Item 2. Properties.
The World Omni Auto Receivables Trust 2005-A Class A-1 2.78% Asset-Backed Notes, Class A-2 3.25% Asset-Backed Notes, Class A-3 3.54% Asset-Backed Notes, Class A-4 3.82% Asset-Backed Notes, and Class B 3.80% Asset-Backed Notes (the “Notes”) were issued by World Omni Auto Receivables Trust 2005-A (the “Trust”), a Delaware statutory trust created pursuant to a Trust Agreement among World Omni Auto Receivables LLC, a Delaware limited liability company (“WOAR LLC”) and Chase Bank USA, National Association, as owner trustee, and pursuant to an Indenture between the Trust and Deutsche Bank Trust Company Americas, a New York banking corporation, as indenture trustee (the “Indenture”). WOAR LLC owns the equity in the Trust, which is represented by a certificate (the “Certificate”). The Certificate represents the remainder interest in the Trust not represented by the Notes.
As of December 31, 2005, the outstanding principal balance of the Series 2005-A, Class A-1 2.78% Asset-Backed Notes was $0.00, the outstanding principal balance of the Series 2005-A, Class A-2 3.25% Asset-Backed Notes was $102,507,192.07, the outstanding principal balance of the Series 2005-A, Class A-3 3.54% Asset-Backed Notes was $252,000,000.00, the outstanding principal balance of the Series 2005-A, Class A-4 3.82% Asset-Backed Notes was $157,675,000.00, and the outstanding principal balance of the Series 2005-A, Class B 3.80% Asset-Backed Notes was $27,581,947.53. The Notes are secured by the assets of the Trust.
The assets of the Trust consist primarily of a pool of fixed rate motor vehicle retail installment sale contracts secured by new and used automobiles and light-duty trucks originated or acquired by World Omni Financial Corp. On February 1, 2005, a pool of receivables was sold by World Omni Financial Corp. to WOAR LLC and then was transferred by WOAR LLC to the Trust. The Trust has granted a security interest in the receivables and other property of the Trust to the indenture trustee for the benefit of the noteholders.
The property of the Trust also includes:
•
the right to receive payments under the receivables after the cutoff date;
•
security interests in the financed vehicles;
•
the rights of WOAR LLC in certain circumstances to receive any proceeds with respect to the receivables from claims on physical damage and certain other insurance policies covering the financed vehicles or the obligors;
•
the reserve account; and
•
any and all proceeds of the foregoing.
As of December 31, 2005, the aggregate receivables principal balance of the Trust was $556,457,875.88.
For additional information regarding the assets of the Trust as of December 31, 2005, and for the year then ended, see Exhibit 99.1.
Item 3.
Item 3. Legal Proceedings.
As of December 31, 2005, there were no material legal proceedings in respect to the Trust or to the Registrant.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Certificates has been solicited.
PART II
Item 5.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Not applicable.
Item 9.
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
Item 9b.
Item 9b. Other Information.
None.
PART III
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
WOAR LLC holds 100% of the beneficial interest in the Certificate, which represents ownership of the equity of the Trust.
Item 13.
Item 13. Certain Relationships and Related Transactions.
None.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules.
3.1 Trust Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
4.1 Sale and Servicing Agreement, dated as of February 1, 2005 relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
4.2 Indenture, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.1 Underwriting Agreement, dated as of January 20, 2005, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.2 Receivables Purchase Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.3 Administration Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
23.1 Annual Accountants’ Report
31.1 Certificate of Chief Financial Officer of the Servicer
31.2 Annual Officer’s Certificate
99.1 Summary of Monthly Reports
99.2 Listing of Form 8-K Filings
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities 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 Auto Receivables Trust 2005-A
BY: World Omni Financial Corp.,
as Servicer on behalf of the Trust
Date: March 29, 2006
BY:
/s/ Victor A. De Jesus
Victor A. De Jesus
Vice President and Chief Financial Officer
World Omni Financial Corp.
(Duly Authorized Officer of the Servicer on
behalf of the Trust)
EXHIBIT INDEX
3.1 Trust Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
4.1 Sale and Servicing Agreement, dated as of February 1, 2005 relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
4.2 Indenture, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.1 Underwriting Agreement, dated as of January 20, 2005, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.2 Receivables Purchase Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
10.3 Administration Agreement, dated as of February 1, 2005, relating to the Trust. Incorporated by reference to Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 7, 2005.
23.1 Annual Accountants’ Report
31.1 Certificate of Chief Financial Officer of the Servicer
31.2 Annual Officer’s Certificate
99.1 Summary of Monthly Reports
99.2 Listing of Form 8-K Filings