EX-99.1

Exhibit 99.1

LOGO

Report of Independent Accountants on Applying

Agreed-Upon Procedures

De Lage Landen Financial Services, Inc.

1111 Old Eagle School Road

Wayne, PA 19087

Ladies and Gentlemen:

PricewaterhouseCoopers LLP (“we”, “us” or “PwC”) has performed the procedures enumerated below, which were agreed to by De Lage Landen Financial Services, Inc. (as the engaging party) and BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and SG Americas Securities, LLC, who are collectively referred to herein as the “Specified Parties”, solely to assist you in determining the accuracy of certain attributes of a sample of collateral assets which may be included in the issuance of asset-backed notes by DLLMT 2024-1 LLC (the “Transaction”). De Lage Landen Financial Services, Inc. (the “Company” or “Responsible Party”) is the sponsor of the Transaction and is responsible for the accuracy of the attributes of the collateral assets which may be included in the Transaction.

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

Procedures and Findings

In connection with the Transaction, the Specified Parties agreed on a sample size of 150 receivables. Using a preliminary pool of 11,573 receivables for the contemplated Transaction which the Company represents is as of May 31, 2024, BofA Securities, Inc. randomly selected a sample of 150 receivables (the “Sample Receivables”).

During the engagement, the Company informed us that only 146 of the Samples Receivables will be included in the final proposed pool of 10,189 receivables for the Transaction. We make no representations as to the adequacy of the reduced sample size, nor do we draw any conclusions about the final pool of receivables, and any differences between the preliminary pool and the final pool of receivables for the Transaction.

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us


		Report of Independent Accountants on Applying Agreed-Upon Procedures
		DLLMT 2024-1
		July 25, 2024
		Page 2 of 5

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

•

The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;

•

The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;

•

The value of collateral securing such assets; and

•

The compliance of the originator of the assets with federal, state, and local laws and regulations.

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the current fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

With respect to any terms or requirements of the offering memorandum or other Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the offering memorandum or other Transaction documents.

It should be understood that we make no representations as to:

•

The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;

•

Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934;

•

The reasonableness of any of the assumptions provided by the Company; and

•

The adequacy of the sample size, as provided by the Company and accepted by the Specified Parties, nor do we draw any conclusions about the entire pool of receivables based on the sample size and results of the procedures performed.

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

We performed the following agreed-upon procedures below. Our findings as a result of performing the procedures are reported in Exhibit I.

Data, Information, and Documents Provided

The Company provided the following data, information and documents:


		Report of Independent Accountants on Applying Agreed-Upon Procedures
		DLLMT 2024-1
		July 25, 2024
		Page 3 of 5

For each Sample Receivable, screenshots from Oracle Lease and Finance Management (“OLFM”), the Company’s receivable system, received by us between June 24, 2024 and July 10, 2024 (the “Receivable Files”).

An Excel data file containing:

•

certain data fields for the Sample Receivables within the “150 Sample” tab, which the Company represents is extracted from the Company’s OLFM system as of May 31, 2024 (the “Sample Receivables Extract File”); and

•

information related to the frequency and payment amount for the Sample Receivables within the “Cashflow” tab (the “Cashflows File”).

Screenshots of the “billing information” document for Sample Receivable #17 and the “transaction recap” documents for Sample Receivable #s 50, 54, 55, 76, and 111, which the Company represents contain the billing state information for the respective Sample Receivables (collectively, the “Additional Screenshots”).

The data, information and documents listed above are collectively referred to as the “Data, Information, and Documents”.

Procedures Performed

For each Sample Receivable, we compared the items listed below as set forth in the Sample Receivables Extract File to the respective information contained in the Receivable Files:

Contract Number

Obligor Name

Billing State

Original Term

Residual Value

Commencement Date

Maturity Date

Payment Amount

We used the following instructions provided by the Company in performing this procedure A:

•

Obligor Name: The Company instructed us to perform the comparison of Obligor Name without regard to spacing or punctuation (e.g., commas, quotes, etc.).

•

Billing State: For Sample Receivables #17, #50, #54, #55, #76, and #111, the Company instructed us to compare the Sample Receivables Extract File to the information contained in the Additional Screenshots.

•

Residual Value: The Company instructed us to use, (i) for Sample Receivables with one enumerated asset, the value in the “Residual Value” field of the respective Receivable File, or (ii) for Sample Receivables with more than one enumerated asset, the sum of the values in the “Residual Value” field for the assets in the respective Receivable File.

•

Commencement Date: The Company instructed us to use the value in the “Contract Book Date” field of the Receivable File.

•

Payment Amount: The Company instructed us to use the value in the “Next Payment


		Report of Independent Accountants on Applying Agreed-Upon Procedures
		DLLMT 2024-1
		July 25, 2024
		Page 4 of 5

Amount” field of the respective Receivable File. In cases where the Payment Amount as set forth in the Sample Receivables Extract File did not agree with the Payment Amount in the Receivable Files, the Company instructed us to compare the Payment Amount in the Sample Receivables Extract File to the Payment Amount in the Cashflows File.

For each Sample Receivable, we compared the Payment Frequency as set forth in the Sample Receivables Extract File to the information contained in the Cashflows File.

***

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the accuracy of certain attributes of certain collateral assets which may be included in the Transaction. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the Specified Parties (including for purposes of substantiating the Specified Parties’ “due diligence defense” under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is herein referred to as a “Non-Specified Party”), that Non-Specified Party cannot:

Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk;

ii)

Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17G-5 of the Securities Exchange Act of 1934).

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

/s/ PricewaterhouseCoopers LLP

July 25, 2024


		Report of Independent Accountants on Applying Agreed-Upon Procedures
		DLLMT 2024-1
		July 25, 2024
		Page 5 of 5

Exhibit I

No exceptions were identified other than as noted in the table below.



Sample Receivable	Procedure	Description	Comments
51	A3	Billing State	“GA” on the Receivable File vs. “IL” on the Sample Receivables Extract File
52	A3	Billing State	“GA” on the Receivable File vs. “IL” on the Sample Receivables Extract File
136	A3	Billing State	“VA” on the Receivable File vs. “TX” on the Sample Receivables Extract File