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Previous: KIDDIE ACADEMY INTERNATIONAL INC, 8-K, 1997-05-23 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 305B2, 1997-05-23 |
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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) May 20, 1997
--------------------------------
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)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
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.
<PAGE>
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: May 21, 1997 By: /s/ DANIEL A. JAUERNIG
--------------------------------------------
Daniel A. Jauernig
Vice President and Chief Financial Officer
and Director
<PAGE>
INDEX TO EXHIBITS
EXHIBIT NO. DOCUMENT DESCRIPTION
----------- --------------------
20 Monthly Servicer's Certificate
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Accounts
Collection Reserve Cash Collateral
Account Account Account
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Account Balances 0.00 4,092,164.92 1,555,395.66
Investment Earnings 78,073.72 20,260.20 7,600.00
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (15,393.98)
COLLECTION ACCOUNT
- ------------------
Collections [4.3 a] 23,116,766.74
Add: Servicer Advances [4.3 b] 85,732.50
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (115,683.42)
Less:Investment Earnings to Newcourt [4.2 e] (78,073.72) (20,260.20) (7,600.00)
- ---------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (23,086,815.82)
- ----------------
PAYMENTS ON PAYMENT DATE
- ------------------------
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00
(B) Servicing Fee [4.3 d ii] (204,608.25)
(C) Amount owed to Hedging Counterparty [4.3 d iii] 0.00
(D) Series Available Amount to each Series of Notes [4.3 d iv]
(1) Class A Interest [4.3 d iv A] (2,049,242.74)
(2) Class B Interest [4.3 d iv B] (107,607.44)
(3) Class A Principal [4.3 d iv C] (19,663,291.67)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (205,929.89)
(5) Class C Interest [4.3 d iv E] (132,368.70)
(6) Class B Principal [4.3 d iv F] (464,848.51)
(7) Class C Principal [4.3 d iv G] (464,848.51)
(8) Class A Accelerated Principal Payment [4.3 d iv H] 0.00
(9) Class B Accelerated Principal Payment [4.3 d iv I] 0.00
(10) Pay to Hedging Counterparty [4.3 d iv J] 0.00
(11) Class C Accelerated Principal Payment [4.3 d iv K] 0.00
Subtotal 0.00
Distributions to Noteholders (23,086,815.82)
Ending Balance 0.00 3,886,235.03 1,540,001.68
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Accounts Master Trust April 1997
Distribution
Account Series 1996-1 Series 1996-2 Series 1996-3
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Account Balances 0.00
Investment Earnings
Deposit to Collections
Withdraw in Excess of Required Balance
COLLECTION ACCOUNT
- ------------------
Collections [4.3 a]
Add: Servicer Advances [4.3 b]
Add: Liquidation Proceeds from Servicer
Less: Collections to reimburse Servicer Advances [4.3 c]
Less:Investment Earnings to Newcourt [4.2 e]
- -----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT 23,086,815.82
- ----------------
PAYMENTS ON PAYMENT DATE
- ------------------------
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00
(B) Servicing Fee [4.3 d ii] 204,608.25
(C) Amount owed to Hedging Counterparty [4.3 d iii] 0.00
(D) Series Available Amount to each Series of Notes [4.3 d iv] 22,882,207.57 5,081,499.05 9,061,995.43 8,738,713.09
(1) Class A Interest [4.3 d iv A] 440,429.42 766,339.62 842,473.70
(2) Class B Interest [4.3 d iv B] 24,835.30 39,893.18 42,878.96
(3) Class A Principal [4.3 d iv C] 4,064,797.83 7,608,605.20 7,989,888.64
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00 0.00
Repayment Newcourt Advance
(5) Class C Interest [4.3 d iv E] 29,848.54 48,781.84 53,738.32
(6) Class B Principal [4.3 d iv F] 91,342.73 190,598.01 182,907.77
(7) Class C Principal [4.3 d iv G] 91,342.73 190,598.01 182,907.77
(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
Distributions to Noteholders 204,608.25 4,742,596.55 8,844,815.86 9,294,795.16
Ending Balance 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules April 1997
PRIOR MONTH'S SERIES ADCB RECONCILIATION SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ---------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C>
