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Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out to the class X notes.

The rally gained additional pace late in the session after President Donald Trump said there was no room left for a deal on Canada and Mexico tariffs ahead of their effective date Tuesday.

The deal also offers a subordination piece that represents 14% of the pool balance, helping to boost the credit to the notes.

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.

Thirty members of the Senate Banking and House Financial Services committees signed a letter petitioning the administration to name a new vice chair for supervision — and quickly.

Total delinquencies as a percentage of John Deere's managed portfolio was 3.06%, an increase since 2022. That aligns with the decline in corn and soy prices in the same period.

A March 2025 survey by the National Association for Business Economics shows growing inflation concerns — and a diminishing chance of rate cuts — in 2025, but also optimism about avoiding a recession.

There is also a trigger embedded in the deal, attached to cumulative net losses that would set off a full turbo payment.

Notably, Trump described the January decision to hold rates steady – which looks set to be the Fed's stance for some time — as "the right thing to do."

Servicers—Citadel, NewRez and Selene Finance—will not advance any delinquent principal and interest. Eventually, that should reduce loss severities to the deal.