0001104659-13-024383.txt : 20130326 0001104659-13-024383.hdr.sgml : 20130326 20130326131830 ACCESSION NUMBER: 0001104659-13-024383 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130326 DATE AS OF CHANGE: 20130326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD CREDIT FLOORPLAN MASTER OWNER TRUST A CENTRAL INDEX KEY: 0001159408 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 386787145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-60756-04 FILM NUMBER: 13716180 BUSINESS ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3138454469 MAIL ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 10-K 1 a13-8043_110k.htm 10-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

 

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended:  December 31, 2012

 

OR

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission File Number of issuing entity: 333-60756-04

 

Ford Credit Floorplan Master Owner Trust A

(Exact name of issuing entity as specified in its charter)

 

Commission File Number of depositor:  333-148505,
333-171922

 

Commission File Number of depositor:  333-148505-01,
333-171922-01

 

 

 

Ford Credit Floorplan Corporation

 

Ford Credit Floorplan LLC

(Exact name of depositor as specified in its charter)

 

(Exact name of depositor as specified in its charter)

 

Ford Motor Credit Company LLC

(Exact name of sponsor as specified in its charter)

 

Delaware

 

38-6787145

(State or Other Jurisdiction of Incorporation of issuing entity)

 

(I.R.S. Employer Identification No. of issuing entity)

 

c/o U.S. Bank Trust National Association
300 Delaware Ave., 9th Floor
Wilmington, Delaware

 

19801

(Address of Principal Executive Offices of issuing entity)

 

(Zip Code)

 

(302) 576-3700

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:  None

 

Securities registered pursuant to Section 12(g) of the Act:  None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  o  Yes x  No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  o  Yes x  No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x  Yes o  No

 

Indicate by check mark whether registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  x  Yes o  No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this form 10-K or any amendment to this Form 10-K.  x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or-non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check One):

 

Large accelerated filer o

 

Accelerated filer o

 

 

 

Non-accelerated filer x

 

Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  o Yes x  No

 

State the aggregate market value of the voting and non-voting common equity held by nonaffiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

 

REGISTRANT HAS NO VOTING OR NON-VOTING COMMON EQUITY OUTSTANDING HELD BY NON-AFFILIATES.

 

 

 



 

PART I

 

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

 

Item 1.           Business

 

Item 1A.        Risk Factors

 

Item 2.           Properties

 

Item 3.           Legal Proceedings

 

Item 1B.        Unresolved Staff Comments.

 

Nothing to report.

 

Item 4.           Mine Safety Disclosures.

 

Not applicable.

 

Substitute information provided in accordance with General Instruction J to Form 10-K:

 

Item 1112(b) of Regulation AB.  Significant Obligors of Pool Assets (Financial Information).

 

Nothing to report.

 

Item 1114(b)(2) of Regulation AB.  Credit Enhancement and Other Support, except for Certain Derivatives Instruments (Financial Information).

 

Nothing to report.

 

Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

 

Nothing to report.

 

Item 1117 of Regulation AB.  Legal Proceedings.

 

Nothing to report.

 

PART II

 

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

 

Item 5.                                  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Item 6.           Selected Financial Data

 

Item 7.           Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Item 7A.        Quantitative and Qualitative Disclosures About Market Risk

 

Item 8.           Financial Statements and Supplementary Data

 

Item 9.           Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

Item 9A.        Controls and Procedures

 

Item 9B.        Other Information.

 

Nothing to report.

 



 

PART III

 

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

 

Item 10.         Directors, Executive Officers and Corporate Governance.

 

Item 11.         Executive Compensation.

 

Item 12.         Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

Item 13.         Certain Relationships and Related Transactions, and Director Independence

 

Item 14.         Principal Accountant Fees and Services

 

Substitute information provided in accordance with General Instruction J to Form 10-K:

 

Item 1119 of Regulation AB.  Affiliations and Certain Relationships and Related Transactions.

 

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

 

Item 1122 of Regulation AB.  Compliance with Applicable Servicing Criteria.

