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Previous: MORGAN STANLEY DEAN WITTER S&P 500 INDEX FUND, 24F-2NT, 1999-09-23 |
Next: BERINGER WINE ESTATES HOLDINGS INC, DEF 14A, 1999-09-23 |
<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: September 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 September 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
September 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: September 22, 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 September 13, 1999.
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Collections and Distribution
13-Sep-99
<TABLE>
<S> <C>
Collection Period 02-Aug-99 to 01-Sep-99
Determination Date 08-Sep-99
Distribution Date 13-Sep-99
Available Amounts
- -----------------
Scheduled Payments plus Payaheads, net of Excluded Amounts 11,881,596.47
Prepayment Amounts 513,452.08
Recoveries 0.00
Investment Earnings on Collection Account and Reserve Fund 24,347.05
Late Charges 8,568.32
Servicer Advances 0.00
Total Available Amounts 12,427,963.92
----------------------- -------------
Payments on Distribution Date
- -----------------------------
(A)** Trustee Fees (only applicable pursuant to an Event of Default) 0.00
(A) Unreimbursed Servicer Advances to the Servicer 0.00
(B) Monthly Servicing Fee, if Heller Financial, Inc. is not the Servicer 0.00
(C) Interest due to Class A-1 Notes 303,389.33
(D) Interest due to Class A-2 Notes 292,282.57
(E) Interest due to Class A-3 Notes 620,095.82
(F) Interest due to Class A-4 Notes 146,800.09
(G) Interest due to Class B Notes 46,869.58
(H) Interest due to Class C Notes 41,618.90
(I) Interest due to Class D Notes 29,539.11
(J) Class A-1 Principal Payment Amount 10,947,368.52
(K) Class A-2 Principal Payment Amount 0.00
(L) Class A-3 Principal Payment Amount 0.00
(M) Class A-4 Principal Payment Amount 0.00
(N) Class B Principal Payment Amount 0.00
(O) Class C Principal Payment Amount 0.00
(P) Class D Principal Payment Amount 0.00
(Q) Additional Principal to Class A-2 Notes 0.00
(R) Additional Principal to Class A-3 Notes 0.00
(S) Additional Principal to Class A-4 Notes 0.00
(T) Additional Principal to Class B Notes 0.00
(U) Additional Principal to Class C Notes 0.00
(V) Additional Principal to Class D Notes 0.00
(W) Monthly Servicing Fee, if Heller Financial, Inc. is the Servicer 0.00
(X) Deposit to the Reserve Fund 0.00
(Y) Excess to Certificateholder 0.00
Total distributions to Noteholders and Certificateholders 12,427,963.92
--------------------------------------------------------- -------------
</TABLE>
1
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
13-Sep-99
<TABLE>
<S> <C>
Trustee Fees, in Event of Default only
- --------------------------------------
Trustee fees due on Distribution Date 0.00
Unreimbursed Servicer Advances
- ------------------------------
Unreimbursed Servicer Advances 0.00
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 327,718,349.26
(iii) Servicing Fee (( (i) / 12) x (ii)) 0.00
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ((iii) + (iv)) 0.00
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 0.00
Class A-1 Interest Schedule
- ---------------------------
Opening Class A-1 principal balance 71,205,872.28
Class A-1 Interest Rate 4.94795%
Number of days in Accrual Period 31
Current Class A-1 interest due 303,389.33
Class A-1 interest accrued but not paid in prior periods 0.00
Total Class A-1 interest due 303,389.33
Class A-1 interest carried forward 0.00
Class A-1 interest distribution 303,389.30
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 292,282.57
Class A-2 interest accrued but not paid in prior periods 0.00
Total Class A-2 interest due 292,282.57
Class A-2 interest carried forward 0.00
Class A-2 interest distribution 292,282.57
Class A-3 Interest Schedule
- ---------------------------
Opening Class A-3 principal balance 135,293,633.00
Class A-3 Interest Rate 5.50%
Current Class A-3 interest due 620,095.82
Class A-3 interest accrued but not paid in prior periods 0.00
Total Class A-3 interest due 620,095.82
Class A-3 interest carried forward 0.00
Class A-3 interest distribution 620,095.82
Class A-4 Interest Schedule
- ---------------------------
Opening Class A-4 principal balance 31,345,216.00
Class A-4 Interest Rate 5.26%
Current Class A-4 interest due 146,800.09
Class A-4 interest accrued but not paid in prior periods 0.00
Total Class A-4 interest due 146,800.09
Class A-4 interest carried forward 0.00
Class A-4 interest distribution 146,800.09
</TABLE>
2
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- -------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
0-Jan-00
<TABLE>
<S> <C>
Class B Interest Schedule
- -------------------------
