ITEM 2. PROPERTIES
The World Omni Floating Rate Automobile Lease Asset-Backed Class A Notes consist of four classes of notes (respectively, the "Class A-1 Notes",the "Class A-2 Notes, the "Class A-3" Notes and the "Class A-4 Notes", and collectively, the "Class A Notes") issued by the World Omni 1999-A Automobile Lease Securitization Trust (the "Trust"), a Delaware business trust created pursuant to a Securitization Trust Agreement between World Omni Lease Securitization L.P.(the "Transferor"),Chase Manhattan Bank, Delaware, as owner trustee (the "Owner Trustee") and Harris Trust & Savings Bank, Delaware, as indenture trustee (the "Indenture Trustee").
The Class A Notes were issued pursuant to an Indenture between the Trust and the Indenture Trustee. The Class A Notes are secured by the property of the Trust, which consists of a 100% undivided interest in a Special Unit of Beneficial Interest (the "SUBI"), which, in turn, evidences a beneficial interest in certain specified assets of World Omni LT, an Alabama trust (the "Origination Trust"), monies on deposit in certain accounts and other assets. The assets of the Origination Trust (the "Origination Trust Assets") consist of retail closed-end lease contracts assigned to the Origination Trust by dealers in the World Omni Financial Corp. ("World Omni") network of dealers, the automobiles and light duty trucks relating thereto, and payments made under certain insurance policies relating to such lease contracts, the related lessees and such leased vehicles, including the Residual Value Insurance Policy, and certain other assets. World Omni will service the lease contracts included in the Origination Trust Assets.
The SUBI initially evidences a beneficial interest in specified Origination Trust Assets, including certain lease contracts, the automobiles and light duty trucks relating to such lease contracts, certain monies due under or payable in respect of such lease contracts and leased vehicles on or after March 31, 1999, payments made under certain insurance policies relating to such lease contracts, the related leasses and such leased vehicles, including the Residual Value Insurance Policy, and certain other Origination Trust Assets (collectively, the "SUBI Assets"). From time to time until principal is first distributed to the Noteholders, principal collections on the SUBI Assets are reinvested in additional lease contracts and related Origination Trust Assets, which at the time of reinvestment become SUBI Assets.
A summary of lease contracts and related leased vehicles allocated to SUBI Assets and delinquency information follows (unaudited):
Delinquent lease contracts as of November 30, 1999:
Losses on repossessions for the period ending November 30, 1999 were $6,124,594.11 on 283 charge-offs.
*The information provided herein is being provided in accordance with the registrant's no-action letter to the SEC dated as of August 25, 1994.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
As of December 31, 1999, there were no material legal proceedings in respect to the Trust or the Origination Trust. The Origination Trust is a defendant in various cases which constitute ordinary routine litigation incidental to its business as an assignee of leased vehicles and leases.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No vote or consent of the holders of the Class A Notes has been solicited.
Part II -------
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The Depository Trust Company is registered holder of all Class A Notes.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III -------- ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**
Beneficial owners of more than 5% of the Class A-1 Notes at December 31, 1999:
**Source: The Depository Trust Company.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There were no transactions of the type described in S-K item 404(a)(3) between the Trust and any 5% beneficial owner of the Class A Notes.
PART IV -------
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 10-K
(1) Annual Officer's Certificate (2) Annual Accountants' Report* (3) Summary of Monthly Reports (4) Statutory Financial Statements - American International Group
- -------------------- * The Accountants' Report relates to compliance with the requirements of the Servicing Agreement. It is not being filed because the distribution of such Report is restricted to the parties to the Servicing Agreement. Per Statement on Auditing Standards AU 623.20 the restriction arises because the matters on which the accountant is reporting are set forth in a document that is not available to other persons. A copy of the Report will be provided to the Securities and Exchange Commission upon request, at which time the Registrant will request confidential treatment of the Report. The limited distribution of this type of Report was discussed at a SEC Regulations Committee meeting on March 7, 1995.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and 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 1999-A Automobile Lease Securitization Trust ------------------------------------------------------- (Registrant)
BY: World Omni Financial Corp., as Servicer
Date: March 31, 2000 BY: /s/Alan J. Browdy ----------------- ----------------------------------- Alan J. Browdy Vice President Accounting Corporate Controller World Omni Financial Corp.
(Duly Authorized Officer of the Servicer on behalf of the Trust)
EXHIBIT INDEX