SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 20, 1997
TL LEASE FUNDING CORP. IV
(Exact Name of Registrant as Specified in Charter)
Delaware 33-95108 51-0366091
(State or Other (Commission (IRS Employer
Jurisdiction File Number) Identification
of Incorporation) Number)
The Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19801
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 658-7851
Page 1 of 8 sequentially-numbered pages.
Exhibit Index appears on page 4.
Item 5. Other Events
Attached hereto as Exhibit 99.1 is the Monthly Statement for May
1997 with respect to TLFC IV Equipment Lease Trust 1996-1, a Delaware business
trust (the "Trust"), which isssued $127,848,986 aggregate principal amount of
its Class A 5.98% Equipment Lease Backed Notes and $13,536,951 aggregate
principal amount of its Class B 6.64% Equipment Lease Backed Notes pursuant
to an Indenture, dated as of November 26, 1996, between the Trust and
Manufacturers and Traders Trust Company, as indenture trustee.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Monthly Statement for May 1997 with respect to TLFC IV
Equipment Lease Trust 1996-1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TL LEASE FUNDING CORP. IV
By: /s/ Stephen Hupp
Name: Stephen Hupp
Title: Vice President - Finance
Dated: June 26, 1997
EXHIBIT INDEX
Exhibit No. Description Page No.
99.1 Monthly Statement for May 1997 with respect
to TLFC IV Equipment Lease Trust 1996-1 5
TL Lease Funding Corp. IV
TLFC IV Equipment Lease Trust 1996-1
Monthly Statement
For the Collection Period ended 5/31/97
<TABLE>
NOTE
COLLECTION DISTRIBUTION
ACCOUNT ACCOUNT
<S> <C>
Beginning Balance $0.00
Deposit of Collections and Other Amounts
Collections during the Collection Period [4.7(b)] $5,876,660.45
Less: Collections to reimburse Servicer Advances (1,209,004.39)
[4.7(c)(i)]
Less: Collections from Repurchased Leases or 0.00
Substituted Leases [4.7(c)(ii)]
Add: Servicer Advances [3.3] 1,167,783.44
Add: Investment Earnings 29,263.07
Available Amount $5,864,702.57
Payments on Payment Date [4.8]
(a) Unreimbursed Servicer Advances to the Servicer 0.00
(when deemed by Servicer to be uncollectible)
(b) Servicing Fee Arrearage to the Servicer 0.00
(c) Servicing Fee to the Servicer (101,015.44)
<C> <S> <C> <C>
(d) Class A Interest Arrearage 0.00 0.00
to Holders of Class A Notes
(e) Class A Interest Payment Amount (500,313.26) 500,313.26
to Holders of Class A Notes
(f) Class B Interest Arrearage 0.00 0.00
to Holders of Class B Notes
(g) Class B Interest Payment Amount (61,490.21) 61,490.21
to Holders of Class B Notes
(h) Class A Principal Payment Amount (4,670,029.58) 4,670,029.58
to Holders of Class A Notes
(i) Class B Principal Payment Amount as follows:
1) to Holders of Class A Notes to extent of 0.00 0.00
Subordination Shortfall
2) remainder Holders of Class B Notes if 0.00 0.00
Restricting Event exists
3) remainder to Holders of Class B Notes (531,854.08) 531,854.08
if no Restricting Event exists
(j) Holders of Class B Notes if Restrcting Event exists 0.00
(k) Holders of the Trust Certificate 0.00
Subtotal (5,864,702.57)5,763,687.13
Distributions to Noteholders (5,763,687.13)
Ending Balance 0.00 0.00
<PAGE>
</TABLE>
TL Lease Funding Corp. IV
TLFC IV Equipment Lease Trust 1996-1
Monthly Statement
For the Collection Period ended 5/31/97
<TABLE>
SUBORDINATION AMOUNT
<S> <C>
Aggregate Discounted Lease Balance $116,057,282
(on the last day of the Collection Period)
Add: Available Amount 5,864,703
Less: Outstanding Class A Principal Balance (95,727,279)
(after current Payment Date)
Subordination Amount $26,194,705
Minimum Required Subordination Amount $5,640,396
Subordination Shortfall $0
RESTRICTING EVENT CALCULATIONS
(1) Average Aggregate Delinquencies-trailing 6 months 519,622
Average Aggregate Discounted Lease Balance - 128,944,718
Trailing 6 months
