed upon between each such employee and Buyer, and
        (ii)
        except with respect to the Principals with whom Buyer is entering into the
        Employment Agreements, Buyer’s employment of any employee in accordance with
        this Section 10.1 shall be at will and terminable at Buyer’s sole
        discretion.  The parties agree that all employer responsibilities,
        costs, and liabilities, including those under any severance agreements or
        arrangements, for any employees of Seller or other Seller Personnel, including
        those terminated prior to the Closing Date, shall be and remain the exclusive
        responsibility, cost, and liability of Seller.  Seller shall assist
        and cooperate with Buyer in all respects in connection with the employee
        matters
        set forth in this Section 10.1 and elsewhere in this
        Agreement, including providing such information relating thereto as may be
        reasonably requested by Buyer from time to time.

      

      10.2.        Public
        Announcements.  Buyer shall coordinate any public
        announcements regarding this Agreement or the transactions contemplated by
        this
        Agreement to the financial community, government agencies, employees, or
        the
        general public.  Neither Seller nor any Member nor any Principal shall
        make any such public announcement without the written consent of Buyer, except
        as required by applicable law, Government Authority or the rules of any
        applicable securities exchange.  Buyer shall consult with Seller in
        good faith before issuing any such public announcement.

      

      10.3.         Access
        to Properties and Records.

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      (a)           For
        a period of seven years after the Closing Date, Buyer will afford and cause
        to
        be afforded to Seller, the Members and the Principals access to all of the
        pre-Closing books and records of Buyer to the extent that such access may
        reasonably be required by Seller, the Members or the Principals in connection
        with preparation of tax returns or financial statements or in connection
        with a
        legal dispute or judicial proceeding covering periods prior to the Closing
        Date.  Such access shall be afforded by Buyer upon receipt of
        reasonable advance notice and during normal business hours.  Seller,
        the Members and the Principals shall be solely responsible for any costs
        or
        expenses incurred by any of them pursuant to this
Section 10.3(a).  If Buyer shall desire to
        destroy any such books and records prior to the expiration of such seven-year
        period, Buyer shall, prior to such destruction, give each of Seller, the
        Members
        and the Principals a reasonable opportunity, at their respective expense,
        to
        segregate, remove and store the books and records to be destroyed, or any
        of
        them, as determined by Seller, the Members and the Principals.

      

      (b)           For
        a period of three years after the Closing Date, Seller, the Members and the
        Principals will afford and cause to be afforded to Buyer (i) such access
        during
        normal business hours, upon reasonable prior notice, to such books and records
        of Seller as Buyer may reasonably request in connection with matters relating
        to
        Seller for periods ending on or prior to the Closing Date; and (ii) such
        assistance in locating and copying such books and records as Buyer may
        reasonably request.  If Seller, the Members or the Principals shall
        desire to destroy any such books and records prior to the expiration of such
        three-year period, such party shall, prior to such destruction, give Buyer
        a
        reasonable opportunity, at its expense, to segregate, remove and store the
        books
        and records to be destroyed, or any of them, as determined by
        Buyer.

      

      10.4.         Payment
        of Debts.  Commencing as of the Closing Date, the Members
        and the Principals shall cause Seller to pay as and when due all of Seller’s
        debts and obligations existing as of the Closing Date that are not assumed
        by
        Buyer hereunder; provided, however, that the foregoing shall not prevent
        Seller,
        the Members or the Principals from contesting in good faith any such debts
        or
        obligations.

      

      10.5.        
        Right of Offset.  Buyer shall be entitled to
        offset any Claims or any portion of any Claim that has not been paid by Seller,
        the Members or the Principals, against any amounts owing to Seller, the Members
        or the Principals pursuant to any oral or written agreement to which such
        entity
        or person may be a party, including any Incremental Revenue Payment required
        to
        be made pursuant to Section 2.4.  If the amounts
        offset by Buyer hereunder exceed the obligations remaining due to Buyer,
        Seller,
        the Members and the Principals shall remain fully liable for such excess
        amounts, and no exercise of any right of offset hereunder by Buyer shall
        reduce,
        eliminate, impair or otherwise affect such liability of Seller, the Members
        or
        the Principals, except that the amount of any such liability shall be reduced
        to
        the extent of any offsets hereunder.

      

      ARTICLE
        XI

      

      CONDITIONS
        PRECEDENT TO OBLIGATIONS OF BUYER

      

      The
        obligations of Buyer under this Agreement shall, at the option of Buyer,
        be
        subject to the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      11.1.          No
        Misrepresentation or Breach of Covenants and
        Warranties.  There shall have been no material breach by
        Seller in the performance of any of its covenants and agreements herein;
        each of
        the representations and warranties of Seller contained or referred to herein
        shall be true and correct on the Closing Date as though made on the Closing
        Date, except for changes therein specifically permitted by this Agreement
        or
        resulting from any transaction expressly consented to in writing by Buyer;
        and
        there shall have been delivered to Buyer a certificate to such effect, dated
        the
        Closing Date, signed (i) on behalf of Seller by an authorized officer of
        Seller,
        (ii) by each Member and (iii) by each Principal.

