Exhibit 99.1
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending January 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
December 19, 2012 | |||
| Last Day of Collection Period |
January 4, 2013 | |||
| Payment Date |
January 16, 2013 | |||
| Available Funds
|
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 2,084,457 | ||
| Principal Received |
$ | 5,740,768 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 7,825,224 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 7,825,224 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 2,084,457 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,848 | ||||||
| US Bank Custodian—Monthly Fees |
||||||||
| US Bank Lockbox Fees |
||||||||
| Wilmington Trust—Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,931 | ||||||
| The “Servicing Fee” is equal to 2% of the aggregate principal balance of the Loans as of the beginning of the Collection Period for such Payment Date times one-twelfth (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Cutoff Date through and including [date] over 360) | ||||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period | December 19, 2012 | |||||||
| Balance of loans as of beginning of Collection Period |
$ | 230,681,409 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.12 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 538,257 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 129,300,000 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 321,957.00 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 321,957 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 129,300,000 | ||||||
| Target Principal Amortization |
$ | 5,781,416 | ||||||
| Principal Payments Received from Principal Collections |
$ | (5,740,768 | ) | |||||
| Principal Payments Received from Interest Collections |
$ | 40,648 | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 123,518,584 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,178,664 | ||||||
| Principal Collections |
$ | 5,740,768 | ||||||
| (1 ) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 5,740,768 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | — | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | — | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Borrowing Base and Required Note Payments
As of: January 4, 2013
| First Day of Collection Period |
December 19, 2012 | |||||||
| Last Day of Collection Period |
January 4, 2013 | |||||||
| Payment Date |
January 16, 2013 |
| Borrowing Base | ||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 224,940,814 | ||
| Total Excess Concentration Amount |
$ | (25,717,291 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 199,223,522 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 123,518,584 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 129,300,000 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 5,781,416 |
| Rapid Amortization Event |
||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, du under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base | Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligors Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor | Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest | Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance |
Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count | 24 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 224,940,814 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 224,940,814 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 11,247,041 | $ | 51,736,387 | $ | 98,973,958 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #14 |
$ | (3,752,959 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (3,752,959 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (3,752,959 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,502,093 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (1,308,604 | ) | $ | (19,568,391 | ) | ||||||||||
| OBLIGOR #25 |
$ | (1,267,721 | ) | |||||||||||||
| OBLIGOR #4 |
||||||||||||||||
| OBLIGOR #6 |
||||||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #17 |
$ | (25,717,291 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (16,337,296 | ) | $ | (19,568,391 | ) | $ | (25,717,291 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (25,717,291 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 199,223,522 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal | Principal Collections* |
Ending Balance | Collateral Interest Received |
Other Collections |
Total Collections | ||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||
| Note Balance—Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Pool Balance—End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | ||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | ||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | ||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | ||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | ||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | ||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | ||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | ||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | ||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | ||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | ||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | ||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | ||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | ||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | ||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | ||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | ||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | ||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | ||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | ||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | ||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | ||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | ||||
|
|
|
|
|
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| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending January 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending February 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
January 5, 2013 | |||
| Last Day of Collection Period |
February 4, 2013 | |||
| Payment Date |
February 19, 2013 | |||
| Available Funds
|
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 1,981,727 | ||
| Principal Received |
$ | 2,356,596 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 4,338,323 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; | ||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 4,338,323 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,981,727 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,797 | ||||||
| US Bank Custodian—Monthly Fees |
$ | 2,354 | ||||||
| US Bank Lockbox Fees |
||||||||
| Wilmington Trust—Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 7,234 | ||||||
| The “Servicing Fee” is equal to 2% of the aggregate principal balance of the Loans as of the beginning of the Collection Period for such Payment Date times one-twelfth (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Cutoff Date through and including [date] over 360) | ||||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | 15,600 | ||||||
| First day of collection period |
January 5, 2013 | |||||||
| Balance of loans as of beginning of Collection Period |
$ | 224,940,814 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 374,901 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 123,518,584 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 375,908.22 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 375,908 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 123,518,584 | ||||||
| Target Principal Amortization |
$ | 1,576,420 | ||||||
| Principal Payments Received from Principal Collections |
$ | (1,576,420 | ) | |||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment | $ | 121,942,164 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,208,083 | ||||||
| Principal Collections |
$ | 2,356,596 | ||||||
| (1 ) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 1,576,420 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 390,088 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 390,088 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Borrowing Base and Required Note Payments
As of: February 4, 2013
| First Day of Collection Period |
January 5, 2013 | |||
| Last Day of Collection Period |
February 4, 2013 | |||
| Payment Date |
February 19, 2013 | |||
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 222,584,218 | ||
| Total Excess Concentration Amount |
$ | (25,903,308 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 196,680,910 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 121,942,164 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 123,518,584 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 1,576,420 | ||
| Rapid Amortization Event | ||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base | Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9872 | 375,908 | 375,908 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088.00 | $ | — | $ | — | $ | — | $ | — | $ | 390,088.00 | $ | 0.00 | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
24 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 222,584,218 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 222,584,218 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5% | 23% | 44% | |||||||||||||
| Concentration Limits in Dollars |
$ | 11,129,211 | $ | 51,194,370 | $ | 97,937,056 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #14 |
$ | (3,870,789 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (3,444,567 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (3,870,789 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,619,922 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (1,426,434 | ) | $ | (19,684,186 | ) | ||||||||||
| OBLIGOR #25 |
$ | (1,385,551 | ) | |||||||||||||
| OBLIGOR #4 |
||||||||||||||||
| OBLIGOR #6 |
||||||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #17 |
$ | (25,903,308 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (16,618,053 | ) | $ | (19,684,186 | ) | $ | (25,903,308 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (25,903,308 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 196,680,910 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal | Principal Collections* | Ending Balance | Collateral Interest Received |
Other Collections |
Total Collections |
||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||
| Note Balance—Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2016 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | |||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | ||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | ||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | ||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | ||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | ||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | ||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | ||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | ||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | ||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | ||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | ||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | ||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | ||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | ||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | ||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | ||||||
|
|
|
|
|
|
|
|||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | ||||||
|
|
|
|
|
|
|
|||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending February 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending March 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
February 5, 2013 | |||
| Last Day of Collection Period |
March 4, 2013 | |||
| Payment Date |
March 18, 2013 | |||
| Available Funds
|
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 1,770,085 | ||
| Principal Received |
$ | 2,730,927 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 4,501,012 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense |
||||
| Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 4,501,012 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,770,085 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,765 | ||||||
| US Bank Custodian—Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
||||||||
| Wilmington Trust—Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,999 | ||||||
| The “Servicing Fee” is equal to 2% of the aggregate principal balance of the Loans as of the beginning of the Collection Period for such Payment Date times one-twelfth (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Cutoff Date through and including [date] over 360) | ||||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | (14,575 | ) | |||||
| First day of collection period |
February 5, 2013 | |||||||
| Balance of loans as of beginning of Collection Period |
$ | 222,584,218 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 370,974 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the |
||||||||
| Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 121,942,164 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 337,373 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 337,373 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 121,942,164 | ||||||
