<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: December 28, 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 December 28, 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
December 28, 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 5, 1999
---------------
HELLER FUNDING CORPORATION
By: /s/ David R. Schmuck
-----------------------
David R. Schmuck
Title: Vice President
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document Description
- ------ --------------------
99 Heller Funding Corporation - Monthly Report for the Distribution Date
of December 28, 1998.
<PAGE>
EXHIBIT 99
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Restricting Events
12/28/98
Restricting Events
A) Average Cumulative Net Loss Ratio
(a) The Average Cumulative Net Loss Ratio exceeds 1.0% (yes / no) no
<TABLE>
<CAPTION>
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 1,934,129.28 925,741.60 1,008,387.68 0.37%
1 month prior 2,400,651.46 1,141,033.84 1,259,617.62 0.46%
Current 2,578,804.66 1,172,294.33 1,406,510.33 0.51%
------------ ------------ ------------ ----
Average 2,304,528.47 1,079,689.92 1,224,838.54 0.45%
</TABLE>
Annualized maximum Cumulative Net Loss Ratio 1.00%
Average Cumulative Net Loss Ratio 0.45%
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.
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
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Limitations
12/28/98
Obligor Event Trigger Determination
- -----------------------------------
<S> <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 n/a
following is no / n/a if not applicable)
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 0.18%
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 0.00%
entities or 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 to 1.15%
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
largest Obligors (measured by ADCB as of the date of determination) 3.76%
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 16.27%
largest Obligors (measured by ADCB as of the date of determination) no
exceeds 24.79% of the ADCB of the Contract Pool
(v) The ADCB of the End-User Contracts related to a single Vendor, or 14.94%
representing a Vendor Loan of such Vendor or affiliate thereof no
exceeds 23.01% of the ADCB of the Contract Pool
(vi) The ADCB of all End-User Contracts with Obligors thereof located 10.06%
in a single State of the United States exceeds 17.73% of the ADCB no
of the Contract Pool
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1997-1
- ------------------------------------------------------------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Accounts
12/28/98
Collection Reserve
Account Fund
------- ----
<S> <C> <C>
Beginning Account Balance 0.00 2,738,265.00
Investment Earnings 54,401.83 12,405.13
Collection Account
- ------------------
Scheduled Payments, net of Excluded Amounts
and less Servicer Advances plus Payaheads 5,198,795.17
Add: Prepayment Amounts 3,131,023.34
Add: Recoveries 31,260.49
Add: Investment Earnings 66,806.96 (12,405.13)
Add: Late Charges 12,450.54
Add: Expired Lease Proceeds 0.00
Add: Servicer Advances 0.00
Available Amounts 8,440,336.50 2,738,265.00
- -----------------
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 55,959.10
(C) Class A-1 Notes interest, due and accrued, including any amounts unpaid 0.00
(D) Class A-2 Notes interest, due and accrued, including any amounts unpaid 650,143.00
(E) Class B Notes interest, due and accrued, including any amounts unpaid 28,342.92
(F) Class C Notes interest, due and accrued, including any amounts unpaid 19,418.53
(G) Class D Notes interest, due and accrued, including any amounts unpaid 25,340.54
(H) The Class A-1 Principal Payment Amount 0.00
(I) The Class A-2 Principal Payment Amount 7,026,950.59
(J) The Class B Principal Payment Amount 301.155.03
(K) The Class C Principal Payment Amount 200,770.02
(L) The Class D Principal Payment Amount 132,256.77
(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 0.00
Distributions to Noteholders and Certificateholders 8,440,336.50
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
12/28/98
<TABLE>
<CAPTION>
<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 134,301,840.38
(iii) Servicing Fee ( ( (i) / 12 ) x (ii) ) 55,959.10
(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) ) 55,959.10
(vi) Monthly Servicing Fee distributed 55,959.10
Servicing Fee accrued but not paid 0.00
Class A-1 Interest Schedule
- ---------------------------
Opening Class A-1 principal balance 0.00
(i) Class A-1 Interest Rate 5.7325%
(ii) Number of days in Accrual Period 0
Monthly Class A-1 Interest Rate ( (i) x ( (ii)/360) ) 0.0000%
Current Class A-1 interest due 0.00
Prior Class A-1 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-1 interest distribution 0.00
Class A-2 Interest Schedule
- ---------------------------
Opening Class A-2 principal balance 122,092,582.28
Class A-2 Interest Rate 6.3900%
Class A-2 Interest Rate x 30/360 0.5325%
Current Class A-2 interest due 650,143.00
Prior Class A-2 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-2 interest distribution 650,143.00
Class B Interest Schedule
- -------------------------
Opening Class B principal balance 5,232,539.19
Class B Interest Rate 6.5000%
Class B Interest Rate x 30/360 0.5417%
Current Class B interest due 28,342.92
Prior Class B interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class B interest distribution 28,342.92
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Schedules Continued
12/28/98
<TABLE>
<CAPTION>
Class C Interest Schedule
- -------------------------
<S> <C> <C>
Opening Class C principal balance 3,488,359.46
Class C Interest Rate 6.6800%
