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Previous: FOREFRONT GROUP INC/DE, SC 13D/A, 1997-04-25 |
Next: EXTENDED STAY AMERICA INC, 8-K, 1997-04-25 |
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) April 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)
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: April 25, 1997 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
============================================
Newcourt Receivables Asset Trust
============================================
Monthly Servicer Certificate-Inputs March 1997
Accounts
Collection Account
Beginning Balance 0.00
Sum of Deposits from Collections 16,543,491.42
Add: Servicer Advances 115,683.42
Add: Liquidation Proceeds from Servicer 0.00
Add: Earnings from Eligible Investments 86,131.84
Less: Collections to reimburse Servicer Advances 693,357.37
Cash Collateral Account
Beginning Balance 1,585,169.96
Add: Investment Earnings 6,320.83
Deposit to Collections 0.00
Required Balance 1,555,395.66
Reserve Account
Beginning Balance 4,226,071.36
Add: Investment Earnings on Reserve Account 17,729.42
Distribution Account
Beginning Balance 0.00
Unreimbursed Servicer Advances from Prior Month 0.00
Prior Month Servicing Fee Arrearage 0.00
Amount Owed to Hedging Counterparty 0.00
<TABLE>
<CAPTION>
Series 1996-1 Series 1996-2 Series 1996-3
<S> <C> <C> <C>
Class A Interest Arrearage 0.00 0.00 0.00
Class B Interest Arrearage 0.00 0.00 0.00
Class A Principal Arrearage 0.00 0.00 0.00
Class B Principal Arrearage 0.00 0.00 0.00
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Arrearage 0.00 0.00 0.00
Initial A Balance 119,656,814.00 169,810,862.19 188,172,873.00
Initial B Balance 5,202,470.00 7,383,080.96 8,181,429.00
Initial C Balance 5,202,470.00 7,383,080.96 8,181,429.00
Minimum Credit Enhancement 2,925,889.00 4,152,983.00 4,602,054.00
</TABLE>
Restricting Event Calculations
<TABLE>
<CAPTION>
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 17,431,932 17,874,099 18,736,567 19,340,875 19,265,159 11,498,540 11,533,731
61 - 90 Days Past Due 3,092,035 3,135,383 3,223,447 3,359,164 3,367,053 1,988,977 1,978,633
90 Days Past Due 1,161,801 1,190,834 1,140,002 1,079,062 1,092,315 939,431 788,411
Delinquent (60+ days past due) 4,253,836 4,326,217 4,363,449 4,438,225 4,459,368 2,928,408 2,767,044
Delinquency Ratio 2.00%
Gross Charge-Offs 358,609 314,117 376,421 257,953 297,294 308,381 452,195
Recoveries 207,940 207,425 304,605 115,811 271,600 196,321 327,081
Charge-Offs - Net of Recoveries 150,669 106,691 71,816 142,142 25,694 112,060 125,114
Charge-Off Ratio 1.00%
Contract Pool ADCB 409,216,492 422,607,136 436,707,992 452,112,151 465,247,739 273,106,779 281,714,746
(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
</TABLE>
Schedules
Class A Interest Schedule
<TABLE>
<CAPTION>
Series 1996-1 Series 1996-2 Series 1996-3 Consolidated
<S> <C> <C> <C> <C>
Prior Months Series ADCB 88,386,849.73 151,899,506.66 182,320,779.17 422,607,135.56
Current Months Series ADCB 85,752,940.21 146,556,542.58 176,907,009.01 409,216,491.80
Prepayments 501,574.06 831,384.48 965,544.93 2,298,503.47
Defaults 251,166.56 418,254.33 492,379.94 1,161,800.83
Opening Class A Principal Balance 80,320,721.12 138,873,947.08 167,111,475.80
Opening Class B Principal Balance 4,033,064.15 6,512,779.73 7,604,651.68
Opening Class C Prinicipal Balance 4,033,064.15 6,512,779.73 7,604,651.68
Series Allocations
Series 1996-1 Series 1996-2 Series 1996-3
Series Expected Cash Flow 2,659,318.13 5,096,655.23 5,867,650.94
Series Arrearage 0.00 0.00 0.00
