<PAGE>
Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: August 6, 1999
Newcourt Equipment Trust Securities 1998-2
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation No. 333-34793 No. 13-7135550
</TABLE>
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 2 of 9
<PAGE>
NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2
MONTHLY SERVICING REPORT
<TABLE>
<CAPTION>
DETERMINATION DATE: AUGUST 9, 1999 PAYMENT DATE: AUGUST 16, 1999
COLLECTION PERIOD: JULY 31, 1999
<S> <C>
ITEM 5. OTHER
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 1,045,538,072.68
b. End of Collection Period $ 1,014,522,007.96
c. Reduction for Collection Period $ 31,016,064.72
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 13,551,484.31
b. End of Collection Period $ 13,701,079.87
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 117
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 1,436,821.10
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 143,861.90
e. Liquidation Proceeds Allocated to Owner Trust $ 140,714.33
f. Liquidation Proceeds Allocated to Depositor $ 3,147.57
g. Current Realized Losses $ 1,296,106.77
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 181
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 3,194,241.36
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with 0
respect to Collection Period -
b. Required Payoff Amounts of Purchased Contracts $ -
</TABLE>
Page 3 of 9
<PAGE>
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION
PERIOD)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 58,982 91.58% $ 950,655,441.03 92.46%
b. 31-60 days 3,174 4.93% $ 46,259,536.70 4.50%
c. 61-90 days 1,136 1.76% $ 15,512,510.53 1.51%
d. 91-120 days 562 0.87% $ 8,445,369.81 0.82%
e. 120+ days 548 0.85% $ 7,350,229.76 0.71%
f. Total 64,402 100.00% $1,028,223,087.83 100.00%
</TABLE>
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO
CONTRACTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% OF % OF % OF % OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF
AMOUNTS AMOUNTS AMOUNTS AMOUNTS
COLLECTION
PERIODS 31-60 DAYS PAST DUE 61-90 DAYS PAST DUE 91-120 DAYS PAST DUE 120+ DAYS PAST DUE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7/31/99 4.50% 1.51% 0.82% 0.71%
6/30/99 4.21% 1.83% 0.67% 0.67%
5/31/99 5.11% 1.70% 0.68% 0.58%
4/30/99 4.19% 1.28% 0.53% 0.52%
3/31/99 4.41% 1.34% 0.56% 0.54%
2/28/99 5.64% 1.79% 0.58% 0.45%
1/31/99 5.45% 1.51% 0.69% 0.01%
12/31/98 4.64% 1.30% 0.01% 0.01%
</TABLE>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
JULY-99 JULY-99 JULY-99
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 117 794 1,132 1,184
b. Number of Liquidated
Contracts as a Percentage 0.042% 0.283% 0.403% 0.422%
of Initial Contracts
c. Required Payoff Amounts of
Liquidated Contracts 1,436,821 7,784,524 13,600,877 14,274,512
d. Liquidation Proceeds Allocated
to Owner Trust 140,714 303,551 741,861 867,233
e. Aggregate Current Realized
Losses 1,296,107 7,480,973 12,859,016 13,407,279
f. Aggregate Current Realized
Losses as a Percentage of 0.097% 0.557% 0.958% 0.998%
Cut-off Date Contract Pool
Principal Balance
</TABLE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON AUGUST 16, 1999 AUGUST 16, 1999 JULY 15, 1999 JUNE 15, 1999
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.195000% $ 33,600,782.22 0.10426 $ 61,920,767.68 0.19213
b. Class A-2 Notes 5.290000% $ 85,272,196.00 1.00000 $ 85,272,196.00 1.00000
c. Class A-3 Notes 5.450000% $ 470,004,229.00 1.00000 $ 470,004,229.00 1.00000
d. Class A-4 Notes 5.450000% $ 201,430,384.00 1.00000 $ 201,430,384.00 1.00000
e. Class A-5 Notes 5.500000% $ 96,914,227.61 0.78874 $ 99,460,711.31 0.80946
f. Class B Notes 5.660000% $ 15,442,996.00 1.00000 $ 15,442,996.00 1.00000
g. Class C Notes 6.190000% $ 51,029,031.00 1.00000 $ 51,029,031.00 1.00000
(Quarterly Paying)
h. Total 7.210000% $ 74,529,242.00 1.00000 $ 74,529,242.00 1.00000
N.A. $1,028,223,087.83 0.76569 $1,059,089,556.99 0.78868
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,028,223,087.83 and the CCA Balance is
$83,405,267.91.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity
Certificates
(End of Prior Collection Period) $1,059,089,556.99
b. Contract Pool Principal Balance (End of $1,014,522,007.96
Collection Period)
c. Monthly Principal Amount $ 44,567,549.03
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 32,237,230.79
b. Liquidation Proceeds Allocated to Owner Trust $ 140,714.33
c. Required Payoff Amounts of Prepaid Contracts $ 3,194,241.36
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution. $ 92,284.17
g. Extension Fees Allocated to Owner Trust $ 102.15
h. Total Gross Collections (sum of (a) through (g)) $ 35,664,572.80
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 35,664,572.80
$ 1,241,997.67
b. Withdrawal from Cash Collateral Account $ 36,906,570.47
c. Total Available Funds
</TABLE>
Page 4 of 9
<PAGE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds $ 36,906,570.47
b. Servicing Fee $ 1,089,102.16 $ 35,817,468.31
c. Interest on Notes:
i) Class A-1 Notes $ 285,936.34 $ 35,531,531.96
ii) Class A-2 Notes $ 375,908.26 $ 35,155,623.70