      

      11.2.         
        No Changes or Destruction of
        Property.  Between the date hereof and the Closing Date,
        there shall have been (a) no material adverse change in the Purchased Assets,
        the Business of Seller or the operations, liabilities, profits, prospects
        or
        condition (financial or otherwise) of Seller; (b) no material adverse federal
        or
        state legislative or regulatory change affecting the business of Seller or
        the
        Business; and (c) no material damage to the Purchased Assets by fire, flood,
        casualty, act of God or the public enemy or other cause, regardless of insurance
        coverage for such damage; and there shall have been delivered to Buyer a
        certificate to such effect, dated the Closing Date and signed (i) on behalf
        of
        Seller by an authorized officer of Seller, (ii) by each Member and (iii)
        by each
        Principal.

      

      11.3.           No
        Restraint or Litigation.  No action, suit, investigation
        or proceeding shall have been instituted or threatened to restrain or prohibit
        or otherwise challenge the legality or validity of the transactions contemplated
        hereby.

      

      11.4.          
        Necessary Consents.  Seller shall have
        received all necessary consents to the transactions contemplated hereby from
        the
        other parties to all contracts, leases, agreements and permits to which Seller
        is a party or by which Seller or any of the Purchased Assets is affected
        or are
        otherwise necessary to prevent a material adverse change in the Purchased
        Assets, Seller, or in the Business.  Each of the Assumed Contracts
        shall have been legally assigned to Buyer pursuant to its terms.

      

      ARTICLE
        XII

      

      CONDITIONS
        PRECEDENT TO OBLIGATIONS OF SELLER

      

      The
        obligations of Seller under this Agreement shall, at the option of Seller,
        be
        subject to the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      12.1.         No
        Misrepresentation or Breach of Covenants and
        Warranties.  There shall have been no material breach by
        Buyer in the performance of any of its covenants and agreements herein; each
        of
        the representations and warranties of Buyer contained or referred to in this
        Agreement shall be true and correct on the Closing Date as though made on
        the
        Closing Date, except for changes therein specifically permitted by this
        Agreement or resulting from any transaction expressly consented to in writing
        by
        Seller or any transaction contemplated by this Agreement; and there shall
        have
        been delivered to Seller a certificate to such effect, dated the Closing
        Date
        and signed on behalf of Buyer by an authorized officer of Buyer.

      

      12.2.          No
        Restraint or Litigation.  No action, suit, investigation
        or proceeding shall have been instituted or threatened to restrain or prohibit
        or otherwise challenge the legality or validity of the transactions contemplated
        hereby.

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      ARTICLE
        XIII

      

      TERMINATION

      

      13.1.       Termination.  Anything
        contained in this Agreement to the contrary notwithstanding, this Agreement
        may
        be terminated at any time prior to the Closing Date:

      

      (a)           by
        the mutual consent of Buyer and Seller;

      

      (b)           by
        Buyer or Seller if the Closing shall not have occurred on or before November
        30,
        2007 (or such later date as may be mutually agreed to by Buyer and Seller);
        provided, however, that the right to terminate this Agreement under this
        Section 13.1(b) shall not be available to any Person
        whose failure to comply with its obligations under this Agreement has been
        the
        cause of or resulted in the failure of the Closing to occur on or before
        such
        time;

      

      (c)           by
        Buyer in the event of any material breach by Seller, any Member or any Principal
        of any of their respective agreements, representations or warranties contained
        herein and the failure of such party to cure such breach within three days
        after
        receipt of notice from Buyer requesting such breach to be cured;

      

      (d)           by
        Seller in the event of any material breach by Buyer of any of Buyer’s
        agreements, representations or warranties contained herein and the failure
        of
        Buyer to cure such breach within three days after receipt of notice from
        Seller
        requesting such breach to be cured; 

      

      13.2.         Notice
        of Termination.  Any party desiring to terminate this
        Agreement pursuant to Section 13.1 shall give notice of such
        termination to the other parties to this Agreement.

      

      13.3.         Effect
        of Termination.

      

      (a)           If
        this Agreement is terminated by Seller pursuant to Section 13.1(d),
        then Buyer and Seller shall jointly instruct the Escrow Agent to distribute
        to
        Seller the Escrow Amount as liquidated damages in accordance with the terms
        of
        the Escrow Agreement.

      

      (b)           If
        this Agreement is terminated pursuant to any other provision of this Article
        XIII:

      

      (i)           Buyer
        and Seller shall jointly instruct the Escrow Agent to distribute to Buyer
        the
        Escrow Amount in accordance with the terms of the Escrow Agreement,
        and

      

      (ii)           all
        further obligations of the parties under this Agreement shall be terminated
        without further liability of any party to the other, provided that nothing
        herein shall relieve any party from liability for its willful breach of this
        Agreement.

      

      ARTICLE
        XIV

      

      GENERAL
        PROVISIONS

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      The
        parties further covenant and agree as follows:

      

      14.1.        Waiver
        of Terms.  Any of the terms or conditions of this
        Agreement may be waived at any time by the party or parties entitled to the
        benefit thereof but only by a written notice signed by the party or parties
        waiving such terms or conditions.

      

      14.2.        Amendment
        of Agreement.  This Agreement may be amended,
        supplemented or interpreted at any time only by written instrument duly executed
        by each of the parties hereto.

      

      14.3.        Payment
        of Expenses.  Except as otherwise specifically provided in
        this Agreement, the parties shall each pay its or their own expenses, including,
        without limitation, the expenses of its or their own counsel, advisors and
        accountants, incurred in connection with the preparation, execution and delivery
        of this Agreement and the other agreements and documents referred to herein
        and
        the consummation of the transactions contemplated hereby and
        thereby.