 

Each of Ford Motor Credit Company LLC (“Ford Credit”) and The Bank of New York Mellon (“BNYM”) (each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to the pool assets held by Ford Credit Floorplan Master Owner Trust A (“the Trust”).  Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of December 31, 2012 and for the period from January 1, 2012 through December 31, 2012, which Reports on Assessment are attached as exhibits to this Form 10-K.  In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm regarding its related Report on Assessment, which Attestation Reports are attached as exhibits to this Form 10-K.

 

Each of the Report on Assessment and the Attestation Report for BNYM identified material instances of noncompliance with the servicing criteria 1122(d)(3)(i)(B) and 1122(d)(3)(ii) as described in the related report.  While Regulation AB does not contemplate identifying noncompliance on an individual transaction basis, BNYM has confirmed to the Trust that no material instances of noncompliance with applicable servicing criteria were discovered related to any asset-backed securities issued by the Trust that were part of the statistical sample used in preparing the Report on Assessment.  BNYM informed the Trust that it cannot provide any assurances that had an analysis been done of each and every transaction included in the platform, that additional material instances of noncompliance would not have been discovered, but that it has no reason, based on the sampling and analysis done, to believe that there were any material instances of noncompliance with applicable servicing criteria related to any asset backed securities issued by the Trust that were not part of the sampling procedures.

 

Neither the Report on Assessment nor the Attestation Report for Ford Credit has identified any material instances of noncompliance with the servicing criteria described in the related Report on Assessment as being applicable to Ford Credit.

 

Item 1123 of Regulation AB.  Servicing Compliance Statement.

 

Ford Credit has been identified by the registrant as a servicer during the reporting period with respect to the pool assets held by the Trust.  Ford Credit has provided a statement of compliance for the reporting period, signed by an authorized officer and such compliance statement is attached as an exhibit to this Form 10-K.

 

PART IV

 

Item 15.         Exhibits and Financial Statement and Schedules.

 

(a)           List of Documents Filed as Part of this Report

 

2



 

(1)           Not applicable.

 

(2)           Not applicable.

 

(3)           See Item 15(b) below.

 

(b)           Exhibits Required by Item 601 of Regulation S-K

 

Exhibit
Number

 

Description

3.1

 

Amended and Restated Certificate of Formation of Ford Credit Floorplan LLC (included in Exhibit 3.1 to the Registration Statement No. 333-132560, as filed with the Securities and Exchange Commission (the “Commission”) on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.2

 

Amended and Restated Limited Liability Company Agreement of Ford Credit Floorplan LLC (included in Exhibit 3.2 to the Registration Statement No. 333-132560, as filed with the Commission on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.3

 

Restated Certificate of Incorporation of Ford Credit Floorplan Corporation (included in Exhibit 3.3 to the Registration Statement No. 333-132560, as filed with the Commission on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.4

 

By-Laws of Ford Credit Floorplan Corporation, as amended through September 24, 2008 (included in Exhibit 3.4 to the Form 10-K filed under Commission File No. 333-148505-02, as filed with the Commission on March 29, 2010, which is incorporated herein by reference).

 

 

 

4.1

 

Second Amended and Restated Indenture, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between the Trust and the Indenture Trustee (included in Exhibit 4.1 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

4.2

 

Series 2010-5 Indenture Supplement, dated as of October 1, 2010, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.1 to the Form 8-K filed under Commission File No. 333-148505-03, as filed with the Commission on October 8, 2010, which is incorporated herein by reference).

 

 

 

4.3

 

Series 2011-1 Indenture Supplement, dated as of February 1, 2011, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-148505-04, as filed with the Commission on March 1, 2011, which is incorporated herein by reference).

 

 

 

4.4

 

Series 2011-2 Indenture Supplement, dated as of October 1, 2011, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-02, as filed with the Commission on October 14, 2011, which is incorporated herein by reference).

 

 

 

4.5

 

Series 2012-1 Indenture Supplement, dated as of February 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-03, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

4.6

 

Series 2012-2 Indenture Supplement, dated as of February 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-04, as filed with the Commission on February 17, 2012 , which is incorporated herein by reference).

