<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: January 26, 1998
----------------
(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 January 26, 1998, 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
January 26, 1998.
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: January 30, 1998
----------------
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 January 26, 1998.
3
<PAGE>
EXHIBIT 99
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Restricting Events
1/26/98
Restricting Events
- ------------------
A) Average Cumulative Net Loss Ratio
<TABLE>
<CAPTION>
(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 0.00%
1 month prior 0.00 0.00 0.00 0.00%
Current 303,874.78 0.00 303,874.78 0.11%
---------- ---- ----------
Average 101,291.59 0.00 101,291.59 0.04%
Annualized maximum Cumulative Net Loss Ratio 1.00%
Average Cumulative Net Loss Ratio 0.04%
</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>
<CAPTION>
<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 no
related Maturity Date (yes/no)
Based on A, B and C, a Restricting Event has occurred and is continuing (yes/no) no
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Limitations
1/26/98
<TABLE>
<CAPTION>
Obligor Event Trigger Determination
- -----------------------------------
<S> <C> <C>
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) no
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 0.00%
municipalities exceeds 1.13% of the ADCB of the Contract Pool no
(ii) The ADCB of all End-User Contracts which finance, lease or are related 2.27%
to Software exceeds 3.88% of the ADCB of the Contract Pool no
(iii) The ADCB of all End-User Contracts with Obligors who comprise the three 4.63%
largest Obligors (measured by ADCB as of the date of determination)
exceeds 5.09% of the ADCB of the Contract Pool no
(iv) The ADCB of all End-User Contracts with Obligors who comprise the 20 largest 21.34%
Obligors (measured by ADCB as of the date of determination) exceeds
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 20.16%
a Vendor Loan of such Vendor or affiliate thereof exceeds 23.01% of the ADCB
of the Contract Pool no
(vi) The ADCB of all End-User Contracts with Obligors thereof located in a single 15.01%
State of the United States exceeds 17.73% of the ADCB of the Contract Pool no
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Accounts
1/26/98
<TABLE>
<CAPTION>
Collection Reserve
Account Fund
------------- ------------
<S> <C> <C>
Beginning Account Balance 0.00 2,738,265.00
Investment Earnings 81,452.87 13,755.35
Collection Account
- ------------------
Scheduled Payments, net of Excluded Amounts and less Servicer Advances plus Payaheads 8,353,069.08
Add: Prepayment Amounts 1,770,433.27
Add: Recoveries 0.00
Add: Investment Earnings 81,452.87 13,755.35
Add: Late Charges 6,028.33
Add: Expired Lease Proceeds 0.00
Add: Servicer Advances 0.00
Available Amounts 10,210,983.55 2,752,020.35
- -----------------
Payments on Distribution Date
- ------------------------------
(A)** Indenture Trustee Fees (first in funds allocation during a Restricting Event
or an Event of Default) 0.00
(A) Unreimbursed Servicer Advances 0.00
(B) Monthly Servicing Fee, due and accrued, including any amounts unpaid 96,803.45
(C) Class A-1 Notes interest, due and accrued, including any amounts unpaid 106,041.33
(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 8,877,646.06
(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 (applicable 0.00
only if an Obligor Event has occurred and is continuing)
(N) Any excess to Certificateholders 0.00
Distributions to Noteholders and Certificateholders 10,210,983.56 13,755.35
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
<TABLE>
<CAPTION>
1/26/98
<S> <C> <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 232,328,268.02
(iii) Servicing Fee ( ( (i) / 12 ) x (ii) ) 96,803.45
(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) ) 96,803.45
(vi) Monthly Servicing Fee distributed 96,803.45
Servicing Fee accrued but not paid 0.00
Class A-1 Interest Schedule
- ---------------------------
Opening Class A-1 principal balance 21,481,861.02
(i) Class A-1 Interest Rate 5.7325%
(ii) Number of days in Accrual Period 31
Monthly Class A-1 Interest Rate ( (i) x ( (ii)/360) ) 0.4936%
Current Class A-1 interest due 106,041.33
Prior Class A-1 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-1 interest distribution 106,041.33
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>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1997-1