      

      14.4.          Contents
        of Agreement, Parties in Interest, Assignment.  This
        Agreement and the other agreements and documents referred to herein set forth
        the entire understanding of the parties with respect to the subject matter
        hereof.  Any previous agreements or understandings between the parties
        regarding the subject matter hereof, including without limitation, that certain
        letter agreement, dated August 15, 2007, by and between Buyer and Seller,
        are
        merged into and superseded by this Agreement.  All representations,
        warranties, covenants, terms and conditions of this Agreement shall be binding
        upon and inure to the benefit of and be enforceable by the respective heirs,
        legal representatives, successors and permitted assigns of the parties hereto;
        provided, however, that none of the rights or obligations of any of the parties
        hereto may be assigned without the prior written consent of, in the case
        of
        assignment by Seller, the Members or the Principals, Buyer, or, in the case
        of
        assignment by Buyer, Seller, the Members and the Principals, which consent
        shall
        not unreasonably be withheld.  Notwithstanding the foregoing, Buyer
        may assign any of its rights or obligations to a wholly-owned subsidiary
        of
        Buyer without the consent of Seller, the Members and the Principals, provided
        that Buyer remains liable for the performance of such assignee or assignees
        and
        notifies Seller, the Members and the Principals of such assignment.

      

      14.5.         Notices.  All
        notices, requests, demands and other communications required or permitted
        to be
        given hereunder shall be by hand-delivery, certified or registered mail,
        return
        receipt requested, telecopier (if a telecopier number is provided), or air
        courier to the parties set forth below.  Such notices shall be deemed
        given at the time personally delivered, if delivered by hand or by courier,
        at
        the time received, if sent certified or registered mail, and when receipt
        is
        acknowledged by telecopy equipment, if telecopied.

      

      
        	 	
                If
                  to Buyer:

              	 	
                Mediware
                  Information Systems, Inc.

              
	 	 	 	
                1900
                  Spring Road, Suite 450

              
	 	 	 	
                Oak
                  Brook, IL 60523

              
	 	 	 	
                Attn:
                  Senior Vice President and General Counsel

              
	 	 	 	
                Telecopier:
                  (630) 684-0462

              
	 	 	 	 
	 	
                If
                  to Seller or

              	 	 
	 	
                any
                  Member or

              	 	 
	 	
                Principal:

              	 	
                C/O
                  Herbert Goldman

              
	 	 	 	
                Gordon,
                  Feinblatt, Rothman, Hoffberger & Hollander, LLC

              
	 	 	 	
                The
                  Garrett Building

              
	 	 	 	
                233
                  East Redwood Street

              
	 	 	 	
                Baltimore,
                  MD 21202

              

      

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

      14.6.           Severability.  In
        the event that any one or more of the provisions contained in this Agreement
        shall be invalid, illegal or unenforceable in any respect for any reason,
        the
        validity, legality and enforceability of any such provision in every other
        respect and of the remaining provisions of this Agreement shall not be in
        any
        way impaired.

      

      14.7.           Schedules
        and Exhibits.  The schedules and exhibits referred to
        herein and attached hereto are incorporated herein by reference as if fully
        set
        forth in the text hereof.

      

      14.8.           Counterparts. 
        This Agreement may be executed in one or more counterparts and by facsimile
        transmission, each of which shall be considered an original instrument, but
        all
        of which shall be considered one and the same agreement, and shall become
        binding when one or more counterparts have been signed by each of the parties
        hereto and delivered to each of the parties hereto.

      

      14.9.            Headings.  The
        headings of the Sections and the subsections of this Agreement are inserted
        for
        convenience of reference only and shall not constitute a part
        hereof.

      

      14.10.          Governing
        Law; Jurisdiction.  IN ALL RESPECTS, INCLUDING ALL MATTERS OF
        CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS
        ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
        WITH, THE LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND
        PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING
        CONFLICT OF LAWS, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
        AMERICA.  BUYER, SELLER, THE MEMBERS AND THE PRINCIPALS AGREE TO
        SUBMIT TO PERSONAL JURISDICTION AND TO WAIVE ANY OBJECTION AS TO VENUE IN
        THE
        COUNTY OF COOK, STATE OF ILLINOIS.  SERVICE OF PROCESS ON BUYER,
        SELLER, THE MEMBERS OR THE PRINCIPALS IN ANY ACTION ARISING OUT OF OR RELATING
        TO THIS AGREEMENT SHALL BE EFFECTIVE IF MAILED TO SUCH PARTY AT THE ADDRESS
        LISTED ABOVE.

