<PAGE>
UNITED STATES
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): August 17, 1997
Newcourt Receivables Asset Trust
(as Issuer of the Securities)
NEWCOURT RECEIVABLES CORPORATION
(as Seller)
(Exact name of registrant as specified in its charter)
Delaware 33-98378 77-041305
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
2700 Bank One Tower
111 Monument Circle
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
(317) 229-3406
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
The registrant is filing final forms of the exhibit listed in Item 7(c).
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements: None
(b) Pro Forma Financial Information: None
(c) Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ---------- --------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
SIGNATURE
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
By: /s/ Daniel A. Jauernig
----------------------
Daniel A. Jauernig
Vice President and
Chief Financial Officer
August 17, 1997
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ---------- --------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
[LOGO]
Indenture Trustee
State Street Bank & Trust Company
777 Main Street, 11th Floor
Hartford, CT 06115
Re: Newcourt Receivables Asset Trust, Series 1996-1
Re: Newcourt Receivables Asset Trust, Series 1996-2
Re: Newcourt Receivables Asset Trust, Series 1996-3
1) The Monthly Servicer Certificate for the Collection Period ended July 31,
1997 accurately reflects the Collections made during this reporting period
in accordance with the Prospectus and Prospectus Supplement dated April 11,
1996 (Series 1996-1) and Prospectus Supplement dated September 17, 1996
(Series 1996-2) and Prospectus Supplement dated December 9, 1996 (Series
1996-3);
2) Newcourt Credit Group Inc., as Servicer, has complied with all of the
covenants and other requirements contained in the Prospectus and
Prospectus Supplement dated April 11, 1996 (Series 1996-1) and Prospectus
Supplement dated September 17, 1996 (Series 1996-2) and Prospectus
Supplement dated December 9, 1996 (Series 1996-3);
3) No Event of Default or Restricting Event has occurred during the reporting
period and none is continuing as at the end of the reporting period.
Dated at Toronto, Ontario this 17th day of August, 1997.
Newcourt Credit Group Inc.,
as Servicer
By: /s/ Daniel A. Jauernig
-----------------------------------
Daniel A. Jauernig
Senior Vice President and Treasurer
cc. Issuer Trustee, Chemical Bank Delaware
Underwriter, First Union Capital Markets Group
Standard & Poor's
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust Master Trust
Monthly Servicer Certificate -- Accounts Collection Reserve Cash Collateral Distribution
Account Account Account Account
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Account Balances 0.00 3,593,379.72 1,473,134.02 0.00
Investment Earnings 49,054.21 16,816.58 5,798.23
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (10,762.88)
COLLECTION ACCOUNT
Collections [4.3 a] 21,052,971.19
Add: Servicer Advances [4.3 b] 539,389.51
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (75,353.10)
Less: Investment Earnings to Newcourt [4.2 e] (49,054.21) (16,816.58) (5,798.23)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (21,517,007.60) 21,517,007.60
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (179,668.99) 179,668.99
(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] 21,337,338.61
(1) Class A Interest [4.3 d iv A] (1,788,684.85)
(2) Class B Interest [4.3 d iv B] (100,185.53)
(3) Class A Principal [4.3 d iv C] (18,473,238.02)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (193,252.30)
(5) Class C Interest [4.3 d iv E] (123,237.67)
(6) Class B Principal [4.3 d iv F] (425,996.27)
(7) Class C Principal [4.3 d iv G] (425,996.27)
(8) Class A Accelerated Principal Payment [4.3 d iv H] 0.00
(9) Class B Accelerated Principal Payment [4.3 d iv I] 0.00
(10) Pay to Hedging Counterparty [4.3 d iv J] 0.00
(11) Class C Accelerated Principal Payment [4.3 d iv K] 0.00
Subtotal 0.00
Distributions to Noteholders (21,517,007.60) 179,668.99
Ending Balance 0.00 3,400,127.42 1,462,371.14 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts July 1997
Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Account Balances
Investment Earnings
Deposit to Collections
Withdraw in Excess of Required Balance
COLLECTION ACCOUNT
Collections [4.3 a]
Add: Servicer Advances [4.3 b]
Add: Liquidation Proceeds from Servicer