iii) Class A-3 Notes $ 2,134,602.54 $ 33,021,021.16
iv) Class A-4 Notes $ 914,829.66 $ 32,106,191.50
v) Class A-5 Notes $ 455,861.59 $ 31,650,329.91
vi) Class B Notes $ 72,839.46 $ 31,577,490.44
vii) Class C Notes $ 263,224.75 $ 31,314,265.69
viii) Class D Notes $ 447,796.53 $ 30,866,469.16
d. Principal of Notes
i) Class A-1 Notes $ 28,319,985.45 $ 2,546,483.71
ii) Class A-2 Notes $ - $ -
iii) Class A-3 Notes $ - $ 2,546,483.71
iv) Class A-4 Notes $ - $ -
v) Class A-5 Notes $ 2,546,483.71 $ -
vi) Class B Notes $ - $ -
vii) Class C Notes $ - $ -
viii) Class D Notes $ - $ -
e. Deposit to Cash
Collateral Account $ - $ -
f. Amount to be applied in
accordance with CCA
Loan Agreement $ - $ -
g Balance, if any, to Equity
Certificates $ - $ -
</TABLE>
Page 5 of 9
<PAGE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
AUGUST 16, 1999
ITEM PAYMENT DATE
---------------------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 84,647,265.58
b. Deposits to Cash Collateral Account -
c. Withdrawals from Cash Collateral Account 1,241,997.67
d. Releases of Cash Collateral Account Surplus -
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 83,405,267.91
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 94,000,846.00
g. Cash Collateral Account Shortfall 10,595,578.09
(Excess, if any, of (f) over (e))
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For Payment Dates from, and including, the
January 1999 Payment Date to,
and including, the December 1999 Payment Date
1) Initial Cash Collateral Amount 94,000,846.00
b. For Payment Dates from, and including, the
January 2000 Payment Date until
the Final Payment Date, the sum of
1) 8.25% of the Contract Pool Principal Balance
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2))
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($16,785,865); and
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
d. Requisite Cash Collateral Amount
3. CALCULATION OF CASH COLLATERAL ACCOUNT
WITHDRAWALS
a. Interest Shortfalls -
b. Principal Deficiency Amount 1,241,997.67
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates -
d. Total Cash Collateral Account Withdrawals 1,241,997.67
</TABLE>
Page 6 of 9
<PAGE>
IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 285,936.34 $ 375,908.26 $ 2,134,602.54 $914,829.66
2. Interest Paid $ 285,936.34 $ 375,908.26 $ 2,134,602.54 $914,829.66
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ 28,319,985.45 $ - $ - $ -
5. Total Distribution Amount $ 28,605,921.80 $ 375,908.26 $ 2,134,602.54 $914,829.66
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Interest Due $ 455,861.59 $72,839.46 $ 263,224.75 $ 447,796.53 $ 4,950,999.15
2. Interest Paid $ 455,861.59 $72,839.46 $ 263,224.75 $ 447,796.53 $ 4,950,999.15
3. Interest Shortfall $ - $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $2,546,483.71 $ - $ - $ - $ 30,866,469.16
5. Total Distribution Amount $3,002,345.30 $72,839.46 $ 263,224.75 $ 447,796.53 $ 35,817,468.31
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM JULY-99 JUNE-99
COLLECTION PERIOD COLLECTION PERIOD
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 69,983 N.A.
b. Cut-Off Date Contract Pool $1,342,869,226 N.A.
Principal Balance
c. Original Weighted Average 46.30 N.A.
Remaining Term
d. Weighted Average 56.50 N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 64,402 64,991
b. Average Contract $15,753 $16,087
Principal Balance
c. Weighted Average 40.5 41.2
Remaining Term
</TABLE>
Page 7 of 9
<PAGE>
VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
<TABLE>
<CAPTION>
----------------------------------------------------------------
PAYMENT DATE SINCE ISSUE
PERIOD CPR
----------------------------------------------------------------
<S> <C>
0 December-98
1 January-99 1.060%
2 Feb-99 4.881%
3 Mar-99 9.207%
4 April-99 10.595%
5 May-99 10.294%
6 Jun-99 9.272%
7 Jul-99 9.814%
8 Aug-99 8.969%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID
CONTRACTS HAS BEEN PROVIDED TO THE INDENTURE TRUSTEE.
Page 8 of 9
<PAGE>
<PAGE>
Servicer's Certificate The undersigned, on behalf of AT&T Capital Corporation,
in its capacity as servicer (the "Servicer") under the Transfer and Servicing
Agreement, dated as of December 1, 1998 (the "Transfer and Servicing
Agreement"), among Newcourt Equipment Trust Securities 1998-2, Antigua Funding
Corporation, The Bank of New York, as trustee under the Indenture, and AT&T
Capital Corporation, in its individual capacity and as Servicer, DO HEREBY
CERTIFY that I am a Responsible Officer of the Servicer and, pursuant to Section
3.9 of the Transfer and Servicing Agreement, I DO HEREBY FURTHER CERTIFY the
following report with respect to the Payment Date occurring on August 16, 1999
This Certificate shall constitute the Servicer's Certificate as required by
Section 3.9 of the Transfer and Servicing Agreement with respect to the above
Payment Date. Any term capitalized but not defined herein shall have the meaning
ascribed thereto in the Transfer and Servicing Agreement.
AT&T CAPITAL CORPORATION
Thomas G. Adams
------------------
Thomas G. Adams
Senior Vice President, Financial Reporting
Page 9 of 9
