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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JUNE 20, 1997
MetLife Capital Funding Corp. III
(originator of the MetLife Capital Equipment Loan Trust Series 1997-A)
on behalf of MetLife Capital Equipment Loan Trust Series 1997-A
(Exact name of registrant as specified in its charter)
Delaware 333-23405 91-1788640
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
10900 NE 4th Street, Suite 550
Bellevue, Washington 98004
(Address of principal executive offices and ZIP code)
Registrant's telephone number, including area code: (425) 450-3590
N/A
(Former name or former address, if changed since last report.)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEMS 1 - 4 Not Applicable
ITEM 5 Attached, for the distribution date of June 20, 1997, is the
Statement to the Noteholders, filed as Exhibit 99.1, and the
Servicer Report, filed as Exhibit 99.2.
ITEM 6 Not Applicable
ITEM 7 Exhibits
List of Exhibits:
Exhibit 99.1 Statement to Noteholders for the Distribution Date
of June 20, 1997.
Exhibit 99.2 Servicer Report for the Distribution Date of June
20, 1997.
ITEMS 8 - 9 Not Applicable
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, thereunto duly authorized.
July 1, 1997 MetLife Capital Funding Corp. III
By: /s/ Linda Foley
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Linda Foley
Vice President and Chief Accounting Officer
1
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Exhibit Index
Exhibits
Exhibit 99.1 Statement to Noteholders for the Distribution Date
of June 20, 1997.
Exhibit 99.2 Servicer Report for the Distribution Date of June
20, 1997.
2
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EXHIBIT 99.1
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A
$304,203,000 Class A 6.85% Asset Backed Notes
$26,452,783 Class B Fixed Rate Asset Backed Notes
Statement to Noteholders pursuant to Section 5.06 of the Transfer and Servicing
Agreement
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<CAPTION>
Payment Date: 20-Jun-97
<S> <C>
(i) Amount of principal being paid on the Notes:
(a) Class A Notes $0.00
per $1,000 original principal amount: $0.00000000
(b) Class B Notes $0.00
per $1,000 original principal amount: $0.00000000
(c) Total $0.00
(ii) Amount of interest being paid on the Notes
(a) Class A Notes $1,157,661.42
per $1,000 original principal amount: $3.80555557
(b) Class B Notes $100,667.54
per $1,000 original principal amount: $3.80555573
(c) Total $1,258,328.96
(iii) Balances at the end of the related Collection Period
(a) Pool Balance at the end of the related Collection Period $330,655,783.00
(b) aggregate Principal Balance of the Receivables $330,562,654.44
(c) amount in the Principal Funding Account $93,128.56
(iv) After giving effect to distributions on this Distribution Date:
(a) outstanding principal amount of Class A Notes: $304,203,000.00
(b) Class A Note Pool Factor: 1.0000000
(v) Amount of Servicing Fee being paid: $137,773.24
(vi) Amount of Administration Fee being paid: $500.00
(vii) Aggregate Acquisition Amounts for Collection Period:
(a) by Transferor $0.00
(b) by Servicer $0.00
(viii) Amount of Realized Losses for the Collection: $0.00
(ix) Ending Reserve Account Balance: $4,975,073.90
(x) Specified Reserve Account Balance: $4,975,073.90
(xi) (a) Noteholders' Class A Interest Distributable Amount: $1,157,661.42
(b) Noteholders' Class B Interest Distributable Amount: $100,667.54
(c) Class A Noteholders' Principal Distributable Amount: $0.00
(d) Class B Noteholders' Principal Distributable Amount: $0.00
(e) Amount withdrawn from Reserve Account per Section 5.05(c) or (d) $0.00
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EXHIBIT 99.2
MetLife Capital Equipment Loan Trust 1997-A Servicer Report for May 1997
$304,203,000 Class A 6.85% Asset Backed Notes
$26,452,783 Class B Fixed Rate Asset Backed Notes
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<S> <C>
Payment Date 20-Jun-97
Collection Period Begin 01-May-97
Collection Period End D 31-May-97
Days in accrual period (30/360) 20
Month(s) in Revolving Period 1
Part I -- Monthly Data Input
Deposits to Collection Account $8,162,554.95
Collections Allocable to Principal Funding Account $6,017,118.79
Collections Allocable to Interest Payment Account $2,145,436.16
Miscellaneous Data
Initial Pool Balance $330,655,783.00
Current Pool Balance (including addition of Subsequent Receivables) $330,655,783.00
Subsequent Receivables Purchased $5,923,990.23
Current APR of Pool 8.11%
Remaining Residual Amount $1,435,488.18
Obligor Over-Concentration Amount $233,027.89
Cumulative Net Losses $0.00
Realized Losses (Current Period) $0.00
Recoveries $0.00
Acquired Receivables - Transferor (Current Period) $0.00
Acquired Receivables - Servicer (Current Period) $0.00
Investment Earnings $3,406.64
