Form 10-D World Omni Automobile Lease Securitization Trust 2019-b

Asset-Backed Issuer Distribution Report [Section 13 or 15(d) of the Securities Exchange Act of 1934]

Published: 2019-09-20 13:32:47
Submitted: 2019-09-20
Period Ending In: 2019-08-31
tv529708_10d.htm FORM 10-D


ENT> 10-D 1 tv529708_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 July 9, 2019 to August 31, 2019

  

 

 

 Commission File Number of issuing entity: 333-231740-02

 

Central Index Key Number of issuing entity: 0001781624

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-B

(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)

  

 

  

Peter Sheptak, Assistant Secretary, (954) 429-2174

(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.)

 

190 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-2a
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-2b  ¨  ¨  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 2019-B for the distribution period commencing on July 9, 2019 and expiring on August 31, 2019 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 August 21, 2019 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 July calendar month and August calendar month filed as Exhibit 102 to each Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on September 20, 2019 (each, a “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 July calendar month and the August calendar month 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 10, 2019

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 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 Omi Auto Leasing LLC (“WOAL”), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2019-B, and (ii) the residual interest in the 2019-B 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 2019-B Reference Pool (each as defined in the Indenture).

 

World Omni has not (and has not permitted WOAL or any of its other affiliates to subject the EU Retained Interest to any 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) subject the EU Retained Interest to any credit risk mitigation or hedging, or sell, transfer or otherwise surrender 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.

 

Item 10. Exhibits.

 

Exhibit 99.1. Monthly Servicer’s Certificate for the distribution period commencing on July 9, 2019 and expiring on August 31, 2019.
   
Exhibit 102.1 Asset Data File for the calendar month July 1, 2019 to July 31, 2019 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2019-B on September 20, 2019 which is incorporated by reference herein).
   
Exhibit 102.2 Asset Data File for the reporting period August 1, 2019 to August 31, 2019 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2019-B on September 20, 2019 which is incorporated by reference herein).
   
Exhibit 103.1 Asset Related Document for the calendar month July 1, 2019 to July 31, 2019 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2019-B on September 20, 2019 which is incorporated by reference herein).
   
Exhibit 103.2 Asset Related Document for the reporting period August 1, 2019 to August 31, 2019 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2019-B on September 20, 2019 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 2019-B
  (Issuing entity)
     
  By:  World Omni Financial Corp.
    (Servicer, not in its individual capacity, but solely as Servicer on behalf of the Issuing Entity)
     
Date: September 20, 2019
 
/s/ Ronald J. Virtue
    Ronald J. Virtue
   
Assistant Treasurer

 

   

 

 

 

tv529708_ex99-1.htm EXHIBIT 99.1


ENT> EX-99.1 2 tv529708_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

  

World Omni Automobile Lease Securitization Trust 2019-B
PAGE 1
MONTHLY SERVICER CERTIFICATE
 
For the collection period ended 08/31/2019  

  

A.  DATES  Begin  End  # days
             
1  Payment Date     9/16/2019   
2  Collection Period  7/9/2019  8/31/2019  54
3  Monthly Interest Period-Actual  8/21/2019  9/15/2019  26
4  Monthly Interest - Scheduled   8/21/2019  9/14/2019  24

 

B.  SUMMARY         

 

              Principal Payment         
      Initial Balance   Beginning Balance   1st Priority   2nd Priority   Regular   Ending Balance   Note Factor 
5  Class A-1 Notes   100,000,000.00    100,000,000.00    -    -    28,916,717.31    71,083,282.69    0.7108328 
6  Class A-2a Notes   198,300,000.00    198,300,000.00    -    -    -    198,300,000.00    1.0000000 
7  Class A-2b Notes   100,000,000.00    100,000,000.00    -    -    -    100,000,000.00    1.0000000 
8  Class A-3 Notes   278,300,000.00    278,300,000.00    -    -    -    278,300,000.00    1.0000000 
9  Class A-4 Notes   81,430,000.00    81,430,000.00    -    -    -    81,430,000.00    1.0000000 
10  Total Class A Notes   758,030,000.00    758,030,000.00    -    -    28,916,717.31    729,113,282.69     
11  Class B Notes   40,500,000.00    40,500,000.00    -    -    -    40,500,000.00    1.0000000 
                                       
12  Total Notes  $798,530,000.00    798,530,000.00   $0.00   $0.00   $28,916,717.31    769,613,282.69      
                                       
   Overcollateralization                                   
13  Exchange Note   55,808,444.14    55,808,444.14                   54,503,254.18      
14  Series 2019-B Notes   75,802,291.54    75,802,291.54                   84,271,032.75      
                                       
15  Total Overcollateralization   131,610,735.68    131,610,735.68                   138,774,286.93      
16  Total Target Overcollateralization  $145,567,025.13    145,567,025.13                   145,567,025.13      