Less: Collections to reimburse Servicer Advances [4.3 c]
Less: Investment Earnings to Newcourt [4.2 e]
- ------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i]
(B) Servicing Fee [4.3 d ii]
(C) Amount owed to Hedging Counterparty [4.3 d iii]
(D) Series Available Amount to each Series of Notes [4.3 d iv] 4,269,364.10 7,305,007.81 9,762,966.70
(1) Class A Interest [4.3 d iv A] 384,649.14 663,900.57 740,135.14
(2) Class B Interest [4.3 d iv B] 23,294.32 36,893.07 39,998.14
(3) Class A Principal [4.3 d iv C] 4,050,479.96 6,462,934.86 7,959,823.20
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00 0.00
Repayment Newcourt Advance
(5) Class C Interest [4.3 d iv E] 27,996.49 45,113.27 50,127.91
(6) Class B Principal [4.3 d iv F] 95,676.50 146,796.16 183,523.61
(7) Class C Principal [4.3 d iv G] 95,676.50 146,796.16 183,523.61
(8) Class A Accelerated Principal Payment [4.3 d iv H] 0.00 0.00 0.00
(9) Class B Accelerated Principal Payment [4.3 d iv I] 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 Payment [4.3 d iv K] 0.00 0.00 0.00
Subtotal
Distributions to Noteholders 4,677,772.91 7,502,434.09 9,157,131.61
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
July 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 76,708,115.93 129,852,453.38 158,799,252.29
Less: Previous Period's Prepayments 825,230.51 1,346,141.52 1,611,800.58
Less: Previous Period's Defaults 479,171.93 797,995.91 961,508,80
Prior Month Series ADCB (reported this period) 75,403,713.49 127,708,315.95 156,225,942.91
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 67,979,229.16 115,965,164.97 142,333,680.33
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 384,649.14 663,900.57 740,135.14
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 384,649.14 663,900.57 740,135.14
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 67,979,229.16 115,965,164.97 142,333,680.33
Prior Months Series ADCB 75,403,713.49 127,708,315.95 156,225,942.91
Current Months Series ADCB 73,011,800.89 124,038,412.04 151,637,852.56
------------- -------------- --------------
Difference 2,391,912.60 3,669,903.91 4,588,090.35
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 2,200,559.59 3,376,311.60 4,221,043.12
Current Prepayments 1,430,903.30 2,380,033.03 2,872,750.03
Current Defaults 419,017.07 706,590.23 866.030.05
Class A Total Due 4,050,479.96 6,462,934.86 7,959,823.20
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 4,050,479.96 6,462,934.86 7,959,823.20
Class A Principal Distribution 4,050,479.96 6,462,934.86 7,959,823.20
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Disbribution 63,928,749.20 109,502,230.11 134,373,857.13
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 63,928,749.20 109,502,230.11 134,373,857.13
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 3,712,242.01 5,871,575.43 6,946,131.29
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 23,294.32 36,893.07 39,998.14
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 23,294.32 36,893.07 39,998.14
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
July 1997
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 3,712,242.01 5,871,575.43 6,946,131.29
Prior Months Series ADCB 75,403,713.49 127,708,315.95 156,225,942.91
Current Months Series ADCB 73,011,800.89 124,038,412.04 151,637,852.56
------------- -------------- --------------
Difference 2,391,912.60 3,669,903.91 4,588,090.35
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 95,676.50 146,796.16 183,523.61
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 95,676.50 146,796.16 183,523.61
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 95,676.50 146,796.16 183,523.61
Class B Principal Distribution 95,676.50 146,796.16 183,523.61
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Disbribution 3,616,565.51 5,724,779.27 6,762,607.68
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 3,616,565.51 5,724,779.27 6,762,607.68
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 3,712,242.01 5,871,575.43 6,946,131.29
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 27,996.49 45,113.27 50,127.91
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 27,996.49 45,113.27 50,127.91
Class C Interest Paid 27,996.49 45,113.27 50,127.91
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 3,712,242.01 5,871,575.43 6,946,131.29
Prior Months Series ADCB 75,403,713.49 127,708,315.95 156,225,942.91
Current Months Series ADCB 73,011,800.89 124,038,412.04 151,637,852.56
