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Previous: RADIO ONE INC, S-1/A, 2000-03-01 |
Next: ITC DELTACOM INC, 8-K, 2000-03-01 |
<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: February 25, 2000
-----------------
(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 February 25, 2000, 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
February 25, 2000.
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: March 1, 2000
-------------
HELLER FUNDING CORPORATION
By: /s/ Carol J. Radtke
----------------------------
Carol J. Radtke
Title: Assistant Vice President
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document Description
- ------ --------------------
99 Heller Funding Corporation - Monthly Report for the Distribution Date
of February 25, 2000.
<PAGE>
EXHIBIT 99
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.
Monthly Report - Restricting Events
2/25/00
<TABLE>
<CAPTION>
Restricting Events
- ------------------
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 4,295,687.27 2,248,456.84 2,047,230.43 0.748%
1 month prior 5,045,727.89 2,487,773.91 2,557,953.98 0.930%
Current 6,162,205.49 2,592,225.93 3,569,979.56 1.304%
------------- ------------- ------------- ---------------
Average 5,167,873.55 2,442,818.89 2,725,054.66 0.995%
Annualized maximum Cumulative Net Loss Ratio 1.000%
Average Cumulative Net Loss Ratio 0.995%
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 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.
Monthly Report - Limitations
<TABLE>
<CAPTION>
Obligor Event Trigger Determination
- -----------------------------------
<S> <C>
The current period is less than 16 months after the Closing Date (January 4, 1999) (yes/N/A) N/A
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) N/A
The Obligor Event has been cured (yes, if any of the following is yes/no, if each of the following
is a 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
Cumulative DCB of Substitute Contracts replacing Defaulted Contracts and Adjusted Contracts 0
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 0.25%
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 municipalities 0
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 Software exceeds 3.88% of the 0.14%
ADCB of the Contract Pool no
(iii) The ADCB of all End-User Contracts with Obligors who comprise the three largest Obligors (measured by 2.65%
ADCB as of the 2.65% 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 Obligors (measured by ADCB 11.37%
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 a Vendor Loan of such 10.31%
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 State of the United States 5.57%
exceeds 17.73% of the ADCB of the Contract Pool no
</TABLE>
<PAGE>
Heller Equipment Asset Receivable Trust 1997-1
- -------------------------------------------------------------------------------
Heller Financial Inc.
Monthly Report - Accounts
2/25/00
<TABLE>
<CAPTION>
Collection Reserve
Account Fund
------- ----
<S> <C> <C>
Beginning Account Balance 0.00 2,738,265.00
Investment Earnings 17,631.13 11,891.51
Collection Account
- ------------------
Scheduled Payments, net of Excluded Amounts and less Servicer Advances plus Payaheads 3,898,652.91
Add: Prepayment Amounts 997,576.95
Add: Recoveries 104,452.02
Add: Investment Earnings 29,522.64 (11,891.51)
Add: Late Charges 6,078.93
Add: Expired Lease Proceeds 0.00
Add: Servicer Advances 0.00
Available Amounts 5,036,283.45 2,738,265.00
- -----------------
Payments on Payment Date
- ------------------------
(A) ** Indenture Trustee Fees (will be first in funds allocation during 0.00
a Restricting Event or Event of Default)
(A) Unreimbursed Servicer Advances 0.00
(B) Monthly Servicing Fee, due and accrued, including any amounts unpaid 26,385.36
(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 307,261.88
(E) Class B Notes interest, due and accrued, including any amounts unpaid 14,334.20
(F) Class C Notes interest, due and accrued, including any amounts unpaid 12,318.15
(G) Class D Notes interest, due and accrued, including any amounts unpaid 14,069.99
(H) The Class A-1 Principal Payment Amount 0.00
(I) The Class A-2 Principal Payment Amount 4,661,913.86
(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 only if an Obligor Event has occurred and is continuing) 0.00
(N) Any excess to Certificateholders 0.00
Distributions to Noteholders and Certificateholders 5,036,283.44
Ending balance of accounts 0.00 2,738,265.00
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.
