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 eight month period ended May 31, 2002
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 2002-1, L.L.C.
(exact name of Registrant as specified in its charter)
Delaware 42-1525285
(state of incorporation) (I.R.S. Employer
Identification No.)
625 First St. S.E., Suite 601
Cedar Rapids, IA 52401
(319) 366-7577
(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 2002-1, 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 100% membership interest, pursuant to the Limited Liability Company
Agreement dated September 24, 2001 (the "Limited Liability Agreement"). 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
secured 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 and including March 27, 2002, 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
Not applicable.
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 is 100% owned by the Originator and 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 March 28, 2002 the Company issued $223,132,107 in Receivable-Backed Notes
through a public offering. In addition the Company issued $24,508,790 in
Receivable-Backed Notes through a private placement. The proceeds were used to
purchase $247,640,897 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, 2002:
Years Ending May 31, Average Interest Rate
- -------------------- ---------------------
2003 $ 83,363,631 4.42%
2004 70,706,334 4.78%
2005 47,191,391 5.01%
2006 28,036,990 5.09%
2007 4,301,612 5.51%
-----------------
Total $ 233,599,958
=================
Item 8. Financial Statements and Supplemental Data
The following financial statements and related information are included in Item
8:
Independent Auditors' Report
Balance Sheet as of May 31, 2002
Statement of Operations for the Eight Month Period Ended May 31, 2002
Statement of Members' Equity for the Eight Month Period Ended May 31,
2002
Statement of Cash Flow for the Eight Month Period Ended May 31,
2002
Notes to the Financial Statements for the Eight Month Period Ended
May 31,2002
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Cedar Rapids, Iowa
We have audited the accompanying balance sheet of GreatAmerica Leasing
Receivables 2002-1, L.L.C. (the "Company"), a wholly owned subsidiary of
GreatAmerica Leasing Corporation, as of May 31, 2002, and the related statements
of operations, members' equity, and cash flows for the eight month period ended
May 31, 2002. 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 audit.
We conducted our audit 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 audit provides 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 2002-1,
L.L.C. as of May 31, 2002, and the results of its operations and its cash flows
for the eight month period ended May 31, 2002 in conformity with accounting
principles generally accepted in the United States of America.
/s/Deloitte & Touche LLP
Cedar Rapids, Iowa
August 16, 2002
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Balance Sheet as of
May 31, 2002
Assets:
Cash $ 11,327,489
Cash, restricted 3,612,651
Direct Financing Leases:
Minimum Lease Payments 253,203,152
Estimated Unguaranteed Residual Values 16,850,243
Unearned Income (43,360,347)
Allowance for Doubtful Accounts (3,981,146)
-------------
Net Investment in Direct Finance Leases 222,711,902
-------------
Capitalized Securitization Costs, net of
accumulated amortization: 2002-$160,436 1,503,478
-------------
Total Assets $ 239,155,520
=============
Liabilities:
Notes Payable $ 233,599,958
Accrued Interest 408,906
Due to Affiliate 739,371
-------------
Total Liabilities 234,748,235
-------------
Members' Equity:
Paid in Capital 1,000
Retained Earnings 4,406,285
-------------
Total Members' Equity 4,407,285
-------------
Total Liabilities and Members' Equity $ 239,155,520
=============
The accompanying notes are an integral part of these financial statement.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Statement of Operations
Eight Month Period Ended May 31, 2002
Revenues:
Direct Financing Leases $6,542,060
Interest Income 36,052
Gain on Termination of Leases 115,193
Other Income 2,729
----------
Total Revenues 6,696,034
----------
Expenses:
Interest Expense 1,714,613
Selling, General and Administrative 575,136
----------
Total Expenses 2,289,749
----------
Net Income $4,406,285
==========
The accompanying notes are an integral part of these financial statements.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Statement of Members' Equity
Eight Month Period Ended May 31, 2002
Paid in Retained
Capital Earnings Total
----------- ------------ ----------
Balances at October 1, 2001 $ --- $ --- $ ---
Contribution from Parent 1,000 --- 1,000
Net Income for 2002 --- 4,406,285 4,406,285
----------- ------------ ----------
Balances at May 31, 2002 $ 1,000 $ 4,406,285 $4,407,285
=========== ============ ==========
