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Previous: MORGAN STANLEY ASIA PACIFIC FUND INC, N-30B-2, 1999-11-30 |
Next: AVERT INC, 8-K, 1999-11-30 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K
C U R R E N T R E P O R T
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 31, 1999
- -------------------------------------------------------------------------------
World Omni 1999-A Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-63367 Not applicable
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.
120 N.W. 12th Avenue Deerfield Beach, FL 33442
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (954)429-2200
- --------------------------------------------------------------------------------
<PAGE>
Item 5: Other Events.
See attached Servicer's Certificate.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934 the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
World Omni 1999-A Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: November 30, 1999 BY: /s/Alan J. Browdy
----------------- -----------------------------------
Alan J. Browdy
Vice President/Corporate Controller
World Omni Financial Corp.
(Duly Authorized Officer of the Servicer
on behalf of the Trust)
<TABLE>
<CAPTION>
WORLD OMNI 1999-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
October 31, 1999
<S> <C> <C> <C>
Aggregate
Net Investment
Aggregate Net Investment Value Value
Original 1,160,510,742.00
10/1/99 1,160,510,742.00
Principal collections & reimbursement loss amount 15,136,429.77
10/31/99 1,145,374,312.23
Note Balance @ 10/31/99 1,160,510,742.00
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 29.09029% 330,000,000
10/1/99 29.09029% 330,000,000
Principal collections & reimbursement loss amount 14,801,904
10/31/99 315,198,096
Note Balance @ 10/31/99 29.09029% 330,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 27.32725% 310,000,000
10/1/99 27.32725% 310,000,000
Principal collections & reimbursement loss amount 0
10/31/99 310,000,000
Note Balance @ 10/31/99 27.32725% 310,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 21.94995% 249,000,000
10/1/99 21.94995% 249,000,000
Principal collections & reimbursement loss amount 0
10/31/99 249,000,000
Note Balance @ 10/31/99 21.94995% 249,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Balance
Original 16.26165% 184,472,000
10/1/99 16.26165% 184,472,000
Principal collections & reimbursement loss amount 0
10/31/99 184,472,000
Note Balance @ 10/31/99 16.26165% 184,472,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37086% 60,927,000
10/1/99 5.37086% 60,927,000
Principal collections & reimbursement loss amount 0
10/31/99 60,927,000
Note Balance @ 10/31/99 5.37086% 60,927,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,111,742
10/1/99 26,111,742
Principal collections & reimbursement loss amount 334,526
10/31/99 25,777,216
Note Balance @ 10/31/99 2.25000% 26,111,742
Distributable Amounts Total
Interest Distributable Amount 5,783,801.51
Principal Distributable Amount (1) 14,867,827.97
Reimbursement of Covered Loss Amount (1) 268,601.80
Reimbursement of Uncovered Loss Amount (1) 0.00
Class A Cap Receipt 0.00
Class B Cap Receipt 0.00
Total 20,920,231.28
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,607,317.71
Principal Distributable Amount (1) 14,533,301.84 97.75000%
Reimbursement of Covered Loss Amount (1) 268,601.80 100.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 100.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 16,409,221.35
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,523,251.74
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 1,523,251.74
Distributable Amounts Class A-3 %
Interest Distributable Amount 1,227,803.44
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 1,227,803.44
Distributable Amounts Class A-4 %
Interest Distributable Amount 914,385.43
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 914,385.43
Distributable Amounts Class B %
Interest Distributable Amount 320,363.90
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 320,363.90
Distributable Amounts Transferor Interest %
Interest Distributable Amount 190,679.30
Principal Distributable Amount (1) 334,526.13 2.25000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 525,205.43
(1) These amounts will not be distributed during the Revolving period. They will
be reinvested in additional contracts.
