Document:

exv4w1

 

Exhibit 4.1

 

 

Ford Credit Floorplan Master Owner Trust __

Issuer

[Indenture
Trustee]

Indenture Trustee

 

Indenture

Dated as of                     , 20__

 

Asset Backed
Notes

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions
	 	 	3	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	3	 
	Section 1.02. Other Definitional Provisions
	 	 	22	 
	 
	 	 	 	 
	ARTICLE II The Notes
	 	 	23	 
	 
	 	 	 	 
	Section 2.01. Form Generally
	 	 	23	 
	Section 2.02. Denominations
	 	 	23	 
	Section 2.03. Execution, Authentication and Delivery
	 	 	24	 
	Section 2.04. Authenticating Agent
	 	 	24	 
	Section 2.05. Registration of and Limitations on Transfer and Exchange of Notes
	 	 	25	 
	Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes
	 	 	27	 
	Section 2.07. Persons Deemed Owners
	 	 	28	 
	Section 2.08. Appointment of Paying Agent
	 	 	28	 
	Section 2.09. Access to List of Noteholders’ Names and Addresses
	 	 	29	 
	Section 2.10. Cancellation
	 	 	29	 
	Section 2.11. Release of Collateral
	 	 	29	 
	Section 2.12. New Issuances
	 	 	30	 
	Section 2.13. Book-Entry Notes
	 	 	31	 
	Section 2.14. Notices to Clearing Agency or Foreign Clearing Agency
	 	 	32	 
	Section 2.15. Definitive Notes
	 	 	32	 
	Section 2.16. Global Notes; Euro-Note Exchange Date
	 	 	33	 
	Section 2.17. Meetings of Noteholders
	 	 	33	 
	Section 2.18. Uncertificated Classes
	 	 	34	 
	 
	 	 	 	 
	ARTICLE III Representations and Covenants of Issuer
	 	 	34	 
	 
	 	 	 	 
	Section 3.01. Payment of Principal and Interest
	 	 	34	 
	Section 3.02. Maintenance of Office or Agency
	 	 	34	 
	Section 3.03. Money for Note Payments to Be Held in Trust
	 	 	34	 
	Section 3.04. Existence
	 	 	36	 
	Section 3.05. Protection of Trust
	 	 	36	 
	Section 3.06. Opinions as to Trust Assets
	 	 	37	 
	Section 3.07. Performance of Obligations; Servicing of Receivables
	 	 	37	 
	Section 3.08. Negative Covenants
	 	 	39	 
	Section 3.09. Statements as to Compliance
	 	 	40	 
	Section 3.10. Issuer May Consolidate, Etc., Only on Certain Terms
	 	 	40	 
	Section 3.11. Successor Substituted
	 	 	42	 
	Section 3.12. No Other Business
	 	 	42	 
	Section 3.13. No Borrowing
	 	 	42	 
	Section 3.14. Servicer’s Obligations
	 	 	42	 
	Section 3.15. Guarantees, Loans, Advances and Other Liabilities
	 	 	42	 
	Section 3.16. Capital Expenditures
	 	 	43	 
	 
	 	 	 	 
	i
	 	 	 	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 3.17. Removal of Administrator
	 	 	43	 
	Section 3.18. Restricted Payments
	 	 	43	 
	Section 3.19. Notice of Events of Default
	 	 	43	 
	Section 3.20. Further Instruments and Acts
	 	 	43	 
	Section 3.21. Additional Representations and Warranties of Issuer
	 	 	44	 
	 
	 	 	 	 
	ARTICLE IV Satisfaction and Discharge
	 	 	45	 
	 
	 	 	 	 
	Section 4.01. Satisfaction and Discharge of Indenture
	 	 	45	 
	Section 4.02. Application of Trust Money
	 	 	46	 
	 
	 	 	 	 
	ARTICLE V Amortization Events, Defaults and Remedies
	 	 	46	 
	 
	 	 	 	 
	Section 5.01. Amortization Events
	 	 	46	 
	Section 5.02. Events of Default
	 	 	47	 
	Section 5.03. Acceleration of Maturity; Rescission and Annulment
	 	 	48	 
	Section 5.04. Collection of Indebtedness and Suits for Enforcement
by Indenture Trustee
	 	 	48	 
	Section 5.05. Remedies; Priorities
	 	 	50	 
	Section 5.06. Optional Preservation of Trust Assets
	 	 	52	 
	Section 5.07. Limitation on Suits
	 	 	53	 
	Section 5.08. Unconditional Rights of Noteholders to Receive Principal and Interest
	 	 	54	 
	Section 5.09. Restoration of Rights and Remedies
	 	 	54	 
	Section 5.10. Rights and Remedies Cumulative
	 	 	54	 
	Section 5.11. Delay or Omission Not Waiver
	 	 	54	 
	Section 5.12. Rights of Noteholders to Direct Indenture Trustee
	 	 	54	 
	Section 5.13. Waiver of Past Defaults
	 	 	55	 
	Section 5.14. Undertaking for Costs
	 	 	55	 
	Section 5.15. Waiver of Stay or Extension Laws
	 	 	55	 
	Section 5.16. Sale of Trust Assets
	 	 	56	 
	Section 5.17. Action on Notes
	 	 	56	 
	 
	 	 	 	 
	ARTICLE VI The Indenture Trustee
	 	 	57	 
	 
	 	 	 	 
	Section 6.01. Duties of Indenture Trustee
	 	 	57	 
	Section 6.02. Notice of Amortization Event, Events of Default or Servicer Default
	 	 	59	 
	Section 6.03. Rights of Indenture Trustee
	 	 	59	 
	Section 6.04. Not Responsible for Recitals or Issuance of Notes
	 	 	60	 
	Section 6.05. May Hold Notes
	 	 	60	 
	Section 6.06. Money Held in Trust
	 	 	61	 
	Section 6.07. Compensation, Reimbursement and Indemnification
	 	 	61	 
	Section 6.08. Replacement of Indenture Trustee
	 	 	62	 
	Section 6.09. Successor Indenture Trustee by Merger
	 	 	63	 
	Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	63	 
	Section 6.11. Eligibility; Disqualification
	 	 	64	 
	Section 6.12. Preferential Collection of Claims Against
	 	 	64	 
	 
	 	 	 	 
	ii
	 	 	 	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 6.13. Tax Returns
	 	 	65	 
	Section 6.14. Representations and Covenants of Indenture Trustee
	 	 	65	 
	Section 6.15. The Securities Intermediary; Certain Matters Relating to Trust Account
Securities Subaccounts
	 	 	65	 
	 
	 	 	 	 
	ARTICLE VII Noteholders’ List and Reports by Indenture Trustee and Issuer
	 	 	67	 
	 
	 	 	 	 
	Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders
	 	 	67	 
	Section 7.02. Preservation of Information; Communications to Noteholders
	 	 	67	 
	Section 7.03. Reports by Issuer
	 	 	67	 
	Section 7.04. Reports by Indenture Trustee
	 	 	68	 
	Section 7.05. Notice by Publication
	 	 	68	 
	 
	 	 	 	 
	ARTICLE VIII Allocation and Application of Collections
	 	 	68	 
	 
	 	 	 	 
	Section 8.01. Collection of Money
	 	 	68	 
	Section 8.02. Rights of Noteholders
	 	 	69	 
	Section 8.03. Establishment of Collection Account and Excess Funding Account; Certain
Matters Relating to Trust Account Cash Deposit Subaccounts
	 	 	69	 
	Section 8.04. Collections and Allocations
	 	 	73	 
	Section 8.05. Interest Reallocation Groups; Excess Interest Sharing Groups; Principal
Sharing Groups
	 	 	74	 
	Section 8.06. Shared Enhancement Series
	 	 	75	 
	Section 8.07. Release of Trust Assets; Eligible Loan Documents
	 	 	75	 
	 
	 	 	 	 
	ARTICLE IX Distributions and Reports to Noteholders
	 	 	76	 
	 
	 	 	 	 
	Section 9.01. Distributions and Reports to Noteholders
	 	 	76	 
	 
	 	 	 	 
	ARTICLE X Supplemental Indentures
	 	 	76	 
	 
	 	 	 	 
	Section 10.01. Supplemental Indentures without Consent of Noteholders
	 	 	76	 
	Section 10.02. Supplemental Indentures with Consent of Noteholders
	 	 	78	 
	Section 10.03. Execution of Supplemental Indentures
	 	 	80	 
	Section 10.04. Effect of Supplemental Indenture
	 	 	80	 
	Section 10.05. Conformity with Trust Indenture Act
	 	 	80	 
	Section 10.06. Reference in Notes to Supplemental Indentures
	 	 	80	 
	 
	 	 	 	 
	ARTICLE XI Termination
	 	 	81	 
	 
	 	 	 	 
	Section 11.01. Termination of Trust
	 	 	81	 
	Section 11.02. Final Distribution
	 	 	81	 
	Section 11.03. [Transferor’s]/[Transferors’] Termination Rights
	 	 	82	 
	Section 11.04. Defeasance
	 	 	82	 
	 
	 	 	 	 
	ARTICLE XII Miscellaneous
	 	 	83	 
	 
	 	 	 	 
	Section 12.01. Compliance Certificates, Opinions, etc.
	 	 	83	 
	Section 12.02. Form of Documents Delivered to Indenture Trustee
	 	 	85	 
	 
	 	 	 	 
	iii
	 	 	 	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 12.03. Acts of Noteholders
	 	 	86	 
	Section 12.04. Notices, etc. to Indenture Trustee and Issuer
	 	 	87	 
	Section 12.05. Notices to Noteholders; Waiver
	 	 	87	 
	Section 12.06. Alternate Payment and Notice Provisions
	 	 	88	 
	Section 12.07. Conflict with Trust Indenture Act
	 	 	88	 
	Section 12.08. Effect of Headings and Table of Contents
	 	 	88	 
	Section 12.09. Successors and Assigns
	 	 	88	 
	Section 12.10. Severability of Provisions
	 	 	88	 
	Section 12.11. Benefits of Indenture
	 	 	88	 
	Section 12.12. Governing Law
	 	 	88	 
	Section 12.13. Counterparts
	 	 	89	 
	Section 12.14. Trust Obligation
	 	 	89	 
	Section 12.15. No Petition; Subordination and Claims Against Transferor[s]
	 	 	89	 
	Section 12.16. Limitation of Liability of Owner Trustee
	 	 	90	 
	 
	 	 	 	 
	iv
	 	 	 	 

 

 

Reconciliation and Tie Between Trust Indenture Act of 1939

and Indenture Provisions*

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 
	 	 
	310(a)(1)
	 	6.11
	(a)(2)
	 	6.11
	(a)(3)
	 	6.10
	(a)(4)
	 	Not Applicable
	(a)(5)
	 	6.11
	(b)
	 	6.08, 6.11
	(c)
	 	Not Applicable
	311(a)
	 	6.12
	(b)
	 	6.12
	(c)
	 	Not Applicable
	312(a)
	 	7.01, 7.02(a)
	(b)
	 	7.02(b)
	(c)
	 	7.02(c)
	313(a)
	 	7.04
	(b)
	 	7.04
	(c)
	 	7.03(a), 7.04
	(d)
	 	7.04
	314(a)
	 	3.09, 7.03(a)
	(b)
	 	3.06
	(c)(1)
	 	2.11, 8.07(c), 12.01(a)
	(c)(2)
	 	2.11, 8.07(c), 12.01(a)
	(c)(3)
	 	2.11, 8.07(c), 12.01(a)
	(d)(1)
	 	2.11, 8.07(c), 12.01(b),
	 
	 	12.01(c), 12.01(d),
	 
	 	12.01(e)
	(d)(2)
	 	12.01(b), 12.01(c)
	(d)(3)
	 	Not Applicable
	(e)
	 	12.01(a)
	315(a)
	 	6.01(b)
	(b)
	 	6.02
	(c)
	 	6.01(a), 6.01(c)
	(d)(1)
	 	6.01(d)
	(d)(2)
	 	6.01(d)
	(d)(3)
	 	6.01(d)
	(e)
	 	5.14
	316(a)(1)(A)
	 	5.12
	316(a)(1)(B)
	 	5.13
	316(a)(2)
	 	Not Applicable
	316(b)
	 	5.08
	317(a)(1)
	 	5.04
	317(a)(2)
	 	5.04(d)
	317(b)
	 	5.04(a)
	318(a)
	 	12.07

 

			
	 	 	*This reconciliation and tie is not, for any purpose, to be deemed to be part of the within Indenture.

v

 

     INDENTURE, dated as of                     , 20___by and between Ford Credit Floorplan Master Owner
Trust ___, a Delaware statutory trust, as Issuer, and
[indenture
trustee], a [State, entity
type], as Indenture Trustee,

RECITALS

     A. The Issuer and the Indenture Trustee are executing and delivering this
Indenture to provide for the issuance from time to time by the Issuer of Notes in one or more
Series, the principal terms of which will be specified in one or more Indenture Supplements to this
Indenture.

     B. The obligations of the Issuer under all Notes issued under this Indenture
will be equally and ratably secured by, among other things, Receivables and, if applicable,
interests in Other Floorplan Assets from time to time transferred to the Issuer by the
Transferor[s] pursuant to the Transfer and Servicing Agreement[s], such Receivables and interests
in any Other Floorplan Assets having, in turn, been sold to the Transferor[s] by the Seller
pursuant to the Receivables Purchase Agreement[s] with the Transferor[s].

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

GRANTING CLAUSES

     The Issuer hereby Grants to the Indenture Trustee, for the benefit of the Noteholders and any
Series Enhancers, all of the Issuer’s right, title and interest (whether now owned or hereafter
acquired) in, to and under the following (collectively, the “Master Collateral”):

     (i) the Receivables transferred to the Issuer pursuant to the Transfer and Servicing
Agreement[s], including all Related Security with respect thereto and all monies,
instruments, investment property and other property distributed or distributable in respect
of such Receivables (together with all interest, proceeds, earnings, income, revenue,
dividends and other distributions thereof);

     (ii) if applicable, interests in Other Floorplan Assets transferred to the Issuer
pursuant to the Transfer and Servicing Agreement[s], including all monies, instruments,
investment property and other property distributed or distributable in respect of such
interests in Other Floorplan Assets (together with all interest, proceeds, earnings,
income, revenue, dividends and other distributions thereof);

     (iii) all Eligible Investments and all monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property from time to time on
deposit in or credited to the Collection Account, the Series Accounts and the Excess
Funding Account (including any subaccount thereof) and in all interest, proceeds, earnings,
income, revenue, dividends and other

 

 

distributions thereof (including any accrued discount realized on liquidation of any
investment purchased at a discount);

     (iv) all rights, remedies, powers, privileges and claims of the Issuer under or with
respect to the Transfer and Servicing Agreement[s] and the Receivables Purchase
Agreement[s] (whether arising pursuant to the terms of such agreements or otherwise
available to the Issuer at law or in equity), including the rights of the Issuer to enforce
the Transfer and Servicing Agreement[s] and the Receivables Purchase Agreement[s] and to
give or withhold any and all consents, requests, notices, directions, approvals, extensions
or waivers under or with respect to the Transfer and Servicing Agreement[s] and the
Receivables Purchase Agreement[s]; and

     (v) all present and future claims, demands, causes of action and choses in action
regarding any of the foregoing and all payments on any of the foregoing and all proceeds of
any nature whatsoever regarding any of the foregoing, including all proceeds of the
voluntary or involuntary conversion thereof into cash or other liquid property and all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any kind
and other forms of obligations and receivables, instruments and other property that at any
time constitute any part of or are included in the proceeds of any of the foregoing.

     The foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Notes
equally and ratably without prejudice, priority or distinction between any Note and any other
Notes, except to the extent expressly provided in the Notes, this Indenture or the related
Indenture Supplements, (b) the Issuer’s obligations under any Series Enhancement Agreements entered
into with any Series Enhancers, but only to the extent expressly provided in such Series
Enhancement Agreements, this Indenture or the related Indenture Supplements, (c) the payment of all
other sums payable under the Notes, this Indenture and the related Indenture Supplements and (d)
the compliance with the terms and conditions of the Notes, this Indenture, the related Indenture
Supplements and any Series Enhancement Agreements entered into with any Series Enhancers, all as
provided herein or therein.

     The Indenture Trustee, as indenture trustee on behalf of the Noteholders and any Series
Enhancers, hereby acknowledges the foregoing Grants, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture, and agrees to perform the duties herein required
to the end that the interests of the Noteholders and any Series Enhancers may be adequately
protected.

     As provided in any Indenture Supplement, the Issuer may Grant to the Indenture Trustee, for
the benefit of the Holders of the related Series, other collateral in addition to the Master
Collateral (such other collateral, the “Series Collateral” and, collectively with the Master
Collateral, the “Collateral”). Any Grants of Series Collateral pursuant to an Indenture Supplement,
unless otherwise provided in such Indenture Supplement, will be made for the exclusive benefit of
the Holders of the related Series

2

 

(and any other Persons specified therein) and will not secure in any manner the Issuer’s
obligations under any other Series of Notes.

ARTICLE I

Definitions

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

     “Accumulation Period” means, with respect to any Series, or any Class within a Series, a
period following the Revolving Period, during which Principal Collections and other amounts treated
as Principal Collections are accumulated in a Series Account for the benefit of the Noteholders of
such Series or Class and which will be the controlled accumulation period, the early accumulation
period or other accumulation period, in each case as defined with respect to such Series or Class
in the related Indenture Supplement.

     “Act” has the meaning specified in Section 12.03(a).

     “Adjusted Invested Amount” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Adjusted Pool Balance” means, as of any date of determination, the sum of (a) the Pool
Balance as of such date, plus (b) the amounts on deposit in the Excess Funding Account (excluding
amounts relating to investment earnings) on such date.

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

     “Administrator” means Ford Credit, or its permitted successors and assigns, or any successor
Administrator under the Administration Agreement.

     “Adverse Effect” means, with respect to any action, an action that (a) will result in the
occurrence of an Amortization Event or an Event of Default or (b) materially and adversely affects
the amount or timing of distributions to be made to the Noteholders of any Series or Class pursuant
to the Transfer and Servicing Agreement[s], the Indenture or the related Indenture Supplement.

     “Affiliate” means, with respect to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this
definition, “control” 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; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

3

 

     “Agreement” means this Indenture, as the same may be amended, supplemented or otherwise
modified from time to time, including, with respect to any Series or Class, the related Indenture
Supplement.

     “Amortization Event” means, with respect to any Series, a Trust Amortization Event or a Series
Amortization Event.

     “Amortization Period” means, with respect to any Series, or any Class within a Series, a
period following the Revolving Period or Accumulation Period, as applicable, during which Principal
Collections and other amounts treated as Principal Collections are distributed to the Noteholders
of such Series or Class and which will be the controlled amortization period, the early
amortization period, partial amortization period or other amortization period, in each case as
defined with respect to such Series or Class in the related Indenture Supplement.

     “Applicants” has the meaning specified in Section 2.09.

     “Authorized Officer” means:

     (a) with respect to the Issuer, any officer of the Owner Trustee who is authorized to
act for the Owner Trustee in matters relating to the Issuer and who is identified on the
list of Authorized Officers, containing the specimen signature of each such Person,
delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter) and, so long as the
Administration Agreement is in effect, any Vice President or more senior officer of the
Administrator who is authorized to act for the Administrator in matters relating to the
Issuer and to be acted upon by the Administrator pursuant to the Administration Agreement
and who is identified on the list of Authorized Officers (containing the specimen
signatures of such officers) delivered by the Administrator to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter);

     (b) with respect to [the]/[each] Transferor, any officer of [the]/[such] Transferor
who is authorized to act for [the]/[such] Transferor in matters relating to the Transferor
and who is identified on the list of Authorized Officers, containing the specimen signature
of each such Person, delivered by [the]/[such] Transferor to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter);
and

     (c) with respect to the Servicer, any officer of the Servicer who is authorized to act
for the Servicer in matters relating to the Servicer and who is identified on the list of
Authorized Officers, containing the specimen signature of each such Person, delivered by
the Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter).

4

 

     “Bank” means [Indenture Trustee], in its capacity as a bank (as defined in Section 9-102 of
the UCC) pursuant to Section 8.03(c), its successors in interest and any successor bank.

     “Bearer Notes” has the meaning specified in Section 2.01.

     “Beneficial Owner” means, with respect to a Book-Entry Note, the Person who is the owner of
such Book-Entry Note, as reflected on the books of the Clearing Agency or Foreign Clearing Agency,
or on the books of a Person maintaining an account with such Clearing Agency or Foreign Clearing
Agency (directly as a Clearing Agency Participant or as an Indirect Participant, in accordance with
the rules of such Clearing Agency or Foreign Clearing Agency).

     “Book-Entry Notes” means beneficial interests in the Notes, the ownership and transfers of
which will be made through book entries by a Clearing Agency or Foreign Clearing Agency as
described in Section 2.13.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions or trust companies in The City of New York or the State of Delaware are authorized or
obligated by law, executive order or governmental decree to be closed.

     “Cash Management Account” has the meaning specified in the Transfer and Servicing
Agreement[s].

     “Class” means, with respect to any Series, any one of the classes of Notes of such Series.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act and serving as clearing agency for a Series or Class of Book-Entry Notes.

     “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or
other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges
of securities deposited with the Clearing Agency.

     “Clearstream” means Clearstream Banking, société anonyme, a professional depository
incorporated under the laws of Luxembourg, and its successors.

     “Closing Date” has, with respect to any Series, the meaning specified in the related Indenture
Supplement.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Collateral” has the meaning specified in the Granting Clauses of this Indenture.

     “Collection Account” has the meaning specified in Section 8.03(a).

5

 

     “Collection Account Cash Deposit Subaccount” has the meaning specified in Section 8.03(a).

     “Collection Account Securities Subaccount” has the meaning specified in Section 8.03(a).

     “Collection Period” means, with respect to each Distribution Date, unless otherwise specified
in an Indenture Supplement, the period from and including the first day of the preceding calendar
month to and including the last day of such calendar month.

     “Collections” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Commission” means the Securities and Exchange Commission and its successors.

     “Corporate Trust Office” means the principal office of the Indenture Trustee at which at any
particular time its corporate trust business will be administered, which office as of the date of
the execution of this Indenture is located at [Address], Attention:                      (facsimile no. (___)
___-___) or at such other address as the Indenture Trustee may designate from time to time by
notice to the Noteholders and the Transferor[s], or the principal corporate trust office of any
successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the
Issuer, the Noteholders, the Servicer and the Transferor[s]); provided, however, that for the
purposes of Section 3.02, the address of any such office will be in the Borough of Manhattan of The
City of New York.

     “Coupon” has the meaning specified in Section 2.01.

     “Cut-off Date” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Date of Processing” means, with respect to any transaction, the date on which such
transaction is first recorded on the Servicer’s computer file of accounts (without regard to the
effective date of such recordation).

     “Default” means any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default.

     “Defeasance” has the meaning specified in Section 11.04(a).

     “Defeased Series” has the meaning specified in Section 11.04(a).

     “Definitive Notes” means Notes in definitive, fully registered form.

6

 

     “Delaware Trustee” means [Delaware Trustee], a Delaware [entity type], in its capacity as
Delaware trustee under the Trust Agreement, its successors in interest and any successor Delaware
trustee under the Trust Agreement.

     “Deliver,” “Delivered” or “Delivery” means, with respect to any Eligible Investment, when the
steps applicable to such item as specified below are completed (terms used in the following
provisions that are not otherwise defined are used as defined in Articles 8 and 9 of the UCC):

     (a) in the case of each certificated security (other than a clearing corporation
security (as defined below)) or instrument by: (1) the delivery of such certificated
security or instrument to the Securities Intermediary registered in the name of the
Securities Intermediary or its affiliated nominee or endorsed to the Securities
Intermediary in blank; (2) causing the Securities Intermediary to continuously indicate by
book-entry that such certificated security or instrument is credited to the applicable
Trust Account Securities Subaccount; and (3) the Securities Intermediary maintaining
continuous possession of such certificated security or instrument in the State of New York
or elsewhere as required by applicable law or regulation;

     (b) in the case of each uncertificated security (other than a clearing corporation
security (as defined below)), by causing: (1) such uncertificated security to be
continuously registered in the books of the issuer thereof to the Securities Intermediary;
and (2) the Securities Intermediary to continuously indicate by book-entry that such
uncertificated security is credited to the applicable Trust Account Securities Subaccount;

     (c) in the case of each security in the custody of or maintained on the books of a
clearing corporation (a “clearing corporation security”), by causing: (1) the relevant
clearing corporation to credit such clearing corporation security to the securities account
of the Securities Intermediary at such clearing corporation; and (2) the Securities
Intermediary to continuously indicate by book-entry that such clearing corporation security
is credited to the applicable Trust Account Securities Subaccount; and

     (d) in the case of each security issued or guaranteed by the United States of America
or agency or instrumentality thereof (other than a security issued by the Government
National Mortgage Association) representing a full faith and credit obligation of the
United States of America and that is maintained in book-entry records of the Federal
Reserve Bank of New York (“FRBNY”) (each such security, a “government security”), by
causing: (1) the creation of a security entitlement to such government security by the
credit of such government security to the securities account of the Securities Intermediary
at the FRBNY; and (2) the Securities Intermediary to continuously indicate by book-entry
that such government security is credited to the applicable Trust Account Securities
Subaccount.

7

 

     “Deposit Date” means each day on which the Servicer deposits Collections into the Collection
Account pursuant to Section 8.04.

     “Determination Date” means, with respect to any Distribution Date, the day that is two
Business Days before such Distribution Date.

     “Distribution Date” means, with respect to any Series, the date specified in the related
Indenture Supplement.

     “Dollars,” “$” or “U.S.$” means United States dollars.

     “DTC” means The Depository Trust Company and its successors.

     “Eligible Institution” means any depository institution (which may be the Owner Trustee or the
Indenture Trustee) organized under the laws of the United States or any one of the states thereof
or the District of Columbia (or any domestic branch of a foreign bank), which depository
institution at all times (a) is a member of the FDIC and (b) has (i) a long-term unsecured debt
rating acceptable to the Rating Agency or (ii) a certificate of deposit rating acceptable to the
Rating Agency. Notwithstanding the previous sentence any institution the appointment of which
satisfies the Rating Agency Condition will be considered an Eligible Institution. If so qualified,
the Servicer may be considered an Eligible Institution for the purposes of this definition.

     “Eligible Investments” means instruments, securities, securities entitlements or other
investment property with respect to any of the following:

     (a) direct obligations of, or obligations fully guaranteed as to timely payment by,
the United States of America;

     (b) demand deposits, time deposits or certificates of deposit (having original
maturities of no more than 365 days) of depository institutions or trust companies
incorporated under the laws of the United States of America or any state thereof or the
District of Columbia (or domestic branches of foreign banks) and subject to supervision and
examination by United States federal or state banking or depository institution
authorities; provided that at the time of the Issuer’s investment or contractual commitment
to invest therein, the short-term debt rating of such depository institution or trust
company is in the highest rating category of Standard & Poor’s, Fitch (if rated by Fitch)
and Moody’s;

     (c) commercial paper (having original or remaining maturities of no more than 30 days)
having, at the time of the Issuer’s investment or contractual commitment to invest therein,
a rating in the highest rating category of Standard & Poor’s, Fitch (if rated by Fitch) and
Moody’s;

     (d) demand deposits, time deposits and certificates of deposit which are fully insured
by the FDIC having, at the time of the Issuer’s investment therein, a rating in the highest
rating category of Standard & Poor’s, Fitch (if rated by Fitch) and Moody’s;

8

 

     (e) bankers’ acceptances (having original maturities of no more than 365 days) issued
by any depository institution or trust company referred to in clause (b) above;

     (f) money market funds having, at the time of the Issuer’s investment therein, a
rating in the highest rating category of Standard & Poor’s, Fitch (if rated by Fitch) and
Moody’s (including funds for which the Indenture Trustee or any of its Affiliates is
investment manager or advisor);

     (g) time deposits (having maturities not later than the succeeding Distribution Date),
other than as referred to in clause (d) above, with a Person the commercial paper of which
has a credit rating satisfactory to Standard & Poor’s, Fitch (if rated by Fitch) and
Moody’s; or

     (h) any other investment of a type or rating that satisfies the Rating Agency
Condition.

     “Euroclear Operator” means Euroclear Bank, S.A./N.V., as operator of the Euroclear System or
its successor as operator of such system or any system that is a successor to such system.

     “Event of Default” has the meaning specified in Section 5.02.

     “Excess Funding Account” has the meaning specified in Section 8.03(b).

     “Excess Funding Account Cash Deposit Subaccount” has the meaning specified in Section 8.03(b).

     “Excess Funding Account Securities Subaccount” has the meaning specified in Section 8.03(b).

     “Excess Funding Amount” means the amount on deposit in the Excess Funding Account.

     “Excess Interest Collections” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Excess Interest Sharing Group” means all Excess Interest Sharing Series that have the same
Excess Interest Sharing Group designation.

     “Excess Interest Sharing Series” means a Series that, pursuant to the related Indenture
Supplement, is entitled to receive certain excess Interest Collections from other Series in the
same Excess Interest Sharing Group, as more specifically set forth in such Indenture Supplement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

9

 

     “FCF Corp” means Ford Credit Floorplan Corporation, a Delaware corporation, and its
successors.

     “FCF LLC” means Ford Credit Floorplan LLC, a Delaware limited liability company, and its
successors.

     “FDIC” means the Federal Deposit Insurance Corporation and its successors.

     “Fitch” means Fitch, Inc. and its successors.

     “Fixed Investor Percentage” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Floating Investor Percentage” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Ford” means Ford Motor Company, a Delaware corporation, and its successors.

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

     “Foreclosure Remedy” has the meaning specified in Sections 5.05(a)(iii) and (iv).

     “Foreign Clearing Agency” means either Clearstream or the Euroclear Operator.

     “Global Note” has the meaning specified in Section 2.16.

     “Grant” means to mortgage, pledge, bargain, warrant, alienate, remise, release, convey,
assign, transfer, create, and grant a Lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral, or of
any other property, agreement or instrument, includes all rights, powers and options (but none of
the obligations) of the Granting party, including the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in respect of the Collateral
and such other property, agreement or instrument and all other monies payable thereunder, to give
and receive notices and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the Granting party or otherwise and
generally to do and receive anything that the Granting party is or may be entitled to do or receive
thereunder or with respect thereto.

     “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note
Register and, if applicable, the holder of any Bearer Note or Coupon, as the case may be, or such
other Person deemed to be a “Holder” or “Noteholder” in the related Indenture Supplement.

10

 

     “Increase Date” means, with respect to any Trust Liquidity Note Series, the date on which the
outstanding principal balance of such Series is increased in accordance with the Indenture
Supplement for such Series.

     “Indenture” means this Indenture, as the same may be amended, supplemented or otherwise
modified from time to time.

     “Indenture Supplement” means, with respect to any Series, a supplement to the Indenture,
executed and delivered in connection with the original issuance of the Notes of such Series
pursuant to Section 10.01, and an amendment to the Indenture executed pursuant to Sections 10.01 or
10.02, and, in either case, including all amendments thereof and supplements thereto.

     “Indenture Trustee” means [Indenture Trustee], a [State, entity type], in its capacity as
indenture trustee under this Indenture, its successors in interest and any successor indenture
trustee under this Indenture.

     “Independent” means, when used with respect to any specified Person, that the Person (a) is in
fact independent of the Issuer, any other obligor upon the Notes, the Transferor[s] and any
Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Transferor[s] or
any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Transferor or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the Indenture
Trustee under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 12.01, made by an Independent appraiser or other expert appointed by an
Issuer Order, and which states that the signer has read the definition of “Independent” in this
Indenture and that the signer is Independent within the meaning thereof.

     “Indirect Participant” means other Persons such as securities brokers and dealers, banks and
trust companies that clear or maintain a custodial relationship with a participant of DTC, either
directly or indirectly.

     “Initial Invested Amount” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Insolvency Event” means, with respect to a specified Person:

     (a) (i) the entry of a decree or order for relief by a court having jurisdiction in
the premises against such Person or any substantial part of its property in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, (ii) the appointment of a conservator, receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for all or any substantial
part of its property or (iii) the ordering of

11

 

the winding-up or liquidation of such Person’s business, if the decree or order
remains unstayed and in effect for a period of 60 consecutive days;

     (b) (i) the commencement by such Person of a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) the consent by
such Person to the entry of an order for relief in an involuntary case under any such law,
(iii) the consent by such Person to the appointment of or taking possession by a
conservator, receiver, liquidator, assignee for the benefit of creditors, custodian,
trustee, sequestrator or similar official for such Person or for all or any substantial
part of its property or (iv) the making by the Person of any general assignment for the
benefit of creditors; or

     (c) the failure by such Person generally to pay its debts as they become due or the
admission by it in writing of its inability to pay its debts generally as they become due.

     “Interest Collections” means (a) all Collections of Interest Receivables owned by the Issuer,
(b) if applicable, all Collections of the non-principal portion of the Issuer’s interests in Other
Floorplan Assets, (c) all interest and earnings on Eligible Investments credited to the Collection
Account and the Excess Funding Account (net of losses and investment expenses) and (d) all
Recoveries.

     “Interest Collections Shortfalls” has, with respect to any Series, the meaning specified in
the related Indenture Supplement.

     “Interest Reallocation Group” means a group of one or more Series as specified in the related
Indenture Supplement, if any, with respect to which reallocation of certain Interest Collections
and other similar amounts are to be made among such Series, where applicable, for certain specified
purposes as specified in this Indenture or any related Indenture Supplement, including, to the
extent so specified, pooling amounts available to all Series in the particular Interest
Reallocation Group prior to any application for individual Series requirements and sharing such
amounts among such Series on the basis of the relative requirements for each such Series.

     “Interest Reallocation Series” means a Series that, pursuant to the Indenture Supplement
therefor, is entitled to share Interest Collections allocable with a Series in the same Interest
Reallocation Group as more specifically set forth in such Indenture Supplement.

     “Invested Amount” has, with respect to any Series, the meaning specified in the related
Indenture Supplement.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Issuer” means Ford Credit Floorplan Master Owner Trust ___.

12

 

     “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.

     “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), preference, participation interest, priority
or other security agreement or preferential arrangement of any kind or nature whatsoever, including
any conditional sale or other title retention agreement and any financing lease having
substantially the same economic effect as any of the foregoing.

     “Master Collateral” has the meaning specified in the Granting Clauses of this Indenture.

     “Miscellaneous Payments” means, with respect to any Collection Period, the sum of the
Adjustment Payments and the Transferor Deposit Amounts to be deposited into the Excess Funding
Account on or before the related Distribution Date.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Net Adjusted Pool Balance” means, as of any date of determination, the Adjusted Pool Balance
as of such date, minus the Non-Conforming Receivable Amount as of such date.

     “New Issuance” has the meaning specified in Section 2.12.

     “Non-Conforming Receivable Amount” has the meaning specified in the Indenture Supplements.

     “Note Interest Rate” means, as of any date of determination and with respect to any Series or
Class, the interest rate as of such date specified therefor in the related Indenture Supplement.

     “Note Owner” means, with respect to a Book-Entry Note, the Person who is the owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency or of a Person maintaining an
account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in accordance with the rules of such Clearing Agency).

     “Note Register” has the meaning specified in Section 2.05.

     “Noteholder” or “Holder” means the Person in whose name a Note is registered on the Note
Register and, if applicable, the holder of any Bearer Note or Coupon, as the case may be, or such
other Person deemed to be a “Noteholder” or “Holder” in the related Indenture Supplement.

     “Noteholders’ Collateral” has the meaning specified in Section 8.02.

13

 

     “Notes” means the Asset Backed Notes issued by the Issuer pursuant to this Indenture and the
Indenture Supplements.

     “Officer’s Certificate” means, unless otherwise specified in this Indenture, a certificate
delivered to the Indenture Trustee signed by any Authorized Officer of the Issuer, the
Transferor[s] or the Servicer, as applicable, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 12.01.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an
employee of, the Person providing the opinion and who is reasonably acceptable to the Indenture
Trustee.

