EX-99 2 tm2326537d43_ex99.htm EXHIBIT 99

Exhibit 99

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2023  

 

A.   DATES   Begin   End   # days  
   
1   Payment Date       9/15/2023        
2   Collection Period   8/1/2023   8/31/2023     31  
3   Monthly Interest Period-Actual   8/15/2023   9/14/2023     31  
4   Monthly Interest - Scheduled   8/15/2023   9/14/2023     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       127,519,435.82       -       -       42,961,439.04       84,557,996.78       0.2933088  
8     Class A-4 Notes     107,390,000.00       107,390,000.00       -       -       -       107,390,000.00       1.0000000  
9     Total Class A Notes     779,970,000.00       234,909,435.82       -       -       42,961,439.04       191,947,996.78          
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       270,909,435.82     $ 0.00     $ 0.00     $ 42,961,439.04       227,947,996.78          
                                                               
      Overcollateralization                                                        
12     Exchange Note     57,597,768.75       25,758,197.99                               23,180,511.65          
13     Series 2021-A Notes     86,395,043.79       132,635,666.08                               135,213,352.42          
                                                               
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 %     44,631.80       0.1548156       42,961,439.04       149.0216069       0.00          
19     Class A-4 Notes     0.50000 %     44,745.83       0.4166666       0.00       0.0000000       0.00          
20     Total Class A Notes             89,377.63       0.1145911       42,961,439.04       55.0808865       0.00          
21     Class B Notes     0.75000 %     22,500.00       0.6250000       0.00       0.0000000       0.00          
                                                               
22     Totals             111,877.63       0.1371100       42,961,439.04       52.6507580       0.00          
          Initial Balance     Beginning Balance                             Ending Balance          
23     Exchange Note Balance     902,365,043.79       403,545,101.90                               363,161,349.20          

 

      Reference Pool Balance Data   Initial     Current                    
24     Discount Rate     5.25 %     5.25 %                  
25     Aggregate Securitization Value     959,962,812.54       386,341,860.85                    
26     Aggregate Base Residual Value (Not Discounted)     689,626,949.48       360,358,543.55                    
                                         
      Turn-in Units   Units     Securitization Value     Percentage            
27     Vehicles Scheduled to Return in Current Month     735       2,129,348.90                    
28     Turn-in Ratio on Scheduled Terminations                     0.68 %          
                                         
          Units     Securitization Value                    
29     Securitization Value — Beginning of Period     19,528       429,303,299.89                    
30     Depreciation/Payments             (4,725,933.87 )                  
31     Gross Credit Losses     (20 )     (405,001.20 )                  
32     Early Terminations — Regular     (1 )     (12,638.55 )                  
33     Scheduled Terminations — Returned     (5 )     (75,336.32 )                  
34     Payoff Units & Lease Reversals     (1,805 )     (37,742,529.10 )                  
35     Repurchased Leases     -       -                    
                                         
36     Securitization Value - End of Period     17,697       386,341,860.85                    

 

 

 

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2023  

 

C. SERVICING FEE

 

37   Servicing Fee Due     357,752.75          
                     
38   Unpaid Servicing Fees - Prior Collection Periods     0.00          
                     
39   Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period     (24,264.06 )        
                     
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)     17,460       98.82 %     380,592,022.50              
44   31 - 60 Days Delinquent     153       0.87 %     3,689,394.38              
45   61 - 90 Days Delinquent     50       0.28 %     1,315,590.16              
46   91 -120 Days Delinquent     5       0.03 %     89,635.23              
47   121+ Days Delinquent     -       -       -              
                                         
48   Total     17,668       100.00 %     385,686,642.27              
                                         
49   Total 61+ Delinquent as % End of Period Securitization Value                     0.36 %
50   Delinquency Trigger Occurred                                 NO  
                                         
51   Prepayment Speed (1 Month)                                 2.20 %

 

