FORM 10-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended May 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
GreatAmerica Leasing Receivables 2000-1, L.L.C.
(exact name of Registrant as specified in its charter)
Delaware 42-1502818
(state of incorporation) (I.R.S. Employer
Identification No.)
625 First St. S.E., Suite 701
Cedar Rapids, IA 52401
(319) 365-8449
(Address and Telephone Number of Principal Executive Officer)
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act
of 1934: None.
Securities Registered Pursuant to Section 12(g) of the Securities Exchange Act
of 1934: None.
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No ____
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ X ]
The aggregate market value of the voting stock held by non-
affiliates of the Registrant. None.
PART I
Item 1. Business
GreatAmerica Leasing Receivables 2000-1, L.L.C. (the "Company") is a limited
purpose limited liability company established under laws of the state of
Delaware and was formed by GreatAmerica Leasing Corporation (the "Originator")
who holds a 99% membership interest, and GreatAmerica Leasing Receivables 2000
Corporation (the "Special Purpose Member"), who holds a 1% membership interest,
pursuant to the Limited Liability Company Agreement dated April 12, 2000 between
the Originator and the Special Purpose Member (the "Limited Liability
Agreement"). The Special Purpose Member is wholly owned by the Originator. The
activities of the Company are limited by the terms of the Limited Liability
Agreement to purchasing equipment leases and lease receivables (including
equipment), loan agreements and other financing agreements, issuing notes
collateralized by such assets and other activities related thereto. The leases,
loans, and other agreements purchased are originated throughout the United
States of America. Prior to June 16, 2000 the Company did not conduct any
activities.
Item 2. Properties
The Company neither owns nor leases any physical properties.
Item 3. Legal Proceedings
The Company is not aware of any material pending legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial interests in
the Company through the solicitation of proxies or otherwise.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters
The Company is not an issuer of common stock in a corporation. The equity of the
Company consists of the beneficial or ownership interest therein for which there
is no established public trading market.
Item 6. Selected Financial Data
This is the first year of operation for the Company, so there are no meaningful
comparisons to prior years which might highlight certain significant trends in
the Company's financial condition and results of operations.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
This section, and other portions of this Annual Report on Form 10-K, contain
statements relating to future results of the Company that are "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a result of certain
risks and uncertainties. These risks and uncertainties include, but are not
limited to , changes in economic conditions, availability of lease business to
the Company, changes in personnel and the success or failure of the Company's
customers as well as other risks and uncertainties. The Company does not
undertake, and specifically disclaims, any obligation to update any
forward-looking statements to reflect events or circumstances occurring after
the date of such statements.
On June 16, 2000 the Company issued $214,570,896 in Receivable-Backed Notes
through a public offering. In addition the Company issued $20,624,859 in
Receivable-Backed Notes through a private placement. The proceeds were used to
purchase $235,195,755 of lease contracts from the Originator. The notes are
secured by certain lease receivables and equipment and were issued pursuant to
the terms of an Indenture, a Transfer and Servicing Agreement and other related
transaction agreements. The Company has timely paid all principal, and interest,
and fees owing with respect to the notes and there are no known defaults under
any of the transaction agreements. This is the first year of operation for the
Company, so there are no meaningful comparisons to the prior year. Management
believes the cash flow from the lease contracts will be sufficient to pay the
debt service on the notes payable.