| Target Principal Amortization |
$ | 1,890,769 | ||||||
| Principal Payments Received from Principal Collections |
$ | (1,890,769 | ) | |||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 120,051,395 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,071,315 | ||||||
| Principal Collections |
$ | 2,730,927 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 1,890,769 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 420,079 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 420,079 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Borrowing Base and Required Note Payments
As of: March 4, 2013
| First Day of Collection Period |
February 5, 2013 | |||||||
| Last Day of Collection Period |
March 4, 2013 | |||||||
| Payment Date |
March 18, 2013 |
| Borrowing Base |
||||||||
| Adjusted Pool Balance |
||||||||
| Pool Balance |
$ | 219,853,292 | ||||||
| Total Excess Concentration Amount |
$ | (26,222,010 | ) | |||||
| Outstanding Balance of all Delinquent Loans |
$ | — | ||||||
| Outstanding Balance of all Restructured Loans |
$ | — | ||||||
| Total Adjusted Pool Balance |
— | |||||||
|
|
|
|||||||
| Advance Rate |
$ | 193,631,282 | $ | — | ||||
| 62.0 | % | |||||||
|
|
|
|||||||
| Borrowing Base |
$ | 120,051,395 | ||||||
|
|
|
|||||||
| Beginning Outstanding Note Balance |
$ | 121,942,164 | ||||||
| Rapid Amortization |
$ | — | ||||||
|
|
|
|||||||
| Required Payment on Notes |
$ | 1,890,769 |
| Rapid Amortization Event |
||||||
| Restructured Loan |
||||||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||||||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base | Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date | Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9872 | 375,908 | 375,908 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9845 | 337,373 | 337,373 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest | Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance |
Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | $ | 0 | ||||||||||||||||
| March 18, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | $ | 0 | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
24 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 219,853,292 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 219,853,292 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 10,992,665 | $ | 50,566,257 | $ | 96,735,448 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #14 |
$ | (4,007,335 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (3,135,914 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (4,007,335 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,756,469 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (1,562,980 | ) | $ | (19,867,100 | ) | ||||||||||
| OBLIGOR #25 |
$ | (1,522,097 | ) | |||||||||||||
| OBLIGOR #4 |
||||||||||||||||
| OBLIGOR #6 |
||||||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #17 |
$ | (26,222,010 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (16,992,131 | ) | $ | (19,867,100 | ) | $ | (26,222,010 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (26,222,010 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 193,631,282 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal | Principal Collections* |
Ending Balance | Collateral Interest Received |
Other Collections | Total Collections | ||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||
| Note Balance—Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | ||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | ||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | ||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | ||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | ||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | ||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | ||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | ||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | ||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | ||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | ||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | ||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | ||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | ||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | ||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | ||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | ||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending March 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending April 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
March 5, 2013 | |||
| Last Day of Collection Period |
April 4, 2013 | |||
| Payment Date |
April 16, 2013 |
Available Funds
On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”):
| Obligor payments |
||||
| Interest Received |
$ | 1,953,228 | ||
| Principal Received |
$ | 3,900,558 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,853,787 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,853,787 | ||
|
|
|
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,953,228 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,707 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
||||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,940 | ||||||
| The “Servicing Fee” is equal to 2% of the aggregate principal balance of the Loans as of the beginning of the Collection Period for such Payment Date times one-twelfth (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Cutoff Date through and including [date] over 360) |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | 18,050 | ||||||
| First day of collection period |
March 5, 2013 | |||||||
| Balance of loans as of beginning of Collection Period |
$ | 219,853,292 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 366,422 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 120,051,395 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 332,142 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 332,142 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 120,051,395 | ||||||
| Target Principal Amortization |
$ | 5,375,752 | ||||||
| Principal Payments Received from Principal Collections |
$ | (3,900,558 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | (243,520 | ) | |||||
| Principal Payments Received from Interest Collections |
$ | 1,231,673 | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 114,675,643 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | (0 | ) | |||||
| Principal Collections |
$ | 3,900,558 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 3,900,558 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | — | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | — | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Borrowing Base and Required Note Payments
As of: April 4, 2013
| First Day of Collection Period |
March 5, 2013 | |||
| Last Day of Collection Period |
April 4, 2013 | |||
| Payment Date |
April 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 213,275,244 | ||
| Total Excess Concentration Amount |
$ | (28,314,530 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 184,960,714 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 114,675,643 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 120,051,395 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 5,375,752 |
| Rapid Amortization Event |
||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base |
Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances |
|||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9872 | 375,908 | 375,908 | |||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9845 | 337,373 | 337,373 | |||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.9552 | 332,142 | 332,142 | |||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | $ | 0 | ||||||||||||||||
| April 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | $ | 0 | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
24 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 213,275,244 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 213,275,244 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 10,663,762 | $ | 49,053,306 | $ | 93,841,107 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #5 |
$ | (4,336,238 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (4,336,238 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (3,085,371 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (3,029,590 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (1,851,000 | ) | $ | (20,903,941 | ) | ||||||||||
| OBLIGOR #6 |
||||||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #19 |
||||||||||||||||
| OBLIGOR #23 |
||||||||||||||||
| OBLIGOR #26 |
$ | (28,314,530 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (16,638,436 | ) | $ | (20,903,941 | ) | $ | (28,314,530 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (28,314,530 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 184,960,714 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal |
Principal Collections* |
Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections | Total Collections | |||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | |||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | ||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | ||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | ||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | ||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | ||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | ||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | ||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | ||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | ||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | ||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | ||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | ||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | ||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | ||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | ||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | ||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | ||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | ||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | ||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | ||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending April 4, 2013 |
Confidential, Non-Public Information
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending May 3, 2013
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
April 4, 2013 | |||
| Last Day of Collection Period |
May 3, 2013 | |||
| Payment Date |
May 16, 2013 | |||
| Available Funds |
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): | ||||
| Obligor payments |
||||
| Interest Received |
$ | 1,947,440 | ||
| Principal Received |
$ | 3,270,073 | ||
| Other Obligor Payments |
$ | 4,914 | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,222,427 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,222,427 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Waterfall Calculations
| Interest Collections |
$ | 1,952,354 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,646 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | 796 | ||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 5,674 | ||||||
| The “Servicing Fee” is equal to 2% of the aggregate principal balance of the Loans as of the beginning of the Collection Period for such Payment Date times one-twelfth (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Cutoff Date through and including [date] over 360) |
|
|||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | 4,914 | ||||||
| First day of collection period |
April 4, 2013 | |||||||
| Balance of loans as of beginning of Collection Period |
$ | 213,275,244 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 355,459 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 114,675,643 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 317,269 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 317,269 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 114,675,643 | ||||||
| Target Principal Amortization |
$ | 2,133,032 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,133,032 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 112,542,610 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,269,038 | ||||||
| Principal Collections |
$ | 3,270,073 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,133,032 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the |
||||||||
| Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 568,520 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 568,520 | ||||||
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Borrowing Base and Required Note Payments
As of: May 3, 2013
| First Day of Collection Period |
April 4, 2013 | |||
| Last Day of Collection Period |
May 3, 2013 | |||
| Payment Date |
May 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 210,005,171 | ||
| Total Excess Concentration Amount |
$ | (28,484,832 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 181,520,339 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 112,542,610 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 114,675,643 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,133,032 |
| Rapid Amortization Event |
||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
|
Defaulted Loan |
Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base | Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances |
|||||||||||||||||||||||||||||||||
| Ending |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 216,285,727 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||
| February 4, 2013 |
$ | 216,285,727 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9872 | 375,908 | 697,865 | |||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9845 | 337,373 | 1,035,239 | |||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.9552 | 332,142 | 1,367,381 | |||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.9814 | 317,269 | 1,684,650 | |||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.18 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.37 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.25 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.52 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 210,005,171 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 210,005,171 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 10,500,259 | $ | 48,301,189 | $ | 92,402,275 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (4,499,741 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (4,499,741 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (2,889,581 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (2,748,805 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (1,914,503 | ) | $ | (20,752,476 | ) | ||||||||||
| OBLIGOR #6 |
||||||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #19 |
||||||||||||||||
| OBLIGOR #23 |
||||||||||||||||
| OBLIGOR #26 |
$ | (28,484,832 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (16,552,373 | ) | $ | (20,752,476 | ) | $ | (28,484,832 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (28,484,832 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 181,520,339 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal |
Principal Collections* |
Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections | Total Collections | |||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,947,440 | $ | 4,914 | $ | 5,222,427 | ||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
||||||||||||||||
| July 17, 2013 |
||||||||||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Confidential, Non-Public Information
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | ||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | ||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | ||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | ||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | ||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 3,900,558 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | ||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | ||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | ||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | ||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | ||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | ||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | ||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | ||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | ||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | ||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | ||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | ||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | ||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | ||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | ||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | ||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | ||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| TOTAL |
$ | 230,681,409 | $ | 216,285,727 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending May 3, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending June 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
May 5, 2013 | |||
| Last Day of Collection Period |
June 4, 2013 | |||
| Payment Date |
June 17, 2013 | |||
| Available Funds |
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): | ||||
| Obligor payments |
||||
| Interest Received |
$ | 1,977,416 | ||
| Principal Received |
$ | 3,318,319 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,295,735 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,295,735 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,977,416 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,604 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | 247 | ||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 5,084 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | 41,963 | ||||||
| First day of collection period |
May 5, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 215,121,820 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 358,536 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 112,542,610 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 311,368 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 311,368 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 112,542,610 | ||||||
| Target Principal Amortization |
$ | 2,273,025 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,273,025 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 110,269,586 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,260,465 | ||||||
| Principal Collections |
$ | 3,318,319 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ |
— |
| |||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,273,025 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 522,647 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 522,647 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Borrowing Base and Required Note Payments
As of: June 4, 2013
| First Day of Collection Period |
May 5, 2013 | |||
| Last Day of Collection Period |
June 4, 2013 | |||
| Payment Date |
June 17, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 206,578,601 | ||
| Total Excess Concentration Amount |
$ | (28,724,431 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 177,854,170 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 110,269,586 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 112,542,610 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,273,025 |
| Rapid Amortization Event | ||
| Restructured Loan | ||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Total Restructured Amt | ||||||||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | in last 6 months | ||||
| N/A |
| Delinquent Loan | ||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan | ||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Ending Outstanding | Balance > Borrowing | |||||
| Date |
Note Balances | Borrowing Base | Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances |
|||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor | Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest | Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| % of | ||||||||
| Loan Status |
Loan Balance | Loan Balance | ||||||
| Current |
$ | 206,578,601 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 206,578,601 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 10,328,930 | $ | 47,513,078 | $ | 90,894,585 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (4,671,070 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (4,671,070 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (2,701,788 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (2,475,819 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (1,985,832 | ) | $ | (20,637,151 | ) | ||||||||||
| OBLIGOR #6 |
$ | (1,139,856 | ) | |||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #19 |
||||||||||||||||
| OBLIGOR #23 |
||||||||||||||||
| OBLIGOR #26 |
$ | (28,724,431 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (17,645,435 | ) | $ | (20,637,151 | ) | $ | (28,724,431 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (28,724,431 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 177,854,170 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection |
Beginning Principal | Principal Collections* |
Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections | Total Collections |
|||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 4, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | |||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | ||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | ||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | ||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | ||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | ||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | ||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | ||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | ||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | ||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | ||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | ||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | ||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | ||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | ||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | ||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | ||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | ||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | ||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | ||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | ||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | ||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | ||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | ||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | ||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | ||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | ||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | ||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending June 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending July 3, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
June 5, 2013 | |||
| Last Day of Collection Period |
July 3, 2013 | |||
| Payment Date |
July 16, 2013 |
Available Funds
On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”):
| Obligor payments |
||||
| Interest Received |
$ | 1,781,618 | ||
| Principal Received |
$ | 3,769,179 | ||
| Other Obligor Payments |
||||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,550,798 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,550,798 | ||
|
|
|
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,781,618 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,559 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | — | ||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,792 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
June 5, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 211,982,587 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 353,304 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 110,269,586 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 305,079 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 305,079 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 110,269,586 | ||||||
| Target Principal Amortization |
$ | 2,564,881 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,564,881 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 107,704,704 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,118,443 | ||||||
| Principal Collections |
$ | 3,769,179 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,564,881 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 602,149 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 602,149 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Borrowing Base and Required Note Payments
As of: July 3, 2013
| First Day of Collection Period |
June 5, 2013 | |||
| Last Day of Collection Period |
July 3, 2013 | |||
| Payment Date |
July 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 202,809,422 | ||
| Total Excess Concentration Amount |
$ | (29,092,157 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 173,717,265 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 107,704,704 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 110,269,586 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,564,881 |
| Rapid Amortization Event |
||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Total Restructured Amt | ||||||||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | in last 6 months | ||||
| N/A |
| Delinquent Loan | ||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan | ||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Ending Outstanding | Balance > Borrowing | |||||
| Date |
Note Balances | Borrowing Base | Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending | Note | Cumulative | ||||||||||||||||||||||||||||||||||
| Collection | Beginning | Ending Pool | Payment | Beginning | Principal | Ending | Note | Interest | Interest | |||||||||||||||||||||||||||
| Period Date |
Pool Balance | Balance | Date | Balance | Payment | Balance | Factor | Paid | Paid | |||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Withdrawal | Reserve Balance | |||||||||||||||||||||||||||||||
| Less: Excess over | for Insufficient | Less: | as a % of the | |||||||||||||||||||||||||||||
| General Reserve | Funds for | Withdrawal due | Outstanding | |||||||||||||||||||||||||||||
| Beginning | Plus: Required | Plus: | Account Required | Required | to Event of | Principal Balance | ||||||||||||||||||||||||||
| Payment Date |
