-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CFZIUSm/TS8eDFzb9dhWp3xY/EXEVsGQ14Crw4e71DqF04PWxXsdmSaR1Z+VFsv+ CLhdiaC5XGnwukpEkHjthg== 0000891804-02-001565.txt : 20020815 0000891804-02-001565.hdr.sgml : 20020815 20020815100236 ACCESSION NUMBER: 0000891804-02-001565 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020815 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREATAMERICA LEASING RECEIVABLES 2002-1 LLC CENTRAL INDEX KEY: 0001160255 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 421525285 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-70892 FILM NUMBER: 02739005 BUSINESS ADDRESS: STREET 1: 625 FIRST, STREET SE STREET 2: SUITE 601 CITY: CEDAR RAPIDS STATE: IA ZIP: 52401 BUSINESS PHONE: (319) 261-4029 MAIL ADDRESS: STREET 1: 625 FIRST STREET S.E. STREET 2: SUITE 601 CITY: CEDAR RAPIDS STATE: IA ZIP: 52401 FORMER COMPANY: FORMER CONFORMED NAME: GREATAMERICA LEASING RECEIVABLES 2001-1 LLC DATE OF NAME CHANGE: 20010928 8-K 1 ga27281.txt GREATAMERICA LEASING RECEIVABLES 2002-1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20579 ----------------------------- 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): 08/15/2002 GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C., (as issuer under the Indenture dated as of March 1, 2002, which issued Receivable-Backed Notes, Series 2002-1) GREATAMERICA LEASING RECEIVABLES 2002-1, L.L.C. --------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-70892 42-1525285 ------------------ ----------------- ----------------------- (State of other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 625 First Street SE, Suite 601 52401 Cedar Rapids, Iowa ---------------- - -------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (319) 366-7577 ITEM 5. OTHER EVENTS In accordance with the Transfer and Servicing Agreement dated as of March 1, 2002 among the Registrant, GreatAmerica Leasing Corporation and The Chase Manhattan Bank, N.A., the Registrant has caused to be filed with the Commission, attached hereto as Exhibit 99.1, the Monthly Report dated August 15, 2002. The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. -2- ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. 99.1 Monthly Reports. -3- SIGNATURE 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 thereunto duly authorized. GREATAMERICA LEASING RECEIVABLES, 2002-1, L.L.C. Date: August 15, 2002 By: /s/ Brett Steffen -------------------- Name: Brett Steffen Title: Treasurer -4- EXHIBIT INDEX EXHIBIT DESCRIPTION 99.1 Monthly Reports -5- EX-99.1 3 gal27281.txt MONTHLY REPORTS MONTHLY SERVICER REPORT Page: 1 Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C. Seller and Servicer: GreatAmerica Leasing Corporation Distribution Date: 8/15/02 PAYMENT SUMMARY
Class Beginning Pass Thru Interest Principal Total Ending Bond Name CUSIP Balance Rate Paid Paid Distribution Balance Factor - ---- ----- ------- ---- ---- ---- ------------ ------- ------ A-1 39153QAA3 27,589,515.59 2.25794% 53,643.32 6,007,754.78 6,061,398.10 21,581,760.81 41.75% A-2 39153QAC9 38,294,984.07 3.36000% 107,225.96 - 107,225.96 38,294,984.07 100.00% A-3 39153QAD7 84,887,214.69 4.47000% 316,204.87 - 316,204.87 84,887,214.69 100.00% A-4 39153QAE5 37,529,084.39 5.10000% 159,498.61 - 159,498.61 37,529,084.39 100.00% B 39153QAF2 9,505,569.17 4.60000% 36,438.02 303,276.08 339,714.10 9,202,293.08 85.82% C 39153QAG0 9,618,730.70 4.91000% 39,356.64 306,886.51 346,243.15 9,311,844.19 85.82% D 39153QAH8 12,108,284.53 5.55000% 56,000.82 386,315.96 442,316.78 11,721,968.57 85.82% Totals 219,533,383.14 768,368.23 7,004,233.34 7,772,601.57 212,529,149.80
