UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
( X ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1997.
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________to___________________________
Commission file number 1-11821
- ------------------------------
WORLD OMNI DEALER FUNDING, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 65-0296366
------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
120 NW 12TH Avenue, Deerfield Beach, FL 33442
---------------------------------------------
(Address of principal executive offices) (Zip Code)
(954)429-2200
-------------
(Registrant's telephone number,
including area code)
Securities registered pursuant to Section 12(g) of the Act:
Series 1994-1, Floating Rate Dealer Loan Backed Certificates, Class A
Series 1994-1, Floating Rate Dealer Loan Backed Certificates, Class B
Series 1996-2, Floating Rate Dealer Loan Backed Certificates, Class A
Series 1996-2, Floating Rate Dealer Loan Backed Certificates, Class B
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No ___
<PAGE>
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. (X)
There is no voting or non-voting common equity held by non-affiliates of the
Registrant.
Documents incorporated by reference
None.
WORLD OMNI DEALER FUNDING, INC.*
PART I
ITEM 2. PROPERTIES
The Series 1994-1, Floating Rate Dealer Loan Backed Certificates, Class
A and Class B and the Series 1996-2, Floating Rate Dealer Loan Backed
Certificates, Class A and Class B (individually and/or jointly, the
"Certificates") evidence undivided interests in certain assets of World Omni
Wholesale Master Trust created pursuant to a Pooling and Servicing
Agreement, as amended, among World Omni Dealer Funding, Inc., "Transferor",
World Omni Financial Corp. ("WOFCO"), as Servicer and Fleet National Bank of
Connecticut, as Trustee.
The Trust assets primarily include wholesale receivables generated by
WOFCO under revolving finance agreements with dealers to finance their
automobile, light duty truck and certain other motor vehicle inventory and
collections on the Receivables.
Certain assets of the Trust are allocated to the Certificates,
including the right to receive a varying percentage of each month's
collections with respect to the Receivables. Other assets have been
allocated to other series of trust certificates.
The right of the Class B Certificateholders of each Series to receive
interest payments on the Class B Certificates each month is subordinated to the
prior right of each Series to receive monthly payments of interest with respect
to the Class A Certificates, and the right of each Series to receive principal
payments on the Class B Certificates at maturity is subordinated to the prior
right of each Series to receive all payments of the principal on the Class A
Certificates.
<PAGE>
The Transferor owns the remaining interest in the Trust not represented
by the Certificates or the certificates of any other series or any purchased
interest issued by the Trust. The Transferor's interest is subordinated to the
rights of the Certificateholders to the limited extent of the available
subordinated amount.
Trust assets supporting the Certificates and other interests in the
Trust at December 31, 1997 were as follows (000's):
<TABLE>
<S> <C> <C>
Total Invested
Regular Pool of Receivables $607,375 $508,000
Excess Funding Series 1994-1 0 0
Excess Funding Series 1996-2 0 0
________ ________
$607,375 $508,000
</TABLE>
Defaulted receivables as of December 31, 1997 are not material.
*The registrant is filing this Annual Report on Form 10-K pursuant to a
letter sent to the Securities and Exchange Commission on November 8, 1994.
<PAGE>
ITEM 3. LEGAL PROCEEDINGS
As of December 31, 1997, there were no material legal proceedings in
respect to the Trust or the registrant.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No vote or consent of the Certificateholders has been solicited.
Part II
-------
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The Depository Trust Company is registered holder of all Class A and
Class B Certificates of the 1994-1 Series and 1996-2 Series.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
<PAGE>
PART III
--------
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**
Beneficial owners of more than 5% of the Series 1994-1 Class A and
Class B certificates at December 31, 1997:
<TABLE>
<S> <C> <C> <C>
Amount of Percent
Title of Class Name Certificates Held of Class
1994-1 Class A Chase Manhattan Bank 40,015,000 12.62%
4 New York Plaza 13th Floor
New York, NY 10081
1994-1 Class A Citibank, N.A. 50,000,000 15.77%
P.O. Box 30576
Tampa, FL 33630-3576
1994-1 Class A Deutsche Bank A.G. 20,000,000 6.31%
New York Branch
One First National Plaza
Suite 0417
Chicago, IL 60670
1994-1 Class A SSB CUSTODIAN 166,475,000 52.20%
Global Corp. Actioin Dept.
