Ford
amortization events amortization period will begin if any of the following events occur on any payment date during the revolving period a the trust fails to pay interest due on the notes within five days of the payment date the required amount is not in the reserve account the required amount is not in the negative carry account or the required amount is not in the accumulation account notes are not paid in full on the expected final payment date three month rolling average net losses as a percentage of aggregate principal balance of receivables exceeds three month rolling average percentage of aggregate principal balance of receivables that are days or more delinquent exceeds adjusted pool balance is less than of the principal amount of the notes a termination event occurs and is continuing an event of default occurs and is continuing in which case notes will be accelerated during an amortization no amounts are paid to the residual interest available funds are used to pay trust expenses interest principal until paid in full and any make whole or step up amounts due the trust will not purchase additional receivables | Ford
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February 2024
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55 of 105
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