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, 2001
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 05446
(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:
PART I.
ITEM 1. BUSINESS
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 2001 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. SELECTED FINANCIAL DATA
Nothing to Report
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
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. DIRECTORS AND OFFICERS OF THE REGISTRANT
Nothing to Report
ITEM 11. EXECUTIVE COMPENSATION
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 2001 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT
99.2 2001 ANNUAL SERVICER'S CERTIFICATE
99.3 2001 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:
February 28, 2001 August 29, 2001
March 26, 2001 September 28, 2001
April 27, 2001 October 23, 2001
May 30, 2001 November 29, 2001
June 29, 2001 December 27, 2001
July 25, 2001 January 30, 2002
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/Mark Boucher
Name: Mark Boucher
Title: Treasurer
Date: April 30, 2002
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/Robert Gillespie
Name: Robert Gillespie
Title: Director
Date: April 30, 2002
By: /s/Brian Peters
Name: Brian Peters
Title: Director
Date: April 30, 2002
By: /s/Laurence W. Howard, III
Name: Laurence W. Howard, III
Title: Director
Date: April 30, 2002
By: /s/Bernard J. Angelo
Name: Bernard J. Angelo
Title: Director
Date: April 30, 2002
By: /s/Christopher T. Burt
Name: Christopher T. Burt
Title: Director
Date: April 30, 2002
Exhibit Index
Exhibit No.
99.1 2001 Series 1997-1 AGGREGATE DISTRIBUTION DATE STATEMENT
99.2 2001 ANNUAL SERVICER'S CERTIFICATE
99.3 2001 ANNUAL REPORT OF INDEPENDENT ACCOUNTANTS ON COMPLIANCE
Exhibit 99.1
Bombardier Credit Receivables Corporation
Bombardier Capital Inc. as Servicer
AGGREGATE DISTRIBUTION DATE STATEMENT Series 1997-1
For the Calendar Year: 2001
1 Amount of principal paid or distributed:
(a) Class A Certificates: 133,333,333.34
per $1,000 original principal amount of Class A Certificates 333.33
(b) Class B Certificates: 0.00
per $1,000 original principal amount of Class B Certificates 0.00
2 Floating Allocation Percentage for such Collection Period (unweighted average): 36.10%
3 Principal Allocation Percentage for such Collection Period: 37.54%
4. Amount of interest paid or distributed:
(a) Class A Certificates: 17,988,907.41
per $1,000 original principal amount of Class A Certificates 44.97
(b) Class B Certificates: 1,286,783.63
per $1,000 original principal amount of Class B Certificates 45.85
5.(a) Series 1997-1 Investor Default Amount for such Distribution Date: 20,450,222.35
6. Required Subordination Draw Amount, if any, 0.00
for the preceding Collection Period (or for such Distribution Date):
7. (a) Amount of Investor Charge-Offs for the preceding Collection Period: 0.00
(b) Amount of Reimbursements of Investor Charge-Offs for the preceding period: 0.00
8. (a) Amount of Class A Carryover Amount being paid or distributed 0.00
(b) Balance: 0.00
Distributed per $1,000 original principal amount of Class A Certificates 0.00
9. (a) Amount of Class B Carryover Amount being paid or distributed 0.00
(b) Balance: 0.00
Distributed per $1,000 original principal amount of Class B Certificates 0.00
10. Pool Balance at end of related Collection Period 1,141,265,303
11. After giving affect to distributions on this Distribution Date:
(a) Outstanding principal amount of Class A Certificates: 266,666,667
(b) Outstanding principal amount of Class B Certificates: 27,125,000
(c) Certificate Balance: 293,791,667
(d) Pool Factor for Class A Certificates: 0.66666666665
(e) Pool Factor for Class B Certificates: 1.00000000000
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 the preceding Collection Period 8,484,053
(b) Series 1997-1 Excess Servicing Fee being distributed and remaining balance (if any): 11,668,230
(1) Distributed: 11,668,230
(2) Balance: 0.00
14. Invested Amount on this Distribution Date (after giving effect to all distributions
which will occur on such Distribution Date): 293,791,667
15. The Available Subordinated Amount (inclusive of incremental subordination)
On the immediately preceding Distribution Date: 24,859,127
On this Distribution Date: 24,859,127
16. The Incremental Subordinated Amount on the immediately preceding Determination Date 0.00
On this Distribution Date: 0.00