     “Other Floorplan Assets” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Outstanding” means, as of any date of determination, all Notes theretofore authenticated and
delivered under this Indenture, except:

     (a) Notes cancelled by the Transfer Agent and Registrar prior to such date or
delivered to the Transfer Agent and Registrar for cancellation;

     (b) Notes or portions thereof the payment for which money in the necessary amount has
been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the
Holders of such Notes; provided, however, that if such Notes are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision therefor,
satisfactory to the Indenture Trustee, has been made;

     (c) Notes deemed to be satisfied and discharged pursuant to Section 4.01 or 11.04
prior to such date; and

     (d) Notes in exchange for or in lieu of other Notes which have been authenticated and
delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a bona fide purchaser;

provided, however, that in determining whether the Holders of the requisite Outstanding Amount of
the Notes have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Notes owned as of such date by the Issuer, any other obligor upon the Notes, the
Transferor[s], the Servicer or any Affiliate of any of the foregoing Persons will be disregarded
and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee will be
protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Notes that a Trustee Officer of the Indenture Trustee actually knows to be so owned
will be so disregarded. Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s
right so to act with respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes, the Transferor[s], the Servicer or any Affiliate of any

14

 

of the foregoing Persons. In making any such determination, the Indenture Trustee may rely on the
representations of the pledgee and is not required to undertake any independent investigation.

     “Outstanding Amount” means, as of any date of determination, the aggregate principal amount of
all relevant Notes Outstanding as of such date.

     “Owner Trustee” means [Owner Trustee], a [State, entity type], in its capacity as owner
trustee under the Trust Agreement, its successors in interest and any successor owner trustee under
the Trust Agreement.

     “Paying Agent” means any paying agent appointed pursuant to Section 2.08 that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 and is initially the
Indenture Trustee; provided that if the Indenture Supplement for a Series so provides, a different
or additional Paying Agent may be appointed with respect to such Series.

     “Permitted Assignee” means any Person who, if it purchases Trust Assets (or interests therein)
in connection with a sale thereof pursuant to Section 5.05, will not cause the Issuer to be taxable
as a publicly traded partnership for United States federal income tax purposes.

     “Person” means any legal person, including any individual, corporation, partnership,
association, joint-stock company, limited liability company, trust, unincorporated organization,
governmental entity or other entity of similar nature.

     “Pool Balance” means, as of any date of determination, the aggregate amount of the Issuer’s
Principal Receivables on such date and, if applicable, the principal portion of the Issuer’s
interests in Other Floorplan Assets on such date.

     “Principal Collections” means (a) all Collections of Principal Receivables owned by the
Issuer, (b) if applicable, all Collections of the principal portion of the Issuer’s interests in
Other Floorplan Assets and (c) all amounts representing deposits by related Dealers into any Cash
Management Accounts (excluding, in all cases, Recoveries thereof). Any exchanges of Principal
Receivables as provided in Section 2.11 of the Transfer and Servicing Agreement[s] will not be
included as a part of Principal Collections.

     “Principal Funding Account” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Principal Sharing Group” means all Principal Sharing Series that have the same Principal
Sharing Group designation.

     “Principal Sharing Series” means a Series that, pursuant to the related Indenture Supplement
therefor, is entitled to receive Shared Principal Collections within a specified Principal Sharing
Group from other Series in the same Principal Sharing Group, as more specifically set forth in such
Indenture Supplement.

15

 

     “Principal Shortfalls” has, with respect to any Series, the meaning specified in the related
Indenture Supplement.

     “Principal Terms” means, with respect to any Series: (a) the name or designation; (b) the
initial principal amount (or method for calculating such amount) and the Invested Amount; (c) the
Note Interest Rate for each Class of Notes of such Series (or method for the determination
thereof); (d) the payment date or dates and the date or dates from which interest will accrue; (e)
the Distribution Date; (f) the method for allocating Collections to Noteholders; (g) the
designation of any Series Accounts and the terms governing the operation of any such Series
Accounts; (h) the Servicing Fee; (i) the issuer and terms of any form of Series Enhancements with
respect thereto; (j) the terms on which the Notes of such Series may be exchanged for Notes of
another Series, repurchased by the Transferor or remarketed to other investors; (k) the Series
Final Maturity Date (which in no event will be less than 397 days after the Expected Final Payment
Date for such Series); (l) the number of Classes of Notes of such Series and, if more than one
Class, the rights and priorities of each such Class; (m) the extent to which the Notes of such
Series will be issuable in temporary or permanent global form (and, in such case, the depository
for such global note or notes, the terms and conditions, if any, upon which such global note may be
exchanged, in whole or in part, for Definitive Notes, and the manner in which any interest payable
on a temporary or global note will be paid); (n) whether the Notes of such Series may be issued in
bearer form and any limitations imposed thereon; (o) the priority of such Series with respect to
any other Series; (p) whether such Series will be an Interest Reallocation Series and, if so, its
Interest Reallocation Group designation; (q) whether such Series will be a Principal Sharing Series
and, if so, its Principal Sharing Group designation; (r) whether such Series will be an Excess
Interest Sharing Series, and, if so, its Excess Interest Sharing Group designation; (s) whether
such Series or subseries within such Series will be part of a Shared Enhancement Series and, if so,
its Shared Enhancement Series designation; and (t) any other terms of such Series.

     “Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding.

     “Qualified Account” means either (a) a segregated trust account with an Eligible Institution
or (b) a segregated trust account with the corporate trust department of the Indenture Trustee.

     “Rating Agency” means, with respect to any outstanding Series or Class, each statistical
rating agency selected by the Transferor[s] to rate the Notes of such Series or Class, unless
otherwise specified in the related Indenture Supplement.

     “Rating Agency Condition” means, with respect to any action, that each Rating Agency has
notified the Transferor[s], the Servicer, the Issuer and the Indenture Trustee in writing that such
action will not result in a reduction or withdrawal of the then current rating of any outstanding
Series or Class rated by such Rating Agency or, with respect to any outstanding Series or Class not
rated by any Rating Agency, the written

16

 

consent of such Series or Class obtained in the manner specified in the related Indenture
Supplement.

     “Receivables” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Receivables Purchase Agreement[s]” means:

     [(a) with respect to FCF Corp as a Transferor, the Receivables Purchase Agreement,
dated as of ___, 20___, between FCF Corp, as buyer thereunder, and the Seller, as the
same may be amended, supplemented or otherwise modified from time to time;]

     [(a)/(b) with respect to FCF LLC as a Transferor, the Receivables Purchase Agreement,
dated as of ___, 20___, between FCF LLC, as buyer thereunder, and the Seller, as the same
may be amended, supplemented or otherwise modified from time to time;] and

     (b)/(c) with respect to any other Person that becomes a Subsequent Transferor, any
receivables purchase agreement between such Person, as buyer thereunder, and the Seller, as
the same may be amended, supplemented or otherwise modified from time to time.

     “Record Date” means, unless otherwise specified for a Series in the related Indenture
Supplement, (a) the Business Day immediately preceding each Distribution Date in the case of
Book-Entry Notes and (b) the last day of the calendar month preceding each Distribution Date in the
case of the Definitive Notes.

     “Recoveries” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Redemption Date” means, with respect to any Series, the date or dates specified in the
related Indenture Supplement.

     “Registered Notes” has the meaning specified in Section 2.01.

     “Related Security” has, with respect to any Series, the meaning specified in the related
Indenture Supplement.

     “Required Pool Balance” means, as of any date of determination, the sum of (a) the sum of the
respective products for each Series of the Required Pool Percentage for such Series, times the
Initial Invested Amount of such Series plus (b) the sum of the respective Required Subordinated
Amounts for each Series on the immediately preceding Determination Date (after giving effect to any
changes therein on the related Distribution Date) or, in the case of a Trust Liquidity Note Series,
on the later to occur of the immediately preceding Determination Date (after giving effect to any
changes therein on the related Distribution Date) or the immediately preceding Increase Date.

17

 

     “Required Subordinated Amount” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Required Transferor Amount” means, as of any date of determination, the sum of (a) the sum of
the respective products for each Series of (i) the excess of the Required Pool Percentage for such
Series over 100%, times (ii) the Initial Invested Amount of such Series plus (b) the sum of the
respective Required Subordinated Amounts for each Series on the immediately preceding Determination
Date (after giving effect to any changes therein on the related Distribution Date) or, in the case
of a Trust Liquidity Note Series, on the later to occur of the immediately preceding Determination
Date (after giving effect to any changes therein on the related Distribution Date) or the
immediately preceding Increase Date.

     “Revolving Period” has, with respect to each Series or any Class within such Series, the
meaning specified in the related Indenture Supplement.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Securities Intermediary” means [Indenture Trustee], in its capacity as “securities
intermediary” (as defined in the UCC) pursuant to Section 6.15, its successors in interest and any
successor securities intermediary.

     “Seller” means the Person or Persons identified as seller under the Receivables
Purchase Agreement[s].

     “Series” means any series or subseries of Notes issued pursuant to this Indenture and the
related Indenture Supplement.

     “Series Account” means any deposit, trust, securities escrow or similar account maintained for
the benefit of the Noteholders of any Series or Class, as specified in the related Indenture
Supplement.

     “Series Account Cash Deposit Subaccount” has, with respect to any Series, the meaning
specified in the related Indenture Supplement.

     “Series Account Securities Subaccount” has, with respect to any Series, the meaning specified
in the related Indenture Supplement.

     “Series Amortization Event” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Series Collateral” has, with respect to any Series, the meaning specified in the related
Indenture Supplement.

     “Series Enhancement” means the rights and benefits provided to the Issuer or the Noteholders
of any Series or Class pursuant to any subordination, collateral interest, insurance policy, cash
collateral account or guaranty, swap arrangement, interest rate cap agreement, letter of credit,
surety bond, reserve fund, spread account,

18

 

accumulation period reserve account, guaranteed rate agreement, tax protection agreement or
other similar arrangement. The subordination of any Series or Class to another Series or Class will
be deemed to be a Series Enhancement.

     “Series Enhancement Agreement” means any agreement, instrument or document governing the terms
of any Series Enhancement or pursuant to which any Series Enhancement is issued or outstanding.

     “Series Enhancer” means the Person or Persons providing any Series Enhancement, other than
(except to the extent otherwise provided with respect to any Series in the related Indenture
Supplement) the Noteholders of any Series or Class that is subordinated to another Series or Class.

     “Series Final Maturity Date” means, with respect to any Series, the Final Maturity Date for
such Series as specified in the related Indenture Supplement.

     “Series Issuance Date” means, with respect to any Series, the date on which the Notes of such
Series are to be originally issued in accordance with Section 2.12 and the related Indenture
Supplement.

     “Servicer” means, initially, Ford Credit, in its capacity as Servicer under each of the
Transfer and Servicing Agreement[s] and, after any Servicing Transfer, the Successor Servicer.

     “Servicing Transfer” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Shared Enhancement Series” means a group of one or more Classes or subclasses within a Series
as specified in the related Indenture Supplement, with respect to which credit enhancement,
including subordination of a particular Class, Classes, a subclass or subclasses of such Series,
and Collections are shared among such Classes or subclasses.

     “Shared Principal Collections” has, with respect to any Series, the meaning specified in the
related Indenture Supplement.

     “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors.

     “Subsequent Transferor” has the meaning specified in the Transfer and Servicing Agreement[s].

     “Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for
United States federal income tax purposes, (a) such action will not adversely affect the tax
characterization as debt of the Notes of any outstanding Series or Class that were characterized as
debt at the time of their issuance, (b) such action will not cause the Issuer to be treated as an
association (or publicly traded partnership) taxable as

19

 

a corporation and (c) such action will not cause or constitute an event in which gain or loss
would be recognized by any Noteholder.

     “Tranche” means, with respect to any Shared Enhancement Series, any one of the subclasses of
Notes of a Class within such Series.

     “Transaction Documents” means, with respect to any Series of Notes, the Certificate of Trust,
the Trust Agreement, the Transfer and Servicing Agreement[s], the Receivables Purchase
Agreement[s], this Indenture, the related Indenture Supplement, the Administration Agreement and
such other documents and certificates delivered in connection therewith.

     “Transfer Agent and Registrar” has the meaning specified in Section 2.05.

     “Transfer and Servicing Agreement[s]” means:

     [(a) with respect to FCF Corp as a Transferor, the Transfer and Servicing Agreement,
dated as of ___, 20___, among FCF Corp, as transferor thereunder, the Servicer and the
Issuer, as the same may be amended, supplemented or otherwise modified from time to time;]

     [(a)/(b) with respect to FCF LLC as a Transferor, the Transfer and Servicing
Agreement, dated as of ___, 20___, among FCF LLC, as transferor thereunder, the Servicer
and the Issuer, as the same may be amended, supplemented or otherwise modified from time to
time;] and

     (b)/(c) with respect to any other Person that becomes a Subsequent Transferor, any
transfer and servicing agreement among such Person, as transferor thereunder, the Servicer
and the Issuer, as the same may be amended, supplemented or otherwise modified from time to
time.

     “Transferor Amount” means, as of any date of determination, an amount equal to the excess of
the Adjusted Pool Balance on such date, over the aggregate Adjusted Invested Amounts for all
outstanding Series as of such date.

     “Transferor Deposit Amount” has the meaning specified in the Transfer and Servicing
Agreement[s].

     “Transferor Interest” has the meaning specified in Section 8.02.

     “Transferor Percentage” means, with respect to any Collection Period:

     (a) for allocating Interest Collections for such Collection Period, the percentage
(not less than 0%) equal to 100%, minus the sum of the Floating Investor Percentages with
respect to such Collection Period for all outstanding Series; and

20

 

     (a) for allocating Principal Collections for such Collection Period, the percentage
(not less than 0%) equal to 100%, minus the sum of (i) the Floating Investor Percentages
with respect to such Collection Period for all outstanding Series that are in their
Revolving Periods and (ii) the Fixed Investor Percentages with respect to such Collection
Period for all outstanding Series that are not in their Revolving Periods.

     “Transferor[s]” means [FCF Corp] [and] [FCF LLC] and, upon the addition of any Subsequent
Transferor, such Subsequent Transferor, and [its]/[their respective] successors and assigns
permitted under the applicable Transfer and Servicing Agreement.

     “Trust Account Cash Deposit Subaccount” means the Collection Account Cash Deposit Subaccount,
the Excess Funding Account Cash Deposit Subaccount or any Series Account Cash Deposit Subaccount.

     “Trust Account Securities Subaccount” means the Collection Account Securities Subaccount, the
Excess Funding Account Securities Subaccount or any Series Account Securities Subaccount.

     “Trust Agreement” means the Amended and Restated Trust Agreement relating to the Issuer, dated
as of                     , 20___, among the Transferor[s], the Owner Trustee and the Delaware Trustee, as the
same may be amended, supplemented or otherwise modified from time to time.

     “Trust Amortization Event” has, with respect to each Series, the meaning specified in Section
5.01.

     “Trust Assets” means all money, instruments, documents, securities, contract rights, general
intangibles and other property that are subject, or intended to be subject to, the Lien of this
Indenture for the benefit of the Noteholders and any Series Enhancers and includes, without
limitation, all property and interests Granted to the Indenture Trustee, including all proceeds
thereof.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended.

     “Trust Liquidity Note Series” means any Series of Notes issued pursuant to an Indenture
Supplement hereunder and consisting of trust liquidity notes or other extendible commercial paper
notes.

     “Trust Termination Date” has the meaning specified in the Trust Agreement.

     “Trustee Officer” means, with respect to the Indenture Trustee, any officer in the Corporate
Trust Office of the Indenture Trustee, including any vice president, assistant vice president,
assistant treasurer, assistant secretary, trust officer or any other officer of the Indenture
Trustee customarily performing functions similar to those

21

 

performed by any of the above designated officers or to whom any corporate trust matter is
referred at the Corporate Trust Office because of such officer’s knowledge of and familiarity with
the particular subject.

     “UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

     “United States Regulations” means 31 C.F.R. Part 357; 12 C.F.R. Part 615, Subpart O; 12 C.F.R.
Part 912; 12 C.F.R. Part 1511; 24 C.F.R. Part 81; 31 C.F.R. Part 354; and 18 C.F.R. Part 1314.

     “United States Securities Entitlement” means a “security entitlement” as defined in a United
States Regulations.

     Section 1.02. Other Definitional Provisions.

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

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

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

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

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

     (f) The words “hereof,” “herein” and “hereunder” and words of similar import when used in
this Indenture refer to this Indenture as a whole and not to any particular provision of this
Indenture. References to any subsection, Section, Schedule or Exhibit are references to
subsections, Sections, Schedules and Exhibits in or to this

22

 

Indenture, unless otherwise specified. The term “including” means “including without
limitation.”

     (g) 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; and

     “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 by the TIA, defined by TIA reference to
another statute or defined by Commission rule have the meaning assigned to them by such
definitions.

ARTICLE II

The Notes

     Section 2.01. Form Generally. Any Series or Class of Notes, together with the Indenture
Trustee’s certificate of authentication related thereto, may be issued in bearer form (the “Bearer
Notes”) with attached interest coupons and a special coupon (collectively, the “Coupons”) or in
fully registered form (the “Registered Notes”) and, in each case, will be in substantially the form
of an exhibit to the related Indenture Supplement, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or such Indenture
Supplement, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may, consistently herewith, be determined by the officers executing
such Notes, as evidenced by their execution of such Notes (and which will be reasonably acceptable
to the Indenture Trustee). Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note. The terms of any Note set
forth in an exhibit to the related Indenture Supplement are part of the terms of this Indenture, as
applicable. Each Note other than a Definitive Note will be dated the Closing Date, and each
Definitive Note will be dated as of the date of its authentication.

     Section 2.02. Denominations. Except as otherwise specified in the related Indenture
Supplement or the Notes, each Class of Notes of each Series will be issued in fully registered form
in minimum amounts of $1,000 and in integral multiples of $1,000 in excess thereof (except that one
Note of each Class may be issued in a

23

 

different amount so long as such amount exceeds the applicable minimum denomination for such
Class), and will be issued upon original issuance as one or more Notes in an aggregate original
principal amount equal to the applicable Invested Amount of such Class or Series on the date of
original issuance.

     Section 2.03. Execution, Authentication and Delivery.

     (a) Each Note will be executed by manual or facsimile signature on behalf of the Issuer by an
Authorized Officer. Notes bearing the manual or facsimile signature of an individual who was, at
the time when such signature was affixed, authorized to sign on behalf of the Issuer will not be
rendered invalid, notwithstanding the fact that such individual ceased to be so authorized before
the authentication and delivery of such Notes or does not hold such office at the date of issuance
of such Notes.

     (b) At any time and from time to time after the execution and delivery of this Indenture, the
Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication and
delivery, and the Indenture Trustee upon receipt of an appropriate Issuer Order will authenticate
and deliver such Notes as provided in this Indenture or the related Indenture Supplement and not
otherwise. No Note will be entitled to any benefit under this Indenture or the related Indenture
Supplement or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein or in the related
Indenture Supplement and executed by or on behalf of the Indenture Trustee by the manual signature
of a duly authorized signatory, and such certificate upon any Note will be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered hereunder.

     Section 2.04. Authenticating Agent.

     (a) The Indenture Trustee may appoint one or more authenticating agents with respect to the
Notes. Any authenticating agent will be authorized to act on behalf of the Indenture Trustee in
authenticating the Notes in connection with the issuance, delivery, registration of transfer,
exchange or repayment of the Notes. Whenever reference is made in this Indenture to the
authentication of Notes by the Indenture Trustee or the Indenture Trustee’s certificate of
authentication, such reference will be deemed to include authentication on behalf of the Indenture
Trustee by an authenticating agent and a certificate of authentication executed on behalf of the
Indenture Trustee by an authenticating agent. Each authenticating agent, including any successor
authenticating agent, must be acceptable to the Issuer and the Servicer.

     (b) Any institution succeeding to the corporate agency business of an authenticating agent
will continue to be an authenticating agent without the execution or filing of any power or any
further act on the part of the Indenture Trustee or such authenticating agent.

     (c) An authenticating agent may at any time resign by giving written notice of resignation to
the Indenture Trustee and to the Issuer and the Servicer. The

24

 

Indenture Trustee may at any time terminate the agency of an authenticating agent by giving
notice of termination to such authenticating agent and to the Issuer and the Servicer. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time an
authenticating agent ceases to be acceptable to the Indenture Trustee or to the Issuer and the
Servicer, the Indenture Trustee may promptly appoint a successor authenticating agent. Any
successor authenticating agent upon acceptance of its appointment hereunder will become vested with
all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an authenticating agent.

     (d)  The Issuer agrees to pay to each authenticating agent from time to time reasonable
compensation for its services under this Section.

     (e)  The provisions of Sections 6.01 and 6.04 are applicable to any authenticating agent.

     (f)  Pursuant to an appointment made under this Section, the Notes may have endorsed thereon,
in lieu of or in addition to the Indenture Trustee’s certificate of authentication, an alternative
certificate of authentication in substantially the following form:

     “This is one of the Notes described in the within-mentioned Indenture.

	 	 	 
	 
	 

	 	as Authenticating Agent
	 

	 	for the Indenture Trustee
	 
	 	 
	By:
	 	 
	 

	 	 
	 

	 	“Authorized Officer”

     Section 2.05.  Registration of and Limitations on Transfer and Exchange of Notes.

     (a)  The Issuer will cause a register (the “Note Register”) to be kept in which the Issuer
will provide for the registration of Notes and the registration of transfers and exchanges of
Notes. The Indenture Trustee initially is the transfer agent and registrar (in such capacity, the
“Transfer Agent and Registrar”) for the purpose of registering Notes and transfers of Notes as
herein provided. Upon any resignation of any Transfer Agent and Registrar, the Issuer will promptly
appoint a successor or, if it elects not to make such an appointment, assume the duties of Transfer
Agent and Registrar.

     (b)  If a Person other than the Indenture Trustee is appointed by the Issuer as Transfer Agent
and Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment
of such Transfer Agent and Registrar and of the location, and any change in the location, of the
Transfer Agent and Registrar and Note Register. The Indenture Trustee has the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee has
the right to rely upon, and will be fully protected in relying upon, a certificate executed on
behalf of

25

 

the Transfer Agent and Registrar by an officer thereof as to the names and addresses of the
Noteholders and the principal amounts and numbers of such Notes.

     (c)  Upon surrender for registration of transfer of any Note at the office or agency of the
Transfer Agent and Registrar to be maintained as provided in Section 3.02, if the requirements of
Section 8-401(a) of the UCC are met, the Issuer will execute, and upon receipt of such surrendered
Note the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the
designated transferee or transferees, one or more new Notes (of the same Series and Class) in any
authorized denominations of like aggregate principal amount. The Indenture Trustee may rely upon
the Issuer’s execution of a new Note as proof as to whether such section of the UCC has been met.

     (d)  At the option of a Noteholder, Notes may be exchanged for other Notes (of the same Series
and Class) in any authorized denominations and of like aggregate principal amount, upon surrender
of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. Whenever
any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are
met, the Issuer will execute, and upon receipt of such surrendered Note the Indenture Trustee will
authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is
entitled to receive. The Indenture Trustee may rely upon the Issuer’s execution of a new Note as
proof as to whether such section of the UCC has been met.

     (e)  All Notes issued upon any registration of transfer or exchange of Notes will evidence the
same obligations, evidence the same debt, and be entitled to the same rights and privileges under
this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

     (f)  Every Note presented or surrendered for registration of transfer or exchange will be duly
endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to the
Indenture Trustee duly executed by, the Noteholder thereof or his attorney-in-fact duly authorized
in writing, and by such other documents as the Indenture Trustee may reasonably require.

     (g)  The registration of transfer of any Note will be subject to the additional requirements,
if any, set forth in the related Indenture Supplement.

     (h)  No service charge will be made for any registration of transfer or exchange of Notes, but
the Issuer and Transfer Agent and Registrar may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of such Notes.

     (i)  All Notes surrendered for registration of transfer or exchange will be cancelled by the
Issuer and delivered to the Indenture Trustee for subsequent destruction without liability on the
part of either. The Indenture Trustee will destroy the Global Note upon its exchange in full for
Definitive Notes and will deliver a certificate of destruction to the Issuer. Such certificate will
also state that a certificate or certificates of

26

 

each Foreign Clearing Agency to the effect referred to in Section 2.16 was received with
respect to each portion of the Global Note exchanged for Definitive Notes.

     (j)  The preceding provisions of this Section notwithstanding, the Issuer is not required to
make, and the Transfer Agent and Registrar need not register, transfers or exchanges of any Note
for a period of 20 days preceding the due date for any payment with respect to such Note.

     (k)  If and so long as any Series of Notes are listed on a stock exchange and such exchange so
requires, the Indenture Trustee will appoint a co- transfer agent and co-registrar in accordance
with the rules of such exchange. Any reference in this Indenture to the Transfer Agent and
Registrar includes any co-transfer agent and co-registrar unless the context otherwise requires.
The Indenture Trustee will enter into any agency agreement as it deems reasonably appropriate with
any co-transfer agent and co-registrar not a party to this Indenture to implement the provisions of
this Indenture that relate to such agent.

     Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes.

     (a)  If:

          (i)  any mutilated Note is surrendered to the Indenture Trustee or the Indenture
Trustee receives evidence to its reasonable satisfaction of the destruction, loss or theft
of any Note and

          (ii)  there is delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer, the Noteholders and the Indenture Trustee harmless,

then, in the absence of notice to the Issuer, the Transfer Agent and Registrar or the Indenture
Trustee that such Note has been acquired by a bona fide purchaser, the Issuer will execute, and the
Indenture Trustee will authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of like tenor (including the same date of
issuance) and principal amount, bearing a number not contemporaneously outstanding; provided,
however, that if any such mutilated, destroyed, lost or stolen Note has become or within seven days
will be due and payable, or has been selected or called for redemption, instead of issuing a
replacement Note, the Issuer may pay such Note without surrender thereof, except that any mutilated
Note will be surrendered. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was issued 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 from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a bona fide purchaser, and will be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the

27

 

Indenture Trustee in connection therewith. The Indenture Trustee may rely upon, and will be fully
protected in relying upon, the Issuer’s execution of a new Note as proof of the Issuer’s failure to
receive any notice that such lost or stolen Note was acquired by a bona fide purchaser.

     (b)  Upon the issuance of any replacement Note under this Section, the Issuer may require the
payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee or the Transfer Agent and Registrar) connected
therewith.

     (c)  Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note will constitute complete and indefeasible evidence of an obligation
of the Issuer, as if originally issued, whether or not the mutilated, destroyed, lost or stolen
Note is found at any time, and will be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

     (d)  The provisions of this Section 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 2.07.  Persons Deemed Owners. Before due presentment for registration of transfer
of any Note, the Issuer, the Indenture Trustee and any agent of the Transferor, the Issuer or the
Indenture Trustee will treat the Person in whose name any Note is registered as the owner of such
Note for the purpose of receiving distributions pursuant to the terms of the related Indenture
Supplement and for all other purposes whatsoever, whether or not such Note is overdue, and none of
the Transferor[s], the Issuer, the Indenture Trustee or any agent of the Transferor[s], the Issuer
or the Indenture Trustee will be affected by any notice to the contrary.

     Section 2.08.  Appointment of Paying Agent.

     (a)  The Issuer reserves the right at any time to vary or terminate the appointment of a
Paying Agent for the Notes, and to appoint additional or other Paying Agents; provided that it will
at all times maintain the Indenture Trustee as a Paying Agent. If and so long as any Series of
Notes are listed on a stock exchange and such exchange so requires, the Indenture Trustee will
appoint a co-paying agent in accordance with the rules of such exchange. The Indenture Trustee will
enter into any agency agreement as it deems reasonably appropriate with any co-paying agent not a
party to this Indenture to implement the provisions of this Indenture that relate to such agent.
Notice of all changes in the identity or specified office of a Paying Agent will be delivered
promptly to the Noteholders by the Indenture Trustee.

     (b)  The Indenture Trustee will cause the Paying Agent (other than itself) to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent agrees with the Indenture
Trustee that such Paying Agent will hold all sums, if

28

 

any, held by it for payment to the Noteholders in trust for the benefit of the Noteholders
entitled thereto until such sums are paid to such Noteholders and further agrees, and if the
Indenture Trustee is the Paying Agent it hereby agrees, that it will comply with all requirements
of the Code regarding the withholding by the Indenture Trustee of payments in respect of United
States federal income taxes due from the Beneficial Owners.

     Section 2.09.  Access to List of Noteholders’ Names and Addresses.

     (a)  The Issuer will furnish or cause to be furnished to the Indenture Trustee, the Servicer
or the Paying Agent, within five Business Days after receipt by the Issuer of a written request
therefor from the Indenture Trustee, the Servicer or the Paying Agent, respectively, a list of the
names and addresses of the Noteholders. Unless otherwise provided in the related Indenture
Supplement, Holders of 10% of the Outstanding Amount of the Notes of any Series or three or more
Noteholders of any Series (the “Applicants”) may apply in writing to the Indenture Trustee, and if
such application states that the Applicants desire to communicate with other Noteholders of any
Series with respect to their rights under the Agreement or under the Notes and is accompanied by a
copy of the communication which such Applicants propose to transmit, then the Indenture Trustee,
after having been adequately indemnified by such Applicants for its costs and expenses, will afford
or cause the Transfer Agent and Registrar to afford such Applicants access during normal business
hours to the most recent list of Noteholders held by the Indenture Trustee and will give the
Servicer notice that such request has been made, within five Business Days after the receipt of
such application. Such list is to be as of a date no more than 45 days prior to the date of receipt
of such Applicants’ request.

     (b)  Every Noteholder, by receiving and holding a Note, agrees that none of the Issuer, the
Indenture Trustee, the Transfer Agent and Registrar and the Servicer or any of their respective
agents and employees may be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Noteholders hereunder, regardless of the sources from which such
information was derived.

     Section 2.10.  Cancellation. All Notes surrendered for payment, registration of transfer,
exchange or redemption will, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and will be promptly cancelled by it. The Issuer may at any time
deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered
hereunder which the Issuer may have acquired in any lawful manner whatsoever, and all Notes so
delivered will be promptly cancelled by the Indenture Trustee. No Notes may be authenticated in
lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Notes held by the Indenture Trustee must be destroyed
unless directed by an Issuer Order that they be returned to it.

     Section 2.11.  Release of Collateral. Subject to Section 12.01, 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, an Opinion of Counsel and

29

 

Independent Certificates in accordance with TIA §§314(c) and 314(d) or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.

     Section 2.12.  New Issuances.

     (a)  Pursuant to one or more Indenture Supplements, the Transferor[s] may from time to time
direct the Issuer to issue one or more new Series of Notes (each such issuance, a “New Issuance”).
The Notes of all outstanding Series will be equally and ratably entitled as provided herein to the
benefits of this Indenture without preference, priority or distinction, all in accordance with the
terms and provisions of this Indenture and the related Indenture Supplement except, with respect to
any Series or Class, as provided in the related Indenture Supplement. Interest on and principal of
the Notes of each outstanding Series will be paid as specified in or pursuant to the related
Indenture Supplement.

     (b)  On or before the Closing Date relating to any new Series of Notes, the parties hereto
will execute and deliver an Indenture Supplement which will specify the Principal Terms of such
Series. The terms of such Indenture Supplement may modify or amend the terms of this Indenture
solely as applied to such new Series. The obligation of the Indenture Trustee to authenticate and
deliver the Notes of any new Series (other than any Series issued pursuant to an Indenture
Supplement dated as of the date hereof) and to execute and deliver the related Indenture Supplement
will be subject to the satisfaction of the following conditions:

          (i)  on or before the second Business Day immediately preceding the Closing Date for
such Series, the Transferor[s] [has]/[have] given the Owner Trustee, the Indenture Trustee,
the Servicer and each Rating Agency notice (unless such notice requirement is otherwise
waived) of such issuance and such Closing Date;

          (ii)  [the]/[each] Transferor has delivered to the Indenture Trustee the related
Indenture Supplement, in form satisfactory to the Indenture Trustee, executed by each party
hereto (other than the Indenture Trustee);

          (iii)  [the]/[each] Transferor has delivered to the Indenture Trustee any related
Series Enhancement Agreement executed by each of the parties thereto (other than the
Indenture Trustee);

          (iv)  the Rating Agency Condition has been satisfied with respect to such issuance;

          (v)  [the]/[each] Transferor has delivered to the Indenture Trustee an Officer’s
Certificate, dated such Closing Date, to the effect that [the]/[such] Transferor reasonably
believes that such issuance will not, based on the facts known to such officer at the time
of such certification, have an Adverse Effect or cause an Amortization Event to occur with
respect to any outstanding Series;

30

 

          (vi)  [the]/[each] Transferor has delivered to the Indenture Trustee a Tax Opinion,
dated such Closing Date, with respect to such issuance; and

          (vii)  the Net Adjusted Pool Balance exceeds the Required Pool Balance after giving
effect to such issuance.

     Any Notes held by the Transferor[s] at any time after the date of its original issuance may be
transferred or exchanged only upon the delivery to the Indenture Trustee of a Tax Opinion dated as
of the date of such transfer or exchange, as the case may be, with respect to such transfer or
exchange.

     (c)  Any Indenture Supplement providing for the issuance of subclasses or Tranches of Notes
within the related Series may specify, in addition to the conditions hereunder applicable to each
such subclass or Tranche, other conditions for the issuance of such subclasses or Tranches, which
conditions will be consistent with the conditions for the issuance of the related Series.

     (d)  Upon satisfaction of the above conditions, pursuant to Section 2.03, the Owner Trustee,
on behalf of the Issuer, will execute and the Indenture Trustee upon receipt of an Issuer Order
will authenticate and deliver the Notes of such Series as provided in this Indenture and the
related Indenture Supplement. Notwithstanding the provisions of this Section, prior to the
execution of any Indenture Supplement, the Indenture Trustee will be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such Indenture Supplement is authorized or
permitted by this Indenture and any Indenture Supplement related to any outstanding Series and that
all conditions precedent under the Indenture to the execution and delivery of the Supplemental
Indenture have been complied with. The Indenture Trustee may, but is not obligated to, enter into
any such Indenture Supplement that adversely affects the Indenture Trustee’s own rights, duties or
immunities under this Indenture.

     Section 2.13.  Book-Entry Notes. Unless otherwise provided in any related Indenture
Supplement, the Notes, upon original issuance, will be issued in the form of typewritten Notes
representing the Book-Entry Notes, which will initially be registered in the Note Register in the
name of the nominee of the Clearing Agency or Foreign Clearing Agency for such Book-Entry Notes and
will be delivered to a custodian pursuant to such Clearing Agency’s or Foreign Clearing Agency’s
instructions. Unless and until Definitive Notes are issued under the limited circumstances
described in Section 2.15, no Beneficial Owner will be entitled to receive a Definitive Note
representing such Beneficial Owner’s interest in such Note and:

          (i)  the provisions of this Section will be in full force and effect with respect to
each such Series;

          (ii)  the Indenture Trustee will be entitled to deal with the Clearing Agency or
Foreign Clearing Agency and the Clearing Agency Participants for all purposes of this
Indenture (including the payment of principal

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of and interest on the Notes of each such Series) as the authorized representatives of
the Beneficial Owners;

          (iii)  to the extent that the provisions of this Section conflict with any other
provisions of this Indenture, the provisions of this Section will control with respect to
each such Series;

          (iv)  the rights of Beneficial Owners of each such Series may be exercised only
through the Clearing Agency or Foreign Clearing Agency and the applicable Clearing Agency
Participants and will be limited to those established by law and agreements between such
Beneficial Owners and the Clearing Agency or Foreign Clearing Agency and/or the Clearing
Agency Participants;

          (v)  the initial Clearing Agency will make book-entry transfers among the Clearing
Agency Participants and receive and transmit distributions of principal and interest on the
Notes to such Clearing Agency Participants; and

          (vi)  whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of the Holders of Notes evidencing a specified percentage of the
Outstanding Amount of the Notes, the Clearing Agency or Foreign Clearing Agency will be
deemed to represent such percentage only to the extent that it has received instructions to
such effect from the Beneficial Owners and/or Clearing Agency Participants owning or
representing, respectively, such required percentage of the beneficial interest in the
Notes and has delivered such instructions to the Indenture Trustee.

     Section 2.14.  Notices to Clearing Agency or Foreign Clearing Agency. Whenever a notice or
other communication to the Noteholders is required under this Indenture, unless and until
Definitive Notes have been issued to Beneficial Owners pursuant to Section 2.15, the Indenture
Trustee will give all such notices and communications specified herein to be given to Noteholders
to the Clearing Agency or Foreign Clearing Agency, as applicable, and will have no obligation to
the Beneficial Owners.