New York, NY 10281
1994-1 Class A Republic National Bank of 21,750,000 6.86%
New York
Investment Account
One Hanson Place, Lower Level
Brooklyn, NY 11243
1994-1 Class B Chase Manhattan Bank 11,000,000 68.75%
4 New York Plaza, 13th Floor
New York, NY 10081
1994-1 Class B SSB-Custodian 5,000,000 31.25%
Global Corp. Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
</TABLE>
**Source: The Depository Trust Company.
Beneficial owners of more than 5% of the Series 1996-2 Class A and Class B
certificates at December 31, 1997:
<TABLE>
<S> <C> <C> <C>
Amount of Percent
Title of Class Name Certificates Held of Class
1996-2 Class A Chase Manhattan Bank 82,400,000 49.19%
4 New York Plaza 13th Floor
New York, NY 10081
1996-2 Class A Bank of New York (The) 25,000,000 14.93%
P.O. Box 30576
Tampa, FL 33630-3576
1996-2 Class A Bankers Trust Company 19,050,000 11.37%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
1996-2 Class A CITBANK, N.A. 20,000,000 11.94%
of New York
522 Fifth Avenue, 17th Floor
New York, NY 10036
1996-2 Class A Swiss American Securities, Inc. 15,000,000 8.96%
100 Wall Street
New York, NY 10005
1996-2 Class B Chase Security, Inc. 40,000,000 9.33%
22 Water Street, Room 434
New York, NY 10038
1996-2 Class B Credit Suisse First Boston 6,500,000 86.67%
Corporation
51 Mercedes Way
Edgewood, NY 11717
</TABLE>
* *Source: The Depository Trust Company.
<PAGE>
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 or
Class B Certificates of Series 1994-1 or Series 1996-1.
<PAGE>
PART IV
-------
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K
(1) Annual Officer's Certificate
(2) Annual Accountants' Report*
(3) Summary of Monthly Reports
- --------------------
* 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.
<PAGE>
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 DEALER FUNDING, INC.
-------------------------------
(Registrant)
By: Alan Browdy
-----------------------------
Alan Browdy
Vice President
Date: March 31, 1998
<PAGE>
EXHIBIT INDEX
Exhibit Page No.
(1) Annual Officer's Certificate
(2) Annual Accountants' Report (not being filed)
(3) Summary of Monthly Reports
ANNUAL SERVICER'S CERTIFICATE
WORLD OMNI FINANCIAL CORP.
_____________________________________________________________________
WORLD OMNI WHOLESALE MASTER TRUST
_____________________________________________________________________
The undersigned, duly authorized representatives of World Omni
Financial Corp. ("WOFCO"), as Servicer, pursuant to Section 3.5 of the Pooling
and Servicing Agreement dated as of October 1, 1995 (as amended and
supplemented, or otherwise modified and in effect from time to time,
the "Agreement"), by and among World Omni Dealer Funding Inc., as Transferor,
WOFCO, as Servicer, and Fleet National Bank of Connecticut, as trustee, do
hereby certify that:
1. WOFCO is, as of the date hereof, the Servicer under the Agreement.
2. The undersigned are Servicing Officers and are duly authorized
pursuant to the Agreement to execute and deliver this Certificate to the
Trustee, any Agent and any Enhancement Providers.
3. A review of the activities of the Servicer during the calendar year
ending December 31, 1997, and of its performance under the Agreement was
conducted under our supervision.
4. Based on such review, the Servicer has, to the best of our
knowledge, performed in all material respects all of its obligations under the
Agreement throughout such year and no default in the performance of such
obligations has occurred or is continuing .
Capitalized terms used but not defined herein are used as defined in
the Agreement.
IN WITNESS WHEREOF, each of the undersigned has duly executed this
Certificate this ____ day of March, 1998.
By:________________________________
Name: Alan J. Browdy
Title: Vice President Accounting,
Corporate Controller
By:________________________________
Name: Patrick C. Ossenbeck
Title: Assistant Treasurer
<TABLE>
<CAPTION>
************************************************************************************************************************************
WORLD OMNI FINANCIAL CORP.
