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Previous: PAGING NETWORK DO BRAZIL SA, 6-K, 1999-05-26 |
Next: MORGAN STANLEY DEAN WITTER FUND OF FUNDS, NSAR-A, 1999-05-26 |
<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: May 13, 1999
------------
(Date of earliest event reported)
HELLER FUNDING CORPORATION
--------------------------
HELLER EQUIPMENT ASSET RECEIVABLES TRUST 1999-1
-----------------------------------------------
(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 May 13, 1999, 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
May 13, 1999.
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: May 26, 1999
------------
HELLER FUNDING CORPORATION
By: /s/ Julia S. Landes
--------------------
Julia S. Landes
Title: Vice President
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document Description
- ------ --------------------
99 Heller Funding Corporation - Monthly Report for the Distribution Date
of May 13, 1999.
<PAGE>
EXHIBIT 99
Heller Equipment Asset Receivables Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Collections and Distribution
Collection Period 02-Apr-99 to 01-May-99
Determination Date 10-May-99
Distribution Date 13-May-99
<TABLE>
<CAPTION>
Available Amounts
- -----------------
<S> <C>
Scheduled Payments plus Payaheads, net of Excluded Amounts 13,056,917.10
Prepayment Amounts 4,312,305.07
Recoveries 0.00
Investment Earnings on Collection Account and Reserve Fund 0.00
Late Charges 163.91
Servicer Advances 15,158.77
Total Available Amounts 17,384,544.85
----------------------- -------------
Payments on Distribution Date
- -----------------------------
Trustee Fees (only applicable pursuant to an Event of Default) 0.00
Unreimbursed Servicer Advances to the Servicer 0.00
Monthly Servicing Fee, if Heller Financial, Inc. is not the Servicer 0.00
Interest due to Class A-1 Notes 411,083.59
Interest due to Class A-2 Notes 224,083.30
Interest due to Class A-3 Notes 475,406.79
Interest due to Class A-4 Notes 112,546.74
Interest due to Class B Notes 35,933.34
Interest due to Class C Notes 31,907.82
Interest due to Class D Notes 22,646.65
Class A-1 Principal Payment Amount 15,450,788.68
Class A-2 Principal Payment Amount 0.00
Class A-3 Principal Payment Amount 0.00
Class A-4 Principal Payment Amount 0.00
Class B Principal Payment Amount 0.00
Class C Principal Payment Amount 0.00
Class D Principal Payment Amount 0.00
Additional Principal to Class A-2 Notes 0.00
Additional Principal to Class A-3 Notes 0.00
Additional Principal to Class A-4 Notes 0.00
Additional Principal to Class B Notes 0.00
Additional Principal to Class C Notes 0.00
Additional Principal to Class D Notes 0.00
Monthly Servicing Fee, if Heller Financial, Inc. is the Servicer 128,851.08
Deposit to the Reserve Fund 491,296.85
Excess to Certificateholder 0.00
Total distributions to Noteholders and Certificateholders 17,384,544.85
--------------------------------------------------------- -------------
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
<TABLE>
<CAPTION>
Trustee Fees, in Event of Default only
- --------------------------------------
<S> <C>
Trustee fees due on Payment Date 0
Unreimbursed Servicer Advances
- ------------------------------
Unreimbursed Servicer Advances -
Monthly Servicing Fee Schedule, if Servicing has been transferred
- -----------------------------------------------------------------
(i) Servicing Fee Percentage 0.40%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 386,553,237.98
(iii) Servicing Fee ( ( (i) / 12 ) x (ii) ) -
(iv) Servicing Fee accrued but not paid in prior periods -
Total Servicing Fee due, and accrued ( (iii) + (iv) ) -
Servicing Fee carried forward -
Monthly Servicing Fee distributed 0
Class A-1 Interest Schedule
- ---------------------------
Opening Class A-1 principal balance 130,040,761.00
Class A-1 Interest Rate 4.9475%
Number of days in Accrual Period 23
Current Class A-1 interest due 411,083.59
Class A-1 interest accrued but not paid in prior periods -
Total Class A-1 interest due 411,083.59
