Form 10-D World Omni Automobile For: Apr 30
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 April 1, 2022 to April 30, 2022
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) 295-7425
(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 April 1, 2022 and expiring on April 30, 2022 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 April 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 May 27, 2022 (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 April 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 7, 2022
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.
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: May 27, 2022 | /s/ Ronald J. Virtue | |
Ronald J. Virtue | ||
Assistant Treasurer |
Exhibit Index |
Exhibit 99
World Omni Automobile Lease Securitization Trust 2021-A | PAGE 1 |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 04/30/2022 |
A. | DATES | Begin | End | # days | ||||||
1 | Payment Date | 5/16/2022 | ||||||||
2 | Collection Period | 4/1/2022 | 4/30/2022 | 30 | ||||||
3 | Monthly Interest Period-Actual | 4/15/2022 | 5/15/2022 | 31 | ||||||
4 | Monthly Interest - Scheduled | 4/15/2022 | 5/14/2022 | 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 | 173,926,237.98 | - | - | 20,288,365.28 | 153,637,872.70 | 0.5329282 | |||||||||||||||||||||||
7 | Class A-3 Notes | 288,290,000.00 | 288,290,000.00 | - | - | - | 288,290,000.00 | 1.0000000 | |||||||||||||||||||||||
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 | 569,606,237.98 | - | - | 20,288,365.28 | 549,317,872.70 | ||||||||||||||||||||||||
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 | 605,606,237.98 | $ | 0.00 | $ | 0.00 | $ | 20,288,365.28 | 585,317,872.70 | ||||||||||||||||||||
Overcollateralization | |||||||||||||||||||||||||||||||
12 | Exchange Note | 57,597,768.75 | 45,840,006.12 | 44,622,704.21 | |||||||||||||||||||||||||||
13 | Series 2021-A Notes | 86,395,043.79 | 112,553,857.95 | 113,771,159.86 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Per $1000 | Principal | Per $1000 | Interest | ||||||||||||||||||||||||||||
Coupon Rate | Interest Pmt Due | Face Amount | Payment Due | Face Amount | 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 | % | 30,437.09 | 0.1055780 | 20,288,365.28 | 70.3748492 | 0.00 | |||||||||||||||||||||||
18 | Class A-3 Notes | 0.42000 | % | 100,901.50 | 0.3500000 | 0.00 | 0.0000000 | 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 | 176,084.42 | 0.2257579 | 20,288,365.28 | 26.0117252 | 0.00 | |||||||||||||||||||||||||
21 | Class B Notes | 0.75000 | % | 22,500.00 | 0.6250000 | 0.00 | 0.0000000 | 0.00 | |||||||||||||||||||||||
22 | Totals | 198,584.42 | 0.2433722 | 20,288,365.28 | 24.8641069 | 0.00 | |||||||||||||||||||||||||
Initial Balance | Beginning Balance | Ending Balance | |||||||||||||||||||||||||||||
23 | Exchange Note Balance | 902,365,043.79 | 718,160,095.93 | 699,089,032.56 | |||||||||||||||||||||||||||
Reference Pool Balance Data | Initial | Current | ||||||||||||||||||
24 | Discount Rate | 5.25 | % | 5.25 | % | |||||||||||||||
25 | Aggregate Securitization Value | 959,962,812.54 | 743,711,736.77 | |||||||||||||||||
26 | Aggregate Base Residual Value (Not Discounted) | 689,626,949.48 | 586,142,507.97 | |||||||||||||||||
Turn-in Units | Units | Securitization Value | Percentage | |||||||||||||||||
27 | Vehicles Scheduled to Return in Current Month | 128 | 435,758.92 | |||||||||||||||||
28 | Turn-in Ratio on Scheduled Terminations | 0.78 | % | |||||||||||||||||
Units | Securitization Value | |||||||||||||||||||
29 | Securitization Value — Beginning of Period | 29,504 | 764,000,102.05 | |||||||||||||||||
30 | Depreciation/Payments | (7,330,735.00 | ) | |||||||||||||||||
31 | Gross Credit Losses | (22 | ) | (580,020.18 | ) | |||||||||||||||
32 | Early Terminations — Regular | (4 | ) | (118,978.26 | ) | |||||||||||||||
33 | Scheduled Terminations — Returned | (2 | ) | (47,360.47 | ) | |||||||||||||||
34 | Payoff Units & Lease Reversals | (459 | ) | (12,211,271.37 | ) | |||||||||||||||
35 | Repurchased Leases | - | - | |||||||||||||||||
36 | Securitization Value - End of Period | 29,017 | 743,711,736.77 |
World Omni Automobile Lease Securitization Trust 2021-A | PAGE 2 |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 04/30/2022 |
C. | SERVICING FEE | |||||||||
37 | Servicing Fee Due | 636,666.75 | ||||||||
38 | Unpaid Servicing Fees - Prior Collection Periods | 0.00 | ||||||||
39 | Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period | (19,023.33 | ) | |||||||
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) | 28,821 | 99.37 | % | 738,364,290.35 | |||||||||||||||
44 | 31 - 60 Days Delinquent | 151 | 0.52 | % | 4,057,429.08 | |||||||||||||||
45 | 61 - 90 Days Delinquent | 26 | 0.09 | % | 742,835.24 | |||||||||||||||
46 | 91 -120 Days Delinquent | 7 | 0.02 | % | 237,239.17 | |||||||||||||||
47 | 121+ Days Delinquent | - | - | - | ||||||||||||||||