 

 

 

4.7

 

Series 2012-4 Indenture Supplement, dated as of September 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-05, as filed with the Commission on September 20, 2012 , which is incorporated herein by reference).

 

3



 

4.8

 

Series 2012-5 Indenture Supplement, dated as of September 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-06, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

 

 

4.9

 

Second Amended and Restated Trust Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between the Depositors and the Owner Trustee (included in Exhibit 4.3 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

31.1

 

Certification of Ford Credit pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

33.1

 

Report on Assessment of Compliance with Servicing Criteria for Ford Credit.

 

 

 

33.2

 

Report on Assessment of Compliance with Servicing Criteria for BNYM.

 

 

 

34.1

 

Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Ford Credit.

 

 

 

34.2

 

Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to BNYM.

 

 

 

35.1

 

Servicer Compliance Statement of Ford Credit.

 

 

 

99.1

 

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, the Servicer and the Trust (included in Exhibit 99.1 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.2

 

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, the Servicer and the Trust (included in Exhibit 99.2 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.3

 

Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between Ford Credit and Ford Credit Floorplan Corporation (included in Exhibit 99.3 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.4

 

Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between Ford Credit and Ford Credit Floorplan LLC (included in Exhibit 99.4 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.5

 

Second Amended and Restated Administration Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among the Trust, the Administrator and the Indenture Trustee (included in Exhibit 99.5 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.6

 

Amended and Restated Back-up Servicing Agreement, dated as of October 1, 2009, as amended and restated December 1, 2010, among the Depositors, the Trust, the Back-up Servicer and the Servicer (included in Exhibit 99.8 to the Registration Statement No. 333-171922, as filed with the Commission on July 6, 2011, which is incorporated herein by reference).

 

 

 

99.7

 

Account Control Agreement, dated as of December 1, 2010, between the Trust and BNYM (included in Exhibit 99.6 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

4



 

99.8

 

Series 2011-1 Account Control Agreement, dated as of February 1, 2011, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-148505-04, as filed with the Commission on March 1, 2011, which is incorporated herein by reference).

 

 

 

99.9

 

Series 2011-2 Account Control Agreement, dated as of October 1, 2011, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-02, as filed with the Commission on October 14, 2011, which is incorporated herein by reference).

 

 

 

99.10

 

Series 2012-1 Account Control Agreement, dated as of February 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-03, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

99.11

 

Series 2012-2 Account Control Agreement, dated as of February 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-04, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

99.12

 

Series 2012-4 Account Control Agreement, dated as of September 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-05, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

 

 

99.13

 

Series 2012-5 Account Control Agreement, dated as of September 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-06, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

(c)           Not applicable.

 

SUPPLEMENTAL INFORMATION TO BE FURNISHED

WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF

THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED

SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

 

No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

 

5



 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Ford Credit Floorplan Master Owner Trust A

 

(Issuing entity)

 

 

 

 

By:

Ford Motor Credit Company LLC

 

 

(Servicer)

 

 

 

 

By:

/s/ Brian E. Schaaf

 

 

Brian E. Schaaf

 

 

Vice President and Assistant Treasurer

 

 

(senior officer of Servicer in charge

 

 

of servicing function)

 

 

Dated: March 26, 2013

 

 

6



 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

 

 

 

3.1

 

Amended and Restated Certificate of Formation of Ford Credit Floorplan LLC (included in Exhibit 3.1 to the Registration Statement No. 333-132560, as filed with the Securities and Exchange Commission (the “Commission”) on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.2

 

Amended and Restated Limited Liability Company Agreement of Ford Credit Floorplan LLC (included in Exhibit 3.2 to the Registration Statement No. 333-132560, as filed with the Commission on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.3

 

Restated Certificate of Incorporation of Ford Credit Floorplan Corporation (included in Exhibit 3.3 to the Registration Statement No. 333-132560, as filed with the Commission on May 31, 2006, which is incorporated herein by reference).

