<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): June 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 (Commission (IRS Employer
of incorporation) File Number) 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:
EXHIBIT NO. DOCUMENT
- ----------- --------
20 Monthly Servicer Certificate
<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
June 17, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
- ----------- --------
20 Monthly Servicer Certificate
<PAGE>
EXHIBIT 20
[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 May 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 June, 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>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Accounts
<TABLE>
<CAPTION>
Master Trust
Collection Reserve Cash Collateral Distribution
Account Account Account Account
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Account Balances 0.00 2,105,899.00 1,174,042.25 0.00
Investment Earnings 41,663.42 10,323.47 5,607.87
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (16,747.58)
Collection Account
Collectiions [4.3 a] 12,839,809.86
Add Servicer Advances [4.3 b] 1,538,607.80
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (821,864.65)
Less: Investment Earnings to Newcourt [4.2 c] (41,663.42) (10,323.47) (5,607.87)
- ----------------------------------------------------------------------------------------------------------------------------------
Available Amount (13,556,553.01) 13,556,553.01
Payments on Payment Date
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (105,294.95) 105,294.95
(C) Amount owed to Hedging Counterparty [4.3 d iii] 0.00 0.00
(D) Series Available Amounts to each Series of Notes [4.3 d iv] 13,451,258.06
(1) Class A Interest [4.3 d iv A] (1,008,595.63)
(2) Class B Interest [4.3 d iv B] (79,670.28)
(3) Class A Principal [4.3 d iv C] (11,637,949.11)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (122,649.59)
(5) Class C Interest [4.3 d iv F] (98,027.54)
(6) Class B Principal [4.3 d iv F] (313,504.75)
(7) Class C Principal [4.3 d iv G] (313,504.75)
(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 (13,356,553.01) 105,294.95
Ending Balance 0.00 1,983,249.41 1,157,294.67 0.00
May 1998
Series 1996-1 Series 1996-2 Series 1996-3
- ----------------------------------------------------------------------------------------------------------------------
Beginning Account Balances
Investment Earnings
Deposit to Collections
Withdraw in Excess of Required Balance
Collection Account
Collectiions [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 c]
- -----------------------------------------------------------------------------------------------------------------------
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 Amounts to each Series of
Notes [4.3 d iv] 2,579,005.87 4,965,472.71 5,906,779.48
(1) Class A Interest [4.3 d iv A] 205,486.77 367,239.95 435,868.21
(2) Class B Interest [4.3 d iv B] 18,379.48 28,990.36 32,306.44
(3) Class A Principal [4.3 d iv C] 2,418,696.87 4,194,664.41 5,024,587.83
(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 F] 22,089.55 35,449.75 40,488.24
(6) Class B Principal [4.3 d iv F] 65,570.98 115,250.52 132,683.25
(7) Class C Principal [4.3 d iv G] 65,570.98 115,250.52 132,683.25
(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 2,795,794.63 4,856,845.51 5,798,617.92
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules May 1998
<TABLE>
<CAPTION>
Print 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 36,315,777.03 64,146,716.41 83,820,943.81
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 205,486.77 367,239.95 435,868.91
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 205,486.77 367,239.95 435,868.91
Class A Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- ------------- -------------
Opening Class A Principal Balance 36,315,777.03 64,146,716.41 83,820,943.81
Prior Month's Series ADCB 42,173,779.45 73,374,416.79 95,041,703.38
Current Month's Series ADCB 40,534,504.98 70,493,153.80 91,724,622.02
------------- ------------- -------------
Difference 1,639,274.47 2,881,262.99 3,317,081.36
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,508,132.51 2,650,761.95 3,051,714.85
Current Prepayments 733,600.16 1,236,655.79 1,562,365.32
Current Defaults 176,964.20 307,246.67 410,507.66
Class A Total Due 2,418,696.87 4,194,664.41 5,024,587.83
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,418,696.87 4,194,664.41 5,024,587.83
Class A Principal Distribution 2,418,696.87 4,194,664.41 5,024,587.83
Current Class A Arrearange 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 33,897,080.16 59,952,052.00 78,796,355.98
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 33,897,080.16 59,952,052.00 78,796,355.98
Class B Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- ------------- -------------
Opening Class B Principal Balance 2,929,001.08 4,613,850.12 5,610,379.79
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 18,379.48 28,990.36 32,306.44
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 18,379.48 28,990.36 32,306.44
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules May 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 2,929,001.08 4,613,850.12 5,610,379.79
Prior Months Series ADCB 42,173,779.45 73,374,416.79 95,041,703.38
Current Months Series ADCB 40,534,504.98 70,493,153.80 91,724,622.02
------------- ------------- -------------
Difference 1,639,274.47 2,881,262.99 3,317,081.36
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 65,570.98 115,250.52 132,683.25