WORLD OMNI WHOLESALE MASTER TRUST 1994
SERIES 1994-1, SERIES 1995-1, SERIES 1996-1 and SERIES 1996-2
************************************************************************************************************************************
************************************************************************************************************************************
COLLECTIONS: For the Twelve Months ended:
November 30,1997
************************************************************************************************************************************
<S> <C>
Principal Collections: Total Pool $4,389,855,224.03
Interest Collections
Regular Pool $49,355,860.07
Concentration Pool $3,528,636.13
============================== ===============
Interest Collections: Total Pool $52,884,496.20
Investment Proceeds
Regular Pool $2,740,982.09
Concentration Pool $932,140.00
============================== ===============
Total Investment Proceeds: Total Pool $3,673,122.09
Series 1996-1: Yield Supplement Deposit Amount $0.00
************************************************************************************************************************************
************************************************************************************************************************************
ALLOCATION PERCENTAGES* (Note: Calculated first day of following Calculated as of
month using recalculated prior month ending balances.) October 31, 1997
************************************************************************************************************************************
Series Allocation Percentages
Regular Pool
Series 1994-1 65.55%
Series 1996-1 0.00%
Series 1996-2 34.45%
Concentration Pool
Series 1995-1 100.00%
Floating Allocation Percentages
Regular Pool
Series 1994-1 60.05%
Series 1996-1 0.00%
Series 1996-2 32.06%
Concentration Pool
Series 1995-1 66.50%
Principal Allocation Percentages
Regular Pool
Series 1994-1 na
Series 1996-1 na
Series 1996-2 na
Concentration Pool
Series 1995-1 na
Excess Transferor Percentage
Regular Pool 2.00%
Concentration Pool 22.53%
************************************************************************************************************************************
************************************************************************************************************************************
PRINCIPAL AND FUNDED AMOUNTS: As of last day of:
November , 1997
************************************************************************************************************************************
Series 1994-1 Initial Principal Amount: Class A $317,000,000.00
Series 1994-1 Initial Principal Amount: Class B $16,000,000.00
Series 1994-1 Excess Funding Account Balance Available to Investors $2,482,475.01
Series 1994-1 Principal Distributed to Investors $0.00
Series 1994-1 Principal Funding Account Balance $0.00
Series 1994-1 unreimbursed Investor Charge Offs $0.00
Series 1994-1 Invested Amount $330,517,524.99
Series 1994-1 outstanding Principal Balance $333,000,000.00
Series 1995-1 Initial Principal Amount $25,000,000.00
Series 1995-1 Excess Funding Account Balance Available to Investors $0.00
Series 1995-1 Principal Distributed to Investors $0.00
Series 1995-1 Principal Funding Account Balance $0.00
Series 1995-1 unreimbursed Investor Charge Offs $0.00
Series 1995-1 Invested Amount $25,000,000.00
Series 1995-1 outstanding Principal Balance $25,000,000.00
Series 1996-1 Initial Funded Amount $15,000,000.00
Series 1996-1 Aggregate Incremental Funded Amounts $35,000,000.00
Series 1996-1 Aggregate Optional Early Pay Out Amounts $50,000,000.00
Series 1996-1 Funded Amount $0.00
Series 1996-1 Excess Funding Account Balance Available to Investors $0.00
Series 1996-1 Principal Distributed to Investors $0.00
Series 1996-1 Principal Funding Account Balance $0.00
Series 1996-1 unreimbursed Investor Charge Offs $0.00
Series 1996-1 Invested Amount $0.00
Series 1996-1 outstanding Principal Balance $0.00
Series 1996-2 Initial Principal Amount: Class A $167,500,000.00
Series 1996-2 Initial Principal Amount: Class B $7,500,000.00
Series 1996-2 Excess Funding Account Balance Available to Investors $0.00
Series 1996-2 Principal Distributed to Investors $0.00
Series 1996-2 Principal Funding Account Balance $0.00
Series 1996-2 unreimbursed Investor Charge Offs $0.00
Series 1996-2 Invested Amount $175,000,000.00
Series 1996-2 outstanding Principal Balance $175,000,000.00
************************************************************************************************************************************
************************************************************************************************************************************
POOL FACTOR FOR THE CERTIFICATES As of:
November 30, 1997
************************************************************************************************************************************
Series 1994-1: Class A 1.00000000
Series 1994-1: Class B 1.00000000
Series 1996-2: Class A 1.00000000
Series 1996-2: Class B 1.00000000
************************************************************************************************************************************
************************************************************************************************************************************
POOL BALANCE: Period from:
Dec. 1, 1996 to Nov. 30, 1997
************************************************************************************************************************************
Pool Balance, beginning of period
Regular Pool $505,076,476.89
Concentration Pool $32,892,804.63
============================== ===============
Total Pool $537,969,281.52
Pool Balance, end of period
Regular Pool $549,845,471.82
Concentration Pool $35,517,792.14
============================== ===============
Total Pool $585,363,263.96
Pool Balance, average
Regular Pool $493,452,328.27
Concentration Pool $31,204,585.33
============================== ===============
Total Pool $524,656,913.60
