<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): October 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
October 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 September
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 October, 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>
September 1998
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 1,621,363.87 1,038,105.68 0.00
Investment Earnings 27,709.76 10,611.76 6,581.43
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (23,556.33)
COLLECTION ACCOUNT
Collections [4.3 a] 13,456,277.61
Add: Servicer Advances [4.3 b] 535,311.68
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (1,820,509.13)
Less: Investment Earnings to Newcourt [4.2 e] (27,709.76) (10,611.76) (6,581.43)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (12,171,080.16) 12,171,080.16
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (81,068.19) 81,068.19
(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] 12,090,011.97
(1) Class A Interest [4.3 d iv A] (756,364.05)
(2) Class B Interest [4.3 d iv B] (72,193.05)
(3) Class A Principal [4.3 d iv C] (10,649,553.33)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (111,726.25)
(5) Class C Interest [4.3 d iv E] (88,829.46)
(6) Class B Principal [4.3 d iv F] (261,536.64)
(7) Class C Principal [4.3 d iv G] (261,536.64)
(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 (12,171,080.16) 81,068.19
Ending Balance 0.00 1,509,637.62 1,014,549.35 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts September 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] 2,691,482.88 4,624,337.83 4,774,191.26
(1) Class A Interest [4.3 d iv A] 143,429.94 279,114.95 333,819.16
(2) Class B Interest [4.3 d iv B] 16,368.68 26,461.88 29,362.49
(3) Class A Principal [4.3 d iv C] 2,326,265.08 3,660,833.28 4,662,454.97
(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] 19,672.84 32,357.90 36,798.72
(6) Class B Principal [4.3 d iv F] 61,554.33 88,192.90 111,788.81
(7) Class C Principal [4.3 d iv G] 61,554.33 88,192.90 111,788.81
(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 2,628,845.20 4,175,153.81 5,286,012.96
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
September 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 31,201,691.09 58,317,962.34 75,876,302.77
Less: Previous Period's Prepayments 505,034.73 903,122.63 1,167,983.59
Less: Previous Period's Defaults 131,104.77 238,256.41 314,067.02
Prior Month Series ADCB (reported this period) 30,565,551.59 57,176,583.30 74,394,252.16
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 25,348,443.53 48,753,703.70 64,195,992.19
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 143,429.94 279,114.95 333,819.16
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 143,429.94 279,114.95 333,819.16
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 25,348,443.53 48,753,703.70 64,195,992.19
Prior Months Series ADCB 30,565,551.59 57,176,583.30 74,394,252.16
Current Months Series ADCB 29,026,693.45 54,971,760.74 71,599,531.84
------------- -------------- --------------
Difference 1,538,858.14 2,204,822.56 2,794,720.32
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,415,749.49 2,028,436.76 2,571,142.69
Current Prepayments 803,499.36 1,443,707.83 1,850,291.51
Current Defaults 107,016.23 188,688.69 241,020.77
Class A Total Due 2,326,265.08 3,660,833.28 4,662,454.97
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,326,265.08 3,660,833.28 4,662,454.97
Class A Principal Distribution 2,326,265.08 3,660,833.28 4,662,454.97
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 23,022,178.45 45,092,870.42 59,533,537.22
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 23,022,178.45 45,092,870.42 59,533,537.22
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 2,608,553.89 4,211,439.73 5,099,130.00
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 16,368.68 26,461.88 29,362.49
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 16,368.68 26,461.88 29,362.49
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
September 1998
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 2,608,553.89 4,211,439.73 5,099,130.00
Prior Months Series ADCB 30,565,551.59 57,176,583.30 74,394,252.16
Current Months Series ADCB 29,026,693.45 54,971,760.74 71,599,531.84
------------- -------------- --------------
Difference 1,538,858.14 2,204,822.56 2,794,720.32
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 61,554.33 88,192.90 111,788.81
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 61,554.33 88,192.90 111,788.81
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 61,554.33 88,192.90 111,788.81
Class B Principal Distribution 61,554.33 88,192.90 111,788.81
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,546,999.56 4,123,246.83 4,987,341.19
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,546,999.56 4,123,246.83 4,987,341.19
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,608,553.89 4,211,439.73 5,099,130.00
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 19,672.84 32,357.90 36,798.72
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 19,672.84 32,357.90 36,798.72
Class C Interest Paid 19,672.84 32,357.90 36,798.72
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,608,553.89 4,211,439.73 5,099,130.00
Prior Months Series ADCB 30,565,551.59 57,176,583.30 74,394,252.16
Current Months Series ADCB 29,026,693.45 54,971,760.74 71,599,531.84
------------- -------------- --------------
Difference 1,538,858.14 2,204,822.56 2,794,720.32
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 61,554.33 88,192.90 111,788.81
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 61,554.33 88,192.90 111,788.81
Class C Principal Distribution 61,554.33 88,192.90 111,788.81
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 2,546,999.56 4,123,246.83 4,987,341.19
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,546,999.56 4,123,246.83 4,987,341.19
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules September 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C> <C>
Contract Pool ADCB 162,136,387.05
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 81,068.19
Servicer Fee Due 81,068.19
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 1,621,363.87
Series ADCB 150,963,761.64
Required Balance (Series ADCB* 1.00%) 1,509,637.62
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 (111,726.25)
Ending Reserve Account Balance 1,509,637.62
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,038,105.68
Required Balance 1,014,549.35
Withdraw from Cash Collateral Account (23,556.33)
</TABLE>
<PAGE>
September 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 161,654,458
Delinquency Ratio 0.70%
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 1,136,226 171,863,225 0.66% 0.23%
1 month prior 1,164,348 162,136,387 0.72% 0.24%
Current 1,103,077 150,963,762 0.73% 0.23%
----- -----
0.70% 0.70%
Delinquency Ratio: 0.70%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 33,945 210,589,900 0.02%
4 months prior 90,375 198,324,941 0.05%
3 months prior 101,266 185,034,791 0.05%
2 months prior 31,693 171,863,225 0.02%
1 month prior 12,204 162,136,387 0.01%
Current 26,388 150,963,762 0.02%
------- ------------- -----
295,871 1,078,913,006 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 179,818,834
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Averge ADCB 1,798,188
Sum of Charge-Offs *2 591,742
Annualized Charge-Off Ratio: 0.33%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 1,509,638
Series Allocation Percentage 22.26%
ADCB less Aggregate Principal Amount
of Class A Notes 5,093,999
---------
5,430,075
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,509,638
Series Allocation Percentage 38.25%
ADCB less Aggregate Principal Amount
of Class A Notes 8,246,494
---------
8,823,919
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,509,838
Series Allocation Percentage 39.49%
ADCB less Aggregate Principal Amount
of Class A Notes 9,974,682
----------
10,570,819
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust September 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 23,022,178 45,092,870 59,533,537
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.192401734 0.265547621 0.316376831
Principal Factor (per thousand): 19.441141731 21.558298644 24.777508552
Interest Factor (per thousand): 1.198677578 1.643681366 1.774002568
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,547,000 4,123,247 4,987,341
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.489575060 0.558472384 0.609592920
Principal Factor (per thousand): 11.831751072 11.945270602 13.663726716
Interest Factor (per thousand): 3.146328571 3.584124314 3.588919491
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,547,000 4,123,247 4,987,341
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.489575060 0.558472384 0.609592920
Principal Factor (per thousand): 11.831751072 11.945270602 13.663726716
Interest Factor (per thousand): 3.781442276 4.382709624 4.497835280
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 143,613,287 150,963,762 95.13%
31-60 Days Past Due 6,247,397 150,963,762 4.14%
61-90 Days Past Due 1,103,077 150,963,762 0.73%
</TABLE>