Item 7A. Quantitative and Qualitative Disclosures About
Market Risk
The notes issued by the Company have fixed rates, therefore, the Company is not
sensitive to changes in interest rates. The following table shows the expected
maturity of the outstanding notes at May 31, 2001:
Years Ending May 31, Average Interest Rate
- -------------------- ---------------------
2002 $ 71,578,598 7.50%
2003 43,617,336 7.54%
2004 22,068,092 7.55%
2005 9,065,496 7.55%
-----------------
Total $ 146,329,522
=================
Item 8. Financial Statements and Supplemental Data
The following financial statements and related information are included in Item
8:
Independent Auditors' Report
Balance Sheets as of May 31, 2001 and 2000
Statement of Operations for the Year Ended May 31, 2001
Statement of Members' Equity for the Year Ended May 31, 2001
Statement of Cash Flow for the Year Ended May 31, 2001
Notes to the Financial Statements for the Year Ended May 31, 2001
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Cedar Rapids, Iowa
We have audited the accompanying balance sheets of GreatAmerica Leasing
Receivables 2000-1, L.L.C. (the "Company"), a wholly owned subsidiary of
GreatAmerica Leasing Corporation, as of May 31, 2001 and 2000, and the related
statements of operations, members' equity, and cash flows for the year ended May
31, 2001. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of GreatAmerica Leasing Receivables 2000-1,
L.L.C. as of May 31, 2001 and 2000, and the results of its operations and its
cash flows for the year ended May 31, 2001 in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Cedar Rapids, Iowa
July 31, 2001
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Balance Sheets as of
May 31, 2001 and 2000
Assets: 2001 2000
------------- -------------
Cash, restricted of $12,814,085 in 2001 $ 12,814,085 $ 1,000
------------- -------------
Direct Financing Leases:
Minimum Lease Payments 154,014,637 --
Estimated Unguaranteed Residual Values 20,118,464 --
Unearned Income (22,179,919) --
Allowance for Doubtful Accounts (3,739,859) --
------------- -------------
Net Investment in Direct Finance Leases 148,213,322 --
------------- -------------
Capitalized Securitization Costs, net of
accumulated amortization: 2001-$854,599 981,051 --
------------- -------------
Total Assets $ 162,008,458 $ 1,000
============= =============
Liabilities:
Notes Payable $ 146,329,522 $ --
Accrued Interest 304,100 --
Due to Affiliate 1,448,529 --
------------- -------------
Total Liabilities 148,082,151 --
------------- -------------
Members' Equity:
Paid in Capital 8,022,411 1,000
Retained Earnings 5,903,896 --
------------- -------------
Total Members' Equity 13,926,307 1,000
------------- -------------
Total Liabilities and Members' Equity $ 162,008,458 $ 1,000
============= =============
The accompanying notes are an integral part of these financial statement
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Statement of Operations
Year Ended May 31, 2001
Revenues:
Direct Financing Leases $22,544,026
Interest Income 652,255
Gain on Termination of Leases 1,166,292
Other Income 1,062,094
-----------
Total Revenues 25,424,667
-----------
Expenses:
Interest Expense 13,377,430
Selling, General and Administrative 2,305,024
-----------
Total Expenses 15,682,454
-----------
Net Income $ 9,742,213
===========
The accompanying notes are an integral part of these financial statements.
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Statement of Members' Equity
Year Ended May 31, 2001
Paid In Retained
Capital Earnings Total
----------- ----------- -----------
Balances at May 31, 2000 1,000 -- 1,000
Contribution by Parent 8,021,411 -- 8,021,411
Net Income for 2001 -- 9,742,213 9,742,213
Distributions to Parent -- (3,838,317) (3,838,317)
----------- ----------- -----------
Balances at May 31, 2001 $ 8,022,411 $ 5,903,896 $13,926,307
=========== =========== ===========
The accompanying notes are an integral part of these financial statements.
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Statement of Cash Flows
For the Year Ended May 31, 2001
Cash Flows from Operating Activities:
Net Income $ 9,742,213
Adjustments to Reconcile Net Income to Net Cash
Flows from Operating Activities:
Gain on Termination of Leases (1,166,292)
Amortization of Capitalized Securitization
Costs 854,599
Increase in Due to Affiliate 1,448,529
Increase in Accrued Interest 304,100
-------------
Net Cash Flows from Operating Activities 11,183,149
-------------
Cash Flows from Investing Activities:
Purchase of Direct Financing Leases from Originator (234,462,674)
Repayment of Direct Financing Leases 84,763,816
Proceeds on Termination of Leases 10,673,239
-------------
Net Cash Flows from Investing Activities (139,025,619)
-------------
Cash Flows from Financing Activities:
Proceeds from Notes Payable 235,195,755
Repayment on Notes Payable (88,866,233)
Payment of Securitization Costs (1,835,650)
Distributions to Parent (3,838,317)
-------------
Net Cash Flows from Financing Activities 140,655,555
-------------
Net Increase in Cash 12,813,085
Cash at the Beginning of the Year 1,000
-------------
Cash at the End of the Year $ 12,814,085
=============
Supplemental Disclosures:
Cash Paid during the Period for Interest $ 13,073,330
Noncash Investing and Financing Activity--
Contribution of Direct Financing Leases
by Parent 8,021,411
The accompanying notes are an integral part of the financial statements.
