MONTHLY SERVICER REPORT Page: 1
Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C.
Seller and Servicer: GreatAmerica Leasing Corporation
Distribution Date: 7/15/02
PAYMENT SUMMARY
- ---------------
Class Beginning Pass Thru Interest Principal Total Ending Bond
Name CUSIP Balance Rate Paid Paid Distribution Balance Factor
- ---- ----- ------- ---- ---- ---- ------------ ------- ------
A-1 39153QAA3 33,632,441.71 2.25794% 59,064.47 6,042,926.12 6,101,990.59 27,589,515.59 53.37%
A-2 391533QAC9 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 9,810,620.73 4.60000% 37,607.38 305,051.56 342,658.94 9,505,569.17 88.65%
C 39153QAG0 9,927,413.83 4.91000% 40,619.67 308,683.12 349,302.79 9,618,730.70 88.65%
D 39153QAH8 12,496,862.11 5.55000% 57,797.99 388,577.58 446,375.57 12,108,284.53 88.65%
Totals 226,578,621.52 778,018.95 7,045,238.38 7,823,257.33 219,533,383.14
Target
(defined) Investor
Class Principal
Class Percentage Amount
- ----- ---------- ---------
AGGSNR 83.2000% 188,300,798.73
B 4.2000% 9,505,569.17
C 4.2500% 9,618,730.70
D 5.3500% 12,108,284.53
(Retained) Certificate Balance 6,789,692.26
% of Agg. Collateral Value, beginning 2.91%
% of Agg. Collateral Value, ending 3.00%
Monthly Principal Amount 7,263,132.35
Additional Principal -
Overcollateralization Balance, beginning 7,007,586.23
Overcollateralization Balance, ending 6,789,692.26
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: 7/15/02
AGGREGATE COLLATERAL VALUE (Discount Rate = 5.299%)
Initial Aggregate Discounted Contract Balance 255,299,893.79
Aggregate Discounted Contract Balance, beginning 233,586,207.75
Aggregate Discounted Contract Balance, ending 226,323,075.40
RESIDUAL ACCOUNT
Residual Account Balance, beginning -
Residual Account Balance, ending -
SERVICER ADVANCES
Cumulative un-reimbursed Servicer Advances, beginning 693,533.06
Unreimbursed Servicer Advances collected 533,426.60
Servicer Advances for the current Due Period 704,597.71
Non-recoverable Unreimbursed Servicer Advances 47,391.13
Cumulative un-reimbursed Servicer Advances, ending 817,313.04
PAYAHEAD ACCOUNT
Advance Payment Balance, beginning 2,588,966.77
Pymts rec'd in prior periods
attributable to current Due Period 2,434,610.36
Pymts attributable to future Due Periods 2,057,314.19
Advance Payments Balance, ending 2,211,670.60
SUBSTITUTIONS
Defaulted Leases and Excess Contracts Substituted to date, beginning 387,813.80
Defaulted Leases and Excess Contracts Substituted this month 323,805.50
Defaulted Leases and Excess Contracts Substituted to date, ending 711,619.30
Total Substituted to date, ending 0.28%
Prepaid Contracts Substituted to date, beginning 1,510,948.26
Prepaid Contracts Substituted this month 356,054.66
Prepaid Contracts Substituted to date, ending 1,867,002.92
RESERVE FUND
Reserve Account Balance, beginning 3,503,793.12
Required Reserve Amount 3,394,846.13
Required Draw to Increase Available Funds -
Reserve Fund Deficiency covered by Excess Available Funds -
Excess Reserve Funds released to Waterfall 108,946.99
Reserve Account Balance, ending 3,394,846.13
MONTHLY SERVICER REPORT Page: 3
Issuer: GREATAMERICA LEASING RECEIVBLES 2002-1, L.L.C.