Balance | Deposits | Interest | Balance | Payments | Default | Ending Balance | of the Notes | ||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| % of | ||||||||
| Loan Status |
Loan Balance | Loan Balance | ||||||
| Current |
$ | 202,809,422 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 202,809,422 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 10,140,471 | $ | 46,646,167 | $ | 89,236,146 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (4,859,529 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (4,859,529 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (2,524,892 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (2,211,104 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,074,291 | ) | $ | (20,585,533 | ) | ||||||||||
| OBLIGOR #6 |
$ | (956,132 | ) | |||||||||||||
| OBLIGOR #13 |
||||||||||||||||
| OBLIGOR #19 |
||||||||||||||||
| OBLIGOR #23 |
||||||||||||||||
| OBLIGOR #26 |
$ | (29,092,157 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (17,485,476 | ) | $ | (20,585,533 | ) | $ | (29,092,157 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (29,092,157 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 173,717,265 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal | Principal Collections* |
Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections |
Total Collections | |||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||
| Note Balance - Class A Notes | ||||||||||||||||||
| Payment Date | Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||||
| December 19, 2012 | $ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||||
| January 16, 2013 | $ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||||
| February 19, 2013 | $ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||||
| March 18, 2013 | $ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||||
| April 16, 2013 | $ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||||
| May 16, 2013 | $ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||||
| June 4, 2013 | $ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||||
| July 3, 2013 | $ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | ||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | $ | 5,935,820.87 | ||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | $ | 6,538,461.58 | ||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | $ | 11,096,602.85 | ||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | $ | 9,761,672.83 | ||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | $ | 831,663.58 | ||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | $ | 2,359,610.96 | ||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | $ | 6,814,814.80 | ||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | $ | 4,880,239.73 | ||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | $ | 12,351,575.05 | ||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | $ | 8,559,565.42 | ||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | $ | 10,665,362.77 | ||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | $ | 2,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 9,711,251.22 | ||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | $ | 7,250,000.00 | ||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | $ | 4,377,390.82 | ||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | $ | 4,396,987.08 | ||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | $ | 6,000,000.00 | ||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | ||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | $ | 7,700,000.00 | ||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | $ | 4,514,762.00 | ||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | $ | 7,063,640.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | ||||||||||||||||
|
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|
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|||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending July 3, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending August 2, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period Last Day of Collection Period Payment Date |
July 5, 2013 August 2, 2013 August 16, 2013 |
Available Funds
On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”):
| Obligor payments |
||||
| Interest Received |
$ | 1,805,042 | ||
| Principal Received |
$ | 3,771,009 | ||
| Other Obligor Payments |
$ | 2,252 | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,578,303 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,578,303 | ||
|
|
|
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,805,042 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,512 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | — | ||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,745 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
July 5, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 208,360,219 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
|
|
|
|
|
|||||
| Number of Days to calculate |
0.08 | |||||||
| Total Servicing Fee |
$ | 347,267 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 107,704,704 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 297,983 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 297,983 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 107,704,704 | ||||||
| Target Principal Amortization |
$ | 2,566,154 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,566,154 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 105,138,550 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,155,048 | ||||||
| Principal Collections |
$ | 3,771,009 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,566,154 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 602,427 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 602,427 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Borrowing Base and Required Note Payments
As of: August 2, 2013
| First Day of Collection Period |
July 5, 2013 | |||
| Last Day of Collection Period |
August 2, 2013 | |||
| Payment Date |
August 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 199,038,413 | ||
| Total Excess Concentration Amount |
$ | (29,460,106 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 169,578,307 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 105,138,550 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 107,704,704 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,566,154 |
| Rapid Amortization Event |
||
| Restructured Loan |
||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan |
||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Ending Outstanding | Balance > Borrowing | |||||
| Date |
Note Balances | Borrowing Base | Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date | Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 199,038,413 | August 16, 2013 | 107,704,704 | 2,566,154 | 105,138,550 | 0.81314 | 297,983 | 2,599,080 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance |
Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| August 16, 2013 |
$ | 2,259,963 | $ | 602,427 | $ | — | $ | — | $ | — | $ | — | $ | 2,862,390 | 2.66 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| % of | ||||||||
| Loan Status |
Loan Balance | Loan Balance | ||||||
| Current |
$ | 199,038,413 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 199,038,413 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 9,951,921 | $ | 45,778,835 | $ | 87,576,902 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (5,048,079 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (5,048,079 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (2,347,942 | ) | |||||||||||||
| OBLIGOR #5 |
$ | (2,162,841 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (1,946,066 | ) | $ | (20,533,776 | ) | ||||||||||
| OBLIGOR #6 |
$ | (772,476 | ) | |||||||||||||
| OBLIGOR #13 |
$ | (48,079 | ) | |||||||||||||
| OBLIGOR #19 |
$ | (48,079 | ) | |||||||||||||
| OBLIGOR #23 |
$ | (48,079 | ) | |||||||||||||
| OBLIGOR #26 |
$ | (48,079 | ) | $ | (29,460,106 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (17,517,802 | ) | $ | (20,533,776 | ) | $ | (29,460,106 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (29,460,106 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 169,578,307 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal |
Principal Collections* |
Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections | Total Collections | |||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 3,771,009 | $ | — | $ | 199,038,413 | $ | 1,805,042 | $ | — | $ | 5,576,051 | ||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| July 16, 2013 |
$ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||
| August 16, 2013 |
$ | 107,704,704 | $ | 2,566,154 | $ | 105,138,550 | 0.813137 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | Aug-13 | |||||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | $ | 5,935,820.87 | $ | 5,608,089.63 | ||||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | $ | 6,538,461.58 | $ | 6,153,846.20 | ||||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | $ | 11,096,602.85 | $ | 10,724,396.76 | ||||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | ||||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | $ | 831,663.58 | $ | 797,375.03 | ||||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | $ | 2,359,610.96 | $ | 2,154,120.82 | ||||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | $ | 6,814,814.80 | $ | 6,518,518.50 | ||||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | $ | 4,880,239.73 | $ | 4,760,835.31 | ||||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | $ | 12,351,575.05 | $ | 11,897,986.29 | ||||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | $ | 8,559,565.42 | $ | 8,266,576.13 | ||||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | $ | 10,665,362.77 | $ | 10,299,862.99 | ||||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | ||||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 9,711,251.22 | $ | 9,422,841.86 | ||||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | ||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | $ | 4,377,390.82 | $ | 4,220,112.75 | ||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | $ | 4,396,987.08 | $ | 4,243,952.75 | ||||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | ||||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | $ | — | ||||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | $ | 7,700,000.00 | $ | 7,600,000.00 | ||||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | ||||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | $ | 7,063,640.30 | $ | 6,843,463.19 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | $ | 199,038,413 | ||||||||||||||||||
|
|
|
|
|
|
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|||||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending August 2, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending September 3, 2013
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 | Page 1 of 8 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
August 3, 2013 | |||
| Last Day of Collection Period |
September 3, 2013 | |||
| Payment Date |
September 16, 2013 |
Available Funds
On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”):
| Obligor payments |
||||
| Interest Received |
$ | 1,784,734 | ||
| Principal Received |
$ | 4,203,387 | ||
| Other Obligor Payments |
$ | — | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,988,121 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,988,121 | ||
|
|
|
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 | Page 2 of 8 |
Waterfall Calculations
| Interest Collections |
$ | 1,784,734 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee - Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer - Annual Administrative Fee |
$ | 2,462 | ||||||
| US Bank Custodian - Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | — | ||||||
| Wilmington Trust - Owner Trustee Fees |
||||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,696 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
August 3, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 204,614,464 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 341,024 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 105,138,550 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 290,883 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 290,883 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 105,138,550 | ||||||
| Target Principal Amortization |
$ | 2,664,395 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,664,395 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 102,474,155 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,148,131 | ||||||
| Principal Collections |
$ | 4,203,387 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,664,395 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 769,496 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 769,496 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 |
Borrowing Base and Required Note Payments
As of: September 3, 2013
| First Day of Collection Period |
August 3, 2013 | |||
| Last Day of Collection Period |
September 3, 2013 | |||
| Payment Date |
September 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 194,941,027 | ||
| Total Excess Concentration Amount |
$ | (29,660,132 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 165,280,895 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 102,474,155 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 105,138,550 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,664,395 |
