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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "Note Redemption\nUpdated in 2024-REV1, the note redemption period begins with the expected final payment date\nRemoved embedded 6-month par call option which has never been exercised in prior transactions\nNote redemption achieved through sale of trust assets to the depositor, another Ford Credit special purpose entity, or a third party if sale proceeds are sufficient to fully repay the notes",
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      "text": "Step-up Amounts\nIf notes are not paid in full by the expected final payment date, step-up amounts will be payable\nStep-up amounts will accrue on each class of notes at a rate equal to the interest rate for the class less 0.01%",
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      "text": "Make-whole Payments\nMake-whole payments will be payable on each principal payment made prior to the note redemption period due to:\nAn amortization event resulting from the failure to fund the negative carry account to the required amount or the adjusted pool balance declining to less than 50% of principal amount of the notes, or\nThe trust's exercise of its option to redeem the notes after the first anniversary but prior to the note redemption period\nMake-whole payments will be equal to the excess of (a) the present value of (i) the amount of all future interest payments that would otherwise accrue on the principal payment until the sixth payment date prior to the expected final payment date and (ii) the principal payment, discounted from the sixth payment date prior to the expected final payment date to the payment date monthly on a 30/360 basis at 0.25% plus the higher of (1) zero and (2) the current maturity matched U.S. Treasury rate over (b) the principal payment",
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