UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 20, 2018
Ford Credit Floorplan Master Owner Trust A
(Exact Name of Issuing Entity as Specified in Charter)
Commission File Number: 333-206773
Central Index Key Number: 0001159408
Ford Credit Floorplan LLC and Ford Credit Floorplan Corporation
(Exact Name of Registrants/Depositors as Specified in Charter)
Commission File Numbers: 333-206773-01 and 333-206773-02
Central Index Key Numbers: 0001061198 and 0000872471
Ford Motor Credit Company LLC
(Exact Name of Sponsor as Specified in Charter)
Central Index Key Number: 0000038009
Delaware
(State or Other Jurisdiction of Incorporation of the Registrants)
38-3372243 and 38-2973806
(IRS Employer Identification No. of the Registrants)
c/o Ford Motor Company Ford Credit SPE Management Office |
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48126 |
(Address of Principal Executive Offices of the Registrants) |
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Registrants telephone number, including area code: 313-594-3495
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events
In connection with the issuance by Ford Credit Floorplan Master Owner Trust A (the Trust) of the asset-backed securities (the Notes) described in the Prospectus, dated March 13, 2018, which was filed with the Securities and Exchange Commission pursuant to its Rule 424(b)(2) by Ford Credit Floorplan Corporation and Ford Credit Floorplan LLC, as registrants (the Registrants or the Depositors), the documents listed in Item 9.01(d) below are being filed.
This Current Report on Form 8-K is being filed in connection with the issuance of the Notes to satisfy an undertaking to file unqualified legality and tax opinions at the time of each takedown from the Registration Statement. Copies of the legality and tax opinions delivered by Katten Muchin Rosenman LLP, counsel to the Registrants, in connection with the issuance of the Notes are attached hereto as Exhibits 5.1 and 8.1, respectively.
Item 9.01. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits:
Exhibit No. |
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Description |
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5.1 |
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Opinion of Katten Muchin Rosenman LLP with respect to legality. |
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8.1 |
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Opinion of Katten Muchin Rosenman LLP with respect to federal income tax matters. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this Report to be signed on their respective behalves by the undersigned hereunto duly authorized.
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FORD CREDIT FLOORPLAN CORPORATION | ||
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By: |
/s/ Nathan Herbert | |
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Name: |
Nathan Herbert |
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Title: |
Assistant Secretary |
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FORD CREDIT FLOORPLAN LLC | ||
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By: |
/s/ Nathan Herbert | |
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Name: |
Nathan Herbert |
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Title: |
Assistant Secretary |
Dated: March 20, 2018
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575 Madison Avenue |
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New York, NY 10022-2585 |
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212.940.8800 tel |
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212.940.8776 fax |
March 20, 2018
Ford Credit Floorplan Corporation
c/o Ford Credit SPE Management Office
One American Road
Dearborn, Michigan 48126
Ford Credit Floorplan LLC
c/o Ford Credit SPE Management Office
One American Road
Dearborn, Michigan 48126
Re: Ford Credit Floorplan Master Owner Trust A, Series 2018-1
Registration Statement on Form S-3 File No. 333-206773
Ladies and Gentlemen:
We have acted as special counsel to Ford Credit Floorplan Corporation, a Delaware corporation (FCF Corp), and Ford Credit Floorplan LLC, a Delaware limited liability company (FCF LLC and, together with FCF Corp, the Co-Registrants), and Ford Credit Floorplan Master Owner Trust A, a Delaware statutory trust, as issuer (the Trust), in connection with the above-referenced Registration Statement (the Registration Statement), and with the issuance by the Trust on the date hereof of its Asset Backed Notes, Series 2018-1, Class A-1, Class A-2 and Class B (collectively, the Notes). The Trust is governed by the Second Amended and Restated Trust Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the Trust Agreement), between the Co-Registrants, as depositors, and U.S. Bank Trust National Association, as owner trustee (the Owner Trustee), and the Notes will be issued under and pursuant to the Second Amended and Restated Indenture, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the Indenture), between the Trust and The Bank of New York Mellon, as indenture trustee (the Indenture Trustee), as supplemented by the Series 2018-1 Indenture Supplement, dated as of March 1, 2018 (the Indenture Supplement), entered into between the Trust and the Indenture Trustee.
