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Previous: NETWORK APPLIANCE INC, 10-K405/A, 1996-10-29 |
Next: GLOBAL DIAMOND RESOURCES INC, 10SB12G, 1996-10-29 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) October 20, 1996
Newcourt Receivables Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
33-98378 77-041305
(Commission File Number) (I.R.S. Employer
Identification No.)
408-271-0500
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
The Registrant is filing final forms of the exhibits
listed in Item 7(c) below.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
EXHIBIT NO. DOCUMENT DESCRIPTION
20 Monthly Servicer's Certificate.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
NEWCOURT RECEIVABLES CORPORATION
DATED: October 28, 1996 By: /s/ Daniel A. Jauernig
Daniel A. Jauernig
Vice President and Chief Financial
Officer and Director
INDEX TO EXHIBITS
EXHIBIT NO. Document Description
20 Monthly Servicer's Certificate
<TABLE>
<CAPTION>
Master Trust September 1996
Newcourt Receivables Asset Trust Collection Reserve Distribution
Monthly Servicer Certificate - Accounts Account Account Account Series 1996-1 Series 1996-2
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Beginning Account Balances 0.00 2,889,890.64 0.00
Investment Earnings 12,595.62 4,998.77
Collection Account
Collections [4.3 a] 9,967,449.90
Add: Servicer Advances [4.3 b] 331,088.43
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer
Advances [4.3 c] (1,202,687.72)
Less: Investment Earnings to Newcourt
[4.2 e] (12,595.62) (4,998.77)
- ----------------------------------------------------------------------------------------------------------------------------------
Available Amount (9,095,850.61) 9,095,850.61
- ----------------
Payments on Payment Date
(A) Unreimbursed Servicer Advances
[4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (144,494.53) 144,494.53
(C) Amount owed to Hedging Counterparty
[4.3 d iii] 0.00 0.00
(D) Series Available Amount to each
Series of Notes [4.3 d iv] 8,951,356.08 3,868,046.07 5,083,310.01
(1) Class A Interest [4.3 d iv A] (1,512,001.29) 560,022.71 951,978.58
(2) Class B Interest [4.3 d iv B] (74,518.25) 28,797.80 45,720.45
(3) Class A Principal [4.3 d iv C] (6,859,770.66) 3,620,354.82 3,239,415.84
(4) Deposit Reserve Account
[4.3 d iv D] 0.00 0.00 0.00 0.00
Repayment Newcourt Advance 0.00 (72,743.18)
(5) Class C Interest [4.3 d iv E] (90,518.40) 34,610.90 55,907.50
(6) Class B Principal [4.3 d iv F] (207,273.74) 121,875.60 85,398.14
(7) Class C Principal [4.3 d iv G] (207,273.74) 121,875.60 85,398.14
(8) Class A Accelerated Principal
Payment [4.3 d iv H] 0.00 0.00 0.00
(9) Class B Accelerated Principal
Payment [4.3 d iv I] 0.00 0.00 0.00
(10) Pay to Hedging Counterparty
[4.3 d iv J] 0.00 0.00 0.00
(11) Class C Accelerated Principal
Payment [4.3 d iv K] 0.00 0.00 0.00
Subtotal 0.00
Distributions to Noteholders (9,095,850.61) 144,494.53 4,487,537.43 4,463,818.65
Ending Balance 0.00 2,817,147.46 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules September 1996
<S> <C> <C> <C>
Prior Month's Series ADCB Reconciliation Series 1996-1 Series 1996-2
Previous Period Current Month Series ADCB 105,104,776.95 178,702,443.24
Less: Previous Period's Prepayments 499,487.30 804,576.60
Less: Previous Period's Defaults 317,728.77 470,682.01
Prior Month Series ADCB (reported
this period) 104,287,560.88 177,427,184.63
Class A Interest Schedule Series 1996-1 Series 1996-2
Opening Class A Principal Balance 98,973,086.43 166,284,468.18
Class A Interest Rate 6.79% 6.87%
30/360* Class A Interest Rate 0.57% 0.57%
Current Class A Interest Distribution 560,022.71 951,978.58
Prior Class A Interest Arrearage 0.00 0.00
Class A Interest Due 560,022.71 951,978.58
Class A Principal Schedule Series 1996-1 Series 1996-2
Opening Class A Principal Balance 98,973,086.43 166,284,468.18
Prior Months Series ADCB 108,151,666.90 180,837,396.75
Current Months Series ADCB 105,104,776.95 178,702,443.24
-------------- --------------
Difference 3,046,889.95 2,134,953.51
Class A Share 92.00% 92.00%
Scheduled Principal Due 2,803,138.75 1,964,157.23
Current Prepayments 499,487.30 804,576.60
Current Defaults 317,728.77 470,682.01
Class A Total Due 3,620,354.82 3,239,415.84
Prior Class A Arrearage 0.00 0.00
Class A Principal Due 3,620,354.82 3,239,415.84
Class A Principal Distribution 3,620,354.82 3,239,415.84
Current Class A Arrearage 0.00 0.00
Interim Class Principal Balance after
Current Distribution 95,352,731.61 163,045,052.34
Accelerated Class A Distribution Amount 0.00 0.00
Ending Class A Principal Balance after
Current Distribution 95,352,731.61 163,045,052.34
Class B Interest Schedule Series 1996-1 Series 1996-2
Opening Class B Principal Balance 4,589,290.08 7,276,464.23
Class B Interest Rate 7.53% 7.54%
30/360* Class B Interest Rate 0.63% 0.63%
Current Class B Interest Distribution 28,797.80 45,720.45
Prior Class B Interest Arrearage 0.00 0.00
Class B Interest Due 28,797.80 45,720.45
Class B Principal Schedule Series 1996-1 Series 1996-2
Opening Class B Principal 4,589,290.08 7,276,464.23
Prior Months Series ADCB 108,151,666.90 180,837,396.75
Current Months Series ADCB 105,104,776.95 178,702,443.24
-------------- --------------
Difference 3,046,889.95 2,134,953.51
Class B Share 4.00% 4.00%
Scheduled Principal Due 121,875.60 85,398.14
Current Prepayments 0.00 0.00
Current Defaults 0.00 0.00
Class B Total Due 171,875.60 85,398.14
Prior Class B Arrearage 0.00 0.00
Class B Principal Due 121,875.60 85,398.14
Class B Principal Distribution 121,875.60 85,398.14
Current Class B Arrearage 0.00 0.00
Interim Class B Principal Balance after
Current Distribution 4,467,414.48 7,191,066.09
Accelerated Class B Distribution Amount 0.00 0.00
Ending Class B Principal Balance after
Current Distribution 4,467,414,48 7,191,066.09
Class C Interest Schedule
Opening Class C Principal Balance 4,589,290.08 7,276,464.23
Class C Interest Rate 9.05% 9.22%
30/360* Class C Interest Rate 0.75% 0.77%
Current Class C Interest Distribution 34,610.90 55,907.50
Prior Class C Interest Arrearage 0.00 0.00
Class C Default Rate 10.05% 10.22%
30/360* Class C Interest Default Rate 0.84% 0.85%
Interest on Interest Arrearage 0.00 0.00
Class C Interest Due 34,610.90 55,907.50
Class C Interest Paid 34,610.90 55,907.50
Class C Interest Arrearage 0.00 0.00
Class C Principal Schedule
Opening Class C Principal Balance 4,589,290.08 7,276,464.23
Prior Months Series ADCB 108,151,666.90 180,837,396.75
Current Months Series ADCB 105,104,776.95 178,702,443.24
-------------- --------------
Difference 3,046,889.95 2,134,953.51
Class C Share 4.00% 4.00%
Scheduled Principal Due 121,875.60 85,398.14
Prior Class C Arrearage 0.00 0.00
Class C Principal Due 121,875.60 85,398.14
Class C Principal Distribution 121,875.60 85,398.14
Current Class C Arrearage 0.00 0.00
Interim Class C Principal Balance after
Current Distribution 4,467,414.48 7,191,066.09
Accelerated Class C Distribution Amount 0.00 0.00
Ending Class C Principal after
Current Distribution 4,467,414.48 7,191,066.09
Servicing Fee Schedule
Contract Pool ADCB 288,989,063.65
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 144,494.53
Servicer Fee Due 144,494.53
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2
Prior Month Balance 2,889,890.64
Series ADCB 281,714,745.51
Required Balance (Series ADCB* 1.00%) 2,817,147.46
Current Period Draw on Reserve 0.00
Required Deposit to Reserve Account 0.00 0.00
Actual Deposit to Reserve Account 0.00 0.00
Newcourt Advance Released from Reserve Account (72,743.18)
Ending Reserve Account Balance 2,817,147.46
------------
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events September 1996
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement
(Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 227,323,610
Delinquency Ratio 0.60%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.34%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
Portfolio Performance Tests
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Current: 1 month prior 2 months prior 3 months prior 4 months prior 5 months prior
(yes/no) (yes/no) (yes/no) (yes/no) (yes/no)
Event of Default: no no no no no no
</TABLE>
Delinquencies Monthly Weighted
Delinquencies ADCB Delinquency Average
0
2 months prior 636,137 111,267,022 0.57% 0.09%
1 month prior 1,495,513 288,989,064 0.52% 0.22%
Current 1,978,633 281,714,746 0.70% 0.29%
----- -----
0.60% 0.60%
Delinquency Ratio: 0.60%
Maximum Delinquency Ratio: 2.00%
Charge-Offs Monthly
Charge-Offs ADCB Defaults
0
5 months prior 50,037 125,141,905 0.04%
4 months prior 7,340 121,604,525 0.01%
3 months prior 56,833 115,777,793 0.05%
2 months prior 27,072 111,267,022 0.02%
1 months prior 33,884 288,989,064 0.01%
Current 125,114 281,714,746 0.04%
------- ----------- -----
300,280 1,044,495,054 0.03%
Average ADCB 174,082,509
Annualized Maximum Charge-Off Ratio: 1.00%
-----
1% of Average ADCB 1,740,825
Sum of Charge-Offs * 2 600,560
Annualized Charge-Off Ratio: 0.34%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 2,817,147
Series Allocation Percentage 43.21%
ADCB less Aggregate Principal Amount of
Class A Notes 8,117,613
9,334,955
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 2,817,147
Series Allocation Percentage 56.79%
ADCB less Aggregate Principal Amount of
Class A Notes 14,382,132
15,981,938
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules September 1996
Certificate Factors
Series 1996-1 Series 1996-2
Class A
Current A Balance 95,352,732 163,045,052
Initial A Balance 119,656,814 169,810,862
Certificate Factor: 0.7968850952 0.9601567900
Class B
Current B Balance 4,467,414 7,191,066
Initial B Balance 5,202,470 7,383,081
Certificate Factor: 0.8587102818 0.9739925817
Class C
Current C Balance 4,467,414 7,191,066
Initial C Balance 5,202,470 7,383,081
Certificate Factor: 0.8587102818 0.9739925817
Delinquencies
Monthly
Delinquencies ADCB Delinquencies
Current 268,202,382 281,714,746 95.20%
31-60 Days Past Due 11,533,731 281,714,746 4.09%
61-90 Days Past Due 1,978,633 281,714,746 0.70%
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