<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: October 27, 1997
----------------
(Date of earliest event reported)
HELLER FUNDING CORPORATION
--------------------------
HELLER EQUIPMENT ASSET RECEIVABLES TRUST 1997-1
-----------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
333-30207 36-4165546
--------- ----------
(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
- ----------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(312) 441-7246
--------------
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
- ------- ------------
Attached, for the Distribution Date of October 27, 1997, is the Monthly Report,
filed as Exhibit 99.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits
99 Heller Funding Corporation - Monthly Report for the Distribution Date of
October 27, 1997.
SIGNATURE
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.
Dated: November 6, 1997
----------------
HELLER FUNDING CORPORATION
By: /s/ David R. Schmuck
----------------------
David R. Schmuck
Title: Vice President
2
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document Description
- ------ --------------------
99 Heller Funding Corporation - Monthly Report for the Distribution
Date of October 27, 1997.
3
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Restricting Events
October 27, 1997
Restricting Events
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<TABLE>
<CAPTION>
A) Average Cumulative Net Loss Ratio
(a) The Average Cumulative Net Loss Ratio exceeds 1.0% (yes / no) no
Initial ADCB
273,826,503.00
ADCB of
ADCB of Cumulative Cumulative
Cumulative Cumulative Defaulted Contracts Net Loss
Defaulted Contracts Recoveries net of Recoveries Ratio
------------------- ---------- ------------------- ---------
<S> <C> <C> <C> <C>
2 months prior 0.00 0.00 0.00 0
1 month prior 0.00 0.00 0.00 0
Current 0.00 0.00 0.00 0
---- ---- ----
Average 0.00 0.00 0.00 0
Annualized maximum Cumulative Net Loss Ratio 1.00%
Average Cumulative Net Loss Ratio 0.00%
</TABLE>
Cumulative Net Loss Ratio means, for any date of determination, the
fraction (expressed as a percentage) determined by dividing (i) the ADCB
of all Contracts in the Trust which have become Defaulted Contracts since
the Initial Cutoff Date, net of aggregate Recoveries received by the
Trust during such same period, by (ii) the ADCB of all Contracts in the
Contract Pool as of the Initial Cutoff Date.
<TABLE>
<S> <C>
B) A Servicer Event has occurred and is continuing (yes/no) no
C) An Event of Default has occurred and is continuing (yes/no) no
(a) failure to pay on each Distribution Date the full
amount of interest on any Note (yes/no) no
(b) failure to pay the then outstanding principal amount
of any Note, if any, on its related Maturity Date (yes/no) no
Based on A, B and C, a Restricting Event has occurred and is continuing (yes/no) no
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Limitations
October 27, 1997
<S> <C>
Obligor Event Trigger Determination
The current period is less than 16 months after the Closing
Date (January 4, 1999) (yes / n/a) yes
If the current period is less than 16 months after the
closing date,one of the top five Obligors, as of the
Cut-Off Date, is a Defaulted Contract in this period
(yes / no / n/a) no
The Obligor Event has been cured (yes, if any of following
is yes / no, if each of following is no / n/a if not
applicable) n/a
a) the Defaulted Contract has been replaced with an
eligible Substitute Contract n/a
b) a Recovery has been received with respect to the
Defaulted Contract and no further Recoveries are
expected n/a
c) a Successor Servicer has been appointed n/a
An Obligor Event has occurred and is continuing n/a
10% Substitution Limit Calculation
ADCB as of the Cut-off Date: 273,826,503.00
Cumulative DCB of Substitute Contracts replacing
Defaulted Contracts and Adjusted Contracts 0.00
Percentage of Substitute Contracts replacing Defaulted
Contracts and Adjusted Contracts 0.00%
Percentage of Substitute Contracts replacing Defaulted
Contracts and Adjusted Contracts exceeds 10% (yes/no) no
5% Skipped Payment Limit Calculation
The percent of contracts with Skipped Payment
modifications 0.00%
The DCB exceeds 5% of the initial ADCB (yes/no) 0
Any Skipped Payments have been deferred later than 12
months prior to the Class B Maturity Date n/a
Concentration Amounts (only applicable at the Cutoff Date or in the
