Exhibit 99.1
World Omni Automobile Lease Securitization Trust 2023-A
|
PAGE 1
|
MONTHLY SERVICER CERTIFICATE
|
|
For the collection period ended 09/30/2024
|
|
A.
|
|
DATES
|
|
Begin
|
|
End
|
|
# days
|
|
|
1
|
|
Payment Date
|
|
|
|
10/15/2024
|
|
|
|
|
2
|
|
Collection Period
|
|
9/1/2024
|
|
9/30/2024
|
|
|
30
|
|
3
|
|
Monthly Interest Period-Actual
|
|
9/16/2024
|
|
10/14/2024
|
|
|
29
|
|
4
|
|
Monthly Interest - Scheduled
|
|
9/15/2024
|
|
10/14/2024
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Balance
|
|
|
Beginning Balance
|
|
|
1st Priority
|
|
|
2nd Priority
|
|
|
Regular
|
|
|
Ending Balance
|
|
|
Note Factor
|
|
5
|
|
Class A-1 Notes
|
|
|
|
|
|
|
88,000,000.00
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
0.0000000
|
|
6
|
|
Class A-2a Notes
|
|
|
|
|
|
|
232,000,000.00
|
|
|
|
53,289,049.43
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17,853,738.69
|
|
|
|
35,435,310.74
|
|
|
0.1527384
|
|
7
|
|
Class A-2b Notes
|
|
|
|
|
|
|
115,500,000.00
|
|
|
|
26,529,677.62
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,888,391.46
|
|
|
|
17,641,286.16
|
|
|
0.1527384
|
|
8
|
|
Class A-3 Notes
|
|
|
|
|
|
|
272,500,000.00
|
|
|
|
272,500,000.00
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
272,500,000.00
|
|
|
1.0000000
|
|
9
|
|
Class A-4 Notes
|
|
|
|
|
|
|
61,400,000.00
|
|
|
|
61,400,000.00
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
61,400,000.00
|
|
|
1.0000000
|
|
10
|
|
Total Class A Notes
|
|
|
|
|
|
|
769,400,000.00
|
|
|
|
413,718,727.05
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,742,130.15
|
|
|
|
386,976,596.90
|
|
|
|
|
11
|
|
Class B Notes
|
|
|
|
|
|
|
35,080,000.00
|
|
|
|
35,080,000.00
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
35,080,000.00
|
|
|
1.0000000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
Total Notes
|
|
|
|
|
|
$
|
804,480,000.00
|
|
|
|
448,798,727.05
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
26,742,130.15
|
|
|
|
422,056,596.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overcollateralization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
Exchange Note
|
|
|
|
|
|
|
56,126,240.16
|
|
|
|
35,767,806.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,163,278.64
|
|
|
|
|
14
|
|
Series 2023-A Notes
|
|
|
|
|
|
|
74,831,095.83
|
|
|
|
111,563,573.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,168,101.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
Total Overcollateralization
|
|
|
130,957,335.99
|
|
|
|
147,331,380.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,331,380.42
|
|
|
|
|
16
|
|
Total Target Overcollateralization
|
|
$
|
147,331,380.42
|
|
|
|
147,331,380.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,331,380.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFR Rate
|
|
|
|
Coupon Rate
|
|
|
|
Interest Pmt Due
|
|
|
|
Per $1000
Face Amount
|
|
|
|
Principal
Payment Due
|
|
|
|
Per $1000
Face Amount
|
|
|
|
Interest
Shortfall
|
|
|
|
|
17
|
|
Class A-1 Notes
|
|
|
|
|
|
|
5.21700
|
%
|
|
|
0.00
|
|
|
|
0.0000000
|
|
|
|
0.00
|
|
|
|
0.0000000
|
|
|
|
0.00
|
|
|
|
|
18
|
|
Class A-2a Notes
|
|
|
|
|
|
|
5.47000
|
%
|
|
|
242,909.25
|
|
|
|
1.0470226
|
|
|
|
17,853,738.69
|
|
|
|
76.9557702
|
|
|
|
0.00
|
|
|
|
|
19
|
|
Class A-2b Notes
|
|
|
5.34207
|
%
|
|
|
6.10207
|
%
|
|
|
130,408.13
|
|
|
|
1.1290747