Class C Interest Rate x 30/360 0.5567%
Current Class C interest due 19,418.53
Prior Class C interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class C interest distribution 19,418.53
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 3,985,406.17
Class D Interest Rate 7.6300%
Class D Interest Rate x 30/360 0.6358%
Current Class D interest due 25,340.54
Prior Class D interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class D interest distribution 25,340.54
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date 9/25/98
(i) Opening Class A-1 principal balance 0.00
(ii) ADCB as of last day of second preceding Collection Period 134,301,840.38
(iii) ADCB as of last day of immediately preceding Collection Period 126,572,194.74
Expected Class A-1 Payment ( (ii) - (iii) ) 7,729,645.64
(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) ) 0.00
Class A-1 Principal Payment Amount distribution 0.00
Shortfall 0.00
Class A-1 Principal Balance after current distribution 0.00
Class A-2 Principal Schedule
- ----------------------------
(i) Opening Class A-2 principal balance 122,092,582.28
(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 126,572,194.74
(iv) Current month targeted Class A-2 principal balance ( (ii) * (iii) ) 115,065,631.69
(v) (i) - (iv) (zero until Class A-1 has been retired) 7,026,950.59
(vi) Class A-2 Principal Payment Amount (lesser of (i) or (v) ) 7,026,950.59
Class A-2 Principal Payment Amount distributed 7,026,950.59
Shortfall 0.00
Class A-2 principal balance after current distribution 115,065,631.69
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.- Servicer
Monthly Report - Schedules Continued
12/28/98
<TABLE>
<CAPTION>
<S> <C> <C>
Class B Principal Schedule
- --------------------------
(i) Opening Class B principal balance 5,232,539.19
(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 126,572,194.74
(iv) Current month targeted Class B principal balance ( (ii) * (iii) ) 4,931,384.16
(v) (i) - (iv) (zero until Class A-1 has been retired) 301,155.03
(vi) Class B Principal Payment Amount (lesser of (i) or (v) ) 301,155.03
Class B Principal Payment Amount distributed 301,155.03
Shortfall 0.00
Class B principal balance after current distribution 4,931,384.16
Class C Principal Schedule
- --------------------------
(i) Opening Class C principal balance 3,488,359.46
(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 126,572,194.74
(iv) Current month targeted Class C principal balance ( (ii) * (iii) ) 3,287,589.44
(v) (i) - (iv) (zero until Class A-1 has been retired) 200,770.02
(vi) Class C Principal Payment Amount (lesser of (i) or (v) ) 200,770.02
Class C Principal Payment Amount distributed 200,770.02
Shortfall 0.00
Class C principal balance after current distribution 3,287,589.44
Class D Principal Schedule
- --------------------------
(i) Opening Class D principal balance 3,985,406.17
(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 126,572,194.74
(iv) Current month targeted Class D principal balance ( (ii) * (iii) ) 3,287,589.44
(v) (i) - (iv) (zero until Class A-1 has been retired) 697,816.73
(vi) Class D Principal Payment Amount (lesser of (i) or (v) ) 697,816.73
Class D Principal Payment Amount distributed 132,256.77
Shortfall 565,559.95
Class D principal balance after current distribution 3,853,149.40
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 12,405.13
Deposit to Certificateholder 0.00
Ending Reserve Fund balance 2,738,265.00
Ending Reserve Fund balance as a percentage of ADCB 2.16%
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
<TABLE>
<CAPTION>
<S> <C> <C>
12/28/98
CUSIP # 423327AA3
Class A-1
---------
Class A-1 principal balance 0.00
Initial Class A-1 principal balance 62,980,096.00
Note factor 0.000000000
CUSIP # 423327AB1
Class A-2
---------
Class A-2 principal balance 115,065,631.69
Initial Class A-2 principal balance 191,678,552.00
Note factor 0.600305201
CUSIP # 423327AC9
Class B
-------
Class B principal balance 4,931,384.16
initial Class B principal balance 8,214,795.00
Note factor 0.600305201
CUSIP # 423327AD7
Class C
-------
Class C principal balance 3,287,589.44
Initial Class C principal balance 5,476,530.00
Note factor 0.600305201
Class D
-------
Class D principal balance 3,853,149.40
Initial Class D principal balance 5,476,530.00
Note factor 0.703574964
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1997-1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Heller Financial Inc.- Servicer
Monthly Report - Pool Data
12/28/98
ADCB as of the last day of the Collection Period 126,572,194.74
Loss and Delinquency Data for Period
- ------------------------------------
DCB of Defaulted Contracts as of the last day of the Collection Period 178,153.20
Number of Defaulted Contracts as of the last day of the Collection Period 1
Defaulted Contracts as a percentage of ADCB (annualized) 1.69%
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 2,879,795.00
Number of Prepaid Contracts as of the last day of the Collection Period 13
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 31,260.49
Delinquencies Dollars Percent
------- -------
Current 123,913,584.27 97.36%
31-60 days past due 3,013,224.49 2.37%
61-90 days past due 343,147.21 0.27%
Over 90 days past due 0.00 0.00%
---- ----
Total 127,269,955.97 100.00%
31+ days past due 3,356,371.70 2.64%
(i) DCB of cumulative Defaulted Contracts (cumulative gross losses to date) 2,578,804.66
(ii) Cumulative Recoveries realized on Defaulted Contracts 1,172,294.33
Cumulative net losses to date ( (i) - (ii) ) 1,406,510.33
-----------------------------------------------------------------------------------
Static Information
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>