event of a substitution)
(i) The ADCB of all End-User Contracts with Obligors
that are governmental entities or municipalities 1.12%
exceeds 1.13 the ADCB of the Contract Pool no
(ii) The ADCB of all End-User Contracts which finance,
lease or are related to Software exceeds 3.88% of 2.89%
the ADCB of the Contract Pool no
(iii) The ADCB of all End-User Contracts with Obligors
who comprise the three largest Obligors (measured
by ADCB as date of determination) exceeds 5.09% of 4.53%
the ADCB of the Contract Pool no
(iv) The ADCB of all End-User Contracts with Obligors
who comprise the 20 largest Obligors (measured by
ADCB as of the date of determination) exceeds 21.27%
24.79% of the ADCB of the Contract Pool no
(v) The ADCB of the End-User Contracts related to a
single Vendor, or representing a Vendor Loan of
such Vendor or thereof exceeds 23.01% of the ADCB 21.14%
of the Contract Pool no
(vi) The ADCB of all End-User Contracts with Obligors
thereof located in a single State of the United
States exceed 17.73% of the ADCB of the 16.22%
Contract Pool no
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- -------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Accounts
October 27, 1997
<TABLE>
<CAPTION>
Collection Reserve
Account Fund
---------- -------
<S> <C> <C>
Beginning Account Balance 0.00 2,738,265.00
Investment Earnings 42,027.72 9,909.47
Collection Account
- ------------------
Scheduled Payments, net of Excluded Amounts and less Servicer Advances
plus Payaheads 10,745,916.40
Add: Prepayment Amounts (5,286.30)
Add: Recoveries 0.00
Add: Investment Earnings 42,027.72 9,909.47
Add: Late Charges 186.42
Add: Expired Lease Proceeds 0.00
Add: Servicer Advances 0.00
Available Amounts 10,782,844.24 2,748,174.47
- -----------------
Payments on Distribution Date
- -----------------------------
(A) ** Indenture Trustee Fees (first in funds allocation during a Restricting Event 0.00
or an Event of Default)
(A) Unreimbursed Servicer Advances 0.00
(B) Monthly Servicing Fee, due and accrued, including any amounts unpaid 110,779.52
(C) Class A-1 Notes interest, due and accrued, including any amounts unpaid 280,380.11
(D) Class A-2 Notes interest, due and accrued, including any amounts unpaid 1,020,688.29
(E) Class B Notes interest, due and accrued, including any amounts unpaid 44,496.81
(F) Class C Notes interest, due and accrued, including any amounts unpaid 30,486.02
(G) Class D Notes interest, due and accrued, including any amounts unpaid 34,821.60
(H) The Class A-1 Principal Payment Amount 8,999,254.28
(I) The Class A-2 Principal Payment Amount 0.00
(J) The Class B Principal Payment Amount 0.00
(K) The Class C Principal Payment Amount 0.00
(L) The Class D Principal Payment Amount 0.00
(M) Amounts required to meet the Reserve Fund Amount 0.00 0.00
(B)* Monthly Servicing Fee, due and accrued, including any amounts unpaid 0.00
(applicable only if an Obligor Event has occurred and is continuing)
(N) Any excess to Certificateholders 261,937.61
Distributions to Noteholders and Certificateholders 10,782,844.24 9,909.47
Ending balance of accounts 0.00 2,738,265.00
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Schedules
October 27, 1997
<TABLE>
<CAPTION>
<S> <C>
A Restricting Event has occurred and is continuing (yes\no) no
Trustee Fees (only in the event of a Restricting Event or an Event of Default) 0.00
Unreimbursed Servicer Advances
(i) Current month Unreimbursed Servicer Advances 0.00
(ii) Prior unpaid Unreimbursed Servicer Advances (or arrearage) 0.00
(iii) Total Unreimbursed Servicer Advances due ( (i) + (ii) ) 0.00
(iv) Unreimbursed Servicer Advances distributed 0.00
Unpaid Unreimbursed Servicer Advances (or arrearage) 0.00
Servicing Fee Schedule
(i) Servicing Fee Percentage 0.50%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 265,870,851.40
(iii) Servicing Fee ( ( (i) / 12 ) x (ii) ) 110,779.52
(iv) Servicing Fee accrued but not paid in prior periods 0.00
(v) Total Servicing Fee due, and accrued but not paid in prior periods ( (iii) + (iv) ) 110,779.52
(vi) Monthly Servicing Fee distributed 110,779.52
Servicing Fee accrued but not paid 0.00
Class A-1 Interest Schedule
Opening Class A-1 principal balance 55,024,444.40
(i) Class A-1 Interest Rate 5.7325%
(ii) Number of days in Accrual Period 32
Monthly Class A-1 Interest Rate ( (i) x ( (ii)/360) ) 0.5096%