|
|
|
|
8,888,391.46
|
|
|
|
76.9557702
|
|
|
|
0.00
|
|
|
|
|
20
|
|
Class A-3 Notes
|
|
|
|
|
|
|
5.07000
|
%
|
|
|
1,151,312.50
|
|
|
|
4.2250000
|
|
|
|
0.00
|
|
|
|
0.0000000
|
|
|
|
0.00
|
|
|
|
|
21
|
|
Class A-4 Notes
|
|
|
|
|
|
|
5.04000
|
%
|
|
|
257,880.00
|
|
|
|
4.2000000
|
|
|
|
0.00
|
|
|
|
0.0000000
|
|
|
|
0.00
|
|
|
|
|
22
|
|
Total Class A Notes
|
|
|
|
|
|
|
|
|
|
|
1,782,509.88
|
|
|
|
2.3167532
|
|
|
|
26,742,130.15
|
|
|
|
34.7571226
|
|
|
|
0.00
|
|
|
|
|
23
|
|
Class B Notes
|
|
|
|
|
|
|
5.28000
|
%
|
|
|
154,352.00
|
|
|
|
4.4000000
|
|
|
|
0.00
|
|
|
|
0.0000000
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
Totals
|
|
|
|
|
|
|
|
|
|
|
1,936,861.88
|
|
|
|
2.4075948
|
|
|
|
26,742,130.15
|
|
|
|
33.2415102
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Balance
|
|
|
|
Beginning Balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
|
|
|
25
|
|
Exchange Note Balance
|
|
|
|
|
|
|
879,311,095.83
|
|
|
|
560,362,301.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
535,224,698.68
|
|
|
|
|
|
|
Reference Pool Balance Data
|
|
Initial
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
26
|
|
Discount Rate
|
|
|
11.00
|
%
|
|
|
11.00
|
%
|
|
|
|
|
|
|
|
|
|
27
|
|
Aggregate Securitization Value
|
|
|
935,437,335.99
|
|
|
|
569,387,977.32
|
|
|
|
|
|
|
|
|
|
|
28
|
|
Aggregate Base Residual Value (Not Discounted)
|
|
|
715,149,692.29
|
|
|
|
496,670,988.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turn-in Units
|
|
Units
|
|
|
Securitization Value
|
|
|
Percentage
|
|
|
|
|
|
|
29
|
|
Vehicles Scheduled to Return in Current Month
|
|
|
555
|
|
|
|
2,339,286.98
|
|
|
|
|
|
|
|
|
|
|
30
|
|
Turn-in Ratio on Scheduled Terminations
|
|
|
|
|
|
|
|
|
|
|
4.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
Securitization Value
|
|
|
|
|
|
|
|
|
|
|
31
|
|
Securitization Value - Beginning of Period
|
|
|
24,083
|
|
|
|
596,130,107.47
|
|
|
|
|
|
|
|
|
|
|
32
|
|
Depreciation/Payments
|
|
|
|
|
|
|
(5,157,588.81
|
)
|
|
|
|
|
|
|
|
|
|
33
|
|
Gross Credit Losses
|
|
|
(37
|
)
|
|
|
(1,071,781.27
|
)
|
|
|
|
|
|
|
|
|
|
34
|
|
Early Terminations - Regular
|
|
|
(2
|
)
|
|
|
(43,796.46
|
)
|
|
|
|
|
|
|
|
|
|
35
|
|
Scheduled Terminations - Returned
|
|
|
(23
|
)
|
|
|
(558,991.62
|
)
|
|
|
|
|
|
|
|
|
|
36
|
|
Payoff Units & Lease Reversals
|
|
|
(866
|
)
|
|
|
(19,909,971.99
|
)
|
|
|
|
|
|
|
|
|
|
37
|
|
Repurchased Leases
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
Securitization Value - End of Period
|
|
|
23,155
|
|
|
|
569,387,977.32
|
|
|
|
|
|
|
|
|
|
|
World Omni Automobile Lease Securitization Trust 2023-A
|
PAGE 2
|
MONTHLY SERVICER CERTIFICATE
|
|
For the collection period ended 09/30/2024
|
|
39
|
|
Servicing Fee Due
|
|
|
496,775.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
Unpaid Servicing Fees - Prior Collection Periods
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period
|
|
|
(23,604.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
RESERVE ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Account Balances:
|
|
|
|
|
|
|
|
|
42
|
|
Required Reserve Account Balance (0.50% of Initial Securitization Value)
|
|
|
4,677,186.68
|
|
|
|
|
|
43
|
|
Beginning Reserve Account Balance
|
|
|
4,677,186.68
|
|
|
|
|
|
44
|
|
Ending Reserve Account Balance
|
|
|
4,677,186.68
|
|
|
|
|
|
E.
