8-K 1 d12170197-1.txt Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549-1004 RE: Bombardier Credit Receivables Corporation: Bombardier Receivables Master Trust I Ladies and Gentlemen: On behalf of Bombardier Credit Receivables Corporation (The "Registrant"), we hereby file with the Commission a Current Report on Form 8-K (The "Report") on behalf of the Bombardier Receivables Master Trust I, and deliver to you herewith the following documents: One copy of the Report, including the exhibit being filed therewith, together with an exhibit index: Please acknowledge receipt and filing of this letter to Bombardier Credit Receivables Corporation, 1600 Mountain View Drive, Colchester, VT 05446. Very truly yours, /s/ Robert Gillespie Robert Gillespie President Bombardier Credit Receivables Corp. 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): December 26, 2001 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 and the Floating Rate Class B Asset Backed Certificates, Series 1997-1) Delaware 33-69282 03-0340600 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) 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 Page 1 of 9 Exhibit Index Appears on Page 4 Item 5. Other Event Information concerning interest distributions made on the Floating Rate Class A Asset Backed Certificates, Series 1997-1 and the Floating Rate Class B Asset Backed Certificates, Series 1997-1 (collectively, the Certificates) of the Bombardier Receivables Master Trust I (the Trust) on December 17, 2001 is contained in the Distribution Date Statement provided to each holder of the Certificates. Such Distribution Date Statement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In addition, information concerning the (i) aggregate amount of principal collections and non-principal collections with respect to the Receivables held by the Trust, (ii) amounts payable on account of the Variable Funding Certificate, and (iii) the Monthly Servicing Fee payable on account of the Variable Funding Certificate is contained in the schedule attached hereto as Exhibit 99.2 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits: 99.1. Distribution Date Statement relating to interest distributions made on December 17, 2001 Series 1997-1 and the Floating Rate Class B Asset Backed Certificates, Series 1997-1. 99.2. Schedule detailing (i) the amount of principal collections and non-principal collections allocable to the Variable Funding Certificate for the Collection Period ending November 30, 2001 (ii) the aggregate amount of principal collections and non-principal collections on the Receivables for such Collection Period and (iii) the Monthly Servicing Fee payable on account of the Variable Funding Certificate for such Collection Period. 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, thereunto duly authorized on the date indicated. BOMBARDIER CREDIT RECEIVABLES CORPORATION /s/Robert Gillespie Name: Robert Gillespie Title: President Dated: December 26, 2001 EXHIBIT INDEX Exhibit No. Page # Description 99.1 5 Distribution Date Statement relating to interest distributions made on December 17, 2001 on the Floating Class A Asset Backed Certificates, Series 1997-1 and the Floating Rate Class B Asset Backed Certificates, Series 1997-1 99.2 8 Schedule detailing (i) the amount of principal collections and non-principal collections allocable to the Variable Funding Certificate for the Collection Period ending November 30, 2001. (ii) the aggregate amount of principal Collections and non-principal collections on the receivables for such Collection Period and (iii) the Monthly Servicing Fee payable on account of the Variable Funding Certificate for such Collection Period. Exhibit 99.1 DISTRIBUTION DATE STATEMENT Series 1997-1 Distribution Date: 12/17/01 1 Amount of principal paid or distributed: (a) Class A Certificates: 66,666,666.67 per $1,000 original principal amount of Class A Certificates 166.67 (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): 34.33% 3 Principal Allocation Percentage for such Collection Period: 37.23% 4. Amount of interest paid or distributed: (a) Class A Certificates: 651,851.85 per $1,000 original principal amount of Class A Certificates 1.63 (b) Class B Certificates: 58,107.78 per $1,000 original principal amount of Class B Certificates 2.14 5.(a) Series 1997-1 Investor Default Amount for such Distribution Date: 791,845.18 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: 2.0800% (2) Net Receivables Rate 6.80% (b) Class A Rate: 2.2000% (c) Class B Rate: 2.4100% 13. (a) Amount of Monthly Servicing Fee for the preceding Collection Period 711,875 (b) Series 1997-1 Excess Servicing Fee being distributed and remaining balance (if any): 833,085 (1) Distributed: 833,085 (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: 4,274,961.93 Series 1997-1 Interest Payments on Class A Certificates 651,851.85 Series 1997-1 Interest Payments on Class B Certificates 58,107.78 Series 1997-1 Investor Defaults (to be remitted to BCI) 791,845.18 Series 1996-1 Servicer Advances (to be remitted to BCI) 201,620.91 Series 1996-1 Investor Defaults (to be remitted to BCI) 207,303.49 Series 1997-2 Servicer Advances (to be remitted to BCI) 180,919.37 Series 1997-2 Investor Defaults (to be remitted to BCI) 210,625.85 Series 1997-2 Fees (to be remitted to ABN) 32,972.22 Series 2000-1 Interest Payments on Class A Certificates 749,200.00 Series 2000-1 Interest Payments on Class B Certificates 57,799.11 Series 2000-1 Investor Defaults (to be remitted to BCI) 813,810.52 Series 2001-1 Interest Payments on Class A Certificates 84,014.17 Series 2001-1 Investor Defaults (to be remitted to BCI) 76,958.98 Collection Account Investment Proceeds (to be remitted to BCI) 137,633.10 Series 1997-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 4,363.10 Series 1996-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 2,155.43 Series 1997-2 Reserve Fund Investment Proceeds (to be remitted to BCI) 1,532.10 Series 2000-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 4,064.80 Series 2001-1 Reserve Fund Investment Proceeds (to be remitted to BCI) 238.21 Series 1997-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00 Series 1996-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 1,196.93 Series 1997-2 Excess Fund Account Investment Proceeds (to be remitted to BCI) 6,748.83 Series 2000-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00 Series 2001-1 Excess Fund Account Investment Proceeds (to be remitted to BCI) 0.00 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: 0.09% (Annualized three month average net losses) 1.04% 24. Three-Month Payment Rate for the three (3) most recent Collection Periods: 16.39% A Three-Month Payment Rate Trigger has occurred: NO 25. Receivables Rate : 8.80% 26. Inventory Aging of the Eligible Pool Balance as of the end of the Collection Period: 0-120 days 47.63% 121-179 days 11.16% 180-269 days 10.55% 270-359 days 8.89% 360-479 days 10.88% 480 + 10.89% 27. Optional removal of Receivables aged greater than 450 days during the related Collection Period 0.00 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: 0.74% Has an asset composition Event Occurred: NO 29. Amount of 491 Day Aged Receivables made Ineligible during Collection Period: 7,152,513 Cumulative amount of 491 Day Aged Receivables made Ineligible from:

Aged Ineligibles Optional Removals: Put Limit: October 1, 2001 to January 31, 2002: $22,566,542 $0 $64,669,610 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% 25.12% Marine: 45.00% 31.97% Recreational Vehicles: 20.00% 13.32% CEA / Other: 10.00% 4.21% Manufactured Housing: 45.00% 25.38% Lawn & Garden: 10.00% 0.00% Total: 100.00% 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: 2,331,836 (b) BRMT I Non-Principal Collections Collection Period: 8,968,183 (c) BRMT I Principal Collections Collection Period: 197,943,518 (d) BRMT I Recovery Amount for Collection Period: 545,219 34. Total Defaulted Amount at end of Collection Period relating to non payment of at least $150 of interest due more than 90 days: - 35. Amount of Receivable purchased by the trust at a discount during Collection Period: 16,532,757 36. Has an automatic Addition of Accounts Occurred: NO 37. Pool data on Receivables added as Automatic Account Additions N/A Prepared by: Mr. Mark A. Keller Securitization Manager Exhibit 99.2 DISTRIBUTION DATE STATEMENT VARIABLE FUNDING CERTIFICATE Distribution Date: 12/17/01 For the Collection Period: 11/01/01 through 11/30/01 Aggregate Non-Principal Collections 8,968,183 Aggregate Principal Collections 197,943,518 Variable Funding Percentage (unweighted) 1.37% Distributions on the Variable Funding Certificate: Non-Principal Collection Distributions: 149,557 Principal Collection Distributions: 2,768,404 Variable Funding Amount as of the last day of the Collection Period: 223,712 Variable Funding Default Amount 25,137 Monthly Servicing Fee Due 24,651

Note: As per Article IV, Section 4.01, of the Series 1994-1 Supplement to the Pooling and Servicing Agreement, deposits into the Collection Account are net of the sum of (i) the Variable Funding Percentage of such Collections and (ii) the Excess Retained Percentage of such Collections, resulting in no payment by the Trustee. Prepared by: Mr. Mark A. Keller Securitization Manager Bombardier Capital Inc.

Aged Ineligibles Optional Removals: Put Limit: October 1, 2001 to January 31, 2002: $12,651,315 $0 $64,669,610 Has an Early Amortization Event Occurred: NO 30. Principal Amount of Receivables subject to a Participation Interest at end of Collection Period: 1,677,104.32 31. Product Line Breakdown Test Level: Actual: Bombardier: 45.00% 25.78% Marine: 45.00% 31.00% Recreational Vehicles: 20.00% 13.12% CEA / Other: 10.00% 4.37% Manufactured Housing: 45.00% 25.73% Lawn & Garden: 10.00% 0.00% Total: 100.00% 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: 5,423,951 (b) BRMT I Non-Principal Collections Collection Period: 12,858,563 (c) BRMT I Principal Collections Collection Period: 185,618,440 (d) BRMT I Recovery Amount for Collection Period: 4,108,306 34. Total Defaulted Amount at end of Collection Period relating to non payment of at least $150 of interest due more than 90 days: 2,556,745 35. Amount of Receivable purchased by the trust at a discount during Collection Period: 13,443,982 36. Has an automatic Addition of Accounts Occurred: NO 37. Pool data on Receivables added as Automatic Account Additions N/A

Filing Compare · BOMBARDIER CREDIT RECEIVABLES CORP SERIES 1997-1