Class A-1 interest carried forward -
Class A-1 interest distribution 411,083.59
Class A-2 Interest Schedule
- ---------------------------
Opening Class A-2 principal balance 66,680,434.00
Class A-2 Interest Rate 5.26%
Current Class A-2 interest due 224,083.30
Class A-2 interest accrued but not paid in prior periods -
Total Class A-2 interest due 224,083.30
Class A-2 interest carried forward -
Class A-2 interest distribution 224,083.30
Class A-3 Interest Schedule
- ---------------------------
Opening Class A-3 principal balance 135,293,633.00
Class A-3 Interest Rate 5.5000%
Current Class A-3 interest due 475,406.79
Class A-3 interest accrued but not paid in prior periods -
Total Class A-3 interest due 475,406.79
Class A-3 interest carried forward -
Class A-3 interest distribution 475,406.79
Class A-4 Interest Schedule
- ---------------------------
Opening Class A-4 principal balance 31,345,216.00
Class A-4 Interest Rate 5.6200%
Current Class A-4 interest due 112,546.74
Class A-4 interest accrued but not paid in prior periods -
Total Class A-4 interest due 112,546.74
Class A-4 interest carried forward -
Class A-4 interest distribution 112,546.74
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class B Interest Schedule
- -------------------------
<S> <C>
Opening Class B principal balance 9,663,831.00
Class B Interest Rate 5.82000%
Current Class B interest due 35,933.34
Class B interest accrued but not paid in prior periods -
Total Class B interest due 35,933.34
Class B interest carried forward -
Class B interest distribution 35,933.34
Class C Interest Schedule
- -------------------------
Opening Class C principal balance 7,731,065.00
Class C Interest Rate 6.46000%
Current Class C interest due 31,907.82
Class C interest accrued but not paid in prior periods -
Total Class C interest due 31,907.82
Class C interest carried forward -
Class C interest distribution 31,907.82
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 3,865,532.00
Class D Interest Rate 9.17000%
Current Class D interest due 22,646.65
Class D interest accrued but not paid in prior periods -
Total Class D interest due 22,646.65
Class D interest carried forward -
Class D interest distribution 22,646.65
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date 5/15/00
(i) Opening Class A-1 principal balance 130,040,761.00
(ii) Aggregate outstanding principal of Notes plus Overcollateralization Balance 386,553,237.98
(iii) ADCB as of last day of the Collection Period 371,102,449.30
(iv) Monthly Principal Amount ( (ii) - (iii) ) 15,450,788.68
Class A-1 Principal Payment Amount due (lesser of (i) or (iv)) 15,450,788.68
Class A-1 Principal Payment Amount distribution 15,450,788.68
Class A-1 Principal Balance after current distribution 114,589,972.32
Class A Principal Payment Amount
- --------------------------------
(i) Aggregate opening Class A-2, A-3 and A-4 Outstanding Principal Amount 233,319,283.00
(ii) Class A Target Investor Principal Amount 337,548,479.14
Class A Principal Payment Amount -
Funds available for distribution -
Class A-2 Principal Schedule
- ----------------------------
Opening Class A-2 principal balance 66,680,434.00
Class A-2 Principal Payment Amount distribution -
Class A-2 principal balance after current distribution 66,680,434.00
Class A-3 Principal Schedule
- ----------------------------
Opening Class A-3 principal balance 135,293,633.00
Class A-3 Principal Payment Amount distribution -
Class A-3 principal balance after current distribution 135,293,633.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class A-4 Principal Schedule
- ----------------------------
<S> <C>
Opening Class A-4 principal balance 31,345,216.00
Class A-4 Principal Payment Amount distribution -
Class A-4 principal balance after current distribution 31,345,216.00
Class B Principal Schedule
- --------------------------
Opening Class B principal balance 9,663,831.00
Class B Target Investor Principal Amount (3.7674% * ending ADCB) 13,980,913.67
Class B Floor (6,339,472.75)
Class B Principal Payment Amount due -
