<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): January 15, 1999
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
January 15, 1999
<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 December 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 January, 1999.
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>
December 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 1,326,906.95 931,169.02 0.00
Investment Earnings 26,328.53 5,938.82 4,034.98
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (17,309.51)
COLLECTION ACCOUNT
Collections [4.3 a] 11,942,438.90
Add: Servicer Advances [4.3 b] 1,289,344.92
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (1,619,965.50)
Less: Investment Earnings to Newcourt [4.2 e] (26,328.53) (5,938.82) (4,034.98)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (11,611,818.32) 11,611,818.32
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (66,345.35) 66,345.35
(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] 11,545,472.97
(1) Class A Interest [4.3 d iv A] (602,339.89)
(2) Class B Interest [4.3 d iv B] (68,102.94)
(3) Class A Principal [4.3 d iv C] (10,254,801.10)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (107,912.31)
(5) Class C Interest [4.3 d iv E] (83,799.04)
(6) Class B Principal [4.3 d iv F] (368,215.00)
(7) Class C Principal [4.3 d iv G] (368,215.00)
(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 (11,611,818.32) 66,345.35
Ending Balance 0.00 1,218,994.64 913,858.51 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts December 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] 1,975,453.08 4,163,942.41 5,406,077.48
(1) Class A Interest [4.3 d iv A] 108,994.56 223,100.50 270,244.83
(2) Class B Interest [4.3 d iv B] 15,369.86 25,010.05 27,723.03
(3) Class A Principal [4.3 d iv C] 2,091,535.26 3,708,734.82 4,434,531.02
(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] 18,472.41 30,582.58 34,744.05
(6) Class B Principal [4.3 d iv F] 60,644.43 97,760.49 109,810.08
(7) Class C Principal [4.3 d iv G] 60,644.43 97,760.49 109,810.08
(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 2,355,660.95 4,182,948.93 5,006,863.09
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
December 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 24,965,494.19 48,479,322.31 63,566,867.64
Less: Previous Period's Prepayments 717,847.38 1,361,694.97 1,733,743.51
Less: Previous Period's Defaults 86,225.05 187,349.70 234,128.15
Prior Month Series ADCB (reported this period) 24,161,421.76 46,930,277.64 61,598,995.98
Class A Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 19,262,661.03 38,969,519.23 51,970,159.50
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 108,994.56 223,100.50 270,244.83
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 108,994.56 223,100.50 270,244.83
Class A Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 19,262,661.03 38,969,519.23 51,970,159.50
Prior Months Series ADCB 24,161,421.76 46,930,277.64 61,598,995.98
Current Months Series ADCB 22,645,311.07 44,486,265.36 58,853,744.01
------------- -------------- --------------
Difference 1,516,110.69 2,444,012.28 2,745,251.97
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 1,394,821.83 2,248,491.30 2,525,631.81
Current Prepayments 606,749.37 1,292,658.96 1,723,068.12
Current Defaults 89,964.06 167,584.56 205,831.09
Class A Total Due 2,091,535.26 3,708,734.82 4,454,531.02
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 2,091,535.26 3,708,734.82 4,454,531.02
Class A Principal Distribution 2,091,535.26 3,708,734.82 4,454,531.02
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 17,171,125.77 35,260,784.41 47,515,628.48
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 17,171,125.77 35,260,784.41 47,515,628.48
Class B Interest Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 2,449,380.22 3,980,379.13 4,814,418.26
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 15,369.86 25,010.05 27,723.03
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 15,369.86 25,010.05 27,723.03
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
December 1998
Class B Principal Schedule Series 1996-1 Series 1996-2 Series 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 2,449,380.22 3,980,379.13 4,814,418.26
Prior Months Series ADCB 24,161,421.76 46,930,277.64 61,598,995.98
Current Months Series ADCB 22,645,311.07 44,486,265.36 58,853,744.01
------------- -------------- --------------
Difference 1,516,110.69 2,444,012.28 2,745,251.97
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 60,644.43 97,760.49 109,810.08
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 60,644.43 97,760.49 109,810.08
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 60,644.43 97,760.49 109,810.08
Class B Principal Distribution 60,644.43 97,760.49 109,810.08