      

      14.11.          Waiver
        of Jury Trial.  BECAUSE DISPUTES ARISING IN CONNECTION
        WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED
        BY AN EXPERIENCED AND EXPERT PERSON, AND THE PARTIES WISH APPLICABLE STATE
        AND
        FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE
        THAT
        THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE
        LAWS.  THEREFORE TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
        THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT
        TO
        TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
        ANY
        RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

      14.12.         
        Dispute Resolution.

      

      (a)           Dispute.  Any
        controversy, claim or dispute of whatever nature, whether at law or in equity,
        including claims for fraud in the inducement (including issues as to
        arbitrability), arising between Buyer and any of Seller, the Members and
        the
        Principals (each, a “Disputing Party”), under this Agreement or in
        connection with the transactions contemplated hereunder, including those
        arising
        out of or relating to the breach, termination, enforceability, scope, validity,
        or making of this Agreement, whether such claim existed prior to or arises
        on or
        after the Closing Date (a “Dispute”), shall be resolved by binding
        arbitration, unless the Disputing Parties otherwise agree.  The
        agreement to arbitrate contained in this section shall continue in full force
        and effect despite the expiration, rescission or termination of this
        Agreement.  Notwithstanding anything contained herein to the contrary,
        any disputes involving Incremental Revenue Payments shall be resolved pursuant
        to the provisions of Section 2.4.

      

      (b)           Arbitration;
        Submission to Jurisdiction.  Neither Disputing Party shall
        commence an arbitration proceeding pursuant to the provisions of this Agreement
        unless such Disputing Party shall first give a written notice (a “Dispute
        Notice”) to the other Disputing Party setting forth the nature of the
        Dispute.  The Dispute shall be determined by binding arbitration in
        Chicago, Illinois within 20 business days after receipt of a Dispute
        Notice.  The arbitration shall be conducted in accordance with the CPR
        Institute for Dispute Resolution (“CPR”) Rules for Non-Administered
        Arbitration (“CPR Rules”), subject to any modifications contained in this
        Agreement.  The Dispute shall be determined by one
        arbitrator.  The Disputing Parties shall agree upon the arbitrator
        within 10 business days after receipt of a Dispute Notice.  The
        arbitrator shall be a retired state or federal judge or an attorney with
        at
        least 15 years of business litigation experience.  The arbitrator
        shall be a “neutral” arbitrator and not appointed by either Disputing
        Party.  If the Disputing Parties are unable to agree upon the
        arbitrator within such period, the arbitrator shall be selected by CPR in
        accordance with the CPR Rules.  The arbitrator shall base the award on
        the “four corners” of the Agreement, and only when the answer to a Dispute is
        not contained therein, shall the arbitrator look to the governing law designated
        herein and judicial precedent in accordance with the terms hereof to resolve
        the
        Dispute.  Without limiting the foregoing, nothing herein contained
        shall be deemed to give the arbitrator any authority, power or right to change,
        modify, add to or subtract from this Agreement (except as expressly provided
        herein).

      

      (i)           The
        arbitrator shall have the authority to award any remedy or relief that a
        court
        of competent jurisdiction could order or grant, including equitable remedies,
        rescission, specific performance of any obligation created under the Agreement,
        the issuance of an injunction, or the imposition of sanctions for abuse or
        frustration of the arbitration process.  The arbitrator shall award to
        the prevailing party, if any, as determined by the arbitrators, all of such
        party’s reasonable expenses.

      

      (ii)           Discovery
        will be limited to an exchange of directly relevant documents and answers
        to
        interrogatories.  The arbitrator shall resolve any discovery
        disputes.  The arbitrator and counsel of record will have the power of
        subpoena process as provided by law.  The Disputing Parties knowingly
        and voluntarily waive their rights to have any Dispute tried and adjudicated
        by
        a judge or a jury.

      

      (iii)           The
        arbitration shall be governed by the substantive laws of the State of Illinois,
        applicable federal laws and the CPR Rules, regardless of laws that might
        otherwise govern under applicable principles of conflicts of laws
        thereof.  Judgment upon award rendered may be entered in any court
        having jurisdiction.

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

      (iv)           Except
        as otherwise required by law or in court proceedings to enforce this Agreement
        or an award rendered hereunder or to obtain interim relief, the Disputing
        Parties and the arbitrator agree to keep confidential and not disclose to
        third
        parties any information or documents obtained in connection with the arbitration
        process, including the resolution of the Dispute.  If either Disputing
        Party fails to proceed with arbitration as provided in this Agreement, or
        unsuccessfully seeks to stay the arbitration, or fails to comply with the
        arbitration award, or is unsuccessful in vacating or modifying the award
        pursuant to a petition or application for judicial review, the other Disputing
        Party shall be entitled to be awarded fees and expenses (including reasonable
        attorneys’ fees) paid or incurred in successfully compelling such arbitration or
        defending against the attempt to stay, vacate or modify such arbitration
        award
        and/or successfully defending or enforcing the award.

      

      [Remainder
        of page intentionally left blank]

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Agreement to be
        executed the day and year first above written.

       

      
        	 	
                INTEGRATED
                  MARKETING SOLUTIONS, LLC

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	
                MEDIWARE
                  INFORMATION SYSTEMS, INC.

              
	 	 
	 	 
	 	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              
	 	 	 
	 	 	 
	 	
                T.J.C.
                  INVESTMENTS, INC.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  Todd Collins

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	
                S.M.C.,
                  INC.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  Scott Ceccorulli

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	 	 
	 	
                TODD
                  COLLINS

              
	 	 	 
	 	 	 
	 	
                SCOTT
                  CECCORULLIUnassociated Document

    
      

    

    Exhibit
      4.1

     

    INDENTURE

    

    

    between

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B,

    as
      Issuer

    

    

    and

    

    

    THE
      BANK
      OF NEW YORK,

    as
      Indenture Trustee

    

    

    Dated
      as
      of October 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.

            	
              7

            
	
              Section
                2.6

            	
              Persons
                Deemed Owners.