     Section 2.15.  Definitive Notes. If any of the following events occurs:

          (i)  (A) the Administrator advises the Indenture Trustee in writing that the Clearing
Agency or Foreign Clearing Agency is no longer willing or able to properly discharge its
responsibilities as Clearing Agency or Foreign Clearing Agency with respect to the
Book-Entry Notes of a given Class and (B) the Administrator is unable to locate and reach
an agreement on satisfactory terms with a qualified successor; or

          (ii)  the Administrator, at its option, advises the Indenture Trustee in writing that
it elects to terminate the book-entry system through the Clearing Agency or Foreign
Clearing Agency with respect to such Class; or

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          (iii)  after the occurrence of a Servicer Default or an Event of Default, Beneficial
Owners of at least a majority of the Outstanding Amount of the Notes of such Class advise
the Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through
the applicable Clearing Agency Participants in writing that the continuation of a
book-entry system is no longer in the best interests of the Beneficial Owners of such
Class;

then, the Indenture Trustee will notify all Beneficial Owners of such Class of the occurrence of
such event and of the availability of Definitive Notes to Beneficial Owners of such Class
requesting the same. Upon surrender to the Indenture Trustee of the Notes of such Class,
accompanied by registration instructions from the applicable Clearing Agency, the Issuer will
execute and the Indenture Trustee will authenticate Definitive Notes of such Class and will
recognize the registered holders of such Definitive Notes as Noteholders under this Indenture.
Neither the Issuer nor the Indenture Trustee will be liable for any delay in delivery of such
instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and will be
protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Series,
all references herein to obligations imposed upon or to be performed by the Indenture Trustee with
respect to the applicable Clearing Agency or Foreign Clearing Agency will be deemed to be imposed
upon and performed by the Indenture Trustee with respect to the holders of the Definitive Notes, to
the extent applicable with respect to such Definitive Notes, and the Indenture Trustee will
recognize the registered holders of the Definitive Notes of such Series as Noteholders of such
Series hereunder. Definitive Notes will be transferable and exchangeable at the offices of the
Transfer Agent and Registrar.

     Section 2.16.  Global Notes; Euro-Note Exchange Date. If specified in the related
Indenture Supplement for any Series, Notes may be initially issued in the form of a single
temporary Global Note (the “Global Note”) in bearer form, without interest coupons, in the
denomination of the Initial Invested Amount and substantially in the form attached to the related
Indenture Supplement. Unless otherwise specified in the related Indenture Supplement, the
provisions of this Section will apply to such Global Note. The Global Note will be authenticated by
the Indenture Trustee upon the same conditions, in substantially the same manner and with the same
effect as the Definitive Notes. The Global Note may be exchanged in the manner described in the
related Indenture Supplement for Registered Notes or Bearer Notes in definitive form. Except as
otherwise specifically provided in the Indenture Supplement, any Notes that are issued in bearer
form pursuant to this Indenture will be issued in accordance with the requirements of section
163(f)(2) of the Code.

     Section 2.17.  Meetings of Noteholders. To the extent provided by the Indenture Supplement
for any Series issued in whole or in part in Bearer Notes, the Servicer or the Indenture Trustee
may at any time call a meeting of the Noteholders of such Series, to be held at such time and at
such place as the Servicer or the Indenture Trustee, as the case may be, determines, for the
purpose of approving a modification of or amendment to, or obtaining a waiver of, any covenant or
condition set forth in this Indenture with respect to such Series or in the Notes of such Series,
subject to Article X.

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     Section 2.18.  Uncertificated Classes. Notwithstanding anything to the contrary contained
in this Article II or in Article XI, unless otherwise specified in any Indenture Supplement, any
provisions contained in this Article II and in Article XI relating to the registration, form,
execution, authentication, delivery, presentation, cancellation and surrender of Notes are not
applicable to any uncertificated Notes, provided, however, that, except as otherwise expressly
provided in the related Indenture Supplement, any such uncertificated Notes will be issued in
“registered form” within the meaning of section 163(f)(1) of the Code.

ARTICLE III

Representations and Covenants of Issuer

     Section 3.01.  Payment of Principal and Interest.

     (a)  The Issuer will duly and punctually pay principal and interest in accordance with the
terms of the Notes as specified in the related Indenture Supplement.

     (b)  The Noteholders of a Series as of the Record Date in respect of a Distribution Date will
be entitled to the interest accrued and payable and principal payable on such Distribution Date as
specified in the related Indenture Supplement. All payment obligations under a Note are discharged
to the extent such payments are made to the Noteholder of record.

     Section 3.02.  Maintenance of Office or Agency. The Issuer will maintain an office or
agency within the Borough of Manhattan, City of New York where Notes may be presented or
surrendered for payment, 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 hereby initially appoints [Indenture Trustee], currently located at [Address]
to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the
Indenture Trustee and the Noteholders of the location, and of any change in the location, of any
such office or agency. If at any time the Issuer fails to maintain any such office or agency or
fails to furnish the Indenture Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee at its Corporate Trust Office as its agent to receive all such
presentations, surrenders, notices and demands.

     Section 3.03.  Money for Note Payments to Be Held in Trust.

     (a)  As specified in Section 8.03 hereof and in the related Indenture Supplement, all payments
of amounts due and payable with respect to the Notes that are to be made from amounts withdrawn
from the Collection Account, the Excess Funding Account or any Series Account will be made on
behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn
from the Collection Account, the Excess Funding Account or any Series Account may be paid over to
or at

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the direction of the Issuer except as provided in this Section and in the related Indenture
Supplement.

     (b)  On or before each Distribution Date, the Issuer will deposit or cause to be deposited
into the Collection Account or such applicable Series Account of each outstanding Series an
aggregate sum sufficient to pay the amounts then becoming due under the Notes of such outstanding
Series, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless
the Paying Agent is the Indenture Trustee) will promptly notify the Indenture Trustee in writing of
its action or failure so to act.

     (c)  Whenever the Issuer has a Paying Agent in addition to the Indenture Trustee, the Issuer
will, on or before the Business Day next preceding each Distribution Date, direct in writing the
Indenture Trustee to deposit with such Paying Agent on or before such Distribution Date an
aggregate sum sufficient to pay the amounts then becoming due, such sum to be (i) held in trust for
the benefit of Persons entitled thereto and (ii) invested at the written direction of the Servicer,
by the Paying Agent in Eligible Investments in accordance with the terms of the related Indenture
Supplement and which are reasonably acceptable to the Paying Agent. For all investments made by a
Paying Agent under this Section, such Paying Agent will be entitled to all of the rights and
obligations of the Indenture Trustee under the related Indenture Supplement, such rights and
obligations being incorporated in this Section 3.03(c) by this reference.

     (d)  The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent agrees with the Indenture
Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section, that such Paying Agent, in acting as Paying Agent, is an express agent
of the Issuer and, further, that such Paying Agent will:

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

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

          (iii)  at any time during the continuance of any such default, upon the written
request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
in trust by such Paying Agent;

          (iv)  immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee
all sums held by it by in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent at the time of its appointment; and

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          (v)  comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and
with respect to any applicable reporting requirements in connection therewith.

     (e)  The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent will
be released from all further liability with respect to such money.

     Section 3.04.  Existence. The Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuer hereunder is or becomes, organized under the laws of any other state or of the
United States of America, 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 to do business in each jurisdiction in which such qualification is or will be
necessary to protect the validity and enforceability of this Indenture, the Indenture Supplements,
the Notes, the Collateral and each other related instrument or agreement.

     Section 3.05.  Protection of Trust. The Issuer will from time to time prepare, or cause to
be prepared, execute and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other instruments, and
will take such other action necessary or advisable to:

          (i)  grant more effectively all or any portion of the Trust Assets for the Notes;

          (ii)  maintain or preserve the Lien (and the priority thereof) of the Agreement or to
carry out more effectively the purposes hereof;

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

          (iv)  enforce any of the Collateral; or

          (v)  preserve and defend title to the Collateral securing the Notes and the rights
therein of the Indenture Trustee and the Noteholders secured thereby against the claims of
all Persons.

     If the Issuer fails to perform its duties as set forth in this Section, the Issuer hereby
designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement,
continuation statement or other instrument required pursuant to this Section.

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     The Issuer will pay or cause to be paid any taxes levied on all or any part of the Trust
Assets securing the Notes.

     Section 3.06.  Opinions as to Trust Assets. On the Closing Date relating to any new Series
of Notes, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either (i) stating
that, in the opinion of such counsel, such action has been taken to perfect the Lien of this
Indenture, including with respect to the execution and filing of any UCC financing statements and
continuation statements as are so necessary and reciting the details of such action or (ii) stating
that, in the opinion of such counsel, no such action is necessary to maintain the perfection of
such Lien.

     Section 3.07.  Performance of Obligations; Servicing of Receivables.

     (a)  The Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such Person’s material
covenants or obligations under any instrument or agreement included in the Trust Assets 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 expressly provided in
the Agreement, the Transfer and Servicing Agreement[s] or such other instrument or agreement.

     (b)  The Issuer may contract with other Persons to assist it in performing its duties under
the Agreement, 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.
Notwithstanding the foregoing, the Indenture Trustee acknowledges that initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in performing its duties
under the Agreement and no Officer’s Certificate regarding such contract is necessary.

     (c)  The Issuer will punctually perform and observe all of its obligations and agreements
contained in the Agreement, the other Transaction Documents and the instruments and agreements
relating to the Trust Assets, including filing or causing to be filed all UCC financing statements
and continuation statements required to be filed by the terms of this Indenture and the Transfer
and Servicing Agreement[s] in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer may not waive, amend, modify,
supplement or terminate the Transaction Documents or any provision thereof without the consent of
the Holders of a majority of the Outstanding Amount of the Notes of each adversely affected Series.

     (d)  If the Issuer has knowledge of the occurrence of a Servicer Default under the Transfer
and Servicing Agreement[s], the Issuer will cause the Indenture Trustee to promptly notify the
Rating Agencies thereof, and will cause the Indenture Trustee to specify in such notice the action,
if any, being taken with respect to such default (and will provide the Indenture Trustee with the
text to be used in such notice). If a Servicer Default arises from the failure of the Servicer to
perform any of its duties or obligations under the Transfer and Servicing Agreement[s] with respect
to the

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Receivables, the Issuer will take all reasonable steps available to it to remedy such failure.

     (e)  On and after the receipt by the Servicer of a Termination Notice pursuant to Section
6.01(a) of the Transfer and Servicing Agreement[s], the Servicer will continue to perform all
servicing functions under the Transfer and Servicing Agreement[s] until the date specified in the
Termination Notice or otherwise specified by the Indenture Trustee or until a date mutually agreed
upon by the Servicer and the Indenture Trustee. As promptly as possible after the giving of a
Termination Notice to the Servicer, the Indenture Trustee will appoint a Successor Servicer, and
such Successor Servicer will accept its appointment by a written assumption in a form acceptable to
the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted
its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee
without further action will automatically be appointed the Successor Servicer. The Indenture
Trustee may delegate any of its servicing obligations to an Affiliate or agent in accordance with
Section 3.01(a) of the Transfer and Servicing Agreement[s]. At any time following the appointment
of the Indenture Trustee as Successor Servicer, the Indenture Trustee may appoint an Eligible
Servicer to replace it as Successor Servicer (and not as its agent) and upon the appointment of,
and acceptance by, such Eligible Servicer, the Indenture Trustee will be relieved of all its duties
as Successor Servicer. Notwithstanding the foregoing, the Indenture Trustee will, if it is legally
unable so to act, petition at the expense of the Servicer a court of competent jurisdiction to
appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer
hereunder. The Indenture Trustee will give prompt notice to each Rating Agency and each Series
Enhancer upon the appointment of a Successor Servicer. Upon its appointment, the Successor Servicer
will be the successor in all respects to the Servicer with respect to servicing functions under the
Transfer and Servicing Agreement[s] and will be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions thereof, and all
references in this Indenture or any Indenture Supplement to the Servicer will be deemed to refer to
the Successor Servicer. In connection with any Termination Notice, the Indenture Trustee will
review any bids which it obtains from Eligible Servicers and will be permitted to appoint any
Eligible Servicer submitting such a bid as a Successor Servicer for servicing compensation, subject
to the limitations set forth in Section 6.02 of the Transfer and Servicing Agreement[s].
Notwithstanding anything herein to the contrary, in no event will the Indenture Trustee be liable
for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and
the amount necessary to induce any Person to act as Successor Servicer under the Transfer and
Servicing Agreement[s] and the transactions contemplated hereby. All costs and expenses (including
reasonable attorney’s fees) incurred in connection with transferring the servicing duties to a
Successor Servicer (including the transfer of any records and files) and, if necessary, amending
this Indenture or the Transfer and Servicing Agreement[s] to reflect the succession of the
Successor Servicer, will be paid by the predecessor Servicer.

     (f)  Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
(i) that it will not, without the prior written consent

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of the
Indenture Trustee and the Holders of at least 662⁄3% of the Outstanding Amount of the
Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except
to the extent otherwise provided in the Transfer and Servicing Agreement[s]) or the Transaction
Documents (except to the extent otherwise provided in the Transaction Documents), or waive timely
performance or observance by the Servicer or the Transferor[s] under the Transfer and Servicing
Agreement[s] and (ii) that any such amendment will not (A) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or (B) reduce the
aforesaid percentage of the Notes that is required to consent to any such amendment, without the
consent of the Holders of all the Outstanding Notes. If any such amendment, modification,
supplement or waiver is so consented to by the Indenture Trustee and such Noteholders, the Issuer
agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in
its own name and at its own expense, such agreements, instruments, consents and other documents as
the Indenture Trustee may deem necessary or appropriate in the circumstances. The Issuer agrees to
provide (or cause to be provided) to each Rating Agency prior written notice of any such amendment,
modification, supplement or waiver requiring the consent of the Noteholders.

     (g)  In the event that the Issuer holds any Interest in Other Floorplan Assets, the provisions
set forth in paragraphs (d), (e) and (f) of this Section 3.07 will apply with respect to the
servicer and the servicing agreement related to such Interest in Other Floorplan Assets, and the
Issuer and the Indenture Trustee will act in accordance with, and have the benefits of, the
provisions of paragraphs (d), (e) and (f) in connection with, without limitation, any servicer
default, servicer termination, duty to act as successor servicer, appointment of a successor
servicer or amendment, modification or waiver under such servicing agreement.

     Section 3.08.  Negative Covenants. So long as any Notes are Outstanding, the Issuer will
not:

          (i)  sell, transfer, exchange, pledge or otherwise dispose of any part of the Trust
Assets, except as expressly permitted by this Indenture or the other Transaction Documents;

          (ii)  claim any credit on, or make any deduction from, the principal and interest
payable in respect of the Notes (other than amounts properly withheld from such payments
under the Code or applicable state law) or assert any claim against any present or former
Noteholder by reason of the payment of any taxes levied or assessed upon any part of the
Trust Assets;

          (iii)  incur, assume or guarantee any direct or contingent indebtedness other than
incurred pursuant to and in compliance with the Transaction Documents;

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          (iv)  except as expressly permitted by this Indenture or the other Transaction
Documents, (A) 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, (B) permit any Lien (other than the Lien of this
Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Assets
or any part thereof or any interest therein or the proceeds thereof or (C) permit the Lien
of this Indenture not to constitute a valid first priority security interest (other than
with respect to a tax, mechanics or similar Lien) in the Trust Assets; or

          (v)  voluntarily dissolve or liquidate in whole or in part.

     Section 3.09.  Statements as to Compliance. The Issuer will deliver to the Indenture
Trustee, within 120 days after the end of each fiscal year of the Issuer (commencing within 120
days after the end of the fiscal year 20___), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that:

          (i)  a review of the activities and performance of the Issuer under this Indenture
during the 12-month period ending at the end of such fiscal year (or in the case of the
fiscal year ending December 31, 20___, the period from the first Closing Date to December
31, 20___) has been made under such Authorized Officer’s supervision; and

          (ii)  to the best of such Authorized Officer’s knowledge, based on such review, the
Issuer has complied with all conditions and covenants under this Indenture throughout such
year, or, if there has been a default in the compliance of any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status
thereof.

     Section 3.10.  Issuer May Consolidate, Etc., Only on Certain Terms.

     (a)  The Issuer may not consolidate or merge with or into any other Person or convey, transfer
or sell its properties and assets substantially as an entirety to any Person, unless:

          (i)  the Person (if other than the Issuer) formed by or surviving such consolidation
or merger or that acquires by conveyance, transfer or sale the properties and assets of the
Issuer substantially as an entirety is a Person (A) organized and existing under the laws
of the United States of America or any state thereof or the District of Columbia and (B)
expressly assumes, by a supplemental indenture hereto, executed and delivered to the
Indenture Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance of every covenant
of this Indenture on the part of the Issuer to be performed or observed;

          (ii)  immediately after giving effect to such transaction, no Event of Default or
Amortization Event has occurred and is continuing;

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          (iii)  the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and
an Opinion of Counsel each stating that (A) such consolidation, merger, conveyance,
transfer or sale and such supplemental indenture comply with this Section, (B) all
conditions precedent in this Indenture relating to such transaction have been complied with
(including any filing required by the Exchange Act) and (C) such supplemental indenture is
authorized or permitted by the Indenture and is duly authorized, executed and delivered and
is valid, binding and enforceable against such Person;

          (iv)  the Rating Agency Condition has been satisfied with respect to such transaction;

          (v)  the Issuer has received a Tax Opinion dated the date of such consolidation,
merger, conveyance, transfer or sale and has delivered copies thereof to the Indenture
Trustee; and

          (vi)  any action that is necessary to maintain the Lien of this Indenture has been
taken.

     (b)  The Issuer may not convey, transfer or sell any of its properties or assets, including
those included in the Trust Assets to any Person, unless:

          (i)  the Person that acquires by conveyance, transfer or sale the properties and
assets of the Issuer the conveyance or transfer of which is hereby restricted (A) is a
United States citizen or a Person organized and existing under the laws of the United
States of America or any state thereof or the District of Columbia, (B) expressly assumes,
by a supplemental indenture executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of
this Indenture on the part of the Issuer to be performed or observed, all as provided
herein, (C) expressly agrees by means of such supplemental indenture that all right, title
and interest so conveyed or transferred are subject and subordinate to the rights of
Holders of the Notes, (D) unless otherwise provided in such supplemental indenture,
expressly agrees to indemnify, defend and hold harmless the Issuer against and from any
loss, liability or expense arising under or related to this Indenture and the Notes and (E)
expressly agrees by means of such supplemental indenture that such Person (or if a group of
Persons, then one specified Person) will make all filings with the Commission (and any
other appropriate Person) required by the Exchange Act in connection with the Notes;

          (ii)  immediately after giving effect to such transaction, no Event of Default or
Amortization Event has occurred and is continuing;

          (iii)  the Rating Agency Condition has been satisfied with respect to such
transaction;

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          (iv)  the Issuer has received a Tax Opinion and has delivered copies thereof to the
Indenture Trustee;

          (v)  any action that is necessary to maintain the Lien of this Indenture has been
taken; and

          (vi)  the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and
an Opinion of Counsel each stating that such conveyance or transfer and such supplemental
indenture comply with this Section and that all conditions precedent in the Indenture
relating to such transaction and to the execution and delivery of such supplemental
indenture have been complied with (including any filing required by the Exchange Act) and
that such supplemental indenture is authorized or permitted by the Indenture.

     Section 3.11.  Successor Substituted. Upon any consolidation or merger, or any conveyance
or transfer of the properties and assets of the Issuer substantially as an entirety in accordance
with Section 3.10, the Person formed by or surviving such consolidation or merger (if other than
the Issuer) or the Person to which such conveyance or transfer is made 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 herein. In the event of any such
conveyance or transfer, the Person named as the Issuer in the first paragraph of this Indenture or
any successor that has theretofore become such in the manner prescribed in this Section will be
released from its obligations under this Indenture as issued immediately upon the effectiveness of
such conveyance or transfer; provided that the Issuer will not be released from any obligations or
liabilities to the Indenture Trustee, the Noteholders or any Series Enhancers arising prior to such
effectiveness.

     Section 3.12.  No Other Business. The Issuer may not engage in any business other than
financing, purchasing, owning and selling and managing the payment obligations in the manner
contemplated by this Indenture and the other Transaction Documents and all activities incidental
thereto.

     Section 3.13.  No Borrowing. The Issuer may not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except as expressly provided
for pursuant to the terms of the Transaction Documents and the Notes.

     Section 3.14.  Servicer’s Obligations. The Issuer will cause the Servicer to comply with
all of its obligations under the Transaction Documents.

     Section 3.15.  Guarantees, Loans, Advances and Other Liabilities. Except as contemplated
by this Indenture or the Transfer and Servicing Agreement[s], the Issuer may not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of
assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or

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dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any capital contribution
to, any other Person.

     Section 3.16.  Capital Expenditures. The Issuer may not make any expenditure (by long-term
or operating lease or otherwise) for capital assets (either realty or personalty).

     Section 3.17.  Removal of Administrator. So long as any Notes are outstanding, the Issuer
may not remove the Administrator without cause as provided in the Administration Agreement, unless
the Rating Agency Condition has been satisfied in connection with such removal.

     Section 3.18.  Restricted Payments. The Issuer may not, directly or indirectly, do any of
the following:

          (i)  pay any dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, 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;

          (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;

provided, however, that the Issuer may make, or cause to be made, (1) distributions as contemplated
by, and to the extent funds are available for such purpose under, the Agreement, the Transfer and
Servicing Agreement[s] or the Trust Agreement and (2) payments to the Indenture Trustee pursuant to
Section 6.07. The Issuer may not, directly or indirectly, make payments to or distributions from
the Collection Account except in accordance with the Transaction Documents.

     Section 3.19.  Notice of Events of Default. The Issuer will give the Indenture Trustee and
the Rating Agencies prompt written notice of each Event of Default hereunder and written notice of
each default on the part of the Servicer or a Transferor of its obligations under the Transfer and
Servicing Agreement[s] and each default on the part of a Seller of its obligations under the
Receivables Purchase Agreement[s], in each case immediately after the Issuer obtains knowledge
thereof.

     Section 3.20.  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 more effectively the purpose of this Indenture.

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     Section 3.21.  Additional Representations and Warranties of Issuer. The Issuer represents,
warrants and covenants that:

     (a)  Except as may be expressly permitted herein or in the other Transaction Documents, this
Indenture creates a valid and continuing security interest (as defined in the 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)  The Receivables constitute “tangible chattel paper,” “accounts,” “payment intangibles”
and/or “general intangibles” (within the meaning of the UCC). The Interests in Other Floorplan
Assets constitute “certificated securities,” “payment intangibles” and/or “general intangibles”
(within the meaning of the UCC)

     (c)  The Issuer has taken all necessary steps to perfect its security interest (if any)
against account debtors on the Receivables in any property securing the Receivables.

     (d)  The Issuer has caused or will cause, within ten days, the filing of all appropriate
financing statements with respect to the Collateral in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in such Collateral
granted to the Indenture Trustee hereunder.

     (e)  Other than the security interest granted to the Indenture Trustee pursuant to the
Agreement, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any 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 the
Collateral other than any financing statement relating to the security interest granted to the
Indenture Trustee hereunder or that has been terminated. The Issuer is not aware of any judgment or
tax lien filings against the Issuer.

     (f)  Ford or Ford Credit has in its possession all original copies of the sale or financing
agreements that evidence the Receivables and will hold all such agreements or related documents for
the benefit of the Indenture Trustee. Such agreements do not have any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture
Trustee. All financing statements filed or to be filed against the Issuer in favor of the Indenture
Trustee in connection herewith and describing the Collateral contain a statement to the following
effect: “A purchase of or security interest in any collateral described in this financing statement
will violate the rights of the Indenture Trustee.”

     (g)  The Issuer has good and marketable title to the Collateral free and clear of any Lien of
any Person (other than the Indenture Trustee pursuant to this Indenture and other than any interest
therein retained by the Transferor[s]).

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     (h)  The representations and warranties contained in this Section will survive the termination
of this Indenture and neither the Issuer or the Indenture Trustee may waive such representations
and warranties.

     (i)  The Issuer covenants and agrees to take such actions as are necessary to maintain the
first priority perfected security interest of the Indenture Trustee in the Collateral.

ARTICLE IV

Satisfaction and Discharge

     Section 4.01.  Satisfaction and Discharge of Indenture. This Indenture will cease to be of
further effect with respect to the Notes of any Series, except as to (a) rights of registration of
transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the
rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections
3.03, 3.05, 3.07, 3.08, 3.11 and 3.12, (e) the rights and immunities of the Indenture Trustee
hereunder, including the rights of the Indenture Trustee under Section 6.07, and the obligations of
the Indenture Trustee under Section 4.02 and (f) the rights of Noteholders as beneficiaries hereof
with respect to the property so deposited with the Indenture Trustee and payable to all or any of
them, and the Indenture Trustee, on demand of and at the expense of the Issuer, will execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to such Notes
when:

     (i)  either:

     (A)  all Notes of such Series theretofore authenticated and delivered (other
than (1) Notes which have been destroyed, lost or stolen and which have been
replaced, or paid as provided in Section 2.06 and (2) Notes for whose full payment
money has theretofore 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 3.03) have been delivered to the Indenture Trustee for
cancellation; or

     (B)  all Notes of such Series not theretofore delivered to the Indenture
Trustee for cancellation:

     (1) have become due and payable;

     (2) will become due and payable within one year at the Series Final
Maturity Date for such Class or Series of Notes; or

     (3) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the
expense, of the Issuer;

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and the Issuer, in the case of (1), (2) or (3) above, has irrevocably deposited or
caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which
will mature prior to the date such amounts are payable), in trust for such purpose,
in an amount sufficient to pay and discharge (without taking into account any
investment earnings thereon) the entire indebtedness on such Notes not theretofore
delivered to the Indenture Trustee for cancellation when due at the Series Final
Maturity Date for such Class or Series of Notes or the Redemption Date (if Notes
have been called for redemption pursuant to the related Indenture Supplement), as
the case may be;

          (ii)  the Issuer has paid or caused to be paid all other sums payable hereunder by the
Issuer; and

          (iii)  the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent
Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 12.01(a) and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been
complied with.

     Section 4.02.  Application of Trust Money. All monies deposited with the Indenture Trustee
pursuant to Section 4.01 will be held in trust and applied by it, in accordance with the provisions
of the Notes, this Indenture and the applicable Indenture Supplement, to make payments, either
directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders
and for the payment in respect of which such monies have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest; but such monies need not be
segregated from other funds except to the extent required herein or in the Transfer and Servicing
Agreement[s] or required by law.

ARTICLE V

Amortization Events, Defaults and Remedies

     Section 5.01.  Amortization Events. If any one of the following events (each, a “Trust
Amortization Event”) occurs:

          (i)  the failure by [the]/[either] Transferor to transfer to the Issuer Receivables
arising in connection with Additional Accounts or, if applicable, interests in Other
Floorplan Assets within ten Business Days after the date [the]/[such] Transferor is
required to do so pursuant to Section 2.06(a) of the related Transfer and Servicing
Agreement;

          (ii)  the occurrence of an Insolvency Event relating to [the]/[either] Transferor or,
unless the Rating Agency Condition is satisfied with

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respect to the removal of Ford Credit or Ford from this clause (ii), the occurrence of
an Insolvency Event relating to Ford Credit or Ford; or

          (iii)  the Issuer becomes subject to regulation as an “investment company” within the
meaning of the Investment Company Act;

then an Amortization Event with respect to all Series of Notes will be deemed to have occurred
without any notice or other action on the part of the Indenture Trustee or the Noteholders
immediately upon the occurrence of such event. Upon the occurrence of an Amortization Event, an
Early Amortization Period or, if so specified on the related Indenture Supplement, an Early
Accumulation Period will commence and payment on the Notes of each Series will be made in
accordance with the terms of the related Indenture Supplement.

     Section 5.02.  Events of Default. An “Event of Default,” wherever used herein, means any
one of the following events (whatever the reason for such Event of Default and whether it is
voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

          (i)  default in the payment of the principal of any Note, if and to the extent not
previously paid, when the same becomes due and payable on its Series Final Maturity Date;
or

          (ii)  default in the payment of any interest on any Note when the same becomes due and
payable, and such default continues for a period of 35 days; or

          (iii)  the occurrence of an Insolvency Event with respect to the Issuer; or

          (iv)  default in the observance or performance of any covenant or agreement of the
Issuer made in this Indenture (other than a covenant or agreement, a default in the
observance or performance of which is elsewhere in this Section specifically dealt with),
and such default continues or is not cured for a period of 60 days after there has been
given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the
Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount
of the Notes of any affected Series (or any affected Tranche in the case of a Shared
Enhancement Series), a written notice specifying such default and requiring it to be
remedied; or

          (v)  any other Events of Default described in the related Indenture Supplement.

     The Issuer will deliver to the Indenture Trustee, within five days after the occurrence
thereof, written notice in the form of an Officer’s Certificate of any event which with the giving
of notice and the lapse of time would become an Event of Default, its status and what action the
Issuer is taking or proposes to take with respect thereto.

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     Section 5.03.  Acceleration of Maturity; Rescission and Annulment.

     (a)  If an Event of Default described in clause (i), (ii) or (iv) of Section 5.02 occurs and
is continuing, then the Indenture Trustee, or the Holders of at least a majority of the Outstanding
Amount of the Notes of each affected Series (or each affected Tranche in the case of a Shared
Enhancement Series), may declare all the Notes of such Series (or Tranche) to be immediately due
and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if declared by
Noteholders). If an Event of Default described in clause (iii) of Section 5.02 occurs and is
continuing, then all of the Notes will be immediately due and payable, and the Indenture Trustee
will give a notice to such effect in writing to the Issuer. Upon any such declaration, the
Revolving Period (or, if applicable, any other period of principal payment or accumulation other
than an Early Amortization Period) with respect to such Series (or Tranche) will terminate, an
Early Amortization Period will commence and the unpaid principal amount of such Notes, together
with accrued and unpaid interest thereon through the date of acceleration, will become immediately
due and payable.

     (b)  At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter provided in this Article V, the Holders of at least a majority of the Outstanding
Amount of the Notes of such Series (or Tranche), by written notice to the Issuer and the Indenture
Trustee, may rescind and annul such declaration and its consequences with respect to such Series
(or Tranche). No such rescission will affect any subsequent default or impair any right consequent
thereto.

     Section 5.04.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

     (a)  The Issuer covenants that if (i) default is made in the payment of any interest on any
Note when the same becomes due and payable, and such default continues for a period of 35 days
following the date on which such interest became due and payable or (ii) default is made in the
payment of principal of any Note, if and to the extent not previously paid, when the same becomes
due and payable on its Series Final Maturity Date, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Holders of the Notes of the affected Series, the whole
amount then due and payable on such Notes for principal and interest, with interest upon the
overdue principal, and, to the extent payment at such rate of interest is legally enforceable,
interest upon overdue installments of interest, at the applicable Note Interest Rate borne by the
Notes of such Series, and in addition thereto will pay such further amount as is sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

     (b)  If the Issuer fails forthwith 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

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the Issuer or other obligor upon such Notes and collect in the manner provided by law out of
the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged
or decreed to be payable.

     (c)  If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.05, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders of the affected Series, by such appropriate Proceedings as the
Indenture Trustee may deem most effective to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of
any power granted herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

     (d)  If there are pending, relative to the Issuer or any other obligor upon the Notes of the
affected Series, or any Person having or claiming an ownership interest in the Trust Assets,
Proceedings under Title 11 of the United States Code or any other applicable United States federal
or state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator, custodian or similar official has been
appointed for or taken possession of the Issuer or its property or such other obligor or Person, or
in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon
the Notes of such Series, or to the creditors or property of the Issuer or such other obligor, the
Indenture Trustee, irrespective of whether the principal of any Notes is then due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee
has made any demand pursuant to the provisions of this Section, will be entitled and empowered, by
intervention in such Proceedings or otherwise:

          (i)  to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Notes of such Series and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the
Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee
and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel,
and for reimbursement of all expenses and liabilities incurred, and all advances made, by
the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders of such Series allowed in such Proceedings;

          (ii)  unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes of such Series in any election of a trustee, a standby trustee or Person
performing similar functions in any such Proceedings;

          (iii)  to collect and receive any monies or other property payable or deliverable on
any such claims and to distribute all amounts received with respect to the claims of the
Noteholders of such Series and of the Indenture Trustee on their behalf; and

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          (iv)  to 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 or the Holders of Notes
of such Series allowed in any judicial proceedings relative to the Issuer, its creditors
and its property;

and any trustee, receiver, liquidator, custodian, assignee, sequestrator or other similar official
in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the
Indenture Trustee, and, if the Indenture Trustee consents to the making of payments directly to
such Noteholders, to pay to the Indenture Trustee such amounts as are sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result
of negligence or bad faith.

     (e)  Nothing herein contained may be deemed to authorize the Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or
to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as set forth in Sections 5.05, 5.06 and 5.16 below and as aforesaid, to vote for
the election of a trustee in bankruptcy or similar Person.

     (f)  All rights of action and of asserting 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 thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings 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 payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, will be for the benefit of the Holders of the Notes of the affected Series as
provided herein.

     (g)  In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee is a party),
the Indenture Trustee will be deemed to represent all the Holders of the Notes of the affected
Series, and it will not be necessary to make any such Noteholder a party to any such Proceedings.

     Section 5.05.  Remedies; Priorities.

     (a)  If an Event of Default has occurred and is continuing, the Indenture Trustee may do one
or more of the following:

          (i)  institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes of the affected Series or under this
Indenture with respect thereto, whether by

50

 

declaration or otherwise, enforce any judgment obtained, and collect from the Issuer
and any other obligor upon such Notes monies adjudged due;

          (ii)  take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Holders of the Notes of the affected Series;

          (iii)  at its own election or at the direction of the Holders of at least a majority
of the Outstanding Amount of the Notes of any accelerated Series (or Tranche in the case of
a Shared Enhancement Series), institute foreclosure Proceedings from time to time with
respect to the portion of the Trust Assets which secures such Notes by causing the Issuer
to sell such Trust Assets (together with their related interest components) to a Permitted
Assignee in an amount equal to the Adjusted Invested Amount of the accelerated Series of
Notes in accordance with Section 5.16, but only if the Indenture Trustee determines that
the proceeds of such sale will be sufficient to pay principal of and interest on such Notes
in full; and

          (iv) 
at the direction of the Holders of at least 66 2/3% of the Outstanding Amount of
each Class of the Notes of any accelerated Series (or Tranche in the case of a Shared
Enhancement Series) or as otherwise required by the related Indenture Supplement, institute
foreclosure Proceedings from time to time with respect to the portion of the Trust Assets
(together with their related interest components) that secures the related Notes,
regardless of the sufficiency of the proceeds thereof, by causing the Issuer to sell such
Trust Assets (together with their related interest components) to a Permitted Assignee in
an amount equal to the Adjusted Invested Amount of the accelerated Series of Notes or such
other amount as is required by the related Indenture Supplement, in each case in accordance
with Section 5.16 (each of the actions described in this clause (iv) and clause (iii)
above, being a “Foreclosure Remedy”).

          (v)  with respect to any Interest in Other Floorplan Assets, at its own election or at
the direction of the Holders of at least a majority of the Outstanding Amount of the Notes
or any accelerated Series (or Tranche in the case of a Shared Enhancement Series), exercise
any right to terminate such Interest in Other Floorplan Assets and to take title to the
receivables and other assets underlying such Interest in Other Floorplan Assets.

     In determining such sufficiency or insufficiency with respect to clauses (iii) and (iv) above,
the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Assets for such purpose.

     (b)  Any money or property collected by the Indenture Trustee pursuant to this Article V
following the acceleration of the maturities of the Notes of the affected Series (or the affected
Tranche in the case of a Shared Enhancement Series)

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pursuant to Section 5.03 (so long as such declaration has not been rescinded or annulled) will
be treated as Collections and distributed, together with any amounts then held in the Collection
Account, Excess Funding Account or any Series Accounts for such Series (or Tranche) and any amounts
available under the Series Enhancement for such Series (or Tranche), as payments to the Holders of
the Notes of such Series (or Tranche) and the Series Enhancer for such Series (or Tranche) in
accordance with the terms of this Indenture, the related Indenture Supplement and the Series
Enhancement for such Series (or Tranche). Following the sale of the Collateral (or portion
thereof) for a Series (or a Tranche or a Note) and the application of the proceeds of such sale to
such Series (or Tranche or Note) and the application of the amounts then held in the Collection
Account, the Excess Funding Account and any Series Accounts for such Series (or Tranche or Note) as
are allocated to such Series (or Tranche or Note) and any amounts available under the Series
Enhancement for such Series (or Tranche or Note), such Series (or Tranche or Note) will no longer
be entitled to any allocation of Collections or other property constituting the Collateral under
this Indenture and the Notes of such Series (or Tranche or such Note) will no longer be
Outstanding.