Target (defined) Investor Class Principal Class Percentage Amount - ----- ---------- --------- AGGSNR 83.2000% 182,293,043.95 B 4.2000% 9,202,293.08 C 4.2500% 9,311,844.19 D 5.3500% 11,721,968.57 (Retained) Certificate Balance 6,573,066.49 % of Agg. Collateral Value, beginning 2.90% % of Agg. Collateral Value, ending 3.00% Monthly Principal Amount 7,220,859.11 Additional Principal - Overcollateralization Balance, beginning 6,789,692.26 Overcollateralization Balance, ending 6,573,066.49 Cumulative Loss Amount - MONTHLY SERVICER REPORT Page: 2 Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C. Seller and Servicer: GreatAmerica Leasing Corporation Distribution Date: 8/15/02
AGGREGATE COLLATERAL VALUE (Discount Rate = 5.299%) Initial Aggregate Discounted Contract Balance 255,299,893.79 Aggregate Discounted Contract Balance, beginning 226,323,075.40 Aggregate Discounted Contract Balance, ending 219,102,216.29 Total Contracts in Pool 25,575 RESIDUAL ACCOUNT Residual Account Balance, beginning - Residual Account Balance, ending - SERVICER ADVANCES Cumulative un-reimbursed Servicer Advances, beginning 817,313.04 Unreimbursed Servicer Advances collected 624,480.39 Servicer Advances for the current Due Period 659,862.99 Non-recoverable Unreimbursed Servicer Advances 91,057.39 Cumulative un-reimbursed Servicer Advances, ending 761,638.25 PAYAHEAD ACCOUNT Advance Payment Balance, beginning 2,211,670.60 Pymts rec'd in prior periods attributable to current Due Period 2,134,898.33 Pymts attributable to future Due Periods 2,690,924.89 Advance Payments Balance, ending 2,767,697.16 SUBSTITUTIONS Defaulted Leases and Excess Contracts Substituted to date, beginning 711,619.30 Defaulted Leases and Excess Contracts Substituted this month 594,784.92 Defaulted Leases and Excess Contracts Substituted to date, ending 1,306,404.22 Total Substituted to date, ending 0.51% Prepaid Contracts Substituted to date, beginning 1,867,002.92 Prepaid Contracts Substituted this month 526,131.01 Prepaid Contracts Substituted to date, ending 2,393,133.93 RESERVE FUND Reserve Account Balance, beginning 3,394,846.13 Required Reserve Amount 3,286,533.24 Required Draw to Increase Available Funds - Reserve Fund Deficiency covered by Excess Available Funds - Excess Reserve Funds released to Waterfall 108,312.89 Reserve Account Balance, ending 3,286,533.24
MONTHLY SERVICER REPORT Page: 3 Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C. Seller and Servicer: GreatAmerica Leasing Corporation Distribution Date: 8/15/02
AVAILABLE FUNDS (COLLECTION ACCOUNT) Scheduled Payments Received 8,167,300.46 Reinv. From Collections, Payahead, Residual, and Reserve Accounts 17,332.31 Past Due Payments received 624,480.39 Past due payments due on Early Termination (from Seller) - Proceeds from Prepayments 599,818.06 Recoveries on Non-Performing Leases Not Substituted - Servicer Advances 659,862.99 Casualty and Termination Payments - Expired Contract Proceeds 12,281.84 Repurchases of Ineligible Contracts - Defaulted Contracts Recoveries 2,999.00 Net decrease (increase) in Advance Lease Payments Balance (556,026.56) Excess Reserve Funds 108,312.89 Total Available Funds 9,636,361.38 DISTRIBUTIONS OF FUNDS Pursuant to Section 7.05(a) of the Sale and Servicing Agreement Available Funds 9,636,361.38 Reserve Fund Draw to Increase Available Funds - (i)To the Servicer, Unreimbursed Servicer Advances 715,537.78 (ii)Back Up Servicer Fee (2.5 bp) 4,715.06 (iii)To the Servicer, Servicing Fee (75 bp) 141,451.92 (vi)-(ix)Note Interest Paid 768,368.23 (x)-(xvi)Note Principal Paid 7,004,233.34 (xviii)Reserve Fund Deposit - (xxi)Remainder to the Issuer 1,002,055.04
DELINQUENCY AND LOSS INFORMATION Contracts Balance Remain Percentage --------- -------------- ---------- Current 25,062 37,529,084.39 99.37% 31 - 60 days 106 621,759.90 0.27% 61 - 90 days 46 427,951.50 0.18% 91 - 120 days 35 418,239.27 0.18% Current Current Current Cumulative Cumulative Losses Recoveries Net Loss Gross Loss Net Loss ------ ---------- -------- ---------- -------- 547,824.16 - 547,824.16 1,269,432.47 1,200,707.75