 

 

 

3.4

 

By-Laws of Ford Credit Floorplan Corporation, as amended through September 24, 2008 (included in Exhibit 3.4 to the Form 10-K filed under Commission File No. 333-148505-02, as filed with the Commission on March 29, 2010, which is incorporated herein by reference).

 

 

 

4.1

 

Second Amended and Restated Indenture, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between the Trust and the Indenture Trustee (included in Exhibit 4.1 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

4.2

 

Series 2010-5 Indenture Supplement, dated as of October 1, 2010, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.1 to the Form 8-K filed under Commission File No. 333-148505-03, as filed with the Commission on October 8, 2010, which is incorporated herein by reference).

 

 

 

4.3

 

Series 2011-1 Indenture Supplement, dated as of February 1, 2011, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-148505-04, as filed with the Commission on March 1, 2011, which is incorporated herein by reference).

 

 

 

4.4

 

Series 2011-2 Indenture Supplement, dated as of October 1, 2011, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-02, as filed with the Commission on October 14, 2011, which is incorporated herein by reference).

 

 

 

4.5

 

Series 2012-1 Indenture Supplement, dated as of February 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-03, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

4.6

 

Series 2012-2 Indenture Supplement, dated as of February 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-04, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

4.7

 

Series 2012-4 Indenture Supplement, dated as of September 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-05, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

 

 

4.8

 

Series 2012-5 Indenture Supplement, dated as of September 1, 2012, between the Trust and BNYM, as indenture trustee (included in Exhibit 4.2 to the Form 8-K filed under Commission File No. 333-171922-06, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

 

 

4.9

 

Second Amended and Restated Trust Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between the Depositors and the Owner Trustee (included in Exhibit 4.3 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

7



 

31.1

 

Certification of Ford Credit pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

33.1

 

Report on Assessment of Compliance with Servicing Criteria for Ford Credit.

 

 

 

33.2

 

Report on Assessment of Compliance with Servicing Criteria for BNYM.

 

 

 

34.1

 

Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Ford Credit.

 

 

 

34.2

 

Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to BNYM.

 

 

 

35.1

 

Servicer Compliance Statement of Ford Credit.

 

 

 

99.1

 

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, the Servicer and the Trust (included in Exhibit 99.1 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.2

 

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, the Servicer and the Trust (included in Exhibit 99.2 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.3

 

Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between Ford Credit and Ford Credit Floorplan Corporation (included in Exhibit 99.3 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.4

 

Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, between Ford Credit and Ford Credit Floorplan LLC (included in Exhibit 99.4 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.5

 

Second Amended and Restated Administration Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among the Trust, the Administrator and the Indenture Trustee (included in Exhibit 99.5 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.6

 

Amended and Restated Back-up Servicing Agreement, dated as of October 1, 2009, as amended and restated as of December 1, 2010 among the Depositors, the Trust, the Back-up Servicer and the Servicer (included in Exhibit 99.4 to the Registration Statement No. 333-171922, as filed with the Commission on July 6, 2011, which is incorporated herein by reference).

 

 

 

99.7

 

Account Control Agreement, dated as of December 1, 2010, between the Trust and BNYM (included in Exhibit 99.6 to the Form 8-K filed under Commission File Nos. 033-39027 and 333-57305, as filed with the Commission on February 14, 2011, which is incorporated herein by reference).

 

 

 

99.8

 

Series 2011-1 Account Control Agreement, dated as of February 1, 2011, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-148505-04, as filed with the Commission on March 1, 2011, which is incorporated herein by reference).

 

 

 

99.9

 

Series 2011-2 Account Control Agreement, dated as of October 1, 2011, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-02, as filed with the Commission on October 14, 2011, which is incorporated herein by reference).

 

 

 

99.10

 

Series 2012-1 Account Control Agreement, dated as of February 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-03, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

8



 

99.11

 

Series 2012-2 Account Control Agreement, dated as of February 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-04, as filed with the Commission on February 17, 2012, which is incorporated herein by reference).