| Rapid Amortization Event | ||
| Restructured Loan | ||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. |
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
| Delinquent Loan | ||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. |
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan | ||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. |
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months
| Date |
Ending Outstanding Note Balances |
Borrowing Base |
Balance > Borrowing Base | |||
| N/A |
Loans in the Collateral consist of Loans to 10 or fewer Obligors
| Obligor Count | Count > 10 | |||
| N/A |
An Event of Default
| N/A |
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 | Page 4 of 8 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances |
|||||||||||||||||||||||||||||||||
| Ending |
Beginning Pool Balance |
Ending Pool Balance |
Payment |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 199,038,413 | August 16, 2013 | 107,704,704 | 2,566,154 | 105,138,550 | 0.81314 | 297,983 | 2,599,080 | |||||||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 194,941,027 | September 16, 2013 | 105,138,550 | 2,664,395 | 102,474,155 | 0.79253 | 290,883 | 2,889,963 | |||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| August 16, 2013 |
$ | 2,259,963 | $ | 602,427 | $ | — | $ | — | $ | — | $ | — | $ | 2,862,390 | 2.66 | % | ||||||||||||||||
| September 16, 2013 |
$ | 2,862,390 | $ | 769,496 | $ | — | $ | — | $ | — | $ | — | $ | 3,631,886 | 3.45 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 194,941,027 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 194,941,027 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 9,747,051 | $ | 44,836,436 | $ | 85,774,052 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (5,252,949 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (5,252,949 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,184,283 | ) | |||||||||||||
| OBLIGOR #25 |
$ | (1,967,711 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (1,692,659 | ) | $ | (20,249,371 | ) | ||||||||||
| OBLIGOR #5 |
$ | (601,325 | ) | |||||||||||||
| OBLIGOR #28 |
$ | (252,949 | ) | |||||||||||||
| OBLIGOR #13 |
$ | (252,949 | ) | |||||||||||||
| OBLIGOR #23 |
$ | (252,949 | ) | |||||||||||||
| OBLIGOR #26 |
$ | (252,949 | ) | $ | (29,660,132 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (17,963,670 | ) | $ | (20,249,371 | ) | $ | (29,660,132 | ) | |||||||
|
|
|
|
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|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (29,660,132 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 165,280,895 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Principal | Principal Collections* | Adjustment For Substitution |
Ending Balance | Collateral Interest Received |
Other Collections |
Total Collections | |||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 3,771,009 | — | $ | 199,038,413 | $ | 1,805,042 | $ | — | $ | 5,576,051 | |||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 4,203,387 | $ | — | $ | 194,835,026 | $ | 1,784,734 | $ | — | $ | 5,988,121 | ||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| July 16, 2013 |
$ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||
| August 16, 2013 |
$ | 107,704,704 | $ | 2,566,154 | $ | 105,138,550 | 0.813137 | |||||||||
| September 16, 2013 |
$ | 105,138,550 | $ | 2,664,395 | $ | 102,474,155 | 0.792530 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | Aug-13 | Sep-13 | ||||||||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | $ | 5,935,820.87 | $ | 5,608,089.63 | $ | 5,277,959.58 | ||||||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | $ | 6,538,461.58 | $ | 6,153,846.20 | $ | 5,769,230.82 | ||||||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | $ | 11,096,602.85 | $ | 10,724,396.76 | $ | 10,348,376.59 | ||||||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | — | ||||||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | ||||||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | $ | 831,663.58 | $ | 797,375.03 | $ | 762,783.83 | ||||||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | $ | 2,359,610.96 | $ | 2,154,120.82 | $ | 1,947,038.12 | ||||||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | $ | 6,814,814.80 | $ | 6,518,518.50 | $ | 6,222,222.20 | ||||||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | $ | 4,880,239.73 | $ | 4,760,835.31 | $ | 4,640,407.82 | ||||||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | $ | 12,351,575.05 | $ | 11,897,986.29 | $ | 11,439,710.45 | ||||||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | $ | 8,559,565.42 | $ | 8,266,576.13 | $ | 7,971,000.80 | ||||||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | $ | 10,665,362.77 | $ | 10,299,862.99 | $ | 9,931,334.55 | ||||||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | ||||||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 9,711,251.22 | $ | 9,422,841.86 | $ | 9,131,539.18 | ||||||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | ||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | $ | 4,377,390.82 | $ | 4,220,112.75 | $ | 4,062,022.08 | ||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | $ | 4,396,987.08 | $ | 4,243,952.75 | $ | 4,089,765.34 | ||||||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | ||||||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | $ | 7,700,000.00 | $ | 7,600,000.00 | $ | 7,200,000.00 | ||||||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | ||||||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | $ | 7,063,640.30 | $ | 6,843,463.19 | $ | 6,621,200.52 | ||||||||||||||||||||
| OBLIGOR #28 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,000,000.00 | ||||||||||||||||||||
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| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | $ | 199,038,413 | $ | 194,941,027 | ||||||||||||||||||||
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| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending September 3, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending October 4, 2013
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 | Page 1 of 8 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
September 4, 2013 | |||
| Last Day of Collection Period |
October 4, 2013 | |||
| Payment Date |
October 16, 2013 |
| Available Funds |
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 1,608,996 | ||
| Principal Received1 |
$ | 9,095,353 | ||
| Other Obligor Payments |
$ | — | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 10,704,349 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 10,704,349 | ||
|
|
|
|||
1: Note that $300,000 in principal payments were received from obligor #25 in July 2013 that were not reflected in the Servicer Reports dated July 16th 2013 or August 16th 2013. These principal payments were included in the September Servicer Report. In addition, the related October payments have been adjusted to reflect the increased principal payment amount, resulting in the following corrections:
Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees—October amount is reduced by $8.00
Total Servicing Fee—October amount is reduced by $500.00
Total accrued interest due—October amount is reduced by $453.00
| Hercules Capital Funding Trust 2012-1 | ||
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 | Page 2 of 8 |
Waterfall Calculations
| Interest Collections |
$ | 1,608,996 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,379 | ||||||
| US Bank Custodian—Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | 910 | ||||||
| Wilmington Trust—Owner Trustee Fees |
||||||||
| True up of fees per footnote 1 on page 1 |
$ | (8 | ) | |||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 5,515 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
September 4, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 200,823,147 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
| True up of fees per footnote 1 on page 1 |
(500 | ) | ||||||
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|
|
|||||
| Total Servicing Fee |
$ | 334,205 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 102,474,155 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 283,512 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
| True up of fees per footnote 1 on page 1 |
$ | (453 | ) | |||||
|
|
|
|
|
|||||
| Total Accrued Interest Due |
$ | 283,059 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 102,474,155 | ||||||
| Target Principal Amortization |
$ | 7,022,406 | ||||||
| Principal Payments Received from Principal Collections |
$ | (7,022,406 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 95,451,748 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 986,217 | ||||||
| Principal Collections |
$ | 9,095,353 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 7,022,406 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 1,036,473 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder | $ | 1,036,473 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Borrowing Base and Required Note Payments
As of: October 4, 2013
| First Day of Collection Period |
September 4, 2013 | |||
| Last Day of Collection Period |
October 4, 2013 | |||
| Payment Date |
October 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 185,845,674 | ||
| Total Excess Concentration Amount |
$ | (31,891,241 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 153,954,433 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 95,451,748 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 102,474,155 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 7,022,406 |
| Rapid Amortization Event |
||||||||||
| Restructured Loan |
||||||||||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||||||||||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A |
||||||||
| Delinquent Loan |
||||||||||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. | ||||||||||
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||||||||||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. | ||||||||||
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A |
||||||||
| Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months | ||||||||||
| Date |
Ending Outstanding Note Balances |
Borrowing Base | Balance > Borrowing Base | |||
| N/A |
||||||
| Loans in the Collateral consist of Loans to 10 or fewer Obligors | ||||||||||
| Obligor Count | Count > 10 | |||
| N/A |
||||
| An Event of Default |
||||||||||
| N/A | ||
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date | Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 199,038,413 | August 16, 2013 | 107,704,704 | 2,566,154 | 105,138,550 | 0.81314 | 297,983 | 2,599,080 | |||||||||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 194,941,027 | September 16, 2013 | 105,138,550 | 2,664,395 | 102,474,155 | 0.79253 | 290,883 | 2,889,963 | |||||||||||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 185,845,674 | October 16, 2013 | 102,474,155 | 7,022,406 | 95,451,748 | 0.73822 | 283,059 | 3,173,022 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| August 16, 2013 |
$ | 2,259,963 | $ | 602,427 | $ | — | $ | — | $ | — | $ | — | $ | 2,862,390 | 2.66 | % | ||||||||||||||||
| September 16, 2013 |
$ | 2,862,390 | $ | 769,496 | $ | — | $ | — | $ | — | $ | — | $ | 3,631,886 | 3.45 | % | ||||||||||||||||
| October 16, 2013 |
$ | 3,631,886 | $ | 1,036,473 | $ | — | $ | — | $ | — | $ | — | $ | 4,668,359 | 4.56 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 185,845,674 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 185,845,674 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 9,292,284 | $ | 42,744,505 | $ | 81,772,097 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #8 |
$ | (5,261,386 | ) | |||||||||||||
| OBLIGOR #14 |
$ | (5,707,716 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,264,653 | ) | |||||||||||||
| OBLIGOR #25 |
$ | (2,322,478 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (1,680,602 | ) | $ | (20,953,750 | ) | ||||||||||
| OBLIGOR #5 |
$ | (672,799 | ) | |||||||||||||
| OBLIGOR #26 |
$ | (707,716 | ) | |||||||||||||
| OBLIGOR #13 |
$ | (707,716 | ) | |||||||||||||
| OBLIGOR #23 |
$ | (707,716 | ) | |||||||||||||
| OBLIGOR #28 |
$ | (707,716 | ) | $ | (31,891,241 | ) | ||||||||||
| OBLIGOR #7 |
$ | (469,389 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (21,209,890 | ) | $ | (20,953,750 | ) | $ | (31,891,241 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (31,891,241 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 153,954,433 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||||||
| Ending Collection |
Beginning Principal |
Principal Collections* |
Adjustment For Substitution |
Other Collections |
Ending Balance |
Collateral Interest Received |
Other Collections |
Total Collections |
||||||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 3,771,009 | $ | — | $ | 199,038,413 | $ | 1,805,042 | $ | — | $ | 5,576,051 | ||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 4,097,386 | $ | — | $ | 106,000 | $ | 194,941,027 | $ | 1,784,734 | $ | — | $ | 5,988,121 | ||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 9,095,353 | $ | — | $ | 185,845,674 | $ | 1,608,996 | $ | — | $ | 10,704,349 | ||||||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| July 16, 2013 |
$ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||
| August 16, 2013 |
$ | 107,704,704 | $ | 2,566,154 | $ | 105,138,550 | 0.813137 | |||||||||
| September 16, 2013 |
