20__-__ SERVICING SUPPLEMENT to the THIRD AMENDED AND RESTATED SERVICING AGREEMENT dated as of July 22, 2005, as amended and restated as of September 1, 2019 among FORD MOTOR CREDIT COMPANY LLC, as Servicer for the Collateral Specified Interests and...
EXHIBIT 10.5
20__-__ SERVICING SUPPLEMENT
to the
THIRD AMENDED AND RESTATED
SERVICING AGREEMENT
dated as of July 22, 2005,
as amended and restated as of September 1, 2019
among
FORD MOTOR CREDIT COMPANY LLC,
as Servicer for the Collateral Specified Interests
and the 20__-__ Reference Pool and as Lender,
CAB EAST LLC and
CAB WEST LLC,
each acting for its series of limited liability company interests
designated as the "Collateral Specified Interest,"
as a Titling Company
and
HTD LEASING LLC,
as Collateral Agent
Dated as of _________, 20__
TABLE OF CONTENTS
ARTICLE I USAGE AND DEFINITIONS | 1 | |
Section 1.1. | Usage and Definitions | 1 |
ARTICLE II REFERENCE POOL | 1 | |
Section 2.1. | Acknowledgment | 1 |
ARTICLE III SERVICING OF LEASES AND LEASED VEHICLES | 2 | |
Section 3.1. | Engagement | 2 |
Section 3.2. | Collection of Payments; Extensions and Amendments | 2 |
Section 3.3. | Servicer's Reallocation of Leases and Leased Vehicles | 2 |
Section 3.4. | Servicer Reports and Compliance Statements | 3 |
Section 3.5. | Notices Under Servicing Agreement | 5 |
Section 3.6. | Xxxxxxxx-Xxxxx Certificates | 5 |
Section 3.7. | Securities and Exchange Commission Filings | 5 |
Section 3.8. | Review of Servicer's Records | 5 |
Section 3.9. | Servicer's Authorized and Responsible Persons | 5 |
Section 3.10. | Servicer's Fees | 6 |
Section 3.11. | Servicer's Expenses | 6 |
ARTICLE IV ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS | 6 | |
Section 4.1. | Bank Accounts | 6 |
Section 4.2. | Investment of Funds in Bank Accounts | 7 |
Section 4.3. | Deposits and Payments | 8 |
Section 4.4. | [Advances] | 9 |
Section 4.5. | [Payment of Advances] | 10 |
Section 4.6. | Reserve Account Draw Amount | 10 |
Section 4.7. | Direction to Indenture Trustee for Distributions | 11 |
ARTICLE V SERVICER | 11 | |
Section 5.1. | Servicer's Representations and Warranties | 11 |
Section 5.2. | Indemnities of Servicer | 11 |
Section 5.3. | Reference Pool Servicer Termination Events | 12 |
Section 5.4. | Servicer May Own Exchange Note and Notes | 12 |
ARTICLE VI TERMINATION | 12 | |
Section 6.1. | Clean-Up Call | 12 |
Section 6.2. | Termination of Servicing Supplement | 13 |
ARTICLE VII OTHER AGREEMENTS | 13 | |
Section 7.1. | No Petition | 13 |
Section 7.2. | Conflict with Servicing Agreement | 13 |
ARTICLE VIII MISCELLANEOUS | 13 | |
Section 8.1. | Amendments | 13 |
Section 8.2. | Benefit of Agreement; Third-Party Beneficiaries | 13 |
Section 8.3. | GOVERNING LAW | 13 |
Section 8.4. | Severability | 13 |
Section 8.5. | Headings | 13 |
Section 8.6. | Counterparts | 14 |
Exhibit A Form of Monthly Investor Report | EA-1 |
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20__-__ SERVICING SUPPLEMENT, dated as of _______, 20__ (this "Supplement"), to the Third Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated as of September 1, 2019 (the "Servicing Agreement"), among FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer for the Collateral Specified Interests and the 20__-__ Reference Pool and as Lender under the Credit and Security Agreement, CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, each acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company, and HTD Leasing LLC, as Collateral Agent.
The Borrowers and the Lender have determined to issue the 20__-__ Exchange Note and to designate the 20__-__ Reference Pool under the Credit and Security Agreement and the Exchange Note Supplement.
The parties have determined to enter into this Supplement according to Section 2.3 of the Servicing Agreement to acknowledge the designation of the 20__-__ Reference Pool and identify the additional obligations required of the Servicer for the 20__-__ Reference Pool and the 20__-__ Exchange Note.