 

 

 

99.12

 

Series 2012-4 Account Control Agreement, dated as of September 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-05, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

 

 

99.13

 

Series 2012-5 Account Control Agreement, dated as of September 1, 2012, between the Trust and BNYM (included in Exhibit 99.7 to the Form 8-K filed under Commission File 333-171922-06, as filed with the Commission on September 20, 2012, which is incorporated herein by reference).

 

9


EX-31.1 2 a13-8043_1ex31d1.htm EX-31.1

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Brian E. Schaaf, certify that:

 

1.                                    I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Ford Credit Floorplan Master Owner Trust A (the “Exchange Act periodic reports”);

 

2.                                    Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                    Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act period reports;

 

4.                                    I am responsible for reviewing the activities performed by the servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

 

5.                                    All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report.  Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: The Bank of New York Mellon, as indenture trustee of the issuing entity, and U.S. Bank Trust National Association, as owner trustee of the issuing entity.

 

Dated March 26, 2013

 

 

 

 

 

 

/s/ Brian E. Schaaf

 

Brian E. Schaaf

 

Vice President and Assistant Treasurer

 

Ford Motor Credit Company LLC, as Servicer

 

(senior officer in charge of servicing function)

 


EX-33.1 3 a13-8043_1ex33d1.htm EX-33.1

EXHIBIT 33.1

 

Report on Assessment of Compliance with Applicable Regulation AB Servicing Criteria

 

1.              Ford Motor Credit Company LLC (“Ford Credit”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the year ended December 31, 2012 (the “Reporting Period”), including all servicing criteria except for inapplicable servicing criteria identified in paragraph 4 below and the portions of servicing criteria identified in Appendix A to this report.  The transactions covered by this report include asset-backed securities transactions involving automotive dealer floorplan finance receivables completed on or after January 1, 2006 and registered with the Securities Exchange Commission for which Ford Credit acted as servicer (the “Platform”).

 

2.              Ford Credit has engaged vendors that are not servicers as defined in Item 1101(j) of Regulation AB to perform specific, limited or scripted activities with respect to the servicing criteria applicable to such vendors’ activities as set forth in Appendix A to this report.  Ford Credit has elected to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to each vendor.  Ford Credit has policies and procedures in place to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria or portion of the servicing criteria applicable to each vendor.

 

3.              Except as set forth in paragraph 4 below, Ford Credit used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria.

 

4.              The servicing criteria in Items 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(3)(i)(D), 1122(d)(3)(iii), 1122(d)(4)(x) through (xiii) and 1122(d)(4)(xv) are inapplicable to Ford Credit based on the activities it performs, directly or through the indenture trustee, with respect to the Platform.

 

5.              Ford Credit has complied, in all material respects, with the applicable servicing criteria as of December 31, 2012 and for the Reporting Period with respect to the Platform taken as a whole.

 

6.              Ford Credit has not identified and is not aware of any material instance of noncompliance by the vendors with the applicable servicing criteria as of December 31, 2012 and for the Reporting Period with respect to the Platform taken as a whole.

 

7.              Ford Credit has not identified any material deficiency in its policies and procedures to monitor the compliance by the vendors with the applicable servicing criteria as of December 31, 2012 and for the Reporting Period with respect to the Platform taken as a whole.

 

8.              PricewaterhouseCoopers LLP, a registered public accounting firm, has issued an attestation report on Ford Credit’s assessment of compliance with the applicable servicing criteria for the Reporting Period.

 

March 25, 2013

Ford Motor Credit Company LLC

 

 

 

 

 

By:

/s/ Brian E. Schaaf

 

 

Brian E. Schaaf

 

 

Vice President and Assistant Treasurer

 



 

APPENDIX A

Shared Servicing Criteria

 

Reference

 

Criteria

 

Performed
Directly by Ford
Credit

 

Performed by
Vendor(s) for
which Ford Credit
is the Responsible
Party

 

Performed by
Indenture Trustee

 

1122(d)(2)(i)

 

Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements

 

Paying to indenture trustee

 

 

 

Depositing to custodial bank accounts

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(ii)

 

Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel

 

Paying to indenture trustee

 