  

      One-Month
LIBOR
  Coupon Rate   Interest Pmt Due  
Per $1000

Face Amount
  
Principal

 Payment Due
  
Per $1000

Face Amount
  
Interest

Shortfall
    
17  Class A-1 Notes      2.15103%   155,352.17    1.5535217    28,916,717.31    289.1671731    0.00    
18  Class A-2a Notes      2.05000%   271,010.00    1.3666667    0.00    0.0000000    0.00    
19  Class A-2b Notes  2.16863%  2.42863%   175,401.06    1.7540106    0.00    0.0000000    0.00    
20  Class A-3 Notes      2.03000%   376,632.67    1.3533333    0.00    0.0000000    0.00    
21  Class A-4 Notes      2.07000%   112,373.40    1.3800000    0.00    0.0000000    0.00    
22  Total Class A Notes           1,090,769.30    1.4389527    28,916,717.31    38.1471938    0.00    
23  Class B Notes      2.13000%   57,510.00    1.4200000    0.00    0.0000000    0.00    
                                        
24  Totals           1,148,279.30    1.4379914    28,916,717.31    36.2124370    0.00    

  

      Initial Balance   Beginning Balance               Ending Balance    
25  Exchange Note Balance   874,332,291.54    874,332,291.54                   853,884,315.44    

  

   
Reference Pool Balance Data
 
Initial
   
Current
                       
26
 
Discount Rate
    6.85
%
    6.85
%
                           
27
 
Aggregate Securitization Value
    930,140,735.68       908,387,569.62                              
28
 
Aggregate Base Residual Value (Not Discounted)
    671,102,471.35       664,608,555.57                              
                                                 
   
Turn-in Units
   
Units
     
Securitization Value
     
Percentage
                     
29
 
Vehicles Scheduled to Return in Current Month
    -      
-
                             
30
 
Turn-in Ratio on Scheduled Terminations
                   
0.00
%
                   
                                                 
         
Units
     
Securitization Value
                             
31  
Securitization Value — Beginning of Period
    35,984       930,140,735.68                              
32
 
Depreciation/Payments
            (13,363,334.99
)
                           
33
 
Gross Credit Losses
    (18
)
    (447,462.97
)
                           
34
 
Early Terminations — Regular
    -     -                            
35
 
Scheduled Terminations — Returned
   
(6
)
    (116,361.05
)
                           
36
 
Payoff Units & Lease Reversals
   
(291
)
    (7,826,007.05
)
                           
37
 
Repurchased Leases
   
-
     
-
                             
                                                 
38
 
Securitization Value - End of Period
    35,669      
908,387,569.62
                             

 

   

 

  

World Omni Automobile Lease Securitization Trust 2019-B
PAGE 2
MONTHLY SERVICER CERTIFICATE
 
For the collection period ended 08/31/2019  

  

C.  SERVICING FEE        
            
39  Servicing Fee Due   1,343,536.62     
              
40  Unpaid Servicing Fees - Prior Collection Periods   0.00      
              
41  Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period   1,343,536.62     
              
D.  RESERVE ACCOUNT           
              
   Reserve Account Balances:          
42  Required Reserve Account Balance (.50% of Initial Securitization Value)   4,650,703.68      
43  Beginning Reserve Account Balance   4,650,703.68      
44  Ending Reserve Account Balance   4,650,703.68      

  

E.  POOL STATISTICS                    
                        
   Delinquencies Aging Profile — End of Period  Units   Percentage   Securitization Value               
45  Total Active Units (Excluding Inventory)   35,474    99.53%   903,165,170.61         
46  31 - 60 Days Delinquent   128    0.36%   3,398,220.55           
47  61 - 90 Days Delinquent   39    0.11%   1,085,460.45           
48  91 -120 Days Delinquent   1    0.00%   24,182.06           
49  121+ Days Delinquent   -    -    -           
                             
50  Total   35,642    100.00%   907,673,033.67           
                             
51  Total 61+ Delinquent as % End of Period Securitization Value                       0.12%
52  Delinquency Trigger Occurred                       
NO
 
                             
53  Prepayment Speed (1 Month)                       0.35%

  

   Current Period Net Residual Losses on Scheduled and Early Termination Units  Units   Amounts 
            
54  Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period   6    116,361.05 
55  Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period        (132,510.25)
56  Less: Excess Wear and Tear Received in Current Period        (100.00)
57  Less: Excess Mileage Received in Current Period        -
              
58  Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (16,249.20)
              
   Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized)           
59  Current Period Net Residual Losses/(Gains) Ratio        -0.02%
60  Prior Period Net Residual Losses/(Gains) Ratio        N/A
61  Second Prior Period Net Residual Losses/(Gains) Ratio        N/A
62  Third Prior Period Net Residual Losses/(Gains) Ratio        N/A
63  Four Month Average        N/A
              
