0001655152-18-000004.txt : 20180222 0001655152-18-000004.hdr.sgml : 20180222 20180222130436 ACCESSION NUMBER: 0001655152-18-000004 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180131 0001519881 0000038009 FILED AS OF DATE: 20180222 DATE AS OF CHANGE: 20180222 ABS ASSET CLASS: Auto leases FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ford Credit Auto Lease Trust 2015-B CENTRAL INDEX KEY: 0001655152 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 380549190 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-196801-04 FILM NUMBER: 18631897 BUSINESS ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3138455712 MAIL ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 10-D 1 fcalt2015-b10xdform_januar.htm 10-D Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-D
 
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from January 1, 2018 to January 31, 2018
Commission File Number of issuing entity: 333-196801-04

Central Index Key Number of issuing entity: 0001655152
Ford Credit Auto Lease Trust 2015-B
(Exact name of issuing entity as specified on its charter)
Commission File Number of depositor: 333-196801
Central Index Key Number of depositor: 0001519881
Ford Credit Auto Lease Two LLC
(Exact name of depositor as specified on its charter)
Central Index Key Number of sponsor: 0000038009
Ford Motor Credit Company LLC
(Exact name of sponsor as specified in its charter)
Sumito Mulchandani, Phone: 313-594-3495
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Delaware
(State or jurisdiction of incorporation or organization of the issuing entity)
38-0549190
(I.R.S. Employer Identification No.)
c/o U.S. Bank Trust National Association
300 Delaware Avenue, 9th Floor,
Wilmington, Delaware
(Address of principal executive offices)
               19801
                  (zip code)
(302) 576-3700
(Telephone Number, including area code)
Registered/reporting pursuant to (check one)
Title of Class
Section 12(b)
Section 12(g)
Section 15(d)
         Name of Exchange
         (If Section 12(b))
Class A-1 Notes
 
 
X
 
Class A-2a Notes
 
 
X
 
Class A-2b Notes
 
 
X
 
Class A-3 Notes
 
 
X
 
Class A-4 Notes
 
 
X
 
Class B Notes
 
 
X
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
 




PART I - DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and performance information of the asset pool of the issuing entity is set forth in the attached Monthly Investor Report.

PART II - OTHER INFORMATION

Item 10. Exhibits.

(a) Documents filed as part of this report:

(b) Exhibits required by this Form and Item 601 of Regulation S-K:
None





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Servicer, on behalf of the issuing entity, has duly caused this report to be signed by the undersigned duly authorized.
 
Ford Credit Auto Lease Trust 2015-B
 
(Issuing entity)
 
 
 
By: Ford Motor Credit Company LLC (Servicer)
 
 
 
 /s/ Sumito Mulchandani
 
Sumito Mulchandani
 
Assistant Treasurer
Date: February 22, 2018





EX-99 2 fcalt2015-binvestorreporte.htm EXHIBIT 99 Exhibit


Exhibit 99
Ford Credit Auto Lease Trust 2015-B
Monthly Investor Report
Transaction Month
28

 
Payment Date
February 15, 2018
Collection Period
January, 2018

 
 
 
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus supplement, available on the SEC website (http://www.sec.gov) under the registration number 333-196801-04
 and at http://www.fordcredit.com/institutionalinvestments/index.jhtml.
 
I. SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Initial
 
Beginning of Period Balance
 
End of Period Balance
 
End of Period Factor
2015-B Reference Pool Balance
 
$
1,126,137,291.49

 
$
287,201,737.75
 
 
$
249,098,611.04
 
 
0.2211974

Total Note Balance
 
$
1,000,000,000.00

 
$
132,920,928.82
 
 
$
94,817,802.11
 
 
0.0948178

 
 
 
 
 
 
 
 
 
Total Overcollateralization
 
$126,137,291.49
 
$
154,280,808.93
 
 
$
154,280,808.93
 
 
 
 
 
 
 
 
 
 
 
 
2015-B Exchange Note Balance
 
$
1,030,927,835.05

 
$
169,118,705.78
 
 
$
131,015,579.07
 
 
0.1270851

2015-B Exchange Note Overcollateralization
$95,209,456.44
 
$
118,083,031.97
 
 
$
118,083,031.97
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Overcollateralization
 
 
 
