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Previous: MATZEL & MUMFORD MORTGAGE FUNDING INC, 10KSB, 1997-03-28 |
Next: FIRST UNION NATIONAL BANK OF GEORGIA , 8-K, 1997-03-28 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
_______________________
For the fiscal year ended December 31, 1996
Commission file number 33-98378
Newcourt Receivables Corporation
(Exact name of registrant as specified in its charter)
United States 77-041305
------------------------------------------------------------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
Bank One Tower
111 Monument Circle - Suite 300
Indianapolis, Indiana 46204-5787
------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 800/639-2687
Securities registered pursuant to Section 12(b)
of the Act: None.
Securities registered pursuant to Section 12(g)
of the Act: None.
Indicate by check mark whether the registrant: (1) has
filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has
been subject to such filing requirements for the past 90
days. Yes X No .
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K
[X].
State the aggregate market value of the voting stock held
by non-affiliates of the registrant. None.
Indicate the number of share outstanding of the
registrant's classes of common stock, as of the latest
practicable date. None.
Documents incorporated by Reference. None.
PART I
Item 1. Business
Not applicable.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
There are no material pending legal proceedings with
respect to Newcourt Receivables Asset Trust (the "Trust")
or the Registrant involving the Trust, the Registrant or
Newcourt Credit Group Inc., as Servicer, other than
ordinary or routine litigation incidental to the Trust
assets or the Servicer's duties under the Pooling and
Servicing Agreement.
Item 4. Submission of Matters to a Vote of Security
Holders
None.
PART II
Item 5. Market for the Registrant's Common Equity
and Related Stockholder Matters
(a) Market Information. The Registrant has issued
three Series of Notes. There is no established
public trading market for the Notes.
(b) Holders. Since each Series of the Notes was
issued in book entry form only, there is only
one holder of record of each Series of Notes.
(c) Dividends. Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of
Operations
Not applicable.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements with
Accountants on Accounting and Financial
Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners
and Management
The Notes are represented by one or more notes
registered in the name of Cede & Co., the nominee of The
Depository Trust Company ("DTC"). An investor holding
Notes is not entitled to receive a certificate
representing such Note except in limited circumstances.
Accordingly, Cede & Co. is the sole holder of record of
the Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such
participants may hold Notes for their own accounts or for
the accounts of their customers. The address of Cede &
Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions
There has not been, and there is not currently
proposed, any transaction or series of transactions, to
which any of the Trust, the Registrant, Chase Manhattan
Bank Delaware, as Trustee, or Newcourt Credit Group,
Inc., as Servicer, is a party with any Noteholder who, to
the knowledge of the Registrant and the Servicer, owns of
record or beneficially more than five percent of the
Notes.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K
(a) 1. Not applicable.
2. Not applicable.
3. Exhibits:
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K.
The Registrant has filed Current Reports on Form 8-K
with the Securities and Exchange Commission dated June
26, 1996, July 23, 1996, August 29, 1996, September 24,
1996, October 28, 1996, November 21, 1996 and December
23, 1996.
(c) See (a)3 above.
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly
authorized.
NEWCOURT RECEIVABLES CORPORATION
(Registrant)
By: /s/Daniel A. Jaurenig
-----------------------------
Daniel A Jauernig
Vice President, Chief
Financial Officer and
Director (Duly Authorized
Officer and Principal
Financial Officer)
March 27, 1997
---------------------
(Date)
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, this report has been
signed below by the following persons on behalf of the
registrant and in the capacities and on the dates
indicated.
Signature Title Date
/s/Bradley D. Nullmeyer Principal Executive March 27, 1997
------------------------ Officer and
Bradley D. Nullmeyer Director
/s/Daniel A. Jauuernig Principal Financial March 27, 1997
------------------------ Officer, Principal
Daniel A. Jauernig Accounting Officer
and Director
/s/Peter H. Sorensen Director March 27, 1997
------------------------
Peter H. Sorensen
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.1 Annual Summary Statement.
