The undersigned, a duly authorized representative of First National Bank of Omaha ("FNBO"), as Servicer pursuant to the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (the "Transfer and Servicing Agreement") among First National Funding LLC, as transferor ("Transferor"), Servicer and First National Master Note Trust, as issuer ("Issuer"), does hereby certify as follows:
(a) The rights of the Issuer under the Transfer and Servicing Agreement have been assigned to U.S. Bank Trust Company, National Association, as indenture trustee ("Indenture Trustee"), under the Second Amended and Restated Master Indenture, dated as of September 23, 2016, (the "Indenture"), by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the 2023-1 Indenture Supplement, dated as of April 27, 2023, by and between Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the "Supplement"). Capitalized terms used in this report have their respective meanings set forth in the Supplement or Indenture, as applicable. References herein to certain sections and paragraphs are references to the respective sections and paragraphs of the Supplement. This report is delivered pursuant to Section 5.03(a) of the Supplement.
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1.
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Number of Accounts at Beginning of Monthly Period
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2,295,210
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|
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Number of Accounts at End of Monthly Period
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2,296,849
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|
|
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Average Account Balance at End of Monthly Period
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$
|
1,243.49
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|
|
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2.
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Principal Receivables
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(a)
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Beginning of the Monthly Period
|
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$
|
2,855,199,205.21
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(b)
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End of the Monthly Period
|
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$
|
2,813,722,110.17
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(c)
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Average Principal Receivables at End of Monthly Period
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$
|
2,810,526,446.71
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3.
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Increase in Principal Receivables from Account Additions
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-
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|
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Increase in Finance Charge Receivables from Account Additions
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|
-
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|
|
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Increase in Total Receivables from Account Additions
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|
-
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|
|
|
|
|
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|
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|
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4.
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Decrease in Principal Receivables from Removed Accounts
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-
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Decrease in Finance Charge Receivables from Removed Accounts
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-
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Decrease in Total Receivables from Removed Accounts
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-
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5.
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Delinquent Balances
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1.
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Collateral Amount at the close of business on the prior Distribution Date
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$
|
448,719,000.00
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(a)
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Reductions due to Investor Charge-Offs (including Uncovered Dilution Amounts) made on the related Distribution Date
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$
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-
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|
|
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(b)
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Reimbursements to be made on the Distribution Date from Available Finance Charge Collections
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|
$
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-
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(c)
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Collateral Amount at the close of business on the Distribution Date
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|
$
|
448,719,000.00
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2.
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Note Principal Balance at the close of business on the prior Distribution Date
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(a)
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Class A Note Principal Balance
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$
|
350,000,000.00
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(b)
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Class B Note Principal Balance
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|
$
|
47,116,000.00
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|
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|
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(c)
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Class C Note Principal Balance
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|
$
|
51,603,000.00
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|
|
|
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Total Note Principal Balance
|
|
$
|
448,719,000.00
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|
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|
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3.
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Series Allocation Percentages for the Monthly Period
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|
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(a)
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Principal Collections
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|
|
15.72
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%
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(b)
|
Finance Charge Collections
|
|
|
15.72
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%
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|
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(c)
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Default Amounts
|
|
|
15.72
|
%
|
|
|
|
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|
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4.
|
Investor Principal Collections processed during the Monthly Period and allocated to the Series
|
|
$
|
131,086,674.72
|
|
|
|
|
|
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|
|
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5.
|
Excess Principal Collections available from other Group One Series allocated to the Series
|
|
$
|
-
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|
|
|
|
|
|
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|
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6.
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Aggregate amounts treated as Available Principal Collections pursuant to Section 4.04(a)(v)and (vi)
|
|
$
|
1,391,942.32
|
|
|
|
|
|
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|
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7.
|
Reallocated Principal Collections (up to the Monthly Principal Reallocation Amount) applied pursuant to Section 4.06
|
|
$
|
-
|
|
|
|
|
|
|
|
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8.
|
AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7)
|
|
$
|
132,478,617.04
|
|
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|
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|
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9.
