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Previous: TCW DW MID CAP EQUITY TRUST, 24F-2NT, 1997-01-24 |
Next: FIRST UNION NATIONAL BANK OF GEORGIA , 8-K, 1997-01-24 |
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) January 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: January 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>
Revised
December 1996
Newcourt Receivables Asset Master Trust
Trust Monthly Servicer Collection Reserve Cash Collateral Distribution Series Series Series
Certificate-Accounts Account Account Account Account 1996-1 1996-2 1996-3
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Account Balances 0.00 4,703,118.58 1,626,781.26 0.00
Investment Earnings 34,526.49 12,174.51 0.00
Deposit to Collections 0.00 0.00
Withdraw in Excess of
Required Balance (14,710.93)
Collection Account
Collections [4.3a] 16,134,973.88
Add: Servicer Advances
[4.3b] 841,922.00
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to
reimburse Servicer
Advances [4.3c] (1,007,477.04)
Less: Investment Earnings
to Newcourt [4.2c] (34,526.49) (12,174.51) 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Available Amount (15,969,419.04) 15,969,419.04
- ----------------
Payments on Payment Date
(A) Unreimbursed
Servicer Advances
[4.3d i] 0.00 0.00
(B) Servicing Fee
[4.3d iii] (232,623.87) 232,623.87
(C) Amount owed to
Hedging Counterparty
[4.3d iii] 0.00 0.00
(D) Series Available
Amount to each Series
of Notes [4.3d iv] 15,736,795.17 3,532,738.01 6,036,702.81 6,167,354.35
(1) Class A Interest
[4.3 d iv A] (2,341,131.62) 497,444.09 889,923.16 953,764.37
(2) Class B Interest
[4.3 d iv B] (116,619.29) 26,481.86 43,911.38 46,226.05
(3) Class A Principal
[4.3 d iv C] (12,428,351.53) 2,280,845.90 4,928,108.63 5,219,397.00
(4) Deposit Reserve
Account [4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment Newcourt
Advance 0.00 (181,997.07)
(5) Class C Interest
[4.3 d iv E] (143,455.89) 31,827.47 53,695.34 57,933.08
(6) Class B Principal
[4.3 d iv F] (353,618.41) 57,955.24 146,190.76 149,472.41
(7) Class C Principal
[4.3 d iv G] (353,618.41) 57,955.24 146,190.76 149,472.41
(8) Class A Accelerated
Principal Payment
[4.3 d iv H] (0.02) 0.00 0.01 0.01
(9) Class B Accelerated
Principal Payment
[40.00 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
(11) Class C Accelerated
Principal [4.3 d iv K] 0.00 0.00 0.00 0.00
Subtotal (0.00)
Distributions to
Noteholders (15,969,419.04) 232,623.87 2,952,509.80 6,208,020.04 6,576,265.33
Ending Balance (0.00) 4,521,121.51 1,612,070.33 (0.00)
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust Revised
Monthly Servicer Certificate-Schedules December 1996
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 97,016,416.06 170,561,986.93 200,691,962.49
Less: Previous Period's Prepayments 420,512.97 723,117.25 786,681.15
Less: Previous Period's Defaults 241,933.99 416,680.81 433,700.38
Prior Month Series ADCB (reported this period) 96,353,969.10 169,422,188.87 199,471,580.96
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 87,913,535.83 155,445,092.94 183,416,224.44
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 497,444.09 889,923.16 953,764.37
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest due 497,444.09 889,923.16 953,764.37
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 87,913,535.83 155,445,092.94 183,416,224.44
Prior Months Series ADCB 96,353,969.10 169,422,188.87 199,471,580.96
Current Months Series ADCB 94,905,088.15 165,767,419.82 195,734,770.71
------------- -------------- --------------
Difference 1,448,880.95 3,654,769.05 3,736,810.25
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,332,970.47 3,362,387.53 3,437,865.43
Current Prepayments 708,752.56 1,171,623.22 1,335,690.54
Current Defaults 239,122.87 394,097.88 445,841.03
Class A Total Due 2,280,845.90 4,928,108.63 5,219,397.00
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,280,845.90 4,928,108.63 5,219,397.00
Class A Principal Distribution 2,280,845.90 4,928,108.63 5,219,397.00
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current
Distribution 85,632,689.93 150,516,984.31 178,196,827.44
Accelerated Class A Distribution Amount 0.00 0.01 0.01
Ending Class A Principal Balance after Current
Distribution 85,632,689.93 150,516,984.30 178,196,827.43
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 4,220,216.48 6,988,547.91 8,027,678.26
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 26,481.86 43,911.38 46,226.05
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 26,481.86 43,911.38 46,226.05
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 4,220,216.48 6,988,547.91 8,027,678.26
Prior Months Series ADCB 96,353,969.10 169,422,188.87 199,471,580.96
Current Months Series ADCB 94,905,088.15 165,767,419.82 195,734,770.71
------------- -------------- --------------
Difference 1,448,880.95 3,654,769.05 3,736,810.25
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 57,955.24 146,190.76 149,472.41