     (c)  In its exercise of the Foreclosure Remedy pursuant to Section 5.05(a), the Indenture
Trustee will solicit bids from Permitted Assignees for the sale of Trust Assets (or interests
therein) in an amount equal to the Adjusted Invested Amount of the affected Series of Notes at the
time of sale or such other amount as is required by the related Indenture Supplement. Before
soliciting bids, the Indenture Trustee may request (at the sole cost and expense of the Permitted
Assignee) an Opinion of Counsel from each Permitted Assignee to the effect that its purchase of the
Trust Assets (or interests therein) will not cause the Issuer to be treated as an association (or a
publicly traded partnership) taxable as a corporation for United States federal income tax
purposes, and the Indenture Trustee will have no obligation to solicit bids from any Permitted
Assignee that has not furnished the requested opinion. The Transferor[s] or any of [its]/[their]
Affiliates who are Permitted Assignees will be entitled to participate in, and to receive from the
Indenture Trustee a copy of each other bid submitted in connection with, such bidding process;
provided that (i) at least one participant other than the Transferor[s] and any of [its]/[their]
Affiliates must submit a bona fide offer and (ii) the Transferor[s] and any of [its]/[their]
Affiliates are prohibited from bidding an amount which exceeds fair value of such Trust Assets.
Subject to Section 5.05(a)(iii) above, the Indenture Trustee must sell such Trust Assets (together
with their related interest components) to the bidder with the highest cash purchase offer. The
proceeds of any such sale must be applied in accordance with Section 5.05(b).

     Section 5.06.  Optional Preservation of Trust Assets. If the Notes of any Series (or any
Tranche in the case of a Shared Enhancement Series) have been declared to be due and payable under
Section 5.03 following an Event of Default and such declaration and its consequences have not been
rescinded and annulled, and the Indenture Trustee has not received direction from the Noteholders
pursuant to Section 5.12, the Indenture Trustee may, but need not, elect to maintain possession of
all or any portion of the Trust Assets. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the
Notes, and the Indenture Trustee will take such desire into account when determining whether or not

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to maintain possession of the Trust Assets. In determining whether to maintain possession of all or
any portion of the Trust Assets, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Assets for such purpose.

     Section 5.07.  Limitation on Suits. No Noteholder will have any right to institute any
proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:

          (i)  the Holders of at least 25% of the Outstanding Amount of the Notes of each
affected Series (or each affected Tranche in the case of a Shared Enhancement Series) have
made written request to the Indenture Trustee to institute such proceeding in its own name
as Indenture Trustee;

          (ii)  such Noteholder or Noteholders has or have previously given written notice to
the Indenture Trustee of a continuing Event of Default;

          (iii)  such Noteholder or Noteholders has or have offered to the Indenture Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;

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

          (v)  no direction inconsistent with such written request has been given to the
Indenture Trustee during such 60-day period by the Holders of at least a majority of the
Outstanding Amount of the Notes of such Series (or Tranche in the case of a Shared
Enhancement Series);

it being understood and intended that no one or more Noteholders of the affected Series (or the
affected Tranche in the case of a Shared Enhancement Series) has any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Noteholders of such Series (or Tranche in the case of a Shared Enhancement
Series) or to obtain or to seek to obtain priority or preference over any other Noteholders of such
Series (or Tranche in the case of a Shared Enhancement Series) or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all the
Noteholders of such Series (or Tranche in the case of a Shared Enhancement Series).

     If the Indenture Trustee receives conflicting or inconsistent requests and indemnity from two
or more groups of Noteholders of such affected Series (or Tranche in the case of a Shared
Enhancement Series), each holding less than a majority of the Outstanding Amount of such Notes, the
Indenture Trustee in its sole discretion may determine what action, if any, to take,
notwithstanding any other provisions of this Indenture.

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     Section 5.08.  Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provision in this Indenture, each Noteholder has the absolute and
unconditional right to receive payment of the principal of and interest in respect of such Note as
such principal and interest become due and payable and to institute suit for the enforcement of any
such payment, and such right may not be impaired without the consent of such Noteholder.

     Section 5.09.  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, or has been determined adversely to the
Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture
Trustee and the Noteholder will, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding
had been instituted.

     Section 5.10.  Rights and Remedies Cumulative. No right, remedy, power or privilege herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be
exclusive of any other right, remedy, power or privilege, and every right, remedy, power or
privilege is, to the extent permitted by law, cumulative and in addition to every other right,
remedy, power or privilege given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or exercise of any right or remedy will not preclude any other further
assertion or the exercise of any other appropriate right or remedy.

     Section 5.11.  Delay or Omission Not Waiver. No failure to exercise and no delay in
exercising, on the part of the Indenture Trustee or of any Noteholder or other Person, any right or
remedy occurring hereunder upon any Event of Default will impair any such right or remedy or
constitute a waiver thereof of any such Event of Default or an acquiescence therein. Every right
and remedy given 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 5.12.  Rights of Noteholders to Direct Indenture Trustee. Holders of at least a
majority of the Outstanding Amount of the Notes of any affected Series (or any affected Tranche in
the case of a Shared Enhancement Series) has 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 with respect to the
Notes; provided, however, that subject to Section 6.01:

          (i)  the Indenture Trustee has the right to decline any such direction if the
Indenture Trustee, after being advised by counsel, determines that the action so directed
is in conflict with any rule of law or with this Indenture, and

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          (ii)  the Indenture Trustee has the right to decline any such direction if the
Indenture Trustee determines in good faith, by a Trustee Officer of the Indenture Trustee,
that the proceedings so directed would be illegal or involve the Indenture Trustee in
personal liability or be unjustly prejudicial to the Noteholders not parties to such
direction.

     Section 5.13.  Waiver of Past Defaults. Prior to the declaration of the acceleration of
the maturity of the Notes of the affected Series (or the affected Tranche in the case of a Shared
Enhancement Series) as provided in Section 5.02, Holders of at least a majority of the Outstanding
Amount of such Notes may, on behalf of all such Noteholders waive in writing any past default with
respect to such Notes and its consequences, except a default:

          (i)  in the payment of the principal or interest in respect of any Note of such Series
(or Tranche in the case of a Shared Enhancement Series), or

          (ii)  in respect of a covenant or provision hereof that under Section 10.02 cannot be
modified or amended without the consent of the Noteholder of each Outstanding Note
affected.

     Upon any such written waiver, such default will cease to exist, and any Event of Default
arising therefrom will be deemed to have been cured, for every purpose of this Indenture; but no
such waiver will extend to any subsequent or other default or impair any right consequent thereon.
After a declaration of acceleration, only waivers pursuant to Section 5.03 are permitted.

     Section 5.14.  Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by its acceptance of a Note will be deemed to have agreed, that any 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, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section will not apply to any suit instituted by the Indenture Trustee, to any suit instituted
by any Noteholder, or group of Noteholders (in compliance with Section 5.08), holding in the
aggregate more than 10% of the Outstanding Amount of the Notes of the affected Series, or to any
suit instituted by any Noteholder for the enforcement of the payment of the principal or interest
in respect of any Note on or after the Distribution Date on which any of such amounts was due (or,
in the case of redemption, on or after the applicable Redemption Date).

     Section 5.15.  Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may adversely affect the covenants or the performance
of this Indenture; and the Issuer (to the

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extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any power herein
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 5.16.  Sale of Trust Assets.

     (a)  The method, manner, time, place and terms of any sale of Receivables (or interest
therein) or Interests in Other Floorplan Assets pursuant to Section 5.05(a) must be commercially
reasonable. The Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee hereby expressly waives its right to
any amount fixed by law as compensation for any sale.

     (b)  The Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of
the Issuer in connection with any sale of Receivables or Interests in Other Floorplan Assets
pursuant to Section 5.05(a)(iii) and (iv). No purchaser or transferee at any such sale is required
to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies.

     (c)  In its exercise of the foreclosure remedy pursuant to Section 5.05(a), the Indenture
Trustee will solicit bids from Permitted Assignees for the sale of Trust Assets (or interests
therein) in an amount equal to the Adjusted Invested Amount of the affected Series of Notes at the
time of sale. Before soliciting bids, the Indenture Trustee may request (at the sole cost and
expense of the Permitted Assignee) an Opinion of Counsel from each Permitted Assignee to the effect
that its purchase of the Trust Assets (or interests therein) will not cause the Issuer to be
treated as an association (or a publicly traded partnership) taxable as a corporation for United
States federal income tax purposes, and the Indenture Trustee will have no obligation to solicit
bids from any Permitted Assignee that has not furnished the requested opinion. The Transferor[s] or
any of [its]/[their] Affiliates who are Permitted Assignees will be entitled to participate in, and
to receive from the Indenture Trustee a copy of each other bid submitted in connection with, such
bidding process; provided that (i) at least one participant other than the Transferor[s] and any of
[its]/[their] Affiliates must submit a bona fide offer and (ii) the Transferor[s] and any of
[its]/[their] Affiliates are prohibited from bidding an amount which exceeds fair value of such
Trust Assets. Subject to Section 5.05(a)(iii) above, the Indenture Trustee must sell such Trust
Assets (together with their related interest components) to the bidder with the highest cash
purchase offer. The proceeds of any such sale must be applied in accordance with Section 5.05(b).

     Section 5.17.  Action on Notes. The Indenture Trustee’s right to seek and recover judgment
on the Notes or under this Indenture will not be affected by the seeking or obtaining of or
application for 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

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portion of the Trust Assets or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee must be applied as specified in the applicable Indenture
Supplement.

ARTICLE VI

The Indenture Trustee

     Section 6.01.  Duties of Indenture Trustee.

     (a)  If an Event of Default has occurred and is continuing and a Trustee Officer has actual
knowledge or written notice of such Event of Default, the Indenture Trustee will, prior to the
receipt of directions, if any, from the Holders of at least a majority of the Outstanding Amount of
the Notes or as otherwise provided herein in the case of certain directions, 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 exercise or 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 or negligence on its part, the Indenture Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture Trustee and
conforming to the requirements of this Indenture; provided, however, that the Indenture
Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Indenture Trustee which are
specifically required to be furnished pursuant to any provision of this Indenture or any
Indenture Supplement, will examine them to determine whether they substantially conform to
the requirements of this Indenture or any Indenture Supplement. The Indenture Trustee will
give prompt written notice to the Noteholders and each Rating Agency of any material lack
of conformity of any such instrument to the applicable requirements of this Indenture or
any Indenture Supplement discovered by the Indenture Trustee that would entitle the Holders
of a majority of the Outstanding Amount of the Notes to take any action pursuant to this
Indenture or any Indenture Supplement.

     (c)  In case an Amortization Event has occurred and is continuing and a Trustee Officer has
actual knowledge or written notice of such Amortization Event, the Indenture Trustee will, prior to
the receipt of directions, if any, from the Holders of at least a majority of the Outstanding
Amount of the Notes, exercise such rights and powers vested in it by this Indenture, and use the
same degree of care and skill in their exercise

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as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs.

     (d)  No provision of this Indenture is to be construed to relieve the Indenture Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

          (i)  this subsection is not to be construed to limit the effect of subsection (a) of
this Section;

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

          (iii)  the Indenture Trustee will not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with the Indenture and/or
the direction of the Holders of at least a majority of the Outstanding Amount of the Notes
of each outstanding Series relating to the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or for exercising any trust
or power conferred upon the Indenture Trustee, under this Indenture; and

          (iv)  the Indenture Trustee will not be liable for any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of the Servicer,
the Transferor[s] or the Issuer.

     (e)  No provision of this Indenture requires the Indenture Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers if it has reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     (f)  Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to subsections (a), (b), (c) and (d) of this Section.

     (g)  Except as expressly provided in this Indenture and the other Transaction Documents, the
Indenture Trustee has no power to vary the Trust Assets, including by (i) accepting any substitute
payment obligation for a Receivable transferred to the Issuer under the Transfer and Servicing
Agreement[s], (ii) adding any other investment, obligation or security to the Trust Assets or (iii)
withdrawing any Receivable from the Trust Assets.

     (h)  The Indenture Trustee has no responsibility or liability for investment losses on
Eligible Investments (including any losses relating to the early termination of any such
investments).

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     (i)  The Indenture Trustee will notify each Rating Agency of any change in any rating of the
Notes of any other Rating Agency of which the Indenture Trustee has actual knowledge.

     (j)  The Indenture Trustee will hold directly, or through a custodian, any “instruments”
within the meaning of any applicable enactment of the UCC.

     (k)  The Securities Intermediary and the Bank, each to the extent applicable, will be entitled
to the same rights, immunities and protections of this Article VI of the Indenture as the Indenture
Trustee is entitled, as if the Securities Intermediary or the Bank was specifically referenced
herein.

     Section 6.02.  Notice of Amortization Event, Events of Default or Servicer Default. Upon
the occurrence of any Amortization Event, Event of Default or Servicer Default of which a Trustee
Officer has actual knowledge or has received notice thereof, the Indenture Trustee will give notice
to all Noteholders, as their names and addresses appear on the Note Register and the Rating
Agencies, of such Amortization Event, Event of Default or Servicer Default known to the Indenture
Trustee within 30 days after it occurs or within ten Business Days after the Indenture Trustee
receives such notice or obtains actual notice, if later. For all purposes under this Indenture, the
Indenture Trustee will not be deemed to have notice or knowledge of any Event of Default,
Amortization Event or Servicer Default unless a Trustee Officer assigned to and working in the
Corporate Trust Office of the Indenture Trustee has actual knowledge thereof or has received
written notice thereof. For purposes of determining the Indenture Trustee’s responsibility and
liability hereunder, any reference to an Event of Default, Amortization Event or Servicer Default
is to be construed to refer only to such event of which the Indenture Trustee is deemed to have
notice as described in this Section.

     Section 6.03.  Rights of Indenture Trustee. Except as otherwise provided in Section 6.01:

     (a)  the Indenture Trustee may conclusively rely and will be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, note or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper party or parties;

     (b)  whenever in the administration of this Indenture the Indenture Trustee deems it desirable
that a matter be proved or established prior to taking, suffering or omitting to take any action
hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an Officer’s Certificate of the Issuer. The Issuer
will provide a copy of such Officer’s Certificate to the Noteholders at or prior to the time the
Indenture Trustee receives such Officer’s Certificate;

     (c)  as a condition to the taking, suffering or omitting to take any action by it hereunder,
the Indenture Trustee may consult with counsel and the advice of such

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counsel or any Opinion of Counsel will be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

     (d)  the Indenture Trustee is under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to honor the request or direction of any of the Noteholders
pursuant to this Indenture, unless such Noteholders have offered to the Indenture Trustee
reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;

     (e)  the Indenture Trustee is not required to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, note or other paper or document, but the Indenture Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Indenture Trustee determines to make such further inquiry or investigation, it
will be entitled to examine the books, records and premises of the Issuer and the Servicer,
personally or by agent or attorney;

     (f)  the Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents, attorneys, custodians or nominees and the
Indenture Trustee is not responsible for any (i) misconduct or negligence on the part of any agent,
attorney, custodians or nominees appointed with due care by it hereunder or (ii) the supervision of
such agents, attorneys, custodians or nominees after such appointment with due care;

     (g)  the Indenture Trustee will not be liable for any actions taken, suffered or omitted to be
taken by it in good faith and believed by it to be authorized or within the discretion or rights
conferred upon the Indenture Trustee by this Indenture; and

     (h)  if the Indenture Trustee is also acting as Paying Agent and Transfer Agent and Registrar,
the rights and protections afforded to the Indenture Trustee pursuant to this Article VI will also
be afforded to such Paying Agent and Transfer Agent and Registrar.

     Section 6.04.  Not Responsible for Recitals or Issuance of Notes. The recitals contained
herein and in the Notes, except the certificate of authentication of the Indenture Trustee, will be
deemed to be the statements of the Issuer, and the Indenture Trustee assumes no responsibility for
their correctness. The Indenture Trustee makes no representation as to the validity or sufficiency
of the Agreement, the Notes, or any related document. The Indenture Trustee is not accountable for
the use or application by the Issuer of the proceeds from the Notes.

     Section 6.05.  May Hold Notes. The Indenture Trustee, any Paying Agent, Transfer Agent and
Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal

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with the Issuer with the same rights it would have if it were not Indenture Trustee, Paying Agent,
Transfer Agent and Registrar or such other agent.

     Section 6.06.  Money Held in Trust. Money held by the Indenture Trustee in trust hereunder
need not be segregated from other funds held by the Indenture Trustee in trust hereunder except to
the extent required herein or required by law. The Indenture Trustee will have no liability for
interest on any money received by it hereunder except as otherwise agreed upon in writing by the
Indenture Trustee and the Issuer.

     Section 6.07.  Compensation, Reimbursement and Indemnification.

     (a)  The Issuer agrees:

          (i)  to pay or cause the Servicer to pay the Indenture Trustee reasonable compensation
for all services rendered by it under this Indenture and the Indenture Supplements, which
compensation will not be limited by any provision of law regarding the compensation of a
trustee of an express trust;

          (ii)  except as otherwise expressly provided in this Indenture, to reimburse or cause
the Servicer to reimburse the Indenture Trustee on its request for all reasonable expenses,
disbursements, and advances incurred or made by the Indenture Trustee pursuant to this
Indenture and the Indenture Supplements, including all costs and expenses incurred by the
Indenture Trustee exercising any remedies under this Indenture and the reasonable
compensation and the expenses and disbursements of its agents and counsel, except any
expense, disbursement, or advance to the extent attributable to its willful misconduct,
negligence or bad faith); and

          (iii)  to indemnify or cause the Servicer to indemnify the Indenture Trustee, its
officers, directors, employees, and agents against any loss, liability, expense, damage, or
injury suffered or sustained without willful misconduct, negligence or bad faith on its or
their part, arising in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself or them against any claim or liability
from the exercise or performance of any of its powers or duties under this Indenture except
with respect to expenses arising or resulting from taxes imposed on the Indenture Trustee
in connection with fees earned by it pursuant to this Indenture.

If, on any date when a fee is payable to the Indenture Trustee pursuant to this Indenture,
sufficient funds are not available for its payment, any portion of a fee not paid will be deferred
and payable, together with compensatory interest (at a rate not to exceed the federal funds rate),
on the next date on which a fee is payable and sufficient funds are available.

     (b)  The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section will
survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the
occurrence of an Event of Default specified in Section 5.02(iii)

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or (iv) with respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable United States
federal or state bankruptcy, insolvency or similar law.

     Section 6.08.  Replacement of Indenture Trustee. 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. The
Indenture Trustee may resign at any time by giving 30 days’ written notice to the Issuer. The
Holders of at least a majority of the Outstanding Amount of the Notes may remove the Indenture
Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The
Servicer must remove the Indenture Trustee if:

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

          (ii)  the Indenture Trustee is adjudged bankrupt or insolvent;

          (iii)  a receiver of the Indenture Trustee or of its property is appointed, or any
public officer takes charge of the Indenture Trustee or its property or its affairs for the
purpose of rehabilitation, conservation or liquidation; or

          (iv)  the Indenture Trustee otherwise becomes legally unable to act.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture
Trustee for any reason (the Indenture Trustee in such event being referred to herein as the
retiring Indenture Trustee), the Servicer must promptly appoint a successor Indenture Trustee and
will provide to the Rating Agencies prior written notice of such appointment.

     A successor Indenture Trustee will deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Issuer and to the Administrator. Thereupon the resignation or
removal of the retiring indenture Trustee will become effective, and the successor Indenture
Trustee will have all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee will notify the Noteholders in writing of its succession. The
retiring Indenture Trustee must promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders
of at least a majority of the Outstanding Amount of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

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     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s obligations under Section 6.07 will continue for the benefit of the retiring Indenture
Trustee.

     Section 6.09.  Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another Person, the resulting, surviving or transferee Person without
any further act will be the successor Indenture Trustee; provided that such Person is otherwise
qualified and eligible under Section 6.11. The Indenture Trustee must provide the Rating Agencies
prior written notice of any such transaction.

     If, at the time such successor or successors by merger, conversion, consolidation or transfer
to the Indenture Trustee succeeds to the trusts created by this Indenture, any of the Notes have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor Indenture Trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes have not been authenticated, any successor
to the Indenture Trustee may authenticate such Notes in the name of the successor to the Indenture
Trustee; and in all such cases such certificates will have the full force and effect as provided in
the Notes or in this Indenture with respect to certificates of authentication of the Indenture
Trustee.

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

     (a)  Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Assets may at the
time be located, the Indenture Trustee has the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, of all or any part of the Trust Assets, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Assets, or any part
hereof, and, subject to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder is 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 co-trustee or separate
trustee is required under Section 6.08.

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

          (i)  all rights, powers, duties and obligations conferred or imposed upon the
Indenture Trustee will be conferred or imposed upon and exercised or performed by the
Indenture Trustee and such separate trustee or co-

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

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

          (iii)  the Indenture Trustee may at any time 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 of the then separate trustees and co-trustees, as effectively as if given
to each of them. Every instrument appointing any separate trustee or co-trustee must refer to this
Indenture and the conditions of this Article VI. 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 therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument must be filed with the Indenture
Trustee.

     (d)  Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this 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. The Indenture Trustee must at all times
satisfy the requirements of TIA §310(a). The Indenture Trustee must have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of
condition and its long-term unsecured debt must be rated at least Baa3 by Moody’s and BBB- by
Standard & Poor’s. The Indenture Trustee must comply with TIA §310(b), including the provision
permitted by the second sentence of TIA §310(b)(9); provided, however, that any indenture or
indentures under which other securities of the Issuer are outstanding will be excluded from the
operation of TIA §310(b)(1) if the requirements for such exclusion set forth in TIA §310(b)(1) are
met.

     Section 6.12.  Preferential Collection of Claims Against. The Indenture Trustee must
comply with TIA §311(a), excluding any creditor relationship listed in

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TIA §311(b). An Indenture Trustee who has resigned or has been removed will be subject to TIA §311(a)
to the extent indicated.

     Section 6.13.  Tax Returns. If the Issuer is required to file tax returns, the Servicer
will prepare or cause to be prepared such tax returns and will provide such tax returns to the
Owner Trustee for signature at least five days before such tax returns are due to be filed. The
Servicer, in accordance with the terms of each Indenture Supplement, will also prepare or cause to
be prepared all tax information required by law to be distributed to Noteholders and will deliver
such information to the Owner Trustee at least five days prior to the date it is required by law to
be distributed to Noteholders. The Owner Trustee, upon request, will furnish the Servicer with all
such information known to the Owner Trustee as may be reasonably required in connection with the
preparation of all tax returns of the Issuer, and will, upon request, execute such returns. In no
event will the Owner Trustee be liable for any liabilities, costs or expenses of the Issuer or any
Noteholder arising under any tax law, including United States federal, state or local income or
excise taxes or any other tax imposed on or measured by income (or any interest or penalty with
respect thereto arising from a failure to comply therewith).

     Section 6.14.  Representations and Covenants of Indenture Trustee. The Indenture Trustee
represents, warrants and covenants that:

          (i)  the Indenture Trustee is a [entity type] duly organized and validly existing
under the laws of [State];

          (ii)  the Indenture Trustee has full power and authority to deliver and perform this
Indenture and has taken all necessary action to authorize the execution, delivery and
performance by it of this Indenture and other Transaction Documents to which it is a party;
and

          (iii)  each of this Indenture and the other Transaction Documents to which it is a
party has been duly executed and delivered by the Indenture Trustee and constitutes its
legal, valid and binding obligation in accordance with its terms.

     Section 6.15.  The Securities Intermediary; Certain Matters Relating to Trust Account
Securities Subaccounts.

     (a)  [Indenture Trustee], is appointed as the initial Securities Intermediary hereunder and
[Indenture Trustee], accepts such appointment.

     (b)  The Securities Intermediary, represents and warrants that it is as of the date hereof and
will be for so long as it is the Securities Intermediary hereunder a Person that (i) in the
ordinary course of its business maintains securities accounts for others and is acting in that
capacity hereunder, and (ii) maintains a Participant’s Securities Account (as defined in the United
States Regulations) with a Federal Reserve Bank.

     (c)  The Securities Intermediary agrees with the parties hereto that each Trust Account
Securities Subaccount will be an account to which financial assets may be

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credited. The Securities Intermediary will treat the Indenture Trustee as entitled to exercise
rights that comprise such financial assets, and as the sole Person entitled to exercise the
ordinary rights of an entitlement holder, in the fashion contemplated by the UCC. The Securities
Intermediary agrees that, with respect to each Trust Account Securities Subaccount, it will only
comply with entitlement orders of (i) the Indenture Trustee (without further consent of the Issuer
or any other Person) and (ii) so long as no Event of Default has occurred and is continuing, the
Servicer to the limited extent provided in Section 8.03, in the case of the Collection Account
Securities Subaccount and the Excess Funding Account Securities Subaccount, and in the related
Indenture Supplement, in the case of any Series Account Securities Subaccount. The Securities
Intermediary agrees that each item of property credited to a Trust Account Securities Subaccount
will be treated as a “financial asset” within the meaning of the UCC. The Securities Intermediary
acknowledges and agrees that as a result of Section 12.12, the “securities intermediary’s
jurisdiction” (as defined in the UCC) of Securities Intermediary, with respect to the Collateral,
is the State of New York. The Securities Intermediary agrees that it will not take any action
inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary
agrees that no item of property credited to a Trust Account Securities Subaccount will be subject
to any security interest, Lien or right of setoff in favor of the Securities Intermediary or anyone
claiming through the Securities Intermediary (other than the Indenture Trustee).

     (d)  It is the intent of the Indenture Trustee and the Issuer that each Trust Account
Securities Subaccount will be a securities account of the Indenture Trustee and not an account of
the Issuer. If despite such intent, any Trust Account Securities Subaccount is determined to be an
account of the Issuer, then the Securities Intermediary agrees to comply with entitlement orders
originated by the Indenture Trustee without further consent by the Issuer.

     (e)  Except for the claims and interest of the Indenture Trustee in any Trust Account
Securities Subaccount, as applicable, the Securities Intermediary does not know of any claim to, or
interest in, the Trust Account Securities Subaccounts, or in any financial asset credited thereto.
If any Person asserts any Lien (including any writ, garnishment, judgment, warrant of attachment,
execution or similar process) against a Trust Account Securities Subaccount, or in any financial
asset credited thereto, the Securities Intermediary will promptly notify the Indenture Trustee and
the Issuer.

     (f)  [Indenture Trustee] undertakes that for so long as it is the Securities Intermediary it
will treat the Indenture Trustee as entitled to exercise rights that comprise such financial
assets, and to exercise the ordinary rights of an entitlement holder, in the fashion contemplated
by the UCC. [Indenture Trustee] agrees with the parties hereto that for so long as it is the
Securities Intermediary hereunder each item of property credited to a Trust Account Securities
Subaccount will be treated as a “financial asset” within the meaning of the UCC. [Indenture
Trustee] acknowledges that as a result of Section 12.12, the “securities intermediary’s
jurisdiction” (as defined in the UCC) of [Indenture Trustee], with respect to the Collateral, is
the State of New York. [Indenture Trustee] covenants that, so long as it is the Securities
Intermediary, it will not take any action inconsistent with the provisions of this Indenture
applicable to it and no item of

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property credited to any Trust Account Securities Subaccount will be subject to any security
interest, Lien or right of setoff in favor of the Securities Intermediary or anyone claiming
through the Securities Intermediary (other than the Indenture Trustee).

ARTICLE VII

Noteholders’ List and Reports by Indenture Trustee and Issuer

     Section 7.01.  Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The
Issuer will furnish or cause to be furnished to the Indenture Trustee (i) upon each transfer of a
Note, a list, in such form as the Indenture Trustee may reasonably require, of the names, addresses
and taxpayer identification numbers of the Noteholders as they appear on the Note Register as of
such Record Date and (ii) at such other times, as the Indenture Trustee may request in writing,
within ten days after receipt by the Issuer of any such request, a list of similar form and content
as of a date not more than ten days before the time such list is furnished; provided, however, that
for so long as the Indenture Trustee is the Transfer Agent and Registrar, the Indenture Trustee
will furnish to the Issuer such list in the same manner prescribed in clause (ii) above.

     Section 7.02.  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 as provided in Section 7.01 and the names, addresses and taxpayer identification
numbers of the Noteholders received by the Indenture Trustee in its capacity as Transfer Agent and
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01
upon receipt of a new list so furnished.

     (b)  Noteholders may communicate, pursuant to either Section 2.09 of this Indenture or TIA
§312(b), with other Noteholders with respect to their rights under this Indenture or under the
Notes.

     (c)  The Issuer, the Indenture Trustee and the Transfer Agent and Registrar will have the
protection of TIA §312(c).

     Section 7.03.  Reports by Issuer.

     (a)  The Issuer must:

          (i)  file with the Indenture Trustee, within fifteen days after the Issuer is required
to file the same with the 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
Commission may from time to time by rules and regulations prescribe) that the Issuer may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

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          (ii)  file with the Indenture Trustee and the Commission in accordance with rules and
regulations prescribed from time to time by the 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 required from time to time by such rules and
regulations; and

          (iii)  supply to the Indenture Trustee (and the Indenture Trustee will transmit by
mail to all Noteholders described in TIA §313(c)) such summaries of any information,
documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii)
above as may be required by rules and regulations prescribed from time to time by the
Commission.

     (b)  Unless the Issuer otherwise determines, the fiscal year of the Issuer will end on
December 31 of each year.

     Section 7.04.  Reports by Indenture Trustee. If required by TIA §313(a), within 60 days
after each May 15 beginning with May 15, 20___, the Indenture Trustee will mail to each Noteholder
as required by TIA §313(c) a brief report dated as of such date that complies with TIA §313(a). The
Indenture Trustee also must comply with TIA §313(b). At the time the report is mailed to
Noteholders, the Indenture Trustee must file a copy with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer will notify the Indenture Trustee in writing if and
when the Notes are listed on any stock exchange.

     Section 7.05.  Notice by Publication. In addition to notices required to be given in any
other manner hereunder, all notices required to be given to the Noteholders will be effected by
publication at least once, if any Notes are listed on a stock exchange and the rules of such stock
exchange so require, in a publication meeting the requirements of such stock exchange.

ARTICLE VIII

Allocation and Application of Collections

     Section 8.01.  Collection of Money. Except as otherwise expressly provided herein and in
the related Indenture Supplement, the Indenture Trustee may demand payment or delivery of, and
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. The Indenture Trustee will hold all such money and property received by
it in trust for the Noteholders and apply it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any payment or
performance under the Transfer and Servicing Agreement[s] or any other Transaction Document, the
Indenture Trustee may, and upon the request of the Holders of at least a majority of the
Outstanding Amount of the Notes must, take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate proceedings. Any
such action will be without prejudice to any

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right to claim an Amortization Event or a Default or Event of Default under this Indenture and to
proceed thereafter as provided in Article V.

     Section 8.02.  Rights of Noteholders. The Notes represent obligations of the Issuer
secured by fractional undivided interests in the Trust Assets, which, with respect to each Series,
will consist of the right to receive, to the extent necessary to make the required payments with
respect to the Notes of such Series at the times and in the amounts specified in the related
Indenture Supplement, (i) the portion of Collections allocable to and pledged for the benefit of
the Noteholders of such Series pursuant to this Indenture and the related Indenture Supplement,
(ii) funds and other property credited to the Collection Account and the Excess Funding Account (or
any subaccounts thereof) allocable to and pledged for the benefit of the Noteholders of such Series
pursuant to this Indenture and such Indenture Supplement, (iii) funds and other property credited
to any related Series Account and (iv) funds available pursuant to any related Series Enhancement
(such security collectively, with respect to all Series, the “Noteholders’ Collateral”). Except as
specifically set forth in the related Indenture Supplement, the Notes of any Series or Class will
not be secured by any interest in any Series Account or Series Enhancement pledged for the benefit
of the Noteholders of any other Series or Class. The “Transferor Interest” represents the ownership
interest in the Trust Assets not allocated pursuant to this Indenture or any Indenture Supplement
to the Noteholders’ Collateral, including the right to receive Collections of the Receivables and
interests in any Other Floorplan Assets at the times and in the amounts specified in this Indenture
or in any Indenture Supplement to be paid to the Transferor[s] on behalf of all holders of the
Transferor Interest; provided, however, that the Transferor Interest will represent any interest in
the Collection Account, the Excess Funding Account, any Series Account or any Series Enhancement,
subject to the Lien of, and only as expressly provided in, this Indenture or any Indenture
Supplement.

     Section 8.03.  Establishment of Collection Account and Excess Funding Account; Certain Matters
Relating to Trust Account Cash Deposit Subaccounts.

     (a)  Collection Account. The Indenture Trustee, for the benefit of the Noteholders
and any Series Enhancers, will establish and maintain with the Indenture Trustee or its nominee in
the name of the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including any
subaccounts thereof) bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Noteholders and any Series Enhancers (the
“Collection Account”). The Collection Account will consist of two segregated subaccounts: (i) the
“Collection Account Securities Subaccount” to which financial assets (other than cash and money)
credited to the Collection Account will be credited and (ii) the “Collection Account Cash Deposit
Subaccount” to which cash and money deposited in the Collection Account will be credited. The
Indenture Trustee will possess all right, title and interest in all Eligible Investments and all
monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit
and other property from time to time on deposit in or credited to the Collection Account and in all
interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including
any accrued discount realized on liquidation of any investment purchased at a discount) for the
benefit of the

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Noteholders and any Series Enhancers. Except as expressly provided in this Indenture and the
Transfer and Servicing Agreement[s], the Servicer agrees that it has no right of setoff or banker’s
lien against, and no right to otherwise deduct from, any funds and other property held in the
Collection Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder
or any Series Enhancer. If, at any time, (x) the Collection Account ceases to be a Qualified
Account or (y) the Indenture Trustee no longer maintains the Collection Account, then within ten
Business Days (or such longer period as to which each Rating Agency may consent), the Indenture
Trustee (or the Servicer on its behalf) will establish a new Collection Account meeting the
conditions specified above, transfer any monies, instruments, securities, security entitlements,
documents, certificates of deposit and other property to such new Collection Account and from the
date such new Collection Account is established, it will be the “Collection Account.” Any Eligible
Institution at which the successor Collection Account is established will deliver a written
acceptance of its appointment and will agree to be bound by the provisions in this Indenture
relating to the Securities Intermediary and the Bank as they relate to the Collection Account.
Pursuant to the authority granted to the Servicer in Section 3.01(a) of the Transfer and Servicing
Agreement[s], the Servicer has the power, revocable by the Indenture Trustee, to make withdrawals
and payments from the Collection Account and to instruct the Indenture Trustee to make withdrawals
and payments from the Collection Account for the purposes of carrying out the Servicer’s or the
Indenture Trustee’s duties under the Transfer and Servicing Agreement[s] and hereunder, as
applicable.

     Funds on deposit in the Collection Account (other than amounts deposited pursuant to Section
2.03(c) or 6.01 of the Transfer and Servicing Agreement[s] or Section 11.02 hereof) will, at the
written direction of the Servicer, be invested by the Indenture Trustee or its nominee (including
the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible
Investments will be held by the Indenture Trustee or its nominee for the benefit of the Noteholders
and any Series Enhancers. The Indenture Trustee will cause each Eligible Investment to be delivered
to it or its nominee (including a securities intermediary) and will be credited to the Collection
Account Securities Subaccount. Investments of funds representing Collections collected during any
Collection Period will be invested in Eligible Investments that will mature so that such funds will
be available no later than the close of business on the Business Day next preceding the
Distribution Date occurring in the following Collection Period. On each Distribution Date, all
interest and other investment earnings (net of losses and investment expenses) on funds on deposit
in the Collection Account will be treated as Interest Collections with respect to the last day of
the related Collection Period except as otherwise specified in the related Indenture Supplement.
The Indenture Trustee will bear no responsibility or liability for any losses resulting from
investment or reinvestment of any funds in accordance with this Section 8.03(a) nor for the
selection of Eligible Investments in accordance with the provisions of this Indenture, any
Indenture Supplement or the Transfer and Servicing Agreement[s].