Note Factors Series A-1 Series A-2
10/1/99 100.0000000% 100.0000000%
10/31/99 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
10/1/99 100.0000000% 100.0000000%
10/31/99 100.0000000% 100.0000000%
Note Factors Series B
10/1/99 100.0000000%
10/31/99 100.0000000%
Pool Data 10/1/99 $
Number of Loans 51,328
Prepayments 167 3,945,778.49
Scheduled Terminations 1 11,023.60
Charge-Offs 34 701,662.24
Weighted Ave APR 9.76%
Pool Data 10/31/99 $
Number of Loans 51,687
Prepayments 184 4,209,303.54
Scheduled Terminations 1 13,558.40
Charge-Offs 46 1,045,574.10
Weighted Ave APR 9.76%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 10/01/99 2,358,911.60 63,954.14 11,605,107.42
Balance as of 10/31/99 1,954,315.82 223,440.37 11,605,107.42
Change (404,595.78) 159,486.23 0.00
Required Cash (withdrawal from reserve) 0.00
Reserve Fund Requirement 11,605,107.42
Reserve Fund Supplemental Requirements 0.00
Insured Residual Value Loss Amount 0.00
Distribution per $1,000 Total
Total Distribution Amount 4.98384142
Interest Distribution Amount 4.98384142
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-1
Total Distribution Amount 4.87065972
Interest Distribution Amount 4.87065972
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-2
Total Distribution Amount 4.91371528
Interest Distribution Amount 4.91371528
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-3
Total Distribution Amount 4.93093750
Interest Distribution Amount 4.93093750
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-4
Total Distribution Amount 4.95677083
Interest Distribution Amount 4.95677083
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class B
Total Distribution Amount 5.25815972
Interest Distribution Amount 5.25815972
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Transferor Principal not paid to Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall 0.00000000
Distribution per $1,000 Transferor Interest
Total Distribution Amount 7.30243505
Interest Distribution Amount 7.30243505
Carryover Shortfall -----
Prior Carryover Shortfall -----
Total Carryover Shortfall -----
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount -----
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount -----
Unpaid Principal Loss Interest Amount -----
Transferor Principal not paid to Transferor 0.00000000
Transferor Interest not paid to Transferor 0.00000000
Unpaid Class B Principal Carryover Shortfall -----
Servicing Fee Total
Amount of Servicing Fee Paid 967,092.29
Total Unpaid 0.00
Origination Trustee Expenses Paid (1)
UTI 0.00
SUBI 0.00
0.00
Securitization Trustee Expenses Paid (1) 0.00
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows:
(2) Broken out as follows:
CHARGE-OFF RATE August September October
Outstanding 1,021,400.90 701,662.24 1,045,574.10
Balance
Net
Liquidation 639,656.98 445,373.24 714,744.73
Proceeds
Average
Aggregate
Net Investment 1,160,510,742.00 1,160,510,742.00 1,160,510,742.00
Value
Annualized
Average
Charge-Off 0.39% 0.27% 0.34%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.33%
DELINQUENCY RATE
# $
Past Due 31-60 days 474 10,442,868
Past Due 61-90 days 61 1,401,646
Past Due 91 + days 13 273,191
Total 548 12,117,706
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
August 66 49,013 0.13%
September 78 51,328 0.15%
October 74 51,687 0.14%
0.14%
</TABLE>
AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY
CONDENSED STATEMENT OF ADMITTED ASSETS, LIABILITIES, CAPITAL AND SURPLUS
(Statutory Basis)
As of
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, December 31, 1998
1999
ASSETS
Bonds $483,457,870 $425,547,936
Cash and short-term investments 2,825,562 4,353,273
Other invested assets 532,490 39,376,538
Subtotals, cash and invested assets 486,815,922 469,277,747
Agents' balances or uncollected premiums (net as to commissions and
dividends):
Premiums and agents' balances in course of collection (after deducting
ceded reinsurance balances payable) 20,479,584 48,788,446
Premiums, agents' balances and installments booked but deferred and
not yet due (after deducting ceded reinsurance balances payable) 88,264,310 38,185,589
Reinsurance recoverables on loss and loss adjustment expense payments 28,720,304 47,014,930
Federal income tax recoverable and interest thereon -0- 3,294,852
Interest, dividends and real estate income due and accrued 8,976,714 7,293,968
Receivable from parent, subsidiaries and affiliates 27,736,718 6,911,531