$ | 105,138,550 | $ | 2,664,395 | $ | 102,474,155 | 0.792530 | |||||||||
| October 16, 2013 |
$ | 102,474,155 | $ | 7,022,406 | $ | 95,451,748 | 0.738219 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | Aug-13 | Sep-13 | Oct-13 | |||||||||||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | $ | 5,935,820.87 | $ | 5,608,089.63 | $ | 5,277,959.58 | $ | 4,944,166.98 | ||||||||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | $ | 6,538,461.58 | $ | 6,153,846.20 | $ | 5,769,230.82 | $ | 5,384,615.44 | ||||||||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | $ | 11,096,602.85 | $ | 10,724,396.76 | $ | 10,348,376.59 | $ | 9,965,082.55 | ||||||||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | — | $ | — | ||||||||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | ||||||||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 14,553,670.20 | ||||||||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | $ | 831,663.58 | $ | 797,375.03 | $ | 762,783.83 | $ | 727,670.14 | ||||||||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | $ | 2,359,610.96 | $ | 2,154,120.82 | $ | 1,947,038.12 | $ | 1,737,863.78 | ||||||||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | $ | 6,814,814.80 | $ | 6,518,518.50 | $ | 6,222,222.20 | $ | 5,925,925.90 | ||||||||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | $ | 4,880,239.73 | $ | 4,760,835.31 | $ | 4,640,407.82 | $ | 4,517,665.95 | ||||||||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | $ | 12,351,575.05 | $ | 11,897,986.29 | $ | 11,439,710.45 | $ | 10,972,885.85 | ||||||||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | $ | 8,559,565.42 | $ | 8,266,576.13 | $ | 7,971,000.80 | $ | 7,670,547.10 | ||||||||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | $ | 10,665,362.77 | $ | 10,299,862.99 | $ | 9,931,334.55 | $ | 9,556,937.19 | ||||||||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | ||||||||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 9,711,251.22 | $ | 9,422,841.86 | $ | 9,131,539.18 | $ | 4,031,539.18 | ||||||||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | ||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | $ | 4,377,390.82 | $ | 4,220,112.75 | $ | 4,062,022.08 | $ | 3,902,437.60 | ||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | $ | 4,396,987.08 | $ | 4,243,952.75 | $ | 4,089,765.34 | $ | 3,933,422.14 | ||||||||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | $ | 7,700,000.00 | $ | 7,600,000.00 | $ | 7,200,000.00 | $ | 7,100,000.00 | ||||||||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | ||||||||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | $ | 7,063,640.30 | $ | 6,843,463.19 | $ | 6,621,200.52 | $ | 6,394,809.37 | ||||||||||||||||||||||
| OBLIGOR #28 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||
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| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | $ | 199,038,413 | $ | 194,941,027 | $ | 185,845,674 | ||||||||||||||||||||||
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| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending October 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending November 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
October 7, 2013 | |||
| Last Day of Collection Period |
November 4, 2013 | |||
| Payment Date |
November 18, 2013 |
| Available Funds |
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 1,634,167 | ||
| Principal Received |
$ | 4,099,288 | ||
| Other Obligor Payments |
$ | 638,333 | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 6,371,788 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 6,371,788 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,634,167 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,296 | ||||||
| US Bank Custodian—Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | 259 | ||||||
| Wilmington Trust—Owner Trustee Fees |
||||||||
|
|
|
|||||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees |
$ | 4,788 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
October 7, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 196,550,023 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 327,583 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 95,451,748 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 264,083 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
| Total Accrued Interest Due |
$ | 264,083 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 95,451,748 | ||||||
| Target Principal Amortization |
$ | 2,986,838 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,986,838 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 92,464,911 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 1,037,713 | ||||||
| Principal Collections |
$ | 4,737,621 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,986,838 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 875,391 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 875,391 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Borrowing Base and Required Note Payments
As of: November 4, 2013
| First Day of Collection Period |
October 7, 2013 | |||
| Last Day of Collection Period |
November 4, 2013 | |||
| Payment Date |
November 18, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 181,441,387 | ||
| Total Excess Concentration Amount |
$ | (32,304,434 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 149,136,952 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 92,464,911 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 95,451,748 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,986,838 |
| Rapid Amortization Event |
||||||||||
| Restructured Loan |
||||||||||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||||||||||
| Reporting Date |
Obligor Name |
Modification Date | Loan Balance |
Total Restructured Amt in last 6 months | ||||
| N/A | ||||||||
| Delinquent Loan |
||||||||||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. | ||||||||||
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A | $ | — | $ | — | $ | — | $ | — | ||||||||
| Total | $ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||||||||||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. | ||||||||||
| Reporting Date |
Obligor Name | Defaulted Date |
Loan Balance | Days of Default | ||||
| N/A | ||||||||
| Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months | ||||||||||
| Date |
Ending Outstanding Note Balances |
Borrowing Base |
Balance > Borrowing Base |
| ||||
| N/A | ||||||||
| Loans in the Collateral consist of Loans to 10 or fewer Obligors | ||||||||||
| Obligor Count | Count > 10 | |||
| N/A |
||||
| An Event of Default | ||||||||
| N/A |
||
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 199,038,413 | August 16, 2013 | 107,704,704 | 2,566,154 | 105,138,550 | 0.81314 | 297,983 | 2,599,080 | |||||||||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 194,941,027 | September 16, 2013 | 105,138,550 | 2,664,395 | 102,474,155 | 0.79253 | 290,883 | 2,889,963 | |||||||||||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 185,845,674 | October 16, 2013 | 102,474,155 | 7,022,406 | 95,451,748 | 0.73822 | 283,059 | 3,173,022 | |||||||||||||||||||||||||
| November 4, 2013 |
$ | 185,845,674 | $ | 181,441,387 | November 18, 2013 | 95,451,748 | 2,986,838 | 92,464,911 | 0.71512 | 264,083 | 3,437,106 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance |
Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| August 16, 2013 |
$ | 2,259,963 | $ | 602,427 | $ | — | $ | — | $ | — | $ | — | $ | 2,862,390 | 2.66 | % | ||||||||||||||||
| September 16, 2013 |
$ | 2,862,390 | $ | 769,496 | $ | — | $ | — | $ | — | $ | — | $ | 3,631,886 | 3.45 | % | ||||||||||||||||
| October 16, 2013 |
$ | 3,631,886 | $ | 1,036,473 | $ | — | $ | — | $ | — | $ | — | $ | 4,668,359 | 4.56 | % | ||||||||||||||||
| November 18, 2013 |
$ | 4,668,359 | 875,391 | $ | — | $ | — | $ | — | $ | — | $ | 5,543,750 | 5.81 | % | |||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| Loan Status |
Loan Balance | % of Loan Balance | ||||||
| Current |
$ | 181,441,387 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 181,441,387 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 9,072,069 | $ | 41,731,519 | $ | 79,834,210 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #14 |
$ | (5,927,931 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (5,035,570 | ) | |||||||||||||
| OBLIGOR #25 |
$ | (2,442,693 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (2,177,450 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (1,432,981 | ) | $ | (20,645,453 | ) | ||||||||||
| OBLIGOR #26 |
$ | (927,931 | ) | |||||||||||||
| OBLIGOR #13 |
$ | (927,931 | ) | |||||||||||||
| OBLIGOR #23 |
$ | (927,931 | ) | |||||||||||||
| OBLIGOR #28 |
$ | (927,931 | ) | |||||||||||||
| OBLIGOR #7 |
$ | (689,603 | ) | $ | (32,304,434 | ) | ||||||||||
| OBLIGOR #5 |
$ | (509,212 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (21,927,163 | ) | $ | (20,645,453 | ) | $ | (32,304,434 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (32,304,434 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 149,136,952 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||||||
| Ending Collection |
Beginning Principal |
Principal Collections* |
Adjustment For Substitution |
Other Collections |
Ending Balance |
Collateral Interest Received |
Other Collections |
Total Collections | ||||||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 3,771,009 | $ | — | $ | 199,038,413 | $ | 1,805,042 | $ | — | $ | 5,576,051 | ||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 4,097,386 | $ | — | $ | 106,000 | $ | 194,941,027 | $ | 1,784,734 | $ | — | $ | 5,988,121 | ||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 9,095,353 | $ | — | $ | 185,845,674 | $ | 1,608,996 | $ | — | $ | 10,704,349 | ||||||||||||||||||
| November 4, 2013 |
$ | 185,845,674 | $ | 4,099,288 | $ | 305,000 | $ | 333,333 | $ | 181,441,387 | $ | 1,634,167 | $ | — | $ | 6,371,788 | ||||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| July 16, 2013 |
$ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||
| August 16, 2013 |
$ | 107,704,704 | $ | 2,566,154 | $ | 105,138,550 | 0.813137 | |||||||||
| September 16, 2013 |
$ | 105,138,550 | $ | 2,664,395 | $ | 102,474,155 | 0.792530 | |||||||||
| October 16, 2013 |
$ | 102,474,155 | $ | 7,022,406 | $ | 95,451,748 | 0.738219 | |||||||||
| November 18, 2013 |
$ | 95,451,748 | $ | 2,986,838 | $ | 92,464,911 | 0.715119 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Pool Balance - End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | Aug-13 | Sep-13 | Oct-13 | Nov-13 | ||||||||||||||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,638.66 | $ | 5,935,820.87 | $ | 5,608,089.63 | $ | 5,277,959.58 | $ | 4,944,166.98 | $ | 4,609,177.38 | ||||||||||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,076.96 | $ | 6,538,461.58 | $ | 6,153,846.20 | $ | 5,769,230.82 | $ | 5,384,615.44 | $ | 5,000,000.06 | ||||||||||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786.18 | $ | 11,096,602.85 | $ | 10,724,396.76 | $ | 10,348,376.59 | $ | 9,965,082.55 | $ | 9,581,281.54 | ||||||||||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | $ | 9,761,672.83 | ||||||||||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 14,553,670.20 | $ | 14,107,639.42 | ||||||||||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,896.53 | $ | 831,663.58 | $ | 797,375.03 | $ | 762,783.83 | $ | 727,670.14 | $ | 692,463.70 | ||||||||||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,156.92 | $ | 2,359,610.96 | $ | 2,154,120.82 | $ | 1,947,038.12 | $ | 1,737,863.78 | $ | 1,527,555.09 | ||||||||||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111.10 | $ | 6,814,814.80 | $ | 6,518,518.50 | $ | 6,222,222.20 | $ | 5,925,925.90 | $ | 5,629,629.60 | ||||||||||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | $ | 15,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000.00 | $ | 4,880,239.73 | $ | 4,760,835.31 | $ | 4,640,407.82 | $ | 4,517,665.95 | $ | 4,395,154.97 | ||||||||||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749.27 | $ | 12,351,575.05 | $ | 11,897,986.29 | $ | 11,439,710.45 | $ | 10,972,885.85 | $ | 10,505,050.64 | ||||||||||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,489.74 | $ | 8,559,565.42 | $ | 8,266,576.13 | $ | 7,971,000.80 | $ | 7,670,547.10 | $ | 7,369,710.99 | ||||||||||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718.01 | $ | 10,665,362.77 | $ | 10,299,862.99 | $ | 9,931,334.55 | $ | 9,556,937.19 | $ | 9,249,519.39 | ||||||||||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | $ | 2,000,000.00 | ||||||||||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 9,711,251.22 | $ | 9,422,841.86 | $ | 9,131,539.18 | $ | 4,031,539.18 | $ | — | ||||||||||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | $ | 7,250,000.00 | ||||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612.35 | $ | 4,377,390.82 | $ | 4,220,112.75 | $ | 4,062,022.08 | $ | 3,902,437.60 | $ | 3,742,705.60 | ||||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,974.60 | $ | 4,396,987.08 | $ | 4,243,952.75 | $ | 4,089,765.34 | $ | 3,933,422.14 | $ | 3,776,894.97 | ||||||||||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 6,000,000.00 | $ | 5,833,332.33 | ||||||||||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000.00 | $ | 7,700,000.00 | $ | 7,600,000.00 | $ | 7,200,000.00 | $ | 7,100,000.00 | $ | 7,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | $ | 4,514,762.00 | ||||||||||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956.19 | $ | 7,063,640.30 | $ | 6,843,463.19 | $ | 6,621,200.52 | $ | 6,394,809.37 | $ | 6,168,296.95 | ||||||||||||||||||||||||