Current Class A-1 interest due 280,380.11
Prior Class A-1 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-1 interest distribution 280,380.11
Class A-2 Interest Schedule
Opening Class A-2 principal balance 191,678,552.00
Class A-2 Interest Rate 6.3900%
Class A-2 Interest Rate x 30/360 0.5325%
Current Class A-2 interest due 1,020,688.29
Prior Class A-2 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-2 interest distribution 1,020,688.29
Class B Interest Schedule
Opening Class B principal balance 8,214,795.00
Class B Interest Rate 6.5000%
Class B Interest Rate x 30/360 0.5417%
Current Class B interest due 44,496.81
Prior Class B interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class B interest distribution 44,496.81
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Heller Financial Inc.- Servicer
Monthly Report - Schedules Continued
October 27, 1997
<S> <C>
Class C Interest Schedule
- -------------------------
Opening Class C principal balance 5,476,530.00
Class C Interest Rate 6.6800%
Class C Interest Rate x 30/360 0.5567%
Current Class C interest due 30,486.02
Prior Class C interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class C interest distribution 30,486.02
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 5,476,530.00
Class D Interest Rate 7.6300%
Class D Interest Rate x 30/360 0.6358%
Current Class D interest due 34,821.60
Prior Class D interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class D interest distribution 34,821.60
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date 09/25/98
(i) Opening Class A-1 principal balance 55,024,444.40
(ii) ADCB as of last day of second preceding Collection Period 265,870,851.40
(iii) ADCB as of last day of immediately preceding Collection Period 256,871,597.12
Expected Class A-1 Payment ( (ii) - (iii) ) 8,999,254.28
(iv) Aggregate Expected Class A-1 Payments not paid on preceding Distribution Date 0.00
Class A-1 Principal Payment Amount (lesser of (i) or ( (ii) - (iii) ) + (iv) ) 8,999,254.28
Class A-1 Principal Payment Amount distribution 8,999,254.28
Shortfall 0.00
Class A-1 Principal Balance after current distribution 46,025,190.12
Class A-2 Principal Schedule
- ----------------------------
(i) Opening Class A-2 principal balance 191,678,552.00
(ii) Applicable Class A-2 Percentage 90.91%
(iii) ADCB as of the last day of the Collection Period less obligations to Class A-1 Notes 201,847,152.72
(iv) Current month targeted Class A-2 principal balance ( (ii) * (iii) ) 183,497,411.74
(v) (i) - (iv) (zero until Class A-1 has been retired) 0.00
(vi) Class A-2 Principal Payment Amount (lesser of (i) or (v) ) 0.00
Class A-2 Principal Payment Amount distributed 0.00
Shortfall 0.00
Class A-2 principal balance after current distribution 191,678,552.00
Class B Principal Schedule
- --------------------------
(i) Opening Class B principal balance 8,214,795.00
(ii) Applicable Class B Percentage 3.90%
(iii) ADCB as of the last day of the Collection Period less obligations to Class A-1 Notes 201,847,152.72
(iv) Current month targeted Class B principal balance ( (ii) * (iii) ) 7,864,174.71
(v) (i) - (iv) (zero until Class A-1 has been retired) 0.00
(vi) Class B Principal Payment Amount (lesser of (i) or (v) ) 0.00
Class B Principal Payment Amount distributed 0.00
Shortfall 0.00
Class B principal balance after current distribution 8,214,795.00
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Schedules Continued
October 27, 1997
<TABLE>
<C> <S> <C>
Class C Principal Schedule
- --------------------------
(i) Opening Class C principal balance 5,476,530.00
(ii) Applicable Class C Percentage 2.60%
(iii) ADCB as of the last day of the Collection Period less obligations to Class A-1 Notes 201,847,152.72
(iv) Current month targeted Class C principal balance ( (ii) * (iii) ) 5,242,783.14
(v) (i) - (iv) (zero until Class A-1 has been retired) 0.00
(vi) Class C Principal Payment Amount (lesser of (i) or (v) ) 0.00
Class C Principal Payment Amount distributed 0.00
Shortfall 0.00
Class C principal balance after current distribution 5,476,530.00
Class D Principal Schedule
- --------------------------
(i) Opening Class D principal balance 5,476,530.00
(ii) Applicable Class D Percentage 2.60%
(iii) ADCB as of the last day of the Collection Period less obligations to Class A-1 Notes
(iv) Current month targeted Class D principal balance ( (ii) * (iii) )
