<PAGE>
UNITED STATES
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 16, 1998
NEWCOURT RECEIVABLES ASSET TRUST
(AS ISSUER OF THE SECURITIES)
NEWCOURT RECEIVABLES CORPORATION
(AS SELLER)
(Exact name of registrant as specified in its charter)
Delaware 33-98378 77-041305
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2700 Bank One Tower
111 Monument Circle
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
(317) 229-3406
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
The registrant is filing final forms of the exhibit listed in Item 7(c).
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements: None
(b) Pro Forma Financial Information: None
(c) Exhibits:
EXHIBIT NO. DOCUMENT
- ---------- --------
20 Monthly Servicer Certificate
<PAGE>
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 hereunto duly authorized.
NEWCOURT RECEIVABLES CORPORATION
By: /s/ Daniel A. Jauernig
----------------------------
Daniel A. Jauernig
Vice President and
Chief Financial Officer
December 16, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
- ---------- --------
20 Monthly Servicer Certificate
<PAGE>
[LOGO]
Indenture Trustee
State Street Bank & Trust Company
777 Main Street, 11th Floor
Hartford, CT 06115
Re: Newcourt Receivables Asset Trust, Series 1996-1
Re: Newcourt Receivables Asset Trust, Series 1996-2
Re: Newcourt Receivables Asset Trust, Series 1996-3
1. The Monthly Servicer Certificate for the Collection Period ended November
30, 1998 accurately reflects the Collections made during this reporting
period in accordance with the Prospectus and Prospectus Supplement dated
April 11, 1996 (Series 1996-1) and Prospectus Supplement dated September 17,
1996 (Series 1996-2) and Prospectus Supplement dated December 9, 1996
(Series 1996-3);
2. Newcourt Credit Group Inc., as Servicer, has complied with all of the
covenants and other requirements contained in the Prospectus and
Prospectus Supplement dated April 11, 1996 (Series 1996-1) and Prospectus
Supplement dated September 17, 1996 (Series 1996-2) and Prospectus
Supplement dated December 9, 1996 (Series 1996-3);
3. No Event of Default or Restricting Event has occurred during the reporting
period and none is continuing as at the end of the reporting period.
Dated at Toronto, Ontario this 16th day of December, 1998.
Newcourt Credit Group Inc., as Servicer
By: /s/ Brian McLean
-----------------------------------
Brian McLean
Director, Securitizations
cc. Issuer Trustee, Chemical Bank Delaware
Underwriter, First Union Capital Markets Group
Standard & Poor's
<PAGE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust Master Trust
Monthly Servicer Certificate -- Accounts Collection Reserve Cash Collateral Distribution
Account Account Account Account
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Account Balances 0.00 1,416,522.94 951,507.26 0.00
Investment Earnings 34,895.74 6,648.96 4,499.27
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (20,338.24)
COLLECTION ACCOUNT
Collections [4.3 a] 9,449,792.46
Add: Servicer Advances [4.3 b] 1,619,965.50
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (1,233,496.25)
Less: Investment Earnings to Newcourt [4.2 e] (34,895.94) (6,648.96) (4,499.27)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (9,836,261.71) 9,836,261.71
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (70,826.15) 70,826.15
(C) Amount owed to Hedging Counterparty [4.3 d iii] 0.00 0.00
(D) Series Available Amount to each Series of Notes [4.3 d iv] 9,765,435.36
(1) Class A Interest [4.3 d iv A] (649,425.81)
(2) Class B Interest [4.3 d iv B] (69,228.02
(3) Class A Principal [4.3 d iv C] (8,590,350.15)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (89,615.99)
(5) Class C Interest [4.3 d iv E] (85,182.76)
(6) Class B Principal [4.3 d iv F] (185,624.41)
(7) Class C Principal [4.3 d iv G] (185,624.41)
(8) Class A Accelerated Principal Payment [4.3 d iv H] 0.00
(9) Class B Accelerated Principal Payment [4.3 d iv I] 0.00
(10) Pay to Hedging Counterparty [4.3 d iv J] 0.00
(11) Class C Accelerated Principal Payment [4.3 d iv K] 0.00
Subtotal 0.00
Distributions to Noteholders (9,836,761.71) 70,826.15
Ending Balance 0.00 1,326,906.95 931,169.02 (0.00)
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts November 1998
Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Account Balances
Investment Earnings
Deposit to Collections
Withdraw in Excess of Required Balance
COLLECTION ACCOUNT
Collections [4.3 a]
Add: Servicer Advances [4.3 b]
Add: Liquidation Proceeds from Servicer
Less: Collections to reimburse Servicer Advances [4.3 c]
Less: Investment Earnings to Newcourt [4.2 e]
- ------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i]
(B) Servicing Fee [4.3 d ii]
(C) Amount owed to Hedging Counterparty [4.3 d iii]
