|
|
|
|
|
|
|
|
|
|
|
|
|
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) August 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)
Index to Exhibits appears at page 4.
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: August 29, 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>
Newcourt Receivables Asset Trust
Monthly Service Certificate-Inputs July 1996
Accounts
Collection Account
Beginning Balance 0.00
Sum of Deposits from Collections 5,511,322.63
Add: Servicer Advances 633,799.43
Add: Liquidation Proceeds from Servicer 0.00
Add: Earnings from Eligible Investments 20,110.27
Less: Collections to reimburse Servicer Advances 1,610,259.07
Reserve Account
Beginning Balance 1,199,320.35
Add: Investment Earnings on Reserve Account 5,802.63
Distribution Account
Beginning Balance 0.00
Unreimbursed Servicer Advances from Prior Month 0.00
Prior Month Servicing Fee Average 0.00
Amount Owed to Hedging Counterparty 0.00
Series 1996-1 Series 1996-2
<S> <C> <C>
Class A Interest Arrearage 0.00 0.00
Class B Interest Arrearage 0.00 0.00
Class A Principal Arrearage 0.00 0.00
Class B Principal Arrearage 0.00 0.00
Class C Interest Arrearage 0.00 0.00
Class C Principal Arrearage 0.00 0.00
Initial A Balance 119,656,814.00 0.00
Initial B Balance 5,202,470.00 0.00
Initial C Balance 5,202,470.00 0.00
Minimum Credit Enhancement 2,925,889.00 0.00
Restricting Event
Calculations
1 Month 2 Months 3 Months 4 Months 5 Months 6 Months
Current Prior Prior Prior Prior Prior Prior
-------- ---------- --------- ----------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
31-60 Days Past Due 4,984,964 5,429,413 5,567,100 5,335,288 5,963,751 0 0
61-90 Days Past Due 636,137 708,654 740,468 841,986 998,846 0 0
90 Days Past Due 374,889 543,102 724,549 443,094 214,687 0 0
Delinquent (60+ days past
due) 1,011,026 1,251,756 1,465,017 1,285,080 1,213,533 0 0
Delinquency Ratio 2.00%
Gross Charge-Offs 189,272 429,472 632,132 188,037 214,687 0 0
Recoveries 162,200 372,639 624,792 180,000 180,000 0 0
Charge-Offs -- Net of
Recoveries 27,072 56,833 7,340 8,037 34,687 0 0
Charge-Off Ratio 1.00%
Contact Pool ADCB 111,267,022 115,777,793 121,604,525 125,141,905 127,357,194 0 0
(A) Portfolio Performance Tests: 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 (Yes/No) no no no no no
Schedules
Class A Interest Schedule Series 1996-1 Series 1996-2
- ------------------------- ------------- -------------
Prior Months Series ADCB 114,766,922.48 0.00
Current Months Series ADCB 111,267,021.99 0.00
Prepayments 635,981.67 0.00
Defaults 374,888.99 0.00
Opening Class A Principal Balance 105,486,274.38 0.00
Opening Class B Principal Balance 4,797,281.23 0.00
Opening Class C Principal Balance 4,797,281.23 0.00
Series Allocations Series 1996-1 Series 1996-2
- ------------------ ------------- -------------
Series Expected Cash Flow 4,305,827.40 0.00
Series Arrearage 0.00 0.00
Aggregate Series Expected Cash Flow 4,305,827.40 0.00
Aggregate Series Arrearages 0.00 0.00
Series Allocation Percentage 100.00% 0.00%
Newcourt Receivables Asset Trust Master Trust July 1996
Monthly Servicer Certificate - Accounts Collection Reserve Distribution
Account Account Account Series 1996-1 Series 1996-2
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Account Balances 0.00 1,199,320.35 0.00
Investment Earnings 20,110.27 5,802.63
Collection Account
Collections [4.3 a] 5,511,322.63
Add: Servicer Advances [4.3 b] 633,799.43
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer
Advances [4.3 c] (1,610,259.07)
Less: Investment Earnings to Newcourt [4.2 e] (20,110.27) (5,802.63)
- -------------------------------------------------------------------------------------------------------------------------------
Available Amount (4,534,862.99) 4,534,862.99
- ----------------
Payments on Payment Date
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (57,888.90) 57,888.90
(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] 4,476,974.09 4,476,974.09 0.00
(1) Class A Interest [4.3 d iv A] (596,876.50) 596,876.50 0.00
(2) Class B Interest [4.3 d iv B] (30,102.94) 30,102.94 0.00
(3) Class A Principal [4.3 d iv C] (3,588,748.27) 3,588,748.27 0.00
(4) Reserve Account [4.3 d iv D] 86,650.13 (86,650.13) (86,650.13) 0.00
(5) Class C Interest [4.3 d iv E] (36,179.50) 36,179.50 0.00
(6) Class B Principal [4.3 d iv F] (112,533.44) 112,533.44 0.00
(7) Class C Principal [4.3 d iv G] (112,533.44) 112,533.44 0.00
(8) Class A Accelerated Principal Payment
[4.3d iv H] (0.00) 0.00 0.00
(9) Class B Accelerated Principal Payment