|
|
POOL STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquencies Aging Profile - End of Period
|
|
Units
|
|
|
Percentage
|
|
|
Securitization Value
|
|
|
|
|
|
|
|
45
|
|
Total Active Units (Excluding Inventory)
|
|
|
22,769
|
|
|
|
98.58
|
%
|
|
|
558,630,712.24
|
|
|
|
|
|
|
|
46
|
|
31 - 60 Days Delinquent
|
|
|
248
|
|
|
|
1.07
|
%
|
|
|
6,870,298.67
|
|
|
|
|
|
|
|
47
|
|
61 - 90 Days Delinquent
|
|
|
66
|
|
|
|
0.29
|
%
|
|
|
1,944,723.35
|
|
|
|
|
|
|
|
48
|
|
91 -120 Days Delinquent
|
|
|
14
|
|
|
|
0.06
|
%
|
|
|
421,586.64
|
|
|
|
|
|
|
|
49
|
|
121+ Days Delinquent
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
Total
|
|
|
23,097
|
|
|
|
100.00
|
%
|
|
|
567,867,320.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51
|
|
Total 61+ Delinquent as % End of Period Securitization Value
|
|
|
|
|
|
|
|
|
|
|
0.42
|
%
|
52
|
|
Delinquency Trigger Occurred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53
|
|
Prepayment Speed (1 Month)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.22
|
%
|
|
|
Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units
|
|
Units
|
|
|
Amounts
|
|
|
|
|
|
|
|
|
|
|
54
|
|
Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period
|
|
|
25
|
|
|
|
602,788.08
|
|
55
|
|
Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period
|
|
|
|
|
|
|
(650,492.04)
|
|
56
|
|
Less: Excess Wear and Tear Received in Current Period
|
|
|
|
|
|
|
(2,619.50)
|
|
57
|
|
Less: Excess Mileage Received in Current Period
|
|
|
|
|
|
|
(15,137.55)
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units
|
|
|
|
|
|
|
(65,461.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value(Annualized)
|
|
|
|
|
|
|
|
|
59
|
|
Current Period Net Residual Losses/(Gains) Ratio
|
|
|
|
|
|
|
-0.13
|
%
|
60
|
|
Prior Period Net Residual Losses/(Gains) Ratio
|
|
|
|
|
|
|
-0.35
|
%
|
61
|
|
Second Prior Period Net Residual Losses/(Gains) Ratio
|
|
|
|
|
|
|
-0.20
|
%
|
62
|
|
Third Prior Period Net Residual Losses/(Gains) Ratio
|
|
|
|
|
|
|
-0.16
|
%
|
63
|
|
Four Month Average
|
|
|
|
|
|
|
-0.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
Beginning Cumulative Net Residual Losses/(Gains)
|
|
|
|
|
|
|
(656,508.21
|
)
|
65
|
|
Current Period Net Residual Losses/(Gains)
|
|
|
|
|
|
|
(65,461.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units
|
|
|
|
|
|
|
(721,969.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
|
-0.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Losses/(Gains):
|
|
|
Units
|
|
|
|
Amounts
|
|
68
|
|
Aggregate Securitization Value on charged-off units
|
|
|
37
|
|
|
|
1,071,781.27
|
|
69
|
|
Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units
|
|
|
|
|
|
|
(598,882.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
70
|
|
Current Period Net Credit Losses/(Gains)
|
|
|
|
|
|
|
472,898.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
|
|
|
|
|
|
|
|
|
71
|
|
Current Period Net Credit Losses/(Gains) Ratio
|
|
|
|
|
|
|
0.95
|
%
|
72
|
|
Prior Period Net Credit Losses/(Gains) Ratio
|
|
|
|
|
|
|
0.77
|
%
|
73
|
|
Second Prior Period Net Credit Losses/(Gains) Ratio
|
|
|
|
|
|
|
0.26
|
%
|
74
|
|
Third Prior Period Net Credit Losses/(Gains) Ratio
|
|
|
|
|
|
|
0.25
|
%
|
75
|
|
Four Month Average
|
|
|
|
|
|
|
0.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
76
|
|
Beginning Cumulative Net Credit Losses/(Gains)
|
|
|
|
|
|
|
4,110,529.82
|
|
77
|
|
Current Period Net Credit Losses/(Gains)
|
|
|
|
|
|
|
472,898.98
|
|
|
|
|
|
|
|
|
|
|
|
|
78
|
|
Ending Cumulative Net Credit Losses/(Gains)
|
|
|
|
|
|
|
4,583,428.80
|
|
|
|
|
|
|
|
|
|
|
|
|
79
|
|
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
|
0.49
|
%
|
World Omni Automobile Lease Securitization Trust 2023-A
|
PAGE 3
|
MONTHLY SERVICER CERTIFICATE
|
|
For the collection period ended 09/30/2024
|
|
F.