Aggregate Series Expected Cash Flow 13,623,624.30 13,623,624.30 13,623,624.30
Aggregate Series Arrearages 0.00 0.00 0.00
Series Allocation Percentage 19.52% 37.41% 43.07%
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust Master March 1997
Monthly Servicer Certificate - Accounts Cash Trust
Collection Reserve Collateral Distribution Series Series Series
Account Account Account Account 1996-1 1996-2 1996-3
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Account Balances 0.00 4,226,071.36 1,585,169.96 0.00
Investment Earnings 86,131.84 17,729.42 6,320.83
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required
Balance (29,774.30)
Collection Account
Collections [4.3 a] 16,543,491.42
Add: Servicer Advances [4.3 b] 115,683.42
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to reimburse
Servicer Advances [4.3 c] (693,357.37)
Less:Investment Earnings to
Newcourt [4.2 e] (86,131.84) (17,729.42) (6,320.83)
- -------------------------------------------------------------------------------------------------------------------------------
Available Amount (15,965,817.47) 15,965,817.47
- ----------------
Payments on Payment Date
(A) Unreimbursed Servicer
Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee
[4.3 d ii] (211,303.57) 211,303.57
(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] 15,754,513.90 3,075,265.70 5,893,830.01 6,785,418.20
(1) Class A Interest
[4.3 d iv A] (2,118,514.43) 454,481.41 795,053.35 868,979.67
(2) Class B Interest
[4.3 d iv B] (110,019.57) 25,307.48 40,921.97 43,790.12
(3) Class A Principal
[4.3 d iv C] (12,596,216.61) 2,483,416.01 5,015,498.06 5,097,302.54
(4) Deposit Reserve Ac-
count [4.3 d iv D] (775,345.87) 775,345.87 0.00 0.00 775,345.87
Repayment Newcourt A
dvance 0.00 (133,906.44)
(5) Class C Interest
[4.3 d iv E] (135,336.13) 30,416.03 50,039.86 54,880.24
(6) Class B Principal
[4.3 d iv F] (19,081.30) 8,994.44 10,086.86 0.00
(7) Class C Principal
[4.3 d iv G] (19,081.30) 8,994.44 10,086.86 0.00
(8) Class A Accelerated
Principal Payment
[4.3 d iv H] 17,554.79 (3,426.68) (6,567.32) (7,560.79)
(9) Class B Accelerated
Principal Payment
[4.3 d iv I] 763.26 (148.99) (285.54) (328.73)
(10) Pay to Hedging
Counterparty
[4.3 d iv J] 0.00 0.00 0.00 0.00
(11) Class C Accelerated
Principal Payment
[4.3 d iv K] 763.26 (148.99) (285.54) (328.73)
Subtotal 0.00
Distributions to Noteholders (15,965,817.47) 211,303.57 3,007,885.15 5,914,548.56 6,832,080.19
Ending Balance 0.00 4,867,510.79 1,555,395.66 0.00
</TABLE>
<TABLE>
<CAPTION>
Cross Collateralization Calculations
Series Series Series
1996-1 1996-2 1996-3
---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A Principal
[4.3 d iv C] (12,596,216.61) 2,483,416.01 5,015,498.06 5,097,302.54
Series Available 929,763.30 112,060.80 42,356.63 775,345.87 929,763.30
Principal Arrearage 0.00 0.00 0.00 0.00
Cross Collateralization?
(Yes/No) 0.00 0.00 0.00
Draw 0.00
Series Allocation Percentage 0.00% 0.00% 0.00%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Class A Principal
[4.3 d iv C] (12,596,216.61) 2,483,416.01 5,015,498.06 5,097,302.54
Series Available 929,763.30 112,060.80 42,356.63 775,345.87 929,763.30
Principal Arrearage 0.00 0.00 0.00 0.00
Cross Collateralization?
(Yes/No) 0.00 0.00 0.00
Draw 0.00
Series Allocation Percentage 0.00% 0.00% 0.00%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Deposit Reserve Account
[4.3 d iv D] (775,345.87) 0.00 0.00 775,345.87
Series Available 154,417.43 112,060.80 42,356.63 0.00 154,417.43
Reserve Account Arrearage 0.00 0.00 0.00 0.00
Cross Collateralization?
