<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): April 15, 1998
NEWCOURT RECEIVABLES CORPORATION
(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
April 15, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ---------- --------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<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 March 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 15th day of April, 1998.
Newcourt Credit Group Inc.,
as Servicer
By: /s/ Daniel A. Jauernig
-----------------------------------
Daniel A. Jauernig
Chief Financial Officer
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 2,381,711.78 1,200,006.65 0.00
Investment Earnings 45,780.90 9,679.99 4,713.14
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (17,893.27)
COLLECTION ACCOUNT
Collections [4.3 a] 16,541,304.19
Add: Servicer Advances [4.3 b] 1,571,158.36
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (1,525,796.15)
Less: Investment Earnings to Newcourt [4.2 e] (45,780.90) (9,679.99) (4,713.14)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (16,586,666.40) 16,586,666.40
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (119,085.59) 119,085.59
(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] 16,467,580.81
(1) Class A Interest [4.3 d iv A] (1,153,240.92)
(2) Class B Interest [4.3 d iv B] (83,519.22)
(3) Class A Principal [4.3 d iv C] (14,389,957.23)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (151,280.71)
(5) Class C Interest [4.3 d iv E] (102,749.68)
(6) Class B Principal [4.3 d iv F] (369,056.88)
(7) Class C Principal [4.3 d iv G] (369,056.88)
(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 (16,586,666.40) 119,085.59
Ending Balance 0.00 2,230,431.07 1,182,113.38 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts March 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] 3,047,631.20 5,549,640.24 7,870,309.38
(1) Class A Interest [4.3 d iv A] 238,409.78 423,155.40 491,675.74
(2) Class B Interest [4.3 d iv B] 19,297.66 30,530.00 33,691.56
(3) Class A Principal [4.3 d iv C] 3,186,173.93 5,331,331.86 5,872,451.44
(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] 23,193.08 37,332.44 42,224.16
(6) Class B Principal [4.3 d iv F] 85,099.43 141,429.98 142,527.47
(7) Class C Principal [4.3 d iv G] 85,099.43 141,429.98 142,527.47
(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 3,637,273.31 6,105,209.66 6,725,097.84
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
March 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 49,545,079.08 85,784,251.11 108,911,769.87
Less: Previous Period's Prepayments 1,034,714.99 1,761,078.62 2,169,104.25
Less: Previous Period's Defaults 225,437.66 391,794.20 487,792.01
Prior Month Series ADCB (reported this period) 48,284,926.43 83,631,378.29 106,254,873.61
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 42,134,276.35 73,913,607.28 94,553,027.88
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 238,409.78 423,155.40 491,675.74
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 238,409.78 423,155.40 491,675.74
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 42,134,276.35 73,913,607.28 94,553,027.88
Prior Months Series ADCB 48,284,926.43 83,631,378.29 106,254,873.61
Current Months Series ADCB 46,157,440.61 80,095,628.88 102,691,686.88
------------- -------------- --------------
Difference 2,127,485.82 3,535,749.41 3,563,186.73
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,957,286.95 3,252,889.46 3,278,131.79
Current Prepayments 1,023,705.96 1,724,931.95 2,157,910.18
Current Defaults 205,181.02 353,510.45 436,409.47
Class A Total Due 3,186,173.93 5,331,331.86 5,872,451.44
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 3,186,173.93 5,331,331.86 5,872,451.44
Class A Principal Distribution 3,186,173.93 5,331,331.86 5,872,451.44
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Disbribution 38,948,102.42 68,582,275.42 88,680,576.44
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 38,948,102.42 68,582,275.42 88,680,576.44
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 3,075,324.90 4,858,885.44 5,850,922.87
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 19,297.66 30,530.00 33,691.56
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 19,297.66 30,530.00 33,691.56
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
March 1998
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 3,075,324.90 4,858,885.44 5,850,922.87
Prior Months Series ADCB 48,284,926.43 83,631,378.29 106,254,873.61
Current Months Series ADCB 46,157,440.61 80,095,628.88 102,691,686.88
------------- -------------- --------------
Difference 2,127,485.82 3,535,749.41 3,563,186.73
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 85,099.43 141,429.98 142,527.47
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 85,099.43 141,429.98 142,527.47