99.2 Annual Statement as to Compliance
99.3 Annual Independent Public Accountant's
Report
Exhibit No. 99.1
Annual Summary Statement
NEWCOURT RECEIVABLES ASSET TRUST
SUMMARY OF PERFORMANCE TO DECEMBER 31,1996
i) OUTSTANDING BALANCES,
PRINCIPAL AND INTEREST
PAID
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
CLASS A NOTES
Opening Mar-96 Apr-96 May-96 Jun-96
Outstanding Balances
<S> <C> <C> <C> <C> <C>
Series 1996-1 119,656,814.00 117,058,069.45 114,067,111.96 109,618,786.94 105,486,274.38
Series 1996-2 0.00 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00 0.00
Total 119,656,814.00 117,058,069.45 114,067,111.96 109,618,786.94 105,486,274.38
Principal Paid
Series 1996-1 2,598,744.55 2,990,957.49 4,448,325.02 4,132,512.56
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 2,598,744.55 2,990,957.49 4,448,325.02 4,132,512.56
Interest Paid
Series 1996-1 677,058.14 662,353.58 645,429.74 620,259.64
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 677,058.14 662,353.58 645,429.74 620,259.64
---------------------------------------------------------------------------------------------------------------------------
CLASS A NOTES
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
Outstanding Balances
<S> <C> <C> <C> <C> <C> <C>
Series 1996-1 101,897,526.11 98,973,086.43 95,352,731.61 91,142,688.14 87,913,535.83 85,632,689.93
Series 1996-2 0.00 166,284,468.18 163,045,052.34 159,104,291.62 155,445,092.94 150,516,984.31
Series 1996-3 0.00 0.00 0.00 0.00 183,416,224.44 178,196,827.44
Total 101,897,526.11 265,257,554.61 258,397,783.95 250,246,979.76 426,774,853.21 414,346,501.68
Principal Paid
Series 1996-1 3,588,748.27 2,924,439.68 3,620,354.82 4,210,043.47 3,229,152.31 2,280,845.90
Series 1996-2 0.00 3,526,393.82 3,239,415.84 3,940,760.72 3,659,198.68 4,928,108.63
Series 1996-3 0.00 0.00 0.00 0.00 4,756,648.56 5,219,397.00
Total 3,588,748.27 6,450,833.50 6,859,770.66 8,150,804.19 11,644,999.55 12,428,351.53
Interest Paid
Series 1996-1 596,876.50 576,570.17 560,022.71 539,537.54 515,715.71 497,444.09
Series 1996-2 0.00 972,167.18 951,978.58 933,432.92 910,872.07 889,923.16
Series 1996-3 0.00 0.00 0.00 0.00 978,498.94 953,764.37
Total 596,876.50 1,548,737.35 1,512,001.29 1,472,970.46 2,405,086.72 2,341,131.62
---------------------------------------------------------------------------------------------------------------------------
CLASS B NOTES
Opening Mar-96 Apr-96 May-96 Jun-96
Outstanding Balances
<S> <C> <C> <C> <C> <C>
Series 1996-1 5,202,470.00 5,202,470.00 5,202,470.00 4,922,304.56 4,797,281.23
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 5,202,470.00 5,202,470.00 5,202,470.00 4,922,304.56 4,797,281.23
Principal Paid
Series 1996-1 0.00 0.00 280,165.44 125,023.33
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 0.00 0.00 280,165.44 125,023.33
Interest Paid
Series 1996-1 32,645.50 32,645.50 32,645.50 30,887.46
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 32,645.50 32,645.50 32,645.50 30,887.46
---------------------------------------------------------------------------------------------------------------------------
CLASS B NOTES
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
Outstanding Balances
<S> <C> <C> <C> <C> <C> <C>
Series 1996-1 4,684,747.79 4,589,290.08 4,467,414.48 4,331,812.36 4,220,216.48 4,162,261.24