We generally are familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of the Notes, and have made investigations of law and have examined and relied on the originals or copies certified or
AUSTIN CENTURY CITY CHARLOTTE CHICAGO DALLAS HOUSTON IRVING LOS ANGELES
NEW YORK ORANGE COUNTY SAN FRANCISCO BAY AREA SHANGHAI WASHINGTON, DC
LONDON: KATTEN MUCHIN ROSENMAN UK LLP
A limited liability partnership including professional corporations
Ford Credit Floorplan Corporation
Ford Credit Floorplan LLC
March 20, 2018
otherwise identified to our satisfaction of all the documents and records of the Co-Registrants and the Trust and the other instruments of the Co-Registrants, the Trust and other persons, as we have deemed appropriate as a basis for the opinions expressed below, including (a) the Registration Statement, (b) the Trust Agreement, the Indenture, the Indenture Supplement (including the form of Notes included as an exhibit to the Indenture Supplement), the Underwriting Agreement, dated March 13, 2018, among the Depositors, Ford Motor Credit Company LLC and the representatives of the several underwriters named therein, and the other transaction documents and forms of transaction documents attached as exhibits to the Registration Statement (collectively, the Agreements) and (c) the prospectus, dated March 13, 2018 (the Prospectus), relating to the offering of the Notes.
We express no opinion except as to matters that are governed by federal law, the laws of the State of New York or the Delaware General Corporation Law, the Delaware Limited Liability Company Act or the Delaware Statutory Trust Act. All opinions expressed below are based on laws, regulations and policy guidelines currently in force and may be affected by future regulations.
Subject to the qualifications stated above, we are of the opinion that, with respect to any Series of Notes, when (a) the Indenture and the Indenture Supplement have been duly qualified under the Trust Indenture Act of 1939, as amended, (b) the Indenture and the Indenture Supplement have been duly authorized by all necessary action and duly executed and delivered by all necessary parties, and (c) the Notes have been duly executed and authenticated according to the provisions of the Indenture and the Indenture Supplement and issued and sold as contemplated in the Prospectus and the Agreements and delivered under Section 5 of the Securities Act of 1933, as amended (the Act), the Notes will have been duly authorized by all necessary action of the Trust and will be legally and validly issued, binding obligations of the Trust, fully paid and non-assessable, and the holders of the Notes will be entitled to the benefits of the Indenture and the Indenture Supplement, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors rights generally and to general principles of equity, regardless of whether such matters are considered in a proceeding in equity or at law.
We consent to the filing of this opinion by the Trust under Form 8-K in connection with the offering and sale of the Notes, and to references to this firm as counsel to the Co-Registrants and the Trust in the Prospectus, without implying or admitting that we are experts within the meaning of the Act or the rules and regulations of the Commission issued under the Act, for any part of the Registration Statement, including this exhibit.
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Very truly yours, |
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/s/ Katten Muchin Rosenman LLP |
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2900 K Street NW #200 |
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Washington, DC 20007-5118 |
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202.625.3500 tel |
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202.298.7570 fax |
March 20, 2018
Ford Credit Floorplan Corporation
c/o Ford Motor Credit Company LLC
c/o Ford Motor Company
One American Road
Dearborn, Michigan 48126
Ford Credit Floorplan LLC
c/o Ford Motor Credit Company LLC
c/o Ford Motor Company
One American Road
Dearborn, Michigan 48126
Re: Ford Credit Floorplan Master Owner Trust A, Series 2018-1
Registration Statement on Form S-3 File No. 333-206773
Ladies and Gentlemen:
We have acted as special counsel to Ford Credit Floorplan Corporation, a Delaware corporation (FCF Corp), and Ford Credit Floorplan LLC, a Delaware limited liability company (FCF LLC and, together with FCF Corp, the Co-Registrants), and Ford Credit Floorplan Master Owner Trust A, a Delaware statutory trust, as issuer (the Trust), in connection with the above-referenced Registration Statement (the Registration Statement), and with the issuance by the Trust on the date hereof of its Asset Backed Notes, Series 2018-1, Class A-1, Class A-2 and Class B (collectively, the Notes). The Trust is governed by the Second Amended and Restated Trust Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the Trust Agreement), between the Co-Registrants, as depositors, and U.S. Bank Trust National Association, as owner trustee (the Owner Trustee), and the Notes will be issued under and pursuant to the Second Amended and Restated Indenture, dated as of August 1, 2001, as amended and restated as of December 1, 2010 (the Indenture), between the Trust and The Bank of New York Mellon, as indenture trustee (the Indenture Trustee), as supplemented by the Series 2018-1 Indenture Supplement, dated as of March 1, 2018 (the Indenture Supplement), entered into between the Trust and the Indenture Trustee. The Indenture, the Indenture Supplement and the Trust Agreement are referred to in this opinion as the Agreements.