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 85,099.43 141,429.98 142,527.47
Class B Principal Distribution 85,099.43 141,429.98 142,527.47
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Disbribution 2,990,225.47 4,717,455.46 5,708,395.40
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,990,225.47 4,717,455.46 5,708,395.40
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 3,075,324.90 4,858,885.44 5,850,922.87
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 23,193.08 37,332.44 42,224.16
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 23,193.08 37,332.44 42,224.16
Class C Interest Paid 23,193.08 37,332.44 42,224.16
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 3,075,324.90 4,858,885.44 5,850,922.87
Prior Months Series ADCB 48,284,926.43 83,631,378.29 106,254,873.61
Current Months Series ADCB 46,157,440.61 80,095,628.88 102,691,686.88
------------- -------------- --------------
Difference 2,127,485.82 3,535,749.41 3,563,186.73
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 85,099.43 141,429.98 142,527.47
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 85,099.43 141,429.98 142,527.47
Class C Principal Distribution 85,099.43 141,429.98 142,527.47
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 2,990,225.47 4,717,455.46 5,708,395.40
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,990,225.47 4,717,455.46 5,708,395.40
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules March 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 238,171,178.33
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 119,085.59
Servicer Fee Due 119,085.59
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 2,381,711.78
Series ADCB 223,043,107.34
Required Balance (Series ADCB* 1.00%) 2,230,431.07
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 (151,280.71)
Ending Reserve Account Balance 2,230,431.07
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,200,006.65
Required Balance 1,182,113.38
Withdraw from Cash Collateral Account (17,893.27)
</TABLE>
<PAGE>
March 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 237,094,647
Delinquency Ratio 0.76%
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>
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 Delinquency Average
------------- ---- ------------- ---------
<S> <C> <C> <C> <C> <C>
0 2 months prior 1,867,188 250,069,655 0.75% 0.26%
1 month prior 1,866,046 238,171,178 0.78% 0.26%
Current 1,705,924 223,043,107 0.76% 0.24%
----- -----
0.76% 0.76%
Delinquency Ratio: 0.76%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 69,074 293,296,810 0.02%
4 months prior 94,633 279,231,275 0.03%
3 months prior 138,212 264,754,764 0.05%
2 months prior 84,627 250,069,655 0.03%
1 month prior 49,639 238,171,178 0.02%
Current 63,291 223,043,107 0.03%
------- ------------- -----
499,476 1,548,566,790 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 258,094,465
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Average ADCB 2,580,945
Sum of Charge-Offs *2 998,952
Annualized Charge-Off Ratio: 0.39%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 2,230,431
Series Allocation Percentage 18.51%
ADCB less Aggregate Principal Amount
of Class A Notes 5,980,451
---------
6,393,234
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 2,230,431
Series Allocation Percentage 33.70%
ADCB less Aggregate Principal Amount
of Class A Notes 9,434,911
---------
10,186,575
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 2,230,431
Series Allocation Percentage 47.79%
ADCB less Aggregate Principal Amount
of Class A Notes 11,416,791
----------
12,482,775
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust March 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 38,948,102 68,582,275 88,680,576
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.325498408 0.403874490 0.471271842
Principal Factor (per thousand): 26.627601250 31.395705736 31.207747144
Interest Factor (per thousand): 1.992446331 2.491921863 2.612893836
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,990,225 4,717,455 5,708,395
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.574770344 0.638954859 0.697725960
Principal Factor (per thousand): 16.357505185 19.155956798 17.420852763
Interest Factor (per thousand): 3.709326531 4.135130056 4.118053215
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,990,225 4,717,455 5,708,395
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.574770344 0.638954859 0.697725960
Principal Factor (per thousand): 16.357505185 19.155956798 17.420852763
Interest Factor (per thousand): 4.458090100 5.056485250 5.160976157
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 211,950,717 223,043,107 95.03%
31-60 Days Past Due 9,386,467 223,043,107 4.21%
61-90 Days Past Due 1,705,924 223,043,107 0.76%
</TABLE>