            	
              8

            
	
              Section
                2.7

            	
              Payment
                of Principal and Interest..

            	
              8

            
	
              Section
                2.8

            	
              Cancellation.

            	
              9

            
	
              Section
                2.9

            	
              Release
                of Collateral.

            	
              9

            
	
              Section
                2.10

            	
              Book-Entry
                Notes.

            	
              9

            
	
              Section
                2.11

            	
              Definitive
                Notes.

            	
              10

            
	
              Section
                2.12

            	
              Authenticating
                Agents.

            	
              10

            
	
              Section
                2.13

            	
              Note
                Paying Agents.

            	
              11

            
	 	 	 
	
              ARTICLE
                III COVENANTS AND REPRESENTATIONS

            	 
	 	 	 
	
              Section
                3.1

            	
              Payment
                of Principal and Interest.

            	
              11

            
	
              Section
                3.2

            	
              Maintenance
                of Office or Agency.

            	
              11

            
	
              Section
                3.3

            	
              Money
                for Payments To Be Held in Trust.

            	
              11

            
	
              Section
                3.4

            	
              Existence.

            	
              13

            
	
              Section
                3.5

            	
              Protection
                of Collateral.

            	
              13

            
	
              Section
                3.6

            	
              Performance
                of Obligations; Servicing of Receivables.

            	
              13

            
	
              Section
                3.7

            	
              Negative
                Covenants.

            	
              14

            
	
              Section
                3.8

            	
              Opinions
                as to Collateral.

            	
              15

            
	
              Section
                3.9

            	
              Annual
                Statement as to Compliance

            	
              15

            
	
              Section
                3.10

            	
              Consolidation
                and Merger; Sale of Assets

            	
              15

            
	
              Section
                3.11

            	
              Successor
                or Transferee.

            	
              16

            
	
              Section
                3.12

            	
              No
                Other Activities.

            	
              16

            
	
              Section
                3.13

            	
              Further
                Instruments and Acts.

            	
              16

            
	
              Section
                3.14

            	
              Restricted
                Payments.

            	
              16

            
	
              Section
                3.15

            	
              Notice
                of Events of Default.

            	
              17

            
	
              Section
                3.16

            	
              Representations
                and Warranties of the Issuer as to Security Interest

            	
              17

            
	
              Section
                3.17

            	
              Audits
                of the Issuer.

            	
              18

            
	
              Section
                3.18

            	
              Representations
                and Warranties of the Issuer

            	
              18

            
	
              Section
                3.19

            	
              Calculation
                Agent

            	
              19

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              ARTICLE
                IV SATISFACTION AND DISCHARGE

            	 
	 	 	 
	
              Section
                4.1

            	
              Satisfaction
                and Discharge of Indenture.

            	
              19

            
	 	 	 
	
              ARTICLE
                V REMEDIES

            	 
	 	 	 
	
              Section
                5.1

            	
              Events
                of Default.

            	
              20

            
	
              Section
                5.2

            	
              Acceleration
                of Maturity; Rescission and Annulment.

            	
              20

            
	
              Section
                5.3

            	
              Collection
                of Indebtedness by the Indenture Trustee.

            	
              21

            
	
              Section
                5.4

            	
              Trustee
                May File Proofs of Claim.

            	
              21

            
	
              Section
                5.5

            	
              Trustee
                May Enforce Claims Without Possession of Notes.

            	
              22

            
	
              Section
                5.6

            	
              Remedies;
                Priorities.

            	
              22

            
	
              Section
                5.7

            	
              Optional
                Preservation of the Collateral

            	
              24

            
	
              Section
                5.8

            	
              Limitation
                of Suits.

            	
              24

            
	
              Section
                5.9

            	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest.

            	
              24

            
	
              Section
                5.10

            	
              Restoration
                of Rights and Remedies.

            	
              25

            
	
              Section
                5.11

            	
              Rights
                and Remedies Cumulative.

            	
              25

            
	
              Section
                5.12

            	
              Delay
                or Omission Not a Waiver.

            	
              25

            
	
              Section
                5.13

            	
              Control
                by Controlling Class of Noteholders.

            	
              25

            
	
              Section
                5.14

            	
              Waiver
                of Defaults and Events of Default.

            	
              26

            
	
              Section
                5.15

            	
              Undertaking
                for Costs.

            	
              26

            
	
              Section
                5.16

            	
              Waiver
                of Stay or Extension Laws.

            	
              26

            
	
              Section
                5.17

            	
              Performance
                and Enforcement of Certain Obligations.

            	
              26

            
	 	 	 
	
              ARTICLE
                VI THE INDENTURE TRUSTEE

            	 
	 	 	 
	
              Section
                6.1

            	
              Duties
                of Indenture Trustee.

            	
              27

            
	
              Section
                6.2

            	
              Rights
                of Indenture Trustee.

            	
              28

            
	
              Section
                6.3

            	
              Individual
                Rights of Indenture Trustee.

            	
              29

            
	
              Section
                6.4

            	
              Indenture
                Trustee's Disclaimer.

            	
              29

            
	
              Section
                6.5

            	
              Notice
                of Defaults.

            	
              29

            
	
              Section
                6.6

            	
              Reports
                by Indenture Trustee.

            	
              29

            
	
              Section
                6.7

            	
              Compensation
                and Indemnity.

