VIA EDGAR TRANSMISSION
21-May-99
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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, 1998
Commission File Number 33-69282
BOMBARDIER CREDIT RECEIVABLES CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BOMBARDIER RECEIVABLES MASTER TRUST I
(Issuer with respect to the Floating Rate Class A Asset Backed Certificates,
Series 1997-1, the Floating Rate Class B Asset Backed Certificates, Series
1997-1.
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Delaware 03-6059105
(State or other jurisdiction (IRS Employer
of Incorporation) Identification No.)
1600 Mountain View Drive, Colchester, Vermont 5446
(Address of principal executive offices) (ZIP code)
Registrant's telephone number, including area code: (802) 655-2824
Securities registered pursuant to Section 12(b) of the Act:
Title of each class None
Name of each exchange on which registered Not Applicable
Securities registered pursuant to Section 12(g) of the Act: None
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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 and (2)
has been subject to such filing requirements for the past 90 days.
Yes: X No:
Page 1 of 11
Exhibit Index Appears on Page 6
Part I.
Item 1. Nothing To Report.
Item 2. Properties
For information regarding the property of the Trust and regarding the Floating
Rate Class A Asset Backed Certificates, Series 1997-1 (the "Series 1997-1 Class
A Certificates") and the Floating Rate Class B Asset Backed Certificates, Series
1997-1 (the "Series 1997-1 Class B Certificates"), see the 1998 AGGREGATE
DISTRIBUTION DATE STATEMENT filed as Exhibit 99.1 to this Annual Report on Form
10-K.
Item 3. Legal Proceedings
Nothing To Report.
Item 4. Submission of Matters to a Vote of Security Holders
Nothing To Report.
Part II.
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters
The outstanding Class A Certificates and Class B Certificates
are held and delivered in book-entry form through the facilities
of the Depository Trust Company ("DTC"), a "clearing agency"
registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended. All outstanding
definitive Class A Certificates and Class B Certificates are
held by CEDE and Co., the nominee of DTC. There is no
established trading market for the Class A Certificates or the
Class B Certificates.
Item 6. Nothing to Report
Item 7. Nothing to Report
Item 8. Financial Statements and Supplementary Data
Reference is made to the exhibits filed as Exhibit 99.2 and
Exhibit 99.3 to this Annual Report on Form 10-K.
Item. 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
Nothing to Report
Part III.
Item. 10. Nothing to Report
Item. 11. Nothing to Report
Item 12. Security Ownership of certain Beneficial Owners and Management
Bombardier Capital Inc. holds 100 % of the 1,000 outstanding
shares and has sole voting power and sole investment power.
Item 13. Certain Relationships and Related Transactions
Nothing to Report
Part IV.
Item 14. Exhibits, Financial Statements Schedules, and Reports on Form 8-K
(a) Exhibits:
99.1 1998 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT
99.2 1998 ANNUAL SERVICER'S CERTIFICATE
99.3 1998 ANNUAL REPORT OF INDEPENDENT
ACCOUNTANTS ON COMPLIANCE
(b) Reports on Form 8-K:
Currents reports on Form 8-K are filed with-in fifteen (15) days
after each monthly distribution with respect to the Class A
Certificates and the Class B Certificates. The reports include,
as an exhibit, the monthly Distribution Date Statement with
respect to the Class A Certificates and the Class B
Certificates.
Current Reports on Form 8-K were filed on:
24-Feb-98 27-Mar-98
28-Apr-98 29-May-98
22-Jun-98 20-Jul-98
18-Aug-98 18-Sep-98
20-Oct-98 18-Nov-98
18-Dec-98 26-Jan-99
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
BOMBARDIER CREDIT RECEIVABLES CORPORATION
By: /s/James Dolan
Name: James Dolan
Title: Assistant Treasurer
Date: 25-May-99
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed by the following persons on
behalf of the registrant and in the capacities and on the dates
indicated.