************************************************************************************************************************************
************************************************************************************************************************************
REGULAR POOL DISTRIBUTIONS Period from:
Dec. 1, 1996 to Nov. 30, 1997
************************************************************************************************************************************
Principal Distributions to Investors: Total Period
Series 1994-1: Class A $0.00
Series 1994-1: Class B $0.00
Series 1996-1 $0.00
Series 1996-2: Class A $0.00
Series 1996-2: Class B $0.00
Monthly Interest to Investors: Total Period
Series 1994-1: Class A $18,611,492.05
Series 1994-1: Class B $966,807.97
Series 1996-1 $0.00
Series 1996-2: Class A $9,732,810.51
Series 1996-2: Class B $445,628.74
Regular Pool Transferors Interest: Total Period $1,103,379.92
Interest Shortfall: Total Period
Series 1994-1: Class A $0.00
Series 1994-1: Class B $0.00
Series 1996-1 $0.00
Series 1996-2: Class A $0.00
Series 1996-2: Class B $0.00
Servicing Fee: Total Period
Series 1994-1 $3,057,168.74
Series 1996-1 $0.00
Series 1996-2 $1,627,851.89
Reserve Fund Deposit Amount: Total Period
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
************************************************************************************************************************************
************************************************************************************************************************************
REGULAR POOL DISTRIBUTIONS (cont.) Period from:
Dec. 1, 1996 to Nov. 30, 1997
************************************************************************************************************************************
Investor Default Amount: Total Period
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Carry Over Amount: End of Period
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Amount Distributed excluding Excess to Transferor: Total Period $35,545,139.82
Unreimbursed Charge-off Amounts: End of Period $0.00
Non-use Fee (Series 1996-1): Total Period $50,416.67
Increased Cost Amounts (Series 1996-1): Total Period $0.00
Previously waived servicing fee: End of Period
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Excess Distributed to Transferor $16,501,285.67
Total Distributed $52,096,842.16
Total Period Interest - $ per thousand
Series 1994-1 Class A $58.71133140
Series 1994-1 Class B $60.42549826
Series 1996-1 $0.00000000
Series 1996-2 Class A $58.10633137
Series 1996-2 Class B $59.41716511
************************************************************************************************************************************
************************************************************************************************************************************
RESERVE FUNDS As of:
December 26, 1997
************************************************************************************************************************************
Series 1994-1
Balance $1,665,000.00
Deficiency Amount $0.00
Series 1995-1
Balance $187,500.00
Deficiency Amount $0.00
Series 1996-1
Balance $250,000.00
Deficiency Amount $0.00
Series 1996-2
Balance $875,000.00
Deficiency Amount $0.00
************************************************************************************************************************************
************************************************************************************************************************************
CHARGE OFFS As of:
November 30, 1997
************************************************************************************************************************************
Defaulted Receivables $0.00
Investor Default Amount $0.00
Deficiency Amount $0.00
Draw Amount $0.00
Investor Charge-Off's $0.00
************************************************************************************************************************************
************************************************************************************************************************************
REGULAR POOL SERIES SUBORDINATED AMOUNTS As of:
November 30, 1997
************************************************************************************************************************************
Required Subordinated Amount
Series 1994-1 $22,704,071.99
Series 1996-1 $0.00
Series 1996-2 $8,990,365.00
Available Subordinated Amount
Series 1994-1 $22,704,071.99
Series 1996-1 $0.00
Series 1996-2 $8,990,365.00
************************************************************************************************************************************
************************************************************************************************************************************
EXCESS RECEIVABLES As of:
To be used in the following month's computations. November 30, 1997
************************************************************************************************************************************
Pool Total Components of Excess Receivables:
Used Vehicles $109,693,141.91
Finance Hold Receivables $4,809,218.67
Auction Advantage Program $0.00
Delayed Payment Program $0.00
Payment Agreements $201,338.30
Pool Limits on Components of Excess Receivables:
Used Vehicles $204,877,142.39
Finance Hold Receivables $0.00
Auction Advantage Program $29,268,163.20
Delayed Payment Program $11,707,265.28
Payment Agreements $500,000.00
Total unallocated Excess Receivables $4,809,218.67
Allocated Excess Receivables
Series 1994-1 $3,006,518.30
Series 1995-1 $247,558.21
Series 1996-1 $0.00
Series 1996-2 $1,555,142.16
************************************************************************************************************************************
************************************************************************************************************************************
DELINQUENCIES As of:
November 30, 1997
************************************************************************************************************************************
30 Day Delinquencies in excess of $1,000 $0.00