- ----------------------------------------------------------------------------------------------------------------------------------
Heller Financial
Inc.- Servicer
Monthly Report - Schedules Continued
1/26/98
Class C Interest Schedule
- -------------------------
<S> <C>
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 21,481,861.02
(ii) ADCB as of last day of second preceding Collection Period 232,328,268.02
(iii) ADCB as of last day of immediately preceding Collection Period 223,251,036.49
Expected Class A-1 Payment ((ii) - (iii) ) 9,077,231.53
(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)) 9,077,231.53
Class A-1 Principal Payment Amount distribution 8,877,646.06
Shortfall 199,585.47
Class A-1 Principal Balance after current distribution 12,604,214.96
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 201,769,175.47
(iv) Current month targeted Class A-2 principal balance ((ii)* (iii)) 183,426,523.33
(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 201,769,175.47
last day of the Collection Period less obligations to Class A-1 Notes
(iv) Current month targeted Class B principal balance ((ii) * (iii)) 7,861,136.63
(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
1/26/98
<TABLE>
<CAPTION>
Class C Principal Schedule
- --------------------------
<S> <C>
(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 201,769,175.47
(iv) Current month targeted Class C principal balance ( (ii) * (iii) ) 5,240,757.75
(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 201,769,175.47
(iv) Current month targeted Class D principal balance ( (ii) * (iii) ) 5,240,757.75
(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 273,826,503.00
Required Reserve Fund Amount (lesser of (i) initial ADCB * 1.00% or 2,738,265.00
(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
Interest Earned on Reserve Account 13,755.35
Deposit to Certificateholder 13,755.35
Ending Reserve Fund balance 2,738,265.00
Ending Reserve Fund balance as a percentage of ADCB 1.23%
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
1/26/98
<TABLE>
<CAPTION>
CUSIP # 423327AA3
Class A-1
---------
<S> <C> <C>
Class A-1 principal balance 12,604,214.96
Initial Class A-1 principal balance 62,980,096.00
Note factor 0.200130133
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
1/26/98
<TABLE>
<S> <C>
ADCB as of the last day of the Collection Period 223,251,036.49
Loss and Delinquency Data for Period
- ------------------------------------
DCB of Defaulted Contracts as of the last day of the Collection Period 303,874.78
Number of Defaulted Contracts as of the last day of the Collection Period 4
Defaulted Contracts as a percentage of ADCB (annualized) 1.63%
- -----------------------------------------------------------------------------------------------------------------------------------
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 1,740,074.52
- -----------------------------------------------------------------------------------------------------------------------------------
Number of Prepaid Contracts as of the last day of the Collection Period 10
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 0.00
Number of Warranty Contracts as of the last day of the Collection Period 0
DCB of repurchased Contracts as of the last day of the Collection Period 0.00
Number of repurchased Contracts as of the Collection Period 0
DCB of Additional Contracts as of the last day of the Collection Period 0.00
Number of Additional Contracts as of the Collection Period 0
- ----------------------------------------------------------------------------------------------------------------------------------
Recoveries collected relating to Defaulted Contracts as of the last day of the Collection Period 0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Percent
-------------- ------------
<S> <C> <C> <C>
Current 217,362,672.83 97.22%
31-60 days past due 3,866,638.69 1.73%
61-90 days past due 1,604,335.79 0.72%
Over 90 days past due 735,415.89 0.33%
-------------- --------
Total 223,569,063.20 100.00%
31+ days past due 6,206,390.37 2.78%
(i) DCB of cumulative Defaulted Contracts (cumulative gross losses to date) 303,874.78
(ii) Cumulative Recoveries realized on Defaulted Contracts 0.00
Cumulative net losses to date ((i) - (ii)) 303,874.78
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------
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
------------------------------------------------------------------------
</TABLE>