Opening Class B principal balance 9,663,831.00
Class B Interest Rate 5.82%
Current Class B interest due 46,869.58
Class B interest accrued but not paid in prior periods 0.00
Total Class B interest due 46,869.58
Class B interest carried forward 0.00
Class B interest distribution 46,869.58
Class C Interest Schedule
- -------------------------
Opening Class C principal balance 7,731,065.00
Class C Interest Rate 6.46%
Current Class C interest due 41,618.90
Class C interest accrued but not paid in prior periods 0.00
Total Class C interest due 41,618.90
Class C interest carried forward 0.00
Class C interest distribution 41,618.90
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 3,865,532.00
Class D Interest Rate 9.17%
Current Class D interest due 29,539.11
Class D interest accrued but not paid in prior periods 0.00
Total Class D interest due 29,539.11
Class D interest carried forward 0.00
Class D interest distribution 29,539.11
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date May 15, 2000
(i) Opening Class A-1 principal balance 71,205,872.28
(ii) Aggregate outstanding principal of Notes plus Overcollateralization Balance 327,718,349.26
(iii) ADCB as of last day of the Collection Period 316,681,385.35
(iv) Monthly Principal Amount ( (ii) - (iii) ) 11,036,963.91
Class A-1 Principal Payment Amount due (lesser of (i) or (iv)) 11,036,963.91
Class A-1 Principal Payment Amount distribution 10,947,368.52
Class A-1 Principal Balance after current distribution 60,258,503.76
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 (90.9583% * ending ADCB) 288,048,004.53
Class A Principal Payment Amount 0.00
Funds available for distribution 0.00
Class A-2 Principal Schedule
- ----------------------------
Opening Class A-2 principal balance 66,680,434.00
Class A-2 Principal Payment Amount distribution 0.00
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 0.00
Class A-3 principal balance after current distribution 135,293,633.00
</TABLE>
3
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
0-Jan-00
<TABLE>
<S> <C>
Class A-4 Principal Schedule
- ----------------------------
Opening Class A-4 principal balance 31,345,216.00
Class A-4 Principal Payment Amount distribution 0.00
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) 11,930,654.51
Class B Floor (6,249,877.36)
Class B Principal Payment Amount due 0.00
Class B Principal Payment Amount distribution 0.00
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) 9,544,460.27
Class C Floor (1,495,272.29)
Class C Principal Payment Amount due 0.00
Class C Principal Payment Amount distribution 0.00
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) 4,772,388.48
Class D Floor (26,370.37)
Class D Principal Payment Amount due 0.00
Class D Principal Payment Amount distribution 0.00
Class D principal balance after current distribution 3,865,532.00
Additional Principal Schedule
- -----------------------------
Floors applicable (Yes/No) No
Monthly Principal Amount 11,036,963.91
Sum of Principal Payments payable on all classes 11,036,963.91
Additional Principal payable 0.00
Additional Principal available, if payable 0.00
Class A-2 Additional Principal allocation 0.00
Class A-2 principal balance after current distribution 66,680,434.00
Class A-3 Additional Principal allocation 0.00
Class A-3 principal balance after current distribution 135,293,633.00
Class A-4 Additional Principal allocation 0.00
Class A-4 principal balance after current distribution 31,345,216.00
Class B Additional Principal allocation 0.00
Class B principal balance after current distribution 9,663,831.00
Class C Additional Principal allocation 0.00
Class C principal balance after current distribution 7,731,065.00
Class D Additional Principal allocation 0.00
Class D principal balance after current distribution 3,865,532.00
</TABLE>
4
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
0-Jan-00
<TABLE>
<S> <C>
Monthly Servicing Fee Schedule, if Heller Financial, Inc. is the Servicer
- -------------------------------------------------------------------------
(i) Servicing Fee Percentage 0.40%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 327,718,349.26
(iii) Servicing Fee due (( (i) / 12) * (ii)) 109,239.45
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ((iii) + (iv)) 109,239.45
Servicing Fee carried forward 109,239.45
Monthly Servicing Fee distributed 0.00
Reserve Fund Schedule
- ---------------------
ADCB as of the end of the Collection Period 316,681,385.35
Required Reserve Amount (ending ADCB * 0.70%) 2,216,769.70
Prior month Reserve Fund balance 1,065,261.71
Deposit to Reserve Fund - excess funds 0.00
Interim Reserve Fund Balance 1,065,261.71
Current period draw on Reserve Fund for Reserve Interest Payments 0.00
