0001104659-23-129485.txt : 20231227 0001104659-23-129485.hdr.sgml : 20231227 20231227074118 ACCESSION NUMBER: 0001104659-23-129485 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 0001439697 0001004150 FILED AS OF DATE: 20231227 DATE AS OF CHANGE: 20231227 ABS ASSET CLASS: Auto leases FILER: COMPANY DATA: COMPANY CONFORMED NAME: World Omni Automobile Lease Securitization Trust 2021-A CENTRAL INDEX KEY: 0001863708 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-231740-05 FILM NUMBER: 231514633 BUSINESS ADDRESS: STREET 1: 250 JIM MORAN BOULEVARD CITY: DEERFIELD BEACH STATE: FL ZIP: 33442 BUSINESS PHONE: 954-429-2200 MAIL ADDRESS: STREET 1: 250 JIM MORAN BOULEVARD CITY: DEERFIELD BEACH STATE: FL ZIP: 33442 10-D 1 tm2333366d41_10d.htm FORM 10-D

 

 

 

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 November 1, 2023 to November 30, 2023

 

 

 

Commission File Number of issuing entity: 333-231740-05

 

Central Index Key Number of issuing entity: 0001863708

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A

(Exact name of issuing entity as specified in its charter)

 

Commission File Number of depositor: 333-231740

 

Central Index Key Number of depositor: 0001439697

 

WORLD OMNI AUTO LEASING LLC

(Exact name of depositor as specified in its charter)

 

Central Index Key Number of sponsor: 0001004150

 

WORLD OMNI FINANCIAL CORP.

(Exact name of sponsor as specified in its charter)

 

 

 

Paula Pescaru, Assistant Secretary, (954) 418-5368

(Name and telephone number, including area code,

of the person to contact in connection with this filing

 

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

 

90-0399122

(I.R.S. Employer Identification No.)

 

250 Jim Moran Boulevard, Deerfield Beach, FL 33442

(Address, including zip code, of principal executive offices of the issuing entity)

 

(954) 429-2200

(Telephone number, including area code, of the issuing entity)

 

Former name or former address, if changed since last report: Not applicable.

 

 

 

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))
Asset Backed Notes, Class A-1 ¨ ¨ x ¨
Asset Backed Notes, Class A-2 ¨ ¨ x ¨
Asset Backed Notes, Class A-3 ¨ ¨ x ¨
Asset Backed Notes, Class A-4 ¨ ¨ x ¨
Asset Backed Notes, Class B ¨ ¨ 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 x     No ¨

 

 

 

 

 

 

PART I – DISTRIBUTION INFORMATION

 

Item 1. Distribution and Pool Performance Information.

 

Distribution and pool performance information with respect to the assets of World Omni Automobile Lease Securitization Trust 2021-A for the distribution period commencing on November 1, 2023 and expiring on November 30, 2023 is set forth in the Monthly Servicer’s Certificate that is attached to this report as Exhibit 99.1, which Certificate is incorporated by reference herein. See the Exchange Note Sale Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Issuing Entity on July 21, 2021 for a description of the transaction and defined terms used in this report and the attached Monthly Servicer’s Certificate.

 

Item 1A. Asset-Level Information.

 

The Asset Data File for the asset pool of the Issuing Entity for the November Collection Period filed as Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on December 27, 2023 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.

 

The Asset Related Document (Additional Explanatory Disclosure) for the asset pool of the Issuing Entity for the November Collection Period filed as Exhibit 103 to each Form ABS-EE is also incorporated into this Form 10-D by reference.

 

Item 1B. Asset Representations Reviewer and Investor Communication.

 

Not applicable.

 

ITEM 1121 (c) OF REGULATION AB. REPURCHASES AND REPLACEMENTS

 

No activity to report for the distribution period as required by Item 1121 (c) of Regulation AB.

Date of Most Recent Form ABS-15G: January 9, 2023

Central Index Key (CIK) of Securitizer: 0001004150

 

PART II – OTHER INFORMATION

 

Item 2. Legal Proceedings.

 

Not applicable.

 

Item 3. Sales of Securities and Use of Proceeds.

 

Not applicable.

 

Item 4. Defaults Upon Senior Securities.

 

Not applicable.

 

Item 5. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 6. Significant Obligors of Pool Assets.

 

Not applicable.

 

Item 7. Change in Sponsor Interest in the Securities.

 

Not applicable.

 

Item 8. Significant Enhancement Provider Information.

 

Not applicable.

 

 

 

 

Item 9. Other Information.

 

Compliance with European Union and United Kingdom Risk Retention Rules.

