<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): September 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
September 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 August 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 September, 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>
August 1997
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 3,400,127.42 1,462,371.14 0.00
Investment Earnings 81,781.78 16,411.16 7,411.63
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (43,544.87)
COLLECTION ACCOUNT
Collections [4.3 a] 19,619,527.87
Add: Servicer Advances [4.3 b] 1,290,416.08
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (539,389.51)
Less: Investment Earnings to Newcourt [4.2 e] (81,781.78) (16,411.16) (7,411.63)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (20,370,554.44) 20,370,554.44
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (170,006.37) 170,006.37
(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] 20,200,548.07
(1) Class A Interest [4.3 d iv A] (1,687,374.50)
(2) Class B Interest [4.3 d iv B] (97,606.00)
(3) Class A Principal [4.3 d iv C] (17,511,725.34)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (182,955.04)
(5) Class C Interest [4.3 d iv E] (120,063.81)
(6) Class B Principal [4.3 d iv F] (391,889.21)
(7) Class C Principal [4.3 d iv G] (391,889.21)
(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 (20,370,554.44) 170,006.37
Ending Balance 0.00 3,217,172.38 1,418,826.27 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts
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] 4,145,239.41 7,056,459.26 8,998,849.40
(1) Class A Interest [4.3 d iv A] 361,730.17 626,900.27 698,744.06
(2) Class B Interest [4.3 d iv B] 22,693.95 35,970.70 38,941.35
(3) Class A Principal [4.3 d iv C] 3,817,341.71 6,384,374.43 7,310,009.20
(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] 27,274.93 43,985.39 48,803.49
(6) Class B Principal [4.3 d iv F] 87,563.25 143,761.56 160,564.40
(7) Class C Principal [4.3 d iv G] 87,563.25 143,761.56 160,564.40
(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 4,404,167.26 7,378,753.91 8,417,626.90
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
August 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 73,011,800.89 124,038,412.04 151,637,852.56
Less: Previous Period's Prepayments 1,430,903.30 2,380,033.03 2,872,750.03
Less: Previous Period's Defaults 419,017.07 706,590.23 866,030.05
Prior Month Series ADCB (reported this period) 71,161,880.52 120,951,788.78 147,899,072.48
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 63,928,749.20 109,502,230.11 134,373,857.13
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 361,730.17 626,900.27 698,744.06
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 361,730.17 626,900.27 698,744.06
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 63,928,749.20 109,502,230.11 134,373,857.13
Prior Months Series ADCB 71,161,880.52 120,951,788.78 147,899,072.48
Current Months Series ADCB 68,972,799.33 117,357,749.79 143,884,962.43
------------- -------------- --------------
Difference 2,189,081.19 3,594,038.99 4,014,110.05
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 2,013,954.69 3,306,515.87 3,692,981.25
Current Prepayments 1,422,973.84 2,432,198.85 2,834,229.45
Current Defaults 380,413.18 645,659.71 782,798.50
Class A Total Due 3,817,341.71 6,384,374.43 7,310,009.20
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 3,817,341.71 6,384,374.43 7,310,009.20
Class A Principal Distribution 3,817,341.71 6,384,374.43 7,310,009.20
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Disbribution 60,111,407.49 103,117,855.68 127,063,847.93
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 60,111,407.49 103,117,855.68 127,063,847.93
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 3,616,565.51 5,724,779.27 6,762,607.68
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 22,693.95 35,970.70 38,941.35
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 22,693.95 35,970.70 38,941.35
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
August 1997
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 3,616,565.51 5,724,779.27 6,762,607.68
Prior Months Series ADCB 71,161,880.52 120,951,788.78 147,899,072.48
Current Months Series ADCB 68,972,799.33 117,357,749.79 143,884,962.43
------------- -------------- --------------
Difference 2,189,081.19 3,594,038.99 4,014,110.05
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 87,563.25 143,761.56 160,564.40
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 87,563.25 143,761.56 160,564.40
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 87,563.25 143,761.56 160,564.40
Class B Principal Distribution 87,563.25 143,761.56 160,564.40
