Email Address:
  
  Password:
  
  

Exhibit 99.7

 

SERIES 2011-2 ACCOUNT CONTROL AGREEMENT

between

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
as Grantor

and

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

Dated as of October 1, 2011

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

ARTICLE I USAGE AND DEFINITIONS

 

 

2

 

Section 1.1. Usage and Definitions

 

 

2

 

 

 

 

 

 

ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

 

2

 

Section 2.1. Description of Accounts

 

 

2

 

Section 2.2. Account Modifications

 

 

2

 

Section 2.3. Type of Account

 

 

3

 

Section 2.4. Securities Account Provisions

 

 

3

 

 

 

 

 

 

ARTICLE III SECURED PARTY CONTROL

 

 

3

 

Section 3.1. Control for Purposes of UCC

 

 

3

 

Section 3.2. Conflicting Orders or Instructions

 

 

3

 

 

 

 

 

 

ARTICLE IV INVESTMENT OF FUNDS IN THE COLLATERAL ACCOUNTS

 

 

3

 

Section 4.1. Investment of Funds

 

 

3

 

 

 

 

 

 

ARTICLE V SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

 

4

 

Section 5.1. Subordination

 

 

4

 

Section 5.2. Set-off and Recoupment

 

 

4

 

 

 

 

 

 

ARTICLE VI OTHER AGREEMENTS

 

 

4

 

Section 6.1. Adverse Claim

 

 

4

 

Section 6.2. Correspondence, Statements and Confirmations

 

 

4

 

Section 6.3. Representation of the Financial Institution

 

 

4

 

Section 6.4. Release of Financial Institution

 

 

4

 

Section 6.5. Termination

 

 

5

 

Section 6.6. Existence of Other Agreements

 

 

5

 

Section 6.7. Notice

 

 

5

 

 

 

 

 

 

ARTICLE VII MISCELLANEOUS

 

 

5

 

Section 7.1. Amendment

 

 

5

 

Section 7.2. Conflict With Other Agreement

 

 

5

 

Section 7.3. Location of Financial Institution

 

 

5

 

Section 7.4. GOVERNING LAW

 

 

6

 

Section 7.5. Submission to Jurisdiction

 

 

6

 

Section 7.6. WAIVER OF JURY TRIAL

 

 

6

 

Section 7.7. Successors

 

 

6

 

Section 7.8. Notices

 

 

6

 

Section 7.9. Severability

 

 

7

 

Section 7.10. Counterparts

 

 

7

 

Section 7.11. Headings

 

 

7

 

Section 7.12. No Petition

 

 

7

 

Section 7.13. Limitation of Liability of Indenture Trustee

 

 

7

 

Section 7.14. Limitation of Liability of the Owner Trustee

 

 

7

 

i


 

     SERIES 2011-2 ACCOUNT CONTROL AGREEMENT, dated as of October 1, 2011 (this “ Agreement ”), between FORD CREDIT FLOORPLAN MASTER OWNER TRUST 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 (a) the Series 2011-2 Indenture Supplement, dated as of October 1, 2011 (the “ Indenture Supplement ”), between the Grantor, as Issuer, and The Bank of New York Mellon, as Indenture Trustee, or (b) Appendix A to (i) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan Corporation, as Depositor, the Grantor, as Issuer, and Ford Motor Credit Company LLC, as Servicer, and (ii) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan LLC, as Depositor, the Issuer and the Servicer. Each Appendix A also contains rules as to usage applicable to this Agreement. Each 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 Accounts . The Financial Institution has established the following accounts (each, a “ Collateral Account ”):

     “Series 2011-2 Principal Funding Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A in respect of Series 2011-2” with account number 779770;

     “Series 2011-2 Reserve Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A in respect of Series 2011-2” with account number 779769; and

     “Series 2011-2 Accumulation Period Reserve Account—The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A in respect of Series 2011-2” with account number 779771.

     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.

2


 

     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


This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more