The parties agree as follows:
ARTICLE I
USAGE AND DEFINITIONS
Section 1.1. Usage and Definitions. Capitalized terms used but not defined in this Supplement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of _________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, the Collateral Agent and Ford Credit, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Supplement. Appendix 1 and Appendix A are incorporated by reference into this Supplement.
ARTICLE III
SERVICING OF LEASES AND LEASED VEHICLES
Section 3.3. Servicer's Reallocation of Leases and Leased Vehicles.
(d) [Reallocation for Disaster Extension Offers. If the Servicer offers Payment Extensions to Lessees located in a major disaster area as declared by the Federal Emergency Management Agency before the Closing Date and a Lessee accepts the offered Payment Extensions which results in the related Lease being extended for a total of more than three months, the Servicer will reallocate the related Lease and Leased Vehicle to the Revolving Facility Pool.]
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this Section 3.3, the Servicer will reallocate the Lease and Leased Vehicle by paying the Administrative Reallocation Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Servicer made the extension or modification on the Lease, has knowledge or receives notice of the breach or determines the need for reallocation or, at the Servicer's option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, it may pay any Administrative Reallocation Amounts according to Section 4.3(c).
Section 3.4. Servicer Reports and Compliance Statements.
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(c) Report on Assessment of Compliance with Servicing Criteria and Attestation. The Servicer will:
(i) deliver to the Depositor, the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies, a report on its assessment of compliance with the minimum servicing criteria during the prior year, including disclosure of any material instance of non-compliance identified by the Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB; and
(ii) cause a firm of registered public accountants to deliver an attestation report on the assessment of compliance with the minimum servicing criteria that (A) satisfies the requirements of Rule 13a-18 or 15d-18 under the Exchange Act, as applicable, (B) complies with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and (C) indicates that the firm is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act.
These reports will be delivered within 90 days after the end of each year, starting in the year after the Closing Date. A copy of these reports may be obtained by any Noteholder or Note Owner by request to the Indenture Trustee.
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Section 3.5. Notices Under Servicing Agreement.
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Section 3.10. Servicer's Fees.
(i) The "Reference Pool Servicing Fee" will, for a Payment Date, be an amount equal to the sum of (A) the product of: (1) one-twelfth of 1.00%; times (2) the Pool Balance as of the last day of the related Collection Period (or the Cutoff Date for the first Payment Date), plus (B) the portion of the Reference Pool Servicing Fee for the prior Payment Date, if any, that was not paid on that Payment Date.
(ii) The Reference Pool Servicing Fee will be payable solely from, and the right of the Servicer to receive the Reference Pool Servicing Fee will be limited in recourse to, the 20__-__ Collections and other amounts applied to the payment of that fee under the Exchange Note Supplement.
ARTICLE IV
ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS
Section 4.1. Bank Accounts
(a) Establishment of Bank Accounts. On or before the Exchange Note Issuance Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of ________________), each in the name "____________________, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 20__-__", to be designated as follows:
(i) "Exchange Note Collection Account" with account number ______;
(ii) "Collection Account" with account number ______; and
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(iii) "Reserve Account" with account number ______.
(b) Control of the Bank Accounts. Each of the Bank Accounts will be under the control of the Indenture Trustee so long as the Bank Accounts remain subject to the Lien of the Indenture, except that the Servicer may make deposits to and direct the Indenture Trustee to make deposits to or withdrawals from the Bank Accounts according to the Transaction Documents. The Servicer may direct the Indenture Trustee to withdraw from the Exchange Note Collection Account and pay to the Servicer or as directed by the Servicer amounts that are not Exchange Note Available Funds for a Collection Period or that were deposited in the Exchange Note Collection Account in error. After the Notes are paid in full and the Bank Accounts are released from the Lien of the Indenture, the Exchange Note Collection Account will be under the control of the Collateral Agent, the Collection Account will be under the control of the Servicer and the Reserve Account will be under the control of the Depositor. Following the payment in full of the 20__-__ Exchange Note, the Exchange Note Collection Account will be under the control of the Borrowers.
