EX-99.1 2 tm243722d40_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12/31/2023  

 

A.   DATES   Begin   End     # days  
   
1   Payment Date       1/16/2024        
2   Collection Period   12/1/2023   12/31/2023     31  
3   Monthly Interest Period-Actual   12/15/2023   1/15/2024     32  
4   Monthly Interest - Scheduled   12/15/2023   1/14/2024     30  

 

B.SUMMARY

 

              Principal Payment         
      Initial Balance   Beginning Balance   1st Priority   2nd Priority   Regular   Ending Balance   Note Factor 
5  Class A-1 Notes   96,000,000.00    -    -    -    -    -    0.0000000 
6  Class A-2 Notes   288,290,000.00    -    -    -    -    -    0.0000000 
7  Class A-3 Notes   288,290,000.00    -    -    -    -    -    0.0000000 
8  Class A-4 Notes   107,390,000.00    56,923,435.67    -    -    41,822,272.02    15,101,163.65    0.1406198 
9  Total Class A Notes   779,970,000.00    56,923,435.67    -    -    41,822,272.02    15,101,163.65      
10  Class B Notes   36,000,000.00    36,000,000.00    -    -    -    36,000,000.00    1.0000000 
                                       
11  Total Notes  $815,970,000.00    92,923,435.67   $0.00   $0.00   $41,822,272.02    51,101,163.65      
                                       
   Overcollateralization                                   
12  Exchange Note   57,597,768.75    15,079,037.98                   12,569,701.66      
13  Series 2021-A Notes   86,395,043.79    143,314,826.09                   145,824,162.41      
                                       
14  Total Overcollateralization   143,992,812.54    158,393,864.07                   158,393,864.07      
15  Total Target Overcollateralization  $158,393,864.07    158,393,864.07                   158,393,864.07      
                                       
       Coupon Rate    Interest Pmt Due    Per $1000
Face Amount
    Principal
Payment Due
    Per $1000
Face Amount
    Interest
Shortfall
      
16  Class A-1 Notes   0.10193%   0.00    0.0000000    0.00    0.0000000    0.00      
17  Class A-2 Notes   0.21000%   0.00    0.0000000    0.00    0.0000000    0.00      
18  Class A-3 Notes   0.42000%   0.00    0.0000000    0.00    0.0000000    0.00      
19  Class A-4 Notes   0.50000%   23,718.10    0.2208595    41,822,272.02    389.4428906    0.00      
20  Total Class A Notes        23,718.10    0.0304090    41,822,272.02    53.6203598    0.00      
21  Class B Notes   0.75000%   22,500.00    0.6250000    0.00    0.0000000    0.00      
                                       
22  Totals        46,218.10    0.0566419    41,822,272.02    51.2546687    0.00      
       Initial Balance    Beginning Balance                   Ending Balance        
23  Exchange Note Balance   902,365,043.79    236,238,261.76                   196,925,326.06      

 

    Reference Pool Balance Data  Initial   Current               
24   Discount Rate   5.25%   5.25%               
25   Aggregate Securitization Value   959,962,812.54    209,495,027.72                
26   Aggregate Base Residual Value (Not Discounted)   689,626,949.48    200,612,196.19                
                              
    Turn-in Units   Units    Securitization Value    Percentage           
27   Vehicles Scheduled to Return in Current Month   3,647    12,837,821.83                
28   Turn-in Ratio on Scheduled Terminations             0.90%          
                              
        Units    Securitization Value                
29   Securitization Value — Beginning of Period   11,644    251,317,299.74                
30   Depreciation/Payments        (2,507,474.78)               
31   Gross Credit Losses   (18)   (420,893.71)               
32   Early Terminations — Regular   (3)   (38,870.80)               
33   Scheduled Terminations — Returned   (27)   (572,618.64)               
34   Payoff Units & Lease Reversals   (1,898)   (38,282,414.09)               
35   Repurchased Leases   -    -                
                              
36   Securitization Value - End of Period   9,698    209,495,027.72                

 

 

 

  

World Omni Automobile Lease Securitization Trust 2021-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12/31/2023  

 

C.SERVICING FEE

 

37  Servicing Fee Due   209,431.08         
                 
38  Unpaid Servicing Fees - Prior Collection Periods   0.00         
                 
39  Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period   (36,169.67)        
                 
D.    RESERVE ACCOUNT             
                 
   Reserve Account Balances:             
40  Required Reserve Account Balance (0.50% of Initial Securitization Value)   4,799,814.06         
41  Beginning Reserve Account Balance   4,799,814.06         
42  Ending Reserve Account Balance   4,799,814.06         

 

E.    POOL STATISTICS                      
                          
   Delinquencies Aging Profile — End of Period  Units   Percentage   Securitization Value           
43  Total Active Units (Excluding Inventory)   9,425    97.96%   203,212,965.69           
44  31 - 60 Days Delinquent   144    1.50%   3,376,586.80           
45  61 - 90 Days Delinquent   43    0.45%   1,039,542.19           
46  91 -120 Days Delinquent   9    0.09%   193,581.30           
47  121+ Days Delinquent   -    -    -           
                             