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements
For the Year Ended May 31, 2001
1. Nature of Operations and Significant Accounting Policies
NATURE OF OPERATIONS-GreatAmerica Leasing Receivables 2000-1, L.L.C. (the
"Company") is a limited purpose limited liability company established under
the laws of the state of Delaware and was formed by GreatAmerica Leasing
Corporation (the "Originator") who holds a 99% membership interest, and
GreatAmerica Leasing Receivables 2000 Corporation (the "Special Purpose
Member"), who holds a 1% membership interest, pursuant to the Limited
Liability Company Agreement dated April 12, 2000 between the Originator and
the Special Purpose Member (the "Limited Liability Agreement"). The Special
Purpose Member is wholly owned by the Originator. The activities of the
Company are limited by the terms of the Limited Liability Agreement to
purchasing equipment leases and lease receivables (including equipment),
loan agreements and other financing agreements, issuing notes
collateralized by such assets and other activities related thereto. The
leases, loans, and other agreements purchased are originated throughout the
United States of America. Prior to June 16, 2000 the Company did not
conduct any activities.
USE OF ESTIMATES - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ significantly from those estimated.
Material estimates that are particularly susceptible to significant change
in the near-term relate to the determination of the allowance for doubtful
accounts and the estimated unguaranteed residual values on the lease
receivable contracts purchased.
Although the Originator attempts to mitigate credit risk through the use of
a variety of commercial credit reporting agencies when processing customer
applications, failure of the customers to make scheduled payments under
their equipment lease contracts could have a material near-term impact on
the allowance for doubtful accounts.
Realization of unguaranteed residual values depends on many factors,
several of which are not within the Company's control, including general
market conditions at the time of the original lease contract's expiration,
whether there has been unusual wear and tear on, or use of, the equipment,
the cost of comparable new equipment and the extent, if any, to which the
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements (Continued)
For the Year Ended May 31, 2001
equipment has become technologically or economically obsolete during the
contract term. These factors, among others, could have a material near-term
impact on the estimated unguaranteed residual values.
CERTAIN RISK CONCENTRATION-The Company's direct financing leases are
concentrated in the services, manufacturing, and retail trade industries,
representing approximately 42%, 12% and 10% of the Company's minimum lease
payments receivable at May 31, 2001.
RESTRICTED CASH-The Company is required to maintain a reserve fund equal to
$2,412,264. The remaining available amounts are required to be distributed
in accordance with the securitization agreement.
CAPITALIZED SECURITIZATION COSTS-Capitalized securitization costs are
amortized over the terms of the related debt agreement using the effective
yield method.
NET INVESTMENT IN DIRECT FINANCING LEASES - At the time the lease
receivable contracts were purchased from the Originator the Company
recorded the remaining lease contract receivable, an estimated unguaranteed
residual value and unearned lease income. The unearned lease income
represents the excess of the remaining lease contract receivable plus the
unamortized estimated residual value over the carrying value of the lease
receivable contracts. The unearned income is amortized to income over the
lease term so as to produce a constant periodic rate of return on the net
investment in the lease. Lessees are responsible for all taxes, insurance
and maintenance costs.
ALLOWANCE FOR DOUBTFUL ACCOUNTS - The Originator performs credit
evaluations prior to the approval of a lease contract. Subsequently, after
being purchased by the Company, the payment history of the customer and the
value of the underlying assets are monitored by the Company on an ongoing
basis. The Company maintains an allowance for doubtful accounts for
customers that may become unable to discharge their obligations under the
agreements. The allowance for doubtful accounts is maintained at a level
deemed appropriate by management to provide for known and inherent risks in
the portfolio. The allowance is based on past lease loss experience of the
Originator, current economic conditions and the underlying asset value. The
consideration of such future potential losses also includes an evaluation
for other than temporary declines in the value of the underlying leased
assets. Leases which are deemed uncollectible are charged off and deducted
from the allowance and recoveries are added to the allowance.
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements (Continued)
For the Year Ended May 31, 2001
INCOME TAXES-The Company is taxed as a partnership. As such, the members of
the Company include the taxable income or loss of the Company in their
income tax returns and the Company is not subject to income taxes.
INCOME FROM DIRECT FINANCING LEASES-The Company suspends income recognition
on all leases that are greater than 90 days past due. Income recognition
has been suspended on finance receivables with a recorded investment of
approximately $315,000 as of May 31, 2001.
IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS-In June 1998, the Financial
Accounting Standards Board ("FASB") issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." SFAS No. 133 establishes
accounting and reporting standards for derivative instruments, including
certain derivative instruments embedded in other contracts, and for hedging
activities. In June 1999, the FASB issued SFAS No. 137, which changed the
effective date of adoption of SFAS No. 133 until fiscal years beginning
after June 15, 2000. The adoption of SFAS No. 137 will have no impact on
the Company since it has no derivative instruments.
