<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): February 17, 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 (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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
February 17, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ---------- --------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
[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 January
31, 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 17th day of February, 1998.
Newcourt Credit Group Inc.,
as Servicer
By: /s/ Daniel A. Jauernig
--------------------------------------
Daniel A. Jauernig
Senior Vice President and Treasurer
cc: Issuer Trustee, Chemical Bank Delaware
Underwriter, First Union Capital Markets Group
Standard & Poor's
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Accounts January 1998
<TABLE>
<CAPTION>
Master Trust
Collection Reserve Cash Collateral Distribution
Account Account Account Account Series 1996-1 Series 1996-2 Series 1996-3
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Account Balances 0.00 2,647,547.64 1,272,185.39 0.00
Investment Earnings 111,637.33 15,830.61 6,622.17
Deposit to Collections 0.00 0.00
Withdraw in Excess of
Required Balance (44,745.27)
Collection Account
Collections [4.3 a] 15,788,666.01
Add: Servicer
Advances [4.3 b] 607,652.28
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to
reimburse Servicer
Advances [4.3 c] (91,750.25)
Less: Investment Earnings
to Newcourt [4.2 e] (111,637.33) (15,830.61) (6,622.17)
- -----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (16,304,568.04) 16,304,568.04
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer
Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee
[4.3 d ii] (132,377.38) 132,377.38
(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] 16,172,190.66 3,202,131.02 6,571,348.69 6,398,710.96
(1) Class A Interest
[4.3 d iv A] (1,292,988.29) 269,474.74 477,693.25 545,820.30
(2) Class B Interest
[4.3 d iv B] (87,029.25) 20,105.96 31,950.20 34,973.09
(3) Class A Principal
[4.3 d iv C] (13,996,609.04) 3,034,886.51 5,264,837.05 5,696,885.48
(4) Deposit Reserve
Account [4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment Newcourt
Advance 0.00 (146,851.09)
(5) Class C Interest
[4.3 d iv E] (107,063.86) 24,164.54 39,069.08 43,830.24
(6) Class B Principal
[4.3 d iv F] (344,250.11) 76,852.25 134,351.55 133,046.31
(7) Class C Principal
[4.3 d iv G] (344,250.11) 76,852.25 134,351.55 133,046.31
(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 (16,304,568.04) 132,377.38 3,502,336.25 6,082,252.68 6,587,601.73
Ending Balance (0.00) 2,500,696.55 1,227,440.12 (0.00)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules January 1998
<TABLE>
<CAPTION>
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 55,331,208.84 95,793,281.74 119,706,392.80
Less: Previous Period's Prepayments 977,956.32 1,641,330.24 1,955,906.12
Less: Previous Period's Defaults 320,576.17 542,255.93 638,094.50
Prior Month Series ADCB (reported
this period) 54,032,676.35 93,609,695.57 117,112,392.18
<CAPTION>
Class A Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class A Principal Balance 47,624,401.27 83,439,869.12 104,965,442.30
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 269,474.74 477,693.25 545,820.30
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 269,474.74 477,693.25 545,820.30
<CAPTION>
Class A Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class A Principal Balance 47,624,401.27 83,439,869.12 104,965,442.30
Prior Months Series ADCB 54,032,676.35 93,609,695.57 117,112,392.18
Current Months Series ADCB 52,111,370.12 90,250,906.82 113,786,234.55
------------- ------------- --------------
Difference 1,921,306.23 3,358,788.75 3,326,157.63
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,767,601.73 3,090,085.65 3,060,065.02
Current Prepayments 1,025,417.92 1,759,380.08 2,130,503.16
Current Defaults 241,866.86 415,371.32 506,317.30
Class A Total Due 3,034,886.51 5,264,837.05 5,696,885.48
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 3,034,886.51 5,264,837.05 5,696,885.48
Class A Principal Distribution 3,034,886.51 5,264,837.05 5,696,885.48
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance
after Current Distribution 44,589,514.76 78,175,032.07 99,268,556.82
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after
Current Distribution 44,589,514.76 78,175,032.07 99,268,556.82
<CAPTION>
Class B Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class B Principal Balance 3,204,137.40 5,084,913.16 6,073,474.95
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 20,105.96 31,950.20 34,973.09
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 20,105.96 31,950.20 34,973.09
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules January 1998
<TABLE>
<CAPTION>
Class B Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class B Principal Balance 3,204,137.40 5,084,913.16 6,073,474.95
Prior Months Series ADCB 54,032,676.35 93,609,695.57 117,112,392.18
Current Months Series ADCB 52,111,370.12 90,250,906.82 113,786,234.55
------------- ------------- --------------
Difference 1,921,306.23 3,358,788.75 3,326,157.63
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 76,852.25 134,351.55 133,046.31
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 76,852.25 134,351.55 133,046.31
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 76,852.25 134,351.55 133,046.31
Class B Principal Distribution 76,852.25 134,351.55 133,046.31
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after
