SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported):
March 6, 2001
WODFI LLC
(Exact name of registrant and originator of the Trust as specified in its
charter)
WORLD OMNI MASTER OWNER TRUST
(Issuer with respect to the Notes)
Delaware
(Registrant's state or other Jurisdiction of Incorporation)
333-84579
(Commission File Number)
65-0934017
(Registrant's I.R.S. Employer Identification No.)
WODFI LLC
190 N.W. 12/th/ Avenue
Deerfield Beach, FL 33442
(Address of principal executive offices of registrant, including Zip Code)
Registrant's telephone number, including area code: (954) 429-2200
Former name or former address, if changed since last report: Not applicable
Item 5. Other Events
On March 6, 2001, the World Omni Master Owner Trust issued a series of term
notes designated the Floating Rate Automobile Dealer Floorplan Asset Backed
Notes, Series 2001-1. The Series 2001-1 Notes include two classes of Notes: the
Class A Notes and the Class B Notes. The principal characteristics of the Series
2001-1 Notes are as follows:
Number of classes within Series 2001-1: Two
Class A Initial Invested Amount: $277,000,000
Class B Initial Invested Amount: $23,000,000
Total Initial Invested Amount: $300,000,000
Class A Note Rate: The lesser of LIBOR + 0.13% and the Assets Receivables
Rate for the related Payment Date
Class B Note Rate: The lesser of LIBOR + 0.47% and the Assets Receivables
Rate for the related Payment Date
Closing Date: March 6, 2001
Expected Principal Payment Date: February 17, 2004
Stated Maturity Date: February 15, 2006
Amortization Period Commencement Date: March 1, 2002 which shall
successively and automatically be extended unless the Servicer elects
to terminate the automatic extension
Ordinary means of principal repayment: Unless the Servicer elects to
terminate the automatic extension of the Amortization Period
Commencement Date, Accumulation Period
Accumulation Period Commencement Date: A date occurring when the number of
full Collection Periods remaining until the Expected Principal Payment
Date equals the Accumulation Period Length, as determined by the
Servicer
Primary source of credit enhancement for Class A Notes: Subordination
of Class B Notes and subordination of the Certificates to the extent
of the Available Subordinated Amount
Primary source of credit enhancement for Class B Notes: Subordination of
Certificates to the extent of the Available Subordinated Amount
Required Subordinated Amount: Approximately 8.7% of the Invested Amount
plus the Incremental Subordinated Amount
Required Participation Percentage: 100%
The terms of the Series 2001-1 Notes and the definitions of capitalized
terms may be found in the Series 2001-1 Supplement to the Indenture, the Amended
and Restated Indenture, the Amended and Restated Trust Sale and Servicing
Agreement, the Amended and Restated Receivables Purchase Agreement, the Class A
Note Underwriting Agreement and the Class B Note Underwriting Agreement. The
Series 2001-1 Supplement to the Indenture, the Class A Note Underwriting
Agreement and the Class B Note Underwriting Agreement are attached as exhibits
to this report.
On December 22, 2000, the issuer issued a series of variable funding notes
designated the Series 2000-VFN Asset Backed Notes. The principal
characteristics of the Series 2000-VFN Notes are as follows:
Maximum Principal Amount: $150,000,000
Scheduled Interest Payment Date: Monthly on the 15/th/ day of each month
or, if that day is not a business day, the next business day
Required Subordinated Amount: Approximately 11.7% of its Invested Amount
plus any Incremental Subordinated Amount
Required Participation Percentage: 100%
Revolving Period: December 22, 2000 to the earlier of December 21, 2001
(which may be extended) and the occurrence of an Early Amortization
Event
Expected Final Payment Date: 4/th/ Payment Date at the end of its Revolving
Period
Stated Final Maturity Date: 28/th/ Payment Date after the end of its
Revolving Period
The terms of the Series 2000-VFN Notes and the definitions of capitalized
terms may be found in the Series 2000-VFN Supplement to the Indenture, the
Amended and Restated Indenture, the Amended and Restated Trust Sale and
Servicing Agreement, the Amended and Restated Receivables Purchase Agreement and
the Variable Funding Note Purchase Agreement. The Series 2000-VFN Supplement to
the Indenture and the Variable Funding Note Purchase Agreement are attached as
exhibits to this report.
The Amended and Restated Indenture, the Amended and Restated Trust Sale and
Servicing Agreement and the Amended and Restated Receivables Purchase Agreement
were filed as exhibits to a prior report.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibit No. Description
- ----------- -----------
Exhibit 1.1 Class A Underwriting Agreement, dated as of February 21, 2001.
Exhibit 1.2 Class B Underwriting Agreement, dated as of February 21, 2001.
Exhibit 4.1 Series 2001-1 Supplement, dated as of March 6, 2001, to Amended and
Restated Indenture, dated as of April 6, 2000.
Exhibit 4.2 Placement Agency Agreement, dated as of February 21, 2001.
Exhibit 4.3 Class A Purchase Agreement, dated as of February 21, 2001.
Exhibit 4.4 Series 2000-VFN Supplement, dated as of December 22, 2000, to
Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.5 Amendment No. 1 to Series 2000-VFN Supplement, dated as of February
5, 2001.
Exhibit 4.6 Amendment No. 2 to Series 2000-VFN Supplement, dated as of February
15, 2001.
Exhibit 4.7 Variable Funding Note Purchase Agreement, dated as of December 22,
2000.
Exhibit 4.8 Amendment No. 1 to Variable Funding Note Purchase Agreement, dated
as of February 5, 2001.
Exhibit 4.9 Amendment No. 2 to Variable Funding Note Purchase Agreement, dated
as of February 8, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
WODFI LLC, (Registrant)
Dated: March 6, 2001 By: /s/ Alan Browdy
-------------------------------
Alan Browdy
Vice President
World Omni Financial Corp.
(Duly authorized Officer of the Servicer on
behalf of the originator of the Trust)
INDEX OF EXHIBITS
Exhibit No. Exhibit
- ----------- -------
Exhibit 1.1 Class A Underwriting Agreement, dated as of February 21, 2001.
Exhibit 1.2 Class B Underwriting Agreement, dated as of February 21, 2001.
Exhibit 4.1 Series 2001-1 Supplement, dated as of March 6, 2001, to Amended and
Restated Indenture, dated as of April 6, 2000.
Exhibit 4.2 Placement Agency Agreement, dated as of February 21, 2001.
Exhibit 4.3 Class A Purchase Agreement, dated as of February 21, 2001.
Exhibit 4.4 Series 2000-VFN Supplement, dated as of December 22, 2000, to
Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.5 Amendment No. 1 to Series 2000-VFN Supplement, dated as of February
5, 2001.
Exhibit 4.6 Amendment No. 2 to Series 2000-VFN Supplement, dated as of February
15, 2001.
Exhibit 4.7 Variable Funding Note Purchase Agreement, dated as of December 22,
2000.
Exhibit 4.8 Amendment No. 1 to Variable Funding Note Purchase Agreement, dated
as of February 5, 2001.
Exhibit 4.9 Amendment No. 2 to Variable Funding Note Purchase Agreement, dated
as of February 8, 2001.