 

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of each of the Securitization Rules (as defined in the Indenture), continues to retain, a material net economic interest (the “Retained Interest”), in accordance with option (d) of Article 6(3) of each of the Securitization Regulations, by holding (i) indirectly, all the limited liability company interests in World Omi 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 Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest) hedged or otherwise mitigated its credit risk under or associated with the Retained Interest, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the Retained Interest, except, in each case, to the extent permitted in accordance with the Securitization Rules. Further, World Omni has not changed the manner in which it retains or the method of calculating the Retained Interest.

 

Item 10. Exhibits.

 

Exhibit 99        Monthly Servicer’s Certificate for the distribution period commencing on November 1, 2023 and expiring on November 30, 2023.

 

Exhibit 102      Asset Data File for the calendar month November 1, 2023 to November 30, 2023 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2021-A on December 27, 2023 which is incorporated by reference herein).

 

Exhibit 103      Asset Related Document for the calendar month November 1, 2023 to November 30, 2023 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2021-A on December 27, 2023 which is incorporated by reference herein).

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  World Omni Automobile Lease Securitization Trust 2021-A
  (Issuing Entity)
     
  By: World Omni Financial Corp.
    (Servicer, not in its individual capacity, but solely as Servicer on behalf of the Issuing Entity)
     
Date: December 27, 2023   /s/ Ronald J. Virtue
    Ronald J. Virtue
    Assistant Treasurer

 

 

 

 

Exhibit Index

 

Exhibit No.   Description
     
Exhibit 99   Monthly Servicer’s Certificate for the distribution period commencing on November 1, 2023 and expiring on November 30, 2023.
     
Exhibit 102   Asset Data File for the reporting period November 1, 2023 to November 30, 2023 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2021-A on December 27, 2023 which is incorporated by reference herein).
     
Exhibit 103   Asset Related Document for the reporting period November 1, 2023 to November 30, 2023 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2021-A on December 27, 2023 which is incorporated by reference herein).

 

 

 EX-99 2 tm2333366d41_ex99.htm EXHIBIT 99

Exhibit 99

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 11/30/2023  

 

A.   DATES   Begin   End   # days  
   
1   Payment Date       12/15/2023        
2   Collection Period   11/1/2023   11/30/2023     30  
3   Monthly Interest Period-Actual   11/15/2023   12/14/2023     30  
4   Monthly Interest - Scheduled   11/15/2023   12/14/2023     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       100,327,039.57       -       -       43,403,603.90       56,923,435.67       0.5300627  
9     Total Class A Notes     779,970,000.00       100,327,039.57       -       -       43,403,603.90       56,923,435.67          
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       136,327,039.57     $ 0.00     $ 0.00     $ 43,403,603.90       92,923,435.67          
                                                               
      Overcollateralization                                                        
12     Exchange Note     57,597,768.75       17,683,254.22                               15,079,037.98          
13     Series 2021-A Notes     86,395,043.79       140,710,609.85                               143,314,826.09          
                                                               
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 %     41,802.93       0.3892628       43,403,603.90       404.1680222       0.00          
20     Total Class A Notes             41,802.93       0.0535956       43,403,603.90       55.6477863       0.00          
21     Class B Notes     0.75000 %     22,500.00       0.6250000       0.00       0.0000000       0.00          
                                                               
22     Totals             64,302.93       0.0788055       43,403,603.90       53.1926467       0.00          
          Initial Balance     Beginning Balance                             Ending Balance          
23     Exchange Note Balance     902,365,043.79       277,037,649.42                               236,238,261.76          

 

      Reference Pool Balance Data   Initial     Current                    
24     Discount Rate     5.25 %     5.25 %                  
25     Aggregate Securitization Value     959,962,812.54       251,317,299.74                    
26     Aggregate Base Residual Value (Not Discounted)     689,626,949.48       239,397,444.65                    
                                         
      Turn-in Units   Units     Securitization Value     Percentage            
27     Vehicles Scheduled to Return in Current Month     3,590       11,050,815.27                    
28     Turn-in Ratio on Scheduled Terminations                     0.56 %          
                                         
          Units     Securitization Value                    
29     Securitization Value — Beginning of Period     13,626       294,720,903.64                    
30     Depreciation/Payments             (3,022,297.03 )                  
31     Gross Credit Losses     (25 )     (611,052.47 )                  
32     Early Terminations — Regular     -       -                    
33     Scheduled Terminations — Returned     (11 )     (250,639.97 )                  
34     Payoff Units & Lease Reversals     (1,946 )     (39,519,614.43 )                  
35     Repurchased Leases     -       -                    
                                         
36     Securitization Value - End of Period     11,644       251,317,299.74                    

 

 

 

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 11/30/2023  

 

