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      "text": "Summary of Enhancements to Ford Credit's Most Recent Floorplan Master Owner Trust Series (FORDF 2023-1)",
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      "text": "Term Historical Modernized Rationale Make-Whole Call Option N/A Notes are prepayable, subject to a make-whole Make-whole option available after 1 year Fixed rate senior notes make-whole: Class A-1: 0.15% Fixed rate subordinate notes: Class B, C, & D: 0.25% Floating notes make-whole: prevailing SOFR as of the Redemption Date Provides Ford Credit flexibility to manage the outstanding debt amount and compensates investors in the event of an early redemption The fixed rate make-whole framework is consistent with the FORDR structure Yield Supplement Interest N/A Flexible discount option at the series-level A portion of principal can be re-classified as interest generating additional asset yield Yield supplement mechanism is effectuated via an increase in the subordinated percentage, not to exceed 2.00% in aggregate Creates additional flexibility to address situations where asset yields may fall below ABS note coupons Similar features found in Ford Credit's other ABS programs such as yield supplement overcollateralization (YSOC) in FORDO/FORDR Feature is in addition to, not in place of, the existing cross-series interest sharing Series Paydown Series principal accumulation 6 full months prior to expect final payment Accumulation can be delayed until 45 days prior to expected final payment Ford Credit may make a bullet payment on the expected final payment date without prior accumulation If the notes are not paid in full on the expected final payment date, the series will enter the required amortization period A-1 Fixed Rate Note step-up is the related interest rate minus 0.01% A-2 Floating Rate Note step-up is the excess of the related interest rate over SOFR Investors receive step-up interest if principal is outstanding after the expected final payment date until series is paid in full Aligns with other revolving ABS programs including FORDR Step-up coupons were added to address investor extension risk which provides additional protection historically not present in FORDF transactions Provides operational and funding efficiency for Ford Credit",
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      "text": "FORDF Program Modernization",
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