<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): August 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 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
August 17, 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 July 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 August, 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 July 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 1,850,347.91 1,149,930.04 0.00
Investment Earnings 40,519,52 7,708.02 4,584.75
Deposit to Collections 0.00 0.00
Withdraw in Excess of
Required Balance (86,203.28)
Collection Account
- -------------------
Collections [4.3 a] 14,243,202.54
Add: Servicer Advances [4.3 b] 1,742,676.43
Add: Liquidation Proceeds
from Servicer 0.00
Less: Collections to reimburse
Servicer Advances [4.3 c] (1,677,211.33)
Less: Investment Earnings to
Newcourt [4.2 e] (40,519.52) (7,708.02) (4,584.75)
- -----------------------------------------------------------------------------------------------------------------------------------
Available Amount (14,308,667.64) 14,308,667.64
- -----------------
Payments on Payment Date
- ------------------------
(A) Unreimbursed Servicer
Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (92,517.40) 92,517.40
(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] 14,216,150.24 4,722,964.41 3,926,735.45 5,566,450.38
(1) Class A Interest [4.3 d iv A] (875,308.85) 175,880.62 318,284.47 381,143.76
(2) Class B Interest [4.3 d iv B] (75,896.96) 17,511.75 27,602.66 30,782.54
(3) Class A Principal
[4.3 d iv C] (12,468,289.50) 3,422,753.48 3,925,996.26 5,119,539.76
(4) Deposit Reserve
Account [4.3 d iv D] 0.00 0.00 0.00 0.00 0.00
Repayment Newcourt
Advance 0.00 (131,715.66)
(5) Class C Interest [4.3 d iv E] (93,377.93) 21,046.67 33,752.85 38,578.41
(6) Class B Principal [4.3 d iv F] (351,638.50) 109,289.14 104,406.06 137,943.30
(7) Class C Principal [4.3 d iv G] (351,638.50) 109,289.14 104,406.06 137,943.30
(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 (14,308,667.64) 92,517.40 3,855,770.81 4,514,448.36 5,845,931.07
Ending Balance 0.00 1,718,632.25 1,063,726.76 0.00
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
July 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 31,083,467.88 55,595,539.95 73,296,877.43
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 175,880.62 318,284.47 381,143.76
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 175,880.62 318,284.47 381,143.76
Class A Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 31,083,467.88 55,595,539.95 73,296,877.43
Prior Months Series ADCB 36,664,904.76 64,381,532.62 83,988,353.99
Current Months Series ADCB 33,932,676.34 61,771,381.10 80,539,771.52
------------- ------------- -------------
Difference 2,732,228.42 2,610,151.52 3,448,582.47
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 2,513,650.15 2,401,339.40 3,172,695.87
Current Prepayments 760,173.26 1,290,912.76 1,648,071.51
Current Defaults 148,930.07 233,744.10 298,772.38
Class A Total Due 3,422,753.48 3,925,996.26 5,119,539.76
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 3,422,753.48 3,925,996.26 5,119,539.76
Class A Principal Distribution 3,422,753.48 3,925,996.26 5,119,539.76
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 27,660,714.40 51,669,543.69 68,177,337.67
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 27,660,714.40 51,669,543.69 68,177,337.67
Class B Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 2,790,718.31 4,392,996.27 5,345,738.29
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 17,511.76 27,602.66 30,782.54
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 17,511.76 27,602.66 30,782.54
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
July 1998
Class B Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- --------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Opening Class B Principal Balance 2,790,718.31 4,392,996.27 5,345,738.29
Prior Months Series ADCB 36,664,904.76 64,381,532.62 83,988,353.99
Current Months Series ADCB 33,932,676.34 61,771,381.10 80,539,771.52
------------- ------------- -------------
Difference 2,732,228.42 2,610,151.52 3,448,582.47
Class B Shares 4.00% 4.00% 4.00%
Scheduled Principal Due 109,289.14 104,406.06 137,943.30
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 109,289.14 104,406.06 137,943.30
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 109,289.14 104,406.06 137,943.30
Class B Principal Distribution 109,289.14 104,406.06 137,943.30
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,681,429.17 4,288,590.21 5,207,794.99
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,681,429.17 4,288,590.21 5,207,794.99
Class C Interest Schedule
- --------------------------
Opening Class C Principal Balance 2,790,718.31 4,392,996.27 5,345,738.29
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 21,046.67 33,752.85 38,578.41
