|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: PROFESSIONAL TRANSPORTATION GROUP LTD INC, SC 13G, 1998-01-28 |
Next: EXCELSIOR PRIVATE EQUITY FUND II INC, 10-K, 1998-01-28 |
<PAGE>
================================================================================
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) JANUARY 20, 1998
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.)
================================================================================
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
<TABLE>
<S> <C>
ITEMS 1 - 4 Not Applicable
ITEM 5 Attached, for the distribution date of January 20, 1998, is
the Statement to the Noteholders, filed as Exhibit 99.1, and
the Servicer Certificate, 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 January 20, 1998.
Exhibit 99.2 Servicer Certificate for the Distribution Date
of January 20, 1998.
ITEMS 8 - 9 Not Applicable
</TABLE>
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.
January 27, 1998 MetLife Capital Funding Corp. III
By: /s/LINDA FOLEY
--------------------
Linda Foley
Vice President and Chief Accounting Officer
1
<PAGE>
Exhibit Index
<TABLE>
<S> <C>
Exhibits
Exhibit 99.1 Statement to Noteholders for the Distribution
Date of January 20, 1998.
Exhibit 99.2 Servicer Certificate for the Distribution Date of
January 20, 1998.
</TABLE>
2
<PAGE>
EXHIBIT 99.1
<TABLE>
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A
<S> <C>
$304,203,000 Class A 6.85% Asset Backed Notes
$ 26,452,783 Class B Fixed Rate Asset Backed Notes
</TABLE>
STATEMENT TO NOTEHOLDERS PURSUANT TO SECTION 5.06 OF THE
TRANSFER AND SERVICING AGREEMENT
<TABLE>
<S> <C>
Payment Date: 20-Jan-98
(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 $1,736,492.13
per $1,000 original principal amount: $5.70833335
(b) Class B Notes $171,666.15
per $1,000 original principal amount: $6.48953080
(c) Total $1,908,158.28
(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 $330,587,809.05
(c) amount in the Principal Funding Account $67,973.95
(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: $4,742,046.01
(x) Specified Reserve Account Balance: $4,742,046.01
(xi) (a) Noteholders' Class A Interest Distributable Amount: $1,736,492.13
(b) Noteholders' Class B Interest Distributable Amount: $171,666.15
(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
(xii) Deliquency Summary
(a) Delinquencies 61 to 90 days $166,713.00
(b) Delinquencies over 90 days $122,958.00
(xiii) Deliquency Summary - % of aggregate principal balance of the receivables
(a) Delinquencies 61 to 90 days 0.05%
(b) Delinquencies over 90 days 0.04%
</TABLE>
<PAGE>
EXHIBIT 99.2
<TABLE>
<CAPTION>
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER CERTIFICATE FOR DECEMBER 1997
<S> <C> <C>
$304,203,000 Class A 6.85% Asset Backed Notes
$ 26,452,783 Class B Fixed Rate Asset Backed Notes
Transfer (Payment) Date 20-Jan-98
Collection Period Begin 01-Dec-97
Collection Period End Date 31-Dec-97
Days in accrual period (30/360) 30
Month(s) in Revolving Period 8
PART I -- MONTHLY DATA INPUT
Deposits to Collection Account $11,370,657.62
Collections Allocable to Principal Funding Account $8,724,124.58
Collections Allocable to Interest Payment Account $2,646,533.04
Miscellaneous Data
Initial Pool Balance $330,655,783.00
Current Pool Balance (including addition of Subsequent Receivables) $330,655,783.00
Subsequent Receivables Purchased $8,660,634.63
Current APR of Pool 8.17%
Remaining Residual Amount $1,435,488.18
Obligor Over-Concentration Amount $0.00
Cumulative Net Losses $0.00
Deliquencies - 60 to 90 Days $166,713.00
Deliquencies - Over 90 Days $122,958.00
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
Collection Account $41,455.17
Principal Funding Account $29.40
Reserve Account $20,772.37
Total Investment Earnings $62,256.94
- ---------------------------------------------------------------------------------------------------------------------
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 $11,432,914.56
Administration Fee Accrued during this Period $500.00
Principal Funding Account (PFA) $8,728,608.58
Class A Noteholders' Principal Distributable Amount $0.00
Class B Noteholders' Principal Distributable Amount $0.00
Interest Payment Account (IPA) $1,908,158.28
Noteholders' Class A Interest Distributable Amount $1,736,492.13
Noteholders' Class B Interest Distributable Amount $171,666.15
Servicing Fees Accrued during this Period $137,773.24
Reserve Account
Beginning Reserve Account Balance $4,742,046.01