C. SERVICING FEE

 

37   Servicing Fee Due     245,600.75          
                     
38   Unpaid Servicing Fees - Prior Collection Periods     0.00          
                     
39   Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period     (41,382.55 )        
                     
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)     11,387       98.16 %     245,258,120.61              
44   31 - 60 Days Delinquent     163       1.41 %     3,856,730.39              
45   61 - 90 Days Delinquent     45       0.39 %     1,125,530.27              
46   91 -120 Days Delinquent     5       0.04 %     137,495.89              
47   121+ Days Delinquent     -       -       -              
                                         
48   Total     11,600       100.00 %     250,377,877.16              
                                         
49   Total 61+ Delinquent as % End of Period Securitization Value                     0.50 %
50   Delinquency Trigger Occurred                                 NO  
                                         
51   Prepayment Speed (1 Month)                                 0.91 %

 

    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     11       250,639.97  
53   Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period             (312,175.12 )
54   Less: Excess Wear and Tear Received in Current Period             (1,899.64 )
55   Less: Excess Mileage Received in Current Period             (834.12 )
                     
56   Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (64,268.91 )
                     
    Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)                
57   Current Period Net Residual Losses/(Gains) Ratio             -0.26 %
58   Prior Period Net Residual Losses/(Gains) Ratio             -0.13 %
59   Second Prior Period Net Residual Losses/(Gains) Ratio             -0.03 %
60   Third Prior Period Net Residual Losses/(Gains) Ratio             -0.17 %
61   Four Month Average             -0.15 %
                     
62   Beginning Cumulative Net Residual Losses/(Gains)             (865,362.28 )
63   Current Period Net Residual Losses/(Gains)             (64,268.91 )
                     
64   Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (929,631.19 )
                     
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     25       611,052.47  
67   Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units             (583,466.17 )
                     
68   Current Period Net Credit Losses/(Gains)             27,586.30  
                     
    Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)                
69   Current Period Net Credit Losses/(Gains) Ratio             0.11 %
70   Prior Period Net Credit Losses/(Gains) Ratio             0.47 %
71   Second Prior Period Net Credit Losses/(Gains) Ratio             0.06 %
72   Third Prior Period Net Credit Losses/(Gains) Ratio             0.29 %
73   Four Month Average             0.23 %
                     
74   Beginning Cumulative Net Credit Losses/(Gains)             3,347,763.73  
75   Current Period Net Credit Losses/(Gains)             27,586.30  
                     
76   Ending Cumulative Net Credit Losses/(Gains)             3,375,350.03  
                     
77   Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.35 %

 

 

 

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 11/30/2023  

 

F.   EXCHANGE NOTE COLLECTION ACCOUNT              
                   
    COLLECTED AMOUNTS
                   
78   Lease Payments Received     4,500,337.26          
79   Sales Proceeds, Recoveries & Expenses - Scheduled Terminations     314,908.88          
80   Liquidation Proceeds, Recoveries & Expenses     583,466.17          
81   Insurance Proceeds     -          
82   Sales Proceeds, Recoveries & Expenses - Early Terminations     -          
83   Payoff Payments     43,018,025.18          
84   All Other Payments Received     -          
                     
85   Collected Amounts     48,416,737.49          
                     
86   Investment Earnings on Collection Account     203,994.70          
                     
87   Total Collected Amounts - Available for Distribution     48,620,732.19          
                     
    DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT                
                     
88   Servicing Fee     245,600.75          
89   Interest on the Exchange Note - to the Trust Collection Account     173,148.53          
90   Principal on the Exchange Note - to the Trust Collection Account     40,799,387.66          
91   Trust Collection Account Shortfall Amount - to the Trust Collection Account     5,140,545.32          
92   Remaining Funds Payable to Trust Collection Account     2,262,049.93          
                     
93   Total Distributions     48,620,732.19          
                     
G.   TRUST COLLECTION ACCOUNT                
                     
    AVAILABLE FUNDS                
                     
94   Available Funds     48,375,131.44          
                     
95   Investment Earnings on Reserve Account     20,752.85          
                     
96   Reserve Account Draw Amount     0.00          
                     
97   Total Available Funds - Available for Distribution     48,395,884.29          
                     
    DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT                
                     
98   Administration Fee     12,280.04          
99   Asset Representation Reviewer Amounts (up to $150,000 per year)     -          
100   Class A Noteholders' Interest Distributable Amount     41,802.93          
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     43,403,603.90          
106   Asset Representation Reviewer Amounts (in excess of $150,000 per year)     -          
107   Remaining Funds Payable to Certificate holder     4,915,697.42          
                     
108   Total Distributions     48,395,884.29          
                     
    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.