 
Beginning of Period
 
 
End of Period
 
 
2015-B Reference Pool Balance as a % of Total Note Balance
 
 
216.07
%
 
 
262.71
%
 
 
2015-B Reference Pool Balance as a % of 2015-B Exchange Note Balance
169.82%
 
 
190.13%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note Interest Rate
 
Initial Balance
 
Beginning of Period Balance
 
End of Period Balance
 
End of Period Factor
Class A-1 Notes
0.43000
%
 
$
160,000,000.00

 
$
0.00
 
 
$
0.00
 
 
0.0000000

Class A-2a Notes
1.04000
%
 
$
217,000,000.00

 
$
0.00
 
 
$
0.00
 
 
0.0000000

Class A-2b Notes*
2.08947
%
 
$
170,000,000.00

 
$
0.00
 
 
$
0.00
 
 
0.0000000

Class A-3 Notes
1.38000
%
 
$
247,000,000.00

 
$
0.00
 
 
$
0.00
 
 
0.0000000

Class A-4 Notes
1.54000
%
 
$
108,000,000.00

 
$
34,920,928.82
 
 
$
0.00
 
 
0.0000000

Class B Notes
1.92000
%
 
$
50,700,000.00

 
$
50,700,000.00
 
 
$
47,517,802.11
 
 
0.9372348

Class C Notes
2.44000
%
 
$
47,300,000.00

 
$
47,300,000.00
 
 
$
47,300,000.00
 
 
1.0000000

Total
 
 
$1,000,000,000.00
 
$132,920,928.82
 
$94,817,802.11
 
0.0948178

 
Principal Payments
 
 Interest Payments
 
Total Payments
 
Actual
 
 Principal Payments per $1000 Face
 
Actual
 
Interest Payments per $1000 Face
 
Actual
 
Total Payments per $1000 Face
Class A-1 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-2a Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-2b Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-3 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-4 Notes
$
34,920,928.82

 
$
323.34

 
$
44,815.19

 
$
0.41

 
$
34,965,744.01

 
$
323.75

Class B Notes
$
3,182,197.89

 
$
62.77

 
$
81,120.00

 
$
1.60

 
$
3,263,317.89

 
$
64.37

Class C Notes
$
0.00

 
$
0.00

 
$
96,176.67

 
$
2.03

 
$
96,176.67

 
$
2.03

Total
$38,103,126.71
 
$
38.10

 
$
222,111.86

 
$
0.22

 
$
38,325,238.57

 
$
38.33

II. POOL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015-B Reference Pool Balance
 
Lease Balance**
 
Securitization Value
 
Residual Portion of Securitization Value
Beginning of Period
 
 
$
324,725,290.48

 
$
287,201,737.75

 
$
265,613,564.36

Change
 
 
 
$
(43,931,154.97
)
 
$
(38,103,126.71
)
 
$
(32,156,788.46
)
         End of Period
 
 
$
280,794,135.51

 
$
249,098,611.04

 
$
233,456,775.90

Residual Portion of Securitization Value as % of Securitization Value at end of period
 
93.72%
 
 
 
 
 
At Cutoff Date
 
Terminations in Prior Period
 
Beginning of Period
 
Terminations in Current Period
 
End of Period
Number of Leases
 
 
47,223
 
31,490

 
15,733

 
1,985

 
13,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of Period
 
End of Period
Weighted Average Remaining Term to Maturity in Months***
 
 
 
 
 
3.8

 
3.2


Page 1


Ford Credit Auto Lease Trust 2015-B
Monthly Investor Report
Transaction Month
28

 
Payment Date
February 15, 2018
Collection Period
January, 2018

 
 
 
Delinquent Leases
 
 
 
 
 
 
 
 
 
 
Number of Leases
 
Securitization Value
 
% of End of Period Reference Pool Balance
31 - 60 Days Delinquent
 
 
151

 
$
2,768,633.32

 
1.11
%
61 - 90 Days Delinquent
 
 
18

 
$
297,952.89

 
0.12
%
91- 120 Days Delinquent
 
 
1

 
$
30,283.10

 
0.01
%
Over 120 Days Delinquent
 
 
2

 
$
28,235.35

 
0.01
%
         Total Delinquent Leases
 
 
172

 
$3,125,104.66
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
Current Period
 
Cumulative
 
 
Prepayment Speed
 
 
1.71%
 
0.84
%
 
 
 
 
 
 
 
 
 
 
III. EXCHANGE NOTE COLLECTIONS AND DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
 
Collections
 
 
 
 
 
 
 
         Base monthly Payments (Rent)
 
 
 
 
 
 
$
6,010,042.58

         plus: Payoffs
 
 
 
 
 
 
$
7,306,544.60

         plus: Other (including extension fees, excess charges, etc.)
 