48  Total   9,621    100.00%   207,822,675.98           
                             
49  Total 61+ Delinquent as % End of Period Securitization Value                   0.59%
50  Delinquency Trigger Occurred                       NO 
                             
51  Prepayment Speed (1 Month)                       0.00%

 

   Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units  Units  Amounts 
           
52  Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period   30   611,489.44 
53  Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period       (677,318.62)
54  Less: Excess Wear and Tear Received in Current Period       (1,634.91)
55  Less: Excess Mileage Received in Current Period       (5,431.50)
             
56  Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units       (72,895.59)
             
   Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)         
57  Current Period Net Residual Losses/(Gains) Ratio       -0.35%
58  Prior Period Net Residual Losses/(Gains) Ratio       -0.26%
59  Second Prior Period Net Residual Losses/(Gains) Ratio       -0.13%
60  Third Prior Period Net Residual Losses/(Gains) Ratio       -0.03%
61  Four Month Average       -0.19%
             
62  Beginning Cumulative Net Residual Losses/(Gains)       (929,631.19)
63  Current Period Net Residual Losses/(Gains)       (72,895.59)
             
64  Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units       (1,002,526.78)
             
65  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value       -0.10%
             
   Credit Losses/(Gains):   Units   Amounts 
66  Aggregate Securitization Value on charged-off units   18   420,893.71 
67  Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units       (371,070.60)
             
68  Current Period Net Credit Losses/(Gains)       49,823.11 
             
   Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)         
69  Current Period Net Credit Losses/(Gains) Ratio       0.24%
70  Prior Period Net Credit Losses/(Gains) Ratio       0.11%
71  Second Prior Period Net Credit Losses/(Gains) Ratio       0.47%
72  Third Prior Period Net Credit Losses/(Gains) Ratio       0.06%
73  Four Month Average       0.22%
             
74  Beginning Cumulative Net Credit Losses/(Gains)       3,375,350.03 
75  Current Period Net Credit Losses/(Gains)       49,823.11 
             
76  Ending Cumulative Net Credit Losses/(Gains)       3,425,173.14 
             
77  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value       0.36%

 

 

 

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12/31/2023  

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT            
                
   COLLECTED AMOUNTS        
                
78  Lease Payments Received   3,750,524.63         
79  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   627,250.01         
80  Liquidation Proceeds, Recoveries & Expenses   329,459.91         
81  Insurance Proceeds   41,610.69         
82  Sales Proceeds, Recoveries & Expenses - Early Terminations   57,135.02         
83  Payoff Payments   41,736,363.42         
84  All Other Payments Received   -         
                 
85  Collected Amounts   46,542,343.68         
                 
86  Investment Earnings on Collection Account   193,619.48         
                 
87  Total Collected Amounts - Available for Distribution   46,735,963.16         
                 
   DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT             
                 
88  Servicing Fee   209,431.08         
89  Interest on the Exchange Note - to the Trust Collection Account   147,648.91         
90  Principal on the Exchange Note - to the Trust Collection Account   39,312,935.70         
91  Trust Collection Account Shortfall Amount - to the Trust Collection Account   4,857,001.49         
92  Remaining Funds Payable to Trust Collection Account   2,208,945.98         
                 
93  Total Distributions   46,735,963.16         
                 
G.  TRUST COLLECTION ACCOUNT             
                 
   AVAILABLE FUNDS             
                 
94  Available Funds   46,526,532.08         
                 
95  Investment Earnings on Reserve Account   21,389.17         
                 
96  Reserve Account Draw Amount   0.00         
                 
97  Total Available Funds - Available for Distribution   46,547,921.25         
                 
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT             
                 
98  Administration Fee   10,471.55         
99  Asset Representation Reviewer Amounts (up to $150,000 per year)   -         
100  Class A Noteholders' Interest Distributable Amount   23,718.10         
101  Noteholders' First Priority Principal Distributable Amount   -         
102  Class B Noteholders' Interest Distributable Amount   22,500.00         
103  Noteholders' Second Priority Principal Distributable Amount   -         
104  Amount to Reinstate Reserve Account to Required Reserve Account Balance   -         
105  Noteholders' Regular Principal Distributable Amount   41,822,272.02         
106  Asset Representation Reviewer Amounts (in excess of $150,000 per year)   -         
107  Remaining Funds Payable to Certificate holder   4,668,959.58         
                 
108  Total Distributions   46,547,921.25         
                 
   COMPLIANCE WITH EUROPEAN UNION RISK RETENTION RULES             

 

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Indenture), continues to retain, a material net economic interest (the “EU Retained Interest”), in the form of retention of a first loss tranche as described in option (d) of Article 6(3) of the EU Securitization Regulation, by holding (i) all the limited liability company interests in World Omni Auto Leasing LLC (“WOAL”), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2021-A, and (ii) the residual interest in the 2021-A Reference Pool (as defined in the Indenture), such Certificates and interest, collectively representing at least 5% of the aggregate Securitization Value of the Units in the 2021-A Reference Pool (each as defined in the Indenture). World Omni has not (and has not permitted WOAL or any of its other affiliates to hedge or otherwise mitigate its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest) hedged or otherwise mitigated its credit risk under or associated with the EU Retained Interest, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case, to the extent permitted in accordance with the EU Securitization Rules. Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.