<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): November 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
November 17, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ---------- --------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
[NEWCOURT 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 October 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 November, 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>
October 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 1,509,637.62 1,014,549.35 0.00
Investment Earnings 37,756.96 7,004.34 4,405.95
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (63,042.09)
COLLECTION ACCOUNT
Collections [4.3 a] 9,544,252.64
Add: Servicer Advances [4.3 b] 1,233,496.25
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (535,311.68)
Less: Investment Earnings to Newcourt [4.2 e] (37,756.96) (7,004.34) (4,405.95)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (10,242,437.21) 10,242,537.21
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (75,481.88) 75,481.88
(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] 10,166,955.33
(1) Class A Interest [4.3 d iv A] (697,998.23)
(2) Class B Interest [4.3 d iv B] (70,608.92)
(3) Class A Principal [4.3 d iv C] (8,855,896.18)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (93,114.68)
(5) Class C Interest [4.3 d iv E] (86,880.88)
(6) Class B Principal [4.3 d iv F] (227,785.56)
(7) Class C Principal [4.3 d iv G] (227,785.56)
(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 (10,242,437.21) 75,481.88
Ending Balance 0.00 1,416,522.93 951,507.26 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts October 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] 1,924,815.26 3,502,551.29 4,739,588.78
(1) Class A Interest [4.3 d iv A] 130,267.16 258,156.68 309,574.39
(2) Class B Interest [4.3 d iv B] 15,982.42 25,907.73 28,718.77
(3) Class A Principal [4.3 d iv C] 1,956,650.50 3,095,175.59 3,804,070.09
(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] 19,208.62 31,680.28 35,991.98
(6) Class B Principal [4.3 d iv F] 54,193.49 78,557.66 95,034.41
(7) Class C Principal [4.3 d iv G] 54,193.49 78,557.66 95,034.41
(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 2,230,495.68 3,568,035.60 4,368,424.05
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
October 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 29,026,693.45 54,971,760.74 71,599,531.84
Less: Previous Period's Prepayments 803,499.36 1,443,707.83 1,850,291.51
Less: Previous Period's Defaults 107,016.23 188,688.69 241,020.77
Prior Month Series ADCB (reported this period) 28,116,177.86 53,339,364.22 69,508,219.56
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 23,022,178.45 45,092,870.42 59,533,537.22
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 130,267.16 258,156.68 309,574.39
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 130,267.16 258,156.68 309,574.39
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 23,022,178.45 45,092,870.42 59,533,537.22
Prior Months Series ADCB 28,116,177.86 53,339,364.22 69,508,219.56
Current Months Series ADCB 26,761,340.60 51,375,422.81 67,132,359.31
------------- -------------- --------------
Difference 1,354,837.26 1,963,941.41 2,375,860.25
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,246,450.28 1,806,826.10 2,185,791.43
Current Prepayments 602,222.21 1,089,730.83 1,375,808.56
Current Defaults 107,978.01 198,618.66 242,470.10
Class A Total Due 1,956,650.50 3,095,175.59 3,804,070.09
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 1,956,650.50 3,095,175.59 3,804,070.09
Class A Principal Distribution 1,956,650.50 3,095,175.59 3,804,070.09
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 21,065,527.95 41,997,694.83 55,729,467.13
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 21,065,527.95 41,997,694.83 55,729,467.13
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 2,546,999.56 4,123,246.83 4,987,341.19
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 15,982.42 25,907.73 28,718.77
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 15,982.42 25,907.73 28,718.77
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
October 1998
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 2,546,999.56 4,123,246.83 4,987,341.19
Prior Months Series ADCB 28,116,177.86 53,339,364.22 69,508,219.56
Current Months Series ADCB 26,761,340.60 51,375,422.81 67,132,359.31
------------- -------------- --------------
Difference 1,354,837.26 1,963,941.41 2,375,860.25
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 54,193.49 78,557.66 95,034.41
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 54,193.49 78,557.66 95,034.41