[4.3d 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
[4.3d iv K] (0.00) 0.00 0.00
Subtotal 86,650.13
Distributions to Noteholders (4,534,862.99) 57,888.90 4,476,974.09 0.00
Ending Balance 0.00 1,112,670.22 0.00
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules July 1996
Class A Interest Schedule Series 1996-1 Series 1996-2
- ------------------------- ------------- -------------
Opening Class A Principal Balance 105,486,274.38 0.00
Class A Interest Rate 6.79% 0.00%
30/360* Class A Interest Rate 0.57% 0.00%
Current Class A Interest Distribution 596,876.50 0.00
Prior Class A Interest Arrearage 0.00 0.00
Class A Interest Due 596,876.50 0.00
Class A Principal Schedule Series 1996-1 Series 1996-2
- -------------------------- ------------- -------------
Opening Class A Principal Balance 105,486,274.38 0.00
Prior Months Series ADCB (1) 114,766,922.48 0.00
Current Months Series ADCB 111,267,021.99 0.00
-------------- ----
Difference 3,499,900.49 0.00
Class A Share 92.00% 0.00%
Scheduled Principal Due 3,219,908.45 0.00
Current Prepayments 635,981.67 0.00
Current Defaults 374,888.99 0.00
Class A Total Due 4,230,779.11 0.00
Prior Class A Arrearage 0.00 0.00
Adjustment to Class A Principal Balance Distribution (2) (642,030.84)
Class A Principal Due 3,588,748.27 0.00
Current Class A Arrearage 0.00 0.00
Interim Class A Principal Balance after Current Distribution 101,897,526.11 0.00
Accelerated Class A Distribution Amount 0.00 0.00
Ending Class A Principal Balance after Current Distribution 101,897,526.10 0.00
Class B Interest Schedule Series 1996-1 Series 1996-2
- ------------------------- ------------- -------------
Opening Class B Principal Balance 4,797,281.23 0.00
Class B Interest Rate 7.53% 0.00%
30/360* Class B Interest Rate 0.63% 0.00%
Current Class B Interest Distribution 30,102.94 0.00
Prior Class B Interest Arrearage 0.00 0.00
Class B Interest Due 30,102.94 0.00
NOTES:
(1) Prior Months Series ADCB presented to correctly reflect June 30,
1996 ADCB less July month prepayments and defaults as per
Principal Payment Amount definitions in the Prospectus dated
April 11, 1996.
(2) Correction for prior period months' principal overpayments
resulting from the adjustments referenced by (1) above and
applied to previous months.
Newcourt Receivables Assets Trust
Monthly Servicer Certificate - Schedules July 1996
Class B Principal Schedule
Opening Class B Principal Balance 4,797,281.23 0.00
Prior Months Series ADCB (1) 114,766,922.48 0.00
Current Months Series ADCB 111,267,021.99 0.00
-------------- ----
Difference 3,499,900.49 0.00
Class B Share 4.00% 0.00%
Scheduled Principal Due 139,996.02 0.00
Current Prepayments 0.00 0.00
Current Defaults 0.00 0.00
Class B Total Due 139,996.02 0.00
Prior Class B Arrearage 0.00 0.00
Adjustment to Class B Principal Balance Distribution (2) (27,462.58)
Class B Principal Due 112,533.44 0.00
Class B Principal Distribution 112,533.44 0.00
Current Class B Arrearage 0.00 0.00
Interim Class B Principal Balance after Current Distribution 4,684,747.79 0.00
Accelerated Class B Distribution Amount 0.00 0.00
Ending Class B Principal Balance after Current Distribution 4,684,747.79 0.00
Class C Interest Schedule
Opening Class C Principal Balance 4,797,281.23 0.00
Class A Interest Rate 9.05% 0.00%
30/360* Class C Interest Rate 0.75% 0.00%
Current Class C Interest Distribution 36,179.50 0.00
Prior Class Interest Arrearage 0.00 0.00
Class C Default Rate 10.05%
30/360* Class C Interest Default Rate 0.84%
Interest on Interest Arrearage 0.00
Class C Interest Due 36,179.50 0.00
Class C Interest Paid 36,179.50 0.00
Class C Interest Arrearage 0.00 0.00
Class C Principal Schedule
Opening Class C Principal Balance 4,797,281.23 0.00
Prior Months Series ADCB (1) 114,766,922.48 0.00
Current Months Series ADCB 111,267,021.99 0.00
-------------- ----
Difference 3,499,900.49 0.00
Class C Share 4.00% 0.00%
Scheduled Principal Due 139,996.02 0.00
Prior Class C Arrearage 0.00 0.00
Adjustment to Class B Principal Balance Distribution (2) (27,462.58)
Class C Principal Due 112,533.44 0.00
Class C Principal Distribution 112,533.44 0.00
Current Class C Arrearage 0.00 0.00
Interim Class C Principal Balance after Current Distribution 4,684,747.79 0.00
Accelerated Class C Distribution Amount 0.00 0.00
Ending Class C Principal Balance after Current Distribution 4,684,747.79 0.00
NOTES:
(1) Prior Months Series ADCB presented to correctly reflect June 30,
1996 ADCB less July month prepayments and defaults as per
Principal Payment Amount definitions in the Prospectus dated April
11, 1996.