(Yes/No) 0.00 0.00 1.00
Draw 0.00
Series Allocation Percentage 0.00% 0.00% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Deposit Reserve Account
[4.3 d iv D] (775,345.87) 0.00 0.00 775,345.87
Series Available 154,417.43 112,060.80 42,356.63 0.00 154,417.43
Reserve Account Arrearage 0.00 0.00 0.00 0.00
Cross Collateralization?
(Yes/No) 0.00 0.00 1.00
Draw 0.00
Series Allocation Percentage 0.00% 0.00% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Class C Interest
[4.3 d iv E] (72,772.66) 30,416.03 42,356.63 0.00
Series Available 81,644.77 81,644.77 0.00 0.00 81,644.77
Class C Interest Arrearage 0.00 7,683.23 54,880.24 62,563.47
Cross Collateralization?
(Yes/No) 0.00 1.00 1.00
Draw 62,563.47
Series Allocation Percentage 0.00% 37.41% 43.07%
Reduction (62,563.47) 0.00 0.00
Reallocation 0.00 29,082.04 33,481.43
Class C Interest
[4.3 d iv E] (113,937.32) 30,416.03 50,039.86 33,481.43
Series Available 40,480.11 19,081.30 21,398.81 0.00 40,480.11
Class C Interest Arrearage 0.00 0.00 21,398.81 21,398.81
Cross Collateralization?
(Yes/No) 0.00 0.00 1.00
Draw 21,398.81
Series Allocation Percentage 0.00% 0.00% 43.07%
Reduction (10,086.86) (11,311.96) 0.00
Reallocation 0.00 0.00 21,398.81
Class B Principal
[4.3 d iv F] (19,081.30) 8,994.44 10,086.86 0.00
Series Available 0.00 0.00 0.00 0.00 0.00
Class B Principal Arrearage 66,252.32 153,646.15 158,233.81 378,132.28
Cross Collateralization?
(Yes/No) 1.00 1.00 1.00
Draw 0.00
Series Allocation Percentage 19.52% 37.41% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Class B Principal [4.3 d iv F] (19,081.30) 8,994.44 10,086.86 0.00
Series Available 0.00 0.00 0.00 0.00 0.00
Class B Principal Arrearage 66,252.32 153,646.15 158,233.81 378,132.28
Cross Collateralization?
(Yes/No) 1.00 1.00 1.00
Draw 0.00
Series Allocation Percentage 19.52% 37.41% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Class C Principal
[4.3 d iv G] 0.00 0.00 0.00 0.00
Series Available 0.00 0.00 0.00 0.00 0.00
Class C Principal Arrearage 75,246.76 163,733.01 158,233.81 397,213.58
Cross Collateralization? (Yes/No) 1.00 1.00 1.00
Draw 0.00
Series Allocation Percentage 19.52% 37.41% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Class C Principal [4.3
d iv G] 0.00 0.00 0.00 0.00
Series Available 0.00 0.00 0.00 0.00 0.00
Class C Principal Arrearage 75,246.76 163,733.01 158,233.81 397,213.58
Cross Collateralization? (Yes/No) 1.00 1.00 1.00
Draw 0.00
Series Allocation Percentage 19.52% 37.41% 43.07%
Reduction 0.00 0.00 0.00
Reallocation 0.00 0.00 0.00
Turbo Cash Flow Available (3,724.65) (7,138.39) (8,218.25)
Series 96-1 Series 96-2 Series 96-3
Series 96-1 Series 96-2 Series 96-3
Available Amount (15,965,817)
</TABLE>
<TABLE>
<CAPTION>
Payments on Payment Date
<S> <C> <C> <C> <C> <C> <C> <C>
(A) Unreimbursed Servicer
Advances [4.3 d i] 0
(B) Servicing Fee
[4.3 d ii] (211,304)
(C) Amount owed to
Hedging Counter-
party [4.3 d iii] 0
(D) Series Available
Amount to each
Series of Notes
[4.3 d iv] 15,754,514 3,075,266 5,893,830 6,785,418
(1) Class A Interest
[4.3 d iv A] (2,118,514) 454,481 795,053 868,980
(2) Class B Interest
[4.3 d iv B] (110,020) 25,307 40,922 43,790
(3) Class A Principal
[4.3 d iv C] 2,483,416 5,015,498 5,097,303
Available 112,061 42,357 775,346
(4) Deposit Reserve Account
[4.3 d iv D] 0 0 775,346
Repayment Newcourt
Advance
Available 112,061 42,357 0
(5) Class C Interest
[4.3 d iv E] 30,416 50,040 54,880
Available 8,994 10,087 0
(6) Class B Principal
[4.3 d iv F] 8,994 10,087 0
Available 0 0 0
(7) Class C Principal
[4.3 d iv G] 8,994 10,087 0
Available (8,994) (10,087) 0
(8) Class A Accelerated
Principal Payment
[4.3 d iv H] (3,427) (6,567) (7,561)
(9) Class B Accelerated
Principal Payment
[4.3 d iv I] (149) (286) (329)
(10) Pay to Hedging Counterparty
[4.3 d iv J] 0 0 0
(11) Class C Accelerated
Principal Payment
[4.3 d iv K] (149) (286) (329)
Subtotal
Distributions to Noteholders
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events March 1997
Restricting Event Calculations