    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     6       87,974.87  
53   Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period             (149,974.10 )
54   Less: Excess Wear and Tear Received in Current Period             (291.25 )
55   Less: Excess Mileage Received in Current Period             (192.42 )
                     
56   Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (62,482.90 )
                     
    Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)                
57   Current Period Net Residual Losses/(Gains) Ratio             -0.17 %
58   Prior Period Net Residual Losses/(Gains) Ratio             -0.01 %
59   Second Prior Period Net Residual Losses/(Gains) Ratio             0.17 %
60   Third Prior Period Net Residual Losses/(Gains) Ratio             -0.03 %
61   Four Month Average             -0.10 %
                     
62   Beginning Cumulative Net Residual Losses/(Gains)             (755,234.18 )
63   Current Period Net Residual Losses/(Gains)             (62,482.90 )
                     
64   Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (817,717.08 )
                     
65   Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value             -0.09 %
                     
    Credit Losses/(Gains):     Units       Amounts  
66   Aggregate Securitization Value on charged-off units     20       405,001.20  
67   Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units             (302,589.56 )
                     
68   Current Period Net Credit Losses/(Gains)             102,411.64  
                     
    Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)                
69   Current Period Net Credit Losses/(Gains) Ratio             0.29 %
70   Prior Period Net Credit Losses/(Gains) Ratio             -0.08 %
71   Second Prior Period Net Credit Losses/(Gains) Ratio             0.48 %
72   Third Prior Period Net Credit Losses/(Gains) Ratio             0.31 %
73   Four Month Average             0.29 %
                     
74   Beginning Cumulative Net Credit Losses/(Gains)             3,088,594.13  
75   Current Period Net Credit Losses/(Gains)             102,411.64  
                     
76   Ending Cumulative Net Credit Losses/(Gains)             3,191,005.77  
                     
77   Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.33 %

 

 

 

 

World Omni Automobile Lease Securitization Trust 2021-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2023  

 

F.   EXCHANGE NOTE COLLECTION ACCOUNT              
                   
    COLLECTED AMOUNTS
                   
78   Lease Payments Received     6,905,770.82          
79   Sales Proceeds, Recoveries & Expenses - Scheduled Terminations     114,549.17          
80   Liquidation Proceeds, Recoveries & Expenses     302,589.56          
81   Insurance Proceeds     -          
82   Sales Proceeds, Recoveries & Expenses - Early Terminations     35,908.60          
83   Payoff Payments     40,809,170.80          
84   All Other Payments Received     -          
                     
85   Collected Amounts     48,167,988.95          
                     
86   Investment Earnings on Collection Account     159,467.04          
                     
87   Total Collected Amounts - Available for Distribution     48,327,455.99          
                     
    DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT                
                     
88   Servicing Fee     357,752.75          
89   Interest on the Exchange Note - to the Trust Collection Account     252,215.69          
90   Principal on the Exchange Note - to the Trust Collection Account     40,383,752.70          
91   Trust Collection Account Shortfall Amount - to the Trust Collection Account     5,236,251.68          
92   Remaining Funds Payable to Trust Collection Account     2,097,483.17          
                     
93   Total Distributions     48,327,455.99          
                     
G.   TRUST COLLECTION ACCOUNT                
                     
    AVAILABLE FUNDS                
                     
94   Available Funds     47,969,703.24          
                     
95   Investment Earnings on Reserve Account     21,287.99          
                     
96   Reserve Account Draw Amount     0.00          
                     
97   Total Available Funds - Available for Distribution     47,990,991.23          
                     
    DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT                
                     
98   Administration Fee     17,887.64          
99   Asset Representation Reviewer Amounts (up to $150,000 per year)     -          
100   Class A Noteholders' Interest Distributable Amount     89,377.63          
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     42,961,439.04          
106   Asset Representation Reviewer Amounts (in excess of $150,000 per year)     -          
107   Remaining Funds Payable to Certificate holder     4,899,786.92          
                     
108   Total Distributions     47,990,991.23          
                     
    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.