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Principal Accumulation Investment Earnings
|
|
$
|
-
|
|
|
|
|
|
|
|
|
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10.
|
Investor Finance Charge Collections (including Interchange and Recoveries) processed during the Monthly Period
|
|
$
|
8,487,756.88
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|
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|
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|
|
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11.
|
Excess Finance Charge Collections from Group One allocated to the Series
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
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12.
|
Reserve Account withdrawals pursuant to Section 4.10(b)or (d)
|
|
$
|
-
|
|
|
|
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|
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13.
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Excess amounts from Spread Account to be treated as Available Finance Charge Collections pursuant to Section 4.11(g)
|
|
$
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-
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|
|
|
|
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14.
|
AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13)
|
|
$
|
8,487,756.88
|
|
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(b)
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to Class B Noteholders,
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|
|
|
|
|
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Class B Monthly Interest
|
|
$
|
-
|
|
|
|
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Class B Interest Shortfall
|
|
$
|
-
|
|
|
|
|
|
Class B Default Amount
|
|
$
|
-
|
|
|
|
|
|
Class B Default Amount previously due but not distributed
|
|
$
|
-
|
|
|
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Total
|
|
$
|
-
|
|
|
|
|
|
|
|
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(c)
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to Servicer, the Noteholder Servicing Fee
(after adjustment for Servicer Interchange shortfall, if any)
|
|
$
|
747,865.00
|
|
|
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(d)
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to Class C Noteholders,
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Class C Monthly Interest
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|
$
|
-
|
|
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|
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|
Class C Interest Shortfall
|
|
$
|
-
|
|
|
|
|
|
Class C Default Amount
|
|
$
|
-
|
|
|
|
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|
Class C Default Amount previously due but not distributed
|
|
$
|
-
|
|
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Total
|
|
$
|
-
|
|
|
|
|
|
|
|
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(e)
|
Investor Default Amount and Uncovered Dilution Amount were included in Available Principal Collections
|
|
$
|
1,391,942.32
|
|
|
|
|
|
|
|
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(f)
|
Investor Charge-Offs and Reallocated Principal Collections not previously reimbursed were included in Available Principal Collections
|
|
$
|
-
|
|
|
|
|
|
|
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(g)
|
to Reserve Account, excess of Required Reserve Account Amount over the Available Reserve Account Amount
|
|
$
|
-
|
|
|
|
|
|
|
|
|
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(h)
|
to Spread Account, excess of Required Spread Account Amount over Available Spread Account Amount
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
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(i)
|
balance constitutes Excess Finance Charge Collections
|
|
$
|
4,851,699.56
|
|
|
|
|
|
|
|
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16.
|
Available Principal Charge Collections were allocated in the following priority:
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|
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|
|
|
|
|
|
|
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|
|
|
|
(a)
|
during Revolving Period, treated as Excess Principal Collections
|
|
$
|
132,478,617.04
|
|
|
|
|
|
|
|
|
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(b)
|
with respect to Accumulation Period,
|
|
|
|
|
|
|
|
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(i) Monthly Principal deposited to Principal Accumulation Account
|
|
$
|
-
|
|
|
|
|
|
(ii) balance treated as Excess Principal Collections
|
|
$
|
-
|
|
|
|
|
|
|
|
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|
|
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(c)
|
with respect to Rapid Amortization Period,
|
|
|
|
|
|
|
|
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(i)
|
Monthly Principal to Class A Noteholders up to Class A Note Principal Balance
|
|
$
|
-
|
|
|
|
|
|
(ii)
|
Monthly Principal to Class B Noteholders up to Class B Note Principal Balance
|
|
$
|
-
|
|
|
|
|
|
(iii)
|
Monthly Principal to Class C Noteholders up to Class C Note Principal Balance
|
|
$
|
-
|
|
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|
|
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(iv)
|
balance treated as Excess Principal Collections
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
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17.
