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  "documentTitle": "Ford | Investor Conference Presentation Deck | 60 slides",
  "authorId": "ford",
  "authorName": "Ford",
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  "presentationDate": "2023-08-01 00:00:00",
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      "kind": "chart",
      "text": "Class A Hard Credit Enhancement\n9.50% 9.50% 9.50% 10.00% 9.50% 9.50% 9.50%\n9.00% 9.00% 9.00% 9.00% 9.00% 7.50% 7.50% 7.50%\n0.50% 0.50% 0.50% 0.50% 0.50% 1.50% 1.50% 1.50%\n2023-REV2* 2023-REV1* 2022-REV1* 2021-REV2* 2021-REV1* 2020-REV2 2020-REV1 2019-REV1\nReserve Overcollateralization Subordination",
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      "text": "Class A notes (\"AAA\") 91.00%\nClass B notes (\"AA\") 5.00%\nClass C notes (\"A\") 2.50%\nClass D notes (\"BBB\") 2.00%\nReserve Account 0.50%**\nExcess Spread\nOvercollateralization (0.50)%",
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      "text": "Credit enhancement largely consistent over the life of the program\nThe subordinate Class D tranche was first offered in April 2021 as part of 2021-REV1\n2020-REV2, the first transaction after the start of the pandemic, included an increased reserve\nServicer has the ability to substitute collateral with cash\nAdjusted pool balance may not be less than 50% of the principal amount of the notes without triggering an amortization event",
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      "text": "* Inclusive of credit enhancement provided by the Class D note that is collateralized on an adjusted pool basis only\n** Reserve account of at least 0.50% of the initial adjusted pool balance. Decreases to at least 0.25% during the amortization period through priority of payments",
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      "name": "Cost Of Inaction",
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      "evidence": "Slides 26-35 imply the cost of inaction and the need for Ford+",
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