(D) Series Available Amount to each Series of Notes [4.3 d iv] 1,715,392.64 3,535,893.79 4,514,149.13
(1) Class A Interest [4.3 d iv A] 119,195.78 240,436.80 289,793.23
(2) Class B Interest [4.3 d iv B] 15,642.36 25,414.13 28,171.53
(3) Class A Principal [4.3 d iv C] 1,802,866.92 3,028,175.60 3,759,307.63
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00 0.00
Repayment Newcourt Advance
(5) Class C Interest [4.3 d iv E] 18,799.91 31,076.70 35,306.15
(6) Class B Principal [4.3 d iv F] 43,425.85 64,310.04 77,888.52
(7) Class C Principal [4.3 d iv G] 43,425.85 64,310.04 77,888.52
(8) Class A Accelerated Principal Payment [4.3 d iv H] 0.00 0.00 0.00
(9) Class B Accelerated Principal Payment [4.3 d iv I] 0.00 0.00 0.00
(10) Pay to Hedging Counterparty [4.3 d iv J] 0.00 0.00 0.00
(11) Class C Accelerated Principal Payment [4.3 d iv K] 0.00 0.00 0.00
Subtotal
Distributions to Noteholders 2,043,356.67 3,453,723.31 4,768,355.58
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
November 1998
Prior Month's Series ADCB Reconciliation Series 1996-1 Series 1996-2 Series 1996-3
- ---------------------------------------- ------------- -------------- --------------
<S> <C> <C> <C>
Previous Period Current Month Series ADCB 26,761,340.60 51,375,422.81 67,132,359.31
Less: Previous Period's Prepayments 602,222.21 1,089,730.83 1,375,808.56
Less: Previous Period's Defaults 107,978.01 198,618.66 242,470.10
Prior Month Series ADCB (reported this period) 26,051,140.38 50,087,073.32 65,514,080.65
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 21,065,527.95 41,997,694.83 55,729,467.13
Class A Interest Rate 6.79% 6.87% 6.24%
30/360* Class A Interest Rate 0.57% 0.57% 0.52%
Current Class A Interest Distribution 119,195.78 240,436.80 289,793.23
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 119,195.78 240,436.80 289,793.23
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 21,065,527.95 41,997,694.83 55,729,467.13
Prior Months Series ADCB 26,051,140.38 50,087,073.32 65,514,080.65
Current Months Series ADCB 24,965,494.19 48,479,322.31 63,566,867.64
------------- -------------- --------------
Difference 1,085,646.19 1,607,751.01 1,947,213.01
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 998,794.49 1,479,130.93 1,791,435.97
Current Prepayments 717,847.38 1,361,694.97 1,733,743.51
Current Defaults 86,225.05 187,349.70 234,128.15
Class A Total Due 1,802,866.92 3,028,175.60 3,759,307.63
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 1,802,866.92 3,028,175.60 3,759,307.63
Class A Principal Distribution 1,802,866.92 3,028,175.60 3,759,307.63
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 19,262,661.03 38,969,519.23 51,970,159.50
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 19,262,661.03 38,969,519.23 51,970,159.50
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 2,492,806.07 4,044,689.17 4,892,306.78
Class B Interest Rate 7.53% 7.54% 6.91%
30/360*Class B Interest Rate 0.63% 0.63% 0.58%
Current Class B Interest Distribution 15,642.36 25,414.13 28,171.53
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 15,642.36 25,414.13 28,171.53
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
November 1998
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 2,492,806.07 4,044,689.17 4,892,306.78
Prior Months Series ADCB 26,051,140.38 50,087,073.32 65,514,080.65
Current Months Series ADCB 24,965,494.19 48,479,322.31 63,566,867.64
------------- -------------- --------------
Difference 1,085,646.19 1,607,751.01 1,947,213.01
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 43,425.85 64,310.04 77,888.52
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 43,425.85 64,310.04 77,888.52
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 43,425.85 64,310.04 77,888.52
Class B Principal Distribution 43,425.85 64,310.04 77,888.52
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,449,380.22 3,980,379.13 4,814,418.26
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,449,380.22 3,980,379.13 4,814,418.26
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,492,806.07 4,044,689.17 4,892,306.78
Class C Interest Rate 9.05% 9.22% 8.66%
30/360* Class C Interest Rate 0.75% 0.77% 0.72%
Current Class C Interest Distribution 18,799.91 31,076.70 35,306.15
Prior Class C Interest Arrearage 0.00 0.00 0.00
Class C Default Rate 10.05% 10.22% 9.66%
30/360* Class C Interest Default Rate 0.84% 0.85% 0.81%
Interest on Interest Arrearage 0.00 0.00 0.00
Class C Interest Due 18,799.91 31,076.70 35,306.15
Class C Interest Paid 18,799.91 31,076.70 35,306.15
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,492,806.07 4,044,689.17 4,892,306.78
Prior Months Series ADCB 26,051,140.38 50,087,073.32 65,514,080.65
Current Months Series ADCB 24,965,494.19 48,479,322.31 63,566,867.64
------------- -------------- --------------
