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):
April 6, 2000
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
120 N.W. 12th 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 April 6, 2000, the World Omni Master Owner Trust issued a series of
term notes designated the Floating Rate Automobile Dealer Floorplan Asset Backed
Notes, Series 2000-1. The Series 2000-1 Notes include two classes of Notes: the
Class A Notes and the Class B Notes. The principal characteristics of the Series
2000-1 Notes are as follows:
Number of classes within Series 2000-1: Two
Class A Initial Invested Amount: $646,000,000
Class B Initial Invested Amount: $54,000,000
Total Initial Invested Amount: $700,000,000
Class A Note Rate: The lesser of LIBOR + 0.135% and the Assets
Receivables Rate for the related Payment Date
Class B Note Rate: The lesser of LIBOR + 0.45% and the Assets
Receivables Rate for the related Payment Date
Closing Date: April 6, 2000
Expected Principal Payment Date: March 17, 2003
Stated Maturity Date: March 15, 2005
Ordinary means of principal repayment: 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 2000-1 Notes and the definitions of capitalized
terms may be found in the Series 2000-1 Supplement to the Indenture, the Amended
and Restated Indenture, the Amended and Restated Trust Sale and Servicing
Agreement, the Amended and Restate Receivables Purchase Agreement, the Class A
Note Underwriting Agreement and the Class B Note Underwriting Agreement, each of
which is attached as an exhibit to this report.
On April 6, 2000, in conjunction with the issuance of the Series 2000-1
Notes the issuer executed an Amended and Restated Series 1999-VFN Supplement to
the Indenture, a copy of which is attached as an exhibit to this report. The
principal characteristics of the Series 1999- VFN Notes, as amended, are as
follows:
Maximum Principal Amount: $150,000,000
Scheduled Interest Payment Date: Monthly on the 15th day of each
month or, if that day is not a business day, the next
business day
Required Subordinated Amount: Approximately 8.1% of its Invested
Amount plus any Incremental Subordinated Amount
Required Participation Percentage: 100%
2
Revolving Period: November 22, 1999 to the earlier of November 30, 2000
(which may be extended) and the occurrence of an Early
Amortization Event
Expected Final Payment Date: 4th Payment Date at the end of its
Revolving Period
Stated Final Maturity Date: 28th Payment Date after the end of its
Revolving Period
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibit No. Description
Exhibit 1.1 Class A Underwriting Agreement, dated as of March 22, 2000.
Exhibit 1.2 Class B Underwriting Agreement, dated as of March 29, 2000.
Exhibit 3.2 Second Amended and Restated Limited Liability Company Agreement,
dated as of March 31, 2000.
Exhibit 4.1 Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.2 Series 2000-1Supplement, dated as of April 6, 2000, to
Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.3 Amended and Restated Series 1999-1 Supplement, dated as of
April 6, 2000, to Amended and Restated Indenture, dated as of
April 6, 2000.
Exhibit 99.1 Amended and Restated Trust Sale and Servicing Agreement,
dated as of April 6, 2000.
Exhibit 99.2 Amended and Restated Receivables Purchase Agreement,
dated as of April 6, 2000.
Exhibit 99.3 Amendment No. 1 to Amended and Restated Receivables Purchase
Agreement, dated as of August 11, 2000.
Exhibit 99.4 Amendment No. 1 to Amended and Restated Trust Sale and
Servicing Agreement, dated as of August 11, 2000.
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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: August , 2000 By: /s/ Alan Browdy
---------------
Alan Browdy
Vice President
World Omni Financial Corp.
(Duly authorized Officer of
the Servicer on behalf of the Trust)
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INDEX OF EXHIBITS
Exhibit No. Exhibit
Exhibit 1.1 Class A Underwriting Agreement, dated as of March 22, 2000.
Exhibit 1.2 Class B Underwriting Agreement, dated as of March 29, 2000.
Exhibit 3.2 Second Amended and Restated Limited Liability Company
Agreement, dated as of March 31, 2000.
Exhibit 4.1 Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.2 Series 2000-1Supplement, dated as of April 6, 2000, to
Amended and Restated Indenture, dated as of April 6, 2000.
Exhibit 4.3 Amended and Restated Series 1999-1 Supplement, dated as of
April 6, 2000, to Amended and Restated Indenture, dated as of
April 6, 2000.
Exhibit 99.1 Amended and Restated Trust Sale and Servicing Agreement,
dated as of April 6, 2000.
Exhibit 99.2 Amended and Restated Receivables Purchase Agreement,
dated as of April 6, 2000.
Exhibit 99.3 Amendment No. 1 to Amended and Restated Receivables Purchase
Agreement, dated as of August 11, 2000.
Exhibit 99.4 Amendment No. 1 to Amended and Restated Trust Sale and
Servicing Agreement, dated as of August 11, 2000.