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 54,193.49 78,557.66 95,034.41
Class B Principal Distribution 54,193.49 78,557.66 95,034.41
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,492,806.07 4,044,689.17 4,892,306.78
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,492,806.07 4,044,689.17 4,892,306.78
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,546,999.56 4,123,246.83 4,987,341.19
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 19,208.62 31,680.28 35,991.98
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 19,208.62 31,680.28 35,991.98
Class C Interest Paid 19,208.62 31,680.28 35,991.98
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,546,999.56 4,123,246.83 4,987,341.19
Prior Months Series ADCB 28,116,177.86 53,339,364.22 69,508,219.56
Current Months Series ADCB 26,761,340.60 51,375,422.81 67,132,359.31
------------- -------------- --------------
Difference 1,354,837.26 1,936,941.41 2,375,860.25
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 54,193.49 78,557.66 95,034.41
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 54,193.49 78,557.66 95,034.41
Class C Principal Distribution 54,193.49 78,557.66 95,034.41
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Disbribution 2,492,806.07 4,044,689.17 4,892,306.78
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,492,806.07 4,044,689.17 4,892,306.78
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules October 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 150,963,761.64
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 75,481.88
Servicer Fee Due 75,481.88
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 1,509,637.62
Series ADCB 141,652,294.35
Required Balance (Series ADCB* 1.00%) 1,416,522.94
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 (93,114.68)
Ending Reserve Account Balance 1,416,522.94
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 1,014,549.35
Required Balance 951,507.26
Withdraw from Cash Collateral Account (63,042.09)
</TABLE>
<PAGE>
October 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 151,584,148
Delinquency Ratio 0.72%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.41%
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 1,164,349 162,136,387 0.72% 0.26%
1 month prior 1,103,077 150,963,762 0.73% 0.24%
Current 1,027,193 141,652,294 0.73% 0.23%
----- -----
0.72% 0.72%
Delinquency Ratio: 0.72%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 90,375 198,324,941 0.05%
4 months prior 101,266 185,034,791 0.05%
3 months prior 31,603 171,863,325 0.02%
2 months prior 12,204 162,136,387 0.01%
1 month prior 26,388 150,963,762 0.02%
Current 80,630 141,652,294 0.06%
------- ------------- -----
342,556 1,009,975,400 0.03%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 168,329,233
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Averge ADCB 1,683,292
Sum of Charge-Offs *2 685,112
Annualized Charge-Off Ratio: 0.41%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 1,416,523
Series Allocation Percentage 18.93%
ADCB less Aggregate Principal Amount
of Class A Notes 4,985,612
---------
5,253,790
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,416,523
Series Allocation Percentage 34.45%
ADCB less Aggregate Principal Amount
of Class A Notes 8,089,378
---------
8,577,376
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,416,523
Series Allocation Percentage 46.62%
ADCB less Aggregate Principal Amount
of Class A Notes 9,784,614
----------
10,444,962
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust October 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 21,065,528 41,997,695 55,729,467
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.176049547 0.247320426 0.296161005
Principal Factor (per thousand): 16.352186178 18.227194363 20.215826167
Interest Factor (per thousand): 1.088673145 1.520260110 1.645159502
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,492,806 4,044,689 4,892,307
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.479158183 0.547832157 0.597977050
Principal Factor (per thousand): 10.416876983 10.640227349 11.615869306
Interest Factor (per thousand): 3.072083068 3.509067573 3.510238859
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,492,806 4,044,689 4,892,307
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.479158183 0.547832157 0.597977050
Principal Factor (per thousand): 10.416876983 10.640227349 11.615869306
Interest Factor (per thousand): 3.692211584 4.290929512 4.399229034
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 136,116,363 141,652,294 96.09%
31-60 Days Past Due 4,508,738 141,652,294 3.18%
61-90 Days Past Due 1,027,193 141,652,294 0.73%
</TABLE>