(c) Benefit of Accounts; Deposits and Withdrawals. The Bank Accounts and all cash, money, securities, investments, financial assets and other property deposited in or credited to them will be maintained by the Indenture Trustee (i) until the payment in full of the Notes and the release of the Bank Accounts from the Lien under the Indenture, as secured party for the benefit of the Secured Parties, (ii) then, until the payment in full of the 20__-__ Exchange Note, as agent of the Collateral Agent and (iii) then, as agent of the Borrowers. All deposits to and withdrawals from the Bank Accounts will be made according to the Transaction Documents.
(d) Maintenance of Accounts. If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee's assistance as necessary, move the Bank Accounts to a Qualified Institution within 30 days.
(e) Compliance. Each Bank Account will be subject to the Account Control Agreement or the Titling Company Account Control Agreement. The Servicer will ensure that the Account Control Agreement and the Titling Company Account Control Agreement require the Qualified Institution maintaining the Bank Accounts to comply with "entitlement orders" (as defined in Section 8-102 of the UCC) from the Indenture Trustee without further consent of the Issuer, if the Notes are Outstanding, or the Borrowers, if the 20__-__ Exchange Note is Outstanding, and to act as a "securities intermediary" according to the UCC.
Section 4.2. Investment of Funds in Bank Accounts.
(a) Permitted Investments. If no Default, Event of Default or Exchange Note Default has occurred and is continuing, the Servicer may instruct the Indenture Trustee to invest any funds in the Bank Accounts in Permitted Investments and, if investment instructions are received, the Indenture Trustee will direct the Qualified Institution maintaining the Bank Accounts to invest the funds in the Bank Accounts in those Permitted Investments. The investment instructions from the Servicer may be in the form of a standing instruction. If (i) the Servicer fails to give investment instructions for any funds in a Bank Account to the Indenture Trustee by 11:00 a.m. New York time (or other time as may be agreed by the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture Trustee that a Default, Event of Default or Exchange Note Default has occurred and is continuing for the Notes
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or the 20__-__ Exchange Note, the Qualified Institution will invest and reinvest funds in the Bank Accounts according to the last investment instructions received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received. The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments.
(b) Maturity of Investments. Any Permitted Investments of funds in the Bank Accounts (or any reinvestments of the Permitted Investments) for a Collection Period must mature, if applicable, and be available no later than the Business Day before the related Payment Date. However, funds in the Reserve Account may be invested in Permitted Investments that will not mature or be available before the related Payment Date if the Rating Agency Condition has been satisfied for the investment. Any Permitted Investments with a maturity date will be held to their maturity, except that such Permitted Investments may be sold or disposed of before their maturity (i) if they relate to funds in the Reserve Account required to satisfy the Reserve Account Draw Amount on a Payment Date or (ii) in connection with the sale or liquidation of the Leases and Leased Vehicles following an Exchange Note Default under Section 6.6(a) of the Credit and Security Agreement.
(c) No Liability for Investments. None of the Depositor, the Servicer, the Indenture Trustee or the Qualified Institution maintaining any Bank Account will be liable for the selection of Permitted Investments or for investment losses incurred on Permitted Investments (other than in the capacity as obligor, if applicable).
(d) Continuation of Liens in Investments. The Servicer will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in the Bank Account unless the security interest Granted and perfected in the account in favor of the Indenture Trustee will continue to be perfected in the investment or the proceeds of the sale without further action by any Person.
(e) Investment Earnings. The Servicer will receive investment earnings (net of losses and investment expenses) on funds in the Bank Accounts as additional compensation for the servicing of the Leases and Leased Vehicles. The Servicer will direct the Indenture Trustee to withdraw the investment earnings and distribute them to the Servicer on each Payment Date.
Section 4.3. Deposits and Payments.
(a) Exchange Note Issuance Date Deposit. On the Exchange Note Issuance Date, the Servicer will deposit in the Exchange Note Collection Account an amount equal to the sum of (i) the Cutoff Date Payahead Amount and (ii) all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases during the period from the Cutoff Date to two Business Days before the Exchange Note Issuance Date.
(b) Deposit of Collections.
(i) If the Servicer's short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20__-__
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Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit's short term unsecured debt is rated at least ["F1" by Fitch, "P-1" by Moody's and "A-1" by Standard & Poor's] (the "Monthly Deposit Required Ratings"), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit in the Exchange Note Collection Account all Administrative Reallocation Amounts, [Active Lease Advances,] Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.
