<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): March 17, 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
March 17, 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 January 31,
1999 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 March, 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>
February 1999
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 1,123,242.19 902,139.17 0.00
Investment Earnings 35,370.79 5,119.58 3,741.48
Deposit to Collections 0.00 0.00
Withdraw in Excess of Required Balance (25,849.59)
COLLECTION ACCOUNT
Collections [4.3 a] 6,625,663.81
Add: Servicer Advances [4.3 b] 1,854,051.59
Add: Liquidation Proceeds from Servicer 0.00
Less: Collections to reimburse Servicer Advances [4.3 c] (252,736.92)
Less: Investment Earnings to Newcourt [4.2 e] (35,370.79) (5,119.58) (3,741.48)
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE AMOUNT (8,226,978.48) 8,226,978.48
PAYMENTS ON PAYMENT DATE
(A) Unreimbursed Servicer Advances [4.3 d i] 0.00 0.00
(B) Servicing Fee [4.3 d ii] (56,162.11) 56,162.11
(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] 8,170,816.37
(1) Class A Interest [4.3 d iv A] (495,129.64)
(2) Class B Interest [4.3 d iv B] (65,605.41)
(3) Class A Principal [4.3 d iv C] (7,141,775.04)
(4) Deposit Reserve Account [4.3 d iv D] 0.00 0.00
Repayment Newcourt Advance 0.00 (75,293.53)
(5) Class C Interest [4.3 d iv E] (80,727.65)
(6) Class B Principal [4.3 d iv F] (193,789.31)
(7) Class C Principal [4.3 d iv G] (193,789.31)
(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 (8,226,978.47) 56,162.11
Ending Balance 0.00 1,047,948.66 876,289.58 0.00
</TABLE>
<TABLE>
<CAPTION>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate -- Accounts February 1999
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] 1,057,691.25 4,009,386.51 3,103,738.60
(1) Class A Interest [4.3 d iv A] 88,046.57 180,719.23 226,363.84
(2) Class B Interest [4.3 d iv B] 14,816.26 24,018.25 26,770.90
(3) Class A Principal [4.3 d iv C] 1,286,775.47 2,389,454.82 3,465,544.75
(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] 17,807.06 29,369.80 33,550.79
(6) Class B Principal [4.3 d iv F] 34,608.51 62,105.69 97,075.11
(7) Class C Principal [4.3 d iv G] 34,608.51 62,105.69 97,075.11
(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 1,476,662.38 2,747,773.48 3,946,380.50
Ending Balance
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
February 1999
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 21,259,126.03 41,523,883.86 55,536,404.25
Less: Previous Period's Prepayments 902,828.44 2,159,946.02 2,499,940.18
Less: Previous Period's Defaults 73,470.91 152,193.54 206,815.90
Prior Month Series ADCB (reported this period) 20,282,826.68 39,211,744.30 52,829,648.17
Class A Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- ------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 15,560,512.54 31,566,677.91 43,531,507.09
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 88,046.57 180,719.23 226,363.84
Prior Class A Interest Arrearage 0.00 0.00 0.00
Class A Interest Due 88,046.57 180,719.23 226,363.84
Class A Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class A Principal Balance 15,560,512.54 31,566,677.91 43,531,507.09
Prior Months Series ADCB 20,282,826.68 39,211,744.30 52,829,648.17
Current Months Series ADCB 19,417,613.92 37,659,102.07 50,402,770.50
------------- -------------- --------------
Difference 865,212.76 1,552,642.23 2,426,877.67
Class A Share 92.00% 92.00% 92.00%
Scheduled Principal Due 795,995.74 1,428,430.85 2,232,727.46
Current Prepayments 422,748.58 829,541.02 1,055,876.00
Current Defaults 68,031.15 131,482.95 176,941.29
Class A Total Due 1,286,775.47 2,389,454.82 3,465,544.75
Prior Class A Arrearage 0.00 0.00 0.00
Class A Principal Due 1,286,775.47 2,389,454.82 3,465,544.75
Class A Principal Distribution 1,286,775.47 2,389,454.82 3,465,544.75