(1) Event of Default under the
Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 422,843,873
Delinquency Ratio 0.75%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.30%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
<TABLE>
<CAPTION>
Portfolio Performance Tests
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
0
<S> <C> <C> <C> <C> <C>
2 months prior 3,223,447 436,707,992 0.74% 0.25%
1 month prior 3,135,383 422,607,136 0.74% 0.25%
Current 3,092,035 409,216,492 0.76% 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 112,060 273,106,779 0.04%
4 months prior 25,694 465,247,739 0.01%
3 months prior 142,142 452,112,151 0.03%
2 months prior 71,816 436,707,992 0.02%
1 month prior 106,691 422,607,136 0.03%
Current 150,669 409,216,492 0.04%
-------- ------------ -----
609,072 2,458,998,289 0.03%
Average ADCB 409,833,048
Annualized Maximum Charge-Off Ratio: 1.00%
-----
1% of Average ADCB 4,098,330
Sum of Charge-Offs * 2 1,218,144
Annualized Charge-Off Ratio: 0.30%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 4,867,511
Series Allocation Percentage 19.52%
ADCB less Aggregate Principal Amount
of Class A Notes 7,915,635
8,865,768
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 4,867,511
Series Allocation Percentage 37.41%
ADCB less Aggregate Principal Amount
of Class A Notes 12,698,094
14,519,050
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 4,867,511
Series Allocation Percentage 43.07%
ADCB less Aggregate Principal Amount
of Class A Notes 14,892,836
16,989,257
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules March 1997
Certificate Factors
<TABLE>
<CAPTION>
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP # #65118YAA5 #65118YAD9 #65118YAG2
Class A
<S> <C> <C> <C>
Current A Balance 77,840,732 133,865,016 162,021,734
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.650533 0.788318 0.861026
Principal Factor (per thousand): 20.754489 29.535791 27.088403
Interest Factor (per thousand): 3.798208 4.681993 4.617986
CUSIP # #65118YAB3 #651184AE7 #65118YAH0
Class B
Current B Balance 4,024,219 6,502,978 7,604,980
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.773521 0.880795 0.929542
Principal Factor (per thousand): 1.728879 1.366213 0.000000
Interest Factor (per thousand): 4.864512 5.542668 5.352380
CUSIP # #65118YAC1 #651184AF4 #65118YAJ6
Class C
Current C Balance 4,024,219 6,502,978 7,604,980
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.773521 0.880795 0.929542
Principal Factor (per thousand): 1.728879 1.366213 0.000000
Interest Factor (per thousand): 5.846459 6.777639 6.707904
Delinquencies
Monthly
Delinquencies ADCB Delinquencies
Current 388,692,525 409,216,492 94.98%
31-60 Days Past Due 17,431,932 409,216,492 4.26%
61-90 Days Past Due 3,092,035 409,216,492 0.76%
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules March 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 89,312,367.83 153,493,909.86 184,162,483.83
Less: Previous Period's Prepayments 668,685.32 1,164,209.77 1,337,896.98
Less: Previous Period's Defaults 256,832.78 430,193.43 503,807.68
Prior Month Series ADCB (reported this period) 88,386,849.73 151,899,506.66 182,320,779.17
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
Opening Class A Principal Balance 80,320,721.12 138,873,947.08 167,111,475.80
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 454,481.41 795,053.35 868,979.67
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 454,481.41 795,053.35 868,979.67
Class A Principal Schedule
Series 1996-1 Series 1996-2 Series 1996-3
Opening Class A Principal Balance 80,320,721.12 138,873,947.08 167,111,475.80
Prior Months Series ADCB 88,386,849.73 151,899,506.66 182,320,779.17
Current Months Series ADCB 86,505,680.83 147,806,181.39 178,364,933.88
-------------- --------------- --------------
Difference 1,881,168.90 4,093,325.27 3,955,845.29
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,730,675.39 3,765,859.25 3,639,377.67
Current Prepayments 501,574.06 831,384.48 965,544.93