 

 

Disbursing to investors

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(iv)

 

The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements

 

Providing indenture trustee instructions for opening accounts for the transaction

 

 

 

Establishing and maintaining accounts for the transaction

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(ii)

 

Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements

 

Providing indenture trustee instructions for making investor distributions

 

 

 

Remitting to investors

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(iv)

 

Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements

 

Preparing investor reports

 

 

 

Reconciling remittances to investors

 

 

1



 

Reference

 

Criteria

 

Performed
Directly by Ford
Credit

 

Performed by
Vendor(s) for
which Ford Credit
is the Responsible
Party

 

Performed by
Indenture Trustee

1122(d)(4)(i)

 

Collateral or security on pool assets is maintained as required by the transaction agreements or related pool assets

 

Maintaining security on financed vehicles

 

Perform on site inventory audits of financed vehicles and related title documents

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(ii)

 

Pool assets and related documents are safeguarded as required by the transaction agreements

 

Safeguarding of documents relating to, evidencing and/or securing a receivable

 

Perform on site inventory audits of financed vehicles and related title documents

 

 

 

2


EX-33.2 4 a13-8043_1ex33d2.htm EX-33.2

Exhibit 33.2

 

GRAPHIC

 

ASSERTION OF COMPLIANCE WITH

APPLICABLE SERVICING CRITERIA

 

The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the “Company”) provides this platform-level assessment of compliance with the servicing criteria specified in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission.  Management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

 

Platform: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 and like-kind transactions issued prior to January 1, 2006 that are subject to Regulation AB for which the Company provides trustee, securities administration or paying agent services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities.

 

Period:  Twelve months ended December 31, 2012 (the “Period”).

 

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled “Not Applicable To Platform” in Appendix 1 attached hereto.

 

With respect to applicable servicing criteria 1122(d)(2)(iii) and 1122(d)(4)(vii), there were no activities performed during the Period with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

 

With respect to servicing criterion 1122(d)(2)(vi) management has engaged a vendor to perform the activities required by the servicing criterion.  Management has determined that this vendor is not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”).  Management has policies and procedures in place designed to provide reasonable assurance that the vendor’s activities comply in all material respects with the servicing criterion applicable to the vendor.  Management is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendor and related criterion.

 



 

With respect to the Platform and the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:

 

1.  The Company is responsible for assessing its compliance with the Applicable Servicing Criteria.

 

2.  The Company has assessed compliance with the Applicable Servicing Criteria including the servicing criterion for which compliance is determined based on Interpretation 17.06 as described above.  In performing this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

 

3.  Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria other than as identified on Schedule A attached.

 

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Company’s compliance with the Applicable Servicing Criteria as of and for the Period.

 

2



 

The Bank of New York Mellon

 

BNY Mellon Trust of Delaware

 

 

 

 

 

 

 

/s/ Richard P. Stanley

 

 

/s/ Robert L. Griffin

 

Richard P. Stanley

 

 

Robert L. Griffin

 

Authorized Signatory

 

 

Authorized Signatory

 

 

 

 

 

 

The Bank of New York Mellon Trust

 

 

Company, N.A.

 

 

 

 

 

 

 

 

 

/s/ Troy L. Kilpatrick

 

 

 

Troy L. Kilpatrick

 

 

 

Authorized Signatory

 

 

 

 

 

 

 

 

Dated:

February 28, 2013

 

 

 

3



 

Schedule A

 

Material Instances of Noncompliance by the Company

 

1122(d)(3)(i): Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports: (B) Provide information calculated in accordance with the terms specified in the transaction agreements.

 

Noncompliance:

 

During the reporting period, certain reports to investors contained information that was not calculated in accordance with the terms specified in the transaction agreements.

 

Remediation:

 

When management becomes aware that such changes are necessary, the applicable investor reports are revised to reflect payment adjustments made and are maintained in accordance with the terms specified in the transaction agreements.

 

1122(d)(3)(ii): Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreements.