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Disbribution 3,529,002.26 5,581,017.71 6,602,043.28
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 3,529,002.26 5,581,017.71 6,602,043.28
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 3,616,565.51 5,724,779.27 6,762,607.68
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 27,274.93 43,985.39 48,803.49
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 27,274.93 43,985.39 48,803.49
Class C Interest Paid 27,274.93 43,985.39 48,803.49
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 3,616,565.51 5,724,779.27 6,762,607.68
Prior Months Series ADCB 71,161,880.52 120,951,788.78 147,899,072.48
Current Months Series ADCB 68,972,799.33 117,357,749.79 143,884,962.43
------------- -------------- --------------
Difference 2,189,081.19 3,594,038.99 4,014,110.05
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 87,563.25 143,761.56 160,564.40
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 87,563.25 143,761,56 160,564.40
Class C Principal Distribution 87,563.25 143,761,56 160,564.40
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 3,529,002.26 5,581,017.71 6,602,043.28
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 3,529,002.26 5,581,017.71 6,602,043.28
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules August 1997
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 340,012,741.78
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 170,006.37
Servicer Fee Due 170,006.37
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 3,400,127.42
Series ADCB 321,717,238.02
Required Balance (Series ADCB* 1.00%) 3,217,172.38
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 (182,955.04)
Ending Reserve Account Balance 3,217,172.38
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,462,371.14
Required Balance 1,418,826.27
Withdraw from Cash Collateral Account (43,544.87)
</TABLE>
<PAGE>
August 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 Months Rolling Avg. ADCB 340,359,317
Delinquency Ratio 0.75%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.41%
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 month prior 3 month prior 4 month prior 5 month 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 Delinquencies Average
------------- ---- ------------- ---------
<S> <C> <C> <C> <C> <C>
0 2 months prior 2,670,784 359,377,972 0.74% 0.26%
1 month prior 2,499,295 340,012,742 0.74% 0.24%
Current 2,441,176 321,717,238 0.76% 0.24%
---- ----
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 150,669 409,216,492 0.04%
4 months prior 57,652 388,623,503 0.01%
3 months prior 117,851 374,812,223 0.03%
2 months prior 160,559 359,377,972 0.04%
1 month prior 161,819 340,012,742 0.05%
Current 106,478 321,717,238 0.03%
------- ------------- -----
755,028 2,193,760,170 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 365,626,695
Annualized Maximum Charge-Off Ratio: 1.00%
----
1% of Average ADCB 3,656,267
Sum of Charge-Offs *2 1,510,056
Annualized Charge-Off Ratio: 0.41%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 3,217,172
Series Allocation Percentage 20.52%
ADCB less Aggregate Principal Amount
of Class A Notes 7,058,005
---------
7,718,182
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 3,217,172
Series Allocation Percentage 34.93%
ADCB less Aggregate Principal Amount
of Class A Notes 11,162,036
---------
12,285,859
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 3,217,172
Series Allocation Percentage 44.55%
ADCB less Aggregate Principal Amount
of Class A Notes 13,204,087
----------
14,637,258
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust August 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 60,111,407 103,117,856 127,063,848
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.502365101 0.607251234 0.675250613
Principal Factor (per thousand): 31.902418111 37.596973172 38.847306115
Interest Factor (per thousand): 3.023063693 3.691756004 3.713309197
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 3,529,002 5,581,018 6,602,043
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.678332073 0.755919884 0.806954785
Principal Factor (per thousand): 16.831091770 19.471757209 19.625471296
Interest Factor (per thousand): 4.362149133 4.872044634 4.759724738
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 3,529,002 5,581,018 6,602,043
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.678332073 0.755919884 0.806954785
Principal Factor (per thousand): 16.831091770 19.471757209 19.625471296
Interest Factor (per thousand): 5.242688569 5.957592800 5.965154743
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 305,539,717 321,717,238 94.97%
31-60 Days Past Due 13,736,345 321,717,238 4.27%
61-90 Days Past Due 2,441,176 321,717,238 0.76%
</TABLE>
