<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): July 15, 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 of (Commission File Number) (IRS Employer
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:
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<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
July 15, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
[NEWCOURT LETTERHEAD]
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 June 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 15th day of July, 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>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Accounts
<TABLE>
<CAPTION>
Cash Master Trust June 1998
Collection Reserve Collateral Distribution Series Series Series
Account Account Account Account 1996-1 1996-2 1996-3
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Account Balances 0.00 1,983,249.41 1,157,294.67 0.00
Investment Earnings 54,533.48 9,679.43 5,494.07
Deposit to Collections 0.00 0.00
Withdrawal in Excess of
Required Balance (7,364.63)
Collection Accounts
- -------------------
Collections [4.3 a] 14,368,942.70
Add: Servicer Advances [4.3 b] 1,677,211.33
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to reimburse
Servicer Advances [4.3 c] (1,538,607.80)
Less: Investment Earnings to
Newcourt [4.2 c] (54,433.48) (9,679.43) (5,494.07)
- -----------------------------------------------------------------------------------------------------------------------------------
Available Amount (14,507,546.23) 14,507,546.23
- -----------------
Payments on Payment Date
- ------------------------
(A) Unreimbursed Servicer
Advances [4.3 d i] 0.00 00.00
(B) Servicing Fee [4.3 d ii] (99,162.47) 99,162.47
(C) Amount owed to Hedging
Counterparty [4.3 d iii] 0.00 00.00
(D) Series Available Amount to
each Series of Notes
[4.3 d iv] 14,408,383.76 2,813,898.20 4,743,472.32 6,851,013.25
(1) Class A Interest [4.3 d iv A] (944,767.53) 191,800.98 343,225.50 409,741.05
(2) Class B Interest [4.3 d iv B] (77,776.62) 17,968.02 28,266.20 31,542.40
(3) Class A Principal
[4.3 d iv C] (12,669,602.88) 2,813,612.28 4,356,512.05 5,499,478.55
(4) Deposit Reserve
Account [4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment Newcourt
Advance 0.00 (132,901.50)
(5) Class C Interest [4.3 d iv E] (95,689.99) 21,595.04 34,564.24 39,530.71
(6) Class B Principal [4.3 d iv F] (310,273.37) 72,711.79 105,603.33 131,958.25
(7) Class C Principal [4.3 d iv G] (310,273.37) 72,711.79 105,603.33 131,958.25
(8) Class A Accelerated
Principal Payment [4.3 d iv H] 0.00 0.00 0.00 0.00
(9) Class B Accelerated
Principal Payment [4.3 d iv I] 0.00 0.00 0.00 0.00
(10) Pay to Hedging Counterparty
[4.3 d iv J] 0.00 0.00 0.00 0.00
(11) Class C Accelerated
Principal Payment [4.3 d iv K] 0.00 0.00 0.00 0.00
Subtotal (0.00)
Distributions to Noteholders (14,507,546.23) 99,162.47 3,190,399.90 4,973,774.65 6,244,209.21
Ending Balance 0.00 1,850,347.91 1,149,930.04 0.00
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
JUNE 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 43,397,943.79 75,427,052.99 97,646,976.93
Less: Previous Period's Prepayments 1,032,025.64 1,717,634.20 2,184,663.98
Less: Previous Period's Defaults 192,138.70 335,002.00 420,609.57
Prior Month Series ADCB (reported this period) 42,173,779.45 73,374,416.79 95,041,703.38
Class A Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 33,897,080.16 59,952,052.00 78,796,355.98
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 191,800.98 343,225.50 409,741.05
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 191,800.98 343,225.50 409,741.05
Class A Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 33,897,080.16 59,952,052.00 78,796,355.98
Prior Months Series ADCB 39,623,940.62 68,949,251.34 89,751,749.04
Current Months Series ADCB 37,806,145.85 66,309,167.97 86,452,792.73
------------- ------------- -------------
Difference 1,817,794.77 2,640,083.37 3,298,956.31
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,672,371.19 2,428,876.70 3,035,039.81
Current Prepayments 963,316.47 1,636,708.97 2,091,621.75
Current Defaults 177,924.62 290,926.38 372,816.99
Class A Total Due 2,813,612.28 4,356,512.05 5,499,478.55
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,813,612.28 4,356,512.05 5,499,478.55
Class A Principal Distribution 2,813,612.28 4,356,512.05 5,499,478.55
Current Class A Arrearage 0.00 0.00 0.00
Interest Class A Principal Balance after Current Distribution 31,083,467.88 55,595,539.95 73,296,877.43
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 31,083,467.88 55,595,539.95 73,296,877.43
Class B Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 2,863,430.10 4,498,599.60 5,477,696.54
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 17,968.02 28,266.20 31,542.40
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 17,968.02 28,266.20 31,542.40
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate-Schedules
<TABLE>
<CAPTION>
June 1998
Class B Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- --------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class B Principal Balance 2,863,430.10 4,498,599.60 5,477,696.54
Prior Months Series ADCB 39,623,940.62 68,949,251.34 89,751,749.04
Current Months Series ADCB 37,806,145.85 66,309,167.97 86,452,792.73
------------- ------------- -------------
Difference 1,817,794.77 2,640,083.37 3,298,956.31
Class B Shares 4.00% 4.00% 4.00%
Scheduled Principal Due 72,711.79 105,603.33 131,958.25