Current Class A Arrearage 0.00 0.00 0.00
Interim Class A Principal Balance after Current Distribution 14,273,737.07 29,177,223.09 40,065,962.34
Accelerated Class A Distribution Amount 0.00 0.00 0.00
Ending Class A Principal Balance after Current Distribution 14,273,737.07 29,177,223.09 40,065,962.34
Class B Interest Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- -------------- --------------
Opening Class B Principal Balance 2,361,156.93 3,822,533.12 4,649,070.56
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 14,816.26 24,018.25 26,770.90
Prior Class B Interest Arrearage 0.00 0.00 0.00
Class B Interest Due 14,816.26 24,018.25 26,770.90
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules
<TABLE>
<CAPTION>
February 1999
Class B Principal Schedule SERIES 1996-1 SERIES 1996-2 SERIES 1996-3
- -------------------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Opening Class B Principal Balance 2,361,156.93 3,822,533.12 4,649,070.56
Prior Months Series ADCB 20,282,826.68 39,211,744.30 52,829,648.17
Current Months Series ADCB 19,417,613.92 37,659,102.07 50,402,770.50
------------- -------------- --------------
Difference 865,212.76 1,552,642.23 2,426,877.67
Class B Share 4.00% 4.00% 4.00%
Scheduled Principal Due 34,608.51 62,105.69 97,075.11
Current Prepayments 0.00 0.00 0.00
Current Defaults 0.00 0.00 0.00
Class B Total Due 34,608.51 62,105.69 97,075.11
Prior Class B Arrearage 0.00 0.00 0.00
Class B Principal Due 34,608.51 62,105.69 97,075.11
Class B Principal Distribution 34,608.51 62,105.69 97,075.11
Current Class B Arrearage 0.00 0.00 0.00
Interim Class B Principal Balance after Current Distribution 2,326,548.42 3,760,427.43 4,551,995.45
Accelerated Class B Distribution Amount 0.00 0.00 0.00
Ending Class B Principal Balance after Current Distribution 2,326,548.42 3,760,427.43 4,551,995.45
Class C Interest Schedule
- -------------------------
Opening Class C Principal Balance 2,361,156.93 3,822,533.12 4,649,070.56
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 17,807.06 29,369.80 33,550.79
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 17,807.06 29,369.80 33,550.79
Class C Interest Paid 17,807.06 29,369.80 33,550.79
Class C Interest Arrearage 0.00 0.00 0.00
Class C Principal Schedule
- --------------------------
Opening Class C Principal Balance 2,361,156.93 3,822,533.12 4,649,070.56
Prior Months Series ADCB 20,282,826.68 39,211,744.30 52,829,648.17
Current Months Series ADCB 19,417,613.92 37,659,102.07 50,402,770.50
------------- -------------- --------------
Difference 865,212.76 1,552,642.23 2,426,877.67
Class C Share 4.00% 4.00% 4.00%
Scheduled Principal Due 34,608.51 62,105.69 97,075.11
Prior Class C Arrearage 0.00 0.00 0.00
Class C Principal Due 34,608.51 62,105.69 97,075.11
Class C Principal Distribution 34,608.51 62,105.69 97,075.11
Current Class C Arrearage 0.00 0.00 0.00
Interim Class C Principal Balance after Current Distribution 2,326,548.42 3,760,427.43 4,551,995.45
Accelerated Class C Distribution Amount 0.00 0.00 0.00
Ending Class C Principal Balance after Current Distribution 2,326,548.42 3,760,427.43 4,551,995.45
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate--Schedules February 1999
<TABLE>
<CAPTION>
Servicing Fee Schedule
- ----------------------
<S> <C>
Contract Pool ADCB 112,324,219.15
Servicing Rate 0.60%
Monthly Servicing Rate 0.05%
Prior Servicing Fee Arrearage 0.00
Current Servicer Fee 56,162.11
Servicer Fee Due 56,162.11
Current Servicing Fee Arrearage 0.00
<CAPTION>
Reserve Account Schedule Reserve Account Series 1996-1 Series 1996-2 Series 1996-3
- ------------------------- --------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Prior Month Balance 1,123,242.19
Series ADCB 104,794,865.50
Required Balance (Series ADCB* 1.00%) 1,047,948.66
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 (75,293.53)
Ending Reserve Account Balance 1,047,948.66