(c) Reconciliation of Deposits. If Ford Credit is the Servicer and for any Payment Date, the sum of (i) 20__-__ Collections for the Collection Period, plus (ii) Administrative Reallocation Amounts for the Payment Date, exceeds the amounts deposited under Section 4.3(b) for the Collection Period, Ford Credit will deposit an amount equal to the excess into the Collection Account on the Business Day before the Payment Date or, with satisfaction of the Rating Agency Condition, on the Payment Date. If, for any Payment Date, the amounts deposited under Section 4.3(b) for the Collection Period exceed the sum of (i) 20__-__ Collections for the Collection Period, plus (ii) Administrative Reallocation Amounts for the Payment Date, the Indenture Trustee will pay to Ford Credit an amount equal to the excess within two Business Days of Ford Credit's direction, but no later than the Payment Date. If requested by the Indenture Trustee, Ford Credit will provide reasonable supporting details for its calculation of the amounts to be deposited or paid under this Section 4.3(c).
(d) Net Deposits. Ford Credit may make the deposits and payments required by Section 4.3(b) net of Reference Pool Servicing Fees to be paid to Ford Credit for the Collection Period[, Advance Reimbursement Amounts the Servicer is permitted to retain under Section 4.4(b)] and amounts the Servicer is permitted to retain or be reimbursed for under Section 3.10. The Servicer will account for all deposits and payments in the Monthly Investor Report as if the amounts were deposited and/or paid separately.
(e) No Segregation. Pending deposit in the Exchange Note Collection Account, the Servicer is not required to segregate 20__-__ Collections or Payaheads from its own funds.
Section 4.4. [Advances].
(a) [Advances by Servicer. The Servicer may, at its option, make an advance for each Active Lease other than an Advance Payment Plan Lease and each Collection Period if the Base Payment exceeds the sum of (i) Active Lease Proceeds (which may be positive or negative) plus
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(ii) the Payahead Draw, by depositing the amount of the excess (equal to the Active Lease Advance) in the Exchange Note Collection Account on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on that Payment Date. However, the Servicer will only make Active Lease Advances on a Lease if the Servicer, in its sole discretion, determines that the advances will be recoverable from subsequent 20__-__ Collections (whether relating to the Lease and Leased Vehicle or another Lease or Leased Vehicle) under Section 4.3(b).
(b) Reimbursement for Outstanding Advances. During each Collection Period, the Servicer will be reimbursed for any outstanding Advance Balance on a Lease for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date) by retaining the following amounts (the "Advance Reimbursement Amount") in the following order of priority:
(i) first, if the Lease is an Active Lease in the Collection Period, an amount equal to the lesser of (A) the sum of (1) Active Lease Proceeds, plus (2) the Administrative Reallocation Amount, if any, minus (3) the Base Payment, in each case for the Lease and the Collection Period and (B) the Advance Balance;
(ii) second, if the Lease is a Terminating Lease or a Closed Lease in the Collection Period, an amount equal to the lesser of (A) the sum of (1) the Terminating Lease Proceeds, plus (2) the Closed Lease Proceeds, plus (3) the Administrative Reallocation Amount, if any, in each case for the Lease and the Collection Period and (B) the Advance Balance; and
(iii) third, on and after the Collection Period that includes the Closed Date for the Lease, an amount equal to the lesser of (A) the sum of Active Lease Proceeds, Terminating Lease Proceeds, Closed Lease Proceeds and Administrative Reallocation Amounts (in each case not relating to the Lease) for the Collection Period and (B) the excess, if any, of (1) the Advance Balance over (2) the amount retained by the Servicer under Section 4.3(b)(ii) for the current Collection Period.
(c) Direction for Reimbursement. The Servicer may direct the Indenture Trustee, if the Notes are Outstanding, and then, the Collateral Agent, to withdraw from the Exchange Note Collection Account and pay to the Servicer any amounts the Servicer is entitled to retain under this Section 4.4(c) if those amounts have been deposited in the Exchange Note Collection Account.]
Section 4.5. [Payment of Advances]. [If a successor Servicer is appointed under the Servicing Agreement, the predecessor Servicer will be entitled to be reimbursed for the Advance Balances outstanding on the date of resignation or termination of the predecessor Servicer. Advance Reimbursement Amount for a Lease will be applied (a) first, to the Advance Balances outstanding on the date of resignation or termination of the predecessor Servicer and (b) second, to any remaining Advance Balances.]
Section 4.6. Reserve Account Draw Amount. At least two Business Days before each Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw the amount, if any, from the Reserve Account and deposit it in the Exchange Note Collection Account.