            	
              30

            
	
              Section
                6.8

            	
              Replacement
                of Indenture Trustee.

            	
              31

            
	
              Section
                6.9

            	
              Successor
                Indenture Trustee by Merger.

            	
              32

            
	
              Section
                6.10

            	
              Appointment
                of Separate Indenture Trustee or Co-Indenture Trustee.

            	
              33

            
	
              Section
                6.11

            	
              Eligibility;
                Disqualification.

            	
              33

            
	
              Section
                6.12

            	
              Preferential
                Collection of Claims Against Issuer.

            	
              34

            
	
              Section
                6.13

            	
              Audits
                of the Indenture Trustee.

            	
              34

            
	
              Section
                6.14

            	
              Representations
                and Warranties of the Indenture Trustee

            	
              35

            
	
              Section
                6.15

            	
              Duty
                to Update Disclosure

            	
              36

            
	 	 	 
	
              ARTICLE
                VII NOTEHOLDERS' LISTS AND REPORTS

            	 
	 	 	 
	
              Section
                7.1

            	
              Names
                and Addresses of Noteholders.

            	
              36

            
	
              Section
                7.2

            	
              Preservation
                of Information; Communications to Noteholders.

            	
              36

            
	
              Section
                7.3

            	
              Reports
                by Issuer.

            	
              37

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
                7.4

            	
              Reports
                by Indenture Trustee.

            	
              37

            
	 	 	 
	
              ARTICLE
                VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

            	 
	 	 	 
	
              Section
                8.1

            	
              Collection
                of Money

            	
              37

            
	
              Section
                8.2

            	
              Trust
                Accounts; Distributions and Disbursements.

            	
              38

            
	
              Section
                8.3

            	
              General
                Provisions Regarding Bank Accounts.

            	
              41

            
	
              Section
                8.4

            	
              Release
                of Collateral.

            	
              42

            
	 	 	 
	
              ARTICLE
                IX SUPPLEMENTAL INDENTURES

            	 
	 	 	 
	
              Section
                9.1

            	
              Supplemental
                Indentures Without Consent of Noteholders.

            	
              43

            
	
              Section
                9.2

            	
              Supplemental
                Indentures with Consent of Noteholders.

            	
              44

            
	
              Section
                9.3

            	
              Execution
                of Supplemental Indentures.

            	
              45

            
	
              Section
                9.4

            	
              Effect
                of Supplemental Indenture.

            	
              45

            
	
              Section
                9.5

            	
              Conformity
                with Trust Indenture Act.

            	
              45

            
	
              Section
                9.6

            	
              Reference
                in Notes to Supplemental Indentures.

            	
              46

            
	 	 	 
	
              ARTICLE
                X REDEMPTION OF NOTES

            	 
	 	 	 
	
              Section
                10.1

            	
              Redemption.

            	
              46

            
	 	 	 
	
              ARTICLE
                XI MISCELLANEOUS

            	 
	 	 	 
	
              Section
                11.1

            	
              Compliance
                Certificates and Opinions, etc.

            	
              47

            
	
              Section
                11.2

            	
              Form
                of Documents Delivered to Indenture Trustee.

            	
              48

            
	
              Section
                11.3

            	
              Acts
                of Noteholders.

            	
              48

            
	
              Section
                11.4

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

            	
              49

            
	
              Section
                11.5

            	
              Notices
                to Noteholders; Waiver.

            	
              49

            
	
              Section
                11.6

            	
              Conflict
                with Trust Indenture Act.

            	
              50

            
	
              Section
                11.7

            	
              Benefits
                of Indenture.

            	
              50

            
	
              Section
                11.8

            	
              GOVERNING
                LAW.

            	
              50

            
	
              Section
                11.9

            	
              Submission
                to Jurisdiction.

            	
              50

            
	
              Section
                11.10

            	
              WAIVER
                OF JURY TRIAL.

            	
              51

            
	
              Section
                11.11

            	
              Severability.

            	
              51

            
	
              Section
                11.12

            	
              Counterparts.

            	
              51

            
	
              Section
                11.13

            	
              Headings.

            	
              51

            
	
              Section
                11.14

            	
              Recording
                of Indenture.

            	
              51

            
	
              Section
                11.15

            	
              Trust
                Obligation.

            	
              51

            
	
              Section
                11.16

            	
              Subordination
                of Claims against the Depositor.

            	
              51

            
	
              Section
                11.17

            	
              No
                Petition.

            	
              52

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    
      	
              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

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    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.

            

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    

    INDENTURE,
      dated as of October 1, 2007 (this "Indenture"), between FORD CREDIT AUTO
      OWNER TRUST 2007-B, 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) 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

            	
              5.29180%

            	
              $771,000,000

            
	
              Class
                A-2a Notes

            	
              5.26%

            	
              $200,000,000

            
	
              Class
                A-2b Notes

            	
              one-month
                LIBOR + 0.33%

            	
              $863,700,000

            
	
              Class
                A-3a Notes

            	
              5.15%

            	
              $410,500,000

            
	
              Class
                A-3b Notes

            	
              one-month
                LIBOR + 0.34%

            	
              $400,000,000

            
	
              Class
                A-4a Notes

            	
              5.24%

            	
              $173,100,000

            
	
              Class
                A-4b Notes

            	
              one-month
                LIBOR + 0.38%

            	
              $80,000,000

            
	