Previous Period Current Month
Series ADCB 86,505,680.83 147,806,181.39 178,364,933.88
Less: Previous Period's Prepayments 501,574.06 831,384.48 965,544.93
Less: Previous Period's Defaults 251,166.56 418,254.33 492,379.94
Prior Month Series ADCB
(reported this period) 85,752,940.21 146,556,542.58 176,907,009.01
CLASS A INTEREST SCHEDULE SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 77,837,305.11 133,858,449.02 162,014,173.26
Class A Interest Rate 6.79% 6.87% 6.24%
30/360*Class A Interest Rate 0.57% 0.57% 0.52%
Current Class A Interest Distribution 440,429.42 766,339.62 842,473.70
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 440,429.42 766,339.62 842,473.70
CLASS A PRINCIPAL SCHEDULE
- -------------------------- SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
------------- ------------- -------------
Opening Class A Principal Balance 77,837,305.11 133,858,449.02 162,014,173.26
Prior Months Series ADCB 85,752,940.21 146,556,542.58 176,907,009.01
Current Months Series ADCB 83,469,371.84 141,791,592.45 172,334,314.67
------------- -------------- --------------
Difference 2,283,568.37 4,764,950.13 4,572,694.34
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 2,100,882.90 4,383,754.12 4,206,878.79
Current Prepayments 1,730,665.24 2,844,250.35 3,332,375.76
Current Defaults 233,249.69 380,600.73 450,634.09
Class A Total Due 4,064,797.83 7,608,605.20 7,989,888.64
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 4,064,797.83 7,608,605.20 7,989,888.64
Class A Principal Distribution 4,064,797.83 7,608,605.20 7,989,888.64
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after
Current Distribution 73,772,507.28 126,249,843.82 154,024,284.62
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after
Current Distribution 73,772,507.28 126,249,843.82 154,024,284.62
CLASS B INTEREST SCHEDULE SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 3,957,817.39 6,349,046.72 7,446,417.87
Class B Interest Rate 7.53% 7.54% 6.91%
30/360*Class B Interest Rate 0.63% 0.63% 0.58%
Current Class B Interest Distribution 24,835.30 39,893.18 42,878.96
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 24,835.30 39,893.18 42,878.96
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules April 1997
CLASS B PRINCIPAL SCHEDULE SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 3,957,817.39 6,349,046.72 7,446,417.87
Prior Months Series ADCB 85,752,940.21 146,556,542.58 176,907,009.01
Current Months Series ADCB 83,469,371.84 141,791,592.45 172,334,314.67
------------- -------------- --------------
Difference 2,283,568.37 4,764,950.13 4,572,694.34
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 91,342.73 190,598.01 182,907.77
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 91,342.73 190,598.01 182,907.77
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 91,342.73 190,598.01 182,907.77
Class B Principal Distribution 91,342.73 190,598.01 182,907.77
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after
Current Distribution 3,866,474.66 6,158,448.71 7,263,510.10
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after
Current Distribution 3,866,474.66 6,158,448.71 7,263,510.10
CLASS C INTEREST SCHEDULE
- -------------------------
Opening Class C Principal Balance 3,957,817.39 6,349,046.72 7,446,417.87
Class C Interest Rate 9.05% 9.22% 8.66%
30/360*Class C Interest Rate 0.75% 0.77% 0.72%
Current Class C Interest Distribution 29,848.54 48,781.84 53,738.32
Prior Class C Interest Arrearage 0.00 0.00 0.00
Class C Default Rate 10.05% 10.22% 9.66%
30/360*Class C Interest Default Rate 0.84% 0.85% 0.81%
Interest on Interest Arrearage 0.00 0.00 0.00
Class C Interest Due 29,848.54 48,781.84 53,738.32
Class C Interest Paid 29,848.54 48,781.84 53,738.32
Class C Interest Arrearage 0.00 0.00 0.00
CLASS C PRINCIPAL SCHEDULE
- --------------------------
Opening Class C Prinicpal Balance 3,957,817.39 6,349,046.72 7,446,417.87
Prior Months Series ADCB 85,752,940.21 146,556,542.58 176,907,009.01
Current Months Series ADCB 83,469,371.84 141,791,592.45 172,334,314.67
------------- -------------- --------------
Difference 2,283,568.37 4,764,950.13 4,572,694.34
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 91,342.73 190,598.01 182,907.77