------------- -------------- --------------
Difference 2,391,912.60 3,669,903.91 4,588,090.35
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 95,676.50 146,796.16 183,523.61
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 95,676.50 146,796.16 183,523.61
Class C Principal Distribution 95,676.50 146,796.16 183,523.61
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 3,616,565.51 5,724,779.27 6,762,607.68
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 3,616,565.51 5,724,779.27 6,762,607.68
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules July 1997
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 359,337,972.35
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 179,668.99
Servicer Fee Due 179,668.99
Current Servicing Fee Arrearage 0.00
</TABLE>
<TABLE>
<CAPTION>
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- --------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Prior Month Balance 3,593,379.72
Series ADCB 340,012,741.78
Required Balance (Series ADCB* 1.00%) 3,400,127.42
Current Period Draw on Reserve 0.00
Required Deposits 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 (193,252.30)
Ending Reserve Account Balance 3,400,127.42
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,473,134.02
Required Balance 1,462,371.14
Withdraw from Cash Collateral Account (10,762.88)
</TABLE>
<PAGE>
July 1997
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events
Restricting Event Calculations
<TABLE>
<CAPTION>
<S> <C>
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 358,067,646
Delinquency Ratio 0.75%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.39%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
</TABLE>
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
------------- ---- ------------- ---------
<S> <C> <C> <C> <C> <C>
0 2 months prior 2,850,777 374,812,223 0.76% 0.27%
1 month prior 2,670,784 359,377,972 0.74% 0.25%
Current 2,499,295 340,012,742 0.74% 0.23%
----- -----
0.75% 0.75%
Delinquency Ratio: 0.75%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 106,691 422,607,136 0.03%
4 months prior 150,669 409,216,492 0.04%
3 months prior 57,652 388,623,503 0.01%
2 months prior 117,851 374,812,223 0.03%
1 month prior 160,559 359,377,972 0.04%
Current 161,819 340,012,742 0.05%
------- ------------- -----
755,241 2,294,650,068 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 382,441,678
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Averge ADCB 3,824,417
Sum of Charge-Offs *2 1,510,482
Annualized Charge-Off Ratio: 0.39%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 3,400,127
Series Allocation Percentage 20.01%
ADCB less Aggregate Principal Amount
of Class A Notes 7,233,131
---------
7,913,459
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 3,400,127
Series Allocation Percentage 34.24%
ADCB less Aggregate Principal Amount
of Class A Notes 11,449,559
---------
12,613,619
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 3,400,127
Series Allocation Percentage 45.76%
ADCB less Aggregate Principal Amount
of Class A Notes 13,525,215
----------
15,080,954
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust July 1997
Monthly Servicer Certificate - Certificate Schedules
CERTIFICATE FACTORS
<TABLE>
<CAPTION>
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP# #65118YAA5 #65118YAD9 #65118YAG2
Class A
--------
<S> <C> <C> <C> <C>
Current A Balance 63,928,749 109,502,230 134,373,857
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.534267519 0.644848208 0.714097920
Principal Factor (per thousand): 33.850809031 38.059608064 42.300588141
Interest Factor (per thousand): 3.214602889 3.909647248 3.933272252
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 3,616,566 5,724,779 6,762,608
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.695163165 0.775391642 0.826580256
Principal Factor (per thousand): 18.390591392 19.882778030 22.431730447
Interest Factor (per thousand): 4.477550087 4.996974864 4.888894104
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 3,616,566 5,724,779 6,762,608
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.695163165 0.775391642 0.826580256
Principal Factor (per thousand): 18.390591392 19.882778030 22.431730447
Interest Factor (per thousand): 5.381384227 6.110358293 6.127035998
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 323,091,735 340,012,742 95.02%
31-60 Days Past Due 14,421,712 340,012,742 4.24%
61-90 Days Past Due 2,499,295 340,012,742 0.74%
</TABLE>