Monthly Report - Schedules
2/25/00
<TABLE>
<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 63,324,864.57
(iii) Servicing Fee (((i) / 12 ) x (ii)) 26,385.36
(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)) 26,385.36
(vi) Monthly Servicing Fee distributed 26,385.36
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 5.73250%
(ii) Number of days in Accrual Period 0
Monthly Class A-1 Interest Rate ((i) x ( (ii)/360)) 0.00%
Current Class A-1 interest due 0.00
Prior Class A-1 interest arrearage 0
Current Period Interest Shortfall 0.00
Class A-1 interest distribution 0.00
Class A-2 Interest Schedule
- ---------------------------
Opening Class A-2 principal balance 57,701,762.13
Class A-2 Interest Rate 6.3900%
Class A-2 Interest Rate x 30/360 0.5325%
Current Class A-2 interest due 307,261.88
Prior Class A-2 interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class A-2 interest distribution 307,261.88
Class B Interest Schedule
- -------------------------
Opening Class B principal balance 2,646,313.25
Class B Interest Rate 6.5000%
Class B Interest Rate x 30/360 0.5417%
Current Class B interest due 14,334.20
Prior Class B interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class B interest distribution 14,334.20
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class C Interest Schedule
- -------------------------
<S> <C>
Opening Class C principal balance 2,212,842.03
Class C Interest Rate 6.6800%
Class C Interest Rate x 30/360 0.5567%
Current Class C interest due 12,318.15
Prior Class C interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class C interest distribution 12,318.15
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 2,212,842.03
Class D Interest Rate 7.6300%
Class D Interest Rate x 30/360 0.6358%
Current Class D interest due 14,069.99
Prior Class D interest arrearage 0.00
Current Period Interest Shortfall 0.00
Class D interest distribution 14,069.99
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 63,324,864.57
(iii) ADCB as of last day of immediately preceding Collection Period 57,611,188.59
Expected Class A-1 Payment ((ii) - (iii)) 5,713,675.98
(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 57,701,762.13
(ii) Applicable Class A-2 Percentage 90.91%
(iii) ADCB as of the last day of the immediately preceding Collection Period 57,611,188.59
(iv) Current month targeted Class A-2 principal balance ((ii) * (iii)) 52,373,807.86
(v) (i) - (iv) (zero until Class A-1 has been retired) 5,327,954.27
(vi) Class A-2 Principal Payment Amount (lesser of (i) or (v)) 5,327,954.27
Class A-2 Principal Payment Amount distributed 4,661,913.86
Shortfall 666,040.41
Class A-2 principal balance after current distribution 53,039,848.27
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class B Principal Schedule
- --------------------------
(i) Opening Class B principal balance 2,646,313.25
(ii) Applicable Class B Percentage 3.90%
(iii) ADCB as of the last day of the immediately preceding Collection Period 7,611,188.59
(iv) Current month targeted Class B principal balance ( (ii) * (iii) ) 2,244,591.74
(v) (i) - (iv) (zero until Class A-1 has been retired) 401,721.51
(vi) Class B Principal Payment Amount (lesser of (i) or (v) ) 401,721.51
Class B Principal Payment Amount distributed -
Shortfall 401,721.51
Class B principal balance after current distribution 2,646,313.25
Class C Principal Schedule
- --------------------------
(i) Opening Class C principal balance 2,212,842.03
(ii) Applicable Class C Percentage 2.60%
(iii) ADCB as of the last day of the immediately preceding Collection Period 7,611,188.59
(iv) Current month targeted Class C principal balance ( (ii) * (iii) ) 1,496,394.49
(v) (i) - (iv) (zero until Class A-1 has been retired) 716,447.54
(vi) Class C Principal Payment Amount (lesser of (i) or (v) ) 716,447.54
Class C Principal Payment Amount distributed -
Shortfall 716,447.54
Class C principal balance after current distribution 2,212,842.03
Class D Principal Schedule
- --------------------------
(i) Opening Class D principal balance 2,212,842.03
(ii) Applicable Class D Percentage 2.60%
(iii) ADCB as of the last day of the immediately preceding Collection Period 57,611,188.59
(iv) Current month targeted Class D principal balance ( (ii) * (iii) ) 1,496,394.49
(v) (i) - (iv) (zero until Class A-1 has been retired) 716,447.54
(vi) Class D Principal Payment Amount (lesser of (i) or (v) ) 716,447.54
Class D Principal Payment Amount distributed -
Shortfall 716,447.54
Class D principal balance after current distribution 2,212,842.03
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 -
Required deposit to Reserve Fund -
Actual deposit to Reserve Fund -
Interest Earned on Reserve Account 11,891.51
Deposit to Certificateholder -
Ending Reserve Fund balance 2,738,265.00
Ending Reserve Fund balance as a percentage of ADCB 4.75%
Servicing Fee Schedule
- ----------------------
Servicing Fee during an Obligor Event 0.00
Servicing Fee paid 0.00
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Heller Financial Inc.