     (b)  Excess Funding Account. The Indenture Trustee, for the benefit of the
Noteholders and any Series Enhancers, will establish and maintain with the Indenture Trustee or its
nominee in the name of the Indenture Trustee, on behalf of the Issuer, a

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Qualified Account (including any subaccounts thereof) bearing a designation clearly indicating
that the funds and other property credited thereto are held for the benefit of the Noteholders and
any Series Enhancers (the “Excess Funding Account”). The Excess Funding Account will consist of two
segregated subaccounts: (i) the “Excess Funding Account Securities Subaccount” to which financial
assets (other than cash and money) credited to the Excess Funding Account will be credited and (ii)
the “Excess Funding Account Cash Deposit Subaccount” to which cash and money deposited in the
Excess Funding Account will be credited. The Indenture Trustee will possess all right, title and
interest in all Eligible Investments and all monies, instruments, securities, securities
entitlement, documents, certificates of deposit and other property from time to time on deposit in
or credited to the Excess Funding Account and in all interest, proceeds, earnings, income and
revenue, dividends and other distributions thereof (including any accrued discount realized on
liquidation of any investment purchased at a discount) for the benefit of the Noteholders and any
Series Enhancers. Except as expressly provided in this Indenture and the Transfer and Servicing
Agreement[s], the Servicer agrees that it has no right of setoff or banker’s lien against, and no
right to otherwise deduct from, any funds and other property held in the Excess Funding Account for
any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancer.
If, at any time, (x) the Excess Funding Account ceases to be a Qualified Account or (y) the
Indenture Trustee no longer maintains the Excess Funding Account, then within ten Business Days (or
such longer period as to which each Rating Agency may consent), the Indenture Trustee (or the
Servicer on its behalf) will establish a new Excess Funding Account meeting the conditions
specified above, transfer any monies, instruments, securities, securities entitlements, documents,
certificates of deposit and other property to such new Excess Funding Account and from the date
such new Excess Funding Account is established, it will be the “Excess Funding Account.” Any
Eligible Institution at which the successor Excess Funding Account is established will deliver a
written acceptance of its appointment and will agree to be bound by the provisions in this
Indenture relating to the Securities Intermediary and the Bank as they relate to the Excess Funding
Account. Upon deposit of funds into the Excess Funding Account, the Servicer will provide written
notice of the allocation of any funds deposited to the Excess Funding Account.

     Funds on deposit in the Excess Funding Account will, at the written direction of the Servicer,
be invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in
Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the
Indenture Trustee or its nominee for the benefit of the Noteholders and any Series Enhancers. The
Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee
(including a securities intermediary) and will be credited to the Excess Funding Account Securities
Subaccount. Funds on deposit in the Excess Funding Account on any Distribution Date will be
invested in Eligible Investments that will mature so that such funds will be available no later
than the close of business on the Business Day next preceding the following Distribution Date;
provided, however, that, if there is any Trust Liquidity Note Series outstanding, such funds must
be available no later than the close of business on the Business Day next preceding the following
Expected Final Payment Date (as defined in the Indenture Supplement for such Trust Liquidity Note
Series). On each Distribution Date, all interest and other investment earnings (net of losses and
investment expenses)

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on funds on deposit in the Excess Funding Account will be treated as Interest Collections with
respect to the last day of the related Collection Period except as otherwise specified in the
related Indenture Supplement. The Indenture Trustee will bear no responsibility or liability for
any losses resulting from investment or reinvestment of any funds in accordance with this Section
8.03(b) nor for the selection of Eligible Investments in accordance with the provisions of this
Indenture, any Indenture Supplement or the Transfer and Servicing Agreement[s].

     On each Deposit Date on which the sum of the Net Adjusted Pool Balance on such Deposit Date
(determined after giving effect to any Principal Receivables or, if applicable, interests in Other
Floorplan Assets that will be transferred to the Issuer on such date or, with respect to any
Determination Date, on the immediately succeeding Distribution Date) and the aggregate funds on
deposit in the Principal Funding Accounts (excluding any net investment earnings on amounts on
deposit therein and any funds on deposit in the Principal Funding Accounts for any Trust Liquidity
Notes Series) for all outstanding Series (determined after giving effect to any deposits or
withdrawals to be made on such date) is lower than the Required Pool Balance on such Deposit Date,
the Transferor[s] will instruct the Servicer to deposit funds, otherwise allocable to the holders
of the Transferor Interest, into the Excess Funding Account up to the amount of such deficiency.
In addition, the holders of the Transferor Interest may transfer additional funds into the Excess
Funding Account to make up for such deficiencies. On each Deposit Date on which funds are on
deposit in the Excess Funding Account, the Servicer will determine the amount, if any, by which the
sum of the Net Adjusted Pool Balance on such Deposit Date (determined after giving effect to any
Principal Receivables or, if applicable, interests in Other Floorplan Assets that will be
transferred to the Issuer on such date or, with respect to any Determination Date, on the
immediately succeeding Distribution Date) and the aggregate funds on deposit in the Principal
Funding Accounts (excluding any net investment earnings on amounts on deposit therein and any funds
on deposit in the Principal Funding Accounts for any Trust Liquidity Notes Series) for all
outstanding Series (determined after giving effect to any deposits or withdrawals to be made on
such date) exceeds the Required Pool Balance on such Deposit Date and will instruct the Indenture
Trustee to withdraw any such excess from the Excess Funding Account and distribute such excess to
the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the
Trust Agreement.

     During the Controlled Accumulation Period (or with respect to a Trust Liquidity Note Series,
during the Controlled Amortization Period, Accumulation Period or Early Accumulation Period (each
as defined in the Indenture Supplement for such Trust Liquidity Note Series)), funds on deposit in
the Excess Funding Account will be made available as Shared Principal Collections to any Series
that is in its Controlled Accumulation Period (or with respect to a Trust Liquidity Note Series, in
its Controlled Amortization Period, Accumulation Period or Early Accumulation Period (each as
defined in the Indenture Supplement for such Trust Liquidity Note Series)). Such funds will be
deposited into the Principal Funding Account for such Series but only to the extent of the
Controlled Deposit Amount of such Series or, with respect to a Trust Liquidity Note Series, in
accordance with the terms of the related Indenture Supplement. If an Early Amortization Period has
commenced and is continuing with respect to one or

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more outstanding series, any funds on deposit in the Excess Funding Account will be treated as
Shared Principal Collections and will be allocated and distributed in accordance with Section
8.05(c) and the terms of the related Indenture Supplements.

     (c)  Appointment of Bank. [Indenture Trustee] is appointed as the initial Bank
hereunder, and [Indenture Trustee] accepts such appointment. The Bank represents and warrants that
it is an organization engaged in the business of banking and that each Trust Account Cash Deposit
Subaccount is or will be a “deposit account” (as such term is defined in Section 9-102 of the UCC).
The Bank acknowledges that the Indenture Trustee has “control” (within the meaning of Section 9-104
of the UCC) of each Trust Account Cash Deposit Subaccount. The Bank agrees that, with respect to
each Trust Account Securities Subaccount, it will only comply with instructions directing the
disposition of funds therein that are received from (i) the Indenture Trustee (without further
consent of the Issuer or any other Person) and (ii) so long as no Event of Default has occurred and
is continuing, the Servicer to the limited extent provided in this Section.

     Section 8.04.  Collections and Allocations.

     (a)  Allocations of Collections. All Interest Collections and Principal Collections,
as well as Defaulted Receivables, will be allocated by the Servicer to each Series based on the
applicable Investor Percentage for such Series as specified in the related Indenture Supplement.
Interest Collections and Principal Collections so allocated to any Series will not be available to
the Noteholders of any other Series, the Series Enhancers for any other Series or the holders of
the Transferor Interest, except to the extent expressly provided in this Indenture or the related
Indenture Supplements. Allocations of Interest Collections and Principal Collections to be
performed by the Servicer (i) between the Noteholders’ Collateral and the Transferor Interest and
(ii) among each Series and (iii) if applicable, among the Classes of a Series and any related
Series Enhancer will be set forth in the related Indenture Supplement or Supplements. The
application of such allocated Interest Collections and Principal Collections will also be set forth
in the related Indenture Supplement or Supplements.

     (b)  Timing of Deposits into Collection Account. After making the allocations
provided in Section 8.04(a), the Servicer will deposit such allocated Interest Collections and
Principal Collections, up to the required amounts provided in Section 8.04(c), into the Collection
Account by no later than 12:00 noon (New York City time) on the Distribution Date immediately
following the Collection Period in which such Collections were received by the Servicer.
Notwithstanding the foregoing, if at any time:

          (i)  Ford Credit is no longer the Servicer; or

          (ii)  Ford Credit is the Servicer but its short-term debt rating is withdrawn or
downgraded below A-1 by Standard & Poor’s, F1 by Fitch or P-1 by Moody’s and, in any such
case, Ford Credit fails either (A) to arrange for and maintain a letter of credit or other
form of enhancement in respect of the Servicer’s obligations to make monthly deposits of
Collections into the Collection

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Account that is acceptable in form and substance to each Rating Agency or (B) to
satisfy the Rating Agency Condition;

then, the Servicer will deposit all allocated Interest Collections and Principal Collections
received by it during each Collection Period into the Collection Account, up to the required
amounts provided in Section 8.04(c), as promptly as practicable after the Date of Processing of
such Collections, but in no event later than the second Business Day following the Date of
Processing.

     (c)  Required Deposit Amounts. Subject to the proviso in Section 8.05(c), but
notwithstanding anything else in this Indenture or the Transfer and Servicing Agreement[s] to the
contrary and regardless of whether the Servicer makes deposits into the Collection Account on a
monthly or daily basis as provided in Section 8.04(b), with respect to any Collection Period:

          (i)  the Servicer will only be required to deposit allocated Collections into the
Collection Account up to the aggregate amount of Collections required (A) to be deposited
into the Excess Funding Account or any Series Account or (B) without duplication, to be
distributed on or before the related Distribution Date to the Noteholders, to the Servicer
or to any Series Enhancers pursuant to the terms of any Indenture Supplement, the Transfer
and Servicing Agreement[s] or any Series Enhancement Agreement; provided that in making
such determination, the Servicer will take into account the respective applications of
allocated Interest Collections and Principal Collections in accordance with the related
Indenture Supplements;

          (ii)  if at any time before such Distribution Date, the amount of allocated
Collections deposited by the Servicer into the Collection Account exceeds the amount
required to be deposited therein pursuant to clause (i) above, the Servicer will be
permitted to withdraw the excess from the Collection Account; and

          (iii)  notwithstanding anything to the contrary in clause (i) above, the Servicer may
retain its Servicing Fee and is not required to deposit such fee (or any portion thereof in
respect of any Series) into the Collection Account.

     Section 8.05.  Interest Reallocation Groups; Excess Interest Sharing Groups; Principal Sharing
Groups.

     (a)  Interest Reallocation Groups. Interest Collections and other amounts specified
in the Indenture Supplement for each Series in a particular Interest Reallocation Group will be
reallocated to cover interest and expenses related to such Series as specified in such Indenture
Supplement. The reallocation provisions of the Indenture Supplement for each Series in the same
Interest Reallocation Group are required to be identical in all material respects.

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     (b)  Excess Interest Sharing Groups. With respect to each Distribution Date, (i) the
Servicer will allocate Excess Interest Collections to each Excess Interest Sharing Series in a
particular Excess Interest Sharing Group, pro rata, in proportion to the Interest Collections
Shortfalls, if any, with respect to each such Series and (ii) the Servicer will deduct from the
allocated Interest Collections available for deposit into the Collection Account on or before such
Distribution Date an amount equal to the excess, if any, of (A) the aggregate Excess Interest
Collections as defined in the related Indenture Supplements for all such Series for such
Distribution Date, over (B) the aggregate Interest Collections Shortfalls as defined in the related
Indenture Supplements for all such Series for such Distribution Date and will distribute such
excess to the Owner Trustee for distribution to the holders of the Transferor Interest in
accordance with the Trust Agreement.

     (c)  Principal Sharing Groups. With respect to each Distribution Date, (i) the
Servicer will allocate Shared Principal Collections to each Principal Sharing Series in a
particular Principal Sharing Group, pro rata, in proportion to the Principal Shortfalls, if any,
with respect to each such Series and (ii) the Servicer will deduct from the allocated Principal
Collections available for deposit into the Collection Account on or before such Distribution Date
an amount equal to the excess, if any, of (A) the aggregate Shared Principal Collections as defined
in the related Indenture Supplements for all such Series for such Distribution Date, over (B) the
aggregate Principal Shortfalls as defined in the related Indenture Supplements for all such Series
for such Distribution Date and will distribute such excess to the Owner Trustee for distribution to
the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however,
that if the Net Adjusted Pool Balance as of such Distribution Date is less than the Required Pool
Balance (determined after giving effect to any Principal Receivables or, if applicable, interests
in Other Floorplan Assets transferred to the Issuer), the Servicer will not distribute such excess
funds to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance
with the Trust Agreement, but will deposit such excess funds into the Excess Funding Account to the
extent necessary to cause the Net Adjusted Pool Balance to equal the Required Pool Balance as of
such Distribution Date pursuant to Section 8.03(b).

     Section 8.06.  Shared Enhancement Series. A Shared Enhancement Series is a group of
discrete issuances of Notes, called Sub-Classes, that share Interest Collections and certain other
amounts and share in the same credit enhancement as is specified in the Indenture Supplement for
each sub-class in such Shared Enhancement Series. Such sharing may take the form, among others, of
Classes of Notes of one or more Series in a particular Shared Enhancement Series issued from time
to time which are subordinate to other Classes issued at the same or at different times in the same
or in different Series in such Shared Enhancement Series.

     Section 8.07.  Release of Trust Assets; Eligible Loan Documents.

     (a)  Subject to the payment of its fees and expenses, the Indenture Trustee may, and when
required by the provisions of this Indenture or any Indenture Supplement must, execute instruments
to release property from the Lien of this Indenture

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or any Indenture Supplement, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances which are not inconsistent with the provisions of this Indenture or
such Indenture Supplement. No party relying upon an instrument 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 see to the application of any monies.

     (b)  In order to facilitate the servicing of the Receivables by the Servicer and as provided
in the Transfer and Servicing Agreement[s] with respect to an exchange of Receivables, the
Indenture Trustee hereby authorizes the Servicer to execute in the name and on behalf of the
Indenture Trustee instruments of satisfaction or cancellation, or of partial or full release or
discharge, and other comparable instruments with respect to the Receivables (and the Indenture
Trustee will execute any such documents on request of the Servicer), subject to the obligations of
the Servicer under the Transfer and Servicing Agreement[s].

     (c)  The Indenture Trustee will, at such time as there are no Notes outstanding, release and
transfer, without recourse, all of the Trust Assets that secured the Notes (other than any cash
held for the payment of the Notes pursuant to Section 4.02). The Indenture Trustee will release
property from the Lien of this Indenture pursuant to this Section only upon receipt of an Issuer
Order accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable
requirements of Section 12.01.

     (d)  Notwithstanding anything to the contrary in this Indenture or the other Transaction
Documents, immediately prior to the release of any portion of the Trust Assets or any funds on
deposit in the Series Accounts pursuant to this Indenture or any Indenture Supplement, the
Indenture Trustee must remit to the holders of the Transferor for their own account any funds that,
upon such release, would otherwise be remitted to the Issuer.

ARTICLE IX

Distributions and Reports to Noteholders

     Section 9.01.  Distributions and Reports to Noteholders. Distributions must be made to,
and reports provided to, Noteholders as set forth in the related Indenture Supplement. The identity
of the Noteholders with respect to distributions and reports will be determined as of the Record
Date immediately preceding the related Distribution Date.

ARTICLE X

Supplemental Indentures

     Section 10.01.  Supplemental Indentures without Consent of Noteholders.

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     (a)  Without the consent of the Holders of any Notes but with prior notice to the Rating
Agencies and upon satisfaction of the Rating Agency Condition with respect to the Notes of all
Series, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto (which conform to the
provisions of the TIA as in force at the date of the execution thereof), in form satisfactory to
the Indenture Trustee, for any of the following purposes:

          (i)  to correct or amplify the description of any property at any time 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 to the Lien of this Indenture additional property;

          (ii)  to evidence the succession, in compliance with Section 3.11, of another Person
to the Issuer, and the assumption by any such successor of the covenants of the Issuer
herein and in the Notes contained;

          (iii)  to add to the covenants of the Issuer, for the benefit of the Holders of the
Notes, or to surrender any right or power herein conferred upon the Issuer;

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

          (v)  to evidence and provide for the acceptance of the appointment hereunder by a
successor Indenture Trustee with respect to the Notes and to add to or change any of the
provisions of this Indenture as may be necessary to facilitate the administration of the
trusts hereunder by more than one trustee, pursuant to the requirements of Article VI;

          (vi)  to modify, eliminate or add to the provisions of this Indenture to such extent
as may be necessary, as evidenced by an Opinion of Counsel, to effect the qualification of
this Indenture under the TIA or under any similar United States federal statute hereafter
enacted and to add to this Indenture such other provisions as may be expressly required by
the TIA;

          (vii)  to provide for the termination of any Series Enhancement in accordance with the
provisions of the related Indenture Supplement;

provided, however, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any
time and from time to time, may enter into one or more indentures supplemental hereto (which must
conform to the provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, without the consent of the Holders of any Notes or prior
notice to the Rating Agencies, in order (A) to cure any ambiguity, to correct or supplement any
provision herein or in any supplemental indenture that may be inconsistent with any other provision
herein or in any supplemental indenture or (B) to make any other provisions with respect to matters
or

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questions arising under this Indenture or in any supplemental indenture, so long as, in each case,
[the]/[each] Transferor has delivered to the Indenture Trustee an Officer’s Certificate, dated the
date of any such action, stating that [the]/[such] Transferor reasonably believes that such action
will not have an Adverse Effect.

     (b)  Except as otherwise provided in Section 10.02, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, also without the consent of any Noteholders of any Series then
Outstanding but with prior notice to the Rating Agencies and upon satisfaction of the Rating Agency
Condition with respect to the Notes of all Series, enter into an indenture or indentures
supplemental hereto 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 the rights of
the Holders of the Notes under this Indenture; provided, however, that (i) [the]/[each] Transferor
has delivered to the Indenture Trustee an Officer’s Certificate, dated the date of any such action,
stating that [the]/[such] Transferor reasonably believes that such action will not have an Adverse
Effect and (ii) a Tax Opinion has been delivered to the Indenture Trustee.

     Additionally, notwithstanding the preceding sentence, the Issuer and the Indenture Trustee,
when authorized by an Issuer Order, may, also without the consent of any Noteholders of any Series
then Outstanding, enter into an indenture or indentures supplemental hereto to add, modify or
eliminate such provisions as may be necessary or advisable in order to enable all or a portion of
the Issuer (i) to qualify as, and to permit an election to be made to cause the Issuer to be
treated as, a “financial asset securitization investment trust” as described in the provisions of
Section 860L of the Code and (ii) to avoid the imposition of state or local income or franchise
taxes imposed on the Issuer’s property or its income; provided, however, that (1) [the]/[each]
Transferor delivers to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the
effect that the proposed amendments meet the requirements set forth in this subsection, (2) the
Rating Agency Condition has been satisfied and (3) such amendment does not affect the rights,
duties or obligations of the Indenture Trustee or the Owner Trustee hereunder.

     (c)  Subject to the conditions specified in Section 2.12, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one
or more indentures supplemental hereto (which must conform to the provisions of the TIA as in force
at the date of the execution thereof), in form satisfactory to the Indenture Trustee, without the
consent of the Holders of any Notes but, with prior notice to the Rating Agencies, to provide for
the issuance of one or more Series of Notes in accordance with Section 2.12.

     Section 10.02.  Supplemental Indentures with Consent of Noteholders. The Issuer and the
Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating
Agencies and with the consent of the Holders of at least a 66
2/3% of the Outstanding Amount of the
Notes of each adversely affected Series, by Act of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, changing in any manner or eliminating any of the provisions of this
Indenture or of modifying in any manner the rights of such Noteholders under this Indenture;
provided, however, that

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no such supplemental indenture may, without the consent of the Holder of each outstanding Note
affected thereby:

          (i)  change the due date of any installment of principal of or interest on any Note,
or reduce the principal amount thereof, the interest rate specified thereon or the
redemption price with respect thereto or change any place of payment where, or the coin or
currency in which, any Note or any interest thereon is payable;

          (ii)  impair the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided in Article V,
to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

          (iii)  reduce the percentage that constitutes a majority of the Outstanding Amount of
the Notes of any Series (or any Tranche in the case of a Shared Enhancement Series)
outstanding the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and their
consequences as provided for in this Indenture;

          (iv)  reduce the percentage of the Outstanding Amount of any Notes, the consent of the
Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust
Assets if the proceeds of such sale would be insufficient to pay the principal amount and
accrued but unpaid interest on the outstanding Notes of such Series;

          (v)  decrease the percentage of the Outstanding Amount of the Notes required to amend
the sections of this Indenture that specify the applicable percentage of the aggregate
principal amount of the Notes of such Series necessary to amend the Indenture or any
Transaction Documents which require such consent;

          (vi)  modify or alter the provisions of this Indenture regarding the voting of Notes
held by the Issuer, any other obligor on the Notes, Ford Credit or any Affiliate thereof;
or

          (vii)  permit the creation of any Lien ranking prior to or on a parity with the Lien
of this Indenture with respect to any part of the Collateral for any Notes or, except as
otherwise permitted or contemplated in this Indenture or the other Transaction Documents,
terminate the Lien of this Indenture on any such Collateral at any time subject hereto or
deprive the Holder of any Note of the security provided by the Lien of this Indenture.

The Indenture Trustee may in its discretion, but it will not be obligated to, determine whether or
not any Notes would be affected by any supplemental indenture and any such

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determination will be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee will not be liable for any such
determination made in good faith.

     The substance of any proposed supplemental indenture made pursuant to this Section must be
approved by the Act of the Noteholders, but the particular form of such supplemental indenture need
not be.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee will give to the Holders of the Notes to
which such amendment or supplemental indenture relates written notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to give
such notice, or any defect therein, will not, however, in any way impair or affect the validity of
any such supplemental indenture.

     Section 10.03.  Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article X or the
modification thereby of the trusts created by this Indenture, the Indenture Trustee is entitled to
receive, and subject to Sections 6.01 and 6.02, is fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Indenture Trustee may, but is not obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or
immunities under this Indenture or otherwise.

     Section 10.04.  Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture under this Article X, this Indenture will be modified in accordance therewith, and such
supplemental indenture will form a part of this Indenture for all purposes, and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder will be bound thereby.

     Section 10.05.  Conformity with Trust Indenture Act. Every amendment of this Indenture and
every supplemental indenture executed pursuant to this Article X must conform to the requirements
of the TIA as then in effect so long as this Indenture is then qualified under the TIA.

     Section 10.06.  Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article X may, and if
required by the Indenture Trustee must, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer so determines, 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 the outstanding Notes.

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ARTICLE XI

Termination

     Section 11.01.  Termination of Trust. The Issuer and the respective obligations and
responsibilities of the Indenture Trustee created hereby (other than the obligation of the
Indenture Trustee to make payments to Noteholders as hereinafter set forth) will terminate, except
with respect to the duties described in Section 11.02(b), on the Trust Termination Date.

     Section 11.02.  Final Distribution.

     (a)  The Servicer will give the Indenture Trustee at least 30 days’ prior notice of the
Distribution Date on which the Noteholders of any Series or Class may surrender their Notes for
payment of the final distribution on and cancellation of such Notes (or, in the event of a final
distribution resulting from the application of Section 2.03(c) or 6.01 of the Transfer and
Servicing Agreement[s], notice of such Distribution Date promptly after the Servicer has determined
that a final distribution will occur, if such determination is made less than 30 days prior to such
Distribution Date). Such notice must be accompanied by an Officer’s Certificate setting forth the
information specified in Section 3.05 of the Transfer and Servicing Agreement[s] covering the
period during the current calendar year through the date of such notice. Not later than the fifth
day of the month in which the final distribution in respect of such Series or Class is payable to
Noteholders, the Indenture Trustee will provide notice to Noteholders of such Series or Class
specifying (i) the date upon which final payment of such Series or Class will be made upon
presentation and surrender of Notes of such Series or Class at the office or offices therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise
applicable to such payment date is not applicable, payments being made only upon presentation and
surrender of such Notes at the office or offices therein specified (which, in the case of Bearer
Notes, will be outside the United States). The Indenture Trustee will give such notice to the
Transfer Agent and Registrar and the Paying Agent at the time such notice is given to Noteholders.

     (b)  Notwithstanding a final distribution to the Noteholders of any Series or Class (or the
termination of the Issuer), except as otherwise provided in this paragraph, all funds then on
deposit in the Collection Account and any Series Account allocated to such Noteholders will
continue to be held in trust for the benefit of such Noteholders and the Paying Agent or the
Indenture Trustee will pay such funds to such Noteholders upon surrender of their Notes, if
certificated (and any excess will be paid in accordance with the terms of any Enhancement
Agreement). If all such Noteholders do not surrender their Notes for cancellation within six months
after the date specified in the notice from the Indenture Trustee described in Section 11.02(a),
the Indenture Trustee will give a second notice to the remaining such Noteholders to surrender
their Notes for cancellation and receive the final distribution with respect thereto (which
surrender and payment, in the case of Bearer Notes, will be outside the United States). If within
one year after the second notice all such Notes have not been surrendered for cancellation, the
Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate

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steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the
cost thereof will be paid out of the funds in the Collection Account or any Series Account held for
the benefit of such Noteholders. The Indenture Trustee and the Paying Agent will pay to the
Transferor[s] any monies held by them for the payment of principal or interest that remains
unclaimed for two years. After payment to the Transferor[s], any Noteholders entitled to the money
must look to the Transferor[s] for payment as general creditors unless an applicable abandoned
property law designates another Person.

     Section 11.03.  [Transferor’s]/[Transferors’] Termination Rights. Upon the termination of
the Issuer pursuant to Section 11.01, the Indenture Trustee will assign and convey to the holders
of the Transferor Interest or any of their designees, without recourse, representation or warranty,
all right, title and interest of the Issuer in, to and under the Trust Assets, whether then
existing or thereafter created, all monies due or to become due and all amounts received with
respect thereto (including all monies then held in the Collection Account, the Excess Funding
Account or any Series Account) and all proceeds thereof, except for amounts held by the Indenture
Trustee pursuant to Section 11.02(b). The Indenture Trustee will execute and deliver such
instruments of transfer and assignment, in each case without recourse, as may be reasonably
requested by the Transferor[s] to vest in the holders of the Transferor Interest or any of
[its]/[their] designees all right, title and interest that the Issuer had in the Trust Assets.

     Section 11.04.  Defeasance. Notwithstanding anything to the contrary in this Indenture or
any Indenture Supplement:

     (a)  The Transferor[s] may at [its]/[their] option be discharged from [its]/[their]
obligations hereunder with respect to any Series or all outstanding Series (each, a “Defeased
Series”) on the date the applicable conditions set forth in Section 11.04(c) are satisfied (a
“Defeasance”); provided, however, that the following rights, obligations, powers, duties and
immunities will survive with respect to each Defeased Series until otherwise terminated or
discharged hereunder: (i) the rights of the Holders of Notes of the Defeased Series to receive,
solely from the trust funds provided for in Section 11.04(c), payments in respect of interest on
and principal of such Notes when such payments are due; (ii) the [Transferor’s]/[Transferors’]
obligations with respect to such Notes under Sections 2.05 and 2.06; (iii) the rights, powers,
trusts, duties, and immunities of the Indenture Trustee, the Paying Agent and the Transfer Agent
and Registrar hereunder; and (iv) this Section.

     (b)  Subject to Section 11.04(c), the Transferor[s] at [its]/[their] option may cause
Collections allocated to each Defeased Series and available to purchase additional Receivables to
be applied to purchase Eligible Investments rather than additional Receivables.

     (c)  The following conditions must be satisfied prior to any Defeasance under Section
11.04(a):

          (i)  the Transferor[s] irrevocably [has]/[have] deposited or caused to be deposited
with the Indenture Trustee (such deposit to be made from

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other than the [Transferor’s]/[Transferors’] or any Affiliate of the
[Transferor’s]/[Transferors’] funds), under the terms of an irrevocable trust agreement in
form and substance satisfactory to the Indenture Trustee, as trust funds in trust in an
amount sufficient to pay and discharge (without relying on income or gain from reinvestment
of such amount) all remaining scheduled interest and principal payments on all outstanding
Notes of each Defeased Series on the dates scheduled for such payments in this Indenture
and the related Indenture Supplements and all amounts owing to the Series Enhancers with
respect to each Defeased Series. The Transferor[s] will make these amounts available in
cash or Eligible Investments or a combination thereof. The Indenture Trustee will apply
all such amounts to pay and discharge the amounts specified above;

          (ii)  a statement from a firm of nationally recognized independent public accountants
(who may also render other services to the Transferor[s]) to the effect that such deposit
is sufficient to pay the amounts specified in clause (i) above;

          (iii)  prior to its first exercise of its right pursuant to this Section with respect
to a Defeased Series to substitute money or Eligible Investments for Receivables, the
Transferor has delivered to the Indenture Trustee (the preparation and delivery of which
will not be at the expense of the Indenture Trustee):

     (A)  an Opinion of Counsel to the effect contemplated by clauses (b) and (c)
of the definition in Section 1.01 of the term “Tax Opinion” with respect to such
deposit and termination of obligations; and

     (B)  an Opinion of Counsel to the effect that such deposit and termination of
obligations will not result in the Issuer being required to register as an
“investment company” within the meaning of the Investment Company Act;

          (iv)  the Transferor has delivered to the Indenture Trustee an Officer’s Certificate
of the Transferor[s] stating that the Transferor[s] reasonably believe[s] that such deposit
and termination of obligations will not, based on the facts known to such officer at the
time of such certification, then cause an Amortization Event with respect to any Series or
any event that, with the giving of notice or the lapse of time, would result in the
occurrence of a Amortization Event with respect to any Series; and

          (v)  the Rating Agency Condition has been satisfied.

ARTICLE XII

Miscellaneous

     Section 12.01.  Compliance Certificates, Opinions, etc.

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     (a)  Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in
the opinion of such counsel all such conditions precedent, if any, have been complied with and
(iii) (if required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture must include:

          (i)  a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto;

          (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.

     (b)  Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the
Lien of this Indenture, the Issuer will, in addition to any obligation imposed in Section 12.01(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee 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 Collateral or other property or securities to
be so deposited.

     (c)  Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in
subsection (b) above, the Issuer will also deliver to the Indenture Trustee (if required by the
TIA) 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 fiscal year of the Issuer, as set
forth in the certificates delivered pursuant to subsection (b) above and this subsection (c), is
10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished
with respect to any securities so

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deposited if the fair value thereof to the Issuer as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes.

     (d)  Whenever any property or securities are to be released from the Lien of this Indenture,
the Issuer will also furnish to the Indenture Trustee 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 hereof.

     (e)  Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in
subsection (d) above, the Issuer will also furnish to the Indenture Trustee (if required by the
TIA) an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property 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
subsection (d) above and this subsection (e), equals 10% or more of the Outstanding Amount of the
Notes, but such certificate need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related Officer’s Certificate is less than
$25,000 or less than one percent of the then Outstanding Amount of the Notes.

     (f)  Notwithstanding Section 2.11 or any other provision of this Section, the Issuer may (A)
collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Series Accounts as and
to the extent permitted or required by the Transaction Documents.

     Section 12.02.  Form of Documents Delivered to Indenture Trustee. 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 so 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.

     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Seller, the Issuer or the Administrator, unless such Authorized
Officer or counsel knows,

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or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing may not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

     Section 12.03.  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 may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agent duly appointed in writing and satisfying any requisite percentages as to minimum number or
dollar value of outstanding principal amount represented by such Noteholders; and, except as herein
otherwise expressly provided, such action will become effective when such instrument or instruments
are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the 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 conclusive in favor of the Indenture Trustee and the Issuer,
if made in the manner provided in this Section.

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

     (c)  The ownership of Notes will be established by the Note Register.

     (d)  Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes will bind the Holder (and any transferee thereof) of every Note issued upon
the registration thereof in exchange therefor or in lieu thereof, in respect of anything done,
omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

86

 

     Section 12.04.  Notices, etc. to Indenture Trustee and Issuer. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided
or permitted by the Agreement to be made upon, given or furnished to, or filed with:

          (i)  the Indenture Trustee by any Noteholder or by the Issuer will be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to a Trustee Officer,
by facsimile transmission, electronic transmission, or by other means acceptable to the
Indenture Trustee to or with the Indenture Trustee at its Corporate Trust Office; or

          (ii)  the Issuer by the Indenture Trustee or by any Noteholder will be sufficient for
every purpose hereunder if in writing and (A) mailed, first-class postage prepaid, to the
Issuer addressed to it at Ford Credit Floorplan Master Owner Trust ___, [Address] or at any
other address previously furnished in writing to the Indenture Trustee by the Issuer or (B)
delivered by facsimile or other electronic transmission to the address previously furnished
in writing to the Indenture Trustee. A copy of each notice to the Issuer must be sent in
writing and mailed, first-class postage prepaid, to [Delaware Trustee], [Address].

     Section 12.05.  Notices to Noteholders; Waiver.

     (a)  Where this Indenture and any Indenture Supplement provides for notice to Noteholders of
any event, such notice will be sufficiently given (unless otherwise herein expressly provided) if
in writing and (i) mailed by registered or certified mail or first class postage prepaid or
national overnight courier service or (ii) delivered electronically in a manner acceptable to the
Servicer, the Owner Trustee on behalf of the Issuer and the Indenture Trustee, to each Noteholder
affected by such event, at such Noteholder’s address 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 herein provided will conclusively be presumed to have been duly given.

     (b)  Where this Indenture provides for notice in any manner, such notice may be waived in
writing 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 are to be filed with
the Indenture Trustee but such filing is not a condition precedent to the validity of any action
taken in reliance upon such waiver.

     (c)  If, 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 any provision of 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.

87

 

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

     Section 12.06.  Alternate Payment and Notice Provisions. Notwithstanding any provision of
this Indenture or any of the Notes to the contrary, the Issuer, with the consent of the Indenture
Trustee, may enter into any agreement with any Holder of a Note providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the
methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be
made and notices to be given in accordance with such agreements.

     Section 12.07.  Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required or deemed to be included in
this Indenture by any of the provisions of the TIA, such required provision will control. The
provisions of TIA §§310 through 317 that impose duties on any Person (including the provisions
automatically deemed included herein unless expressly excluded by this Indenture) are a part of and
govern this Indenture, whether or not physically contained herein.

     Section 12.08.  Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and are not intended to affect the
construction hereof.

     Section 12.09.  Successors and Assigns. All covenants and agreements in this Indenture by
the Issuer will bind its successors and assigns, whether so expressed or not.

     Section 12.10.  Severability of Provisions. If one or more of the covenants, agreements,
provisions or terms of this Indenture is for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms will be deemed severable from the remaining covenants,
agreements, provisions or terms of this Indenture and will in no way affect the validity or
enforceability of the other provisions of this Indenture.

     Section 12.11.  Benefits of Indenture. Nothing in this Indenture or in the Notes, express
or implied, will give to any Person, other than the parties hereto and their successors hereunder,
and the Noteholders, any benefit.

     Section 12.12.  Governing Law. THE INDENTURE AND EACH NOTE ARE TO BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS
OF LAWS PRINCIPLES. NOTWITHSTANDING ANYTHING TO THE CONTRARY THE “SECURITIES INTERMEDIARIES
JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110 OF THE UCC) WILL BE THE STATE OF NEW YORK.

88

 

     Section 12.13.  Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed will be deemed to be an original, but all such counterparts
will together constitute but one and the same instrument.

     Section 12.14.  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 herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it being understood
that the Indenture Trustee and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary will be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee will be subject to, and entitled to the benefits of, the terms and provisions of Articles
V, VI and VII of the Trust Agreement.

     Section 12.15.  No Petition; Subordination and Claims Against Transferor[s]. The Indenture
Trustee, by entering into this Indenture, each Noteholder, by accepting a Note, and each Note
Owner, by accepting a beneficial interest in a Note, hereby covenant and agree that:

          (i)  they will not at any time institute against the Issuer or the Transferor[s], or
join in any institution against the Issuer, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Transaction Documents; and

          (ii)  if [the]/[any] Transferor becomes a debtor or debtor in possession in a case
under any applicable United States federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect or otherwise subject to any insolvency, reorganization,
liquidation, rehabilitation or other similar proceedings, any claim that the Holders of the
Notes of any Series may have at any time against the Trust Assets allocated in accordance
herewith to any Series unrelated to such Notes, and any claim that the Holders of such
Notes have at any time against the Transferor[s] that they may seek to enforce against such
Trust Assets allocated to any unrelated Series, will be subordinate to the payment in full
(including post-petition interest) of the claims of the Holders of any Notes of such
unrelated Series and of the holders of any other notes, bonds, contracts or other
obligations relating to such unrelated Series.