              Class
                B Notes

            	
              5.69%

            	
              $91,600,000

            
	
              Class
                C Notes

            	
              6.33%

            	
              $61,000,000

            
	
              Class
                D Notes

            	
              7.79%

            	
              $61,000,000

            

    

    

    (c)    The
      Notes (other than the Class C Notes and the Class D Notes) will be issuable
      as
      Book-Entry Notes.  The Class C Notes and the Class D Notes will be
      issuable as Definitive Notes.  The Notes (other than the Class A-1
      Notes, the Class C Notes and the Class D Notes) will be issuable in minimum
      denominations of $100,000 and in multiples of $1,000 in excess
      thereof.  The Class A-1 Notes, the Class C Notes and the Class D
      Notes will be issuable 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 Notes that are owned or beneficially owned by a Person
      other
      than Ford Credit or its Affiliates 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, the Class C 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, the Class C 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, Class C Note or Class D Note without
      registration.

    

    (i)    No
      Class A-1 Note, Class C 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," a "Class C 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,
      Class
      C 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," a "Void Class
      C 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.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (k)    Each
      Class C Note will bear a legend to the effect of the legend contained in Exhibit
      C 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 C Note Transfer, the prospective
      transferee of such Class C Note will be deemed to represent to the Indenture
      Trustee, the Note Registrar and the Issuer the following:

    

    (i)    It
      understands that the Class C 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 C 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 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 C Notes or
      any
      interest or participation in the Class C 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 C Notes or any interest
      or participation in the Class C Notes for its own account or for the account
      of
      another QIB.

    

    (iv)    It
      is purchasing the Class C 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 C Notes in connection with any distribution
      of such Class C Notes that would violate the Securities Act.

    

    (l)    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):

    

    (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

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (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).

    

    (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.

    

    (m)    By
      acceptance of any Class A-1 Note, Class C Note or Class D Note, the Class A-1
      Noteholder, the Class C Noteholder or the Class D Noteholder, as applicable,
      specifically agrees with and represents to the Depositor, the Issuer and the
      Note Registrar, that no transfer of a Class A-1 Note, Class C 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, Class C Note or Class D Note, as
      applicable, is to the Depositor or its Affiliates, or (B) such transfer of
      a
      Class A-1 Note, Class C Note or Class D Note, as applicable, is exempt from
      the
      registration requirements under the Securities Act because such Class A-1 Note
      Transfer, Class C Note Transfer or Class D Note Transfer, as applicable, 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, Class C Note Transfer or Class D Note Transfer, as applicable,
      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.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (n)    The
      Depositor will make available to the prospective transferor and transferee
      of a
      Class A-1 Note, Class C 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 Notes, Class C Notes (if any)
      or
      Class D Notes (if any), 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.

    

    (o)    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).

    

    (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.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (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.

    

    (a)      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 C Notes and Class D Notes
      and,
      on and after the date on which Definitive Notes are issued, the Class A Notes
      and the Class B 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.

    

    (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 earlier of their applicable Final
      Scheduled Payment Date and the Redemption Date.  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).

    

    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).

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    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.

    

    Section
      2.11   Definitive
      Notes. The
      Class C Notes and Class D Notes
      will be issued as Definitive Notes on the Closing Date.  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.

    
      
        
        

      

      
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    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.

    

    (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.

    
      
        
        

      

      
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    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;

    

    (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.

    
      
        
        

      

      
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    (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;

    

    (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.

    
      
        
        

      

      
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    (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.

    

    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).

    
      
        
        

      

      
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    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).

    

    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.

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (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.

    

    (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.

    
      
        
        

      

      
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    (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.

    

    (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.

    
      
        
        

      

      
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    (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. 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;

    

    (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.

    
      
        
        

      

      
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    (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.

    

    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.

    
      
        
        

      

      
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    (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.

    

    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 on behalf of the Secured Parties allowed in such
      Proceedings (including any amounts due to the Indenture Trustee pursuant to
      Section 6.7);

     

    
      
        
        

      

      
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      (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.

    

    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;

    
      
        
        

      

      
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    (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 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;

    

    (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 all amounts owed to the Secured Parties, as those payments
      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.

    

    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.

    
      
        
        

      

      
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    (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.

    

    (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.

    
      
        
        

      

      
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    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 provided that:

    

    (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;

    

    (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.

    
      
        
        

      

      
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    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.

    

    (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.

    
      
        
        

      

      
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    (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);

    

    (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

    
      
        
        

      

      
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    (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) 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

    

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

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (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.

    

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

    
      
        
        

      

      
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    (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:

    

    (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.

    
      
        
        

      

      
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    (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;

    

    (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

    
      
        
        

      

      
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    (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)    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.

    
      
        
        

      

      
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    (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):

    

    (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;

    
      
        
        

      

      
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    (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

    

    (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 on
      each 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;

    

    (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;

    
      
        
        

      

      
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    (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

    
      
        
        

      

      
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    (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.

    

    (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:

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    (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;

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    (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.

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    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.

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    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.

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    (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.

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    (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.

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    (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.

    

    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
      11.10   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.

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    Section
      11.11   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
      11.12   Headings.  The
      headings in this
      Indenture are included for convenience only and will not affect the meaning
      or
      interpretation of this Indenture.

    

    Section
      11.13   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
      11.14   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
      11.15   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.

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    Section
      11.16   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.

