ACCOUNT CONTROL AGREEMENT
FORD CREDIT AUTO OWNER TRUST
2011-A,
as Grantor
THE BANK OF NEW YORK MELLON
as Secured Party and Financial Institution
Dated as of January 1,
2011
ACCOUNT CONTROL
AGREEMENT, dated as of January 1, 2011 (this “
Agreement ”), among FORD CREDIT AUTO OWNER TRUST
2011-A, a Delaware statutory trust, as Grantor (the “
Grantor ”), THE BANK OF NEW YORK MELLON, a New York
banking corporation, as Indenture Trustee for the benefit of the
Noteholders (in such capacity, the “ Secured Party
”), and THE BANK OF NEW YORK MELLON in its capacity as both a
“securities intermediary” as defined in
Section 8-102 of the UCC and a “bank” as defined
in Section 9-102 of the UCC (in such capacities, the “
Financial Institution ”).
ARTICLE I
USAGE AND DEFINITIONS
Section 1.1.
Usage and Definitions . Capitalized terms used but not
otherwise defined in this Agreement are defined in Appendix A to
the Sale and Servicing Agreement, dated as of January 1, 2011,
among Ford Credit Auto Owner Trust 2011-A, as Issuer, Ford Credit
Auto Receivables Two LLC, as Depositor, and Ford Motor Credit
Company LLC, as Servicer. Appendix A also contains rules as to
usage applicable to this Agreement. Appendix A is incorporated
by reference into this Agreement. All references to the “
UCC ” mean the Uniform Commercial Code as in effect in
the State of New York.
ARTICLE II
ESTABLISHMENT OF COLLATERAL ACCOUNTS
Section 2.1.
Description of Account . The Financial Institution has
established the following accounts (each, a “ Collateral
Account ”):
“Collection
Account — The Bank of New York Mellon as Indenture Trustee,
as secured party for Ford Credit Auto Owner Trust 2011-A”
with account number 879670;
“Reserve
Account — The Bank of New York Mellon as Indenture Trustee,
as secured party for Ford Credit Auto Owner Trust 2011-A”
with account number 879771; and
“Principal
Payment Account — The Bank of New York Mellon as Indenture
Trustee, as secured party for Ford Credit Auto Owner Trust
2011-A” with account number 879772.
Section 2.2.
Account Modifications . Neither the Financial Institution
nor the Grantor will change the name or account number of any
Collateral Account without the prior written consent of the Secured
Party.
Section 2.3.
Type of Account . The Financial Institution agrees that each
Collateral Account is, and will be maintained as, either (a) a
“securities account” (as defined in Section 8-501
of the UCC) or (b) a “deposit account,” as defined
in Section 9-102(a)(29) of the UCC).
Section 2.4.
Securities Account Provisions . If and to the extent any
Collateral Account is a securities account (within the meaning of
Section 8-501 of the UCC) the Financial Institution agrees
that: