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) February 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: February 24, 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
<TABLE>
<CAPTION>
Newcourt Receivables January 1997
Asset Trust Cash Master Trust Master
Monthly Servicer Certificate - Cash Trust
Accounts 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 4,521,121.51 1,612,070.33 0.00
Investment Earnings 59,155.14 25,228.45 7,881.72
Deposit to Collections 0.00 0.00
Withdraw in Excess of
Required Balance (12,389.28)
Collection Account
Collections [4.3 a] 18,874,864.85
Add: Servicer Advances
[4.3 b] 125,436.74
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collection to reimburse
Servicer (841,922.20)
Advances [4.3 c]
Less: Investment Earnings
to Newcourt [4.2 e] (59,155.14) (25,228.45) (7,881.72)
Available Amount (18,158,379.39) 18,158,379.39
Payments on Payment Date
(A) Unreimbursed Servicer
Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee
[4.3 d ii] (226,056.08) 226,056.08
(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] 17,932,323.31 3,838,457.37 7,717,524.73 6,376,341.22
(1) Class A Interest
[4.3 d iv A] (2,272,871.54) 484,538.30 861,709.74 926,623.50
(2) Class B Interest
[4.3 d iv B] (114,476.34) 26,118.19 42,992.81 45,365.34
(3) Class A Principal
[4.3 d iv C] (14,718,639.62) 2,593,616.07 5,211,347.10 6,913,676.45
(4) Deposit Reserve
Account [4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment Newcourt
Advance 0.00 (154,041.59)
(5) Class C Interest
[4.3 d iv E] (140,816.89) 31,390.39 52,572.11 56,854.39
(6) Class B Principal
[4.3 d iv F] (342,759.46) 51,247.76 119,260.60 172,251.10
(7) Class C Principal
[4.3 d iv G] (342,759.46) 51,247.76 119,260.60 172,251.10
(8) Class A Accelerated
Principal Payment
[4.3 d iv H] 0.00 0.00 0.00 0.00
(9) Class B Accelerated
Principal Payment
[4.3 d iv I] 0.00 0.00 0.00 0.00
(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] 0.00 0.00 0.00 0.00
Subtotal 0.00
Distribution to Noteholders (18,158,379.39) 226,056.08 3,238,158.47 6,407,142.96 8,287,021.88
Ending Balance 0.00 4,367,079.92 1,599,681.05 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules January 1997
<S> <C> <C> <C>
Prior Month's Series ADCB Reconciliation Series 1996-1 Series 1996-2 Series 1996-3
- ---------------------------------------- ------------- ------------- -------------
Previous Period Current Month Series ADCB 94,905,088.15 165,767,419,82 195,734,770.71
Less: Previous Period's Prepayments 708,752.56 1,171,623.22 1,335,690.54
Less: Previous Period's Defaults 239,122.87 394,097.88 445,841.03
Prior Month Series ADCB (reported this period) 93,957,212.72 164,201,698.72 193,953,239.14
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 85,632,689.93 150,516,984.30 178,196,827.43
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 484,538.30 861,709.74 926,623.50
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 484,538.30 861,709.74 926,623.50
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 85,632,689.93 150,516,984.30 178,196,827.43
Prior Months Series ADCB 93,957,212.72 164,201,698.72 193,953,239.14
Current Months Series ADCB 92,676,018.76 161,220,183.82 189,646,961.53
------------- -------------- --------------
Difference 1,281,193.96 2,981,514.90 4,306,277.61
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,178,698.44 2,742,993.71 3,961,775.40
Current Prepayments 1,160,742.47 2,053,678.53 2,480,749.49
Current Defaults 254,175.16 414,674.86 471,151.56
Class A Total Due 2,593,616.07 5,211,347.10 6,913,676.45
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,593,616.07 5,211,347.10 6,913,676.45
Class A Principal Distribution 2,593,616.07 5,211,347.10 6,913,676.45
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance
after Current Distribution 83,039,073.86 145,305,637.20 171,283,150.98
Accelerated Class A Distribution
Amount 0.00 0.00 0.00
Ending Class A Principal Balance
after Current Distribution 83,039,073.86 145,305,637.20 171,283,150.98
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 4,162,261.24 6,842,357.15 7,878,205.85
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 26,188.19 42,992.81 45,365.34
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 26,118.19 42,992.81 45,365.34
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Operating Class B Principal Balance 4,162,261.24 6,842,357.15 7,878,205.85
Prior Months Series ADCB 93,957,212.72 164,201,698.72 193,953,239.14
Current Months Series ADCB 92,676,018.76 161,220,183.82 189,646,961.53
------------- -------------- --------------
Difference 1,281,193.96 2,981,514.90 4,306,277.61
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 51,247.76 119,260.60 172,251.00
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 51,247.76 119,260.60 172,251.10
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 51,247.76 119,260.60 172,251.10
Class B Principal Distribution 51,247.76 119,260.60 172,251.10
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance
after Current Distribution 4,111,013.48 6,723,096.55 7,705,954.75
Accelerated Class B Distribution
Amount 0.00 0.00 0.00
Ending Class B Principal Balance
after Current Distribution 4,111,013.48 6,723,096.55 7,705,954.75
Class C Interest Schedule
Opening Class C Principal Balance 4,162,261.24 6,842,357.15 7,878,205.85
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 31,390.39 52,572.11 56,854.39
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 31,390.39 52,572.11 56,854.39
Class C Interest Paid 31,390.39 52,572.11 56,854.39
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
Opening Class C Principal Balance 4,162,261.24 6,842,357.15 7,878,205.85
Prior Months Series ADCB 93,957,212.72 164,201,698.72 193,953,239.14
Current Months Series ADCB 92,676,018.76 161,220,183.82 189,646,961.53
------------- -------------- --------------
Difference 1,281,193.96 2,981,514.90 4,306,277.61
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Date 51,247.76 119,260.60 172,251.10
Prior Class A Arrearage 0.00 0.00 0.00
Class C Principal Due 51,247.76 119,260.60 172,251.10
Class C Principal Distribution 51.247.76 119,260.60 172,251.10
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance
after Current Distribution 4,111,013.48 6,723,096.55 7,705,954.75
Accelerated Class C Distribution
Amount 0.00 0.00 0.00
Ending Class C Principal Balance
after Current Distribution 4,111,013.48 6,723,096.55 7,705,954.75
</TABLE>
Servicing Fee Schedule
Contract Pool ADCB 452,112,150.58
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 226,056.08
Servicer Fee Due 226,056.08
Current Servicing Fee Arrearage 0.00
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
--------------- ------------- ------------- -------------
Prior Month Balance 4,521,121.51
Series ADCB 436,707,992.04
Required Balance (Series ADCB * 1.00%) 4,367,079.92
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 0.00
Newcourt Advance Released from Reserve Account (154,041.59)
Ending Reserve Account Balance 4,367,079.92
Cash Collateral Account Schedule
Prior Month Balance 1,612,070.33
Required Balance 1,599,681.05
Withdraw from Cash Collateral Account (12,389.28)
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events January 1997
Restricting Event Calculations
(1) Event of Default under the Servicing
Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 451,355,961
Delinquency Ratio 0.73%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.28%
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>
<S> <C> <C> <C> <C> <C>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
------------- ---- ----------- -------
0
2 months prior 3,367,053 465,247,739 0.72% 0.25%
1 month prior 3,359,164 452,112,151 0.74% 0.25%
Current 3,223,447 436,707,992 0.74% 0.24%
-----
0.73% 0.73%
</TABLE>
Delinquency Ratio: 0.73%
Maximum Delinquency Ratio: 2.00%
Monthly
Charge Offs Charge-Offs ADCB Defaults
----------- ---- --------
0
5 months prior 33,884 288,989,064 0.01%
4 months prior 125,114 281,714,746 0.04%
3 months prior 112,060 273,106,779 0.04%
2 months prior 25,694 465,247,739 0.01%
1 month prior 142,142 452,112,151 0.03%
Current 71,816 436,707,992 0.02%
------ ------------- -----
510,710 2,197,878,470 0.03%
Average ADCB 366,313,078
Annualized Maximum Charge-Off Ratio 1.00%
1% of Average ADCB 3,663,131
Sum of Charge-Offs *2 1,021,420
Annualized Charge-Off Ratio 0.28%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 4,367,080
Series Allocation Percentage 21.41%
ADCB less Aggregate Principal Amount
of Class A Notes 8,222,027
---------
9,156,811
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 4,367,080
Series Allocation Percentage 43.04%
ADCB less Aggregate Principal Amount
of Class A Notes 13,446,193
----------
15,325,651
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 4,367,080
Series Allocation Percentage 35.56%
ADCB less Aggregate Principal Amount
of Class A Notes 15,411,910
----------
16,964,747
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules January 1997
CERTIFICATE FACTORS
Series 1996-1 Series 1996-2 Series 1996-3
------------- ------------- -------------
Class A
Current A Balance 83,039,074 145,305,637 171,283,151
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.6939769754 0.8556910631 0.9102435874
Class B
Current B Balance 4,111,013 6,723,097 7,705,955
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.7902041684 0.9106085362 0.9418837162
Class C
Current C Balance 4,111,013 6,723,097 7,705,955
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.7902041684 0.9106085362 0.9418837162
DELINQUENCIES
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
Current 414,747,978 436,707,992 94.97%
31-60 Days Past Due 18,736,567 436,707,992 4.29%
61-90 Days Past Due 3,223,447 436,707,992 0.74%