Class B Principal Payment Amount distribution -
Class B principal balance after current distribution 9,663,831.00
Class C Principal Schedule
- --------------------------
Opening Class C principal balance 7,731,065.00
Class C Target Investor Principal Amount (3.0139% * ending ADCB) 11,184,656.72
Class C Floor (1,584,867.69)
Class C Principal Payment Amount due -
Class C Principal Payment Amount distribution -
Class C principal balance after current distribution 7,731,065.00
Class D Principal Schedule
- --------------------------
Opening Class D principal balance 3,865,532.00
Class D Target Investor Principal Amount (1.5070% * ending ADCB) 5,592,513.91
Class D Floor (115,965.76)
Class D Principal Payment Amount due -
Class D Principal Payment Amount distribution -
Class D principal balance after current distribution 3,865,532.00
Additional Principal Schedule
- -----------------------------
Floors applicable (Yes/No) No
Monthly Principal Amount 15,450,788.68
Sum of Principal Payments payable on all classes 15,450,788.68
Additional Principal payable -
Additional Principal available, if payable -
Class A-2 Additional Principal allocation 0
Class A-2 principal balance after current distribution 66,680,434.00
Class A-3 Additional Principal allocation 0
Class A-3 principal balance after current distribution 135,293,633.00
Class A-4 Additional Principal allocation 0
Class A-4 principal balance after current distribution 31,345,216.00
Class B Additional Principal allocation 0
Class B principal balance after current distribution 9,663,831.00
Class C Additional Principal allocation 0
Class C principal balance after current distribution 7,731,065.00
Class D Additional Principal allocation 0
Class D principal balance after current distribution 3,865,532.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Monthly Servicing Fee Schedule, If Heller Financial, Inc. Is the Servicer
- -------------------------------------------------------------------------
<S> <C>
(i) Servicing Fee Percentage 0.40%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 365,553,237.98
(iii) Servicing Fee due ( ( (i) / 12 ) x (ii) ) 128,851.08
(iv) Servicing Fee accrued but not paid in prior periods -
Total Servicing Fee due and accrued ( (iii) + (iv) ) 128,851.08
Servicing Fee carried forward -
Monthly Servicing Fee distributed 128851.0793
Reserve Fund Schedule
- ---------------------
ADCB as of the end of the Collection Period 371,102,449.30
Required Reserve Amount (ending ADCB * 0.70%) 2,597,717.15
Prior month Reserve Fund balance 386,553.00
Deposit to Reserve Fund - excess funds 491,296.85
Interim Reserve Fund Balance 877,849.85
Current period draw on Reserve Fund for Reserve Interest Payments 0
Current period draw on Reserve Fund for Reserve Principal Payments -
Excess to Certificateholder -
Ending Reserve Fund balance 877,849.85
Reserve Fund balance as a percentage of ADCB as of the end of the Collection Period 0.2366%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-1
- ----------------------------------------------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
<S> <C> <C>
Class A-1
---------
Class A-1 principal balance 114,589,972.32
Initial Class A-1 principal balance 130,040,761.00 130,040,761.00
Note factor 0.881185033
Class A-2
---------
Class A-2 principal balance 66,680,434.00
Initial Class A-2 principal balance 66,680,434.00 66,680,434.00
Note factor 1.000000000
Class A-3
---------
Class A-3 principal balance 135,293,633.00
Initial Class A-3 principal balance 135,293,633.00 135,293,633.00
Note factor 1.000000000
Class A-4
---------
Class A-4 principal balance 31,345,216.00
Initial Class A-4 principal balance 31,345,216.00 31,345,216.00
Note factor 1.000000000
Class B
-------
Class B principal balance 9,663,831.00
initial Class B principal balance 9,663,831.00 9,663,831.00
Note factor 1.000000000
Class C
-------
Class C principal balance 7,731,065.00
Initial Class C principal balance 7,731,065.00 7,731,065.00
Note Factor 1.000000000
Class D
-------
Class D principal balance 3,865,532.00