Seller and Servicer: GreatAmerica Leasing Corporation
Distribution Date: 7/15/02
AVAILABLE FUNDS (COLLECTION ACCOUNT)
Scheduled Payments Received 7,186,227.14
Reinv. From Collections, Payahead, Residual, and Reserve Accounts 18,003.14
Past Due Payments received 533,426.60
Past due payments due on Early Termination (from Seller) -
Proceeds from Prepayments 383,346.50
Recoveries on Non-Performing Leases Not Substituted -
Servicer Advances 704,597.71
Casualty and Termination Payments -
Expired Contract Proceeds 7,224.62
Repurchases of Ineligible Contracts -
Defaulted Contracts Recoveries 54,022.04
Net decrease (increase) in Advance Lease Payments Balance 377,296.17
Excess Reserve Funds 108,946.99
Total Available Funds 9,373,090.91
DISTRIBUTIONS OF FUNDS
Pursuant to Section 7.05(a) of the Sale and Servicing Agreement
Available Funds 9,373,090.91
Reserve Fund Draw to Increase Available Funds -
(i)To the Servicer, Unreimbursed Servicer Advances 580,817.73
(ii)Back Up Servicer Fee (2.5 bp) 4,866.38
(iii)To the Servicer, Servicing Fee (75 bp) 145,991.38
(vi)-(ix)Note Interest Paid 778,018.95
(x)-(xvi)Note Principal Paid 7,045,238.38
(xviii)Reserve Fund Deposit -
(xxi)Remainder to the Issuer 818,158.09
DELINQUENCY AND LOSS INFORMATION
Contracts Balance Remain Percentage
--------- -------------- ----------
Current 25,216 238,721,367.19 99.18%
31 - 60 days 102 840,085.87 0.35%
61 - 90 days 47 462,972.99 0.19%
91 - 120 days 31 672,832.73 0.28%
Current Current Current Cumulative Cumulative
Losses Recoveries Net Loss Gross Loss Net Loss
------- ---------- -------- ---------- -----------
331,315.97 67,424.72 263,891.25 721,608.31 652,883.59
RESIDUAL EVENT TRIGGERS
Average of Current Prior 2nd Prior
Last 3 months Due Period Due Period Due Period
------------- ---------- ---------- ------------
Residual Realization Percentage (Trigger < 85.00%) 219.51% 180.25% 342.81% 135.46%
Delinquency Percentage (Trigger > 6.00%) 0.74% 0.82% 0.75% 0.66%
Cumulative Net Loss Percentage (Triggers Below) 0.16% 0.26% 0.15% 0.06%
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: 7/15/02
Monthly Principal Amount The excess, if any, of:
i. Sum of: Aggregate Principal Amount of the Notes as of the immediately preceding Payment Date 226,578,621.52
Overcollateralization Balance as of the immediately preceding Payment Date 7,007,586.23
--------------
Over 233,586,207.75
ii. Pool Balance, last day of the Collection Period completed immediately prior to the Payment Date 226,323,075.40
--------------
Monthly Principal Amount 7,263,132.35
Class A Principal Payment Amount
Class A Target Investor Principal Amount (see below) 188,300,798.73
Beginning Outstanding Aggregate Principal Amount of the Class A Notes 194,343,724.85
--------------
Class A Principal Amount 6,042,926.12
Class B Principal Payment Amount
Lessor of:
1. Excess, if any, of:
a. Monthly Principal Amount, over 7,263,132.35
b. Class A Payment Amount 6,042,926.12
------------
And 1,220,206.23
2. Excess, if any, of:
a. Beginning Outstanding Aggregate Principal Amount of the Class B Notes 9,810,620.73
Over, the greater of:
X Class B Target Investor Principal Amount (see below) 9,505,569.17
And
Y Class B Floor (see below) (23,482,732.19)
---------------
Class B Principal Payment Amount 305,051.56
Class C Principal Payment Amount
Lessor of:
1. Excess, if any, of:
a. Monthly Principal Amount, over 7,263,132.35
b. Sum of the Class A and Class B Principal Payment Amounts 6,347,977.67
------------
And 915,154.68
2. Excess, if any, of:
a. Beginning Outstanding Aggregate Principal Amount of Class C Notes 9,927,413.83
Over, the greater of:
X Class C Target Investor Principal Amount (see below) 9,618,730.70
and
Y Class C Floor (see below) (15,699,837.47)
---------------
Class C Principal Payment Amount 308,683.12
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 7,263,132.35
b. Sum of the Class A, Class B, and Class C Principal Payment Amounts 6,347,977.67
------------
And 606,471.55
2. Excess, if any, of:
a. Beginning Outstanding Aggregate Principal Amount of the Class D Notes 12,496,862.11
Over, the great of:
X Class D Target Investor Principal Amount (see below) 12,108,284.53
And
Y Class D Floor (see below) (5,373,024.44)
--------------
Class D Principal Payment Amount 388,577.58
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.
Page: 5
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 226,323,075.40
--------------
Class A Target Investor Principal Amount 188,300,798.73
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 226,323,075.40
--------------
Class B Target Investor Principal Amount 9,505,569.17
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 226,323,075.40
--------------
Class C Target Investor Principal Amount 9,618,730.70
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 226,323,075.40
--------------
Class D Target Investor Principal Amount 12,108,284.53
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 22,424,275.94
immediately preceding Payment Date
b. Overcollateralization Balance on
immediately preceding Payment Date 7,007,586.23
c. Balance in Reserve Fund and Residual Account
after amounts withdrawn on Payment Date 3,394,846.13
------------
Class B Floor (23,482,732.19)
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 12,496,862.11
immediately preceding Payment Date
b. Overcollateralization Balance immediately
preceding Payment Date 7,007,586.23
c. Balance in Reserve Fund and Residual Account
after amounts withdrawn on Payment Date 3,394,846.13
------------
Class C Floor (15,699,837.47)
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 7,007,586.23
b. Balance in Reserve Fund and Residual Account
after amounts withdrawn on Payment Date 3,394,846.13
------------
Class D Floor (5,373,024.44)
Cumulative Loss Amount:
The excess, if any, of:
i. the total of:
a. Outstanding Principal Amount of Notes
on preceding Payment Date, plus 226,578,621.52
b. Overcollateralization Balance on immediately
preceding Payment Date, minus 7,007,586.23
c. The lessor of:
1. Monthly Principal Amount 7,263,132.35
and
2. Available Amounts remaining after payment
of all amounts to Servicer and interest 7,858,530.09
------------
over 226,323,075.40
ii. Pool Balance as of the last day of the Collection Period 226,323,075.40
--------------
Cumulative Loss Amount -