 

Noncompliance:

 

With respect to certain remittances during the reporting period, amounts due to investors were not allocated and remitted in accordance with the distribution priority and other terms set forth in the transaction agreements.

 

Remediation:

 

When management becomes aware that such changes are necessary, the applicable payments are adjusted and revisions are made to ensure that future payments will be allocated and remitted in accordance with the distribution priority and other terms set forth in the transaction agreements.

 

4



 

Appendix 1

 

 

 

 

 

APPLICABLE TO PLATFORM

 

 

REG AB
REFERENCE

 

SERVICING CRITERIA

 

Performed Directly
by the Company

 

Performed by
Vendor(s) for which
the Company is the
Responsible Party

 

NOT APPLICABLE
TO PLATFORM

 

 

 

 

 

 

 

 

 

 

 

General servicing considerations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(1)(i)

 

Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(1)(ii)

 

If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(1)(iii)

 

Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(1)(iv)

 

A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

 

 

Cash collection and administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(i)

 

Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(ii)

 

Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(iii)

 

Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(iv)

 

The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(v)

 

Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of this chapter.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(2)(vi)

 

Unissued checks are safeguarded so as to prevent unauthorized access.

 

 

 

X

 

 

 



 

 

 

 

 

APPLICABLE TO PLATFORM

 

 

REG AB
REFERENCE

 

SERVICING CRITERIA

 

Performed Directly
by the Company

 

Performed by
Vendor(s) for which
the Company is the
Responsible Party

 

NOT APPLICABLE
TO PLATFORM

 

 

 

 

 

 

 

 

 

1122(d)(2)(vii)

 

Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A)  Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor remittances and reporting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(i)

 

Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements; (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(ii)

 

Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(iii)

 

Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(3)(iv)

 

Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pool asset administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(i)

 

Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(ii)

 

Pool asset and related documents are safeguarded as required by the transaction agreements

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(iii)

 

Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

 

X

 

 

 

 

 



 

 

 

 

 

APPLICABLE TO PLATFORM

 

 

REG AB
REFERENCE

 

SERVICING CRITERIA

 

Performed Directly
by the Company

 

Performed by
Vendor(s) for which
the Company is the
Responsible Party

 

NOT APPLICABLE
TO PLATFORM

 

 

 

 

 

 

 

 

 

1122(d)(4)(iv)

 

Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(v)

 

The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(vi)

 

Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(vii)

 

Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(viii)

 

Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(ix)

 

Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

1122(d)(4)(x)

 

Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.

 

 

 

 

 

X

 



 

 

 

 

 

APPLICABLE TO PLATFORM

 

 

REG AB
REFERENCE

 

SERVICING CRITERIA

 

Performed Directly
by the Company

 

Performed by
Vendor(s) for which
the Company is the
Responsible Party

 

NOT APPLICABLE
TO PLATFORM

 

 

 

 

 

 

 

 

 

1122(d)(4)(xi)

 

Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(xii)

 

Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(xiii)

 

Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(xiv)

 

Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

 

 

 

 

 

X

 

 

 

 

 

 

 

 

 

1122(d)(4)(xv)

 

Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements.

 

X

 

 

 

 

 


EX-34.1 5 a13-8043_1ex34d1.htm EX-34.1

Exhibit 34.1

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Directors and Shareholder of

Ford Motor Credit Company LLC:

 

We have examined management’s assertion, included in the accompanying Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Ford Motor Credit Company LLC (the “Company”) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the asset-backed securities transactions involving automotive dealer floorplan finance receivables completed on or after January 1, 2006 and registered with the Securities Exchange Commission for which the Company acted as servicer (the “Platform”), as of December 31, 2012 and for the year then ended, excluding criteria, 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(3)(i)(D), 1122(d)(3)(iii), 1122(d)(4)(x) through 1122(d)(4)(xiii), and 1122(d)(4)(xv) which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform.  As described in management’s assertion, for servicing criteria 1122(d)(4)(i) and 1122(d)(4)(ii), the Company has engaged vendors to perform the activities required by these servicing criteria.  The Company has determined that these vendors are not considered “servicers” as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”).  As permitted by Interpretation 17.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to each vendor.  The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Company’s determination of its eligibility to use Interpretation 17.06.  Management is responsible for the Company’s compliance with the servicing criteria.  Our responsibility is to express an opinion on management’s assertion based on our examination.