 
 
$
633,063.80

         minus: Payaheads
 
 
 
 
 
 
$
(325,244.39
)
         plus: Payahead Draws
 
 
 
 
 
 
$
437,771.79

         plus: Advances
 
 
 
 
 
 
$
201,058.71

         minus: Advance Reimbursement Amounts
 
 
 
 
 
$
(556,626.60
)
         plus: Administrative Reallocation Amounts
 
 
 
 
 
$
0.00

         plus: Net Sale Proceeds
 
 
 
 
 
 
$
26,572,433.31

         plus: Recoveries
 
 
 
 
 
 
$
395,933.33

               Total Collections
 
 
 
 
 
 
$
40,674,977.13

 
 
 
 
 
 
 
 
         Reserve Account Draw Amount
 
 
 
 
 
$
0.00

 
 
 
 
 
 
 
 
               Total Collections Plus Reserve Account Draw Amount
 
 
 
$40,674,977.13
 
 
 
 
 
 
 
 
Exchange Note Distributions
 
 
 
 
 
 
 
 
Amount Due
 
Amount Paid
 
Remaining Available Funds
 
Shortfall
Ref Pool Servicing Fee and Adv Reimbursement
$
239,334.78

 
$
239,334.78

 
$
40,435,642.35

 
$
0.00

2015-B Exchange Note Interest Payment
$
345,284.02

 
$
345,284.02

 
$
40,090,358.33

 
$
0.00

Shortfall Payment (to cover Notes)
$
0.00

 
$
0.00

 
$
40,090,358.33

 
$
0.00

Reserve Account Deposit
$
0.00

 
$
0.00

 
$
40,090,358.33

 
$
0.00

2015-B Exchange Note Principal Payment
$
38,103,126.71

 
$
38,103,126.71

 
$
1,987,231.62

 
$
0.00

Shared Amounts
$
0.00

 
$
0.00

 
$
1,987,231.62

 
$
0.00

Revolving Facility Pool Additional Amounts
$
1,987,231.62

 
$
1,987,231.62

 
$
0.00

 
$
0.00

Total
$40,674,977.13
 
$
40,674,977.13

 
$
0.00

 
$
0.00












Page 2


Ford Credit Auto Lease Trust 2015-B
Monthly Investor Report
Transaction Month
28

 
Payment Date
February 15, 2018
Collection Period
January, 2018

 
 
 
IV. AVAILABLE FUNDS AND DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
 
Available Funds
 
 
 
 
 
 
 
2015-B Exchange Note Interest Payment
 
 
 
 
 
 
$
345,284.02

2015-B Exchange Note Principal Payment
 
 
 
 
 
 
$
38,103,126.71

Shortfall Payment (to cover Notes)
 
 
 
 
 
 
$
0.00

 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
$38,448,410.73

 
 
 
 
 
 
 
 
ABS Note Distributions
Amount Due
 
Amount Paid
 
Remaining Available Funds
 
Shortfall
Trustee Fees and Expenses
$
0.00

 
$
0.00

 
$
38,448,410.73

 
$
0.00

Administration Fee
$
1,107.67

 
$
1,107.67

 
$
38,447,303.06

 
$
0.00

Class A-1 Interest
$
0.00

 
$
0.00

 
$
38,447,303.06

 
$
0.00

Class A-2a Interest
$
0.00

 
$
0.00

 
$
38,447,303.06

 
$
0.00

Class A-2b Interest
$
0.00

 
$
0.00

 
$
38,447,303.06

 
$
0.00

Class A-3 Interest
$
0.00

 
$
0.00

 
$
38,447,303.06

 
$
0.00

Class A-4 Interest
$
44,815.19

 
$
44,815.19

 
$
38,402,487.87

 
$
0.00

Total Class A Interest
$
44,815.19

 
$
44,815.19

 
 
 
$
0.00

First Priority Principal Payment
$
0.00

 
$
0.00

 
$
38,402,487.87

 
$
0.00

Class B Interest
$
81,120.00

 
$
81,120.00

 
$
38,321,367.87

 
$
0.00

Second Priority Principal Payment
$
0.00

 
$
0.00

 
$
38,321,367.87

 
$
0.00

Class C Interest
$
96,176.67

 
$
96,176.67

 
$
38,225,191.20

 
$
0.00

Specified Reserve Deposit
$
0.00

 
$
0.00

 
$
38,225,191.20

 
$
0.00

Regular Principal Payment
$
38,103,126.71

 
$
38,103,126.71

 
$
122,064.49

 
$
0.00

Additional Trustee Fees and Expenses
$
0.00

 
$
0.00

 
$
122,064.49

 
$
0.00

Remaining Funds to Holder of Residual Interest
$
122,064.49

 
$
122,064.49

 
$
0.00

 
$
0.00

Total
$38,448,410.73
 
$
38,448,410.73

 
$
0.00

 
$
0.00

 
 