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,388,735.79 3,882,618.64 4,704,608.18
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,388,735.79 3,882,618.64 4,704,608.18
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,449,380.22 3,980,379.13 4,814,418.26
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 18,472.41 30,582.58 34,744.05
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 18,472.41 30,582.58 34,744.05
Class C Interest Paid 18,472.41 30,582.58 34,744.05
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,449,380.23 3,980,379.13 4,814,418.26
Prior Months Series ADCB 24,161,421.76 46,930,277.64 61,598,995.98
Current Months Series ADCB 22,645,311.07 44,486,265.36 58,853,744.01
------------- -------------- --------------
Difference 1,516,110.69 2,444,012.28 2,745,251.97
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 60,644.43 97,760.49 109,810.08
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 60,644.43 97,760.49 109,810.08
Class C Principal Distribution 60,644.43 97,760.49 109,810.08
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 2,388,735.79 3,882,618.64 4,704,608.18
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,388,735.79 3,882,618.64 4,704,608.18
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules December 1998
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C> <C> <C>
Contract Pool ADCB 132,690,695.38
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 66,345.35
Servicer Fee Due 66,345.35
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 1,326,906.95
Series ADCB 121,899,464.28
Required Balance (Series ADCB* 1.00%) 1,218,994.64
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 (107,912.31)
Ending Reserve Account Balance 1,218,994.64
---------------
Cash Collateral Account Schedule
- --------------------------------
Prior Month Balance 931,169.02
Required Balance 913,859.51
Withdraw from Cash Collateral Account (17,309.51)
</TABLE>
<PAGE>
December 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 132,080,818
Delinquency Ratio 0.69%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.23%
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 1,027,193 141,652,294 0.73% 0.26%
1 month prior 997,812 132,690,695 0.75% 0.25%
Current 709,310 121,899,464 0.58% 0.18%
----- -----
0.69% 0.69%
Delinquency Ratio: 0.69%
Maximum Delinquency Ratio: 2.00%
</TABLE>
<TABLE>
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
0 ----------- ---- --------
<S> <C> <C> <C> <C>
5 months prior 31,693 171,863,225 0.02%
4 months prior 12,204 162,136,387 0.01%
3 months prior 26,388 150,963,762 0.02%
2 months prior 80,630 141,652,294 0.06%
1 month prior 11,378 132,690,695 0.01%
Current 7,229 121,899,464 0.01%
------- ------------- -----
169,522 801,205,827 0.02%
</TABLE>
<TABLE>
<CAPTION> <S> <C>
Average ADCB 146,867,638
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Averge ADCB 1,468,676
Sum of Charge-Offs *2 339,044
Annualized Charge-Off Ratio: 0.23%
Series 1996-1 Enhancement Floor
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 1,218,995
Series Allocation Percentage 17.11%
ADCB less Aggregate Principal Amount
of Class A Notes 4,777,472
---------
4,986,044
Series 1996-2 Enhancement Floor
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,218,995
Series Allocation Percentage 36.07%
ADCB less Aggregate Principal Amount
of Class A Notes 7,765,237
---------
8,204,875
Series 1996-3 Enhancement Floor
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,218,995
Series Allocation Percentage 46.82%
ADCB less Aggregate Principal Amount
of Class A Notes 9,409,216
----------
9,980,001
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust December 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 17,171,126 35,260,784 47,515,628
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.143503117 0.207647402 0.252510512
Principal Factor (per thousand): 17.479449687 21.840386252 23.672546149
Interest Factor (per thousand): 0.910893048 1.313817603 1.436151905
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,388,736 3,882,619 4,704,608
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.459154169 0.525880545 0.575035019
Principal Factor (per thousand): 11.656853379 13.241151014 13.421870434
Interest Factor (per thousand): 2.954338997 3.387481475 3.388531514
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,388,736 3,882,619 4,704,608
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.459154169 0.525880545 0.575035019
Principal Factor (per thousand): 11.656853379 13.241151014 13.421870434
Interest Factor (per thousand): 3.550699956 4.142251744 4.246697001
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 116,435,050 121,899,464 95.52%
31-60 Days Past Due 4,755,104 121,899,464 3.90%
61-90 Days Past Due 709,310 121,899,464 0.58%
</TABLE>