Series 1996-2 0.00 7,276,464.23 7,191,066.09 7,098,087.07 6,988,547.91 6,842,357.15
Series 1996-3 0.00 0.00 0.00 0.00 8,027,678.26 7,878,205.85
Total 4,684,747.79 11,865,754.31 11,658,480.57 11,429,899.43 19,236,442.65 18,882,824.24
Principal Paid
Series 1996-1 112,533.44 95,457.71 121,875.60 135,602.12 111,595.88 57,955.24
Series 1996-2 0.00 106,616.77 85,398.14 92,979.02 109,539.16 146,190.76
Series 1996-3 0.00 0.00 0.00 0.00 153,750.74 149,472.41
Total 112,533.44 202,074.48 207,273.74 228,581.14 374,885.78 353,618.41
Interest Paid
Series 1996-1 30,102.94 29,396.79 28,797.80 28,033.03 27,182.12 26,481.86
Series 1996-2 0.00 46,390.36 45,720.45 45,183.87 44,599.65 43,911.38
Series 1996-3 0.00 0.00 0.00 0.00 47,111.40 46,226.05
Total 30,102.94 75,787.15 74,518.25 73,216.90 118,893.17 116,619.29
---------------------------------------------------------------------------------------------------------------------------
CLASS C NOTES
Opening Mar-96 Apr-96 May-96 Jun-96
Outstanding Balances
<S> <C> <C> <C> <C> <C>
Series 1996-1 5,202,470.00 5,202,470.00 5,202,470.00 4,922,304.56 4,797,281.23
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 5,202,470.00 5,202,470.00 5,202,470.00 4,922,304.56 4,797,281.23
Principal Paid
Series 1996-1 0.00 0.00 280,165.44 125,023.33
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 0.00 0.00 280,165.44 125,023.33
Interest Paid
Series 1996-1 24,436.45 0.00 93,846.94 37,122.38
Series 1996-2 0.00 0.00 0.00 0.00
Series 1996-3 0.00 0.00 0.00 0.00
Total 24,436.45 0.00 93,846.94 37,122.38
---------------------------------------------------------------------------------------------------------------------------
CLASS C NOTES
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
Outstanding Balances
<S> <C> <C> <C> <C> <C> <C>
Series 1996-1 4,684,747.79 4,589,290.08 4,467,414.48 4,331,812.36 4,220,216.48 4,162,261.24
Series 1996-2 0.00 7,276,464.23 7,191,066.09 7,098,087.07 6,988,547.91 6,842,357.15
Series 1996-3 0.00 0.00 0.00 0.00 8,027,678.26 7,878,205.85
Total 4,684,747.79 11,865,754.31 11,658,480.57 11,429,899.43 19,236,442.65 18,882,824.24
Principal Paid
Series 1996-1 112,533.44 95,457.71 121,875.60 135,602.12 111,595.88 57,955.24
Series 1996-2 0.00 106,616.77 85,398.14 92,979.02 109,539.16 146,190.76
Series 1996-3 0.00 0.00 0.00 0.00 153,750.74 149,472.41
Total 112,533.44 202,074.48 207,273.74 228,581.14 374,885.78 353,618.41
Interest Paid
Series 1996-1 36,179.50 35,330.81 34,610.90 33,691.75 32,669.08 31,827.47
Series 1996-2 0.00 56,726.67 55,907.50 55,251.36 54,536.97 53,695.34
Series 1996-3 0.00 0.00 0.00 0.00 59,042.65 57,933.08
Total 36,179.50 92,057.48 90,518.40 88,943.11 146,248.70 143,455.89
---------------------------------------------------------------------------------------------------------------------------
ii) PORTFOLIO PERFORMANCE
------------------------------------------------------------------------------------------------------------------
Mar-96 Apr-96 May-96 Jun-96
Delinquency
<S> <C> <C> <C> <C>
31-60 days past due 5,963,751 5,335,288 5,567,100 5,429,413
61-90 days past due 998,846 841,986 740,468 708,654
over 90 days past due 214,687 443,094 724,549 543,102
Losses
Gross Charge-Offs 214,687 188,037 632,132 429,472
Recoveries 180,000 138,000 624,792 372,639
Net Charge-Offs 34,687 50,037 7,340 56,833