 
 
 
 
 
 
V. RECONCILIATION OF ADVANCES AND PAYAHEADS
 
 
 
 
 
 
 
 
 
 
Advances
 
 
 
 
 
 
 
Beginning of Period Advance Balance
 
 
 
 
 
 
$
1,835,903.23

plus: Additional Advances
 
 
 
 
 
 
$
201,058.71

minus: Advance Reimbursement Amounts
 
 
 
 
 
 
$
(556,626.60
)
End of Period Advance Balance
 
 
 
 
 
 
$1,480,335.34
 
 
 
 
 
 
 
 
Payaheads
 
 
 
 
 
 
 
Beginning of Period Payahead Balance
 
 
 
 
 
 
$
816,758.03

plus: Additional Payaheads
 
 
 
 
 
 
$
325,244.39

minus: Payahead Draws
 
 
 
 
 
 
$
(437,771.79
)
End of Period Payahead Balance
 
 
 
 
 
 
$704,230.63
 
 
 
 
 
 
 
 
VI. RESERVE ACCOUNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of Period Reserve Account Balance
 
 
 
 
 
 
$
5,630,686.46

minus: Reserve Account Draw
 
 
 
 
 
 
$
0.00

plus: Reserve Deposit from Exchange Note Distributions
 
 
 
 
 
$
0.00

plus: Reserve Deposit from Note Distributions
 
 
 
 
 
$
0.00

End of Period Reserve Account Balance
 
 
 
 
 
 
$
5,630,686.46

Memo: Required Reserve Amount
 
 
 
 
 
$
5,630,686.46

 
 
 
 
 
 
 
 
VII. OVERCOLLATERALIZATION INFORMATION
 
 
Targeted Overcollateralization Amount
 
 
 
 
 
$
154,280,808.93

Actual Overcollateralization Amount (EOP Pool Balance- EOP Note Balance)
 
 
 
154,280,808.93



Page 3


Ford Credit Auto Lease Trust 2015-B
Monthly Investor Report
Transaction Month
28

 
Payment Date
February 15, 2018
Collection Period
January, 2018

 
 
 
VIII. LEASE TERMINATIONS
 
 
 
 
 
 
 
 
Number of Leases
 
Securitization Value
Retained Vehicles
Current Period
 
Cumulative
 
Current Period
 
Cumulative
Early Terminations
101

 
4,809

 
$
2,271,518.39

 
$
111,380,237.39

Standard Terminations
231

 
2,697

 
$
4,399,638.49

 
$
52,183,456.38

Total Retained
332

 
7,506

 
$
6,671,156.88

 
$
163,563,693.77

 
 
 
 
 
 
 
 
Returned Vehicles
 
 
 
 
 
 
 
Early Terminations
575

 
8,035

 
$
9,968,060.83

 
$
144,533,984.40

Standard Terminations
1,051

 
17,041

 
$
17,754,925.53

 
$
303,430,472.89

Total Returned
1,626

 
25,076

 
$
27,722,986.36

 
$
447,964,457.29

 
 
 
 
 
 
 
 
Charged Off / Repossessed Vehicles
19

 
766

 
$
324,976.69

 
$
15,235,844.27

Removals by Servicer and Other
8

 
127

 
$
165,758.88

 
$
2,693,348.10

Total Terminations
1,985

 
33,475

 
$
34,884,878.81

 
$
629,457,343.43

 
 
 
 
 
 
 
 
Memo: 1) Removals of Leases Terminated in Prior Periods
0

 
0

 
 
 
 
2) Number of Leases Scheduled to Terminate
1,658

 
28,821

 
Current Period
 
Cumulative
Return Rate (Returned / Total Terminations)
 
 
 
 
81.91
%
 
74.91
%
Early Termination Rate (Early Terminations / Total Terminations)
 
 
 
 
34.06%
 
38.37
%
 
 
 
 
 
 
 
 
Note: An Early Termination is a lease that terminates more than three months prior to the month in which it is scheduled to terminate.
 