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Part II -- Summary
Total Principal Balance of Notes (Beginning of Period) $330,655,783.00
Class A Note Beginning Principal Balance $304,203,000.00
Class B Note Beginning Principal Balance $26,452,783.00
Total Principal Balance of Notes (End of Period) $330,655,783.00
Class A Note Principal Balance (End of Period) $304,203,000.00
Class A Note Pool Factor (End of Period) 1.0000000
Class B Note Principal Balance (End of Period) $26,452,783.00
Class B Note Pool Factor (End of Period) 1.0000000
Collection Account Deposit
Total Collections and Investment Income for the Period $8,165,961.59
Administration Fee Accrued during this Period $500.00
Principal Funding Account (PFA) $6,017,118.79
Class A Noteholders' Principal Distributable Amount $0.00
Class B Noteholders' Principal Distributable Amount $0.00
Interest Payment Account (IPA) $2,148,842.80
Noteholders' Class A Interest Distributable Amount $1,157,661.42
Noteholders' Class B Interest Distributable Amount $100,667.54
Servicing Fees Accrued during this Period $137,773.24
Reserve Account
Beginning Reserve Account Balance $5,088,828.00
Distribution from Reserve Account for Shortfalls $0.00
Deposits to Reserve Account from PFA/IPA $0.00
Ending Reserve Account Balance $4,975,073.90
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Part III -- Servicing Calculations 20-Jun-97
Initial Pool Balance $330,655,783.00
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METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER REPORT MAY 1997
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<S> <C>
Pool Balance (Beginning of Collection Period) $330,655,783.00
Pool Balance (End of Collection Period) $330,655,783.00
Total Collections $8,162,554.95
Collections Allocable to Principal Funding Account $6,017,118.79
Collections Allocable to Interest Payment Account $2,145,436.16
Prior Principal Funding Account Balance $0.00
Recoveries $0.00
Investment Income for the Period $3,406.64
Principal Funding Account (PFA) $6,017,118.79
Interest Payment Account (IPA) $2,148,842.80
Principal Distributable Amount $6,017,118.79
1. Trigger Tests
(a) Are cumulative net losses >=3.00% of the Original Pool Balance? NO
(b) Has the Reserve Account been below the Specified Reserve Account Balance
for three consecutive mon NO
(c) Has the avg of the Trust Yields been less than the avg of the Base Rates
for three consecutive months? NO
(d) Has the Pool Balance been less than the Note Balance for 3 consecutive months? NO
2. Calculation of Distributable Amounts
Class A Note Beginning Principal Balance $304,203,000.00
Class A Noteholders' Principal Carryover Shortfall (Previous Period) $0.00
Class A Noteholders' Share of the Principal Distribution Amount 0.00%
Class A Noteholders' Principal Distributable Amount $0.00
Class B Note Beginning Principal Balance $26,452,783.00
Class B Noteholders' Principal Carryover Shortfall (Previous Period) $0.00
Class B Noteholders' Share of the Principal Distribution Amount 0.00%
Class B Noteholders' Principal Distributable Amount $0.00
Interest Accrued on Class A Note 6.85% $1,157,661.42
Noteholders' Class A Interest Carryover Shortfall (Previous Period) $0.00
Interest Due (in Arrears) on above Shortfall $0.00
Noteholders' Class A Interest Distributable Amount $1,157,661.42
Interest Accrued on Class B Note 6.85% $100,667.54
Noteholders' Class B Interest Carryover Shortfall (Previous Period) $0.00
Interest Due (in Arrears) on above Shortfall $0.00
Noteholders' Class B Interest Distributable Amount $100,667.54
3. Allocations from Collection Account
Interest Payment Account (IPA) 2,148,842.80
Servicing Fee Shortfall (Previous Period) $0.00
Servicing Fees Accrued during this Period 0.50% $137,773.24
Servicing Fees Paid this Period from IPA $137,773.24
Preliminary Servicing Fee Shortfall (Current Period) $0.00
Withdrawal from Reserve Account to Cover Shortfall $0.00
Servicing Fee Shortfall (Current Period) $0.00
Remaining Interest Payment Account (IPA) $2,011,069.56
Administration Fee Shortfall (Previous Period) $0.00
Administration Fee Accrued during this Period $500/mon $500.00
Administration Fee Paid this Period from IPA $500.00
Preliminary Administration Fee Shortfall (Current Period) $0.00
Withdrawal from Reserve Account to Cover Shortfall $0.00
Administration Fee Shortfall (Current Period) $0.00
Remaining Interest Payment Account (IPA) $2,010,569.56
Noteholders' Class A Interest Carryover Shortfall (Previous Period) $0.00
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METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER REPORT FOR MAY 1997
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Interest Due (in Arrears) on above Shortfall $0.00
Interest Accrued on Class A Notes this period $1,157,661.42