89

 

     Section 12.16.  Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been signed on behalf of the Issuer by [Owner
Trustee] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event will [Owner Trustee] in its individual capacity or any beneficial owner of the
Issuer have any liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder, as to all of which recourse may be had solely to the assets of
the Issuer. For all purposes of this Indenture, in the performance of any duties or obligations of
the Issuer hereunder, the Owner Trustee is subject to, and entitled to the benefits of, the terms
and provisions of the Trust Agreement.

90

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective duly authorized officers, all as of the day and year first above
written.

	 	 	 
	FORD CREDIT FLOORPLAN MASTER OWNER TRUST __, as Issuer
	 
	 	 
	By [OWNER TRUSTEE], not in its individual capacity, but

solely as Owner Trustee
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	Name:
	 	 
	Title:
	 	 
	 
	 	 
	[INDENTURE TRUSTEE], not in its individual capacity, but
solely as Indenture Trustee, Securities Intermediary and
Bank
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	Name:
	 	 
	Title:
	 	 

91exv4w2

 

Exhibit 4.2

 

 

Ford Credit Floorplan Master Owner Trust __

Issuer

[Indenture Trustee]

Indenture Trustee

 

Series __

Indenture Supplement

Dated as of                     , 20___

 

Series __ Floating Rate Asset Backed Notes,

Class A and Class B

 

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Creation of Series __ Notes	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Designation	 	 	2	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Definitions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Definitions	 	 	3	 
	Section 2.02.
	 	Other Definitional Provisions	 	 	18	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Servicing Fee	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Servicing Compensation	 	 	18	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	Rights of Series __ Noteholders and Allocation and Application of Collections

	 
	 	 	 	 	 	 
	Section 4.01.
	 	Collections and Allocations	 	 	19	 
	Section 4.02.
	 	Determination of Monthly Interest	 	 	21	 
	Section 4.03.
	 	Determination of Monthly Principal Amount	 	 	22	 
	Section 4.04.
	 	Application of Available Funds
on Deposit in Collection Account and Other Sources	 	 	22	 
	Section 4.05.
	 	Investor Charge-Offs	 	 	26	 
	Section 4.06.
	 	Reallocated Principal Collections	 	 	27	 
	Section 4.07.
	 	Excess Interest Collections	 	 	28	 
	Section 4.08.
	 	Shared Principal Collections	 	 	28	 
	Section 4.09.
	 	Available Subordinated Amount	 	 	28	 
	Section 4.10.
	 	Principal Funding Account	 	 	29	 
	Section 4.11.
	 	[Reserve Fund]	 	 	30	 
	Section 4.12.
	 	Determination of LIBOR	 	 	32	 
	Section 4.13.
	 	Accumulation Period Reserve Account	 	 	33	 
	Section 4.14.
	 	Investment Instructions	 	 	35	 
	 
	 	 	 	 	 	 
	 
	 	i	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	Delivery of Series __ Notes; Distributions; Reports to Series __ Noteholders

	 
	 	 	 	 	 	 
	Section 5.01.
	 	Delivery and Payment for Series __ Notes	 	 	35	 
	Section 5.02.
	 	Distributions	 	 	35	 
	Section 5.03.
	 	Reports and Statements to Series __ Noteholders	 	 	36	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Series __ Amortization Events	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Series __ Amortization Events	 	 	37	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	Redemption of Series __ Notes; Series Final Maturity; Final Distributions

	 
	 	 	 	 	 	 
	Section 7.01.
	 	Optional Redemption of Series __ Notes	 	 	39	 
	Section 7.02.
	 	Series Final Maturity	 	 	39	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Miscellaneous Provisions	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	[Execution and Delivery of Interest Rate Swap.]	 	 	40	 
	Section 8.02.
	 	Ratification of Agreement	 	 	41	 
	Section 8.03.
	 	Form of Delivery of Series __ Notes	 	 	41	 
	Section 8.04.
	 	Counterparts	 	 	41	 
	Section 8.05.
	 	Governing Law	 	 	41	 
	Section 8.06.
	 	Effect of Headings and Table of Contents	 	 	41	 
	 
	 	 	 	 	 	 
	 
	 	Exhibits	 	 	 	 
	Exhibit A-1
	 	Form of Class A Note	 	 	A-1-1	 
	Exhibit A-2
	 	Form of Class B Note	 	 	A-2-1	 
	Exhibit B
	 	Form of Monthly Statement	 	 	B-1	 
	Exhibit C
	 	Form of Monthly Allocation and Payment Instruction to Indenture Trustee	 	 	C-1	 
	 
	 	 	 	 	 	 
	 
	 	ii	 	 	 	 

 

 

     Series ___Indenture Supplement, dated as of ___, 20___, by and between Ford
Credit Floorplan Master Owner Trust ___, a Delaware statutory trust, as Issuer, and
[Indenture Trustee], a [State, entity type], as Indenture Trustee.

Recitals

     A. Section 2.12 of the Indenture provides, among other things, that the Issuer and
the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to
authorize the issuance by the Issuer of Notes in one or more Series.

     B. The parties to this Indenture Supplement, by executing and delivering
this Indenture Supplement, are providing for the creation of the Series ___Notes and specifying the
Principal Terms thereof.

     In consideration of the mutual covenants and agreements contained in this Indenture
Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

Granting Clauses

     In addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee,
for the exclusive benefit of the Holders of the Series ___Notes [and of any Swap Counterparty (but
only to the extent of its right to receive amounts owed thereto under the related Interest Rate
Swap)], all of the Issuer’s right, title and interest (whether now owned or hereafter acquired) in,
to and under the following (collectively, the “Series Collateral”):

     (i) all Collections on the Receivables allocated to the Holders of the Series ___Notes;

     (ii) all Collections on, if applicable, Interests in Other Floorplan Assets allocated
to the Holders of the Series ___Notes;

     (iii) all Eligible Investments and all monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property from time to time on
deposit in or credited to the Series Accounts (including any subaccount thereof) and in all
interest, proceeds, earnings, income, revenue, dividends and other distributions thereof
(including any accrued discount realized on liquidation of any investment purchased at a
discount);

     [(iv) all rights, remedies, powers, privileges and claims of the Issuer under or with
respect to any Interest Rate Swap (whether arising pursuant to the terms of such agreement
or otherwise available to the Issuer at law or in equity), including the rights of the
Issuer to enforce such Interest Rate Swap and to give or withhold any and all consents,
requests, notices, directions, approvals, extensions or waivers under or with respect to
such Interest Rate Swap;] and

 

     (v) all present and future claims, demands, causes of action and choses in action
regarding any of the foregoing and all payments on any of the foregoing and all proceeds of
any nature whatsoever regarding any of the foregoing, including all proceeds of the
voluntary or involuntary conversion thereof into cash or other liquid property and all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any kind and
other forms of obligations and receivables, instruments and other property that at any time
constitute any part of or are included in the proceeds of any of the foregoing.

     The foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series
___Notes equally and ratably without prejudice, priority, or distinction between any Series ___Note
and any other Series ___Notes, (b) [any Interest Rate Swap (but only to the extent of its right to
receive amounts owed thereto under such Interest Rate Swap)], (c) the payment of all other sums
payable under the ___Notes, the Indenture and this Indenture Supplement and (d) the compliance with
the terms and conditions of the Series ___Notes, the Indenture and this Indenture Supplement [and
any Interest Rate Swap], all as provided herein or therein.

     The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with
the provisions hereof and agrees to perform the duties herein.

ARTICLE I

Creation of Series ___Notes

Section 1.01. Designation.

     (a) There is hereby created a Series of Notes to be issued by the Issuer on the Closing Date
pursuant to the Indenture and this Indenture Supplement to be known as the “Series ___Floating Rate
Asset Backed Notes” or the “Series ___Notes.” The Series ___Notes will be issued in two Classes,
the first of which will be known as the “Series ___Floating Rate Asset Backed Notes, Class A” the
second of which will be known as the “Series ___Floating Rate Asset Backed Notes, Class B.” The
Series ___Notes will be due and payable on the Series ___Final Maturity Date.

     (b) Series ___will be in Excess Interest Sharing Group [One] and in Principal Sharing Group
[One]. Series ___will [not] be a Shared Enhancement Series or in an Interest Reallocation Group.
Series ___will not be subordinated to any other Series.

     (c) The Series ___Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement”
for all purposes under the Indenture. If any provision of the Series ___Notes or this Indenture
Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of
the Series ___Notes or this Indenture Supplement, as the case may be, control.

2

 

     (d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series ___
and this Indenture Supplement and to no other Series or Indenture Supplements.

ARTICLE II

Definitions

Section 2.01. Definitions.

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

     “Accumulation Period Factor” means, with respect to any Collection Period, a fraction:

     (a) the numerator of which is equal to the sum of the initial invested amounts of all
outstanding Series in Principal Sharing Group One (including Series ___); and

     (b) the denominator of which is equal to the sum of (i) the Initial Invested Amount,
plus (ii) the initial invested amounts of all outstanding Series in Principal Sharing Group
One (other than Series ___) that are not expected to be in their revolving periods from such
date to the Expected Final Payment Date;

     provided, however, that this definition may be changed at any time upon receipt by the
Indenture Trustee of an Officer’s Certificate from the Transferor[s] that such change will not have
an Adverse Effect.

     “Accumulation Period Length” has the meaning specified in Section 4.04(f).

     “Accumulation Period Reserve Account” has the meaning specified in Section 4.13(a).

     “Accumulation Period Reserve Account Available Amount” means, with respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until
termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of:

     (a) the amounts on deposit in the Accumulation Period Reserve Account on such
Distribution Date (excluding any amounts relating to investment earnings and before giving
effect to any (i) deposits made or to be made therein pursuant to Sections 4.04(a)(ix) and
(b)(i) on such Distribution Date or (ii) any withdrawal made or to be made therefrom
pursuant to Section 4.13(c) on such Distribution Date); and

     (b) the Accumulation Period Reserve Account Required Amount for such Distribution Date.

3

 

     “Accumulation Period Reserve Account Cash Deposit Subaccount” has the meaning specified in
Section 4.13(a).

     “Accumulation Period Reserve Account Deposit Amount” means, with respect to each Distribution
Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation
Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period
Reserve Account Available Amount for such Distribution Date.

     “Accumulation Period Reserve Account Funding Date” means the Distribution Date occurring in
the second Collection Period preceding the scheduled commencement of the Controlled Accumulation
Period (or such earlier or later date as may be directed by the Servicer; provided that, if the
Accumulation Period Reserve Account Funding Date occurs on a later date, the Accumulation Period
Reserve Account is expected to be fully funded by the commencement of the Controlled Accumulation
Period).

     “Accumulation Period Reserve Account Required Amount” means, with respect to each Distribution
Date beginning on the Accumulation Period Reserve Account Funding Date and until the Accumulation
Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to ___% of the
Initial Note Principal Balance.

     “Accumulation Period Reserve Account Securities Subaccount” has the meaning specified in
Section 4.13(a).

     “Accumulation Period Reserve Draw Amount” means, with respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early
Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such
Distribution Date, over (b) the portion of the Available Investor Interest Collections for such
Distribution Date constituting net investment earnings from [the Reserve Fund,] the Principal
Funding Account and the Accumulation Period Reserve Account.

     “Additional Interest” means, with respect to any Distribution Date, the sum of (a) the Class A
Additional Interest for such Distribution Date, plus (b) the Class B Additional Interest for such
Distribution Date.

     “Adjusted Invested Amount” means, with respect to the Series ___Notes as of any date of
determination, the excess of (a) the Invested Amount as of such date, over (b) the amounts on
deposit in the Principal Funding Account (excluding amounts relating to investment earnings) on
such date.

     “Adjusted Pool Balance” has the meaning specified in the Indenture.

     “Adjustment Payments” has the meaning specified in the Transfer and Servicing Agreement[s].

4

 

     “Available Investor Interest Collections” means, with respect to any Distribution Date, an
amount equal to the sum of (a) the Investor Interest Collections with respect to such Distribution
Date, plus (b) all interest and investment earnings on Eligible Investments credited to [the
Reserve Fund,] the Principal Funding Account and the Accumulation Period Reserve Account (net of
losses and investment expenses) during the period commencing on and including the Distribution Date
immediately preceding such Distribution Date and ending on but excluding such Distribution Date,
plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c);
plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e),
all remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts
relating to investment earnings and after giving effect to Section 4.13(c))[; plus (e) all amounts
received from a Swap Counterparty under an Interest Rate Swap with respect to such Distribution
Date].

     “Available Investor Principal Collections” means, with respect to any Distribution Date, an
amount equal to the excess of (a) the sum of (i) the Investor Principal Collections for such
Distribution Date, plus (ii) any Shared Principal Collections with respect to other Series in
Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that
are allocated to Series ___pursuant to the Indenture for application as Shared Principal
Collections) [, plus (iii) upon the termination of the Reserve Fund pursuant to Section 4.11(e),
all remaining amounts on deposit in the Reserve Fund (excluding amounts relating to investment
earnings and after giving effect to Section 4.04(b)(iii)),] over (b) any Reallocated Principal
Collections for such Distribution Date.

     “Available Subordinated Amount” means (a) for the first Determination Date, an amount equal to
the Required Subordinated Amount for such Determination Date and (b) for any subsequent
Determination Date, an amount equal to the lesser of (i) the Required Subordinated Amount for such
Determination Date and (ii) an amount equal to:

     (A) the Available Subordinated Amount for the prior Determination Date; minus

     (B) the amount of any Available Transferor Collections used to cover certain shortfalls
on the related Distribution Date as provided in Section 4.04(b)(ii); minus

     (C) the amount of the Available Subordinated Amount reallocated to the Invested Amount
on the related Distribution Date as provided in Sections 4.05 and 4.06 in order to avoid a
reduction of the Invested Amount; plus

     (D) the amount of any Available Investor Interest Collections available to be
distributed as provided in Section 4.04(a)(xiii) to the Owner Trustee for distribution to
the holders of the Transferor Interest in accordance with the Trust Agreement; minus

     (E) the Incremental Subordinated Amount for the prior Determination Date; plus

5

 

     (F) the Incremental Subordinated Amount for such Determination Date; minus

     (G) the Subordinated Percentage of the increase in the Series ___Excess Funding Amount
since the prior Distribution Date to the succeeding Distribution Date; plus

     (H) the Subordinated Percentage of the decrease in the Series ___Excess Funding Amount
since the prior Distribution Date to the succeeding Distribution Date; plus

     (I) any increases thereof pursuant to Section 4.09(c).

     “Available Transferor Collections” has the meaning specified in Section 4.01(b).

     “Available Transferor Interest Collections” has the meaning specified in Section 4.01(b)(iii).

     “Available Transferor Principal Collections” has the meaning specified in Section 4.01(b)(iv).

     “Business Day” has the meaning specified in the Indenture.

     “Class A Additional Interest” has the meaning specified in Section 4.02(a).

     “Class A Interest Shortfall” has the meaning specified in Section 4.02(a).

     “Class A Monthly Interest” has the meaning specified in Section 4.02(a).

     “Class A Note Initial Principal Balance” means $                    .

     “Class A Note Interest Rate” means a per annum rate ___% in excess of LIBOR, as determined (a)
on                     , 20___, for the period from and including the Closing Date through and excluding                     ,
20___and (b) on the related LIBOR Determination Date with respect to each Interest Period
thereafter.

     “Class A Note Principal Balance” means, as of any date of determination, the Class A Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class A
Noteholders before such date.

     “Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note
Register.

     “Class A Notes” means any one of the Series ___Notes executed by the Issuer and authenticated
by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

     “Class B Additional Interest” has the meaning specified in Section 4.02(b).

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     “Class B Interest Shortfall” has the meaning specified in Section 4.02(b).

     “Class B Invested Amount” means, as of any date of determination, an amount equal to (a) the
Class B Note Initial Principal Balance, minus (b) the aggregate amount of any principal payments
made to the Class B Noteholders before such date, minus (c) the cumulative amount of unreimbursed
Uncovered Reallocated Principal Collections immediately before such date, but limited to an amount
that would reduce the Class B Invested Amount to zero, minus (d) the cumulative amount of
unreimbursed Investor Charge-Offs immediately before such date, but limited to an amount that would
reduce the Class B Invested Amount to zero.

     “Class B Monthly Interest” has the meaning specified in Section 4.02(b).

     “Class B Note Initial Principal Balance” means $                    .

     “Class B Note Interest Rate” means a per annum rate of ___% in excess of LIBOR, as determined
(a) on                     , 20___, for the period from and including the Closing Date through and excluding
                    , 20___and (b) on the related LIBOR Determination Date with respect to each Interest Period
thereafter.

     “Class B Note Principal Balance” means, as of any date of determination, the Class B Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class B
Noteholders before such date.

     “Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note
Register.

     “Class B Notes” means any one of the Series ___Notes executed by the Issuer and authenticated
by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-2.

     “Closing Date” means                     , 20___.

     “Controlled Accumulation Amount” means, for any Distribution Date with respect to the
Controlled Accumulation Period, $                    ; provided, however, that if the Accumulation Period
Length is determined to be less than six months pursuant to Section 4.04(f), the Controlled
Accumulation Amount for each Distribution Date with respect to the Controlled Accumulation Period
will be equal to (a) the product of (i) the Initial Note Principal Balance, times (ii) the
Accumulation Period Factor for such Collection Period, divided by (b) the Required Accumulation
Factor Number.

     “Controlled Accumulation Period” means, unless an Amortization Event has occurred prior
thereto, the period beginning on the first day of the                      20___Collection Period or such later
date as is determined in accordance with Section 4.04(f) and ending on the earlier to occur of (a)
the close of business on the day immediately preceding the commencement of the Early Amortization
Period and (b) the end of the Collection Period immediately preceding the Distribution Date on
which the Note Principal Balance will be paid in full.

7

 

     “Controlled Deposit Amount” means, for any Distribution Date with respect to the Controlled
Accumulation Period, an amount equal to the sum of (a) the Controlled Accumulation Amount for such
Distribution Date and (b) any Deficit Controlled Accumulation Amount for the immediately preceding
Distribution Date.

     “Covered Amount” means, as of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to one-twelfth
of the product of (a) the amounts on deposit in the Principal Funding Account as of the immediately
preceding Distribution Date (excluding amounts relating to investment earnings and after giving
effect to any deposit therein on such preceding Distribution Date), times (b) one-month LIBOR plus
___% for the related Interest Period.

     “Dealer Overconcentration” means, for any Determination Date, the excess, if any, of (a) the
aggregate amount of the Issuer’s Principal Receivables arising in connection with all the Accounts
of a Dealer or a group of affiliated Dealers as of the last day of the related Collection Period,
over (b) ___% (or ___% in the case of Dealers affiliated with                      (or its successors in
interest)) of the Pool Balance as of the last day of such Collection Period (or, in either case, a
higher percentage so long as the Rating Agency Condition has been satisfied).

     “Defaulted Amount” means, for any Determination Date, an amount (never less than zero) equal
to (a) the amount of all Principal Receivables that became Defaulted Receivables during the related
Collection Period, plus (b) if applicable, the principal portion of any Interests in Other
Floorplan Assets that defaulted during the related Collection Period, minus (c) the amount of any
such Defaulted Receivables or such Interests in Other Floorplan Assets that, in each case, are
subject to reassignment to the Transferor[s] in accordance with the terms of the Transfer and
Servicing Agreement[s] (except that if an Insolvency Event occurs with respect to a Transferor, the
amount of such Defaulted Receivables that are subject to reassignment to [the]/[such] Transferor
will be zero), minus (d) the amount of any such Defaulted Receivables or such Interests in Other
Floorplan Assets that, in each case, are subject to assignment to the Servicer in accordance with
the terms of the Transfer and Servicing Agreement[s] (except that if an Insolvency Event occurs
with respect to the Servicer, the amount of such Defaulted Receivables that are subject to
assignment to the Servicer will be zero).

     “Deficit Controlled Accumulation Amount” means (a) for the first Distribution Date with
respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Accumulation
Amount for such first Distribution Date, over the amount deposited into the Principal Funding
Account on such first Distribution Date and (b) for each subsequent Distribution Date with respect
to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for
such subsequent Distribution Date, over the amount deposited into the Principal Funding Account on
such subsequent Distribution Date.

     “Distribution Date” means                     , 20___and the 15th day of each calendar month thereafter, or
if such 15th day is not a Business Day, the next succeeding Business Day.

8

 

     “Early Amortization Period” means the period beginning on the first day of the Collection
Period in which an Amortization Event with respect to Series ___occurs (or, if the Servicer is
required to make daily deposits of Collections into the Collection Account pursuant to Section
8.04(b) of the Indenture, on the day on which such an Amortization Event occurs) and ending on the
earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution
Date on which the Note Principal Balance will be paid in full and (b) the Series ___Final Maturity
Date.

     “Excess Interest Collections” has, with respect to Series ___, the meaning specified in Section
4.07.

     “Excess Transferor Percentage” means:

     (a) for allocating Interest Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the sum of the floating
investor percentages for all outstanding Series (including Series ___) with respect to such
Collection Period and (ii) the percentage equivalent of a fraction, the numerator of which
is the Trust Available Subordinated Amount as of the Determination Date occurring in the
immediately preceding Collection Period, and the denominator of which is the Adjusted Pool
Balance as of the close of business on the last day of the immediately preceding Collection
Period; and

     (b) for allocating Principal Collections with respect to any Collection Period, the
percentage (not less than 0%) equal to 100%, minus the sum of (i) the floating investor
percentages for all outstanding Series (including Series ___) that are in their revolving
periods with respect to such Collection Period and the fixed investor percentages for all
outstanding Series (including Series ___) that are not in their revolving periods with
respect to such Collection Period and (ii) the percentage equivalent of a fraction, the
numerator of which is the Trust Available Subordinated Amount as of the Determination Date
occurring in the immediately preceding Collection Period, and the denominator of which is
the Adjusted Pool Balance as of the close of business on the last day of the immediately
preceding Collection Period.

     “Expected Final Payment Date” means the                      20___ Distribution Date.

     “Fixed Investor Percentage” means, with respect to any Collection Period (or portion thereof
occurring after the end of the Revolving Period), the percentage equivalent (not to exceed 100%) of
a fraction (a) the numerator of which is the Invested Amount as of the close of business on the
last day of the Revolving Period and (b) the denominator of which is the greater of (i) the
Adjusted Pool Balance as of the close of business on the last day of the immediately preceding
Collection Period and (ii) the sum of the numerators used to calculate the applicable investor
percentages for allocating Principal Collections to all outstanding Series (including Series ___)
with respect to such Collection Period.

9

 

     “Floating Investor Percentage” means, with respect to any Collection Period or, the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Adjusted Invested
Amount as of the close of business on the last day of the immediately preceding Collection Period
(or with respect to the first Collection Period, the Initial Invested Amount) and (b) the
denominator of which is the Adjusted Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period (or with respect to the first Collection Period, the
Adjusted Pool Balance as of the Series Cut-Off Date).

     “Incremental Subordinated Amount” means, for any Determination Date, the product of:

     (a) a fraction, (i) the numerator of which is the greater of (A) zero and (B) an amount
equal to (1) the Adjusted Invested Amount as of the related Distribution Date (after giving
effect to any changes to be made in such amount on such Distribution Date), plus (2) the
product of the Initial Invested Amount multiplied by the excess of the Required Pool
Percentage over 100%, plus (3) the Required Subordinated Amount on such Determination Date
(without giving effect to the Incremental Subordinated Amount), minus (4) the Series ___
Excess Funding Amount as of such Determination Date (after giving effect to any changes in
such amount on such Determination Date) and (ii) the denominator of which is the Pool
Balance as of such Determination Date (or with respect to the first Collection Period, the
Pool Balance as of the Series Cut-Off Date); times

     (b) the Non-Conforming Receivable Amount as of such Determination Date.

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

     “Indenture
Supplement” means this Series ___ Indenture Supplement, as the same may be amended,
supplemented or otherwise modified from time to time.

     “Initial
Invested Amount” means, with respect to the Series ___ Notes, $                    .

     “Initial Note Principal Balance” means the sum of (a) the Class A Note Initial Principal
Balance, plus (b) the Class B Note Initial Principal Balance.

     “Interest Collections Shortfall” has, with respect to Series ___, the meaning specified in
Section 4.07.

     “Interest Period” means, with respect to any Distribution Date, the period from and including
the Distribution Date immediately preceding such Distribution Date (or, in the case of the first
Distribution Date, from and including the Closing Date) to but excluding such Distribution Date.

10

 

     [“Interest Rate Swap” means the ISDA Master Agreement, the Schedule to the Master Agreement
and the Confirmation, each dated as of                     , 20___, between                     . and the Issuer, and each
other interest rate swap agreement entered into by the Issuer with a Swap Counterparty in
connection with Series ___.]

     “Invested Amount” means, with respect to the Series ___Notes as of any date of determination,
an amount equal to (a) the Initial Note Principal Balance, minus (b) the aggregate amount of any
principal payments made to the Class A Noteholders and the Class B Noteholders before such date,
minus (c) the cumulative amount of unreimbursed Uncovered Reallocated Principal Collections
immediately before such date, minus (d) the cumulative amount of unreimbursed Investor Charge-Offs
immediately before such date.

     “Investor Charge-Offs” has the meaning specified in Section 4.05.

     “Investor Default Amount” means, with respect to any Distribution Date, an amount equal to the
product of (a) the Floating Investor Percentage for the related Collection Period, times (b) the
Defaulted Amount for such Collection Period.

     “Investor Interest Collections” means, with respect to any Distribution Date, an amount equal
to the product of (a) the Floating Investor Percentage for the related Collection Period, times (b)
the Interest Collections for such Collection Period.

     “Investor Percentage” means, with respect to any Collection Period (a) with respect to
Interest Collections and Defaulted Amounts at any time and Principal Collections during the
Revolving Period, the Floating Investor Percentage and (b) with respect to Principal Collections
during the Controlled Accumulation Period or the Early Amortization Period, the Fixed Investor
Percentage.

     “Investor Principal Collections” means, with respect to any Distribution Date, an amount equal
to the sum of (a) the product of (i) the Investor Percentage applicable for the related Collection
Period and (ii) Principal Collections for such Collection Period, (b) any Available Investor
Interest Collections, [Reserve Fund Available Amounts,] Excess Interest Collections from other
Series in Excess Interest Sharing Group One and Available Transferor Collections that, as provided
in Sections 4.04(a) and (b), are to be treated as Investor Principal Collections with respect to
such Distribution Date.

     “LIBOR” means, with respect to any Interest Period, the London interbank offered rate for
one-month United States dollar deposits determined by the Indenture Trustee for such Interest
Period pursuant to Section 4.12.

     “LIBOR Determination Date” means (a)                     , 20___for the period from and including the
Closing Date through but excluding                     , 20___and (b) the second London Business Day before the
commencement of each subsequent Interest Period.

11

 

     “London Business Day” means any Business Day on which dealings in deposits in United States
dollars are transacted in the London interbank market.

     “Manufacturer Overconcentration” means, for any Determination Date, either:

     (a) the excess, if any, of (i) the aggregate amount of the Issuer’s Principal Receivables
financed by Ford Credit through PRIMUS that relate to a particular Manufacturer (other than Ford or
one of its associated Manufacturers) with a long-term credit rating of at least “___” by Standard &
Poor’s and Fitch (if rated by Fitch), and “___” by Moody’s (if rated by Moody’s) as of the last day
of the related Collection Period, over (ii) ___% of the Pool Balance as of the last day of such
Collection Period (or a higher percentage so long as the Rating Agency Condition has been
satisfied); or

     (b) the excess, if any, of (i) the aggregate amount of the Issuer’s Principal Receivables
financed by Ford Credit through PRIMUS that relate to a particular Manufacturer (other than Ford or
one of its associated Manufacturers) with a long-term credit rating of “___” or lower by Standard &
Poor’s or unrated by Standard & Poor’s, or “___” or lower by Fitch (if rated by Fitch), or “___” or
lower by Moody’s (if rated by Moody’s) as of the last day of the related Collection Period, over
(ii) ___% of the Pool Balance as of the last day of such Collection Period (or a higher percentage
so long as the Rating Agency Condition has been satisfied).

     “Monthly Interest” means, with respect to any Distribution Date, the sum of (a) the Class A
Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date.

     “Monthly Principal Amount” means the monthly principal distributable in respect of the Series
___Notes as determined pursuant to Section 4.03.

     “Monthly Principal Payment Rate” means, with respect to any Collection Period, the percentage
equivalent of a fraction (a) the numerator of which is the Principal Collections with respect to
such Collection Period and (b) the denominator of which is the Pool Balance as of the first day of
such Collection Period.

     “Monthly Servicing Fee” means, with respect to any Distribution Date, an amount equal to
one-twelfth of the product of (a) the Servicing Fee Rate, (b) the Floating Investor Percentage for
the related Collection Period and (c) the total amount of Principal Receivables and, if applicable,
the principal portion of any Interests in Other Floorplan Assets as of the close of business on the
last day of the immediately preceding Collection Period, or with respect to the first Collection
Period, the total amount of Principal Receivables as of the Series Cut-Off Date, in either case,
excluding the principal portion of any Interests in Other Floorplan Assets owned by the Issuer that
are not serviced by the Servicer; provided that with respect to the first Distribution Date, the
Monthly Servicing Fee will equal $                    .

12

 

     “Non-Conforming Receivable Amount” means, for any Determination Date, the excess, if any, of:

     (a) the sum of (i) Principal Receivables constituting Ineligible Receivables for such
Determination Date, plus (ii) the aggregate amount of Dealer Overconcentrations,
Manufacturer Overconcentrations, PRIMUS Overconcentrations and Used Vehicle
Overconcentrations for such Determination Date; over

     (b) the sum of (i) Principal Receivables constituting Ineligible Receivables that
became Defaulted Receivables during the period beginning on the immediately preceding
Determination Date and ending on the day immediately preceding the current Determination
Date, plus (ii) the aggregate amount of Principal Receivables contributing to Dealer
Overconcentrations, Manufacturer Overconcentrations, PRIMUS Overconcentrations and Used
Vehicle Overconcentrations that, in each case, became Defaulted Receivables during the
period beginning on the immediately preceding Determination Date and ending on the day
immediately preceding the current Determination Date.

     “Note Principal Balance” means, as of any date of determination, the sum of (a) the Class A
Note Principal Balance on such date, plus (b) the Class B Note Principal Balance on such date.

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

     “Pool Balance” has the meaning specified in the Indenture.

     “PRIMUS” means PRIMUS Financial Services, a division of Ford Credit, and its successors and
predecessors in interest (including Primus Automotive Financial Services, Inc., a New York
corporation that was formerly a wholly-owned subsidiary of Ford Credit).

     “PRIMUS Overconcentration” means, for any Determination Date, the excess, if any, of (a) the
aggregate amount of the Issuer’s Principal Receivables financed by Ford Credit through PRIMUS that
relate to all Manufacturers (other than Ford or one of its associated Manufacturers) as of the last
day of the related Collection Period, over (b) ___% of the Pool Balance as of the last day of such
Collection Period (or a higher percentage so long as the Rating Agency Condition has been
satisfied).

     “Principal Funding Account” has the meaning specified in Section 4.10(a).

     “Principal Funding Account Cash Deposit Subaccount” has the meaning specified in Section
4.10(a).

13

 

     “Principal Funding Account Securities Subaccount” has the meaning specified in Section
4.10(a).

     “Principal Sharing Group One” means Series ___and each other Series specified in the related
Indenture Supplements to be included in Principal Sharing Group One.

     “Principal Shortfall” has, with respect to Series ___, the meaning specified in Section
4.08(a).

     “Principal Terms” has the meaning specified in the Indenture.

     “Rating Agency” means each of Standard & Poor’s, Fitch and Moody’s.

     “Rating Agency Condition” means the notification in writing by each of Moody’s, Standard &
Poor’s and Fitch to the Transferor[s], the Servicer and the Indenture Trustee that a proposed
action will not result in such Rating Agency reducing or withdrawing its then existing rating of
the investor note of any outstanding Series or Class of a Series with respect to which it is a
Rating Agency.

     “Reallocated Principal Collections” means, with respect to any Distribution Date, the amount
of Investor Principal Collections applied in accordance with Section 4.06 in an amount not to
exceed:

     (a) with respect to the Class A notes, the sum of the Available Subordinated Amount
plus the Class B Invested Amount for that Distribution Date (in each case after giving
effect to any change in that amount on that date); and

     (b) with respect to the Class B notes, the Available Subordinated Amount for that
Distribution Date (after giving effect to any change in that amount on that date).

     “Reassignment Amount” means, with respect to any Distribution Date, after giving effect to any
deposits and distributions otherwise to be made on such Distribution Date, the sum of (a) the Note
Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution
Date, together with any Monthly Interest previously due but not paid to the Series ___Noteholders
on prior Distribution Dates, plus (c) any Additional Interest for such Distribution Date[; plus (d)
any amounts owing to any Swap Counterparty].

     “Reference Banks” means four major banks in the London interbank market selected by the
Servicer.

     “Required Accumulation Factor Number” means a fraction, rounded upwards to the nearest whole
number, the numerator of which is one and the denominator of which is equal to the lowest Monthly
Principal Payment Rate on the Accounts, expressed as a decimal, for the twelve months preceding the
date of such calculation; provided, however, that this definition

14

 

may be changed at any time upon receipt by the Indenture Trustee of an Officer’s Certificate
from the Servicer that such change will not have an Adverse Effect.

     “Required Pool Percentage” means, ___%, except that the Transferor[s] may reduce this
percentage so long as the Rating Agency Condition is satisfied with respect to the Series ___Notes.

     “Required Subordinated Amount” means, as of any date of determination, the sum of:

     (a) the greater of (i) zero and (ii) the product of (A) the Subordinated Percentage,
times (B) the excess of the Adjusted Invested Amount over the Series ___Excess Funding
Amount on such date (after giving effect to any changes in such amount on such date); plus

     (b) the Incremental Subordinated Amount for such date.

     “Required Transferor Amount” has the meaning specified in the Indenture.

     [“Reserve Fund’’ has the meaning specified in Section 4.11(a).]

     [“Reserve Fund Available Amount” means, with respect to any Distribution Date, the lesser of
(a) the amount on deposit in the Reserve Fund on such date (excluding any net investment earnings
on amounts on deposit therein and before giving effect to any (i) deposit made or to be made
therein pursuant to Section 4.04(a) on such date or (ii) any withdrawal made or to be made
therefrom pursuant to Section 4.04(b)(iii) on such date) and (b) the Reserve Fund Required Amount
for such Distribution Date.]

     [“Reserve Fund Cash Deposit Subaccount” has the meaning specified in Section 4.11(a).]

     [“Reserve Fund Deposit Amount” means, with respect to any Distribution Date, the excess, if
any, of (a) the Reserve Fund Required Amount for such Distribution Date, over (b) the Reserve Fund
Available Amount for such Distribution Date.]

     [“Reserve Fund Initial Amount” means $                    .]

     [“Reserve Fund Required Amount” means, with respect to any Distribution Date, an amount equal
to the product of ___%, times the Adjusted Invested Amount on such Distribution Date (after giving
effect to any changes therein on such Distribution Date); provided, however, that the Reserve Fund
Required Amount for the Closing Date is the Reserve Fund Initial Amount; and, provided, further,
that for any Distribution Date with respect to the Early Amortization Period, the Reserve Fund
Required Amount for such Distribution Date will be the product of ___%, times the Initial Note
Principal Balance.]

     [“Reserve Fund Securities Subaccount” has the meaning specified in Section 4.11(a).]

15

 

     “Revolving Period” means the period beginning on the Closing Date and ending on the earlier of
the close of business on the day immediately preceding the date on which the Controlled
Accumulation Period or the Early Amortization Period commences.

     “Securities Intermediary” has the meaning specified in the Indenture.

     “Series ___” means the Series of Notes, the Principal Terms of which are specified in this
Indenture Supplement.

     “Series ___Amortization Event” has the meaning specified in Section 6.01.

     “Series ___Excess Funding Amount” means, as of any date of determination, the product of (a)
the amount on deposit in the Excess Funding Account (excluding amounts relating to investment
earnings) on such date, times (b) a fraction (i) the numerator of which is the Adjusted Invested
Amount as of such date and (ii) the denominator of which is the sum of the adjusted invested
amounts of each outstanding Series (including Series ___) being allocated a portion of the funds on
deposit in the Excess Funding Account.

     “Series ___Final Maturity Date” means the                      20___Distribution Date.

     “Series ___Note” means a Class A Note or a Class B Note.

     “Series ___Noteholder” means a Class A Noteholder or a Class B Noteholder.

     “Series
___Noteholders’ Collateral” means the Noteholders’ Collateral for Series ___.