------------------------------------------------------------------------------------------------------------------
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
Delinquency
<S> <C> <C> <C> <C> <C> <C>
31-60 days past due 4,984,964 11,535,809 11,533,731 11,498,540 19,265,159 19,340,875
61-90 days past due 636,137 1,495,513 1,978,633 1,988,977 3,367,053 3,359,164
over 90 days past due 374,889 460,084 788,411 939,431 1,092,315 1,079,062
Losses
Gross Charge-Offs 189,272 165,884 452,195 308,381 297,294 257,953
Recoveries 162,200 132,000 327,081 196,321 271,600 115,811
Net Charge-Offs 27,072 33,884 125,114 112,060 25,694 142,142
---------------------------------------------------------------------------------------------------------------------------
NOTE: The Gross
Charge-Off amount in
the Losses section
identified in the
respective month is
included in the
balance of "over 90
days past due"
reported in the
Delinquency section
------------------------------------------------------------------------------------------------------------------
iii) RESERVE ACCOUNT
------------------------------------------------------------------------------------------------------------------
Mar-96 Apr-96 May-96 Jun-96
<S> <C> <C> <C> <C>
Beginning Balance 1,300,617.54 1,275,719.27 1,263,133.05 1,230,576.18
Additional Reserve for 0.00 0.00 0.00 0.00
Series 1996-2
Additional Reserve for 0.00 0.00 0.00 0.00
Series 1996-3
Interest Earnings 0.00 378.46 6,191.77 5,774.89
Interest Earnings
to Newcourt 0.00 (378.46) (6,191.77) (5,774.89)
Reserve Repatriation (24,898.27) (12,586.22) (32,556.87) (31,255.83)
Ending Balance 1,275,719.27 1,263,133.05 1,230,576.18 1,199,320.35
---------------------------------------------------------------------------------------------------------------------------
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
<S> <C> <C> <C> <C> <C> <C>
Beginning Balance 1,199,320.35 1,112,670.22 2,889,890.64 2,817,147.46 2,731,067.79 2,657,761.58
Additional Reserve for 0.00 1,845,770.00 0.00 0.00 0.00 0.00
Series 1996-2
Additional Reserve for 0.00 0.00 0.00 0.00 0.00 2,045,357.00
Series 1996-3
Interest Earnings 5,802.63 4,942.43 4,998.77 13,565.83 11,947.47 12,174.51
Interest Earnings
to Newcourt (5,802.63) (4,942.43) (4,998.77) (13,565.83) (11,947.47) (12,174.51)
Reserve Repatriation (86,650.13) (68,549.58) (72,743.18) (86,079.67) (73,306.21) (181,997.07)
Ending Balance 1,112,670.22 2,889,890.64 2,817,147.46 2,731,067.79 2,657,761.58 4,521,121.51
---------------------------------------------------------------------------------------------------------------------------
iii) CASH COLLATERAL ACCOUNT
---------------------------------------------------------------------------------------------------------------------------
Mar-96 Apr-96 May-96 Jun-96
Beginning Balance
Interest Earnings
Interest Earnings
to Newcourt
Cash Collateral
Repatriation
Ending Balance
---------------------------------------------------------------------------------------------------------------------------
Jul-96 Aug-96 Sep-96 Oct-96 Nov-96 Dec-96
<S> <C> <C>
Beginning Balance 1,640,227.00 1,626,781.26
Interest Earnings 0.00 0.00
Interest Earnings 0.00 0.00
to Newcourt
Cash Collateral (13,445.74) (14,710.93)
Repatriation
Ending Balance 1,626,781.26 1,612,070.33
</TABLE>
Exhibit No. 99.2
Annual Statement as to Compliance
Newcourt Credit Group Inc.