Current Distribution 3,127,285.15 4,950,561.61 5,940,428.64
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after
Current Distribution 3,127,285.15 4,950,561.61 5,940,428.64
<CAPTION>
Class C Interest Schedule
- -------------------------
<S> <C> <C> <C>
Opening Class C Principal Balance 3,204,137.40 5,084,913.16 6,073,474.95
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 24,164.54 39,069.08 43,830.24
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 24,164.54 39,069.08 43,830.24
Class C Interest Paid 24,164.54 39,069.08 43,830.24
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
<S> <C> <C> <C>
Opening Class C Prinicpal Balance 3,204,137.40 5,084,913.16 6,073,474.95
Prior Months Series ADCB 54,032,676.35 93,609,695.57 117,112,392.18
Current Months Series ADCB 52,111,370.12 90,250,906.82 113,786,234.55
------------- ------------- --------------
Difference 1,921,306.23 3,358,788.75 3,326,157.63
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 76,852.25 134,351.55 133,046.31
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 76,852.25 134,351.55 133,046.31
Class C Principal Distribution 76,852.25 134,351.55 133,046.31
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 3,127,285.15 4,950,561.61 5,940,428.64
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 3,127,285.15 4,950,561.61 5,940,428.64
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules January 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C> <C>
Contract Pool ADCB 264,754,764.10
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 132,377.38
Servicer Fee Due 132,377.38
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule RESERVE ACCOUNT SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------ --------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Prior Month Balance 2,647,547.64
Series ADCB 250,069,654.85
Required Balance (Series ADCB * 1.00%) 2,500,696.55
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 (146,851.09)
Ending Reserve Account Balance 2,500,696.55
Cash Collateral Account Schedule
- --------------------------------
<S> <C> <C> <C> <C>
Prior Month Balance 1,272,185.39
Required Balance 1,227,440.12
Withdraw from Cash Collateral Account (44,745.27)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events January 1998
<TABLE>
<S> <C> <C> <C>
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 264,685,231
Delinquency Ratio 0.75%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.43%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
</TABLE>
<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> <C>
0
2 months prior 2,088,466 279,231,275 0.75% 0.26%
1 month prior 1,969,589 264,754,764 0.74% 0.25%
Current 1,867,188 250,069,655 0.75% 0.24%
----- -----
0.75% 0.75%
Delinquency Ratio: 0.75%
Maximum Delinquency Ratio: 2.00%
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
----------- ---- --------
<S> <C> <C> <C> <C>
0
5 months prior 106,478 321,717,238 0.03%
4 months prior 120,593 308,172,109 0.04%
3 months prior 69,074 293,296,810 0.02%
2 months prior 94,633 279,231,275 0.03%
1 month prior 138,212 264,754,764 0.05%
Current 84,627 250,069,655 0.03%
------- ------------- -----
613,617 1,717,241,851 0.04%
Average ADCB 286,206,975
Annualized Maximum Charge-Off Ratio: 1.00%
1% of Average ADCB 2,862,070
Sum of Charge-Offs * 2 1,227,234
Annualized Charge-Off Ratio: 0.43%
<CAPTION>
Series 1996-1 Enhancement Floor
<S> <C> <C> <C> <C>
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 2,500,697
Series Allocation Percentage 19.80%
ADCB less Aggregate Principal Amount
of Class A Notes 6,254,571
6,749,714
<CAPTION>
Series 1996-2 Enhancement Floor
<S> <C> <C> <C> <C>
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 2,500,697
Series Allocation Percentage 40.63%
ADCB less Aggregate Principal Amount
of Class A Notes 9,901,123
10,917,247
<CAPTION>
Series 1996-3 Enhancement Floor
<S> <C> <C> <C> <C> <C>
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 2,500,697
Series Allocation Percentage 39.57%
ADCB less Aggregate Principal Amount
of Class A Notes 11,880,857
12,870,286
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules January 1998
<TABLE>
<CAPTION>
Certificate Factors
- -------------------
Series 1996-1 Series 1996-2 Series 1996-3
<S> <C> <C> <C>
CUSIP # #65118YAA5 #65118YAD9 #65118YAG2
Class A
--------
Current A Balance 44,589,515 78,175,032 99,268,557
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.372645011 0.460365321 0.527539147
Principal Factor (per thousand): 25.363256872 31.004124130 30.274743586
Interest Factor (per thousand): 2.252063472 2.813090069 2.900632229
CUSIP # #65118YAB3 #651184AE7 #65118YAH0
Class B
-------
Current B Balance 3,127,285 4,950,562 5,940,429
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.601115461 0.670527878 0.726086927
Principal Factor (per thousand): 14.772262022 18.197220191 16.261989195
Interest Factor (per thousand): 3.864695039 4.327488775 4.274692111
CUSIP # #65118YAC1 #651184AF4 #65118YAJ6
Class C
-------
Current C Balance 3,127,285 4,950,562 5,940,429
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.601115461 0.670527878 0.726086927
Principal Factor (per thousand): 14.772262022 18.197220191 16.261989195
Interest Factor (per thousand): 4.644820633 5.291704126 5.357284161
<CAPTION>
Delinquencies
- -------------
Monthly
Delinquencies ADCB Delinquencies
--------------- ------------- ---------------
<S> <C> <C> <C>
Current 237,527,648 250,069,655 94.98%
31-60 Days Past Due 10,674,819 250,069,655 4.27%
61-90 Days Past Due 1,867,188 250,069,655 0.75%
</TABLE>