     “Series Account Cash Deposit Subaccounts” means, with respect to Series ___, the Principal
Funding Account Securities Subaccount[, the Reserve Fund Cash Deposit Subaccount] and the
Accumulation Period Reserve Account Cash Deposit Subaccount.

     “Series Accounts” means, with respect to Series ___, the Principal Funding Account[, the
Reserve Fund] and the Accumulation Period Reserve Account.

     “Series Account Securities Subaccounts” means, with respect to Series ___, the Principal
Funding Account Securities Subaccount[, the Reserve Fund Securities Subaccount] and the
Accumulation Period Reserve Account Securities Subaccount.

     “Series Collateral” has the meaning specified in the Granting Clauses of this Indenture
Supplement.

     “Series Cut-Off Date” means the close of business on                     , 20 ___.

     “Servicing Fee Rate” means ___% per annum or such lesser percentage as may be specified by the
Servicer in an Officer’s Certificate delivered to the Indenture Trustee stating that, in the
reasonable belief of the Servicer, such change in percentage will not result in an Adverse Effect.

16

 

     “Shared Principal Collections” has, with respect to Series ___, the meaning specified in
Section 4.08.

     “Subordinated Percentage” means the percentage equivalent of a fraction (a) the numerator of
which is the Subordination Factor and (b) the denominator of which is the excess of 100%, over the
Subordination Factor.

     “Subordination Factor” means, for the Series ___Notes, ___%.

     [“Swap Counterparty” means                     , or its permitted successors and assigns, or any other
swap counterparty under an Interest Rate Swap.]

     “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate
Capital Markets Report (or such other page as may replace such page in that service for the purpose
of displaying comparable rates or prices).

     “Transferor Amount” has the meaning specified in the Indenture.

     “Transferor Interest Collections” means, with respect to any Collection Period, the product of
(a) the applicable Transferor Percentage for such Collection Period, times (b) the Interest
Collections for such Collection Period.

     “Transferor Percentage” has the meaning specified in the Indenture.

     “Transferor Principal Collections” means, with respect to any Collection Period, the product
of (a) the applicable Transferor Percentage for such Collection Period, times (b) the Principal
Collections for such Collection Period.

     “Trust Available Subordinated Amount” means, as of any date of determination, the sum of the
available subordinated amounts as of such date for all outstanding Series (including Series ___).

     “Uncovered Reallocated Principal Collections” has the meaning specified in Section 4.06.

     “Used Vehicle Overconcentration” means, for any Determination Date, the excess, if any, of (a)
the aggregate amount of the Issuer’s Principal Receivables relating to Used Vehicles as of the last
day of the related Collection Period, over (b)___% of the Pool Balance as of the last day of such
Collection Period (or a higher percentage so long as the Rating Agency Condition has been
satisfied).

17

 

     Section 2.02. Other Definitional Provisions.

     (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in
the Indenture, the Transfer and Servicing Agreement or the Trust Agreement, as applicable.

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

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

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

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

ARTICLE III

Servicing Fee

     Section 3.01. Servicing Compensation.

     The share of the Servicing Fee allocable to the Series ___Noteholders with respect to any
Distribution Date is equal to the Monthly Servicing Fee. The portion of the Servicing Fee that is
not allocable to the Series ___Noteholders will be paid by the holders of the Transferor Interest
or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no
event will the Issuer, the Indenture Trustee or the Series ___Noteholders be liable for the share
of

18

 

the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of
any other Series.

ARTICLE IV

Rights of Series ___Noteholders

and Allocation and Application of Collections

     Section 4.01. Collections and Allocations.

     (a) Allocations. As provided in Section 8.03(a) of the Indenture, Interest Collections and
Principal Collections, as well as Defaulted Receivables, will be allocated between Series ___and
the Transferor Interest and then applied in respect thereof pursuant to this Article IV.

     (b) Allocations to Transferor Interest. The Servicer will on each Deposit Date make the
following allocations to the Transferor Interest:

     (i) an amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Interest Collections for such Collection Period will be deducted
from the Transferor Interest Collections for such Collection Period and distributed to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with
the Trust Agreement;

     (ii) an amount equal to the product of the Excess Transferor Percentage for the related
Collection Period and the Principal Collections for such Collection Period will be deducted
from the Transferor Principal Collections for such Collection Period and distributed to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with
the Trust Agreement, but only to the extent that the Transferor Amount on such Deposit Date
(determined after giving effect to any Principal Receivables or, if applicable, Interests in
Other Floorplan Assets transferred to the Issuer) exceeds the Required Transferor Amount for
the immediately preceding Determination Date;

     (iii) an amount equal to the excess of (A) the Transferor Interest Collections for the
related Collection Period, over (B) the amount calculated pursuant to clause (i) above will
constitute “Available Transferor Interest Collections” for such Collection Period; and

     (iv) an amount equal to the excess of (A) the Transferor Principal Collections for the
related Collection Period, over (B) the amount calculated pursuant to clause (ii) above will
constitute “Available Transferor Principal Collections” for such Collection Period.

     Unless the Servicer is allocating pursuant to another method which satisfies the Rating Agency
Condition, the sum of Available Transferor Interest Collections and Available

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Transferor Principal Collections for any Collection Period (such sum being “Available
Transferor Collections” for such Collection Period) will be deposited into the Collection Account
for application as provided herein and in any other Indenture Supplements, but only to the extent
that (i) (A) such funds are needed to cover (pursuant to Section 4.04(b)(ii)) shortfalls in
distributions and deposits required to be made from Available Investor Interest Collections for the
related Distribution Date and Excess Interest Collections for such Distribution Date available for
the Series      Notes from other Series in Excess Interest Sharing Group One or (B) such funds are
needed to cover similar shortfalls for other Series or (ii) during an Early Amortization Period,
such funds (in an amount not to exceed the Available Subordinated Amount) are needed to cover
amounts payable pursuant to Section 4.04(d)(iii) for the related Distribution Date. Any remaining
Available Transferor Collections not required to be deposited into the Collection Account will be
distributed to the Owner Trustee for distribution to the holders of the Transferor Interest in
accordance with the Trust Agreement, but only to the extent that the Transferor Amount on such
Deposit Date (determined after giving effect to any Principal Receivables or, if applicable,
Interests in Other Floorplan Assets transferred to the Issuer) exceeds the Required Transferor
Amount for the immediately preceding Determination Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on the Distribution Date immediately following
such Determination Date).

     The allocations made from Collections in respect of the Transferor Interest pursuant to this
Section 4.01(b) do not apply to funds deposited into the Collection Account that do not represent
Collections. Such funds that do not represent Collections include payment of the purchase price for
the Noteholders’ Collateral pursuant to Section 2.03(c) or 6.01 of the Transfer and Servicing
Agreement[s] or Section 5.05 or 11.04 of the Indenture and payment of the purchase price for the
Series ___Noteholders’ Collateral pursuant to Section 7.01 of this Indenture Supplement.

     Notwithstanding anything to the contrary herein or in the Indenture, all Interest Collections
and Principal Collections relating to the time period from but excluding the Series Cut-Off Date to
but excluding the Closing Date, will not be subject to allocation to Series ___pursuant to the
Indenture or this Indenture Supplement. All such Collections will be allocated solely to the
Transferor Interest and will be distributed by the Servicer to the Owner Trustee for distribution
to the holders of the Transferor Interest in accordance with the Trust Agreement.

     (c) Allocations to Series  ___. The Servicer will on each Deposit Date allocate to the Series ___
Noteholders and deposit into the Collection Account for application as provided herein the
following amounts:

     (i) an amount equal to the product of the Floating Investor Percentage for the related
Collection Period and the Interest Collections for such Collection Period, but only to the
extent necessary to cause the amounts then on deposit in the Collection Account due to
deposits therein pursuant to this clause (i) to equal the amounts to be distributed on the
related Distribution Date pursuant to clauses (i) through (x) of Section 4.04(a); and

20

 

     (ii) an amount equal to the product of the Investor Percentage applicable for the
related Collection Period and the Principal Collections for such Collection Period, but only
to the extent necessary to cause the amounts then on deposit in the Collection Account due
to deposits therein pursuant to this clause (ii) to equal the amounts to be distributed on
the related Distribution Date pursuant to Section 4.04(b)(iv), (c) or (d), as applicable.

     Section 4.02. Determination of Monthly Interest.

     (a) The amount of monthly interest (the “Class A Monthly Interest”) distributable from the
Collection Account with respect to the Class A Notes on any Distribution Date will be an amount
equal to the product of (i) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (ii) the Class A Note Interest
Rate in effect with respect to the related Interest Period, times (iii) the Class A Note Principal
Balance as of the close of business on the last day of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer will determine the
excess, if any (such excess, the “Class A Interest Shortfall”), of (1) the Class A Monthly Interest
for such Distribution Date, over (2) the aggregate amount of funds allocated and available to pay
such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with
respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until
such Class A Interest Shortfall is fully paid, an additional amount (the “Class A Additional
Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of
days in the related Interest Period and the denominator of which is 360, times (ii) the Class A
Note Interest Rate in effect with respect to the related Interest Period, times (iii) such Class A
Interest Shortfall (including any unpaid Class A Interest Shortfalls for prior Distribution Dates)
will be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to
the contrary herein, the Class A Additional Interest will be payable or distributed to the Class A
Noteholders only to the extent permitted by applicable law.

     (b) The amount of monthly interest (the “Class B Monthly Interest”) distributable from the
Collection Account with respect to the Class B Notes on any Distribution Date will be an amount
equal to the product of (i) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (ii) the Class B Note Interest
Rate in effect with respect to the related Interest Period, times (iii) the Class B Note Principal
Balance as of the close of business on the last day of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer will determine the
excess, if any (such excess, the “Class B Interest Shortfall”), of (1) the Class B Monthly Interest
for such Distribution Date, over (2) the aggregate amount of funds allocated and available to pay
such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with
respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until
such Class B Interest Shortfall is fully paid, an additional amount (the “Class B Additional
Interest”) equal to the product of (i) a fraction, the numerator of which is

21

 

the actual number of days in the related Interest Period and the denominator of which is 360,
times (ii) the Class B Note Interest Rate in effect with respect to the related Interest Period,
times (iii) such Class B Interest Shortfall (including any unpaid Class B Interest Shortfalls for
prior Distribution Dates) will be payable as provided herein with respect to the Class B Notes.
Notwithstanding anything to the contrary herein, the Class B Additional Interest will be payable or
distributed to the Class B Noteholders only to the extent permitted by applicable law.

     Section 4.03. Determination of Monthly Principal Amount.

     The amount of monthly principal distributable from the Collection Account with respect to the
Notes on each Distribution Date (the “Monthly Principal Amount”), beginning with the Distribution
Date in the month following the month in which the Controlled Accumulation Period or, if earlier,
the Early Amortization Period, begins, will be equal to the least of (i) the Available Investor
Principal Collections with respect to such Distribution Date, (ii) for each Distribution Date with
respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Distribution
Date and (iii) the Adjusted Invested Amount as of such Distribution Date (after taking into account
any adjustments to be made on such Distribution Date pursuant to Sections 4.05 and 4.06).

     Section 4.04. Application of Available Funds on Deposit in Collection Account and Other
Sources.

     (a) On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee to
apply by written instruction to the Indenture Trustee, Available Investor Interest Collections with
respect to such Distribution Date on deposit in the Collection Account to make the following
distributions or deposits in the following priority:

     (i) an amount equal to the Class A Monthly Interest for such Distribution Date,
together with any Class A Monthly Interest previously due but not paid to the Class A
Noteholders on prior Distribution Dates and any Class A Additional Interest for such
Distribution Date, will be distributed to the Paying Agent for payment to the Class A
Noteholders;

     (ii) an amount equal to the Class B Monthly Interest for such Distribution Date,
together with any Class B Monthly Interest previously due but not paid to the Class B
Noteholders on prior Distribution Dates and any Class B Additional Interest for such
Distribution Date, will be distributed to the Paying Agent for payment to the Class B
Noteholders;

     (iii) [an amount equal to the payment owed by the Issuer to each Swap Counterparty
under the related Interest Rate Swap for such Distribution Date, together with any amounts
previously owed by the Issuer but not distributed to such Swap Counterparty on prior
Distribution Dates, will be distributed to such Swap Counterparty;]/[Reserved;]

22

 

     (iv) if Ford Credit or one of its Affiliates is no longer the Servicer, an amount equal
to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing
Fees previously due but not distributed to the Servicer on prior Distribution Dates, will be
distributed to the Servicer (unless such amount has been netted against deposits into the
Collection Account in accordance with Section 8.04(c) of the Indenture);

     (v) an amount equal to the Investor Default Amount for such Distribution Date will be
treated as Investor Principal Collections for such Distribution Date;

     (vi) [an amount equal to the Reserve Fund Deposit Amount for such Distribution Date
will be deposited into the Reserve Fund;]/[Reserved;]

     (vii) an amount equal to the sum of Investor Charge-Offs that have not been previously
reimbursed will be treated as Investor Principal Collections for such Distribution Date;

     (viii) an amount equal to the sum of Reallocated Principal Collections that have not
been previously reimbursed will be treated as Investor Principal Collections for such
Distribution Date;

     (ix) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal
to the Accumulation Period Reserve Account Deposit Amount for such Distribution Date will be
deposited into the Accumulation Period Reserve Account;

     (x) if Ford Credit or one of its Affiliates is the Servicer, an amount equal to the
Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing Fees
previously due but not distributed to the Servicer on prior Distribution Dates, will be
distributed to the Servicer (unless such amount has been netted against deposits into the
Collection Account in accordance with Section 8.04(c) of the Indenture);

     (xi) an amount equal to the excess of the Required Subordinated Amount over the
Available Subordinated Amount will be distributed to the Owner Trustee for distribution to
the holders of the Transferor Interest in accordance with the Trust Agreement to increase
the Available Subordinated Amount by the amount so distributed (unless such amount has been
netted against deposits into the Collection Account in accordance with Section 8.04(c) of
the Indenture);

     (xii) an amount equal to the Interest Collections Shortfalls for other outstanding
Series in Excess Interest Sharing Group One will be treated as Excess Interest Collections
available from Series ___and applied to cover the Interest Collections Shortfalls for other
outstanding Series in Excess Interest Sharing Group One; and

23

 

     (xiii) all remaining Available Investor Interest Collections for such Distribution Date
will be distributed to the Owner Trustee for distribution to the holders of the Transferor
Interest in accordance with the Trust Agreement (unless such amount has been netted against
deposits into the Collection Account in accordance with Section 8.04(c) of the Indenture).

     (b) If Available Investor Interest Collections with respect to any Distribution Date are
insufficient to distribute or deposit the full amounts required under certain of the clauses of
Section 4.04(a), the Servicer will apply, or cause the Indenture Trustee to apply by written
instructions to the Indenture Trustee, on such Distribution Date available funds from the following
sources in the following order to make up any shortfalls:

     (i) from Excess Interest Collections available from other outstanding Series in Excess
Interest Sharing Group One, but only to cover shortfalls in the distributions and deposits
required under clauses (i) through (xi) of Section 4.04(a) in that order;

     (ii) from Available Transferor Collections available for deposit into the Collection
Account, but only in an amount not exceeding the Available Subordinated Amount (before
giving effect to Section 4.05) for such Distribution Date and only to cover shortfalls in
the distributions and deposits required under clauses (i) through (viii) of Section 4.04(a)
in that order; provided that, if the amount of Available Transferor Collections is
insufficient to cover such shortfalls for Series ___, as well as any similar shortfalls for
other Series, then Available Transferor Collections will be allocated to Series ___based on
the ratio that the Available Subordinated Amount for Series ___bears to the aggregate
Available Subordinated Amount for all Series (including Series ___) having such shortfalls;
and, provided, further, that if the amount of Available Transferor Collections exceeds the
aggregate amount of such shortfalls for all Series (including Series ___), then the excess
Available Transferor Collections will be applied to cover any unpaid Adjustment Payments;

     (iii) [from the Reserve Fund Available Amount, but only to cover shortfalls in the
distributions and deposits required under clauses (i) through (v) of Section 4.03(a) in that
order;] and

     (iv) from the Reallocated Principal Collections for such Distribution Date, but only to
cover shortfalls in the distribution required under clauses (i) and (ii) of Section 4.04(a).

     (c) On each Distribution Date with respect to the Revolving Period, the Servicer will apply,
or cause the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available
Investor Principal Collections on deposit in the Collection Account with respect to such
Distribution Date to make the following distributions or deposits in the following priority:

24

 

     (i) such Available Investor Principal Collections will be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in accordance with
Section 4.08 hereof and Section 8.05(c) of the Indenture; and

     (ii) the balance of such Available Investor Principal Collections not applied pursuant
to clause (i) above will be distributed to the Owner Trustee for distribution to the holders
of the Transferor Interest in accordance with the Trust Agreement (unless such amount has
been netted against deposits into the Collection Account in accordance with Section 8.04(c)
of the Indenture), but only to the extent that such balance is not otherwise required to be
deposited into the Excess Funding Account pursuant to Section 8.03(b) of the Indenture.

     (d) On each Distribution Date with respect to the Controlled Accumulation Period or the Early
Amortization Period, the Servicer will apply, or cause the Indenture Trustee to apply by written
instruction to the Indenture Trustee, Available Investor Principal Collections on deposit in the
Collection Account with respect to such Distribution Date to make the following distributions or
deposits in the following priority:

     (i) during the Controlled Accumulation Period and before the payment in full of the
Class A Notes and the Class B Notes, (A) an amount equal to the excess, if any, of the
Monthly Principal Amount for such Distribution Date, over the Series ___Excess Funding
Amount (up to the Controlled Deposit Amount for such Distribution Date) will be deposited
into the Principal Funding Account and (B) the Series ___Excess Funding Amount (up to the
Controlled Deposit Amount for such Distribution Date) will be withdrawn from the Excess
Funding Account and deposited into the Principal Funding Account;

     (ii) so long as the Early Amortization Period has not commenced, on the Expected Final
Payment Date, all Available Investor Principal Collections for such Distribution Date,
together with all available amounts then on deposit in the Principal Funding Account
(including any Series ___Excess Funding Amount deposited therein during the related
Collection Period), will be distributed to the Paying Agent for payment first to the Class A
Noteholders until the Principal Balance of the Class A Notes is reduced to zero and then for
payment to the Class B Noteholders until the Principal Balance of the Class B Notes is
reduced to zero;

     (iii) during the Early Amortization Period, all Available Investor Principal
Collections for such Distribution Date, together with all available amounts, if any, then on
deposit in the Principal Funding Account (including any Series ___Excess Funding Amount
deposited therein during the related Collection Period or on such Distribution Date and
Available Transferor Collections (in an amount not to exceed the Available Subordinated
Amount)), will be distributed to the Paying Agent first for payment to the Class A
Noteholders until the Principal Balance of the Class A Notes is reduced to zero

25

 

and then for payment to the Class B Noteholders until the Principal Balance of the
Class B Notes is reduced to zero; and

     (iv) the balance of such Available Investor Principal Collections will be treated as
Shared Principal Collections with respect to Principal Sharing Group One and applied in
accordance with Section 4.08 hereof and Section 8.05(c) of the Indenture.

     (e) On each Distribution Date with respect to the Controlled Accumulation Period, the
Indenture Trustee, acting in accordance with written instructions from the Servicer, will withdraw
from the Excess Funding Account and deposit into the Principal Funding Account the Series ___Excess
Funding Amount (up to the Controlled Deposit Amount for such Distribution Date) pursuant to Section
4.04(d)(i). On the first Distribution Date with respect to the Early Amortization Period, the
Indenture Trustee, acting in accordance with the written instructions from the Servicer, will
withdraw from the Excess Funding Account and distribute to the Paying Agent for payment to the
Series ___Noteholders the Series ___Excess Funding Amount pursuant to Section 4.04(d)(iii).

     (f) The Controlled Accumulation Period is scheduled to commence on the first day of the
                     20___Collection Period; provided, however, that, if the Accumulation Period Length
(determined as described below) is less than six Collection Periods, the date on which the
Controlled Accumulation Period actually commences will be delayed to the first day of the
Collection Period that is the number of whole Collection Periods before the Expected Final Payment
Date at least equal to the Accumulation Period Length and, as a result, the number of Collection
Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length.
On or before each Determination Date beginning with the Determination Date in the                      20___
Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will
determine the “Accumulation Period Length,” which will equal the number of whole Collection Periods
such that the sum of the Accumulation Period Factors for each Collection Period during such period
will be equal to or greater than the Required Accumulation Factor Number; provided, however, that
the Accumulation Period Length will not be determined to be less than one Collection Period; and
provided, further, that the determination of the Accumulation Period Length may be changed at any
time upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such
change will not have an Adverse Effect.

     Section 4.05. Investor Charge-Offs.

     On each Determination Date, the Servicer will calculate the Investor Default Amount, if any,
for the related Distribution Date. If the Investor Default Amount for any Distribution Date exceeds
the sum of:

     (i) the Available Investor Interest Collections for such Distribution Date applied to
fund such Investor Default Amount pursuant to Section 4.04(a)(v);

26

 

     (ii) the Excess Interest Collections available from other outstanding Series in Excess
Interest Sharing Group One for such Distribution Date applied to fund such Investor Default
Amount pursuant to Section 4.04(a)(v) in accordance with Section 4.04(b)(i);

     (iii) the Available Transferor Collections retained in the Collection Account for such
Distribution Date applied to fund such Investor Default Amount pursuant to Section
4.04(a)(v) in accordance with Section 4.04(b)(ii); and

     (iv) [the Reserve Fund Available Amount for such Distribution Date applied to fund such
Investor Default Amount pursuant to Section 4.04(a)(v) in accordance with Section
4.04(b)(iii);]

     then, if the Available Subordinated Amount is greater than zero (after giving effect to any
reductions thereof pursuant to Section 4.04(b)(ii)), a portion of the Available Subordinated Amount
for the related Determination Date, in an amount not to exceed the lesser of (1) the Available
Subordinated Amount and (2) the amount of such unfunded Investor Default Amount, will be
reallocated to the Series ___Notes in order to avoid a reduction of the Invested Amount. Any excess
of the amount of such unfunded Investor Default Amount over the amount of the Available
Subordinated Amount reallocated pursuant to this Section will constitute an “Investor Charge-Off”
for such Distribution Date and will reduce the Invested Amount. The amount of any Available
Subordinated Amount reallocated pursuant to this Section will reduce the Available Subordinated
Amount by the amount so reallocated.

     Section 4.06. Reallocated Principal Collections.

     On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee by written
instruction to the Indenture Trustee to withdraw from the Collection Account and apply, Reallocated
Principal Collections with respect to such Distribution Date and apply such amounts on such
Distribution Date in accordance with Section 4.04(b)(iv). If, on any Distribution Date,
Reallocated Principal Collections for such Distribution Date are so applied, then, if the Available
Subordinated Amount is greater than zero (after giving effect to any reductions thereof pursuant to
Sections 4.04(b)(ii) and 4.05), a portion of the Available Subordinated Amount, in an amount not to
exceed the lesser of (1) the Available Subordinated Amount and (2) the amount of such Reallocated
Principal Collections, will be reallocated to the Series ___Notes in order to avoid a reduction of
the Invested Amount. Any excess of the amount of such Reallocated Principal Collections over the
amount of the Available Subordinated Amount reallocated pursuant to this Section will constitute
“Uncovered Reallocated Principal Collections” for such Distribution Date and will reduce the
Invested Amount. The amount of any Available Subordinated Amount reallocated pursuant to this
Section will reduce the Available Subordinated Amount by the amount so reallocated.

27

 

     Section 4.07. Excess Interest Collections.

     Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to the
Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date will
be allocated to Series ___in an amount equal to the product of (i) the aggregate amount of Excess
Interest Collections with respect to all the Excess Interest Sharing Series in Excess Interest
Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which is the
Interest Collections Shortfall for Series ___for such Distribution Date and the denominator of
which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest
Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The “Interest
Collections Shortfall” for Series ___for any Distribution Date will equal the excess, if any, of
(a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (xi)
of Section 4.04(a) on such Distribution Date, over (b) the Available Investor Interest Collections
for such Distribution Date. The “Excess Interest Collections” with respect to Series ___for any
Distribution Date will equal the excess, if any, of (a) the Available Investor Interest Collections
for such Distribution Date, over (b) the full amount required to be distributed, without
duplication, pursuant to clauses (i) through (xi) of Section 4.04(a) on such Distribution Date.

     Section 4.08. Shared Principal Collections.

     Subject to Section 8.05(c) of the Indenture, the aggregate amount of Shared Principal
Collections with respect to the Principal Sharing Series in Principal Sharing Group One for any
Distribution Date will be allocated to Series ___in an amount equal to the product of (i) such
aggregate amount, times (ii) a fraction, the numerator of which is the Principal Shortfall for
Series ___for such Distribution Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One for such
Distribution Date. The “Principal Shortfall” for Series ___for any Distribution Date will equal (a)
for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date
with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Distribution Date, over the amount of Available Investor Principal
Collections for such Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections) and (c) for any Distribution Date with respect to the Early Amortization
Period, the excess, if any, of the Adjusted Invested Amount, over the amount of Available Investor
Principal Collections for such Distribution Date (excluding any portion thereof attributable to
Shared Principal Collections). The “Shared Principal Collections” with respect to Series ___for any
Distribution Date will equal the excess, if any, of (a) the Available Investor Principal
Collections for such Distribution Date (without giving effect to clause (a)(ii) of the definition
thereof), over (b) the full amount required to be deposited or distributed, without duplication,
pursuant to Sections 4.04(c) and (d) on such Distribution Date.

     Section 4.09. Available Subordinated Amount.

     (a) On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee by
written instruction to the Indenture Trustee to withdraw the Available Transferor Collections

28

 

on deposit in the Collection Account with respect to such Distribution Date and apply, such
amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii).
The amount of any such Available Transferor Collections so applied on any Distribution Date will
reduce the Available Subordinated Amount by the amount so applied. The balance of Available
Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving
effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be
distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner
Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust
Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any
Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the
Issuer on such Distribution Date) exceeds the Required Transferor Amount for the immediately
preceding Determination Date. In addition, during an Early Amortization Period, Available
Transferor Collections, to the extent of the Available Subordinated Amount, will be available for
distribution in accordance with Section 4.04(d)(iii). However, the amount of any such Available
Transferor Collections so applied on any Distribution Date will not reduce the Available
Subordinated Amount by the amount so applied.

     (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order
to avoid a reduction of the Invested Amount pursuant to (i) unfunded Investor Default Amounts
pursuant to Section 4.05 or (ii) Reallocated Principal Collections pursuant to Section 4.06. The
amount of the Available Subordinated Amount so reallocated on any Distribution Date will reduce the
Available Subordinated Amount by the amount so reallocated.

     (c) Notwithstanding any other provision herein, the Transferor[s] may elect to increase the
Available Subordinated Amount; provided that the cumulative amount of such increases pursuant to
this Section 4.09(c) does not exceed ___% of the Initial Note Principal Balance.

     Section 4.10. Principal Funding Account.

     (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain
with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the
Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Principal Funding Account”). The Principal Funding Account will consist of two
segregated subaccounts: (i) the “Principal Funding Account Securities Subaccount” to which
financial assets (other than cash and money) credited to the Principal Funding Account will be
credited and (ii) the “Principal Funding Account Cash Deposit Subaccount” to which cash and money
deposited in the Principal Funding Account will be credited. The Indenture Trustee will possess all
right, title and interest in all Eligible Investments and all monies, cash, instruments,
securities, securities entitlements, documents, certificates of deposit and other property from
time to time on deposit in or credited to the Principal Funding Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment

29

 

purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in
this Indenture Supplement and the Transfer and Servicing Agreement[s], the Servicer agrees that it
has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds
and other property held in the Principal Funding Account for any amount owed to it by the Indenture
Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any time, (x) the Principal
Funding Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains
the Principal Funding Account, then within ten Business Days (or such longer period as to which
each Rating Agency may consent), the Indenture Trustee (or the Servicer on its behalf) will
establish a new Principal Funding Account meeting the conditions specified above, transfer any
monies, instruments, securities, security entitlements, documents, certificates of deposit and
other property to such new Principal Funding Account and from the date such new Principal Funding
Account is established, it will be the “Principal Funding Account.” Any Eligible Institution at
which the successor Principal Funding Account is established shall deliver a written acceptance of
its appointment and shall agree to be bound by the provisions in the Indenture relating to the
Securities Intermediary and the Bank as they relate to the Principal Funding Account. The Indenture
Trustee, at the written direction of the Servicer, will (i) make withdrawals from the Principal
Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture
Supplement and (ii) on each Distribution Date (from and after the commencement of the Controlled
Accumulation Period) before the earlier of payment in full of the Series ___ Notes and the Series ___
Final Maturity Date, make deposits into the Principal Funding Account in the amounts specified in,
and in accordance with, Section 4.04(d)(i).

     (b) Funds on deposit in the Principal Funding Account will, at the written direction of the
Servicer, be invested by the Indenture Trustee or its nominee (including the Securities
Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will
be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture
Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a
securities intermediary) and will be credited to the Principal Funding Account Securities
Subaccount. Funds on deposit in the Principal Funding Account will be invested in Eligible
Investments that will mature so that such funds will be available no later than the following
Distribution Date. On each Distribution Date, all interest and other investment earnings (net of
losses and investment expenses) on funds on deposit in the Principal Funding Account will be
treated as Available Investor Interest Collections with respect to the last day of the related
Collection Period. The Indenture Trustee will bear no responsibility or liability for any losses
resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor
for the selection of Eligible Investments in accordance with the provisions of this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement[s].

     Section 4.11. [Reserve Fund].

     (a) [The Indenture Trustee, for the benefit of the Series ___Noteholders, will establish and
maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf
of the Issuer, a Qualified Account (including any subaccounts thereof) bearing a

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designation clearly indicating that the funds and other property credited thereto are held for
the benefit of the Series ___ Noteholders (the “Reserve Fund”). The Reserve Fund will consist of
two segregated subaccounts: (i) the “Reserve Fund Securities Subaccount” to which financial assets
(other than cash and money) credited to the Reserve Fund will be credited and (ii) the “Reserve
Fund Cash Deposit Subaccount” to which cash and money deposited in the Reserve Fund will be
credited. The Indenture Trustee will possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the
Reserve Fund and in all interest, proceeds, earnings, income, revenue, dividends and other
distributions thereof (including any accrued discount realized on liquidation of any investment
purchased at a discount) for the benefit of the Series ___ Noteholders. Except as expressly provided
in this Indenture Supplement and the Transfer and Servicing Agreement[s], the Servicer agrees that
it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any
funds and other property held in the Reserve Fund for any amount owed to it by the Indenture
Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any time, (x) the Reserve Fund
ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Reserve Fund,
then within ten Business Days (or such longer period as to which each Rating Agency may consent),
the Indenture Trustee (or the Servicer on its behalf) will establish a new Reserve Fund meeting the
conditions specified above, transfer any monies, instruments, securities, security entitlements,
documents, certificates of deposit and other property to such new Reserve Fund and from the date
such new Reserve Fund is established, it will be the “Reserve Fund.” Any Eligible Institution at
which the successor Reserve Fund is established will deliver a written acceptance of its
appointment and will agree to be bound by the provisions in the Indenture relating to the
Securities Intermediary and the Bank as they relate to the Reserve Fund. The Indenture Trustee, at
the written direction of the Servicer, will make deposits to and withdrawals from the Reserve Fund
from time to time, in the amounts and for the purposes set forth in this Indenture Supplement.

     (b) Funds on deposit in the Reserve Fund will, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in
Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the
Indenture Trustee or its nominee for the benefit of the Series ___Noteholders. The Indenture
Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a
securities intermediary) and will be credited to the Reserve Fund Securities Subaccount. Funds on
deposit in the Reserve Fund will be invested in Eligible Investments that will mature so that such
funds will be available no later than the following Distribution Date. On each Distribution Date,
all interest and other investment earnings (net of losses and investment expenses) on funds on
deposit in the Reserve Fund will be treated as Available Investor Interest Collections for such
Distribution Date. The Indenture Trustee will bear no responsibility or liability for any losses
resulting from investment or reinvestment of any funds in accordance with this Section 4.11(b) nor
for the selection of Eligible Investments in accordance with the provisions of this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement[s].

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     (c) The Reserve Fund will be funded by the Transferor[s] on the Closing Date in the amount of
the Reserve Fund Initial Amount, and will be increased and decreased thereafter as described
herein.

     (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to
the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts relating to
investment earnings) exceeds the Reserve Fund Required Amount then in effect, the Indenture Trustee
will, at the written direction of the Servicer, distribute such excess to the Owner Trustee for
distribution to the holders of the Transferor Interest in accordance with the Trust Agreement.

     (e) Upon the earlier to occur of the date on which the Series ___Notes are paid in full and
the Series Final Maturity Date, any funds remaining in the Reserve Fund, after giving effect to any
deposits and withdrawals made therefrom on such date, will be treated as Available Investor
Principal Collections. The Reserve Fund will thereafter be deemed to have terminated for purposes
of this Indenture Supplement.]

     Section 4.12. Determination of LIBOR.

     (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR on the basis
of the rate for deposits in United States dollars for a one-month period which appears on Telerate
Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate
Page 3750, the rate for that LIBOR Determination Date will be determined on the basis of the rates
at which deposits in United States dollars are offered by the Reference Banks at approximately
11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month
period. The Indenture Trustee will request the principal London office of each of the Reference
Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate
for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, the rate for that LIBOR Determination Date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at
approximately 11:00 a.m. (New York City time) on that day for loans in United States dollars to
leading European banks for a one-month period.

     (b) The Class A Note Interest Rate and the Class B Note Interest Rate applicable to the then
current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its Corporate Trust Office at (___) ___-___or such other telephone number as may be
designated by the Indenture Trustee for such purpose by prior written notice by the Indenture
Trustee to each Noteholder from time to time. Alternatively, in lieu of providing such written
notice, the Indenture Trustee may make notice of such change in telephone number available to the
Series ___Noteholders through the Indenture Trustee’s internet website, which initially is located
at http://www.                    .

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     (c) On each LIBOR Determination Date, the Indenture Trustee will send to the Servicer, the
Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following
Interest Period.

     Section 4.13. Accumulation Period Reserve Account.

     (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain
with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the
Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Accumulation Period Reserve Account”). The Accumulation Period Reserve Account
will consist of two segregated subaccounts: (i) the “Accumulation Period Reserve Account Securities
Subaccount” to which financial assets (other than cash and money) credited to the Accumulation
Period Reserve Account will be credited and (ii) the “Accumulation Period Reserve Account Cash
Deposit Subaccount” to which cash and money deposited in the Accumulation Period Reserve Account
will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the
Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue,
dividends and other distributions thereof (including any accrued discount realized on liquidation
of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly
provided in this Indenture Supplement and the Transfer and Servicing Agreement[s], the Servicer
agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct
from, any funds and other property held in the Accumulation Period Reserve Account for any amount
owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any
time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the
Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten
Business Days (or such longer period as to which each Rating Agency may consent), the Indenture
Trustee (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account
meeting the conditions specified above, transfer any monies, instruments, securities, security
entitlements, documents, certificates of deposit and other property to such new Accumulation Period
Reserve Account and from the date such new Accumulation Period Reserve Account is established, it
will be the “Accumulation Period Reserve Account.” Any Eligible Institution at which the successor
Accumulation Period Reserve Account is established shall deliver a written acceptance of its
appointment and shall agree to be bound by the provisions in the Indenture relating to the
Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The
Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the
Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set
forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the
Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation
Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve
Account in the amount of the Accumulation

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Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest
Collections for such Distribution Date as applied in accordance with Section 4.04(a)(ix) and (2)
Excess Interest Collections available from other outstanding Series in Excess Interest Sharing
Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).

     (b) Funds on deposit in the Accumulation Period Reserve Account will, at the written direction
of the Servicer, be invested by the Indenture Trustee or its nominee (including the Securities
Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will
be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture
Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a
securities intermediary) and will be credited to the Accumulation Period Reserve Account Securities
Subaccount. Funds on deposit in the Accumulation Period Reserve Account will be invested in
Eligible Investments that will mature so that such funds will be available no later than the
following Distribution Date. On each Distribution Date, all interest and other investment earnings
(net of losses and investment expenses) on funds on deposit in the Accumulation Period Reserve
Account will be treated as Available Investor Interest Collections with respect to the last day of
the related Collection Period. The Indenture Trustee will bear no responsibility or liability for
any losses resulting from investment or reinvestment of any funds in accordance with this Section
4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of this
Indenture Supplement, the Indenture or the Transfer and Servicing Agreement[s].