Newcourt Receivables Asset Trust
The undersigned, a duly authorized representative of
Newcourt Credit Group Inc. ("Newcourt"), as Servicer
pursuant to the Pooling, Collateral Agency and Servicing
Agreement dated as of April 15, 1996 (the "Pooling and
Servicing Agreement"), among Newcourt Receivables
Corporation, as Seller, Newcourt Credit Group Inc., as
Servicer, Fleet National Bank, as Collateral Agent, and
Chase Manhattan Bank Delaware, as Issuer Trustee, does
hereby certify that:
1. Capitalized terms used in this Officer's
Certificate have their respective meanings set
forth in the Pooling and Servicing Agreement.
2. Newcourt is as of the date hereof the Servicer
under the Pooling and Servicing Agreement.
3. The undersigned is duly authorized pursuant to
the Pooling and Servicing Agreement to execute
and deliver this Officer's Certificate.
4. This certificate is delivered pursuant to
Section 3.11 of the Pooling and Servicing
Agreement.
5. A review of the activities of the Servicer
during the year ended December 31, 1996 and of
its performance under the Pooling and Servicing
Agreement was made under my supervision.
6. Based on such review, to the best of the
undersigned's knowledge, the Servicer has
performed or has caused to be performed in all
material respects all of its obligations under
the Pooling and Servicing Agreement throughout
such year and no Servicer Default has occurred
or is continuing except as set forth in
paragraph 7 below.
7. The following is a description of each Servicer
Default under the provisions of the Pooling and
Servicing Agreement known to me to have been
made during the year ended December 31, 1996,
which sets forth in detail the (i) nature of
each such Servicer Default, (ii) the action
taken by the Servicer, if any, to remedy each
such Servicer Default and (iii) the current
status of each such Servicer Default: None.
IN WITNESS WHEREOF, the undersigned, a duly
authorized officer of the Servicer, has duly
executed this Certificate this 27th day of March,
1997.
By: /s/Daniel A. Jaurenig
---------------------
Daniel A. Jauernig
Treasurer
Exhibit 99.3
Annual Independent Public Accountant's Servicing Report
(X) CHARTERED ACCOUNTANTS (X) Phone: (416) 864-1234
Ernst & Young Tower Fax: (416) 864-1174
Toronto-Dominion Center
P.O. Box 251
Toronto, Canada M5K 1J7
March 10, 1997
Board of Directors
Newcourt Credit Group Inc.
181 Bay Street, Suite 3500
Toronto, Ontario
M5J2T3
To the Board of Directors
At your request, we have performed the procedures enumerated
below with respect to the monthly trust reporting of Newcourt
Receivables Asset Trust for the month ended December 31, 1996.
This report is solely for your information and the information of
the Issuer Trustee, the Collateral Agent, each Indenture Trustee,
each Rating Agency, and each Credit Enhancer. The procedures we
performed were as follows:
1. We read the requirement of Section 3.12 of the Pooling and
Servicing Agreement of Newcourt Asset Receivables Trust
relating to monthly reporting.
2. We compared the amounts listed on the Monthly Servicer
Certificate - Accounts and the Monthly Servicer Certificate -
Schedules issued for the month ended December 31, 1996 to the
books and records of the Company and found the amounts to be
in agreement.
The above procedures do not constitute an audit conducted in
accordance with generally accepted auditing standards and we do
not express an opinion on any of the accounts or items referred to
above. Had we performed additional procedures, other matters
might have come to our attention that would have been reported to
you. This report relates only to the accounts and items specified
above and does not extend to any financial statements of the
company taken as a whole for any date or period.
Yours Sincerely,
Ernst & Young
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