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 57,955.24 146,190.76 149,472.41
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 57,955.24 146,190.76 149,472.41
Class B Principal Distribution 57,955.24 146,190.76 149,472.41
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current
Distribution 4,162,261.24 6,842,357.15 7,878,205.85
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current
Distribution 4,162,261.24 6,842,357.15 7,878,205.85
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 4,220,216.48 6,988,547.91 8,027,678.26
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 31,827.47 53,695.34 57,933.08
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 31,827.47 53,695.34 57,933.08
Class C Interest Paid 31,827.47 53,695.34 57,933.08
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class Principal Balance 4,220,216.48 6,988,547.91 8,027,678.26
Prior Months Series ADCB 96,353,969.10 169,422,188.87 199,471,580.96
Current Months Series ADCB 94,905,088.15 165,767,419.82 195,734,770.71
------------- -------------- --------------
Difference 1,448,880.95 3,654,769.05 3,736,810.25
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 57,955.24 146,190.76 149,472.41
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 57,955.24 146,190.76 149,472.41
Class C Principal Distribution 57,955.24 146,190.76 149,472.41
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after
Current Distribution 4,162,261.24 6,842,357.15 7,878,205.85
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after
Current Distribution 4,162,261.24 6,842,357.15 7,878,205.85
Servicing Fee Schedule
- ----------------------
Contract Pool ADCB 465,247,738.93
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 232,623.87
Servicer Fee Due 232,623.87
Current Servicing Fee Arrearage 0.00
<S> <C> <C> <C> <C>
Reserve Series Series Series
Reserve Account Schedule Account 1996-1 1996-2 1996-3
- ------------------------ ------- ------ ------ ------
Prior Month Balance 4,703,118.58
Series ADCB 452,112,150.58
Required Balance (Series ADCB* 1.00%) 4,521,121.51
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 (181,997.07)
Ending Reserve Account Balance 4,521,121.51
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,626,781.26
Required Balance 1,612,070.33
Withdraw from Cash Collateral Account (14,710.93)
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust Revised
Monthly Servicer Certificate-Restricting Events December 1996
Restricting Event Calculations
<S> <C>
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 396,822.223
Delinquency Ratio 0.73%
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
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
<S> <C> <C> <C> <C>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
0 ------------- ---- ----------- --------
2 months prior 1,988,977 273,106,779 0.73% 0.17%
1 month prior 3,367,053 465,247,739 0.72% 0.28%
Current 3,359,164 452,112,151 0.74% 0.28%
----- -----
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 27.072 111,267,022 0.02%
4 months prior 33,884 288,989,064 0.01%
3 months prior 125,114 281,714,746 0.04%
2 months prior 112,060 273,106,779 0.04%
1 month prior 25,694 465,247,739 0.01%
Current 142,142 452,112,151 0.03%
------- ----------- -----
465,966 1,872,437,500 0.03%
Average ADCB 312,072,917
Annualized Maximum Charge-Off Ratio: 1.00%
----
1% of Average ADCB 3,120,729
Sum of Charge-Offs* 2 931,932
Annualized Charge-Off Ratio: 0.30%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 4,521,122
Series Allocation Percentage 22.45%
ADCB less Aggregate Principal Amount
of Class A Notes 7,376,647
8,391,590
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 4,521,122
Series Allocation Percentage 38.36%
ADCB less Aggregate Principal Amount
of Class A Notes 13,684,714
----------
15,419,036
----------
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 4,521,122
Series Allocation Percentage 39.19%
ADCB less Aggregate Principal Amount
of Class A Notes 43,727,343
----------
45,499,401
Newcourt Receivables Asset Trust Revised
Monthly Servicer Certificate-Schedules December 1996
CERTIFICATE FACTORS
Series 1996-1 Series 1996-2 Series 1996-3
------------- ------------- -------------
Class A
-------
Current A Balance 85,632,690 150,516,984 178,196,827
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.7156524319 0.8863801901 0.9469846774
Class B
-------
Current B Balance 4,162,261 6,842,357 7,878,206
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.8000548278 0.9267617655 0.9629376298
Class C
-------
Current C Balance 4,162,261 6,842,357 7,878,206
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.8000548278 0.9267617655 0.9629376298
DELINQUENCIES
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
Current 429,412,112 452,112,151 94.98%
31-60 Days Past Due 19,340,875 452,112,151 4.28%
61-90 Days Past Due 3,359,164 452,112,151 0.74%
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