Noteholders' Class A Interest Distributable Amount from IPA $1,157,661.42
Preliminary Noteholders' Class A Interest Carryover Shortfall
(Current Period) $0.00
Withdrawal from Reserve Account to Cover Shortfall $0.00
Noteholders' Class A Interest Carryover Shortfall (Current Period) $0.00
Remaining Interest Payment Account (IPA) $852,908.14
Deposit to Reserve Account (from IPA) $0.00
Remaining Interest Payment Account (IPA) $852,908.14
Deposit to Principal Funding Account (from IPA) $0.00
Receipt from Reserve Account for shortfall $0.00
Remaining Interest Payment Account (IPA) $852,908.14
Noteholders' Class B Interest Carryover Shortfall (Previous Period) $0.00
Interest Due (in Arrears) on above Shortfall $0.00
Interest Accrued on Class B Notes this period $100,667.54
Noteholders' Class B Interest Distributable Amount from IPA $100,667.54
Noteholders' Class B Interest Carryover Shortfall (Current Period) $0.00
Remaining Interest Payment Account (IPA)(to the Transferor) $752,240.60
Principal Funding Account (PFA)(including addition, if any, from IPA) $6,017,118.79
Class A Noteholders' Principal Carryover Shortfall (Previous Period) $0.00
Class A Noteholders' Monthly Principal Distributable Amount $0.00
Class A Noteholders' Principal Distributable Amount Paid from PFA $0.00
Preliminary Class A Noteholders' Principal Carryover Shortfall
(Current Period) $0.00
Withdrawal from Reserve Account to Cover Shortfall $0.00
Class A Noteholders' Principal Carryover Shortfall (Current Period) $0.00
Remaining Principal Funding Account (PFA) $6,017,118.79
Deposit to Reserve Account (from PFA) $0.00
Remaining Principal Funding Account (PFA) $6,017,118.79
Class B Noteholders' Principal Carryover Shortfall (Previous Period) $0.00
Class B Noteholders' Monthly Principal Distributable Amount $0.00
Class B Noteholders' Principal Distributable Amount Paid from PFA $0.00
Class B Noteholders' Principal Carryover Shortfall (Current Period) $0.00
Remaining Principal Funding Account $6,017,118.79
Amount to Transferor to purchase Subsequent Receivables $5,923,990.23
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Ending Principal Funding Account Balance $93,128.56
4. Distributions from Reserve Account
Beginning Reserve Account Balance $5,088,828.00
Distribution from Reserve Account $0.00
Withdrawal from Reserve Account to Cover Servicing Fee Shortfall $0.00
Withdrawal from Reserve Account to Cover Administration Fee Shortfall $0.00
Preliminary Noteholders' Class A Interest Carryover Shortfall
(Current Period) $0.00
Preliminary Reserve Account Balance $5,088,828.00
Deposit to Reserve Account (from IPA) $0.00
Preliminary Reserve Account Balance $5,088,828.00
Distribution from Reserve Account $0.00
Class A Noteholder's Principal Carryover Shortfall (Current Period) $0.00
Transfer to PFA for Realized Losses $0.00
Preliminary Reserve Acount Balance $5,088,828.00
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METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER REPORT FOR MAY 1997
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<S> <C>
Deposit to Reserve Account (from PFA) $0.00
Preliminary Reserve Account Balance $5,088,828.00
Specified Reserve Account Balance $4,975,073.90
Lessor of:
(a) 1.00% of Original Pool Balance at end of Collection Period plus
additions; and 1.00% $4,975,073.90
(b) Class A Principal Balance (End of Period) $304,203,000.00
Is the Reserve Account greater than or equal to the Specified Reserve
Account Balance? YES
Excess Amount in Reserve Account released to Transferor $113,754.10
Ending Reserve Account Balance 4,975,073.90
5. Trigger Calculations
How many months has the Reserve Account been less than the Specified Reserve
Account, if any? 0
Has the avg of the Trust Yields been less than the avg of the Base Rates over
3 consecutive months? NO
How many months has the Pool Balance been less than the Note Balance, if any? 0
6. Ending Balances
Noteholders' Class A Interest Carryover Shortfall (Current Period) $0.00
Noteholders' Class B Interest Carryover Shortfall (Current Period) $0.00
Class A Noteholders' Principal Carryover Shortfall (Current Period) $0.00
Class B Noteholders' Principal Carryover Shortfall (Current Period) $0.00
Class A Note Principal Balance (End of Period) $304,203,000.00
Class B Note Principal Balance (End of Period) $26,452,783.00
Total Principal Balance of Notes (End of Period) $330,655,783.00
Class A Note Pool Factor (End of Period) $304,203,000.00 1.0000000
Class B Note Pool Factor (End of Period) $26,452,783.00 1.0000000
Total Notes (End of Period) 1.0000000
Class A Notes Principal Balance at close of Revolving Period 0.00
Principal Pool Balance at close of Revolving Period 0.00
Class A Noteholders Percentage at the close of the Revolving Period 0.00%
Servicer's Yield 9,629.14
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