The accompanying notes are an integral part of these financial statements.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Statement of Cash Flows
For the Eight Month Period Ended May 31, 2002
Cash Flows from Operating Activities:
Net Income $ 4,406,285
Adjustments to Reconcile Net Income to Net Cash
Flows from Operating Activities:
Gain on Termination of Leases (115,193)
Amortization of Capitalized Securitization
Costs 160,436
Increase in Restricted Cash (3,612,651)
Increase in Due to Affiliate 739,371
Increase in Accrued Interest 408,906
-------------
Net Cash Flows from Operating Activities 1,987,154
-------------
Cash Flows from Investing Activities:
Purchase of Direct Financing Leases from Originator (247,640,897)
Repayment of Direct Financing Leases 23,442,086
Proceeds on Termination of Leases 1,602,102
-------------
Net Cash Flows from Investing Activities (222,596,709)
-------------
Cash Flows from Financing Activities:
Proceeds from Notes Payable 247,640,897
Repayment on Notes Payable (14,040,939)
Payment of Securitization Costs (1,663,914)
Contribution from Parent 1,000
-------------
Net Cash Flows from Financing Activities 231,937,044
-------------
Net Increase in Cash 11,327,489
Cash at the Beginning of the Period --
-------------
Cash at the End of the Period $ 11,327,489
=============
Supplemental Disclosures:
Cash Paid during the Period for Interest $ 1,305,707
The accompanying notes are an integral part of the financial statements.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Notes to Financial Statements
For the Eight Month Period Ended May 31, 2002
1. Nature of Operations and Significant Accounting Policies
NATURE OF OPERATIONS-GreatAmerica Leasing Receivables 2002-1, 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 100%
membership interest, pursuant to the Limited Liability Company
Agreement dated September 24, 2001 (the "Limited Liability Agreement").
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. The
Company was originally capitalized on October 1, 2001. Prior to and
including March 27, 2002 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 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.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Notes to Financial Statements (Continued)
For the Eight Month Period Ended May 31, 2002
CERTAIN RISK CONCENTRATION-The Company's direct financing leases are
concentrated in the services, manufacturing, and retail trade
industries, representing approximately 48%, 12% and 11% of the
Company's minimum lease payments receivable at May 31, 2002.
RESTRICTED CASH-The Company is required to maintain a reserve fund
equal to the greater of 1.00% of the initial aggregate discounted
contract balance or 1.50% of the then outstanding aggregate discounted
balance. The reserve fund balance was $3,612,651 at May 31, 2002. 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 the estimated losses related to customers that
are expected to be 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, delinquency trends, current economic
conditions and the underlying value of the leased assets. The
consideration of such future 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 2002-1, L.L.C.
Notes to Financial Statements (Continued)
For the Eight Month Period Ended May 31, 2002
INCOME TAXES-The Company is taxed as a partnership. As such, the member
of the Company includes the taxable income or loss of the Company in
its 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 balance of approximately $355,000 as of May 31, 2002.
IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS-In June 2001, the Financial
Accounting Standards Board (the "FASB") issued Statement of Financial
Accounting Standards ("SFAS") 141, "Business Combinations", and SFAS
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 beginning in fiscal year
2003, the adoption of SFAS 142 will have no impact on the Company since
it has no goodwill or intangible assets.
In June 2001, the FASB issued SFAS 143, "Accounting for Asset
Retirement Obligations. SFAS 143 is effective beginning in fiscal 2004
and requires recording the fair value of liabilities associated with
the retirement of long-lived assets in the period in which they are
incurred. Management does not expect the adoption of SFAS 143 to have
an impact on the Company's results of operations or financial position.
In August 2001, the FASB issued SFAS 144, "Accounting for the
Impairment or Disposal of Long-lived Assets". SFAS 144 provides new
guidance on the recognition of impairment losses on long-lived assets
to be held and used or to be disposed of and also broadens the
definition of what constitutes a discontinued operation and how the
results of a discontinued operation are to be measured and presented.
SFAS 144 is effective beginning in fiscal 2003 and management does not
expect the adoption to have an impact on the Company's results of
operations or financial position.
