-----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, EKPVCMGv7BFFgEbsnaFlmvckkKrr7aC+P+oyGPFvtnRVcbQ17cAepYP64VG5vQuP Jlh55XgSU6hcaH5UbU6tbA== 0000912541-99-000016.txt : 19990624 0000912541-99-000016.hdr.sgml : 19990624 ACCESSION NUMBER: 0000912541-99-000016 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOMBARDIER CREDIT RECEIVABLES CORP CENTRAL INDEX KEY: 0000912541 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 030340600 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 033-69282 FILM NUMBER: 99636978 BUSINESS ADDRESS: STREET 1: P O BOX 5544 STREET 2: SEVEN BURLINGTON SQUARE CITY: BURLINGTON STATE: VT ZIP: 05402 BUSINESS PHONE: 8026552824 MAIL ADDRESS: STREET 1: 1600 MOUNTAIN VIEW DRIVE STREET 2: SEVEN BURLINGTON SQUARE CITY: COLCHESTER STATE: VT ZIP: 05446 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH ASSET BACKED SECURITIES INC DATE OF NAME CHANGE: 19930924 10-K 1 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.
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
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
Page number in sequential Exhibit No. number System 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
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
1 Amount of principal paid or distributed: (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
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:
(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
Cumulative amount of 491 Day Aged Receivables made Ineligible from:
Aged IneligiOptional Removals: Put Limit: October 1, 1998 to January 31, 199 N/A $0 N/A
Has an Early Amortization Event Occurred: NO 30. Principal Amount of Receivables subject to a Participation Interest as of 11/30/98: 6,727,839.85
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
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
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 -----END PRIVACY-ENHANCED MESSAGE-----