     (c) On or before each Distribution Date with respect to the Controlled Accumulation Period and
on or before the first Distribution Date with respect to the Early Amortization Period beginning
after the commencement of the Controlled Accumulation Period, the Servicer will calculate the
Accumulation Period Reserve Draw Amount; provided, however, that such amount will be reduced to the
extent that funds otherwise would be available for deposit into the Accumulation Period Reserve
Account pursuant to Sections 4.04(a)(ix) and 4.04(b)(i) on such Distribution Date. If for any
Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the
Accumulation Period Reserve Draw Amount, up to the Available Accumulation Period Reserve Account
Amount, will be withdrawn from the Accumulation Period Reserve Account on such Distribution Date by
the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and
deposited into the Collection Account for application as Available Investor Interest Collections.

     (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to
the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve
Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the
Indenture Trustee will, at the written direction of the Servicer, distribute such excess to the
Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the
Trust Agreement.

     (e) Upon the earliest to occur of (i) the payment in full of the Series ___Notes, (ii) the
first Distribution Date relating to the Early Amortization Period and (iii) the Final Maturity
Date,

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any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds
therefrom on such date in accordance with Section 4.13(c), will be treated as Available Investor
Interest Collections. The Accumulation Period Reserve Account will thereafter be deemed to have
terminated for purposes of this Indenture Supplement.

     Section 4.14. Investment Instructions.

     Any investment instructions required to be given to the Indenture Trustee pursuant to the
terms hereof must be given to the Indenture Trustee by no later than 10:00 a.m. (New York City
time) on the date such investment is to be made. Any such investment instructions may be in the
form of standing instructions given to the Indenture Trustee by the Servicer. In the event the
Indenture Trustee receives such investment instructions later than such time, the Indenture Trustee
may, but is not obligated to, make such investment. In the event the Indenture Trustee is unable to
make an investment required in any investment instructions received by the Indenture Trustee after
10:00 a.m. (New York City time) on such day, such investment will be made by the Indenture Trustee
on the next succeeding Business Day. In no event will the Indenture Trustee be liable for any
investment not made pursuant to investment instructions received after 10:00 a.m. (New York City
time) on the day such investment is requested to be made.

ARTICLE V

Delivery of Series ___Notes;

Distributions; Reports to Series ___Noteholders

     Section 5.01. Delivery and Payment for Series ___Notes.

     The Indenture Trustee will execute and authenticate the Series ___Notes in accordance with
Section 2.03 of the Indenture. The Indenture Trustee will deliver the Series ___Notes to or upon
the order of the Issuer when so authenticated.

     Section 5.02. Distributions.

     (a) On each Distribution Date, the Paying Agent will distribute to each Class A Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such
Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay interest on the Class A Notes pursuant to this Indenture
Supplement.

     (b) On each Distribution Date, the Paying Agent will distribute to each Class A Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such
Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay principal of the Class A Notes pursuant to this
Indenture Supplement.

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     (c) On each Distribution Date, the Paying Agent will distribute to each Class B Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such
Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay interest on the Class B Notes pursuant to this Indenture
Supplement.

     (d) On each Distribution Date, the Paying Agent will distribute to each Class B Noteholder of
record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such
Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay principal of the Class B Notes pursuant to this
Indenture Supplement.

     (e) The distributions to be made pursuant to this Section are subject to the provisions of
Sections 2.03(c) and 6.01 of the Transfer and Servicing Agreement[s], Section 11.02 of the
Indenture and Section 7.01 of this Indenture Supplement.

     (f) Except as provided in Section 11.02 of the Indenture with respect to a final distribution,
distributions to Series ___Noteholders hereunder will be made by (i) check mailed to each Series ___
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with
respect to any Series ___Notes registered in the name of the nominee of a Clearing Agency, such
distribution will be made in immediately available funds and (ii) without presentation or surrender
of any Series ___Note or the making of any notation thereon.

     (g) The Indenture Trustee will have no duty to make any deposits or distributions or any other
payments under this Indenture Supplement unless and until it has received written instructions from
the Servicer as to such deposits, distributions and payments.

     Section 5.03. Reports and Statements to Series ___Noteholders.

     (a) On each Distribution Date, the Paying Agent, on behalf of the Indenture Trustee, will mail
or deliver to each Series ___Noteholder a statement substantially in the form of Exhibit B prepared
by the Servicer; provided, however, that, in lieu of the Paying Agent’s mailing or delivering such
statement, the Indenture Trustee may make such statement available to the Series ___Noteholders
through the Indenture Trustee’s internet website, which initially is located at
http://www.                    .

     (b) No later than the second Business Day preceding each Distribution Date, the Servicer will
mail or deliver to the Owner Trustee, the Indenture Trustee, the Paying Agent and each Rating
Agency (i) a statement substantially in the form of Exhibit B prepared by the Servicer and (ii) a
certificate of an Authorized Officer substantially in the form of Exhibit C; provided that the
Servicer may amend the form of Exhibit B and Exhibit C from time to time.

     (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be
obtained by any Series ___Noteholder by a request in writing to the Servicer.

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     (d) On or before January 31 of each calendar year, beginning with calendar year 20___, the
Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each
Person who at any time during the preceding calendar year was a Series ___Noteholder, a statement
prepared by the Servicer containing the information that is required to be contained in the
statements to the Series ___Noteholders, as set forth in Section 5.03(a), aggregated for the
preceding calendar year, together with other information as is required to be provided by an issuer
of indebtedness under the Code; provided, however, that, in lieu of the Paying Agent’s mailing or
delivering such statement, the Indenture Trustee may make such statement available to the Series ___
Noteholders through the Indenture Trustee’s internet website, which initially is located at
http://www.                    . Such obligation of the Servicer will be deemed to have been satisfied to the
extent that substantially comparable information is provided by the Paying Agent pursuant to any
requirements of the Code as from time to time in effect.

ARTICLE VI

Series ___Amortization Events

     Section 6.01. Series ___Amortization Events.

     If any one of the following events occurs with respect to the Series ___Notes:

     (i) failure by [the]/[either] Transferor (a) to make any payment or deposit required by
the terms of the related Transfer and Servicing Agreement, the Indenture or this Indenture
Supplement on or before the date occurring five Business Days after the date such payment or
deposit is required to be made therein or herein or (b) to observe or perform in any
material respect any other covenants or agreements of [the]/[such] Transferor set forth in
the [related] Transfer and Servicing Agreement, the Indenture or this Indenture Supplement
that has an Adverse Effect on the Series ___Noteholders and continues unremedied for a
period of 60 days after the date on which written notice of such failure, requiring the same
to be remedied, has been given to [the]/[such] Transferor by the Indenture Trustee, or to
[the]/[such] Transferor and the Indenture Trustee by any Holder of the Series ___Notes, and,
in either case, continues to affect materially and adversely the interests of the Series ___
Noteholders for the designated period;

     (ii) any representation or warranty made by [the]/[either] Transferor in the [related]
Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, or any
information contained in a computer file or other list required to be delivered by
[the]/[such] Transferor pursuant to the [related] Transfer and Servicing Agreement proves to
have been incorrect in any material respect when made or when delivered, which continues to
be incorrect in any material respect for a period of 60 days after the date on which written
notice of such failure, requiring the same to be remedied, has been given to [the]/[such]
Transferor by the Indenture Trustee, or to [the]/[such] Transferor and the Indenture Trustee
by any Holder of the Series ___Notes and as a result of which the interests of the Series ___
Noteholders are materially and adversely affected and continue

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to be affected materially and adversely for the designated period; provided, however,
that a Series      Amortization Event pursuant to this clause (ii) will not be deemed to have
occurred hereunder if [the]/[such] Transferor has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in accordance with
the provisions of the related Transfer and Servicing Agreement;

     (iii) any Servicer Default occurs that has an Adverse Effect on the Series ___
Noteholders;

     (iv) the Note Principal Balance is not paid in full on the Expected Final Payment Date;

     (v) the average of the Monthly Principal Payment Rates for the three preceding
Collection Periods is less than ___%;

     (vi) on any Determination Date, the Available Subordinated Amount for the next
succeeding Distribution Date is less than the Required Subordinated Amount after giving
effect to any distributions to be made on such Distribution Date, and continues unremedied
for a period of five Business Days after such Distribution Date; [provided that, for the
purpose of determining whether a Series ___Amortization Event has occurred pursuant to this
clause (vi), any reduction of the Available Subordinated Amount resulting from reallocations
of the Available Transferor Collections to pay interest on the Series ___notes in the event
LIBOR is equal to or greater than the prime rate upon which interest on the receivables is
calculated on the applicable LIBOR Determination Date will be considered a Series ___
Amortization Event only if LIBOR remains equal to or greater than such prime rate for the
next 30 consecutive days following such LIBOR determination date;]

     (vii) the amounts on deposit in the Excess Funding Account exceed ___% of the sum of the
adjusted invested amounts of all outstanding Series (including Series ___) for three
consecutive Collection Periods, after giving effect to any distributions to be made on each
related Distribution Date; or

     (viii) the occurrence of an Event of Default with respect to Series ___and an
acceleration of the maturity of the Series ___Notes pursuant to Section 5.03 of the
Indenture.

     then, in the case of any event described in clauses (i) through (iii) above, after any
applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the
Outstanding Amount of Series ___Notes by notice then given in writing to the Transferor[s] and the
Servicer (and to the Indenture Trustee if given by the Series ___Noteholders) may declare that an
amortization event with respect to the Series ___Notes (a “Series ___Amortization Event”) has
occurred as of the date of such notice, and, in the case of any event described in clauses (iv)
through (viii) above, a Series ___Amortization Event, will occur without any notice or other

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action on
the part of the Indenture Trustee or the Series
     Noteholders immediately upon the
occurrence of the event.

ARTICLE VII

Redemption of Series ___Notes; Series Final Maturity; Final Distributions

     Section 7.01. Optional Redemption of Series ___Notes.

     (a) On any day occurring on or after the date on which the Note Principal Balance is reduced
to ___% or less of the Initial Note Principal Balance, the Transferor[s] holding an aggregate
Percentage Interest of at least ___% will have the option to purchase the Series ___Noteholders’
Collateral and thereby cause a redemption of the Series ___Notes, at a purchase price equal to (i)
if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if
such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following
such day.

     (b) Upon any such election, the Transferor[s] will give the Servicer, the Indenture Trustee,
the Issuer and, if applicable, other holders of the Transferor Interest at least 30 days prior
written notice of the date on which the Transferor[s] intend[s] to exercise such optional
redemption and the Indenture Trustee shall provide notice to Holders of the Series ___Notes that it
has received such notice from the Transferor[s]. No later than 12:00 noon (New York City time) on
such day the Transferor[s] will deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such redemption option is subject to payment in full of the
Reassignment Amount. Following such deposit into the Collection Amount in accordance with the
foregoing, the Invested Amount of the Series ___Notes will be deemed reduced to zero and the Series
___Noteholders will be deemed to have no further interest in the Receivables or, if applicable,
Interests in Other Floorplan Assets. The Reassignment Amount will be distributed as set forth in
Section 7.02.

     Section 7.02. Series Final Maturity.

     (a) The amount to be paid by the Transferor[s] with respect to Series ___in connection with a
reassignment of the Noteholders’ Collateral pursuant to Section 2.03(c) or 6.01 of the Transfer and
Servicing Agreement[s] will be the Reassignment Amount for the first Distribution Date following
the Collection Period in which the reassignment obligation arises under the Transfer and Servicing
Agreement[s]. With respect to the Reassignment Amount deposited into the Collection Account
pursuant to Section 2.03(c) or 6.01 of the Transfer and Servicing Agreement[s] or pursuant to
Section 7.01 of this Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to
Section 5.05 of the Indenture, the Indenture Trustee will, in accordance with the written direction
of the Servicer, no later than 12:00 noon (New York City time) on the related Distribution Date,
make deposits or distributions of the following amounts (in the priority set forth below and, in
each case after giving effect to any deposits and distributions otherwise to be made on such date)
in immediately available funds:

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     (i) (A) the Class A Note Principal Balance on such Distribution Date will be
distributed to the Paying Agent for payment to the Class A Noteholders and (B) an amount
equal to the sum of (1) the Class A Monthly Interest for such Distribution Date, (2) any
Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior
Distribution Dates and (3) any Class A Additional Interest for such Distribution Date, will
be distributed to the Paying Agent for payment to the Class A Noteholders on such
Distribution Date; and

     (ii) (A) the Class B Note Principal Balance on such Distribution Date will be
distributed to the Paying Agent for payment to the Class B Noteholders and (B) an amount
equal to the sum of (1) the Class B Monthly Interest for such Distribution Date, (2) any
Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior
Distribution Dates and (3) any Class B Additional Interest for such Distribution Date, will
be distributed to the Paying Agent for payment to the Class B Noteholders on such
Distribution Date.

     (b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or
the Transfer and Servicing Agreement[s], (i) all amounts distributed to the Paying Agent pursuant
to Section 7.02(a) for payment to the Series ___Noteholders will be deemed distributed in full to
the Series ___Noteholders on the date on which such funds are distributed to the Paying Agent
pursuant to this Section and will be deemed to be a final distribution pursuant to Section 11.02 of
the Indenture and (ii) in the event that the amounts available for final distribution to the Series
___Noteholders and to the Noteholders of any other Series on any Distribution Date are less than
the full amount required to be so distributed, the available amounts will be allocated to each
Series based on the respective amounts required to be distributed to each such Series (including
Series ___) on such Distribution Date.

ARTICLE VIII

Miscellaneous Provisions

     Section 8.01. [Execution and Delivery of Interest Rate Swap.]

     [On the Closing Date, the Issuer will execute and deliver the Interest Rate Swap with
[                    ]. On the Closing Date, the Transferor[s] will contribute the amount of the Initial
Exchange Amount (as defined in such Interest Rate Swap) to the Issuer by paying such amount to
[                    ] on behalf of the Issuer. On each Additional Exchange Date (as defined in such
Interest Rate Swap), the Transferor[s] will contribute the amount of the applicable Additional
Exchange Amount (as defined in such Interest Rate Swap) to the Issuer by paying such amount to
[                    ] on behalf of the Issuer.]

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     Section 8.02. Ratification of Agreement.

     As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken
and construed as one and the same instrument.

     Section 8.03. Form of Delivery of Series ___Notes.

     The Series ___Notes will be delivered as Registered Notes as provided in Section 2.01 of the
Indenture.

     Section 8.04. Counterparts.

     This Indenture Supplement may be executed in two or more counterparts, and by different
parties on separate counterparts, each of which will be an original, but all of which will
constitute one and the same instrument.

     Section 8.05. Governing Law.

     This Indenture Supplement and each Series ___Note are to be construed in accordance with and
governed by the laws of the State of New York without regard to its conflicts of laws principles.

     Section 8.06. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
are not intended to affect the construction hereof.

41

 

     In Witness Whereof, the Issuer and the Indenture Trustee have caused this Indenture
Supplement to be duly executed by their respective duly authorized officers, all as of the day and
year first above written.

	 	 	 
	Ford Credit Floorplan Master Owner Trust __,

as Issuer
	 
	 	 
	By [Owner Trustee], not in its individual

capacity, but solely as Owner Trustee
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 
	[Indenture Trustee], not in its individual
capacity, but solely as Indenture Trustee, Securities
Intermediary and Bank
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

42

 

Exhibit A-1

Form of Class A 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 hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     The holder of this Class A Note, by its acceptance hereof, and the owner of a beneficial
interest in this Class A Note, by its acceptance of such beneficial interest, covenant and agree
that (a) they will not at any time institute against the Issuer or the Transferor[s], or join in
instituting against the Issuer or the Transferor[s], any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes, the
Indenture, the Indenture Supplement or any of the other related transaction documents and (b) if
[the]/[any] Transferor becomes a debtor or debtor in possession in a case under any applicable
United States federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect or otherwise subject to any insolvency, reorganization, liquidation, rehabilitation or other
similar proceedings, any claim that the holders of the Notes of any Series may have at any time
against the Issuer’s assets allocated in accordance with the Indenture to any Series unrelated to
such Notes, and any claim that the holders of such Notes have at any time against the Transferor[s]
that they may seek to enforce against such Issuer’s assets allocated to any unrelated Series, will
be subordinate to the payment in full (including post-petition interest) of the claims of the
holders of any Notes of such unrelated Series and of the holders of any other notes, bonds,
contracts or other obligations relating to such unrelated Series.

     The holder of this Class A Note, by acceptance of this Class A Note, and each holder of a
beneficial interest therein, agree to treat the Class A Notes as indebtedness of the Issuer for
applicable United States federal, state and local income and franchise tax purposes.

     Any holder of this Class A Note, by its acceptance of this Class A Note, will be deemed to
have represented that either (a) it is not, and is not acting on behalf of or investing the assets
of, an employee benefit plan or retirement arrangement that is subject to the fiduciary
responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended, or
Section 4975 of the Internal Revenue Code of 1986, as

A-1-1

 

amended, or (b) its acquisition and continued holding of this Class A Note will be covered by
a Department of Labor Prohibited Transaction Class Exemption.

A-1-2

 

			
	Registered
	 	$                                        1
	No. R-___
	 	CUSIP No.                     
	 
	 	ISIN No.                     
	 
	 	Common Code                     

Ford Credit Floorplan Master Owner Trust __

Series ___Floating Rate Asset Backed Notes, Class A

     Ford Credit Floorplan Master Owner Trust ___(herein referred to as the “Issuer”), a Delaware
statutory trust governed by the Amended and Restated Trust Agreement, dated as of                     , 20___,
for value received, hereby promises to pay to                          , or registered assigns,
subject to the following provisions, the principal sum of                                                             
Dollars, or such greater or lesser amount as determined in accordance with the Indenture
and the Indenture Supplement (each referred to herein), on the                      20___Distribution Date (the
“Series ___Final Maturity Date”), except as otherwise provided below or in the Indenture or the
Indenture Supplement. Beginning on                     , 20___and on each Distribution Date thereafter until the
principal amount of this Class A Note is paid in full, the Issuer will pay interest on the unpaid
principal amount of this Class A Note at an annual rate equal to the sum of LIBOR and ___% (the
“Class A Note Interest Rate”), as determined pursuant to the Indenture Supplement. Interest on this
Class A Note will begin accruing from                     , 20___(the “Closing Date”) and will be payable in
arrears on each Distribution Date, computed on the basis of a 360-day year and the actual number of
days elapsed. The principal of this Class A Note will be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Class A 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.

     Reference is made to the further provisions of this Class A Note set forth on the reverse
hereof, which will have the same effect as though fully set forth on the face of this Class A Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual signature, this Class A Note will not be entitled to any benefit under
the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

			
	1	 	Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

A-1-3

 

     In Witness Whereof, the Issuer has caused this Class A Note to be duly executed.

	 	 	 
	Ford Credit Floorplan Master Owner Trust __,

as Issuer
	 
	 	 
	By [Owner Trustee], not in its

individual capacity, but solely as Owner Trustee
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

     Dated:                     , ___

Indenture Trustee’s Certificate of Authentication

     This is one of the Class A Notes described in the within-mentioned Indenture.

	 	 	 
	[Indenture Trustee], not in its

individual capacity, but solely as Indenture

Trustee
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Authorized Officer

A-1-4

 

Ford Credit Floorplan Master Owner Trust __

Series __ Floating Rate Asset Backed Notes, Class A

Summary of Terms and Conditions

     This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as the
Series ___Floating Rate Asset Backed Notes (the “Notes”), issued under the Indenture, dated as of
                    , 20___(the “Indenture”), between the Issuer and [Indenture Trustee], as indenture trustee
(the “Indenture Trustee”), as supplemented by the Series ___Indenture Supplement, dated as of
                    , 20___(the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuer. The Notes are subject to
all of the terms of the Series Agreement. All terms used in this Class A Note that are defined in
the Series Agreement have the meanings assigned to them in or pursuant to the Series Agreement. In
the event of any conflict or inconsistency between the Series Agreement and this Class A Note, the
Series Agreement controls.

     The Class B Notes, in an initial aggregate principal amount of $                    , will also be issued
under the Series Agreement. The rights of the holders of the Class B Notes to receive
payments on the Class B Notes are subordinate to the rights of the holders of the Class A Notes to
receive payments as specified in the Series Agreement.

     The Noteholder, by its acceptance of this Class A Note, agrees that it will look solely to the
property of the Issuer allocated to the payment of the Notes for payment hereunder and under the
Series Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount
payable under the Notes or the Series Agreement or, except as expressly provided in the Series
Agreement, subject to any liability under the Series Agreement.

     This Class A Note does not purport to summarize the Series Agreement and reference is made to
the Series Agreement for the interests, rights and limitations of rights, benefits, obligations and
duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

     The Class A Note Initial Principal Balance is $                    . The Class A Note Principal Balance
on any date of determination will be an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or
before such date.

     The Expected Final Payment Date is the                      20___Distribution Date, but principal with
respect to the Class A Notes may be paid earlier or later under certain circumstances described in
the Series Agreement. If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit the Controlled

A-1-5

 

Deposit Amount into the Principal Funding Account, then to the extent that excess funds are
not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period
to make up for such shortfalls, the final payment of principal of the Notes will occur later than
the Expected Final Payment Date. Payments of principal of the Notes will be payable in accordance
with the provisions of the Series Agreement.

     Subject to the terms and conditions of the Series Agreement, the Transferor[s] may, from time
to time, direct the Owner Trustee, on behalf of the Issuer, to issue one or more new Series of
notes.

     On each Distribution Date, the Paying Agent will distribute to each Class A Noteholder of
record on the related Record Date (except for the final distribution in respect of this Class A
Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay interest and principal on the Class A
Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect
to a final distribution, distributions to the Noteholders will be made by (a) check mailed to each
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with
respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution
will be made in immediately available funds and (b) without presentation or surrender of any Note
or the making of any notation thereon. Final payment of this Class A Note will be made only upon
presentation and surrender of this Class A Note at the office or agency specified in the notice of
final distribution delivered by the Indenture Trustee to the Noteholders in accordance with the
Series Agreement.

     On any day occurring on or after the date on which the outstanding principal balance of the
Notes is reduced to ___% or less of the initial outstanding principal balance of the Notes, the
Issuer will have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day.

     This Class A Note does not represent an obligation of, or an interest in, the Transferor[s],
Ford Motor Credit Company, Ford Motor Company or any Affiliate of any of them and is not insured or
guaranteed by any governmental agency or instrumentality.

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it will not at any time
institute against the Issuer or the Transferor[s], or join in instituting against the Issuer or the
Transferor[s], any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or similar law.

     Except as otherwise provided in the Indenture Supplement, the Class A Notes are issuable only
in minimum denominations of $1,000 and integral multiples of $1,000. The

A-1-6

 

transfer of this Class A Note will be registered in the Note Register upon surrender of this
Class A Note for registration of transfer at any office or agency maintained by the Transfer Agent
and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Class A Noteholder or
such Class A Noteholder’s attorney, and duly authorized in writing with such signature guaranteed,
and thereupon one or more new Class A Notes in any authorized denominations of like aggregate
principal amount will be issued to the designated transferee or transferees.

     As provided in the Series Agreement and subject to certain limitations therein set forth,
Class A Notes are exchangeable for new Class A Notes in any authorized denominations and of like
aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of
the Transfer Agent and Registrar. No service charge may be imposed for any such exchange but the
Issuer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.

     The Issuer, the Transferor[s], the Indenture Trustee and any agent of the Issuer, the
Transferor[s] or the Indenture Trustee will treat the person in whose name this Class A Note is
registered as the owner hereof for all purposes, and none of the Issuer, the Transferor[s], the
Indenture Trustee or any agent of the Issuer, the Transferor[s] or the Indenture Trustee will be
affected by notice to the contrary.

     This Class A Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of
the parties hereunder are to be determined in accordance with such laws.

A-1-7

 

Assignment

Social Security 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 thereunder, and hereby irrevocably constitutes and appoints
                                                            , attorney, to transfer said note on the books kept for registration
thereof, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:                                                            

	 	 	 	1
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Signature Guaranteed:	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

			
	1	 	NOTE: 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 whatsoever.

A-1-8

 

Exhibit A-2

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 hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     The holder of this Class B Note, by its acceptance hereof, and the owner of a beneficial
interest in this Class B Note, by its acceptance of such beneficial interest, covenant and agree
that (a) they will not at any time institute against the Issuer or the Transferor[s], or join in
instituting against the Issuer or the Transferor[s], any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes, the
Indenture, the Indenture Supplement or any of the other related transaction documents and (b) if
[the]/[any] Transferor becomes a debtor or debtor in possession in a case under any applicable
United States federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect or otherwise subject to any insolvency, reorganization, liquidation, rehabilitation or other
similar proceedings, any claim that the holders of the Notes of any Series may have at any time
against the Issuer’s assets allocated in accordance with the Indenture to any Series unrelated to
such Notes, and any claim that the holders of such Notes have at any time against the Transferor[s]
that they may seek to enforce against such Issuer’s assets allocated to any unrelated Series, will
be subordinate to the payment in full (including post-petition interest) of the claims of the
holders of any Notes of such unrelated Series and of the holders of any other notes, bonds,
contracts or other obligations relating to such unrelated Series.

     The holder of this Class B Note, by acceptance of this Class B Note, and each holder of a
beneficial interest therein, agree to treat the Class B Notes as indebtedness of the Issuer for
applicable United States federal, state and local income and franchise tax purposes.

     The rights of the holders of the Class B Notes to receive payments on the Class B Notes are
subordinate to the rights of the holders of the Class A Notes to receive payments as specified in
the Indenture and the Indenture Supplement.

A-2-1

 

     Any holder of this Class B Note, by its acceptance of this Class B Note, will be deemed to
have represented that either (a) it is not, and is not acting on behalf of or investing the assets
of, an employee benefit plan or retirement arrangement that is subject to the fiduciary
responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended, or
Section 4975 of the Internal Revenue Code of 1986, as amended, or (b) its acquisition and continued
holding of this Class B Note will be covered by a Department of Labor Prohibited Transaction Class
Exemption.

A-2-2

 

			
	Registered
	 	$                                        1
	No. R-___
	 	CUSIP No.                     
	 
	 	ISIN No.                     
	 
	 	Common Code                     

Ford Credit Floorplan Master Owner Trust __

Series ___Floating Rate Asset Backed Notes, Class B

     Ford Credit Floorplan Master Owner Trust ___(herein referred to as the “Issuer”), a Delaware
statutory trust governed by the Amended and Restated Trust Agreement, dated as of                     , 20___,
for value received, hereby promises to pay to                            , or registered assigns,
subject to the following provisions, the principal sum of                                                             
Dollars, or such greater or lesser amount as determined in accordance with the Indenture
and the Indenture Supplement (each referred to herein), on the ___20___Distribution Date (the
“Series ___Final Maturity Date”), except as otherwise provided below or in the Indenture or the
Indenture Supplement. Beginning on                     , 20___and on each Distribution Date thereafter until the
principal amount of this Class B Note is paid in full, the Issuer will pay interest on the unpaid
principal amount of this Class B Note at an annual rate equal to the sum of LIBOR and ___% (the
“Class B Note Interest Rate”), as determined pursuant to the Indenture Supplement. Interest on this
Class B Note will begin accruing from                     , 20___(the “Closing Date”) and will be payable in
arrears on each Distribution Date, computed on the basis of a 360-day year and the actual number of
days elapsed. The principal of this Class B Note will be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Class B 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.

     Reference is made to the further provisions of this Class B Note set forth on the reverse
hereof, which have the same effect as though fully set forth on the face of this Class B Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual signature, this Class B Note will not be entitled to any benefit under
the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

			
	1	 	Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

A-2-3

 

     In Witness Whereof, the Issuer has caused this Class B Note to be duly executed.

	 	 	 
	Ford Credit Floorplan Master Owner Trust __,

as Issuer
	 
	 	 
	By [Owner Trustee], not in its

individual capacity, but solely as Owner Trustee
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

     Dated:                     , ___

Indenture Trustee’s Certificate of Authentication

     This is one of the Class B Notes described in the within-mentioned Indenture.

	 	 	 
	[Indenture Trustee], not in its

individual capacity, but solely as Indenture

Trustee
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Authorized Officer

A-2-4

 

Ford Credit Floorplan Master Owner Trust __

Series __ Floating Rate Asset Backed Notes, Class B

Summary of Terms and Conditions

     This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as the
Series ___Floating Rate Asset Backed Notes (the “Notes”), issued under the Indenture, dated as of
                    , 20___(the “Indenture”), between the Issuer and [Indenture Trustee], as indenture trustee
(the “Indenture Trustee”), as supplemented by the Series ___Indenture Supplement, dated as of
                    , 20___(the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuer. The Notes are subject to
all of the terms of the Series Agreement. All terms used in this Class B Note that are defined in
the Series Agreement have the meanings assigned to them in or pursuant to the Series Agreement. In
the event of any conflict or inconsistency between the Series Agreement and this Class B Note, the
Series Agreement controls.

     The Class A Notes, in an initial aggregate principal amount of $                    , will also be
issued under the Series Agreement.

     The Noteholder, by its acceptance of this Class B Note, agrees that it will look solely to the
property of the Issuer allocated to the payment of the Notes for payment hereunder and under the
Series Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount
payable under the Notes or the Series Agreement or, except as expressly provided in the Series
Agreement, subject to any liability under the Series Agreement.

     This Class B Note does not purport to summarize the Series Agreement and reference is made to
the Series Agreement for the interests, rights and limitations of rights, benefits, obligations and
duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

     The Class B Note Initial Principal Balance is $                    . The Class B Note Principal Balance
on any date of determination will be an amount equal to (a) the Class B Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or
before such date.

     The Expected Final Payment Date is the                      20___Distribution Date, but principal with
respect to the Class B Notes may be paid earlier or later under certain circumstances described in
the Series Agreement. If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit the Controlled Deposit Amount into the Principal Funding Account,
then to the extent that excess funds are not available on subsequent Distribution Dates with
respect to the Controlled

A-2-5

 

Accumulation Period to make up for such shortfalls, the final payment of principal of the
Notes will occur later than the Expected Final Payment Date. Payments of principal of the Notes
will be payable in accordance with the provisions of the Series Agreement.

     Subject to the terms and conditions of the Series Agreement, the Transferor[s] may, from time
to time, direct the Owner Trustee, on behalf of the Issuer, to issue one or more new Series of
notes.

     On each Distribution Date, the Paying Agent will distribute to each Class B Noteholder of
record on the related Record Date (except for the final distribution in respect of this Class B
Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay interest and principal on the Class B
Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect
to a final distribution, distributions to the Noteholders will be made by (a) check mailed to each
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with
respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution
will be made in immediately available funds and (b) without presentation or surrender of any Note
or the making of any notation thereon. Final payment of this Class B Note will be made only upon
presentation and surrender of this Class B Note at the office or agency specified in the notice of
final distribution delivered by the Indenture Trustee to the Noteholders in accordance with the
Series Agreement.

     On any day occurring on or after the date on which the outstanding principal balance of the
Notes is reduced to ___% or less of the initial outstanding principal balance of the Notes, the
Issuer will have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day.

     This Class B Note does not represent an obligation of, or an interest in, the Transferor[s],
Ford Motor Credit Company, Ford Motor Company or any Affiliate of any of them and is not insured or
guaranteed by any governmental agency or instrumentality.

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it will not at any time
institute against the Issuer or the Transferor[s], or join in instituting against the Issuer or the
Transferor[s], any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or similar law.

     Except as otherwise provided in the Indenture Supplement, the Class B Notes are issuable only
in minimum denominations of $1,000 and integral multiples of $1,000. The transfer of this Class B
Note will be registered in the Note Register upon surrender of this Class B Note for registration
of transfer at any office or agency maintained by the

A-2-6

 

Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form
satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class B Noteholder or such Class B Noteholder’s attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class B Notes in any authorized denominations
of like aggregate principal amount will be issued to the designated transferee or transferees.

     As provided in the Series Agreement and subject to certain limitations therein set forth,
Class B Notes are exchangeable for new Class B Notes in any authorized denominations and of like
aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of
the Transfer Agent and Registrar. No service charge may be imposed for any such exchange but the
Issuer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.

     The Issuer, the Transferor[s], the Indenture Trustee and any agent of the Issuer, the
Transferor[s] or the Indenture Trustee will treat the person in whose name this Class B Note is
registered as the owner hereof for all purposes, and none of the Issuer, the Transferor[s], the
Indenture Trustee or any agent of the Issuer, the Transferor[s] or the Indenture Trustee with be
affected by notice to the contrary.

     This Class B Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of
the parties hereunder are to be determined in accordance with such laws.

A-2-7

 

Assignment

Social Security 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 thereunder, and hereby irrevocably constitutes and appoints
                                                            , attorney, to transfer said note on the books kept for registration
thereof, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:                                        

	 	 
	1
	 

	 	Signature Guaranteed:	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

			
	1	 	NOTE: 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 whatsoever.

A-2-8

 

Exhibit B

Form of Monthly Statement

 

Ford Credit Floorplan Master Owner Trust ___

Series ___Floating Rate Asset Backed Notes

 

     Pursuant to the Indenture, dated as of                     , 20___(as amended and supplemented, the
“Indenture”), between Ford Credit Floorplan Master Owner Trust ___(the “Issuer”) and [Indenture
Trustee], as indenture trustee (the “Indenture Trustee”), as supplemented by the Series ___
Indenture Supplement, dated as of ___, 20___(as amended and supplemented, the “Indenture
Supplement” and, together with the Indenture, the “Series Agreement”), Ford Motor Credit Company
(“Ford Credit”) as Servicer under the Transfer and Servicing Agreement[s] (as defined in the Series
Agreement) is required to prepare certain information each month regarding current distributions to
the Series ___Noteholders and the performance of the Issuer during the previous month.

     The information that is required to be prepared with respect to the Distribution Date of
                    , and with respect to the performance of the Issuer during the month of                      is set
forth below.

     Capitalized terms used in this Monthly Statement have their respective meanings set forth in
the Series Agreement.

     [TO BE PROVIDED]

     In Witness Whereof, the undersigned has caused this Monthly Statement to be duly
executed by the its duly authorized officer as of [                                        ], 20[___].

	 	 	 
	Ford
Motor Credit Company,
as Servicer
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

B-1

 

Exhibit C

Form of Monthly Allocation and Payment 

Instructions to Indenture Trustee

 

Ford Credit Floorplan Master Owner Trust ___

Series ___Floating Rate Asset Backed Notes

 

     The undersigned, a duly authorized representative of Ford Motor Credit Company (“Ford
Credit”), as Servicer pursuant to [(i) the Transfer and Servicing Agreement, dated as of                     ,
20___(as amended and supplemented, the “FCF Corp Transfer and Servicing Agreement”), among Ford
Credit, Ford Credit Floorplan Master Owner Trust ___(the “Issuer”) and Ford Credit Floorplan
Corporation] [and] [(ii) the Transfer and Servicing Agreement, dated as of                     , 20___(as
amended and supplemented, the “FCF LLC Transfer and Servicing Agreement”), among Ford Credit, the
Issuer and Ford Credit Floorplan LLC,] does hereby certify as follows:

     1. Capitalized terms used in this Certificate have their respective meanings set forth in the
[FCF Corp Transfer and Servicing Agreement] [and] [the FCF LLC Transfer and Servicing Agreement]
[(collectively, the “Transfer and Servicing Agreements”)] or the Indenture, dated as of                     ,
20___(as amended and supplemented, the “Indenture”), between the Issuer and [Indenture Trustee], as
indenture trustee (the “Indenture Trustee”), as supplemented by the Series ___Indenture Supplement,
dated as of ___, 20___(as amended and supplemented, the “Indenture Supplement” and, together
with the Indenture, the “Series Agreement”), as applicable.

     2. Ford Credit is the Servicer.

     3. The undersigned is an Authorized Officer of the Servicer.

     4. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed
in all material respects all its obligations under the Transfer and Servicing Agreement[s] and the
Series Agreement through the Collection Period preceding such Distribution Date [or, if there has
been a default in the performance of any such obligation, set forth in detail the (i) nature of
such default, (ii) the action taken by the Servicer, if any, to remedy such default and (iii) the
current status of each such default]; if applicable, insert “None”.

     5. As of the date hereof, to the best knowledge of the undersigned, no Amortization Event
occurred on or before such date.

C-1

 

     6. The Monthly Allocation and Payment Instructions are as follows: [TO BE PROVIDED]

     In Witness Whereof, the undersigned has caused this Certificate to be duly executed
by the its duly authorized officer as of [                                        ], 20[___].

	 	 	 
	Ford Motor Credit Company,
as Servicer
	 
	 	 
	 
	 	 
	By
	 	 
	 

	 	 
	 
	 	Name:
	 

	 	Title:

C-2

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