Current period draw on Reserve Fund for Reserve Principal Payments 0.00
Excess to Certificateholder 0.00
Ending Reserve Fund balance 1,065,261.71
Reserve Fund balance as a percentage of ADCB as of the end of the
Collection Period 0.34%
</TABLE>
5
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
13-Sep-99
<TABLE>
<S> <C>
Class A-1
---------
Class A-1 principal balance 60,258,503.76
Initial Class A-1 principal balance 130,040,761.00
Note factor 0.463381660
Class A-2
---------
Class A-2 principal balance 66,680,434.00
Initial Class A-2 principal balance 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
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
Note factor 1.000000000
Class B
-------
Class B principal balance 9,663,831.00
initial Class B principal balance 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
Note factor 1.000000000
Class D
-------
Class D principal balance 3,865,532.00
Initial Class D principal balance 3,865,532.00
Note factor 1.000000000
</TABLE>
6
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- ----------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
13-Sep-99
<TABLE>
<CAPTION>
Cumulative Loss Amount Schedule
- -------------------------------
<S> <C>
(i) Outstanding Principal Amount of the Notes as of the preceding Distribution Date 325,785,583.28
(ii) Overcollateralization Balance as of the preceding Distribution Date 1,932,765.98
(iii) Monthly Principal Amount 11,036,963.91
(iv) Available Amounts remaining after the payment of interest 10,947,368.52
(v) ADCB as of the end of the Collection Period 316,681,385.35
Cumulative Loss Amount 89,595.39
Class B Floor Calculation
- -------------------------
Class B Floor percentage 1.86%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 89,595.39
Sum of Outstanding Principal Amount of Class C Notes, Class D Notes and
Overcollateralization Balance 13,529,362.98
Class B Floor (6,249,877.36)
Class C Floor Calculation
- -------------------------
Class C Floor percentage 1.09%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 89,595.39
Sum of Outstanding Principal Amount of Class D Notes and Overcollateralization Balance 5,798,297.98
Class C Floor (1,495,272.29)
Class D Floor Calculation
- -------------------------
Class D Floor percentage 0.47%
Initial ADCB 386,553,237.98
Cumulative Loss Amount for current period 89,595.39
Overcollateralization Balance 1,932,765.98
Class D Floor (26,370.37)
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: 386,553,237.98
Cumulative DCB of Substitute Contracts replacing materially modified contracts 0.00
Percentage of Substitute Contracts replacing materially modified contracts 0.00%
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 0.00%
The DCB of Skipped Payment modifications exceeds 5% of the initial
ADCB (Yes/No) No
Any Skipped Payments have been deferred later than January 1, 2006 N/A
</TABLE>
7
<PAGE>
Heller Equipment Asset Receivable Trust 1999-1
- ----------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Pool Data
13-Sep-99
<TABLE>
<CAPTION>
Pool Data
- ---------
<S> <C>
ADCB as of the first day of the Collection Period 327,718,349.26
ADCB as of the last day of the Collection Period 316,681,385.35
DCB as of the first day of the Collection Period of Contracts that became Defaulted Contracts 313,894.11
Number of Contracts that became Defaulted Contracts during the period 3
Defaulted Contracts as a percentage of ADCB (annualized) 1.19%
DCB of Contracts as of the last day of the Collection Period that became Prepaid Contracts 560,930.23
Number of Prepaid Contracts as of the last day of the Collection Period 9
DCB of Contracts as of the last day of the Collection Period that
were added as Substitute Contracts 0.00
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 0.00
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 0.00
Cumulative Servicer Advances paid by the Servicer 4,854,290.17
Cumulative reimbursed Servicer Advances 4,854,290.17
</TABLE>
<TABLE>
<CAPTION>
Delinquencies and Losses Dollars Percent
- ------------------------ ------- -------
<S> <C> <C>
Current 281,042,418.44 88.75%
31-60 days past due 22,165,368.60 7.00%
61-90 days past due 8,190,923.72 2.59%
Over 90 days past due 5,282,674.59 1.67%
------------------- ------------
Total 316,681,385.35 100.00%
31+ days past due 35,638,966.91 11.25%
(i) Cumulative ADCB of Defaulted Contracts (cumulative gross losses to date) 642,565.34
(ii) Cumulative Recoveries realized on Defaulted Contracts 242,737.63
Cumulative net losses to date ( (i) - (ii) ) 399,827.71
Cumulative net losses as a percentage of the initial ADCB 0.10%
</TABLE>
8
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