Loss Funds on Deposit 5,686,063 5,622,057
Totals $666,679,615 $626,389,120
LIABILITIES, SURPLUS AND OTHER FUNDS
Losses $182,857,226 $186,943,712
Reinsurance payable on paid loss and loss adjustment expenses 33,576,262 28,464,421
Loss adjustment expenses 29,579,537 35,010,432
Other expenses (excluding taxes, licenses and fees) 36,798 2,164,805
Federal and foreign income taxes (excluding deferred taxes) 3,823,557 -0-
Unearned premiums (after deducting ceded reinsurance unearned premiums) 133,907,776 104,710,777
Funds held by company under reinsurance treaties 82,278 4,231
Provision for reinsurance 9,639,712 9,639,712
Drafts outstanding 7,178,085 18,161,275
Payable to parent, subsidiaries and affiliates -0- -0-
Other liabilities 4,889,781 409,910
Total liabilities 405,571,012 385,509,275
Common capital stock 5,002,500 5,002,500
Gross paid in and contributed surplus 98,377,500 98,377,500
Unassigned funds (surplus) 157,728,603 137,499,845
Surplus as regards policyholders 261,108,603 240,879,845
Totals $666,679,615 $626,389,120
</TABLE>
<PAGE>
AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY
Condensed Statement of Income and Capital and Surplus Account
(Statutory Basis)
For the Nine Months Ended September 30
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
1999 1998
UNDERWRITING INCOME:
Premiums earned: $425,265,034 $484,455,374
Direct 137,027,736 20,589,029
Assumed 501,181,568 421,051,665
Ceded 61,111,202 83,992,738
Net
Deductions:
Losses incurred:
Direct 332,272,180 341,810,850
Assumed 18,900,450 16,222,900
Ceded 308,904,073 315,227,018
Net 42,268,557 42,806,732
Loss expenses incurred 7,265,482 18,692,331
Other underwriting expenses incurred 8,821,595 9,444,328
Total underwriting deductions 58,355,634 70,943,391
Net underwriting gain or (loss) 2,755,568 13,049,347
INVESTMENT INCOME
Net investment income earned 20,288,181 17,823,580
Net realized capital gains 355,880 291,296
Net investment gain 20,644,061 18,114,876
OTHER INCOME
Net income before federal and foreign income taxes 23,399,629 31,164,223
Federal and foreign income taxes incurred 3,573,409 3,799,598
Net income $19,826,220 $27,364,625
CAPITAL AND SURPLUS ACCOUNT
Surplus as regards policyholders, December 31 previous year $240,879,845 $212,200,853
GAINS AND (LOSSES) IN SURPLUS
Net income 19,826,220 27,364,625
Net unrealized capital gains or losses (169) 26,202
Change in non-admitted assets 402,707 6,033,531
Change in provision for reinsurance -0- -0-
Change in surplus as regards policyholders 20,228,758 33,424,358
Surplus as regards policyholders, as of September 30 $261,108,603 $245,625,211
</TABLE>
<PAGE>
AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY
AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY
Condensed Statement of Cash Flows
(Statutory Basis)
For the Nine Months Ended September 30
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
1999 1998
CASH FROM OPERATIONS
Premiums collected net of reinsurance $68,941,050 $85,036,652
Loss and loss adjustment expenses paid
(net of salvage and subrogation) 46,628,142 60,870,923
Underwriting expenses paid 10,949,602 9,437,083
Cash from underwriting 11,363,306 14,728,646
Net investment income 18,682,832 16,840,265
Other income 78,047
Federal and foreign income taxes recovered 3,545,000 (415,000)
Net cash from operations 33,669,185 31,153,911
CASH FROM INVESTMENTS
Proceeds from investments sold, matured or repaid:
Bonds 9,219,030 11,777,873
Other invested assets 64,100,000 30,520,000
Total investment proceeds 73,319,030 42,297,873
Cost of investments acquired (long-term only):
Bonds 66,724,649 32,439,017
Other invested assets 25,381,944 36,913,757
Total investments acquired 92,106,593 69,352,774
Net cash from investments (18,787,563) (27,054,901)
CASH FROM FINANCING AND MISCELLANEOUS SOURCES
Cash provided:
Net transfers from affiliates -0- -0-
Other cash provided 4,415,859 41,252,867
Total 4,415,859 41,252,867
Net transfers to affiliates 20,825,187 39,945,662
Other applications -0- 195,651
Total 20,825,187 40,141,313
Net cash from financing and miscellaneous sources (16,409,328) 1,111,554
RECONCILIATION OF CASH AND SHORT-TERM INVESTMENTS
Net change in cash and short-term investments (1,527,706) 5,210,564
Cash and short-term investments:
Beginning of year 4,353,267 5,211,431
End of September 30 $2,825,561 $10,421,995
</TABLE>
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