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 65,570.98 115,250.52 132,683.25
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 65,570.98 115,250.52 132,683.25
Class B Principal Distribution 65,570.98 115,250.52 132,683.25
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,863,430.10 4,498,599.60 5,477,696.54
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,863,430.10 4,498,599.60 5,477,696.54
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,929,001.08 4,613,850.12 5,610,379.79
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 22,089.55 35,449.75 40,488.24
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 22,089.55 35,449.75 40,488.24
Class C Interest Paid 22,089.55 35,449.75 40,488.24
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,929,001.08 4,613,850.12 5,610,379.79
Prior Months Series ADCB 42,173,779.45 73,374,416.79 95,041,703.38
Current Months Series ADCB 40,534,504.98 70,493,153.80 91,724,622.02
------------- ------------- -------------
Difference 1,639,274.47 2,881,262.99 3,317,081.36
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 65,570.98 115,250.52 132,683.25
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 65,570.98 115,250.52 132,683.25
Class C Principal Distribution 65,570.98 115,250.52 132,683.25
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 2,863,430.10 4,498,599.60 5,477,696.54
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,863,430.10 4,498,599.60 5,477,696.54
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Schedules May 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 210,589,899.62
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 105,294.95
Servicer Fee Due 105,294.95
Current Servicing Fee Arrearage 0.00
Reserve Account Schedule RESERVE ACCOUNT SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------ --------------- ------------- ------------- -------------
Prior Month Balance 2,105,899.00
Series ADCB 198,324,941.00
Required Balance (Series ADCB * 1.00%) 1,983,249.41
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 (122,649.59)
Ending Reserve Account Balance 1,983,249.41
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,174,042.25
Required Balance 1,157,294.67
Withdraw from Cash Collateral Account (16,747.58)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events May 1998
<TABLE>
<CAPTION>
Restricting Event Calculations
<S> <C> <C>
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg ADCB 210,652,649
Delinquency Ratio 0.78%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.40%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordinates 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)
Event of Default no no no no no no
<S> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
<S> <C> <C> <C> <C> <C> <C>
0
2 months prior 1,705,924 223,043,107 0.76% 0.27%
1 month prior 1,627,309 210,589,900 0.77% 0.26%
Current 1,565,173 198,324,941 0.79% 0.25%
----- -----
0.78% 0.78%
Delinquency Ratio: 0.78%
Maximum Delinquency Ratio: 2.00%
Monthly
Charge-Offs Charge-Offs ADCB Default
0
5 months prior 138,212 264,754,764 0.05%
4 months prior 84,627 250,069,655 0.03%
3 months prior 49,639 238,171,178 0.02%
2 months prior 63,291 223,043,107 0.03%
1 month prior 33,945 210,589,900 0.02%
Current 90,375 198,324,941 0.05%
------- ----------- -----
460,089 1,384,953,545 0.03%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Average ADCB 230,825,591
Annualized Maximum Charge-Off Ratio: 1.00%
1% of Average ADCB 2,308,256
Sum of Charge-Offs * 2 920,178
Annualized Charge-Off Ratio: 0.40%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in the Reserve Account 1,983,249
Series Allocation Percentage 19.17%
ADCB less Aggregate Principal Amount
of Class A Notes 5,726,860
---------
6,107,108
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,983,249
Series Allocation Percentage 36.91%
ADCB less Aggregate Principal Amount
of Class A Notes 8,997,199
---------
9,729,307
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,983,249
Series Allocation Percentage 43.91%
ADCB less Aggregate Principal Amount
of Class A Notes 10,955,393
----------
11,826,287
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Certificate Schedules May 1998
<TABLE>
<CAPTION>
CERTIFICATE FACTORS SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
CUSIP # #65118YAA5 #65118YAD9 #65118YAG2
Class A
-------
Current A Balance 33,897,080 59,952,052 78,796,356
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.283285832 0.353051926 0.418744502
Principal Factor (per thousand): 20.213615833 24.701979343 26.701977548
Interest Factor (per thousand): 1.717301031 2.162641101 2.316321705
CUSIP # #65118YAB3 #651184AE7 #65118YAH0
Class B
-------
Current B Balance 2,863,430 4,498,600 5,477,697
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.550398195 0.609311969 0.669528091
Principal Factor (per thousand): 12.603817033 15.610084807 16.217613084
Interest Factor (per thousand): 3.532837287 3.926593808 3.948752718
CUSIP # #65118YACJ #651184AF4 #65118YAJ6
Class C
-------
Current C Balance 2,863,430 4,498,600 5,477,697
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.550398195 0.609311969 0.669528091
Principal Factor (per thousand): 12.603817033 15.610084807 16.217613084
Interest Factor (per thousand): 4.245973547 4.801484661 4.948798064
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES
- -------------
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 189,400,010 198,324,941 95.50%
31-60 Days Past Due 7,359,757 198,324,941 3.71%
61-90 Days Past Due 1,565,175 198,324,941 0.79%
</TABLE>
