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) March 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: March 27, 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 - Accounts
<TABLE>
<CAPTION>
February 1997
Cash Master 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 4,367,079.92 1,599,681.05 0.00
Investment Earnings 78,817.20 19,968.58 8,629.59
Deposit to Collections 0.00 0.00
Withdraw in Excess of
Required Balance (14,511.09)
Collection Account
Collections (4.3a] 16,194,384.29
Add: Servicer Advances
[4.3b] 691,357.37
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to
reimburse Servicer
Advances [4.3c] (125,436.74)
Less Investment Earnings
to Newcourt [4.2c] (78,817.20) (19,968.58) (8,629.56)
- ---------------------------------------------------------------------------------------------------------------
Available Amount (16,762,304.92) 16,762,304.92
- ----------------
Payments on Payment
Date
(A) Unreimbursed
Servicer
Advances
[4.3d i] 0.00 0.00
(B) Servicing Fee
[4.3d ii] (218,354.00) 218,354.00
(C) Amount owed to
hedging Counter-
party [4.3d iv] 0.00 0.00
(D) Series Available
Amount to each
Series of Notes
[4.3d iv] 16,543,950.92 3,358,904.01 5,921,193.42 7,263,853.49
(1) Class A
Interest
[4.3 d iv A] (2,192,409.92) 469,862.76 831,874.77 890,672.39
(2) Class B
Interest
[4.3 d iv B] (112,413.53) 25,796.61 42,243.46 44,373.46
(3) Class A
Principal
[4.3 d iv C] (13,321,718.04) 2,718,352.74 6,431,690.12 4,171,675.18
(4) Deposit Reserve
Account
[4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment
Newcourt
Advance 0.00 (141,008.56)
(5) Class C
Interest
[4.3 d iv E] (138,270.09) 31,003.89 51,655.79 55,611.31
(6) Class B
Principal
[4.3 d iv F] (389,569.22) 77,949.33 210,316.82 101,303.07
(7) Class C
Principal
[94.3 d iv G] (389,569.22) 77,949.33 210,316.82 101,303.07
(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
Distributions to
Noteholders (16,762,304.92) 218,354.00 3,400,914.66 7,778,097.78 5,364,938.48
Ending Balance 0.00 4,226,071.36 1,585,169.96 0.00
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
February 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 92,676,018.76 161,220,183.82 189,646,961.53
Less: Previous Period's
Prepayments 1,160,742.47 2,053,678.53 2,480,749.49
Less: Previous Period's
Defaults 254,175.16 414,674.86 471,151.56
Prior Month Series ADCB
(reported this period) 91,261,101.13 158,751,830.43 186,695,060.48
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class A Principal
Balance 83,039,073.86 145,305,637.20 171,283,150.98
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 469,862.76 831,874.77 890,672.39
Prior Class A Interest
Arrearage 0.00 0.00 0.00
Class A Interest Due 469,862.76 831,874.77 890,672.39
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal
Balance 83,039,073.86 145,305,637.20 171,283,150.98
Prior Months Series ADCB 91,261,101.13 158,751,830.43 186,695,060.48
Current Months Series ADCB 89,312,367.83 153,493,909.86 184,162,483.83
------------- -------------- --------------
Difference 1,948,733.30 5,257,920.57 2,532,576.65
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,792,834.64 4,837,286.92 2,329,970.52
Current Prepayments 668,685.32 1,164,209.77 1,337,896.98
Current Defaults 256,832.78 430,193.43 503,807.68
Class A Total Due 2,718,352.74 6,431,690.12 4,171,675.18
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,718,352.74 6,431,690.12 4,171,675.18
Class A Principal Distribution 2,718,352.74 6,431,690.12 4,171,675.18
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal
Balance after Current
Distribution 80,320,721.12 138,873,947.08 167,111,475.80
Accelerated Class A
Distribution Amount 0.00 0.00 0.00
Ending Class A Principal
Balance after Current
Distribution 80,320,721.12 138,873,947.08 167,111,475.80
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal
Balance 4,111,013.48 6,723,096.55 7,705,954.75
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 25,796.61 42,243.46 44,373.46
Prior Class B Interest
Arrearage 0.00 0.00 0.00
Class B Interest Due 25,796.61 42,243.46 44,373.46
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class B Principal
Balance 4,111,013.48 6,723,096.55 7,705,954.75
Prior Months Series ADCB 91,261,101.13 158,751,830.43 186,695,060.48
Current Months Series ADCB 89,312,367.83 153,493,909.86 184,162,483.83
------------- -------------- --------------
Difference 1,948,733.30 5,257,920.57 2,532,576.65
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 77,949.33 210,316.82 101,303.07
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 77,949.33 210,316.82 101,303.07
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 77,949.33 210,316.82 101,303.07
Class B Principal Distribution 77,949.33 210,316.82 101,303.07
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal
Balance after Current
Distribution 4,033,064.15 6,512,779.73 7,604,651.68