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Section 4.7. Direction to Indenture Trustee for Distributions. At least two Business Days before a Payment Date, the Servicer will direct the Indenture Trustee (based on the most recent Monthly Investor Report) to make the withdrawals, deposits, distributions and payments required to be made on the Payment Date under Section 5.1 of the Exchange Note Supplement, Section 8.2 of the Indenture and Section 4.3(c) of this Agreement.
Section 5.2. Indemnities of Servicer.
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Section 6.2. Termination of Servicing Supplement. This Supplement will terminate when the Servicing Agreement terminates, and may also be terminated by the Servicer or the Titling Companies at any time after the payment in full or cancellation of the 20__-__ Exchange Note.
Section 8.3. GOVERNING LAW. THIS SUPPLEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.
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[Remainder of Page Left Blank]
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EXECUTED BY:
FORD MOTOR CREDIT COMPANY LLC, | ||
as Servicer for the Collateral Specified Interests and the 20__-__ Reference Pool and as Lender | ||
By: | ||
Name: | ||
Title: | ||
CAB EAST LLC, | ||
acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company | ||
By: | ||
Name: | ||
Title: | ||
CAB WEST LLC, | ||
acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company | ||
By: | ||
Name: | ||
Title: | ||
HTD LEASING LLC, | ||
as Collateral Agent | ||
By: | ||
Name: | ||
Title: |
[Signature Page to Servicing Supplement]
Exhibit A
Form of Monthly Investor Report
Ford Credit Auto Lease Trust 20__-_
Monthly Investor Report
Payment Date
Collection Period
Transaction Month
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (xxxx://xxx.xxx.xxx) under the registration number 333-______ and at [xxxxx://xxx.xxxx.xxx/xxxxxxx/xxxxxxxx-xxxxxx/xxxxx-xxxxxx-xxxxxxxxxxxxxx].
Initial Balance | Beginning
of Period Balance |
End
of Period Balance |
End
of Period Factor | |
20__-_ Reference Pool Balance | ||||
Total Note Balance | ||||
Total Overcollateralization | ||||
20__-_ Exchange Note Balance | ||||
20__-_ Exchange Note Overcollateralization |
Overcollateralization | Beginning of Period |
End of Period | |
20__-_ Reference Pool Balance as a % of Total Note Balance | |||
20__-_ Reference Pool Balance as a % of 20__-_ Exchange Note Balance | |||
Note Interest Rate | Initial Balance | Beginning
of Period Balance |
End
of Period Balance |
End
of Period Factor | |
Class A-1 Notes | |||||
Class A-2[a] Notes | |||||
[Class A-2b Notes] | |||||
Class A-3 Notes | |||||
Class A-4 Notes | |||||
Class B Notes | |||||
Class C Notes | |||||
[Class D Notes] | |||||
Total |
Principal Payments | Interest Payments | Total Payments | ||||
Actual | per $1000 Face | Actual | per $1000 Face | Actual | per $1000 Face | |
Class A-1 Notes | ||||||
Class A-2[a] Notes | ||||||
[Class A-2b Notes] | ||||||
Class A-3 Notes | ||||||
Class A-4 Notes | ||||||
Class B Notes | ||||||
Class C Notes | ||||||
[Class D Notes] | ||||||
Total |
EA-1
II. POOL INFORMATION
Lease Balance | Securitization Value | Residual
Portion of Securitization Value | |
20__-_ Reference Pool | |||
Beginning of Period | |||
Change | |||
End of Period | |||
Residual Portion of Securitization Value as % of Securitization Value at end of period |
At Cutoff Date | Terminations
in Prior Periods |
Beginning
of Period |
Terminations
in Current Period |
End of Period | |
Number of Leases | |||||
Weighted Average Remaining Term to Maturity in Months | Beginning of Period |
End of Period |
Delinquent Leases | Number of Leases | Securitization Value | %
of End of Period Reference Pool Balance |
31 – 60 Days Delinquent | |||
61 – 90 Days Delinquent | |||
91 –120 Days Delinquent | |||
Over 120 Days Delinquent | |||
Total Delinquent Leases | |||
Delinquency Trigger (61+ Delinquent Leases): | |||
Transaction Month | Trigger | ||
1 – 12: | ___% | ||
13+: | ___% | ||