48 | Total | 29,005 | 100.00 | % | 743,401,793.84 | |||||||||||||||
49 | Total 61+ Delinquent as % End of Period Securitization Value | 0.13 | % | |||||||||||||||||
50 | Delinquency Trigger Occurred | NO | ||||||||||||||||||
51 | Prepayment Speed (1 Month) | 1.06 | % |
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 | 166,338.73 | |||||||
53 | Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period | (207,740.04 | ) | |||||||
54 | Less: Excess Wear and Tear Received in Current Period | (197.20 | ) | |||||||
55 | Less: Excess Mileage Received in Current Period | - | ||||||||
56 | Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units | (41,598.51 | ) | |||||||
Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized) | ||||||||||
57 | Current Period Net Residual Losses/(Gains) Ratio | -0.07 | % | |||||||
58 | Prior Period Net Residual Losses/(Gains) Ratio | -0.06 | % | |||||||
59 | Second Prior Period Net Residual Losses/(Gains) Ratio | -0.05 | % | |||||||
60 | Third Prior Period Net Residual Losses/(Gains) Ratio | -0.05 | % | |||||||
61 | Four Month Average | -0.06 | % | |||||||
62 | Beginning Cumulative Net Residual Losses/(Gains) | (457,996.19 | ) | |||||||
63 | Current Period Net Residual Losses/(Gains) | (41,598.51 | ) | |||||||
64 | Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units | (499,594.70 | ) | |||||||
65 | Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value | -0.05 | % | |||||||
Credit Losses/(Gains): | Units | Amounts | ||||||||
66 | Aggregate Securitization Value on charged-off units | 22 | 580,020.18 | |||||||
67 | Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units | (589,694.58 | ) | |||||||
68 | Current Period Net Credit Losses/(Gains) | (9,674.40 | ) | |||||||
Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized) | ||||||||||
69 | Current Period Net Credit Losses/(Gains) Ratio | -0.02 | % | |||||||
70 | Prior Period Net Credit Losses/(Gains) Ratio | 0.35 | % | |||||||
71 | Second Prior Period Net Credit Losses/(Gains) Ratio | 0.51 | % | |||||||
72 | Third Prior Period Net Credit Losses/(Gains) Ratio | 0.27 | % | |||||||
73 | Four Month Average | 0.28 | % | |||||||
74 | Beginning Cumulative Net Credit Losses/(Gains) | 1,255,269.55 | ||||||||
75 | Current Period Net Credit Losses/(Gains) | (9,674.40 | ) | |||||||
76 | Ending Cumulative Net Credit Losses/(Gains) | 1,245,595.15 | ||||||||
77 | Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value | 0.13 | % |
World Omni Automobile Lease Securitization Trust 2021-A | PAGE 3 |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 04/30/2022 |
F. | EXCHANGE NOTE COLLECTION ACCOUNT | |||||||||
COLLECTED AMOUNTS | ||||||||||
78 | Lease Payments Received | 11,030,470.83 | ||||||||
79 | Sales Proceeds, Recoveries & Expenses - Scheduled Terminations | 65,317.01 | ||||||||
80 | Liquidation Proceeds, Recoveries & Expenses | 522,057.75 | ||||||||
81 | Insurance Proceeds | 67,636.83 | ||||||||
82 | Sales Proceeds, Recoveries & Expenses - Early Terminations | 142,620.23 | ||||||||
83 | Payoff Payments | 13,044,945.65 | ||||||||
84 | All Other Payments Received | - | ||||||||
85 | Collected Amounts | 24,873,048.30 | ||||||||
86 | Investment Earnings on Collection Account | 5,328.15 | ||||||||
87 | Total Collected Amounts - Available for Distribution | 24,878,376.45 | ||||||||
DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT | ||||||||||
88 | Servicing Fee | 636,666.75 | ||||||||
89 | Interest on the Exchange Note - to the Trust Collection Account | 448,850.06 | ||||||||
90 | Principal on the Exchange Note - to the Trust Collection Account | 19,071,063.37 | ||||||||
91 | Trust Collection Account Shortfall Amount - to the Trust Collection Account | 4,359,593.41 | ||||||||
92 | Remaining Funds Payable to Trust Collection Account | 362,202.86 | ||||||||
93 | Total Distributions | 24,878,376.45 | ||||||||
G. | TRUST COLLECTION ACCOUNT | |||||||||
AVAILABLE FUNDS | ||||||||||
94 | Available Funds | 24,241,709.70 | ||||||||
95 | Investment Earnings on Reserve Account | 1,098.94 | ||||||||
96 | Reserve Account Draw Amount | 0.00 | ||||||||
97 | Total Available Funds - Available for Distribution | 24,242,808.64 | ||||||||
DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT | ||||||||||
98 | Administration Fee | 31,833.34 | ||||||||
99 | Asset Representation Reviewer Amounts (up to $150,000 per year) | - | ||||||||
100 | Class A Noteholders' Interest Distributable Amount | 176,084.42 | ||||||||
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 | 20,288,365.28 | ||||||||
106 | Asset Representation Reviewer Amounts (in excess of $150,000 per year) | - | ||||||||
107 | Remaining Funds Payable to Certificate holder | 3,724,025.60 | ||||||||
108 | Total Distributions | 24,242,808.64 | ||||||||
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.
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