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Exhibit 99.4

 

 

ACCOUNT CONTROL AGREEMENT

between

FORD CREDIT AUTO OWNER TRUST 2011-B,
as Grantor

and

THE BANK OF NEW YORK MELLON
as Secured Party and Financial Institution

Dated as of July 1, 2011

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

ARTICLE I USAGE AND DEFINITIONS

 

 

1

 

Section 1.1.

 

Usage and Definitions

 

 

1

 

 

 

 

 

 

 

 

ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

 

1

 

Section 2.1.

 

Description of Account

 

 

1

 

Section 2.2.

 

Account Modifications

 

 

1

 

Section 2.3.

 

Type of Account

 

 

1

 

Section 2.4.

 

Securities Account Provisions

 

 

1

 

 

 

 

 

 

 

 

ARTICLE III SECURED PARTY CONTROL

 

 

2

 

Section 3.1.

 

Control for Purposes of UCC

 

 

2

 

Section 3.2.

 

Conflicting Orders or Instructions

 

 

2

 

 

 

 

 

 

 

 

ARTICLE IV INVESTMENT OF FUNDS IN THE COLLATERAL ACCOUNTS

 

 

2

 

Section 4.1.

 

Investment of Funds

 

 

2

 

 

 

 

 

 

 

 

ARTICLE V SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

 

3

 

Section 5.1.

 

Subordination

 

 

3

 

Section 5.2.

 

Set-off and Recoupment

 

 

3

 

 

 

 

 

 

 

 

ARTICLE VI OTHER AGREEMENTS

 

 

3

 

Section 6.1.

 

Adverse Claim

 

 

3

 

Section 6.2.

 

Correspondence, Statements and Confirmations

 

 

3

 

Section 6.3.

 

Representation of the Financial Institution

 

 

3

 

Section 6.4.

 

Release of Financial Institution

 

 

3

 

Section 6.5.

 

Termination

 

 

3

 

Section 6.6.

 

Existence of Other Agreements

 

 

4

 

Section 6.7.

 

Notice

 

 

4

 

 

 

 

 

 

 

 

ARTICLE VII MISCELLANEOUS

 

 

4

 

Section 7.1.

 

Amendment

 

 

4

 

Section 7.2.

 

Conflict With Other Agreement

 

 

4

 

Section 7.3.

 

Location of Financial Institution

 

 

4

 

Section 7.4.

 

GOVERNING LAW

 

 

5

 

Section 7.5.

 

Submission to Jurisdiction

 

 

5

 

Section 7.6.

 

WAIVER OF JURY TRIAL

 

 

5

 

Section 7.7.

 

Successors

 

 

5

 

Section 7.8.

 

Notices

 

 

5

 

Section 7.9.

 

Severability

 

 

6

 

Section 7.10.

 

Counterparts

 

 

6

 

Section 7.11.

 

Headings

 

 

6

 

Section 7.12.

 

No Petition

 

 

6

 

Section 7.13.

 

Limitation of Liability of Indenture Trustee

 

 

6

 

Section 7.14.

 

Limitation of Liability of the Owner Trustee

 

 

6

 

i


 

     ACCOUNT CONTROL AGREEMENT, dated as of July 1, 2011 (this “ Agreement ”), among FORD CREDIT AUTO OWNER TRUST 2011-B, 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 July 1, 2011, among Ford Credit Auto Owner Trust 2011-B, 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-B” with account number 879810;

 

 

“Reserve Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 2011-B” with account number 879811; and

 

 

 

“Principal Payment Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 2011-B” with account number 879812.

     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:

     (a) all securities, financial assets or other investment property (other than cash) credited to each Collateral Account will be registered in the name of the Financial Institution, indorsed to the Financial Institu


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