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    EXECUTED
      BY:

    

    

    
      	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B,  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-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              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

            	
              $771,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA A9

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-1
      5.29180% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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 SEVEN HUNDRED
      SEVENTY ONE 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 November 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 October
      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 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 5.29180% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

            	
              $200,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA B7

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-2a 5.26% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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
      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
      November 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 October 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
      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 5.26% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

            	
              $863,700,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA C5

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-2b FLOATING RATE ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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 EIGHT HUNDRED
      SIXTY-THREE MILLION SEVEN HUNDRED 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 November 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 October 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 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 0.33% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION,

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:                      October___,
      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

            	
              $410,500,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA E1

            

    

     

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-3a 5.15% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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 TEN
      MILLION FIVE HUNDRED 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 November 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
      October 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 November 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 5.15% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

            	
              $400,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA F8

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-3b FLOATING RATE ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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
      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
      November 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 October 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
      November 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 0.34% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:                      October___,
      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

            	
              $173,100,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA G6

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-4a 5.24% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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
      SEVENTY-THREE MILLION ONE HUNDRED 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 November 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 October 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 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 5.24% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

            	
              $80,000,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA H4

            

    

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      A-4b FLOATING RATE ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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 EIGHTY 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 November
      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 October 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
      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 0.38% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

            	
              $91,600,000

            
	 	 
	
              No.
                R-1

            	
              CUSIP
                NO. 34528 WA J0

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    Class
      B
      5.69% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, 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 NINETY-ONE
      MILLION SIX HUNDRED 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 November 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 October
      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 November 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 5.69% 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      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:
      October___, 2007

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION, 

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      October___, 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

    

    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
      NOTEHOLDER, BY ACCEPTING 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

        
          

        

      

      
        
        

      

    

    

    
      	 	
              $[                ]

            
	 	 
	
              No.
                R-[   ]

            	
              CUSIP
                NO. 34528 WA K7

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      C
      6.33% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to
      [                           ],
      or registered assigns, the principal sum of
      [                           ]
      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 November 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 October 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 May 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 6.33% 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.  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, by its acceptance of 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, by its
      acceptance of 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 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 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, by acceptance of a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder 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, Notes
      that are owned by a Person other than Ford Credit or its Affiliates will qualify
      as indebtedness of the Issuer secured by the Collateral.  Each
      Noteholder, by its acceptance of 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:
      [                ]

     

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      [                ]

     

    
      	 	
              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

    

    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.

    

    IN
      ADDITION, EACH NOTEHOLDER 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.

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

    

    

    
      	 	
              $[              ]

            
	 	 
	
              No.
                R-[   ]

            	
              CUSIP
                NO. 34528 WA L5

            

    

    

    FORD
      CREDIT AUTO OWNER TRUST 2007-B

    

    CLASS
      D
      7.79% ASSET BACKED NOTES

    

    Ford
      Credit Auto Owner Trust 2007-B, a statutory trust organized under the laws
      of
      the State of Delaware (the "Issuer"), for value received, promises to pay
      to
      [                        ],
      or registered assigns, the principal sum of
      [                     ]
      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 November 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 October 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 2014
      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 7.79% 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.  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, by its acceptance of 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, by its
      acceptance of 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 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 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, by acceptance of a Note, covenants and agrees by accepting the
      benefits of the Indenture that such Noteholder 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, Notes
      that are beneficially owned by a Person other than Ford Credit or its Affiliates
      will qualify as indebtedness of the Issuer secured by the
      Collateral.  Each Noteholder, by its acceptance of 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.

    
      
        
        

      

      
        D-5

        
          

        

      

      
        
        

      

    

    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.

    

    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-6

        
          

        

      

      
        
        

      

    

    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:
      [                ]

    

    
      	 	 	
              FORD
                CREDIT AUTO OWNER TRUST 2007-B

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              U.S.
                BANK TRUST

            
	 	 	 	
              NATIONAL
                ASSOCIATION

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

            
	 	 	 	 
	 	 	 	 
	 	 	
              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:
      [                ]

     

    
      	 	
              THE
                BANK OF NEW YORK, 

              not
                in its individual capacity but  solely as Indenture
                Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	 	 
              
	 	 	
              Responsible
                Person

            

    

    
      
        
        

      

      
        D-7

        
          

        

      

      
        
        

      

    

    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-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    FORM
      OF
      INVESTMENT LETTER

    CLASS
      D
      NOTES

     

    
      	 	
              [Date]

            

    

    

    Ford
      Credit Auto Owner Trust 2007-B,

     
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-B

    

    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-B

            

    

    Class
      D 7.79% Asset Backed Notes

    

    Ladies
      and Gentlemen:

    

    In
      connection with our proposed purchase of the Class D 7.79% Asset Backed Notes
      (the "Class D Notes") of Ford Credit Auto Owner Trust 2007-B (the "Issuer"),
      a
      trust formed by Ford Credit Auto Receivables Two LLC (the "Depositor"), we
      confirm that:

    

    

    1.      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 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.

    

    

    2.      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.

    

    

    3.      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

        
          

        

      

      
        
        

      

    

    4.      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.

    

    

    5.      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.

    

    

    6.      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.

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    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.

    

    

    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,

            
	 	 	 
	 	 	 
	 	
              [                     ]

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    

    Securities
      To Be Purchased:

    $[        ]-
      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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