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 91,342.73 190,598.01 182,907.77
Class C Principal Distribution 91,342.73 190,598.01 182,907.77
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after
Current Distribution 3,866,474.66 6,158,448.71 7,263,510.10
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after
Current Distribution 3,866,474.66 6,158,448.71 7,263,510.10
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules April 1997
SERVICING FEE SCHEDULE
- ----------------------
Contract Pool ADCB 409,216,491.80
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 204,608.25
Servicer Fee Due 204,608.25
Current Servicing Fee Arrearage 0.00
RESERVE ACCOUNT SCHEDULE RESERVE ACCOUNT SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------ --------------- ------------- ------------- -------------
Prior Month Balance 4,092,164.92
Series ADCB 388,623,503.10
Required Balance (Series ADCB * 1.00%) 3,886,235.03
Current Period Draw on Reserve 0.00
Required Deposit to Reserve Account 0.00 0.00 0.00
Actual Deposit to Reserve Account 0.00 0.00 0.00
Newcourt Advance Released from
Reserve Account (205,929.89)
Ending Reserve Account Balance 3,886,235.03
------------
Cash Collateral Account Schedule
Prior Month Balance 1,555,395.66
Required Balance 1,540,001.68
Withdraw from Cash Collateral Account (15,393.98)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events April 1997
<S><C><C>
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 406,815,710
Delinquency Ratio 0.75%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.26%
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 3,135,383 422,607,136 0.74% 0.26%
1 month prior 3,092,035 409,216,492 0.76% 0.25%
Current 2,925,087 388,623,503 0.75% 0.24%
----- -----
0.75% 0.75%
Delinquency Ratio: 0.75%
Maximum Delinquency Ratio: 2.00%
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
5 months prior 25,694 465,247,739 0.01%
4 months prior 142,142 452,112,151 0.03%
3 months prior 71,816 436,707,992 0.02%
2 months prior 106,691 422,607,136 0.03%
1 month prior 150,669 409,216,492 0.04%
Current 57,652 388,623,503 0.01%
----------- ------------- --------
554,664 2,574,515,013 0.02%
Average ADCB 429,085,836
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Average ADCB 4,290,858
Sum of Charge-Offs * 2 1,109,328
Annualized Charge-Off Ratio: 0.26%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 3,886,235
Series Allocation Percentage 22.21%
ADCB less Aggregate Principal Amount
of Class A Notes 7,732,950
-----------
8,595,974
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 3,886,235
Series Allocation Percentage 39.60%
ADCB less Aggregate Principal Amount
of Class A Notes 12,316,898
-----------
13,855,956
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 3,886,235
Series Allocation Percentage 38.19%
ADCB less Aggregate Principal Amount
of Class A Notes 14,527,020
-----------
16,011,173
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules April 1997
<S> <C> <C> <C>
CERTIFICATE FACTORS
- -------------------
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP # #65118YAA5 #65118YAD9 #65118YAG2
Class A
-------
Current A Balance 73,772,507 126,249,844 154,024,285
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.616534 0.743473 0.818525
Principal Factor (per thousand): 33.970467 44.806352 42.460364
Interest Factor (per thousand): 3.680772 4.512901 4.477126
CUSIP # #65118YAB3 #651184AE7 #65118YAH0
Class B
-------
Current B Balance 3,866,475 6,158,449 7,263,510
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.743200 0.834130 0.887805
Principal Factor (per thousand): 17.557570 25.815511 22.356458
Interest Factor (per thousand): 4.773752 5.403324 5.241011
CUSIP # #65118YAC1 #651184AF4 #65118YAJ6
Class C
-------
Current C Balance 3,866,475 6,158,449 7,263,510
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.743200 0.834130 0.887805
Principal Factor (per thousand): 17.557570 25.815511 22.356458
Interest Factor (per thousand): 5.737379 6.607247 6.568329
DELINQUENCIES
- -------------
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
Current 369,278,378 388,623,503 95.02%
31-60 Days Past Due 16,420,038 388,623,503 4.23%
61-90 Days Past Due 2,925,087 388,623,503 0.75%
</TABLE>
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