Current Defaults 251,166.56 418,254.33 492,379.94
Class A Total Due 2,483,416.01 5,015,498.06 5,097,302.54
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,483,416.01 5,015,498.06 5,097,302.54
Class A Principal Distribution 2,483,416.01 5,015,498.06 5,097,302.54
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance
after Current Distribution 77,837,305.11 133,858,449.02 162,014,173.26
Accelerated Class A Distribution Amount (3,426.68) (6,567.32) (7,560.79)
Ending Class A Principal Balance
after Current Distribution 77,840,731.79 133,865,016.34 162,021,734.05
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
Opening Class B Principal Balance 4,033,064.15 6,512,779.73 7,604,651.68
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 25,307.48 40,921.97 43,790.12
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 25,307.48 40,921.97 43,790.12
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules March 1997
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
<S> <C> <C> <C>
Opening Class B Principal Balance 4,033,064.15 6,512,779.73 7,604,651.68
Prior Months Series ADCB 88,386,849.73 151,899,506.66 182,320,779.17
Current Months Series ADCB 86,505,680.83 147,806,181.39 178,364,933.88
-------------- --------------- --------------
Difference 1,881,168.90 4,093,325.27 3,955,845.29
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 75,246.76 163,733.01 158,233.81
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 75,246.76 163,733.01 158,233.81
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 75,246.76 163,733.01 158,233.81
Class B Principal Distribution 8,994.44 10,086.86 0.00
Current Class B Arrearage 66,252.32 153,646.15 158,233.81
Interim Class B Principal
Balance after Current Distribution 4,024,069.71 6,502,692.87 7,604,651.68
Accelerated Class B Distribution Amount (148.99) (285.54) (328.73)
Ending Class B Principal Balance
after Current Distribution 4,024,218.70 6,502,978.41 7,604,980.41
Class C Interest Schedule
Opening Class C Principal Balance 4,033,064.15 6,512,779.73 7,604,651.68
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 30,416.03 50,039.86 54,880.24
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 30,416.03 50,039.86 54,880.24
Class C Interest Paid 30,416.03 50,039.86 54,880.24
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
Opening Class C Prinicpal Balance 4,033,064.15 6,512,779.73 7,604,651.68
Prior Months Series ADCB 88,386,849.73 151,899,506.66 182,320,779.17
Current Months Series ADCB 86,505,680.83 147,806,181.39 178,364,933.88
------------- -------------- --------------
Difference 1,881,168.90 4,093,325.27 3,955,845.29
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 75,246.76 163,733.01 158,233.81
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 75,246.76 163,733.01 158,233.81
Class C Principal Distribution 8,994.44 10,086.86 0.00
Current Class C Arrearage 66,252.32 153,646.15 158,233.81
Interim Class C Principal Balance
after Current Distribution 4,024,069.71 6,502,692.87 7,604,651.68
Accelerated Class C Distribution Amount (148.99) (285.54) (328.73)
Ending Class C Principal Balance
after Current Distribution 4,024,218.70 6,502,978.41 7,604,980.41
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules March 1997
<TABLE>
Servicing Fee Schedule
Contract Pool ADCB 422,607,135.56
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 211,303.57
Servicer Fee Due 211,303.57
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
<S> <C> <C> <C> <C>
Prior Month Balance 4,226,071.36
Series ADCB 409,216,491.80
Required Balance (Series ADCB * 1.00%) 4,092,164.92
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 0.00 775,345.87
Newcourt Advance Released from
Reserve Account (133,906.44)
Ending Reserve Account Balance 4,867,510.79
Cash Collateral Account Schedule
Prior Month Balance 1,585,169.96
Required Balance 1,555,395.66
Withdraw from Cash Collateral Account (29,774.30)
</TABLE>
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