|
|
EXCHANGE NOTE COLLECTION ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTED AMOUNTS
|
|
|
|
|
|
|
|
|
|
80
|
|
Lease Payments Received
|
|
|
10,449,345.45
|
|
|
|
|
|
81
|
|
Sales Proceeds, Recoveries & Expenses - Scheduled Terminations
|
|
|
614,371.29
|
|
|
|
|
|
82
|
|
Liquidation Proceeds, Recoveries & Expenses
|
|
|
485,328.07
|
|
|
|
|
|
83
|
|
Insurance Proceeds
|
|
|
113,554.22
|
|
|
|
|
|
84
|
|
Sales Proceeds, Recoveries & Expenses - Early Terminations
|
|
|
53,877.80
|
|
|
|
|
|
85
|
|
Payoff Payments
|
|
|
22,104,994.23
|
|
|
|
|
|
86
|
|
All Other Payments Received
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87
|
|
Collected Amounts
|
|
|
33,821,471.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88
|
|
Investment Earnings on Collection Account
|
|
|
143,283.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89
|
|
Total Collected Amounts - Available for Distribution
|
|
|
33,964,754.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90
|
|
Servicing Fee
|
|
|
496,775.09
|
|
|
|
|
|
91
|
|
Interest on the Exchange Note - to the Trust Collection Account
|
|
|
2,465,594.12
|
|
|
|
|
|
92
|
|
Principal on the Exchange Note - to the Trust Collection Account
|
|
|
25,137,602.34
|
|
|
|
|
|
93
|
|
Trust Collection Account Shortfall Amount - to the Trust Collection Account
|
|
|
5,260,923.42
|
|
|
|
|
|
94
|
|
Remaining Funds Payable to Trust Collection Account
|
|
|
603,859.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
Total Distributions
|
|
|
33,964,754.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
TRUST COLLECTION ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96
|
|
Available Funds
|
|
|
33,467,979.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97
|
|
Investment Earnings on Reserve Account
|
|
|
19,485.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98
|
|
Reserve Account Draw Amount
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99
|
|
Total Available Funds - Available for Distribution
|
|
|
33,487,464.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
Administration Fee
|
|
|
24,838.75
|
|
|
|
|
|
101
|
|
Asset Representation Reviewer Amounts (up to $150,000 per year)
|
|
|
-
|
|
|
|
|
|
102
|
|
Class A Noteholders' Interest Distributable Amount
|
|
|
1,782,509.88
|
|
|
|
|
|
103
|
|
Noteholders' First Priority Principal Distributable Amount
|
|
|
-
|
|
|
|
|
|
104
|
|
Class B Noteholders' Interest Distributable Amount
|
|
|
154,352.00
|
|
|
|
|
|
105
|
|
Noteholders' Second Priority Principal Distributable Amount
|
|
|
-
|
|
|
|
|
|
106
|
|
Amount to Reinstate Reserve Account to Required Reserve Account Balance
|
|
|
-
|
|
|
|
|
|
107
|
|
Noteholders' Regular Principal Distributable Amount
|
|
|
26,742,130.15
|
|
|
|
|
|
108
|
|
Asset Representation Reviewer Amounts (in excess of $150,000 per year)
|
|
|
-
|
|
|
|
|
|
109
|
|
Remaining Funds Payable to Certificate holder
|
|
|
4,783,633.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110
|
|
Total Distributions
|
|
|
33,487,464.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2023-A, and (ii) the residual interest in the 2023-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 2023-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.