Delinquency Ratio 0.40%
Maximum Delinquency Ratio 2.00%
(2) Aggregate Discounted Lease Balance of Charged-off 860,706
Leases - trailing 6 months
Annualized Net Charge-offs 1,721,412
Average Aggregate Discounted Lease Balance - 128,944,718
Trailing 6 months
Charge-off Ratio 1.34%
Maximum Charge-off Ratio 5.00%
Restricting Event NO
SUBSTITUTION CALCULATIONS (SECTION 5.1)
(1) Cumulative Discounted Lease Balance of Leases $0
substituted for Leases subject to Defaulted Leases
Maximum ADLB of substituted Leases $9,024,634
(6% of ADLB at Closing Date)
(2) Cumulative Discounted Lease Balance of Leases $0
Substituted for Leases subject to Warranty Event
Maximum ADLB of substituted Leases $7,520,529
(5% of ADLB at Closing Date)
(3) Cumulative Discounted Lease Balance of Leases $0
Substitituted for Leases
Maximum ADLB of substituted Leases $15,041,057
(10% of ADLB at Closing Date)
<PAGE>
(4) Aggregate Discounted Lease Balance $116,057,282
(on the last day of the Collection Period)
Less: Outstanding Class A Principal Balance ($100,397,309)
(on the last day of the Collection Period)
Substitution Subordination Amount $15,659,973
Greater of:
a) 15% of ADLB on the last day of the Collection Period $17,408,592
b) Minimum Required Subordination Amount $5,640,396
If substitution subordination amount does not exceed the
Greater of (a) and (b), there can be no substitutions for
Early Termination Leases or Warranty Events
EARLY TERMINATION LEASES (Section 3.2(b))
Aggregate Discounted Lease Balance of all Leases which $3,071,631
have become Early Termination Leases or Partial Early
Termination Leases
Less: Cumulative Discounted Lease Balance of leases $0
substituted for Early Termination Leases
Net Aggregate Discounted Lease Balance of Early $3,071,631
Termination Leases
Maximum Early Termination Leases $4,790,157
(3% of ADLRB at Cut-Off Date)
</TABLE>
<PAGE>
TL Lease Funding Corp. IV
TLFC IV Equipment Lease Trust 1996-1
Monthly Statement
For the Collection Period ended 5/31/97
PAYMENTS ON CLASS A & B SECURITIES (PER $1,000 OF INITIAL PRINCIPAL
BALANCE, PER PAGE 34 & 35 OF PROSPECTUS SUPPLEMENT)
<TABLE>
CLASS A
<S> <C>
Principal Payment $36.5277014
Interest Payment $3.9133143
CLASS B
Principal Payment $39.2890600
Interest Payment $4.5423973
Remaining outstanding principal balance, Class A $748.7527444
(per $1,000 of initial principal balance)
Remaining outstanding principal balance, Class B $781.6261601
(per $1,000 of initial principal balance)
Class A Pool Factor 74.8752744%
(remaining outstanding principal balance/initial
outstanding principal balance, after current payment)
Class B Pool Factor 78.1626160%
(remaining outstanding principal balance/initial
outstanding principal balance, after current payment)
DISCOUNTED LEASE AND RESIDUAL DATA
ADLB on the last day of the Collection Period $116,057,281.83
ADLRB on the last day of the Collection Period $124,858,545.81
LOSS AND DELINQUENCY DATA
DLB of Defaulted Leases for the Collection Period $212,033.14
# of Defaulted Leases for the Collection Period 22
DLB of Early Termination Leases for the Collection Period $581,951.53
# of Early Termination Leases for the Collection Period 70
DLB of Partial Early Termination Leases for the $0.00
Collection Period
# of Partial Early Termination Leases for the 0
Collection Period
DLB of Repurchased Leases for the Collection Period $0.00
# of Repurchased Leases for the Collection Period 0
DLB of delinquent Leases (90 days delinquent) $856,985.73
for the Collection Period
</TABLE>
<PAGE>
TL Lease Funding Corp. IV
TLFC IV Equipment Lease Trust 1996-1
Monthly Statement
For the Collection Period ended 5/31/97
<TABLE>
ADLB
PER AR AGING PERCENT
<S> <C> <C>
Current 110,719,888 95.40%
31-60 Days Past Due 3,648,713 3.14%
61-90 Days Past Due 831,695 0.72%
Over 90 Days Past Due 856,986 0.74%
Total 116,057,282 100.00%
</TABLE>
<PAGE>
