Ford Investor Conference Presentation Deck
FORDREV
Structure Overview
I
Class A notes ("AAA")
Class B notes (“AA”)
Class C notes (“A”)
Class D notes ("BBB")
Reserve Account
Excess Spread
Overcollateralization
% of Adjusted
Pool Balance
91.00%
5.00%
2.50%
2.00%
0.50%**
Class A Hard Credit
Enhancement
9.50%*
(0.50)%
* Inclusive of credit enhancement provided by the Class D note that is collateralized on
an adjusted pool basis only
** 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
Credit enhancement largely consistent over the life of the program
The subordinate Class D tranche was first offered in April 2021 as
part of 2021-REV1
2020-REV2, the first transaction after the start of the pandemic,
included an increased reserve
Servicer has the ability to substitute collateral with cash
Adjusted pool balance may not be less than 50% of the principal
amount of the notes without triggering an amortization event
9.50%
9.00%
9.50%
9.00%
Class A Hard Credit Enhancement
9.50%
9.00%
9.50%
Reserve
9.00%
9.50%
9.00%
10.00%
■Overcollateralization
7.50%
1.50%
9.50%
Subordination
Ford
7.50%
1.50%
1.50%
1.00%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
2023-REV2* 2023-REV1* 2022-REV1* 2021-REV2* 2021-REV1* 2020-REV2 2020-REV1 2019-REV1
9.50%
7.50%
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