 
 
 
 
 
 
 
IX. GAIN (LOSS) CALCULATIONS
Number of Leases
 
Gain (Loss)
 
Current Period
 
Cumulative
 
Current Period
 
Cumulative
Gain (Loss) on Retained Vehicles
 
 
 
 
 
 
 
Customer Payments
 
 
 
 
$
7,392,316.35

 
 
plus: Payahead draws
 
 
 
 
$
36,816.99

 
 
minus: Unreimbursed Advances
 
 
 
 
$
(38,106.13
)
 
 
minus: Securitization Value of Retained Vehicles
 
 
 
 
$
(6,671,156.88
)
 
 
Total
332

 
7,506

 
$
719,870.33

 
$
22,589,989.87

Gain (Loss) Per Retained Vehicle
 
 
 
 
$
2,168.28

 
$
3,009.59

 
 
 
 
 
 
 
 
Gain (Loss) on Returned Vehicles
 
 
 
 
 
 
 
Customer Payments
 
 
 
 
$
1,433,425.16

 
 
plus: Net Sale Proceeds
 
 
 
 
$
26,472,435.09

 
 
plus: Payahead Draws
 
 
 
 
$
215,939.16

 
 
minus: Unreimbursed Advances
 
 
 
 
$
(123,458.10
)
 
 
minus: Securitization Value of Returned Vehicles
 
 
 
 
$
(27,722,986.36
)
 
 
Total
1,626

 
25,076

 
$
275,354.95

 
$
4,736,778.88

Gain (Loss) Per Returned Vehicle
 
 
 
 
$
169.34

 
$
188.90

 
 
 
 
 
 
 
 
Credit Gain (Loss) Charged Off / Repo Vehicles
19

 
766

 
$
(69,065.37
)
 
$
(4,367,369.68
)
Credit Gain (Loss) Per Charged Off / Repo Vehicle
 
 
 
 
$
(3,635.02
)
 
$
(5,701.53
)
Recoveries
769
 
 
 
$
370,526.72

 
$
4,852,470.62

 
 
 
 
 
 
 
 
Total Gain (Loss) -- Net of Recoveries
1,977

 
33,348

 
$
1,296,686.63

 
$
27,811,869.69

Average Gain (Loss) on all Retained, Returned and Repo Vehicles
 
 
 
 
$
655.89

 
$
833.99

 
 
 
 
 
 
 
 
Removals by Servicer and Other
8

 
127

 
 
 
 
 
 
 
 
 
 
 
 
   Note: There is no Gain or Loss on Removals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Memo: Residual Gain (Loss) on Returned Vehicles
 
 
 
 
 
 
 
Net Sale Proceeds
 
 
 
 
$
26,472,435.09

 
 
plus: Excess Wear and Use and Excess Mileage Assessed
 
 
 
 
$
699,959.41

 
 
minus: Residual Portion of Securitization Value
 
 
 
 
$
(26,601,197.80
)
 
 
Total
1,626

 
25,076

 
$
571,196.70

 
$
10,679,228.03

Residual Gain (Loss) Per Returned Vehicle
 
 
 
 
$351.29
 
$
425.87


Page 4


Ford Credit Auto Lease Trust 2015-B
Monthly Investor Report
Transaction Month
28

 
Payment Date
February 15, 2018
Collection Period
January, 2018

 
 
 

Prior and Current Collection Periods Average Gain (Loss)
 
 
 
 
 
Percent
Ratio of Total Gain (Loss) to the Average Pool Balance (annualized)
 
 
 
 
Third Prior Collection Period
 
 
 
 
 
 
6.52%
Second Prior Collection Period
 
 
 
 
 
 
6.84%
Prior Collection Period
 
 
 
 
 
 
4.42%
Current Collection Period
 
 
 
 
 
 
5.80%
Four Month Average (Current and Prior Three Collection Periods)
 
5.89%
 
 
 
 
 
 
 
 
Ratio of Cumulative Total Gain (Loss) for all Collection Periods to Initial Pool Balance
 
2.47%




X. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
 
No activity to report
 
Most Recent Form ABS-15G for repurchase demand activity
 
Filed by: Ford Motor Credit Company LLC
CIK#: 0000038009
Date: February 7, 2018

SERVICER CERTIFICATION
 
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS.
 
Ford Motor Credit Company LLC
/s/ Sumito Mulchandani

Assistant Treasurer
 
* Tranche A2b note interest rate is floating based on one-month LIBOR+0.53%
**Lease Balance is calculated similar to Securitization Value, but present values the base monthly payments and contract lease end value at the contract lease factor, without considering the base residual value or minimum discount rate.
***The Weighted Average is calculated based on Securitization Value.


Page 5