We have examined (a) the Agreements, (b) the prospectus, dated March 13, 2018 (the Prospectus), relating to the offering of the Notes and (c) such other documents, records and instruments as we have deemed necessary for the purposes of this opinion.
AUSTIN CENTURY CITY CHARLOTTE CHICAGO DALLAS HOUSTON IRVING LOS ANGELES
NEW YORK ORANGE COUNTY SAN FRANCISCO BAY AREA SHANGHAI WASHINGTON, DC
LONDON: KATTEN MUCHIN ROSENMAN UK LLP
A limited liability partnership including professional corporations
Ford Credit Floorplan Corporation
Ford Credit Floorplan LLC
March 20, 2018
In arriving at the opinion expressed below, we have assumed that each Agreement will be duly authorized by all necessary corporate or limited liability company action on the part of the Co-Registrants, as the case may be, the Indenture Trustee, the Owner Trustee and any other party to the Agreements and will be duly executed and delivered by the Co-Registrants, as the case may be, the Indenture Trustee, the Owner Trustee and any other party to the Agreements substantially in the applicable form filed or incorporated by reference as an exhibit to the Registration Statement, and that the Notes will be sold as described in the Prospectus. As to various questions of fact material to our opinions, we have relied, to the extent we deemed appropriate, on representations, statements and certificates of officers and representatives of the Co-Registrants and others.
As special tax counsel to the Co-Registrants, we have advised the Co-Registrants regarding material federal income tax aspects of the proposed issuance of the Notes under the Agreements. This advice has formed the basis for the description of federal income tax consequences for holders of the Notes under the headings SummaryTax Status and Tax Considerations in the Prospectus. We confirm and adopt as our opinion those opinions stated under these headings (in each case subject to the limitations stated in the Prospectus.)
This opinion is based on the facts and circumstances in the Prospectus and in the other documents reviewed by us. Our opinion as to the matters in this opinion could change for the Notes as a result of changes in facts or circumstances, changes in the terms of the documents reviewed by us, or changes in the law after the date of this opinion.
This opinion is based on our interpretations of current law, including the Internal Revenue Code of 1986, as amended, judicial decisions, administrative rulings and existing final and temporary Treasury regulations, which are subject to change both prospectively and retroactively, and on the facts and assumptions discussed in this opinion. This opinion letter is limited to the matters stated in this opinion letter, and no opinions are intended to be implied or may be inferred beyond those expressly stated in this opinion letter. In addition, our opinion is based on the assumption that the matter, if litigated, will be properly presented to the applicable court. Furthermore, our opinion is not binding on the Internal Revenue Service and there can be no assurance that the Internal Revenue Service will not take a contrary position.
We consent to the filing of this opinion by the Trust under Form 8-K in connection with the offering and sale of the Notes, and to references to this firm as special tax counsel to the Co-Registrants under the headings in the Prospectus, without implying or admitting that we are experts within the meaning of the Act or the rules and regulations of the Commission issued under the Securities Act of 1933, as amended, for any part of the Registration Statement, including this exhibit.
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Very truly yours, |
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/s/ Katten Muchin Rosenman LLP |
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