RESIDUAL EVENT TRIGGERS Average of Current Prior 2nd Prior Last 3 months Due Period Due Period Due Period ------------- ---------- ---------- ---------- Residual Realization Percentage (Trigger < 85.00%) 223.94% 148.75% 180.25% 342.81% Delinquency Percentage (Trigger > 6.00%) 0.73% 0.63% 0.82% 0.75% Cumulative Net Loss Percentage (Triggers Below) 0.47% 0.26% 0.15% Collection Periods 1-12 3.40% Collection Periods 13-24 5.00% Collection Periods 25+ 6.40% Residual Event? No
The undersigned officer of the Servicer hereby certifies that the information contained in this Monthly Servicer Report is True and accurate in all resects; and that no Servicer Default or even that with notice or lapse of time or both would become a Servicer Default, has occurred. GreatAmerica Leasing Corporation, as Servicer By: --------------------------------------------- Brett Steffen Assistant Controller MONTHLY SERVICER REPORT Page: 4 Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C. Seller and Servicer: GreatAmerica Leasing Corporation Distribution Date: 8/15/02
Monthly Principal Amount The excess, if any, of: i. Sum of: Aggregate Principal Amount of the Notes as of the immediately preceding Payment Date 219,533,383.14 Overcollateralization Balance as of the immediately preceding Payment Date 6,789,692.26 -------------- Over 226,323,075.40 ii. Pool Balance, last day of the Collection Period completed immediately prior to the Payment Date 219,102,216.29 -------------- Monthly Principal Amount 7,220,859.11 Class A Principal Payment Amount Class A Target Investor Principal Amount (see below) 182,293,043.95 Beginning Outstanding Aggregate Principal Amount of the Class A Notes 188,300,798.73 -------------- Class A Principal Amount 6,007,754.78 Class B Principal Payment Amount Lessor of: 1. Excess, if any, of: a. Monthly Principal Amount, over 7,220,859.11 b. Class A Payment Amount 6,007,754.78 -------------- And 1,213,104.33 2. Excess, if any, of: a. Beginning Outstanding Aggregate Principal Amount of the Class B Notes 9,505,569.17 Over, the greater of: X Class B Target Investor Principal Amount (see below) 9,202,293.08 And Y Class B Floor (see below) (22,459,264.63) -------------- Class B Principal Payment Amount 303,276.08 Class C Principal Payment Amount Lessor of: 1. Excess, if any, of: a. Monthly Principal Amount, over 7,220,859.11 b. Sum of the Class A and Class B Principal Payment Amounts 6,311,030.86 -------------- And 909,828.25 2. Excess, if any, of: a. Beginning Outstanding Aggregate Principal Amount of Class C Notes 9,618,730.70 Over, the greater of: X Class C Target Investor Principal Amount (see below) 9,311,844.19 and Y Class C Floor (see below) (14,985,053.04) -------------- Class C Principal Payment Amount 306,886.51 Provided however, that if the outstanding principal amount of the Class B notes is less than Or equal to the Class B Floor on the CURRENT Distribution Date, the Class C Floor will Equal the outstanding principal amount of the Class C notes utilized in the calculation of the Class B Floor for the CURRENT Distribution Date. Class D Principal Payment Amount Lesser of: 1. Excess, if any, of: a. Monthly Principal Amount, over 7,220,859.11 b. Sum of the Class A, Class B, and Class C Principal Payment Amounts 6,311,030.86 -------------- And 602,941.74 2. Excess, if any, of: a. Beginning Outstanding Aggregate Principal Amount of the Class D Notes 12,108,284.53 Over, the great of: X Class D Target Investor Principal Amount (see below) 11,721,968.57 And Y Class D Floor (see below) (5,046,817.58) -------------- Class D Principal Payment Amount 386,315.96 Provided however, that if the outstanding principal amount of the Class B notes is less than Or equal to the Class B Floor on the CURRENT Distribution Date, the Class C Floor will Equal the outstanding principal amount of the Class C notes utilized in the calculation of the Class B Floor for the CURRENT Distribution Date.