17. The Reserve Fund Balance for this Distribution Date: 2,135,625
18. The Excess Funding Account Balance for this Distribution Date: 0.00
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
Series 2000-1 Interest Payments on Class A Certificates N/A
Series 2000-1 Interest Payments on Class B Certificates N/A
Series 2000-1 Investor Defaults (to be remitted to BCI) N/A
Series 2001-1 Interest Payments on Class A Certificates N/A
Series 2001-1 Investor Defaults (to be remitted to BCI) 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 2000-1 Reserve Fund Investment Proceeds (to be remitted to BCI) N/A
Series 2001-1 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
Series 2000-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) N/A
Series 2001-1 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 of the Eligible Pool Balance as of the end of the Collection Period:
0-120 days N/A
121-179 days N/A
180-269 days N/A
270-359 days N/A
360-479 days N/A
480 + N/A
27. Optional removal of Receivables aged greater than 450 days during the related Collection Period N/A
28. Eligible Investments on deposit in the Excess Funding Account and amounts on deposit
in the Excess Funding Accounts for all other Series at the end of the Interest Period
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 IneligibOptional Removals: Put Limit:
October 1, 2001 to January 31, 2002: N/A $0 N/A
Has an Early Amortization Event Occurred: NO
30. Principal Amount of Receivables subject to a Participation Interest at end of Collection Period: 2,646,774.25
31. Product Line Breakdown Test Level: Actual:
Bombardier: 45.00% N/A
Marine: 45.00% N/A
Recreational Vehicles: 20.00% N/A
CEA / Other: 10.00% N/A
Manufactured Housing: 45.00% N/A
Lawn & Garden: 10.00% N/A
Total: 0.00%
32. Overconcentration Amounts:
Designated Manufacturer Concentration: 0.00
Industry Overconcentrations: 0.00
Dealer Overconcentrations: 0.00
Manufacturer Overconcentrations: 0.00
Total Overconcentration Amounts: 0.00
33. (a) BRMT I Defaulted Amount for Collection Period: 17,031,629
(b) BRMT I Non-Principal Collections Collection Period: 162,614,972
(c) BRMT I Principal Collections Collection Period: 2,385,815,511
(d) BRMT I Recovery Amount for Collection Period: 36,991,836
34. Total Defaulted Amount at end of Collection Period relating to non payment
of at least $150 of interest due more than 90 days: N/A
35. Amount of Receivable purchased by the trust at a discount during Collection Period: N/A
36. Has an automatic Addition of Accounts Occurred: NO
37. Pool data on Receivables added as Automatic Account Additions N/A
Prepared by: Sarah Kirker / Katie Varricchione
Bombardier Capital Inc.
Exhibt 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, 2001, 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 Service's obligations under the provisions of the Agreement known to us to
have been made by the Servicer during the year ended December 31, 2001, 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 ___ day of April, 2001.
BOMBARDIER CAPITAL INC.
By: /s/Lawrence F. Assell
Lawrence F. Assell
Vice President and General Mananger
By: /s/Jean C. O'Neill
Jean C. O'Neill
Assistant Secretary
Exhibit 99.3
Independent Accountants' Report
Board of Directors
Bombardier Capital Inc.
as Servicer
1600 Mountainview Drive
Colchester, VT 05446
and
Deutsche Bank,
as 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" or BCI) 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 Deutsche Bank, as
Trustee as of January 31, 2002 and for the period from February 1, 2001
through January 31, 2002. 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, 2002 and for the period February 1, 2001 through
January 31, 2002, is fairly stated, in all material respects. However, we did
note that during the period from January 15, 2002 to January 28, 2002,
inclusive, the Series 2001-1 Reserve Fund was not maintained at the required
minimum balance to maintain compliance with Section 10.01(a) of the Agreement.
As noted in an April 29, 2002 letter from the Trustee, Deutsche Bank, this
condition was the result of processing errors by Deutsche Bank and was not the
result of actions or inactions by BCI, and absent the processing errors, BCI
would have maintained compliance with Section 10.01(a) of the Agreement.
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
Boston, Massachusetts
April 30, 2002