64  Beginning Cumulative Net Residual Losses        - 
65  Current Period Net Residual Losses         (16,249.20)
              
66  Ending Cumulative Net Residual Losses - Scheduled and Early Termination Units        (16,249.20)
              
67  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value         0.00%
              
   Credit Losses:  Units   Amounts 
68  Aggregate Securitization Value on charged-off units   18    447,462.97 
69  Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units        (456,095.98)
              
70  Current Period Net Credit Losses/(Gains)        (8,633.01)
              
   Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)          
71  Current Period Net Credit Losses/(Gains) Ratio         -0.01%
72  Prior Period Net Credit Losses/(Gains) Ratio        N/A
73  Second Prior Period Net Credit Losses/(Gains) Ratio        N/A
74  Third Prior Period Net Credit Losses/(Gains) Ratio        N/A
75  Four Month Average        N/A
              
76  Beginning Cumulative Net Credit Losses        - 
77  Current Period Net Credit Losses        (8,633.01)
              
78  Ending Cumulative Net Credit Losses        (8,633.01)
              
79  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value       0.00%

  

   

 

 

World Omni Automobile Lease Securitization Trust 2019-B
PAGE 3
MONTHLY SERVICER CERTIFICATE
 
For the collection period ended 08/31/2019  

 

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT        
            
   COLLECTED AMOUNTS        
            
80  Lease Payments Received   22,497,515.56                          
81  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   132,634.51      
82  Liquidation Proceeds, Recoveries & Expenses   119,534.94      
83  Insurance Proceeds   336,561.04      
84  Sales Proceeds, Recoveries & Expenses - Early Terminations   (24.26)     
85  Payoff Payments   8,367,970.93      
86  All Other Payments Received   -      
              
87  Collected Amounts   31,454,192.72      
              
88  Investment Earnings on Collection Account   18,433.82      
              
89  Total Collected Amounts - Available for Distribution   31,472,626.54      
              
   DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT          
              
90  Servicing Fee   1,343,536.62      
91  Interest on the Exchange Note - to the Trust Collection Account   1,241,551.85      
92  Principal on the Exchange Note - to the Trust Collection Account   20,447,976.10      
93  Trust Collection Account Shortfall Amount - to the Trust Collection Account   1,340,453.10      
94  Remaining Funds Payable to Trust Collection Account   7,099,108.87      
              
95  Total Distributions   31,472,626.54      
              
G.  TRUST COLLECTION ACCOUNT          
              
   AVAILABLE FUNDS          
              
96  Available Funds   30,129,089.92      
              
97  Investment Earnings on Reserve Account   3,083.52      
              
98  Reserve Account Draw Amount   0.00      
              
99  Total Available Funds - Available for Distribution   30,132,173.44      
              
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT          
              
100  Administration Fee   67,176.83      
101  Asset Representation Reviewer Amounts (up to $150,000 per year)   -      
102  Class A Noteholders' Interest Distributable Amount   1,090,769.30      
103  Noteholders' First Priority Principal Distributable Amount   -      
104  Class B Noteholders' Interest Distributable Amount   57,510.00      
105  Noteholders' Second Priority Principal Distributable Amount   -      
106  Amount to Reinstate Reserve Account to Required Reserve Account Balance   -      
107  Noteholders' Regular Principal Distributable Amount   28,916,717.31      
108  Asset Representation Reviewer Amounts (in excess of $150,000 per year)   -      
109  Remaining Funds Payable to Certificate holder   -      
              
110  Total Distributions   30,132,173.44      

 

   CREDIT RISK RETENTION INFORMATION          
              
111  The fair value of the Notes and the Certificates on the Closing Date is summarized below. The totals in the table may not sum due to rounding:

 

112      Class of Securities    Fair Value
(in millions)
    Fair Value
(as a percentage)
           
113      Class A Notes    $ 757.96    79.29%          
114      Class B Notes    $ 40.49    4.24%          
115      Certificates    $ 157.52    16.48%          
116      Total    $ 955.98    100.00%          

 

117 The fair value of the Certificates is expected to represent at least 5% of the sum of the fair value of the Notes and the Certificates.
   
  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 2019-B, and (ii) the residual interest in the 2019-B  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 2019-B Reference Pool (each as defined in the Indenture). World Omni has not (and has not permitted WOAL or any of its other affiliates to subject the EU Retained Interest to any 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) subject the EU Retained Interest to any credit risk mitigation or hedging, or sell, transfer or otherwise surrender 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.

 

   

 

Additional Files
FileSequenceDescriptionTypeSize
0001144204-19-045434.txt   Complete submission text file   215521

© 2019 SEC.report
SEC CFR Title 17 of the Code of Federal Regulations.