61+ Delinquent Leases Balance to EOP Reference Pool Balance: | |||
Delinquency Trigger Occurred: | [Y/N] | ||
Payment Extensions Granted in the Current Collection Period | Number of Leases | Securitization Value | |
1 Month Extensions | |||
2 Month Extensions | |||
3 Month Extensions | |||
Total Extensions | |||
Prepayment Speed | Current Period | Cumulative |
III. EXCHANGE NOTE COLLECTIONS AND DISTRIBUTIONS
Collections | |||
Base Monthly Payments (Rent) | |||
plus: Payoffs | |||
plus: Other (including extension fees, excess charges, etc.) | |||
minus: Payaheads | |||
plus: Payahead Draws | |||
plus: Advances | |||
minus: Advance Reimbursement Amounts | |||
plus: Administrative Reallocation Amounts | |||
plus: Net Sale Proceeds | |||
plus: Recoveries | |||
Total Collections | |||
Reserve Account Draw Amount | |||
Total Collections Plus Reserve Account Draw Amounts |
EA-2
Exchange Note Distributions
Amount Due | Amount Paid | Remaining
Available Funds |
Shortfall | |
Ref Pool Servicing Fee and Adv Reimbursement | ||||
20-__-_ Exchange Note Interest Payment | ||||
Shortfall Payment (to cover Notes) | ||||
Reserve Account Deposit | ||||
20-__-_ Exchange Note Principal Payment | ||||
Shared Amounts | ||||
Excess Exchange Note Amounts | ||||
Total |
IV. AVAILABLE FUNDS AND DISTRIBUTIONS
Available Funds | ||||
20-__-_ Exchange Note Interest Payment | ||||
20-__-_ Exchange Note Principal Payment | ||||
Shortfall Payment (to cover Notes) | ||||
Excess Exchange Note Amounts | ||||
Total |
ABS Note Distributions | Amount Due | Amount Paid | Remaining Available Funds |
Shortfall |
Trustee Fees and Expenses | ||||
Administration Fee | ||||
Class A-1 Interest | ||||
Class A-2[a] Interest | ||||
[Class A-2b Interest] | ||||
Class A-3 Interest | ||||
Class A-4 Interest | ||||
Total Class A Interest | ||||
First Priority Principal Payment | ||||
Class B Interest | ||||
Second Priority Principal Payment | ||||
Class C Interest | ||||
[Third Priority Principal Payment] | ||||
[Class D Interest] | ||||
Specified Reserve Deposit | ||||
Regular Principal Payment | ||||
Additional Trustee Fee and Expenses | ||||
Remaining Funds to Holder of Residual Interest | ||||
Total |
V. RECONCILIATION OF ADVANCES AND PAYAHEADS
Advances | ||||
Beginning of Period Advance Balance | ||||
plus: Additional Advances | ||||
minus: Advance of Reimbursement Amounts | ||||
End of Period Advance Balance | ||||
Payaheads | ||||
Beginning of Period Payahead Balance | ||||
plus: Additional Payaheads | ||||
minus: Payahead Draws | ||||
End of Period Payahead Balance |
Beginning of Period Reserve Account Balance | ||||
minus: Reserve Account Draw | ||||
plus: Reserve Deposit from Exchange Note Distributions | ||||
plus: Reserve Deposit from Note Distributions | ||||
End of Period Reserve Account Balance |
EA-3
Memo: Required Reserve Amount |
VII. OVERCOLLATERALIZATION INFORMATION
Targeted Overcollateralization Amount | |||
Actual Overcollateralization Amount (EOP Pool Balance – EOP Note Balance) |
Number of Leases | Securitization Value | |||
Current Period | Cumulative | Current Period | Cumulative | |
Retained Vehicles | ||||
Early Terminations | ||||
Standard Terminations | ||||
Total Retained | ||||
Returned Vehicles | ||||
Early Terminations | ||||
Standard Terminations | ||||
Total Returned | ||||
Charged Off /Repossessed Vehicles | ||||
Removals by Servicer and Other | ||||
Total Terminations |
Memo: 1) Removals of Leases Terminated in Prior Periods | Current Period | Cumulative | |||
2) Number of Leases Scheduled to Terminate | |||||
Return Rate (Returned/Total Terminations) | |||||
Early Termination Rate (Early Terminations /Total Terminations) | |||||
Note: An Early Termination is a lease that terminates more than three months prior to the month in which it is scheduled to terminate. | |||||
Number of Leases | Gain (Loss) | |||||
Current Period | Cumulative | Current Period | Cumulative | |||
Gain (Loss) on Retained Vehicles | ||||||
Customer Payments | ||||||
plus: Payahead draws | ||||||
minus: Unreimbursed Advances | ||||||