| OBLIGOR #28 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,000,000.00 | $ | 10,000,000.00 | $ | 10,000,000.00 | ||||||||||||||||||||||||
| OBLIGOR #29 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,726,539.18 | ||||||||||||||||||||||||
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| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | $ | 199,038,413 | $ | 194,941,027 | $ | 185,845,674 | $ | 181,441,387 | ||||||||||||||||||||||||
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| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending November 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
Prepared: For the collection period ending December 4, 2013
| Hercules Capital Funding Trust 2012-1 | Page 1 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Monthly Servicer Report
On Behalf of Hercules Capital Funding Trust 2012-1
| First Day of Collection Period |
November 5, 2013 | |||
| Last Day of Collection Period |
December 4, 2013 | |||
| Payment Date |
December 16, 2013 |
| Available Funds |
||||
| On each Payment Date, payments on the Notes will be made from the following sources (collectively, “Available Funds”): |
| |||
| Obligor payments |
||||
| Interest Received |
$ | 1,573,172 | ||
| Principal Received |
$ | 4,282,874 | ||
| Other Obligor Payments |
$ | 80,000 | ||
|
|
|
|||
| Obligor payments received with respect to the Loans during the preceding Collection Period; |
$ | 5,936,046 | ||
| Liquidation proceeds received with respect to the Loans during the preceding Collection Period; |
$ | — | ||
| Interest earned on funds on deposit in the Collection Account, the Interest Reserve Account and the Expense |
||||
| Reserve Account; |
||||
| Proceeds from any optional sale of Loans; |
$ | — | ||
| Payments made by the Seller, the Depositor or the Servicer in connection with the required repurchase or purchase of Loans; and |
$ | — | ||
| Scheduled Payment Advances |
$ | — | ||
|
|
|
|||
| Total Available Funds |
$ | 5,936,046 | ||
|
|
|
|||
| Hercules Capital Funding Trust 2012-1 | Page 2 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Waterfall Calculations
| Interest Collections |
$ | 1,573,172 | ||||||
| (1) Trustee, the Owner Trustee, the Backup Servicer, the Custodian and the Lockbox Bank, pro rata, any accrued and unpaid fees, expenses and indemnities then due to each of them with rolling twelve-month limit of $500K |
||||||||
| US Bank Trustee—Annual Administrative Fee |
$ | 2,083 | ||||||
| US Bank Back Up Servicer—Annual Administrative Fee |
$ | 2,884 | ||||||
| US Bank Custodian—Monthly Fees |
$ | 150 | ||||||
| US Bank Lockbox Fees |
$ | 210 | ||||||
| Independent Accountant Audit Fee |
$ | 27,500 | ||||||
|
|
|
|
|
|||||
| Total due to Trustee/Owner Trustee/Backup Servicer/Custodian/Lockbox Bank fees/Independent Accountant |
$ | 32,827 | ||||||
| The Servicing Fee shall be equal to the sum of the product of: (i) one-twelfth of 2.00% (or, with respect to the first Collection Period, a fraction equal to the number of days from and including the Cutoff Date through and including January 15, 2013 over 360) and (ii) the Aggregate Outstanding Pool Balance as of the beginning of the related Collection Period. |
| |||||||
| (2) Servicer or any Successor Servicer, any previously unreimbursed Scheduled Payment Advances, Servicing Advances, the Servicing Fee for the related calendar month, any supplemental servicing fees for the related calendar month, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the Loans that the Servicer is entitled to retain; to the Seller, amounts deposited into the Lockbox Account but not related to interest, principal or extension fees due on the Loans; a one-time servicer engagement fee to the Backup Servicer (upon becoming Successor Servicer) of $125K; and costs and expenses, if any, incurred by the Trustee or by any Successor Servicer (including the Backup Servicer) in connection with the transfer of servicing to any Successor Servicer, which shall not exceed $50K for a servicing transfer to the Backup Servicer or 175K to any other Successor Servicer |
$ | — | ||||||
| First day of collection period |
November 5, 2013 | |||||||
| Aggregate Outstanding Pool Balance as of beginning of Collection Period |
$ | 187,813,174 | ||||||
| Applicable Servicing Fee % |
2.00 | % | ||||||
| Number of Days to calculate |
0.08 | |||||||
|
|
|
|
|
|||||
| Total Servicing Fee |
$ | 313,022 | ||||||
| (3) Accrued interest due on the Notes, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on the Notes; and (ii) the excess, if any, of the amount of interest remaining due and payable on the Notes on prior Payment Dates over the amounts in respect of interest actually paid on the Notes on such Payment Dates, plus interest on any such shortfall at the interest rate for the Notes |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 92,464,911 | ||||||
| Applicable Rate |
3.32 | % | ||||||
|
|
|
|||||||
| Interest due and accrued for related interest period |
$ | 255,820 | ||||||
| Interest unpaid and due from prior payment date |
$ | — | ||||||
| Plus interest on interest unpaid and due from prior payment date |
$ | — | ||||||
| Total Accrued Interest Due |
$ | 255,820 | ||||||
| (4) Principal on the Notes in the amounts required under “Principal Collections” below, but only to the extent not paid in full from Principal Collections |
||||||||
| Outstanding Balance of Notes After Last Payment Date |
$ | 92,464,911 | ||||||
| Target Principal Amortization |
$ | 2,907,939 | ||||||
| Principal Payments Received from Principal Collections |
$ | (2,907,939 | ) | |||||
| Principal Payments Received from Reserve Account |
$ | — | ||||||
| Principal Payments Received from Interest Collections |
$ | — | ||||||
|
|
|
|
|
|||||
| Note Balance after Principal Payment |
$ | 89,556,972 | ||||||
| (5) Pay each of the Trustee, the Owner Trustee, the Backup Servicer, any Successor Servicer, the Custodian and the Lockbox Bank, pro rata, any fees and expenses then due to such party that are in excess of the related cap or annual limitation |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 971,503 | ||||||
| Principal Collections |
$ | 4,362,874 | ||||||
| (1) Pay the amounts under “Interest Collections”, but only to the extent not paid in full from Interest Collections |
$ | — | ||||||
| (2) (A) for so long as no Rapid Amortization Event has occurred, to pay principal on the Notes in an amount equal to the excess, if any, of the outstanding principal amount of the Notes over the Borrowing Base and (B) following the occurrence of any Rapid Amortization Event, to pay outstanding principal on the Notes until the outstanding principal balance of the Notes is reduced to zero |
$ | 2,907,939 | ||||||
| (3) Pay the remaining outstanding principal balance of the Notes on the Legal Final Payment Date |
$ | — | ||||||
| (4) The amount on deposit in the Reserve Account is less than the Reserve Account Required Balance, to the Reserve Account, fifty percent (50%) of any remaining Principal Collections until amounts on deposit in the Reserve Account equal the Reserve Account Required Balance |
$ | 727,468 | ||||||
| (5) Pay the amounts referred to in clause (5) under “Interest Collections” above, but only to the extent not paid in full from Interest Collections; |
$ | — | ||||||
| (6) Pay all remaining amounts to the Certificateholder |
$ | 727,468 | ||||||
| Hercules Capital Funding Trust 2012-1 | Page 3 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Borrowing Base and Required Note Payments
As of: December 4, 2013
| First Day of Collection Period |
November 5, 2013 | |||
| Last Day of Collection Period |
December 4, 2013 | |||
| Payment Date |
December 16, 2013 |
| Borrowing Base |
||||
| Adjusted Pool Balance |
||||
| Pool Balance |
$ | 177,158,512 | ||
| Total Excess Concentration Amount |
$ | (32,711,783 | ) | |
| Outstanding Balance of all Delinquent Loans |
$ | — | ||
| Outstanding Balance of all Restructured Loans |
$ | — | ||
|
|
|
|||
| Total Adjusted Pool Balance |
$ | 144,446,729 | ||
| Advance Rate |
62.0 | % | ||
|
|
|
|||
| $ | 89,556,972 | |||
|
|
|
|||
| Borrowing Base |
||||
| Beginning Outstanding Note Balance |
$ | 92,464,911 | ||
| Rapid Amortization |
$ | — | ||
|
|
|
|||
| Required Payment on Notes |
$ | 2,907,939 |
| Rapid Amortization Event |
||||||||||
| Restructured Loan |
||||||||||
| Loan that has been, or in accordance with the Credit Monitoring Guidelines is required to be, modified or restructured to extend the maturity thereof or reduce the amount (other than by reason of the repayment thereof) or extend the time for payment of principal thereof, in each case as a result of the Obligor’s material financial underperformance, distress or default. Such Loan shall cease to be a Restructured Loan when such Loan has been performing for at least six consecutive months since the date the most recent modification was made and is no longer required to be so modified or restructured in accordance with the Credit Monitoring Guidelines. | ||||||||||
| Reporting Date |
Obligor Name | Modification Date | Loan Balance | Total Restructured Amt in last 6 months | ||||
| N/A | ||||||||
| Delinquent Loan |
||||||||||
| Loan which is more than forty-five (45) days delinquent in payment; provided, however, that any Loan that has been substituted and replaced by the Issuer with a Substitute Loan pursuant to Section 2.04 and Section 2.06 will not be deemed to be a Delinquent Loan. | ||||||||||
| Days of Delinquency | ||||||||||||||||
| 31 to 59 | 60 to 89 | 90+ | Total | |||||||||||||
| N/A | $ | — | $ | — | $ | — | $ | — | ||||||||
| Total | $ | — | $ | — | $ | — | $ | — | ||||||||
| Defaulted Loan |
||||||||||
| Loan in the Collateral as to which the earliest of the following has occurred: (i) any payment, or any part of any payment in excess of 90%, due under such Loan (taking into account any waivers or modifications granted by the Servicer on such Loan) has become 120 days or more delinquent, whether or not the Servicer has foreclosed upon the related Collateral or if the related obligor is insolvent or has declared bankruptcy and the Loan is more than 180 days delinquent; (ii) the Servicer has foreclosed upon and sold the related collateral; (iii) 90 days has elapsed since the related Collateral was foreclosed upon by the Servicer; or (iv) the Servicer has determined in accordance with its customary practices that the Loan is uncollectible or the final recoverable amounts have been received. | ||||||||||
| Reporting Date |
Obligor Name | Defaulted Date | Loan Balance | Days of Default | ||||
| N/A | ||||||||
| Aggregate Outstanding Principal Balance of the Notes exceeds the Borrowing Base for a period of three (3) consecutive calendar months | ||||||||||
| Date |
Ending Outstanding Note Balances |
Borrowing Base |
Balance > Borrowing Base | |||
| N/A | ||||||
| Loans in the Collateral consist of Loans to 10 or fewer Obligors | ||||||||||
| Obligor Count | Count > 10 | |||
| N/A |
||||
| An Event of Default | ||||||||||
| N/A |
||
| Hercules Capital Funding Trust 2012-1 | Page 4 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Pool Balance, Note and General Reserve Schedules
| Pool Balance |
Note Balances | |||||||||||||||||||||||||||||||||||
| Ending Collection Period Date |
Beginning Pool Balance |
Ending Pool Balance |
Payment Date |
Beginning Balance |
Principal Payment |
Ending Balance |
Note Factor |
Note Interest Paid |
Cumulative Interest Paid |
|||||||||||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 224,940,814 | January 16, 2013 | 129,300,000 | 5,781,416 | 123,518,584 | 0.9553 | 321,957 | 321,957 | |||||||||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 222,584,218 | February 19, 2013 | 123,518,584 | 1,576,420 | 121,942,164 | 0.9431 | 375,908 | 697,865 | |||||||||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 219,853,292 | March 18, 2013 | 121,942,164 | 1,890,769 | 120,051,395 | 0.9285 | 337,373 | 1,035,239 | |||||||||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 213,275,244 | April 16, 2013 | 120,051,395 | 5,375,752 | 114,675,643 | 0.8869 | 332,142 | 1,367,381 | |||||||||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 210,005,171 | May 16, 2013 | 114,675,643 | 2,133,032 | 112,542,610 | 0.8704 | 317,269 | 1,684,650 | |||||||||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 206,578,601 | June 17, 2013 | 112,542,610 | 2,273,025 | 110,269,586 | 0.8528 | 311,368 | 1,996,018 | |||||||||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 202,809,422 | July 16, 2013 | 110,269,586 | 2,564,881 | 107,704,704 | 0.8330 | 305,079 | 2,301,097 | |||||||||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 199,038,413 | August 16, 2013 | 107,704,704 | 2,566,154 | 105,138,550 | 0.81314 | 297,983 | 2,599,080 | |||||||||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 194,941,027 | September 16, 2013 | 105,138,550 | 2,664,395 | 102,474,155 | 0.79253 | 290,883 | 2,889,963 | |||||||||||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 185,845,674 | October 16, 2013 | 102,474,155 | 7,022,406 | 95,451,748 | 0.73822 | 283,059 | 3,173,022 | |||||||||||||||||||||||||
| November 4, 2013 |
$ | 185,845,674 | $ | 181,441,387 | November 18, 2013 | 95,451,748 | 2,986,838 | 92,464,911 | 0.71512 | 264,083 | 3,437,106 | |||||||||||||||||||||||||