Difference 1,085,646.19 1,607,751.01 1,947,213.01
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 43,425.85 64,310.04 77,888.52
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 43,425.85 64,310.04 77,888.52
Class C Principal Distribution 43,425.85 64,310.04 77,888.52
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 2,449,380.22 3,980,379.13 4,814,418.26
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,449,380.22 3,980,379.13 4,814,418.26
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules November 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C> <C>
Contract Pool ADCB 141,652,294.35
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 70,826.15
Servicer Fee Due 70,826.15
Current Servicing Fee Arrearage 0.00
</TABLE>
<TABLE>
<CAPTION>
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- --------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Prior Month Balance 1,416,522.94
Series ADCB 132,690,695.38
Required Balance (Series ADCB* 1.00%) 1,326,906.95
Current Period Draw on Reserve 0.00
Required Deposits to Reserve Account 0.00 0.00 0.00
Actual Deposit to Reserve Account 0.00 0.00 0.00
Newcourt Advance Released from Reserve Account (89,615.99)
Ending Reserve Account Balance 1,326,906.95
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 951,507.26
Required Balance 931,169.02
Withdraw from Cash Collateral Account (20,338.24)
</TABLE>
<PAGE>
November 1998
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events
Restricting Event Calculations
<TABLE>
<CAPTION>
<S> <C>
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 141,768,917
Delinquency Ratio 0.74%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.33%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
</TABLE>
Portfolio Performance Tests
<TABLE>
<CAPTION>
1 month prior 2 months prior 3 months prior 4 months prior 5 months prior
Current (yes/no) (yes/no) (yes/no) (yes/no) (yes/no)
<S> <C> <C> <C> <C> <C> <C>
Event of Default: no no no no no no
</TABLE>
<TABLE>
<CAPTION>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquencies Average
------------- ---- ------------- ---------
<S> <C> <C> <C> <C> <C>
0 2 months prior 1,103,077 150,963,762 0.73% 0.26%
1 month prior 1,027,193 141,652,294 0.73% 0.24%
Current 997,812 132,690,695 0.75% 0.23%
----- -----
0.74% 0.74%
Delinquency Ratio: 0.74%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 101,266 185,034,791 0.05%
4 months prior 31,693 171,863,225 0.02%
3 months prior 12,204 162,136,387 0.01%
2 months prior 26,388 150,963,762 0.02%
1 month prior 80,630 141,652,294 0.06%
Current 11,378 132,690,695 0.01%
------- ------------- -----
263,559 944,341,154 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 157,390,192
Annualized Maximum Charge-Off Ratio: 1.00%
1% of Averge ADCB 1,573,902
Sum of Charge-Offs *2 527,118
Annualized Charge-Off Ratio: 0.33%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 1,326,907
Series Allocation Percentage 17.57%
ADCB less Aggregate Principal Amount
of Class A Notes 4,898,761
---------
5,131,845
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,326,907
Series Allocation Percentage 36.21%
ADCB less Aggregate Principal Amount
of Class A Notes 7,960,758
---------
8,441,208
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,326,907
Series Allocation Percentage 46.23%
ADCB less Aggregate Principal Amount
of Class A Notes 9,628,816
----------
10,242,210
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust November 1998
Monthly Servicer Certificate - Certificate Schedules
CERTIFICATE FACTORS
<TABLE>
<CAPTION>
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP# #65118YAA5 #65118YAD9 #65118YAG2
Class A
--------
<S> <C> <C> <C> <C>
Current A Balance 19,262,661 38,969,519 51,970,160
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.160982567 0.229587789 0.276183058
Principal Factor (per thousand): 15.066980807 17.832637800 19.977946715
Interest Factor (per thousand): 0.996147031 1.415909424 1.540037229
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,449,380 3,980,379 4,814,418
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.470811022 0.539121696 0.588456889
Principal Factor (per thousand): 8.347160099 8.710461162 9.520160842
Interest Factor (per thousand): 3.006717963 3.442212014 3.443350789
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,449,380 3,980,379 4,814,418
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.470811022 0.539121696 0.588456889
Principal Factor (per thousand): 8.347160099 8.710461162 9.520160842
Interest Factor (per thousand): 3.613650824 4.209177733 4.315401380
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 126,428,713 132,690,695 95.28%
31-60 Days Past Due 5,264,170 132,690,695 3.97%
61-90 Days Past Due 997,812 132,690,695 0.75%
</TABLE>