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 72,711.79 105,603.33 131,958.25
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 72,711.79 105,603.33 131,958.25
Class B Principal Distribution 72,711.79 105,603.33 131,958.25
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,790,718.31 4,392,996.27 5,345,738.29
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,790,718.31 4,392,996.27 5,345,738.29
Class C Interest Schedule
- --------------------------
Opening Class C Principal Balance 2,863,430.10 4,498,599.60 5,477,696.54
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 21,595.04 34,564.24 39,530.71
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 21,595.04 34,564.24 39,530.71
Class C Interest Paid 21,595.04 34,564.24 39,530.71
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- ---------------------------
Opening Class C Principal Balance 2,863,430.10 4,498,599.60 5,477,696.54
Prior Months Series ADCB 39,623,940.62 68,949,251.34 89,751,749.04
Current Months Series ADCB 37,806,145.85 66,309,167.97 86,452,792.73
------------- ------------- -------------
Difference 1,817,794.77 2,640,083.37 3,298,956.31
Class C Share 4.00% 4.00% 4.00%
Schedule Principal Due 72,711.79 105,603.33 131,958.25
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 72,711.79 105,603.33 131,958.25
Class C Principal Distribution 72,711.79 105,603.33 131,958.25
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 2,790,718.31 4,392,996.27 5,345,738.29
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,790,718.31 4,392,996.27 5,345,738.29
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
June 1998
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C> <C>
Contract Pool ADCB 198,324,941.00
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 99,162.47
Servicer Fee Due 99,162.47
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
- ---------------------------------------- --------------- ------------- ------------- -------------
Prior Month Balance 1,983,249.41
Series ADCB 185,034,791.37
Required Balance (Series ADCB * 1.00%) 1,850,347.91
Current Period Draw on Reserve 0.00
Required Deposit 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 (132,901.50)
Ending Reserve Account Balance 1,850,347.91
--------------
Cash Collateral Account Schedule
Prior Month Balance 1,157,294.67
Required Balance 1,149,930.04
Withdraw from Cash Collateral Account (7,364.63)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events June 1998
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Months Rolling Avg. ADCB 197,983,211
Delinquency Ratio 0.78%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.39%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
<TABLE>
<CAPTION>
Portfolio Performance Tests
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 Delinquency Average
<S> <C> <C> <C> <C>
0
2 months prior 1,627,309 210,589,900 0.77% 0.27%
1 month prior 1,565,175 198,324,941 0.79% 0.26%
Current 1,425,752 185,034,791 0.77% 0.24%
----- -----
0.78% 0.78%
Delinquency Ratio 0.78%
Minimum Delinquency Ratio 2.09%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
<S> <C> <C> <C> <C>
0
5 months prior 84,627 250,069,655 0.03%
4 months prior 49,639 238,171,178 0.02%
3 months prior 63,291 223,043,107 0.03%
2 months prior 33,945 210,589,900 0.02%
1 month prior 90,373 198,324,941 0.05%
Current 101,266 185,034,791 0.05%
-------- ------------- -----
423,143 1,305,233,573 0.03%
Average ADCB 217,538,929
Annualized Maximum Charge-Off Ratio 1.00%
1% of Average ADCB 2,175,389
Sum of Charge-Offs *2 846,286
Annualized Charge-Off Ratio: 0.39%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 1,850,348
Series Allocation Percentage 19.53%
ADCB less Aggregate Principal Amount
of Class A Notice 5,581,437
---------
5,942,802
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,850,348
Series Allocation Percentage 32.92%
ADCB less Aggregate Principal Amount
of Class A Notice 8,785,993
---------
9,395,157
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,850,348
Series Allocation Percentage 47.55%
ADCB less Aggregate Principal Amount
of Class A Notice 10,691,477
---------
11,571,295
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate-Certificate Schedules
<TABLE>
<CAPTION>
June 1998
Certificate Factors
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP# #65118YAA5 #65118YDA9 #65118YAG2
<S> <C> <C> <C> <C>
Class A
Current A Balance 31,083,468 55,595,540 73,296,877
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.259771816 0.327396842 0.389518831
Principal Factor (per thousand): 23.514016343 25.655084686 29.225671386
Interest Factor (per thousand): 1.602925680 2.021222292 2.177471404
CUSIP# #65118YAB3 #651184AE7 #65118YAHO
Class B
Current B Balance 2,790,718 4,392,996 5,345,738
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.536421798 0.595008546 0.653399093
Principal Factor (per thousand): 13.976397750 14.303422989 16.128997758
Interest Factor (per thousand): 3.453747931 3.828510094 3.855365609
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
Current C Balance 2,790.718 4,392,996 5,345,738
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.536421798 0.595008546 0.653399093
Principal Factor (per thousand): 13.976397750 14.303422989 16.128997758
Interest Factor (per thousand): 4.150920620 4.681546927 4.831761053
Delinquencies
Monthly
Delinquencies ADCB Delinquencies
------------- ----------- -------------
Current 178,436,679 185,034,791 96.43%
31-60 Days Past Due 5,172,360 185,034,791 2.80%
61-90 Days Past Due 1,425,752 185,034,791 0.77%
</TABLE>