Initial Class D principal balance 3,865,532.00 3,865,532.00
Note factor 1.000000000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-1
- ------------------------------------------------------------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
Cumulative Loss Amount Schedule
- -------------------------------
<S> <C>
(i) Outstanding Principal Amount of the Notes as of the preceding Distribution Date 384,620,472.00
(ii) Overcollateralization Balance as of the preceding Distribution Date 1,932,765.98
(iii) Monthly Principal Amount 15,450,788.68
(iv) Available Amounts remaining after the payment of interest 16,070,936.61
(v) ADCB as of the end of the Collection Period 371,102,449.30
Cumulative Loss Amount 0.00
Class B Floor Calculation
- -------------------------
Class B Floor percentage 1.86%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 0.00
Sum of Outstanding Principal Amount of Class C Notes, Class D Notes and Overcollateralization Balance 13,529,362.98
Class B Floor (6,339,472.75)
Class C Floor Calculation
- -------------------------
Class C Floor percentage 1.09%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 0.00
Sum of Outstanding Principal Amount of Class D Notes and Overcollateralization Balance 5,798,297.98
Class C Floor (1,584,867.69)
Class D Floor Calculation
- -------------------------
Class D Floor percentage 0.47%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 0.00
Overcollateralization Balance 1,932,765.98
Class D Floor (115,965.76)
Heller Financial, Inc. is the Servicer (Yes/No) Yes
An Event of Default has occurred (Yes/No) No
10% Substitution Limit Calculation
- ----------------------------------
ADCB as of the Cut-off Date: 386,553,238
Cumulative DCB of Substitute Contracts replacing materially modified contracts 0
Percentage of Substitute Contracts replacing materially modified contracts 0
Percentage of Substitute Contracts replacing modified contracts exceeds 10% (Yes/No) No
5% Skipped Payment Limit Calculation
- ------------------------------------
The percent of contracts with Skipped Payment modifications 0
The DCB exceeds 5% of the initial ADCB (Yes/No) No
Any Skipped Payments have been deferred later than January 1, 2006 N/A
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-1
- ------------------------------------------------------------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Pool Data
Pool Data
- ---------
<S> <C>
ADCB as of the first day of the Collection Period 386,553,237.98
ADCB as of the last day of the Collection Period 371,102,449.30
DCB as of the first day of the Collection Period of Contracts that became Defaulted Contracts 0
Number of Contracts that became Defaulted Contracts during the period 0
Defaulted Contracts as a percentage of ADCB (annualized) 0
DCB of Contracts as of the last day of the Collection Period that became Prepaid Contracts 4,291,093
Number of Prepaid Contracts as of the last day of the Collection Period 19
DCB of Contracts as of the last day of the Collection Period that were added as Substitute Contracts 0
Number of Substitute Contracts as of the last day of the Collection Period 0
DCB of Contracts as of the last day of the Collection Period that became Warranty Contracts 0
Number of Warranty Contracts as of the last day of the Collection Period 0
Recoveries collected relating to Defaulted Contracts as of the last day of the Collection Period 0
Cumulative Servicer Advances paid by the Servicer 15,159
Cumulative reimbursed Servicer Advances 0
</TABLE>
<TABLE>
<CAPTION>
Delinquencies and Losses Dollars Percent
- ------------------------ ------- -------
<S> <C> <C>
Current 363,327,994.86 97.85%
31-60 days past due 4,652,514.98 1.25%
61-90 days past due 3,326,089.98 0.90%
Over 90 days past due 0.00 0.00%
Total 371,306,599.82 100.00%
31+ days past due 7,978,604.96 2.15%
</TABLE>
<TABLE>
<S> <C>
(i) Cumulative ADCB of Defaulted Contracts (cumulative gross losses to date) 0
(ii) Cumulative Recoveries realized on Defaulted Contracts 0
Cumulative net losses to date ( (i) - (ii) ) 0
</TABLE>
|
|