Signature
By: /s/George W. Calver
Name: George W. Calver
Title: President
(Principal Executive Officer)
Date: 5/26/99
By: /s/Andrew Baranowsky
Name: Andrew Baranowsky
Title: Treasurer
(Principal Financial and Accounting Officer)
Date: 25-May-99
By: /s/Pierre Andre Roy
Name: Pierre Andre Roy
Title: Director
Date: 25-May-99
By: /s/Frank Killackey
Name: Frank Killackey
Title: Director
Date: 25-May-99
By: /s/Blaine Filthaut
Name: Blaine Filthaut
Title: Director
Date: 27-May-99
By: /s/R. William Crowe
Name: R. William Crowe
Title: Director
Date: 25-May-99
Exhibit Index
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Page number
in sequential
Exhibit No. number System
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99.1 1998 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT 6
99.2 1998 ANNUAL SERVICER'S CERTIFICATE 9
99.3 1998 ANNUAL REPORT OF INDEPENDENT 10
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ACCOUNTANTS ON COMPLIANCE
Exhibit 99.1
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
ANNUAL DISTRIBUTION DATE STATEMENT Series 1997-1
For the Calendar Year: 1998
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1 Amount of principal paid or distributed:
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(a) Class A Certificates: 0
per $1,000 original principal amount of Class A Certificates 0
(b) Class B Certificates: 0
per $1,000 original principal amount of Class B Certificates 0
2 Floating Allocation Percentage for such Collection Period (unweighted average): N/A
3 Principal Allocation Percentage for such Collection Period: N/A
4. Amount of interest paid or distributed for 1998:
(a) Class A Certificates: 23,278,535.11
per $1,000 original principal amount of Class A Certificates 58.2
(b) Class B Certificates: 1,636,329.31
per $1,000 original principal amount of Class B Certificates 60.33
5.(a) Series 1997-1 Investor Default Amount for 1998: 23,814,647.49
6. Required Subordination Draw Amount, if any, 0
for the preceding Collection Period (or for such Distribution Date):
7. (a) Amount of Investor Charge-Off for the preceding Collection Period: 0
(b) Amount of Reimbursements of Investor Charge-Off for the preceding period: 0
8. (a) Amount of Class A Carryover Amount being paid or distributed -
(b) Balance: 0
Distributed per $1,000 original principal amount of Class A Certificates 0
9. (a) Amount of Class B Carryover Amount being paid or distributed -
(b) Balance: 0
Distributed per $1,000 original principal amount of Class B Certificates 0
10. Pool Balance as of 11/30/1998 : 690,292,489
11. After giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of Class A Certificates: 400,000,000
(b) Outstanding principal amount of Class B Certificates: 27,125,000
(c) Certificate Balance: 427,125,000
(d) Pool Factor for Class A Certificates: 1
(e) Pool Factor for Class B Certificates: 1
12. Applicable Interest Rate:
(a) In general:
(1) LIBOR for the period from the previous Distribution Date to this Distribution Date: N/A
(2) Net Receivables Rate N/A
(b) Class A Rate: N/A
(c) Class B Rate: N/A
13. (a) Amount of Monthly Servicing Fee for 1998 : 8,542,500
(b) Series 1997-1 Excess Servicing Fee being distributed and remaining balance (if any): 23,985,215
(1) Distributed: 23,985,215
(2) Balance: 0
14. Invested Amount on this Distribution Date (after giving effect to all
distributions
which will occur on such Distribution Date): 427,125,000
15. The Available Subordinated Amount (inclusive of incremental subordination)
On the immediately preceding Distribution Date: N/A
On this Distribution Date: N/A
16. The Incremental Subordinated Amount on the immediately preceding Determination Date N/A
On this Distribution Date: N/A
17. The Reserve Fund Balance as of 11/30/1998: 2,135,625
18. The Excess Funding Account Balance for this Distribution Date: 0
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19. Amount in the Excess Funding Account at the beginning of an Early
Amortization Period or Initial
Amortization Period to be distributed as a payment of principal in respect
to:
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(a) Class A Certificates: N/A
(b) Class B Certificates (only if Class A Certificates have been paid in full): N/A
20. The minimum Collection Account balance with respect to this Distribution Date: N/A
Series 1997-1 Interest Payments on Class A Certificates N/A
Series 1997-1 Interest Payments on Class B Certificates N/A
Series 1997-1 Investor Defaults (to be remitted to BCI) N/A
Series 1996-1 Servicer Advances (to be remitted to BCI) N/A
Series 1996-1 Investor Defaults (to be remitted to BCI) N/A
Series 1997-2 Servicer Advances (to be remitted to BCI) N/A
Series 1997-2 Investor Defaults (to be remitted to BCI) N/A
Series 1997-2 Fees (to be remitted to ABN) N/A
Collection Account Investment Proceeds (to be remitted to BCI) N/A
Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI) N/A
Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI) N/A
Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI) N/A
Series 1997-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) N/A
Series 1996-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) N/A
Series 1997-2 Excess Fund Account Investment Proceeds (to be remitted to BCI) N/A
21. An Early Amortization Event has occurred: NO 22. The Servicer has elected
not to extend the Initial Principal Payment Date: N/A 23. The ratio (expressed
as a percentage) of (x) the average for each month of the net losses on the
Receivables
in the Pool during any 3 consecutive calendar months to (y) the average of the month-end Pool Balances for
such three-month period is: N/A
(Annualized three month average net losses) N/A
24. Three-Month Payment Rate for the three (3) most recent Collection Periods:
N/A A Three-Month Payment Rate Trigger has occurred: NO 25. Receivables Rate :
N/A 26. Inventory Aging as of the end of the Collection Period:
0-120 days N/A
120-180 days N/A
180-270 days N/A
Over 270 N/A
