-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ry6ugEnv0UX015uNi2KlAoGPju+EqPHcdKdoLHpnMmUIBkbS9Rgreo+CXdrOQ9tD 7F8eXQlP17xXxARILsj+Dw== 0000950172-97-000285.txt : 19970329 0000950172-97-000285.hdr.sgml : 19970329 ACCESSION NUMBER: 0000950172-97-000285 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970328 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWCOURT RECEIVABLES CORP CENTRAL INDEX KEY: 0001002578 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 770413051 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-98378 FILM NUMBER: 97567355 BUSINESS ADDRESS: STREET 1: BANK ONE TOWER 111 MONUMENT CIRCLE STREET 2: STE 300 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 4082710500 MAIL ADDRESS: STREET 1: BANK ONE TOWER 111 MONUMENT CIRCLE STREET 2: STE 300 CITY: BURLINGAME STATE: CA ZIP: 94010 10-K 1 10-K 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 EX-99 2 EXHIBIT 99.1 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
------------------------------------------------------------------------------------------------------------------ CLASS A NOTES Opening Mar-96 Apr-96 May-96 Jun-96 Outstanding Balances 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 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 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 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 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 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 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 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 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 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 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
EX-99 3 EXHIBIT NO. 99.2 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 EX-99 4 EXHIBIT 99.3 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 -----END PRIVACY-ENHANCED MESSAGE-----