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 21,046.67 33,752.85 38,578.41
Class C Interest Paid 21,046.67 33,752.85 38,578.41
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- ---------------------------
Opening Class C Principal Balance 2,790,718.31 4,392,996.27 5,345,738.29
Prior Months Series ADCB 36,664,904.76 64,381,532.62 83,988,353.99
Current Months Series ADCB 33,932,676.34 61,771,381.10 80,539,771.52
------------- ------------- -------------
Difference 2,732,228.42 2,610,151.52 3,448,582.47
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 109,289.14 104,406.06 137,943.30
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 109,289.14 104,406.06 137,943.30
Class C Principal Distribution 109,289.14 104,406.06 137,943.30
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 2,681,429.17 4,288,590.21 5,207,794.99
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,681,429.17 4,288,590.21 5,207,794.99
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules
<TABLE>
<CAPTION>
July 1998
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C> <C>
Contract Pool ADCB 185,034,791.37
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 92,517.40
Servicer Fee Due 92,517.40
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule RESERVE ACCOUNT SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ---------------------------------------- --------------- ------------- ------------- -------------
Prior Month Balance 1,850,347.91
Series ADCB 171,863,224.88
Required Balance (Series ADCB * 1.00%) 1,718,632.25
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 (131,715.66)
Ending Reserve Account Balance 1,718,632.25
--------------
Cash Collateral Account Schedule
Prior Month Balance 1,149,930.04
Required Balance 1,063,726.76
Withdraw from Cash Collateral Account (86,203.28)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events July 1998
Restricting Event Calculations
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 185,074,319
Delinquency Ratio 0.74%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.36%
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 1,565,175 198,324,941 0.79% 0.28%
1 month prior 1,425,752 185,034,791 0.77% 0.26%
Current 1,136,226 171,863,225 0.66% 0.20%
----- -----
0.74% 0.74%
Delinquency Ratio 0.74%
Maximum Delinquency Ratio 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
----------- ---- --------
<S> <C> <C> <C> <C>
0
5 months prior 49,639 238,171,178 0.02%
4 months prior 63,291 223,043,107 0.03%
3 months prior 33,945 210,589,900 0.02%
2 months prior 90,375 198,324,941 0.05%
1 month prior 101,266 185,034,791 0.05%
Current 31,693 171,863,225 0.02%
-------- ------------- -----
370,209 1,227,027,142 0.03%
Average ADCB 204,504,524
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Average ADCB 2,045,045
Sum of Charge-Offs *2 740,418
Annualized Charge-Off Ratio: 0.36%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 1,718,632
Series Allocation Percentage 33.22%
ADCB less Aggregate Principal Amount
of Class A Notes 5,362,859
---------
5,933,832
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,718,632
Series Allocation Percentage 27.62%
ADCB less Aggregate Principal Amount
of Class A Notes 8,577,181
---------
9,051,895
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,718,632
Series Allocation Percentage 39.16%
ADCB less Aggregate Principal Amount
of Class A Notes 10,415,590
---------
11,088,535
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate-Certificate Schedules
<TABLE>
<CAPTION>
July 1998
CERTIFICATE FACTORS
Series 1996-1 Series 1996-2 Series 1996-3
CUSIP# #65118YAA5 #65118YAD9 #65118YAG2
<S> <C> <C> <C> <C>
CLASS A
Current A Balance 27,660,714 51,669,544 68,177,338
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.231167064 0.304277023 0.362312254
Principal Factor (per thousand): 28.604751920 23.119818187 27.206577008
Interest Factor (per thousand): 1.469875506 1.874346940 2.025497905
CUSIP# #65118YAB3 #651184AE7 #65118YAHO
CLASS B
Current B Balance 2,681,429 4,288,590 5,207,795
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.515414634 0.580867287 0.636538555
Principal Factor (per thousand): 21.007163905 14.141258981 16.860538666
Interest Factor (per thousand): 3.366047281 3.738637045 3.762489414
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
CLASS C
Current C Balance 2,681,429 4,288,590 5,207,795
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.515414634 0.580867287 0.636538555
Principal Factor (per thousand): 21.007163905 14.141258981 16.860538666
Interest Factor (per thousand): 4.045514919 4.571648362 4.715363294
DELINQUENCIES
Monthly
Delinquencies ADCB Delinquencies
------------- ----------- -------------
Current 164,849,396 171,863,225 95.92%
31-60 Days Past Due 5,877,603 171,863,225 3.42%
61-90 Days Past Due 1,136,226 171,863,225 0.66%
</TABLE>