(v) (i) - (iv) (zero until Class A-1 has been retired) 0.00
(vi) Class D Principal Payment Amount (lesser of (i) or (v) ) 0.00
Class D Principal Payment Amount distributed 0.00
Shortfall 0.00
Class D principal balance after current distribution 5,476,530.00
Reserve Fund Schedule
- ---------------------
Prior month Reserve Fund balance 2,738,265.00
Initial ADCB
Required Reserve Fund Amount (lesser of (i) initial ADCB * 1.00% or
(ii) outstanding principal of the Notes)
Current period draw on Reserve Fund 0.00
Required deposit to Reserve Fund 0.00
Actual deposit to Reserve Fund 0.00
Deposit to Certificateholder 0.00
Ending Reserve Fund balance 2,738,265.00
Ending Reserve Fund balance as a percentage of ADCB 1.07%
Servicing Fee Schedule
- ----------------------
Servicing Fee during an Obligor Event 0.00
Servicing Fee paid 0.00
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Note Factors
October 27, 1997
<TABLE>
<S> <C>
CUSIP # 423327AA3
Class A-1
Class A-1 principal balance 46,025,190.12
Initial Class A-1 principal balance 62,980,096.00
Note factor 0.730789456
CUSIP # 423327AB1
Class A-2
Class A-2 principal balance 191,678,552.00
Initial Class A-2 principal balance 191,678,552.00
Note factor 1.000000000
CUSIP # 423327AC9
Class B
Class B principal balance 8,214,795.00
initial Class B principal balance 8,214,795.00
Note factor 1.000000000
CUSIP # 423327AD7
Class C
Class C principal balance 5,476,530.00
Initial Class C principal balance 5,476,530.00
Note factor 1.000000000
Class D
Class D principal balance 5,476,530.00
Initial Class D principal balance 5,476,530.00
Note factor 1.000000000
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Pool Data
October 27, 1997
<TABLE>
<CAPTION>
ADCB as of the last day of the Collection Period 256,871,597.12
<S> <C>
Loss and Delinquency Data for Period
- ------------------------------------
DCB of Defaulted Contracts as of the last day of the Collection Period 0.00
Number of Defaulted Contracts as of the last day of the Collection Period 0
Defaulted Contracts as a percentage of ADCB (annualized) 0.00%
DCB of Adjusted Contracts as of the last day of the Collection Period 0.00
Number of Adjusted Contracts as of the last day of the Collection Period 0
DCB of Prepaid Contracts as of the last day of the Collection Period 684,479.04
Number of Prepaid Contracts as of the last day of the Collection Period 6
DCB of Substitute Contracts, excluding Warranty Contracts, added to Trust during Collection Period 0.00
Number of Substitute Contracts, excluding Warranty Contracts, added to Trust during Collection Period 0
DCB of Warranty Contracts as of the last day of the Collection Period 60,339.97
Number of Warranty Contracts as of the last day of the Collection Period 1
DCB of repurchased Contracts as of the last day of the Collection Period 744,819.12
Number of repurchased Contracts as of the Collection Period 7
DCB of Additional Contracts as of the last day of the Collection Period 771,107.05
Number of Additional Contracts as of the Collection Period 7
Recoveries collected relating to Defaulted Contracts as of the last day of the Collection Period 0.00
Delinquencies Dollars Percent
------- -------
Current 254,792,049.88 98.74%
31-60 days past due 3,002,881.79 1.16%
61-90 days past due 244,913.45 0.09%
Over 90 days past due 0.00 0.00%
-------------- -----------
Total 258,039,845.12 100.00%
31+ days past due 3,247,795.24 1.26%
(i) DCB of cumulative Defaulted Contracts (cumulative gross losses to date) 0.00
(ii) Cumulative Recoveries realized on Defaulted Contracts 0.00
Cumulative net losses to date ( (i) - (ii) ) 0.00
Static Information
<S> <C>
----------------------------------------------------------------------------
Initial ADCB 273,826,503
Discount Rate 6.9239%
Class A-1 Initial Principal Amount 62,980,096
Class A-1 Interest Rate 5.7325%
Class A-2 Initial Principal Amount 191,678,552
Class A-2 Interest Rate 6.3900%
Class B Initial Principal Amount 8,214,795
Class B Interest Rate 6.5000%
Class C Initial Principal Amount 5,476,530
Class C Interest Rate 6.6800%
Class D Initial Principal Amount 5,476,530
Class D Interest Rate 7.6300%
Reserve Fund Initial Deposit 2,738,265
Class A-1 Maturity Date 09/25/98
Classes A-2, B, C, & D Maturity Date 05/25/05
Closing Date 09/04/97
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</TABLE>