minus: Securitization Value of Retained Vehicles | ||||||
Total | ||||||
Gain (Loss) Per Retained Vehicle | ||||||
Gain (Loss) on Returned Vehicles | ||||||
Customer Payments | ||||||
plus: Net Sale Proceeds | ||||||
plus: Payahead Draws | ||||||
minus: Unreimbursed Advances | ||||||
minus: Securitization Value of Returned Vehicles | ||||||
Total | ||||||
Gain (Loss) Per Returned Vehicle | ||||||
Credit Gain (Loss) Charged Off/Repo Vehicles | ||||||
Credit Gain (Loss) Per Charged Off/Repo Vehicle | ||||||
Recoveries |
||||||
Total Gain (Loss)- - Net of Recoveries | ||||||
Average Gain (Loss) on all Retained, Returned, and Repossessed Vehicles
Removals by Servicer and Other Note: There is no Gain or Loss on Removals
|
||||||
Memo: Residual Gain (Loss) on Returned Vehicles | ||||||
Net Sale Proceeds | ||||||
plus: Excess Wear and Use and Excess Mileage Assessed | ||||||
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minus: Residual Portion of Securitization Value | ||||||
Total | ||||||
Residual Gain (Loss) Per Returned Vehicle | ||||||
Prior and Current Collection Periods Average Gain (Loss):
|
Percent
| |||||
Ratio of Total Gain (Loss) to the Average Pool Balance (annualized) | ||||||
Third Prior Collection Period | ||||||
Second Prior Collection Period | ||||||
Prior Collection Period | ||||||
Current Collection Period | ||||||
Four Month Average (Current and Prior Three Collection Periods) | ||||||
Ratio of Cumulative Total Gain (Loss) for all Collection Periods to Initial Pool Balance | ||||||
X. CREDIT RISK RETENTION INFORMATION
[There were no material changes in the Depositor's retained interest in the transaction.]
[The fair value of the Notes and the Residual Interest on the Closing Date is summarized below:
Fair
Value (Mils.) | Fair
Value (%) | ||||||||
Class A notes | $ | % | |||||||
Class B notes | $ | % | |||||||
Class C notes | $ | % | |||||||
[Class D Notes | $ | %] | |||||||
Residual Interest | $ | % | |||||||
Total | $ | % |
The Depositor must retain a Residual Interest with a fair value of at least 5% of the aggregate value of the Notes and Residual Interest, or $[insert dollar amount equal to 5% of the aggregate value of the Notes and Residual Interest], according to Regulation RR.]
[Description of material differences, if any, in methodology or key inputs and assumptions.]
[The Depositor must retain at least 5% of the initial Note Balance of each Class of Notes and of the Residual Interest or, as of the Closing Date, $____of the Class A Notes, $_____ of the Class B Notes, $_____ of the Class C Notes[, $_____ of the Class D Notes] and $ ____ of the Residual Interest, according to Regulation RR.]
[Describe any material change in the Depositor's retained interest for the transaction.]
[XI. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION
Benchmark Transition Event:
Benchmark Replacement Date:
Unadjusted Benchmark Replacement:
Benchmark Replacement Adjustment:
Benchmark Replacement Conforming Changes:]
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[XI]/[XII]. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
(1) Reallocation Activity
[No activity to report]
Name
of Issuing Entity |
Check
if Registered |
Name
of Originator |
Total
Assets in ABS by Originator |
Assets
That Were Subject of Demand |
Assets
That Were Reallocated or Replaced |
Assets
Pending Reallocation or Replacement (within cure period) |
Demand in Dispute | Demand Withdrawn | Demand Rejected | |||||||||||||||
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) |
(#) | ($) | (%
of pool balance) | ||||
Retail Auto Leases:
|
Ford Motor Credit Company LLC | |||||||||||||||||||||||
(2) Most Recent Form ABS-15G for repurchase demand activity
Filed by: Ford Motor Credit Company LLC
CIK#: 0000038009
Date: February __, 20__
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SERVICER CERTIFICATION
This report is accurate in all material respects.
Ford Motor Credit Company LLC
/s/ ____________________
[Assistant Treasurer]
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