In June 2002, the FASB issued SFAS 146, "Accounting for Costs with Exit
or Disposal Activities". SFAS 146 addresses financial accounting and
reporting for costs associated with exit or disposal activities. SFAS
146 is effective for exit or disposal activities that are initiated
after December 31, 2002.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Notes to Financial Statements (Continued)
For the Eight Month Period Ended May 31, 2002
2. Direct Financing Leases
Equipment leases are predominantly for office equipment. The length of
the lease term on the leases initially purchased ranged from 3 to 70
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 March 22, 2002 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, 2002 are as follows:
Unguaranteed
Years Ending May 31, Minimum Lease Payment Residual Values
-------------------- --------------------- ---------------
2003 $ 96,151,540 $ 1,002,091
2004 77,476,285 4,618,700
2005 49,250,759 3,906,027
2006 26,284,842 4,718,248
2007 3,978,595 2,605,177
Thereafter 61,131 ---
--------------------- ---------------
$ 253,203,152 $ 16,850,243
===================== ===============
3. Allowance for Doubtful Accounts
Beginning balance at October 1, 2001 $ --
Allowance acquired from Originator 4,358,430
Additional allowance established for substitutions 11,708
Charge-offs (170,865)
Defaulted leases (219,427)
Recoveries 1,300
-----------
Ending balance at May 31, 2002 $ 3,981,146
===========
Upon purchase of the leases from the Originator, the Company
established a 1.76% 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.
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Notes to Financial Statements (Continued)
For the Eight Month Period Ended May 31, 2002
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 estimated by management to be at 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 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 fees for the eight month
period ended May 31, 2002 totaling $401,323 in servicing fees. Also,
the servicer has not been reimbursed for advances of $739,371 which
are reflected on the balance sheet as due to affiliate.
5. Notes Payable
Notes Payable at May 31, 2002 consisted of seven classes of
Receivable-Backed Notes at rates of 2.25794% to 5.55% maturing through
December 2008. The weighted average borrowing rate was 4.10% at May
31, 2002. 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.
$ 233,599,958
=============
The aggregate maturities of the notes payable, based on scheduled
payments as of May 31, 2002, are as follows:
2003 $ 83,363,631
2004 70,706,334
2005 47,191,391
2006 28,036,990
2007 4,301,612
------------
Total $233,599,958
============
GreatAmerica Leasing Receivables 2002-1, L.L.C.
Notes to Financial Statements (Continued)
For the Eight Month Period Ended May 31, 2002
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.
The estimated fair values of the Company's other significant financial
instruments are as follows:
May 31, 2002
-------------------------------
Carrying Amount Fair Value
--------------- -------------
Notes Payable $ 233,599,958 $ 233,599,958
============= =============
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 57 President and Chief Executive Officer
Douglas D. Olson 52 Executive Vice President
Stanley M. Herkelman 40 Chief Financial Officer, Senior Vice
President and Secretary
Marcene Tolley Valliere 43 Controller
Brett Steffen 31 Treasurer
All directors and officers hold office 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 March 1,
2002 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 $401,323 for the
eight month period ended May 31, 2002.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
The Company is 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 $401,323 for the eight
month period ended May 31, 2002.
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 eight month period ended May 31, 2002, the Originator
substituted $369,392 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 Sheet as of May 31, 2002 Statement of Operations for the Eight
Month Period Ended May 31, 2002 Statement of Members' Equity for the
Eight Month Period Ended May 31, 2002 Statement of Cash Flows for the
Eight Month Period Ended May 31, 2002
(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
99.1 Written Statement of the President and Chief
Executive Officer of GreatAmerica Leasing Receivables
2002-1, L.L.C. Pursuant to 18 U.S.C.ss.1350
99.2 Written Statement of the Chief Financial Officer,
Senior Vice President and Secretary of GreatAmerica
Leasing Receivables 2002-1, L.L.C. Pursuant to
18 U.S.C.ss.1350
*Incorporated by reference to the Exhibit of the same designation filed
with the Registrant's Form S-1 registration statement filed on October
3, 2001 by the Registrant, with amendments subsequently filed on
November 9, 2001 and March 7, 2002 and incorporated by reference
hereto.
(b) Reports on Form 8-K
On April 5, 2002 the Registrant filed a report on Form 8-K to file
information regarding the registration and issuance of $223,132,107 of
Receivable-Backed Notes.
On April 26, 2002 the Registrant filed a report on Form 8-K to file
under Item 5 of the Form, Servicer report information.
On May 20, 2002 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 2002-1, L.L.C.
By: /s/Stan Herkelman
-------------------------------------------
Name: Stan Herkelman
Title: Chief Financial Officer, Senior Vice
President and Secretary
August 28, 2002
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 Valliere
-------------------------------------------
Name: Marcene Tolley Valliere
Title: Controller