(2) Correction for prior period months' principal overpayments
resulting from the adjustments referenced by (1) above and applied
to previous months.
Monthly Servicer Certificate - Schedules July 1996
Servicing Fee Schedule
Contract Pool ADCB 115,777,793.14 0.00
Servicing Rate 0.60% 0.60%
Monthly Servicing Rate 0.05% 0.05%
Prior Servicing Fee Arrearage 0.00 0.00
Current Servicer Fee 57,888.90 0.00
Servicer Fee Due 57,888.90 0.00
Current Servicing Fee Arrearage 0.00 0.00
Reserve Account Schedule Series 1995-1 Series 1996-1
- ------------------------ ------------- -------------
Prior Month Balance 1,199,320.35 0.00
Series ADCB 111,267,021.99 0.00
Required Balance (Series ADCB* 1.00%) 1,112,670.22 0.00
Deposit/(Release) from Reserve Account (86,650.13) 0.00
Ending Reserve Account Balance 1,112,670.22 0.00
------------ ----
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events July 1996
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement no
(Yes/No)
(a) ADCB Delinquencies 116,216,447
3-Month Rolling Avg. ADCB
Delinquency Ratio 0.60%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.27%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
Portfolio Performance Tests 1 Month Prior 2 Months Prior 3 Months Prior 4 Months Prior 5 Months Prior
- --------------------------- ------------- -------------- ------------- -------------- --------------
Current: (yes/no) (yes/no) (yes/no) (yes/no) (yes/no)
Event of Default: no no no no no no
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
- ------------- ------------- ---- ----------- -------
0 2 months prior 740,468 121,604,525 0.61% 0.21%
1 month prior 708,654 115,777,793 0.61% 0.21%
Current 636,1376 111,267,022 0.57% 0.18%
----- -----
0.60% 0.60%
Delinquency Ratio: 0.60%
Maximum Delinquency Ratio: 2.00%
Charge-Offs Monthly
Charge-Offs ADCB Defaults
0 5 months prior 0 0 0.00%
4 months prior 34,687 127,357,194 0.03%
3 months prior 8,037 125,141,905 0.01%
2 months prior 7,340 121,604,525 0.01%
1 month prior 56,833 115,777,793 0.05%
Current 27,072 111,267,022 0.02%
-------- ----------- -----
133,969 601,148,439 0.02%
Average ADCB 100,191,407
Annualized Maximum Charge-Off Ratio: 1.00%
-------------------
1% of Average ADCB 1,001,914
Sum of Charge-Offs* 2 267,938
Annualized Charge-Off Ratio: 0.27%
Enhancement Floor
0 Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 1,112,670
ADCB less Aggregate Principal Amount
of Class A Notes 9,369,496
10,482,166
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules July 1996
Certificate Factors Series 1996-1 Series 1996-2
Class A
Current A Balance 0
101,897,526
Initial A Balance 0
119,656,814
Certificate Factor: 0.8515814745 0
Class B
Current B Balance 4,684,748 0
Initial B Balance 5,202,470 0
Certificate Factor: 0.9004853061 0
Class C
Current C Balance 4,684,748 0
Initial C Balance 5,202,470 0
Certificate Factor: 0.9004853061 0
Monthly
Delinquencies Delinquencies ADCB Delinquencies
Current 105,645,920 111,267,022 94.95%
31-60 Days Past Due 4,984,964 111,267,022 4.48%
61-90 Days Past Due 636,137 111,267,022 0.57%
</TABLE>
|
|