************************************************************************************************************************************
************************************************************************************************************************************
EXCESS FUNDING ACCOUNT BALANCES As of:
November , 1997
************************************************************************************************************************************
Series 1994-1
outstanding Principal Balance $333,000,000.00
Regular Pool Balance $549,845,471.82
Subordination Percentage 5.50%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 65.55118110%
Excess Funding Amount $2,482,475.00
Series 1995-1
outstanding Principal Balance $25,000,000.00
Concentration Pool Balance $35,517,792.14
Subordination Percentage 9.25%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 100.000000%
Excess Funding Amount $0.00
Series 1996-1
outstanding Principal Balance $0.00
Regular Pool Balance $549,845,471.82
Subordination Percentage 10.00%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 0.00000000%
Excess Funding Amount $0.00
Series 1996-2
outstanding Principal Balance $175,000,000.00
Regular Pool Balance $549,845,471.82
Subordination Percentage 4.00%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 34.44881890%
Excess Funding Amount $0.00
************************************************************************************************************************************
************************************************************************************************************************************
ASSET COMPOSITION EVENTS: For end of Period:
November 30, 1997
************************************************************************************************************************************
Total Pool: 2 month test (actual lowest mth less than test) 0.00%
Test Value 50.00%
Event none
Total Pool: 12 month test 0.00%
Test Value 25.00%
Event none
Series 1995-1: 2 month test 0.00%
Test Value 50.00%
Event none
Series 1995-1: 12 month test 0.00%
Test Value 25.00%
Event none
************************************************************************************************************************************
************************************************************************************************************************************
SERIES 1995-1 SUBORDINATION: For end of Period:
November 30, 1996
************************************************************************************************************************************
(1) Incremental Subordinated Amount (ISA)
Concentration Pool Total Amounts
Excess Receivables 247,558.21
Class IV Receivables 0.00
Unreviewed Receivables 5,972,328.92
Rejected Receivables 0.00
ISA Percentage
Excess Receivables 100%
Class IV Receivables 25%
Unreviewed Receivables 25%
Rejected Receivables 100%
Incremental Subordinated Amount: Total 1,740,640.44
(2) Required Subordinated Amount
9.25% x Con Pool Bal x Series 1995-1 Alloc %*.98 2,548,209.37
+ Incremental Subordinated Amount 1,740,640.44
4,288,849.81
(3) Available Subordinated Amount
Lesser of RSA or:
Available Subordinated Amount (previous DD) 4,093,570.27
- Required Draw Amount (previous DD) -
- Reserve Fund w/d (on previous DD) -
+ portion of Excess Interest to Transferor (previous DD) 69,317.78
- Incremental Subordination Amount (previous DD) (1,545,360.90)
+ Incremental Subordination Amount (current DD) 1,740,640.44
- Subord % of change in EFA (since previous DD) -
Ending ASA: 4,288,849.81
(4) Reserve Fund Balance 187,500.00
************************************************************************************************************************************
************************************************************************************************************************************
SERIES 1995-1 EARLY AMORTIZATION EVENTS: For Month of:
November , 1997
************************************************************************************************************************************
(1) Available Subordinated Amount (ASA) 4,288,849.81
Required Subordinated Amount (RSA) 4,288,849.81
Test Event: ASA less than RSA None
(2) Servicer Default None
(3) Principal not Repaid by Expected Final Pmt Date None
************************************************************************************************************************************
************************************************************************************************************************************
SERIES 1995-1 MEGADEALERSHIPS For Month of:
November , 1997
************************************************************************************************************************************
Dealership Groups in excess of 30% of Receivables: Group 1 $12,860,009.98
Test Value $10,655,337.64
************************************************************************************************************************************
************************************************************************************************************************************
SERIES 1995-1 DISTRIBUTIONS For the 12 months ended
November 30,1997
************************************************************************************************************************************
Excess Transferor's Percentage x Interest Collections 658,816.69
Monthly Interest to Investors 2,402,696.51
Interest Shortfall -
Monthly Servicing Fee (1%) 266,871.18
Reserve Fund Deposit Amount -
Investor Default Amount -
Carry-Over Amount -
Amount Distributed -
Unreimbursed Charge-off Amounts -
Previously waived Servicing Fee -
Excess Interest Distributed to Transferor 1,132,391.75
Total Distributed 4,460,776.13
Total Distributed to WOFCO 1,920,913.54
Charge-offs:
Defaulted Receivables -
Investor Default Amount -
Deficiency Amount -
Draw Amount -
Investor Charge-Offs -
************************************************************************************************************************************
</TABLE>