27. Optional removal of Receivables aged greater than 450 days during the related Collection Period -
28. Eligible Investments on deposit in the Excess Funding Account and amounts on deposit
in the Excess Funding Accounts for all other Series as of 11/30/98 as a percentage
of the assets of the Trust: 0.00%
Has an asset composition Event Occurred: NO
29. Amount of 491 Day Aged Receivables made Ineligible during Collection Period: N/A
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Cumulative amount of 491 Day Aged Receivables made Ineligible from:
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Aged IneligiOptional Removals: Put Limit:
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October 1, 1998 to January 31, 199 N/A $0 N/A
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Has an Early Amortization Event Occurred: NO
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30. Principal Amount of Receivables subject to a Participation Interest as of 11/30/98: 6,727,839.85
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31. Product Line Breakdown Test Level: Actual:
Bombardier: 50.00% N/A
Marine: 45.00% N/A
Recreational Vehicles: 15.00% N/A
CEA / Other: 10.00% N/A
Manufactured Housing: 35.00% N/A
Lawn & Garden: 10.00% N/A
Total: N/A
32. Overconcentration Amounts:
Designated Manufacturer Concentration: N/A
Industry Overconcentrations: N/A
Dealer Overconcentrations: N/A
Manufacturer Overconcentrations: N/A
Total Overconcentration Amounts: N/A
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33. (a) BRMT I Defaulted Amount for 1998 : 38,756,751
(b) BRMT I Non-Principal Collections for 1998 : 131,652,318
(c) BRMT I Principal Collections for 1998 : 1,779,337,253
(d) BRMT I Recovery Amount for 1998 : 35,981,427
34. Total Defaulted Amount for 1998 relating to non payment
of at least $150 of interest due more than 90 days: 33,172,724
35. Amount of Receivable purchased by the trust at a discount during for 1998: 64,505,857
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36. Has an automatic Addition of Accounts Occurred: NO
37. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by: Mr. John Quinn
Securitization Manager
Exhibit 99.2
ANNUAL SERVICER'S CERTIFICATE
BOMBARDIER CAPITAL INC.
- --------------------------------------------------------
BOMBARDIER RECEIVABLES MASTER TRUST I
(the "Trust")
- --------------------------------------------------------
The undersigned, duly authorized representatives of Bombardier Capital Inc.
("BCI"), as Servicer, pursuant to the Pooling and Servicing Agreement dated as
of January 1, 1994 (as amended and supplemented, the "Agreement"), by and among
Bombardier Credit Receivables Corporation
("BCRC"), as Depositor, BCI, as Servicer, and Bankers Trust Company, as Trustee,
do hereby certify, on behalf of BCI, that:
1 BCI is, as of the date hereof, the Servicer under the Agreement.
2 The undersigned are Servicing Officers and are duly authorized
pursuant to the Agreement to execute and deliver this
Certificate to the Trustee and any Enhancement Providers.
3 A review of the activities of the Servicer during the calendar
year ended December 31, 1998, and of its performance under the
Agreement, was conducted under our supervision.
4 Based on such review, the Servicer has, to the best of our
knowledge, performed in all material respects all of its
obligations under the Agreement throughout such year and no
material default in the performance of such obligations has
occurred or is continuing except as set forth in paragraph 5
below.
5 The following is a description of each material default in the
performance of the Servicer's obligations under the provisions
of the Agreement known to us to have been made by the Servicer
during the year ended December 31, 1998, which sets forth in
detail the (a) nature of each such default, (b) the action taken
by the Servicer, if any, to remedy each
such default, and (c) the current status of each such default: none.
Capitalized terms used but not defined herein are used as defined in the
Agreement.
IN WITNESS WHEREOF, each of the undersigned has duly executed this Certificate
this 15th day of April 1998.
BOMBARDIER CAPITAL INC.
By: /s/ Andrew Baranowsky
Andrew Baranowsky
Treasurer
By:/s/ Jean C. O'Neill
Jean C. O'Neill
Secretary
Independent Accountants' Report
Board of Directors
Bombardier Capital Inc.
as Servicer
1600 Mountain View Drive
Colchester, VT 05446
and
Bankers Trust Company,
and Trustee
Four Albany Street
New York, New York 10006
Attention: Corporate Trust & Agency Group,
Structured Finance Team
Bombardier Receivables Master Trust I
We have examined management's assertion, included in the accompanying Report of
Management on Compliance, about Bombardier Capital Inc., (The "Servicer") of
compliance with the terms and conditions of Sections 3.01(d),
3.02,3.04,3.05,3.09, 4.02,4.03,4.04, 10.01(a), 10.01(b) and 10.01(e) of the
Pooling and Servicing Agreement dated as of January 1, 1994 (as amended,
modified, supplemented or interpreted from time to time, the "Agreement") among
Bombardier Credit Receivables Corporation, as the Depositor, Bombardier Capital
Inc., as the Servicer, and Bankers Trust Company, as Trustee as of January 31,
1999 and for the period from February 1, 1998 through January 31, 1999.
Management is responsible for the Servicer's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the
Servicer's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Servicer's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Servicer's compliance with specified requirements.
In our opinion, management's assertion that the Servicer was in compliance, in
all material respects, with the terms and conditions of the sections of the
Agreement (as amended, modified, supplemented, or interpreted from time to time)
as of January 31, 1999 and for the period February 1, 1998 through January 31,
1999, is fairly stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement (as amended, modified,
supplemented, or interpreted from time to time).
Ernst & Young LLP
29-Apr-99