Distribution from Reserve Account for Shortfalls $0.00
Deposits to Reserve Account from PFA/IPA $0.00
Ending Reserve Account Balance $4,742,046.01
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER CERTIFICATE FOR DECEMBER 1997
<S> <C>
PART III -- SERVICING CALCULATIONS
Initial Pool Balance $330,655,783.00
Pool Balance (Beginning of Collection Period) $330,655,783.00
Pool Balance (End of Collection Period) $330,655,783.00
Total Collections $11,432,914.56
Collections Allocable to Principal Funding Account $8,724,124.58
Collections Allocable to Interest Payment Account $2,646,533.04
Prior Principal Funding Account Balance $4,484.00
Recoveries $0.00
Investment Income for the Period $62,256.94
Principal Funding Account (PFA) $8,728,608.58
Interest Payment Account (IPA) $2,708,789.98
Principal Distributable Amount $8,728,608.58
1. Trigger Tests
(a) Are cumulative net losses greater than=3.00% of the Original Pool Balance? NO
(b) Has the Reserve Account been below the Specified Reserve Account Balance for 3 consecutive months? NO
(c) Has the avg of the Trust Yields been less than the avg of the Base Rates for 3 consecutive months? NO
(d) Has the Pool Balance been less than the Note Balance for 3 consecutive months? NO
Has an Early Amortization Event Occurred? 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 Notes this period 6.85% $1,736,492.13
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 $1,736,492.13
Interest Accrued on Class B Notes this period 6.85% $151,001.30
Noteholders' Class B Interest Carryover Shortfall (Previous Period) $20,547.56
Interest Due (in Arrears) on above Shortfall $117.29
Noteholders' Class B Interest Distributable Amount $171,666.15
3. Allocations from Collection Account
Interest Payment Account (IPA) $2,708,789.98
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) $2,571,016.74
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) $2,570,516.74
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER CERTIFICATE FOR DECEMBER 1997
<S> <C>
Noteholders' Class A Interest Carryover Shortfall (Previous Period) $0.00
Interest Due (in Arrears) on above Shortfall $0.00
Interest Accrued on Class A Notes this period $1,736,492.13
Noteholders' Class A Interest Distributable Amount from IPA $1,736,492.13
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) $834,024.61
Deposit to Reserve Account (from IPA) $0.00
Remaining Interest Payment Account (IPA) $834,024.61
Deposit to Principal Funding Account (from IPA) $0.00
Receipt from Reserve Account for shortfall $0.00
Remaining Interest Payment Account (IPA) $834,024.61
Noteholders' Class B Interest Carryover Shortfall (Previous Period) $20,547.56
Interest Due (in Arrears) on above Shortfall $117.29
Interest Accrued on Class B Notes this period $151,001.30
Noteholders' Class B Interest Distributable Amount from IPA $171,666.15
Noteholders' Class B Interest Carryover Shortfall (Current Period) $0.00
Remaining Interest Payment Account (IPA)(to the Transferor) $662,358.46
Principal Funding Account (PFA)(including addition, if any, from IPA) $8,728,608.58
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) $8,728,608.58
Deposit to Reserve Account (from PFA) $0.00
Remaining Principal Funding Account (PFA) $8,728,608.58
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 $8,728,608.58
Amount to Transferor to purchase Subsequent Receivables $8,660,634.63
Ending Principal Funding Account Balance $67,973.95
4. Distributions from Reserve Account
Beginning Reserve Account Balance $4,742,046.01
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 $4,742,046.01
Deposit to Reserve Account (from IPA) $0.00
Preliminary Reserve Account Balance $4,742,046.01
Distribution from Reserve Account $0.00
Class A Noteholders' Principal Carryover Shortfall (Current Period) $0.00
Transfer to PFA for Realized Losses $0.00
Preliminary Reserve Account Balance $4,742,046.01
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
METLIFE CAPITAL EQUIPMENT LOAN TRUST 1997-A SERVICER CERTIFICATE FOR DECEMBER 1997
<S> <C> <C>
Deposit to Reserve Account (from PFA) $0.00
Preliminary Reserve Account Balance $4,742,046.01
Specified Reserve Account Balance $4,742,046.01
Lessor of:
(a) 1.00% of Original Pool Balance at end of Collection Period plus additions 1.00% $4,742,046.01
(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 $0.00
Ending Reserve Account Balance $4,742,046.01
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 17,831.85
</TABLE>
Page 4
|
|