Fitch Rates GreatAmerica Leasing Receivables 2000-1, L.L.C.Business Editors NEW YORK--(BUSINESS WIRE)--June 16, 2000 Fitch rates GreatAmerica Leasing Receivables 2000-1, L.L.C's $72,247,311 class A-1 notes `F1+/AAA', $61,874,575 class A-2 notes `AAA', $23,157,736 class A-3 notes `AAA', $44,023,821 class A-4 notes `AAA' and $13,267,453 class B notes `AA'. The `AAA' rating on the aggregate $201,303,443 class A notes reflects the 26.35% credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided by the subordination of the class B notes (5.50%), the class C notes (5.75%), the class D notes (2.80%), the reserve account (1.0%), the residual cash flows (8.80%) and the issuer's retained interest Retained interest (also colloquially known as a payout penalty) is future, currently unpaid, interest that some lenders add to the remaining principal of a loan to determine a payout figure in the event that the loan is terminated before the completion of the original term. (2.50%). The `AA' rating on the class B notes reflects the 20.85% credit enhancement provided by the class C notes, the class D notes, the reserve account, the residual cash flows and the issuer's retained interest. The ratings address the timely payment of interest and the ultimate payment of principal on the notes by the legal maturity date. At closing, the reserve account was funded in an amount equal to 1% of the discounted present value (PV) of the leases. On an ongoing basis, the required reserve amount equals the lesser of a) 1% of the discounted PV of the leases as of the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date and b) the outstanding principal amount of the class A through D notes. Amounts in excess of the required reserve amount will be disbursed to the issuer. The number of contracts in the statistical pool is 31,859, representing an aggregate discounted contract balance of $240,282,441. The average contract principal balance is approximately $7,542. The pool is diversified in terms of obligors, equipment type and geographic location. GreatAmerica Leasing Receivables 2000-1, L.L.C. (issuer) is wholly owned by GreatAmerica Leasing Corporation (GreatAmerica). Headquartered in Cedar Rapids Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , Iowa, GreatAmerica focuses on the leasing of small-ticket office equipment originated through a nation-wide network of office equipment and telephone dealers. As servicer, GreatAmerica has a number of responsibilities, including reviewing the contract files for completeness, monitoring and tracking that all insurance is in place and that all taxes are paid, billing and collecting payments from obligors, depositing funds into the collection accounts, providing periodic servicing reports, and remarketing and repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, of the underlying equipment. Fitch has received true sale and non-consolidation opinions stating that the transfer of the contracts and the equipment from the seller to the special-purpose corporation (SPC 1. (business) SPC - Statistical Process Control. Something to do with quality management. 2. (body) SPC - Software Productivity Centre. 3. (company) SPC - Software Publishing Corporation. 4. ) is a sale, not a pledge of assets. In the event GreatAmerica was to enter into bankruptcy, the transfer of the assets to the SPC would not be in jeopardy jeopardy, in law, condition of a person charged with a crime and thus in danger of punishment. At common law a defendant could be exposed to jeopardy for the same offense only once; exposing a person twice is known as double jeopardy. . Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Corporates, Structured Finance, Insurance, Sovereigns and Public Finance Markets worldwide. |
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