|
Excess funds were allocated in the following order of priority:
|
|
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(a)
|
Excess Finance Charge Collections,
|
|
|
|
|
|
|
|
|
(i)
|
to other Excess Allocation Series in Group One, for finance charge shortfalls
|
|
$
|
-
|
|
|
|
|
|
(ii)
|
to the Successor Servicer, for any unpaid excess servicing fees
|
|
|
|
|
|
|
|
For this Series
|
|
$
|
-
|
|
|
|
|
For other Series
|
|
$
|
-
|
|
|
|
|
|
(iii)
|
the balance to Holder of Transferor Interest
|
|
$
|
4,851,699.56
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Excess Principal Collections,
|
|
|
|
|
|
|
|
|
(i)
|
to other Excess Allocation Series in Group One, for principal shortfalls
|
|
$
|
-
|
|
|
|
|
|
(ii)
|
applied as principal for variable funding Certificates or Notes in Group One
|
|
$
|
-
|
|
|
|
|
|
(iii)
|
the balance to Holder of the Transferor Interest
|
|
$
|
132,478,617.04
|
|
|
|
|
|
|
|
|
|
|
18.
|
Principal Receivables in Accounts which became Defaulted Accounts during the Monthly Period which were allocated to the Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Default Amount
|
|
$
|
8,856,929.66
|
|
|
|
|
(b)
|
Allocation Percentage (C.3.(c)above)
|
|
|
15.72
|
%
|
|
|
|
(c)
|
Total Investor Default Amount (axb)
|
|
$
|
1,391,942.32
|
|
|
|
|
|
|
|
|
|
|
19.
|
Uncovered Dilution Amount allocated to the Series for the Monthly Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Dilutions not covered by Transferor
|
|
$
|
-
|
|
|
|
|
(b)
|
Allocation Percentage (C.3.(c)above)
|
|
|
15.72
|
%
|
|
|
|
(c)
|
Total Uncovered Dilution Amount (axb)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
20.
|
Investor Charge-Offs (including any Uncovered Dilution Amount not covered by the Transferor) for the Monthly Period
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
21.
|
Ratings of the Class A Notes
|
|
|
|
|
|
|
|
Moody's
|
|
|
Aaa
|
|
|
|
|
Fitch
|
|
|
AAA
|
|
|
|
1.
|
Opening Principal Accumulation Account Balance on the Distribution Date
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
2.
|
Controlled Deposit Amount to be deposited to the Principal Accumulation Account on the Distribution Date
|
|
|
|
|
|
|
|
(a)
|
Controlled Accumulation Amount
|
|
$
|
-
|
|
|
|
|
(b)
|
Accumulation Shortfall
|
|
$
|
-
|
|
|
|
|
(c)
|
Controlled Deposit Amount (a+b)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
3.
|
Amounts withdrawn from the Principal Accumulation Account for distribution to Noteholders on the related Distribution Date
|
|
|
|
|
|
|
|
(a)
|
Distribution in reduction of the Class A Notes
|
|
$
|
-
|
|
|
|
|
(b)
|
Distribution in reduction of the Class B Notes
|
|
$
|
-
|
|
|
|
|
(c)
|
Distribution in reduction of the Class C Notes
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
4.
|
Principal Accumulation Account ending balance after deposit/withdrawal on the Distribution Date
|
|
$
|
-
|
|
|
|
1.
|
Opening Available Spread Account Amount on the Distribution Date
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
2.
|
Aggregate amount required to be withdrawn pursuant to Section 4.11(c) for distribution to Class C Noteholders pursuant to Section 4.04(a)(iv)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
3.
|
Aggregate amount required to be withdrawn pursuant to Section 4.11(d) or Section 4.11(e) for distribution in reduction of the Class C Note Principal Balance
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
4.
|
Spread Account Percentage for the Distribution Date
|
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
5.
|
Closing Required Spread Account Amount for the Distribution Date
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
6.
|
Amount on deposit in Spread Account after required withdrawals on the Distribution Date (1-(2+3))
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
7.
|
Spread Account Deficiency, if any (5 minus 6)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
8.
|
Amounts deposited pursuant to Section 4.04(a)(viii) and Section 4.10(e)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
9.
|
Remaining Spread Account Deficiency, if any (7 minus 8)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
10.
|
Spread Account Surplus, if any (6 minus 5), included in Available Finance Charge Collections
|
|
$
|
-
|
|
|
IN WITNESS THEREOF, the undersigned has duly executed and delivered this Certificate the 7th day of October 2024.