In June 2001, the FASB issued SFAS No. 141, "Business Combinations", and
SFAS No. 142, "Goodwill and Other Intangible Assets". SFAS 141 addresses
financial accounting and reporting for business combinations and requires
that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001. Under SFAS 142, goodwill and
certain other intangible assets will no longer be amortized into income.
SFAS 142 is effective for fiscal years beginning after December 15, the
adoption of SFAS 142 will have no impact on the Company since it has no
goodwill or intangible assets.
2. Direct Financing Leases
Equipment leases are predominantly for office equipment. The length of the
lease term on the leases initially purchased ranged from 2 to 80 months.
The assets were purchased from the Originator, with funds that were
obtained through the issuance of notes payable that were publicly offered,
as described in a prospectus, dated June 13, 2000 previously filed with the
Securities and Exchange Commission pursuant to Rule 424 A(b) 4. The
schedule of remaining annual minimum payments from lessees and the
unguaranteed residual values to be realized at the expiration of the direct
financing leases at May 31, 2001 are as follows:
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements (Continued)
For the Year Ended May 31, 2001
Unguaranteed
Years Ending May 31, Minimum Lease Payment Residual Values
--------------------- --------------------- ---------------
2002 $ 73,907,961 $ 6,133,595
2003 46,724,588 6,702,341
2004 24,514,511 3,800,760
2005 8,582,800 3,357,926
2006 202,945 122,821
Thereafter 81,832 1,021
--------------------- ---------------
$ 154,014,637 $ 20,118,464
===================== ===============
3. Allowance for Doubtful Accounts
Beginning balance at May 31, 2000 $ ---
Allowance established upon purchase from Originator 7,327,435
Charge-offs (1,472,649)
Defaulted leases (2,177,252)
Recoveries 62,325
---------------
Ending balance at May 31, 2001 $ 3,739,859
===============
Upon purchase of the leases from the Originator, the Company established a
3% allowance for doubtful accounts. Once a contract becomes charged-off or
defaulted, the Originator has the option, but is not obligated, to
substitute for that contract another contract or contracts having similar
characteristics. The Originator may only substitute up to 10% of the
initial aggregate discounted contract balance for all such contracts. The
substitutions are accounted for as an equity contribution.
4. Related Party Transactions
The Originator also serves as the contract servicer. In this function as
servicer, it is responsible for collecting , enforcing, and administering
the contracts. For performing the servicer function it is entitled to a
monthly fee equal to 1/12 of .75% of the aggregate discounted contract
balance of the contracts pledged to the indenture trustee as of the
beginning of the related collection period. This fee is fair market value.
Also in its function as servicer, if it determines that any scheduled
payment with respect to any contract that was due during the collection
period was not received in full prior to the related determination date,
the servicer has the right to
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements (Continued)
For the Year Ended May 31, 2001
elect, but is not obligated, to advance the unpaid scheduled payment if it
reasonably believes that the advance will be recovered from subsequent
payments with respect to that contract.
As the servicer, the Originator received cash payments for the year ended
May 31, 2001 totaling $1,356,624 in servicing fees. Also, the servicer has
not been reimbursed for advances of $1,448,529 which are reflected on the
balance sheet as due to affiliate.
5. Notes Payable
Notes Payable at May 31, 2001 consisted of six classes of Receivable-Backed
Notes at rates of 7.36% to 8.14% maturing through November 2005. The
weighted average borrowing rate was 7.48% at May 31, 2001. The Company has
the option to substitute up to 10% of the initial principal amount of the
notes sold for lease contracts that are in default and may substitute,
without limitation, for lease contracts that are pre-paid. Principal and
accrued interest are payable monthly as the underlying lease contracts are
repaid.
$ 146,329,522
===============
The aggregate maturities of the notes payable, based on scheduled payments
as of May 31, 2001, are as follows:
2002 $ 71,578,598
2003 43,617,336
2004 22,068,092
2005 9,065,496
---------------
Total $ 146,329,522
===============
6. Fair Value of Financial Instruments
The fair value amounts disclosed below are based on estimates prepared by
the Company based on valuation methods appropriate in the circumstances.
Accounting principles generally accepted in the United States of America do
not require disclosure for lease contracts. The carrying amount for
financial instruments included among cash and cash equivalents and
short-term payables approximates their fair value because of the short
maturity of those instruments. The estimated fair value of other
significant financial instruments are based principally on discounted
future cash flows at rates commensurate with the credit, interest rate and
prepayment risk involved.
GreatAmerica Leasing Receivables 2000-1, L.L.C.