Monthly Report - Note Factors
2/25/00
<TABLE>
<S> <C>
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 # 42337AB1
Class A-2
---------
Class A-2 principal balance 53,039,848.27
Initial Class A-2 principal balance 191,678,552.00
Note factor 0.276712484
CUSIP # 423327AC9
Class B
-------
Class B principal balance 2,646,313.25
initial Class B principal balance 8,214,795.00
Note factor 0.322139901
CUSIP # 423327AD7
Class C
-------
Class C principal balance 2,212,842.03
Initial Class C principal balance 5,476,530.00
Note factor 0.404059145
Class D
-------
Class D principal balance 2,212,842.03
Initial Class D principal balance 5,476,530.00
Note factor 0.404059145
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1997-1
- --------------------------------------------------------------------------------
Heller Financial Inc.
Monthly Report - Note Factors
2/25/00
<TABLE>
<S> <C>
ADCB as of the last day of the Collection Period 57,611,188.59
Loss and Delinquency Data for Period
- ------------------------------------
DCB of Defaulted Contracts as of the last day of the Collection Period 1,116,477.60
Number of Defaulted Contracts as of the last day of the Collection Period 1
Defaulted Contracts as a percentage of ADCB (annualized) 23.26%
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 814,197.63
Number of Prepaid Contracts as of the last day of the Collection Period 4
DCB of Substitute Contracts as of the last day of the Collection Period 0.00
Number of Substitute Contracts as of the last day of the 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 Excess Contracts as of the last day of the Collection Period 0.00
Number of Excess Contracts as of the Collection Period 0
Recoveries collected relating to Defaulted Contracts as of the last day of the Collection Period 104,452.02
</TABLE>
<TABLE>
<CAPTION>
Dollars Percent
------- -------
<S> <C> <C>
Current 51,556,667.24 87.88%
31-60 days past due 3,350,439.60 5.71%
61-90 days past due 2,684,957.71 4.58%
Over 90 days past due 1,075,786.60 1.83%
-------------- ------------
Total 58,667,851.15 100.00%
31+ days past due 7,111,183.91 12.12%
(i) DCB of cumulative Defaulted Contracts (cumulative gross losses to date) 6,162,205.49
(ii) Cumulative Recoveries realized on Defaulted Contracts 2,592,225.93
Cumulative net losses to date ( (i) - (ii) ) 3,569,979.56
--------------------------------------------------------------------------------------------------
Static Information
Initial ADCB 273,826,503.00
Discount Rate 6.9239%
Class A-1 Initial Principal Amount 62,980,096.00
Class A-1 Interest Rate 5.7325%
Class A-2 Initial Principal Amount 191,678,552.00
Class A-2 Interest Rate 6.3900%
Class B Initial Principal Amount 8,214,795.00
Class B Interest Rate 6.5000%
Class C Initial Principal Amount 5,476,530.00
Class C Interest Rate 6.6800%
Class D Initial Principal Amount 5,476,530.00
Class D Interest Rate 7.6300%
Reserve Fund Initial Deposit 2,738,265.00
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>
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