| December 4, 2013 |
$ | 181,441,387 | $ | 177,158,512 | December 16, 2013 | 92,464,911 | 2,907,939 | 89,556,972 | 0.69263 | 255,820 | 3,692,925 | |||||||||||||||||||||||||
| General Reserve Account |
||||||||||||||||||||||||||||||||
| Payment Date |
Beginning Balance |
Plus: Required Deposits |
Plus: Interest |
Less: Excess over General Reserve Account Required Balance |
Less: Withdrawal for Insufficient Funds for Required Payments |
Less: Withdrawal due to Event of Default |
Ending Balance | Reserve Balance as a % of the Outstanding Principal Balance of the Notes |
||||||||||||||||||||||||
| January 16, 2013 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 0.00 | % | ||||||||||||||||
| February 19, 2013 |
$ | — | $ | 390,088 | $ | — | $ | — | $ | — | $ | — | $ | 390,088 | 0.32 | % | ||||||||||||||||
| March 16, 2013 |
$ | 390,088 | $ | 420,079 | $ | — | $ | — | $ | — | $ | — | $ | 810,167 | 0.66 | % | ||||||||||||||||
| April 16, 2013 |
$ | 810,167 | $ | — | $ | — | $ | — | $ | 243,520 | $ | — | $ | 566,646 | 0.47 | % | ||||||||||||||||
| May 16, 2013 |
$ | 566,646 | $ | 568,520 | $ | — | $ | — | $ | — | $ | — | $ | 1,135,167 | 0.99 | % | ||||||||||||||||
| June 17, 2013 |
$ | 1,135,167 | $ | 522,647 | $ | — | $ | — | $ | — | $ | — | $ | 1,657,814 | 1.47 | % | ||||||||||||||||
| July 16, 2013 |
$ | 1,657,814 | $ | 602,149 | $ | — | $ | — | $ | — | $ | — | $ | 2,259,963 | 2.05 | % | ||||||||||||||||
| August 16, 2013 |
$ | 2,259,963 | $ | 602,427 | $ | — | $ | — | $ | — | $ | — | $ | 2,862,390 | 2.66 | % | ||||||||||||||||
| September 16, 2013 |
$ | 2,862,390 | $ | 769,496 | $ | — | $ | — | $ | — | $ | — | $ | 3,631,886 | 3.45 | % | ||||||||||||||||
| October 16, 2013 |
$ | 3,631,886 | $ | 1,036,473 | $ | — | $ | — | $ | — | $ | — | $ | 4,668,359 | 4.56 | % | ||||||||||||||||
| November 18, 2013 |
$ | 4,668,359 | $ | 875,391 | $ | — | $ | — | $ | — | $ | — | $ | 5,543,750 | 5.81 | % | ||||||||||||||||
| December 16, 2013 |
$ | 5,543,750 | $ | 727,468 | $ | — | $ | — | $ | — | $ | — | $ | 6,271,218 | 6.78 | % | ||||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 5 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Pool Balance (by Obligor) Concentration
| Obligor Count |
23 |
| Loan Status |
Loan Balance | % of Loan Balance |
||||||
| Current |
$ | 177,158,512 | 100 | % | ||||
| Restructured |
$ | — | 0 | % | ||||
| Defaulted |
$ | — | 0 | % | ||||
| Delinquent |
$ | — | 0 | % | ||||
|
|
|
|
|
|||||
| TOTAL |
$ | 177,158,512 | 100 | % | ||||
|
|
|
|
|
|||||
| Concentration Limits percentage of Loan Balance |
5 | % | 23 | % | 44 | % | ||||||||||
| Concentration Limits in Dollars |
$ | 8,857,926 | $ | 40,746,458 | $ | 77,949,745 | ||||||||||
| Single Obligor | Top Five | Top Ten | ||||||||||||||
| Excess Concentration |
||||||||||||||||
| OBLIGOR #14 |
$ | (6,142,074 | ) | |||||||||||||
| OBLIGOR #8 |
$ | (4,796,505 | ) | |||||||||||||
| OBLIGOR #25 |
$ | (2,556,836 | ) | |||||||||||||
| OBLIGOR #18 |
$ | (1,943,858 | ) | |||||||||||||
| OBLIGOR #16 |
$ | (1,170,954 | ) | $ | (20,153,398 | ) | ||||||||||
| OBLIGOR #26 |
$ | (1,142,074 | ) | |||||||||||||
| OBLIGOR #13 |
$ | (1,142,074 | ) | |||||||||||||
| OBLIGOR #23 |
$ | (1,142,074 | ) | |||||||||||||
| OBLIGOR #28 |
$ | (1,142,074 | ) | |||||||||||||
| OBLIGOR #7 |
$ | (903,747 | ) | $ | (32,711,783 | ) | ||||||||||
| OBLIGOR #5 |
$ | (332,455 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | (22,414,727 | ) | $ | (20,153,398 | ) | $ | (32,711,783 | ) | |||||||
|
|
|
|
|
|
|
|||||||||||
| Total Excess Concentration Amount |
$ | (32,711,783 | ) | |||||||||||||
| Adjusted Pool Balance |
$ | 144,446,729 | ||||||||||||||
| Hercules Capital Funding Trust 2012-1 | Page 6 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Pool Balance and Note Schedules
| Pool Balance |
||||||||||||||||||||||||||||||||
| Ending Collection |
Beginning Principal |
Principal Collections* | Adjustment For Substitution |
Other Collections |
Ending Balance |
Collateral Interest Received |
Other Collections |
Total Collections |
||||||||||||||||||||||||
| December 19, 2012 |
$ | 230,681,409 | $ | — | $ | — | $ | 230,681,409 | $ | — | $ | — | $ | — | ||||||||||||||||||
| January 4, 2013 |
$ | 230,681,409 | $ | 5,740,595 | $ | — | $ | 224,940,814 | $ | 2,084,457 | $ | — | $ | 7,825,052 | ||||||||||||||||||
| February 4, 2013 |
$ | 224,940,814 | $ | 2,356,596 | $ | — | $ | 222,584,218 | $ | 1,981,727 | $ | — | $ | 4,338,323 | ||||||||||||||||||
| March 4, 2013 |
$ | 222,584,218 | $ | 2,730,927 | $ | — | $ | 219,853,292 | $ | 1,770,085 | $ | — | $ | 4,501,012 | ||||||||||||||||||
| April 4, 2013 |
$ | 219,853,292 | $ | 3,900,558 | $ | 2,677,489 | $ | 213,275,244 | $ | 1,935,178 | $ | 18,050 | $ | 5,853,787 | ||||||||||||||||||
| May 4, 2013 |
$ | 213,275,244 | $ | 3,270,073 | $ | — | $ | 210,005,171 | $ | 1,846,576 | $ | — | $ | 5,116,649 | ||||||||||||||||||
| June 4, 2013 |
$ | 210,005,171 | $ | 3,318,319 | $ | 108,251 | $ | 206,578,601 | $ | 1,977,416 | $ | — | $ | 5,295,735 | ||||||||||||||||||
| July 3, 2013 |
$ | 206,578,601 | $ | 3,769,179 | $ | — | $ | 202,809,422 | $ | 1,781,618 | $ | — | $ | 5,550,798 | ||||||||||||||||||
| August 2, 2013 |
$ | 202,809,422 | $ | 3,771,009 | $ | — | $ | 199,038,413 | $ | 1,805,042 | $ | — | $ | 5,576,051 | ||||||||||||||||||
| September 3, 2013 |
$ | 199,038,413 | $ | 4,097,386 | $ | — | $ | 106,000 | $ | 194,941,027 | $ | 1,784,734 | $ | — | $ | 5,988,120 | ||||||||||||||||
| October 4, 2013 |
$ | 194,941,027 | $ | 9,095,353 | $ | — | $ | 185,845,674 | $ | 1,608,996 | $ | — | $ | 10,704,349 | ||||||||||||||||||
| November 4, 2013 |
$ | 185,845,674 | $ | 4,099,288 | $ | 305,000 | $ | 333,333 | $ | 181,441,387 | $ | 1,634,167 | $ | — | $ | 6,371,788 | ||||||||||||||||
| December 4, 2013 |
$ | 181,441,387 | $ | 4,282,874 | $ | — | $ | 80,000 | $ | 177,158,512 | $ | 1,573,172 | $ | — | $ | 5,936,046 | ||||||||||||||||
| Note Balance - Class A Notes |
||||||||||||||||
| Payment Date |
Beginning Principal | Principal Paydown | Ending Balance | Note Factor | ||||||||||||
| December 19, 2012 |
$ | 129,300,000 | $ | 129,300,000 | 1.000000 | |||||||||||
| January 16, 2013 |
$ | 129,300,000 | $ | 5,781,416 | $ | 123,518,584 | 0.955287 | |||||||||
| February 19, 2013 |
$ | 123,518,584 | $ | 1,576,420 | $ | 121,942,164 | 0.943095 | |||||||||
| March 18, 2013 |
$ | 121,942,164 | $ | 1,890,769 | $ | 120,051,395 | 0.928472 | |||||||||
| April 16, 2013 |
$ | 120,051,395 | $ | 5,375,752 | $ | 114,675,643 | 0.886896 | |||||||||
| May 16, 2013 |
$ | 114,675,643 | $ | 2,133,032 | $ | 112,542,610 | 0.870399 | |||||||||
| June 17, 2013 |
$ | 112,542,610 | $ | 2,273,025 | $ | 110,269,586 | 0.852820 | |||||||||
| July 16, 2013 |
$ | 110,269,586 | $ | 2,564,881 | $ | 107,704,704 | 0.832983 | |||||||||
| August 16, 2013 |
$ | 107,704,704 | $ | 2,566,154 | $ | 105,138,550 | 0.813137 | |||||||||
| September 16, 2013 |
$ | 105,138,550 | $ | 2,664,395 | $ | 102,474,155 | 0.792530 | |||||||||
| October 16, 2013 |
$ | 102,474,155 | $ | 7,022,406 | $ | 95,451,748 | 0.738219 | |||||||||
| November 18, 2013 |
$ | 95,451,748 | $ | 2,986,838 | $ | 92,464,911 | 0.715119 | |||||||||
| December 16, 2013 |
$ | 92,464,911 | $ | 2,907,939 | $ | 89,556,972 | 0.692629 | |||||||||
| * | Principal Collections can potentially include fees and other payments |
| Hercules Capital Funding Trust 2012-1 | Page 7 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |
Pool Balance—End of Period
| OBLIGOR NAME | Dec-12 | Jan-13 | Feb-13 | Mar-13 | Apr-13 | May-13 | Jun-13 | Jul-13 | Aug-13 | Sep-13 | Oct-13 | Nov-13 | Dec-13 | |||||||||||||||||||||||||||||||||||||||
| OBLIGOR #1 |
$ | 8,172,429 | $ | 7,861,069 | $ | 7,547,429 | $ | 7,226,148 | $ | 6,907,861 | $ | 6,585,614 | $ | 6,262,639 | $ | 5,935,821 | $ | 5,608,090 | $ | 5,277,960 | $ | 4,944,167 | $ | 4,609,177 | $ | 4,270,648 | ||||||||||||||||||||||||||
| OBLIGOR #2 |
$ | 5,052,335 | $ | 4,572,047 | $ | 4,087,313 | $ | 3,594,431 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #3 |
$ | 9,230,769 | $ | 8,846,154 | $ | 8,461,538 | $ | 8,076,923 | $ | 7,692,308 | $ | 7,307,692 | $ | 6,923,077 | $ | 6,538,462 | $ | 6,153,846 | $ | 5,769,231 | $ | 5,384,615 | $ | 5,000,000 | $ | 4,615,385 | ||||||||||||||||||||||||||
| OBLIGOR #4 |
$ | 11,292,550 | $ | 10,871,709 | $ | 10,447,046 | $ | 10,009,339 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #5 |
$ | 12,555,645$ | 12,555,645 | $ | 12,555,645 | $ | 12,555,645 | $ | 12,198,390 | $ | 11,833,442 | $ | 11,468,786 | $ | 11,096,603 | $ | 10,724,397 | $ | 10,348,377 | $ | 9,965,083 | $ | 9,581,282 | $ | 9,190,380 | |||||||||||||||||||||||||||
| OBLIGOR #6 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
| OBLIGOR #7 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | $ | 9,761,673 | ||||||||||||||||||||||||||
| OBLIGOR #8 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 14,553,670 | $ | 14,107,639 | $ | 13,654,431 | ||||||||||||||||||||||||||
| OBLIGOR #9 |
$ | 3,822,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #10 |
$ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | $ | 966,343 | $ | 933,243 | $ | 899,586 | $ | 865,897 | $ | 831,664 | $ | 797,375 | $ | 762,784 | $ | 727,670 | $ | 692,464 | $ | 656,749 | ||||||||||||||||||||||||||
| OBLIGOR #11 |
$ | 3,758,211 | $ | 3,563,606 | $ | 3,367,447 | $ | 3,167,242 | $ | 2,968,011 | $ | 2,766,494 | $ | 2,564,157 | $ | 2,359,611 | $ | 2,154,121 | $ | 1,947,038 | $ | 1,737,864 | $ | 1,527,555 | $ | 1,315,235 | ||||||||||||||||||||||||||
| OBLIGOR #12 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,703,704 | $ | 7,407,407 | $ | 7,111,111 | $ | 6,814,815 | $ | 6,518,519 | $ | 6,222,222 | $ | 5,925,926 | $ | 5,629,630 | $ | 5,333,333 | ||||||||||||||||||||||||||
| OBLIGOR #13 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||||||||||||||||
| OBLIGOR #14 |
$ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | $ | 15,000,000 | ||||||||||||||||||||||||||
| OBLIGOR #15 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,880,240 | $ | 4,760,835 | $ | 4,640,408 | $ | 4,517,666 | $ | 4,395,155 | $ | 4,270,380 | ||||||||||||||||||||||||||
| OBLIGOR #16 |
$ | 15,000,000 | $ | 15,000,000 | $ | 14,573,778 | $ | 14,128,579 | $ | 13,693,352 | $ | 13,249,064 | $ | 12,804,749 | $ | 12,351,575 | $ | 11,897,986 | $ | 11,439,710 | $ | 10,972,886 | $ | 10,505,051 | $ | 10,028,879 | ||||||||||||||||||||||||||
| OBLIGOR #17 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,183 | $ | 9,428,358 | $ | 9,140,353 | $ | 8,852,490 | $ | 8,559,565 | $ | 8,266,576 | $ | 7,971,001 | $ | 7,670,547 | $ | 7,369,711 | $ | 7,064,121 | ||||||||||||||||||||||||||
| OBLIGOR #18 |
$ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 13,749,133 | $ | 11,749,133 | $ | 11,389,840 | $ | 11,030,718 | $ | 10,665,363 | $ | 10,299,863 | $ | 9,931,335 | $ | 9,556,937 | $ | 9,249,519 | $ | 8,801,783 | ||||||||||||||||||||||||||
| OBLIGOR #18 |
$ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | $ | 2,000,000 | ||||||||||||||||||||||||||||||||||
| OBLIGOR #19 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 9,711,251 | $ | 9,422,842 | $ | 9,131,539 | $ | 4,031,539 | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #20 |
$ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | $ | 7,250,000 | ||||||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,845,939 | $ | 4,690,274 | $ | 4,534,612 | $ | 4,377,391 | $ | 4,220,113 | $ | 4,062,022 | $ | 3,902,438 | $ | 3,742,706 | $ | 3,581,525 | ||||||||||||||||||||||||||
| OBLIGOR #21 |
$ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 5,000,000 | $ | 4,851,509 | $ | 4,700,720 | $ | 4,549,975 | $ | 4,396,987 | $ | 4,243,953 | $ | 4,089,765 | $ | 3,933,422 | $ | 3,776,895 | $ | 3,618,270 | ||||||||||||||||||||||||||
| OBLIGOR #22 |
$ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 6,000,000 | $ | 5,833,332 | $ | 5,666,665 | ||||||||||||||||||||||||||
| OBLIGOR #23 |
$ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||||||||||||||||
| OBLIGOR #24 |
$ | 8,283,251 | $ | 8,156,689 | $ | 8,030,126 | $ | 7,903,564 | $ | 7,777,001 | $ | 7,608,251 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| OBLIGOR #25 |
$ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 8,000,000 | $ | 7,900,000 | $ | 7,800,000 | $ | 7,700,000 | $ | 7,600,000 | $ | 7,200,000 | $ | 7,100,000 | $ | 7,000,000 | $ | 6,900,000 | ||||||||||||||||||||||||||
| OBLIGOR #25 |
$ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | $ | 4,514,762 | ||||||||||||||||||||||||||
| OBLIGOR #26 |
$ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||||||||||||||||
| OBLIGOR #27 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,283,956 | $ | 7,063,640 | $ | 6,843,463 | $ | 6,621,201 | $ | 6,394,809 | $ | 6,168,297 | $ | 5,937,754 | ||||||||||||||||||||||||||
| OBLIGOR #28 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | $ | 10,000,000 | ||||||||||||||||||||||||||
| OBLIGOR #29 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,726,539 | $ | 3,726,539 | ||||||||||||||||||||||||||
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| TOTAL |
$ | 230,681,409 | $ | 224,940,814 | $ | 222,584,218 | $ | 219,853,292 | $ | 213,275,244 | $ | 210,005,171 | $ | 206,578,601 | $ | 202,809,422 | $ | 199,038,413 | $ | 194,941,027 | $ | 185,845,674 | $ | 181,441,387 | $ | 177,158,512 | ||||||||||||||||||||||||||
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| Hercules Capital Funding Trust 2012-1 | Page 8 of 8 | |
| Monthly Servicing Report for the Collection Period Ending December 4, 2013 |