 

Our examination was conducted in accordance with attestation standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances.  Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria.  Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report.  Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report.  We believe that our examination provides a reasonable basis for our opinion.  Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.

 



 

In our opinion, management’s assertion that the Company complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2012 for the asset-backed securities transactions involving automotive dealer floorplan finance receivables completed on or after January 1, 2006 and registered with the Securities Exchange Commission for which the Company acted as servicer is fairly stated, in all material respects.

 

 

/s/ PricewaterhouseCoopers LLP

 

March 25, 2013

 

2


EX-34.2 6 a13-8043_1ex34d2.htm EX-34.2

Exhibit 34.2

 

Report of Independent Registered Public Accounting Firm

 

The Board of Directors:

The Bank of New York Mellon

BNY Mellon Trust of Delaware

The Bank of New York Mellon Trust Company, N.A.:

 

We have examined the compliance of The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust, Company, N.A.), (collectively, the “Company”) with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the publicly-issued (i.e., transaction-level reporting initially required under the Securities and Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 and like-kind transactions issued prior to January 1, 2006 that are subject to Regulation AB for which the Company provides trustee, securities administration or paying agent services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(4)(vi), 1122(d)(4)(viii), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xiv), which the Company has determined are not applicable to the activities it performs with respect to the Platform, as of and for the twelve months ended December 31, 2012. With respect to applicable servicing criteria 1122(d)(2)(iii) and 1122(d)(4)(vii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2012 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Management is responsible for the Company’s compliance with the servicing criteria. Our responsibility is to express an opinion on the Company’s compliance based on our examination.

 

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.

 



 

As described in the Company’s Assertion of Compliance with Applicable Servicing Criteria, for servicing criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this servicing criterion. The Company has determined that this vendor is not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor’s activities comply in all material respects with the servicing criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendor and related criterion as described in its Assertion of Compliance with Applicable Servicing Criteria, and we performed no procedures with respect to the Company’s eligibility to apply Interpretation 17.06.

 

Our examination disclosed the following material noncompliance with servicing criteria 1122(d)(3)(i)(B) and 1122(d)(3)(ii), as applicable to the Company during the twelve months ended December 31, 2012 as follows:

 

·                 With respect to servicing criterion 1122(d)(3)(i)(B), certain reports to investors contained information that was not calculated in accordance with the terms specified in the transaction agreements.

 

·                 With respect to servicing criterion 1122(d)(3)(ii), certain distributions to investors were not allocated and remitted in accordance with distribution priority and other terms set forth in the transaction agreements.

 

In our opinion, except for the material noncompliance described above, the Company complied, in all material respects, with the aforementioned servicing criteria, including criterion 1122(d)(2)(vi) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the twelve months ended December 31, 2012.

 

We do not express an opinion or any form of assurance on the paragraphs titled “Remediation” included in Schedule A “Material Instances of Noncompliance by the Company” to management’s Assertion of Compliance with Applicable Servicing Criteria.

 

/s/ KPMG LLP

 

 

Chicago, Illinois

February 28, 2013

 


EX-35.1 7 a13-8043_1ex35d1.htm EX-35.1

EXHIBIT 35.1

 

SERVICER COMPLIANCE STATEMENT

 

I, Daniel J. Gardetto, certify that:

 

(a)                                 A review of the Servicer’s activities and of its performance under the applicable servicing agreement during the period from January 1, 2012 to December 31, 2012 has been made under my supervision.

 

(b)                                 To the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under the applicable servicing agreement in all material respects throughout the aforementioned period.

 

Dated March 25, 2013

 

 

 

/s/ Daniel J. Gardetto

 

Daniel J. Gardetto

 

Assistant Treasurer of

 

Ford Motor Credit Company LLC,

 

as Servicer of Ford Credit Floorplan Master

 

Owner Trust A

 


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