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Class A Target Investor Principal Amount: The product of: i. Class A Percentage 83.20% and ii Pool Balance as of the last day of the Collection Period 219,102,216.29 -------------- Class A Target Investor Principal Amount 182,293,043.95 Class B Target Investor Principal Amount: i. Class B Percentage 4.20% and ii Pool Balance as of the last day of the Collection Period 219,102,216.29 -------------- Class B Target Investor Principal Amount 9,202,293.08 Class C Target Investor Principal Amount: i. Class C Percentage 4.25% and ii Pool Balance as of the last day of the Collection Period 219,102,216.29 -------------- Class C Target Investor Principal Amount 9,311,844.19 Class D Target Investor Principal Amount: i. Class D Percentage 5.35% and ii Pool Balance as of the last day of the Collection Period 219,102,216.29 -------------- Class D Target Investor Principal Amount 11,721,968.57 Class B Floor: 3.66% i. 3.66% of the Original Pool Balance, plus 9,343,976.11 ii. Cumulative Loss Amount (see below), minus - iii. the sum of: a. outstanding Principal Amount of the Class C and D Notes after payment on 21,727,015.24 immediately preceding Payment Date b. Overcollateralization Balance on immediately preceding Payment Date 6,789,692.26 c. Balance in Reserve Fund and Residual Account after amounts withdrawn on Payment Date 3,286,533.24 -------------- Class B Floor (22,459,264.63) Class C Floor: 2.82% i. 2.82% of the Original Pool Balance, plus 7,199457.00 ii. Cumulative Loss Amount(see below), minus - iii. the sum of: a. Outstanding Principal Amount of Class D Notes after payment on 12,108,284.53 immediately preceding Payment Date b. Overcollateralization Balance immediately preceding Payment Date 6,789,692.26 c. Balance in Reserve Fund and Residual Account after amounts withdrawn on Payment Date 3,286,533.24 -------------- Class C Floor (14,985,053.04) Class D Floor 1.97% i. 1.97% of the Original Pool Balance, plus 5,029,407.91 ii. Cumulative Loss Amount (see below), minus - iii. the sum of: a. Overcollateralization Balance on immediately preceding Payment Date 6,789,692.26 b. Balance in Reserve Fund and Residual Account after amounts withdrawn on Payment Date 3,286,533.24 -------------- Class D Floor (5,046,817.58) Cumulative Loss Amount: The excess, if any, of: i. the total of: a. Outstanding Principal Amount of Notes on preceding Payment Date, plus 219,533,383.14 b. Overcollateralization Balance on immediately preceding Payment Date, minus 6,789,692.26 c. The lessor of: 1. Monthly Principal Amount 7,220,859.11 and 2. Available Amounts remaining after payment of all amounts to Servicer and interest 8,001,573.31 -------------- over 219,102,216.29 ii. Pool Balance as of the last day of the Collection Period 219,102,216.29 -------------- Cumulative Loss Amount -
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