---------------
<CAPTION>
Cash Collateral Account Schedule
- --------------------------------
<S> <C>
Prior Month Balance 902,139.17
Required Balance 876,289.58
Withdraw from Cash Collateral Account (25,849.59)
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust
Monthly Servicer Certificate - Restricting Events February 1999
Restricting Event Calculations
<TABLE>
<S> <C>
(1) Event of Default under the Servicing Agreement (Yes/No) no
(a) ADCB Delinquencies
3 Month Rolling Avg. ADCB 113,006,183
Delinquency Ratio 0.64%
Maximum Delinquency Ratio 2.00%
(b) Annualized ADCB Defaulted Contracts Ratio 0.14%
Maximum Default Ratio 1.00%
(c) Reserve plus APB Subordination no
(d) Restricting Event under any Indenture no
Portfolio Performance Tests
<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
<CAPTION>
Monthly Weighted
Delinquencies Delinquencies ADCB Delinquency Average
------------- ---- ----------- ---------
<S> <C> <C> <C> <C> <C>
0
2 months prior 709,310 121,899,464 0.58% 0.21%
1 month prior 728,636 112,324,219 0.65% 0.21%
Current 740,745 104,794,866 0.71% 0.22%
----- -----
0.65% 0.64%
<S> <C>
Delinquency Ratio: 0.64%
Maximum Delinquency Ratio: 2.00%
<CAPTION>
Monthly
Charge-Offs Charge-Offs ADCB Defaults
----------- ---- --------
<S> <C> <C> <C> <C>
0
5 months prior 26,387 150,963,762 0.02%
4 months prior 80,630 141,652,294 0.06%
3 months prior 11,378 132,690,695 0.01%
2 months prior 7,229 121,899,464 0.01%
1 month prior (31,070) 112,324,219 -0.03%
Current (8,086) 104,794,866 -0.01%
------- ------------- -----
86,468 764,325,500 0.01%
<S> <C> <C>
Average ADCB 127,387,550
Annualized Maximum Charge-Off Ratio: 1.00%
-----------
1% of Averge ADCB 1,273,876
Sum of Charge-Offs *2 172,936
Annualized Charge-Off Ratio: 0.14%
<CAPTION>
Series 1996-1 Enhancement Floor
<S> <C> <C>
0
Enhancement Floor 2,925,889
Amounts on deposit in Reserve Account 1,047,949
Series Allocation Percentage 12.94%
ADCB less Aggregate Principal Amount
of Class A Notes 4,653,097
---------
4,788,731
<CAPTION>
Series 1996-2 Enhancement Floor
<S> <C> <C>
0
Enhancement Floor 4,152,983
Amounts on deposit in the Reserve Account 1,047,949
Series Allocation Percentage 49.07%
ADCB less Aggregate Principal Amount
of Class A Notes 7,520,855
---------
8,035,079
<CAPTION>
Series 1996-3 Enhancement Floor
<S> <C> <C>
0
Enhancement Floor 4,602,054
Amounts on deposit in the Reserve Account 1,047,949
Series Allocation Percentage 37.99%
ADCB less Aggregate Principal Amount
of Class A Notes 9,103,991
----------
9,502,061
</TABLE>
<PAGE>
Newcourt Receivables Asset Trust February 1999
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 14,273,737 29,177,223 40,065,962
Initial A Balance 119,656,814 169,810,862 188,172,873
Certificate Factor: 0.119288961 0.171821889 0.212921032
Principal Factor (per thousand): 10.753883770 14.071271939 18.416813724
Interest Factor (per thousand): 0.735825793 1.064238339 1.202956815
CUSIP# #65118YAB3 #651184AE7 #65118YAH0
Class B
--------
Current B Balance 2,326,548 3,760,427 4,551,995
Initial B Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.447200737 0.509330380 0.556381465
Principal Factor (per thousand): 6.652322839 8.411893395 11.865300059
Interest Factor (per thousand): 2.847928003 3.253147313 3.272154534
CUSIP# #65118YAC1 #651184AF4 #65118YAJ6
Class C
--------
Current C Balance 2,326,548 3,760,427 4,551,995
Initial C Balance 5,202,470 7,383,081 8,181,429
Certificate Factor: 0.447200737 0.509330380 0.556381465
Principal Factor (per thousand): 6.652322839 8.411893395 11.865300059
Interest Factor (per thousand): 3.422808781 3.977986987 4.100847175
</TABLE>
DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCB Delinquencies
------------- ---- -------------
<S> <C> <C> <C>
Current 100,389,743 104,794,866 95.80%
31-60 Days Past Due 3,664,378 104,794,866 3.50%
61-90 Days Past Due 740,745 104,794,866 0.71%
</TABLE>