Notes to Financial Statements (Continued)
For the Year Ended May 31, 2001
The estimated fair values of the Company's other significant financial
instruments are as follows:
May 31, 2001
------------------------------------
Carrying Amount Fair Value
--------------- ---------------
Notes Payable $ 146,329,522 $ 148,615,522
=============== ===============
7. Quarterly Financial Information (Unaudited)
2001 Quarters
First Second Third Fourth 2001
-----------------------------------------------------------------------
Revenue $(7,085,633) $(6,564,612) $(6,048,922) $(5,725,500) $(25,424,667)
Expenses 4,040,374 4,338,019 3,872,946 3,431,115 15,682,454
-----------------------------------------------------------------------
$(3,045,259) $(2,226,593) $(2,175,976) $(2,294,385) $ (9,742,213)
=======================================================================
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
There were no changes of accountants or disagreements on accounting or financial
disclosures between the Company and its accountants.
PART III
Item 10. Directors and Executive Officers of the Registrant
The following individuals comprise the board of directors and officers of the
Registrant:
Name Age Position
Tony Golobic 56 President and Chief Executive Officer
Douglas D. Olson 51 Executive Vice President
Stanley M. Herkelman 39 Chief Financial Officer, Senior Vice
President and Secretary
Marcene Tolley 42 Treasurer
All directors and officers hold office for the term of one year and until their
successors are elected and qualified, subject to early termination by removal or
resignation.
Item 11. Executive Compensation
None of the officers of the Company are compensated directly by the Company, nor
did the officers receive compensation in the capacities in which they acted for
the Company.
The Company entered into a Transfer and Servicing Agreement dated as of June 1,
2000 with the Originator, under which the Originator services the lease
receivables. The Originator is entitled to receive a monthly servicing fee equal
to 1/12 of .75% of the aggregate discounted contract balance as of the beginning
of the related collection period. The servicing fee totaled $1,356,624 for the
year ended May 31, 2001.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
The Company is effectively 100% owned by the Originator.
Item 13. Certain Relationships and Related Transactions
The Originator is entitled to receive a monthly servicing fee equal to 1/12 of
.75% of the aggregate discounted contract balance as of the beginning of the
related collection period. The servicing fee totaled $1,356,624 for the year
ended May 31, 2001.
Once a contract becomes charged-off or defaulted, the Originator has the option,
but is not obligated, to substitute for that contract another contract or
contracts having similar characteristics. The Originator may only substitute up
to 10% of the initial aggregate discounted contract balance for all such
contracts. During the year ended May 31, 2001, the Originator substituted
$3,649,901 in leases for charged-off or defaulted leases.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K
(a)(1) Financial Statements
The following financial statements are included in Part II, Item 8:
Balance Sheets as of May 31, 2001 and 2000
Statement of Operations for the Year Ended May 31, 2001
Statement of Members' Equity for the Year Ended May 31, 2001
Statement of Cash Flows for the Year Ended May 31, 2001
(2) Financial Statement Schedules
All schedules for which provision is made in the applicable accounting
regulation of the Securities and Exchange Commission are not required
under the related instructions or the applicable information is
included in the notes to the financial statements, and therefore have
been omitted.
(3) Exhibits
Exhibit No. Description
----------- ----------------
*3.1 Form of Certificate of Formation of the Company
*3.2 Form of Limited Liability Company Agreement of the Company
*4 Form of Indenture
*Incorporated by reference to the Exhibit of the same designation filed
with the Registrant's Form S-1 registration statement filed on April
14, 2000 by the Registrant, with amendments subsequently filed on June
2, 2000 and June 12, 2000 and incorporated by reference hereto.
(b) Reports on Form 8-K
On March 26, 2001 the Registrant filed a report on Form 8-K to file
under Item 5 of the Form, Servicer report information.
On April 26, 2001 the Registrant filed a report on Form 8-K to file
under Item 5 of the Form, Servicer report information.
On May 24, 2001 the Registrant filed a report on Form 8-K to file under
Item 5 of the Form, Servicer report information.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 2000-1, L.L.C.
By: /s/Stan Herkelman
-------------------------------
Name: Stan Herkelman
Title: Chief Financial Officer
August 29, 2001
Pursuant to the requirements of the Securities and Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
By: /s/Tony Golobic
--------------------------------
Name: Tony Golobic
Title: President and Chief Executive Officer
By: /s/Douglas D. Olson
--------------------------------
Name: Douglas D. Olson
Title: Executive Vice President
By: /s/Marcene Tolley
--------------------------------
Name: Marcene Tolley
Title: Treasurer