Accelerated Class B
Distribution Amount 0.00 0.00 0.00
Ending Class B Principal
Balance after Current
Distribution 4,033,064.15 6,512,779.73 7,604,651.68
Class C Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class C Principal
Balance 4,111,013.48 6,723,096.55 7,705,954.75
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 31,003.89 51,655.79 55,611.31
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 31,003.89 51,655.79 55,611.31
Class C Interest Paid 31,003.89 51,655.79 55,611.31
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal
Balance 4,111,013.48 6,723,096.55 7,705,954.75
Prior Months Series ADCB 91,261,101.13 158,751,830.43 186,695,060.48
Current Months Series ADCB 89,312,367.83 153,493,909.86 184,162,483.83
------------- -------------- --------------
Difference 1,948,733.30 5,257,920.57 2,532,576.65
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 77,949.33 210,316.82 101,303.07
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 77,949.33 210,316.82 101,303.07
Class C Principal Distribution 77,949.33 210,316.82 101,303.07
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal
Balance after Current
Distribution 4,033,064.15 6,512,779.73 7,604,651.68
Accelerated Class C
Distribution Amount 0.00 0.00 0.00
Ending Class C Principal
Balance after Current
Distribution 4,033,064.15 6,512,779.73 7,604,651.68
</TABLE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
February 1997
Servicing Fee Schedule
- ----------------------
Contract Pool ADCB 436,707,992.04
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 218,354.00
Servicer Fee Due 218,354.00
Current Servicing Fee Arrearage 0.00
<TABLE>
<CAPTION>
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------ --------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Prior Monthly Balance 4,367,079.92
Series ADCB 422,607,135.56
Required Balance (Series ADCB * 1.00%) 4,226,071.36
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 (141,008.56)
Ending Reserve Account Balance 4,226,071.36
--------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,599,681.05
Required Balance 1,585,169.96
Withdraw from Cash Collateral Account (14,511.09)
</TABLE>
Newcourt Receivables Asset Trust February 1997
Monthly Servicer Certificate - Restricting Events
Restricting Event Calculations
(1) Event of Default under the Servicing
Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 437,142,426
Delinquency Ratio 0.74%
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
<TABLE>
<CAPTION>
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)
<S> <C> <C> <C> <C> <C> <C>
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>
2 months prior 3,359,164 452,112,151 0.74% 0.26%
1 month prior 3,223,447 436,707,992 0.74% 0.25%
Current 3,135,383 422,067,136 0.74% 0.24%
----- -----
0.74% 0.74%
Delinquency Ratio: 0.74%
Maximum Delinquency Ratio: 2.00%
</TABLE>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
5 months prior 125,114 281,714,746 0.04%
4 months prior 112,060 273,106,779 0.04%
3 months prior 25,694 465,247,739 0.01%
2 months prior 142,142 452,112,151 0.03%
1 month prior 71,816 436,707,992 0.02%
Current 106,691 422,607,136 0.03%
------- ----------- -----
583,517 2,331,496,542 0.03%
Average A 388,582,757
Annualized Maximum
Charge-Off Ratio: 1.00%
1% of Average ADCB 3,885,828
Sum of Charge-Offs * 2 1,167,03
Annualized Charge-Off
Ratio: 0.30%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in
the Reserve Account 4,226,071
Series Allocation
Percentage 20.30%
ADCB less Aggregate
Principal Amount of
Class A Notes 8,066,129
-----------
8,924,144
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in
the Reserve Account 4,226,071
Series Allocation
Percentage 35.79%
ADCB less Aggregate
Principal Amount of
Class A Notes 13,025,560
-----------
14,538,099
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in
the Reserve Account 4,226,071
Series Allocation
Percentage 43.91%
ADCB less Aggregate
Principal Amount of
Class A Notes 15,209,303
-----------
17,064,819
Newcourt Receivables Asset Trust February 1997
Monthly Servicer Certificate - Certificate Schedules
CERTIFICATE FACTORS
Series 1996-1 Series 1996-2 Series 1996-3
Class A
-------
Current A Balance 80,320,721 138,873,947 167,111,476
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.6712590653 0.817815424 0.8880742114
Class B
-------
Current B Balance 4,033,064 6,512,780 7,604,652
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.7752210296 0.8821222144 0.9295016409
Class C
-------
Current C Balance 4,033,064 6,512,780 7,604,652
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.7752210296 0.8821222144 0.9295016409
DELINQUENCIES
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
Current 401,597,654 422,607,136 95.03%
31-60 Days Past Due 17,874,099 422,607,136 4.23%
61-90 Days Past Due 3,135,383 422,607,136 0.74%
