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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: April 10, 2000
Newcourt Equipment Trust Securities 1998-2
A New York Commission File I.R.S. Employer
Corporation NO. 333-34793 No. 13-7135550
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
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NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: APRIL 10, 2000 PAYMENT DATE: APRIL 17, 2000
COLLECTION PERIOD: MARCH 31, 2000
ITEM 5. OTHER
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<S> <C>
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $788,632,221
b. End of Collection Period $755,744,102
c. Reduction for Collection Period $ 32,888,119
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 13,964,085
b. End of Collection Period $ 11,652,546
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 347
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 2,855,324
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received $ 496,441
e. Liquidation Proceeds Allocated to Owner Trust $ 422,005
f. Liquidation Proceeds Allocated to Depositor $ 74,436
g. Current Realized Losses $ 2,433,319
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 284
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 3,215,078
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 --
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6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
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<CAPTION>
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% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
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<S> <C> <C> <C> <C>
a. Current 51,666 90.79% $ 708,098,440 92.27%
b. 31-60 days 2,582 4.54% $ 33,233,081 4.33%
c. 61-90 days 1,222 2.15% $ 12,860,094 1.68%
d. 91-120 days 646 1.14% $ 6,305,210 0.82%
e. 120+ days 794 1.40% $ 6,899,823 0.90%
f. Total 56,910 100.00% $ 767,396,648 100.00%
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7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
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<CAPTION>
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% 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>
3/31/00 4.33% 1.68% 0.82% 0.90%
2/29/00 5.27% 1.81% 0.85% 1.13%
1/31/00 5.21% 1.73% 0.97% 1.06%
12/31/99 5.36% 1.89% 1.00% 1.02%
11/30/99 5.15% 1.75% 1.10% 1.18%
10/31/99 5.05% 1.91% 1.04% 0.95%
9/30/99 4.32% 1.77% 0.72% 0.92%
8/31/99 4.44% 1.58% 0.68% 0.79%
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%
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<S> <C> <C> <C> <C>
02/28/99 5.64% 1.79% 0.58% 0.45%
01/31/99 5.45% 1.51% 0.69% 0.01%
12/31/98 4.64% 1.30% 0.01% 0.01%
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8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
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COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
MARCH-00 MARCH-00 MARCH-00
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 347 849 1,635 3,163
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.496% 1.213% 2.336% 4.520%
c. Required Payoff Amounts of
Liquidated Contracts 2,855,324 7,449,456 15,831,128 35,745,344
d. Liquidation Proceeds Allocated
to Owner Trust 422,005 1,118,755 1,979,229 3,252,961
e. Aggregate Current Realized
Losses 2,433,319 6,330,701 13,851,899 32,492,382
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.181% 0.471% 1.032% 2.420%
</TABLE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
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PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON APRIL 17, 2000 APRIL 17, 2000 MARCH 15, 2000 MARCH 15, 2000
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
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<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.195000% $0 0.00000 $0 0.00000
b. Class A-2 Notes 5.290000% $0 0.00000 $0 0.00000
c. Class A-3 Notes 5.450000% $372,180,927 0.79187 $399,613,498 0.85023
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $75,396,046 0.61361 $78,300,018 0.63725
f. Class B Notes 5.660000% $12,966,379 0.83963 $13,499,020 0.87412
g. Class C Notes 6.190000% $42,845,655 0.83963 $44,605,638 0.87412
h. Class D Notes 7.210000% $62,577,257 0.83963 $65,147,748 0.87412
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<S> <C> <C> <C> <C> <C>
I. Total N.A. $767,396,648 0.57146 $802,596,305 0.59767
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Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $ 767,396,648 and the CCA Balance is $ 67,228,078.
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<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 802,596,305
b. Contract Pool Principal Balance (End of Collection Period) $ 755,744,102
c. Monthly Principal Amount $ 46,852,203
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 33,625,425
b. Liquidation Proceeds Allocated to Owner Trust $ 422,005
c. Required Payoff Amounts of Prepaid Contracts $ 3,215,078
d. Required Payoff Amounts of Purchased Contracts $ --
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution. $ 99,128
g. Extension Fees Allocated to Owner Trust $ --
h. Total Gross Collections (sum of (a) through (g)) $ 37,361,637
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 37,361,637
b. Withdrawal from Cash Collateral Account $ 2,433,319
c. Total Available Funds $ 39,794,956
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5. APPLICATION OF AVAILABLE FUNDS
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<CAPTION>
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ITEM AMOUNT REMAINING AVAILABLE FUNDS
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<S> <C> <C>
a. Total Available Funds $ 39,794,956
b. Servicing Fee $ 821,492 $ 38,973,464
c. Interest on Notes:
i) Class A-1 Notes $ -- $ 38,973,464
ii) Class A-2 Notes $ -- $ 38,973,464
iii) Class A-3 Notes $ 1,814,911 $ 37,158,553
iv) Class A-4 Notes $ 914,830 $ 36,243,723
v) Class A-5 Notes $ 358,875 $ 35,884,848
vi) Class B Notes $ 63,670 $ 35,821,177
vii) Class C Notes $ 230,091 $ 35,591,087
viii) Class D Notes $ 391,429 $ 35,199,657
d. Principal of Notes
i) Class A-1 Notes $ -- $ 35,199,657
ii) Class A-2 Notes $ -- $ 35,199,657
iii) Class A-3 Notes $27,432,571 $ 7,767,086
iv) Class A-4 Notes $ -- $ 7,767,086
v) Class A-5 Notes $ 2,903,972 $ 4,863,114
vi) Class B Notes $ 532,641 $ 4,330,473
vii) Class C Notes $ 1,759,983 $ 2,570,490
viii) Class D Notes $ 2,570,490 $ --
e. Deposit to Cash
Collateral Account $ -- $ --
f. Amount to be applied in
accordance with CCA
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<S> <C> <C>
Loan Agreement $ -- $ --
g. Balance, if any, to Equity
Certificates $ --- $ --
</TABLE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
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<CAPTION>
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APRIL 17, 2000
ITEM PAYMENT DATE
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<S> <C>
a. Available Cash Collateral Amount (Beginning) 69,661,396
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 2,433,319
d. Releases of Cash Collateral Account Surplus --
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 67,228,078
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 74,001,434
g. Cash Collateral Account Shortfall 6,773,357
(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
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 62,348,888
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 11,652,546
3) Total ((1) plus (2)) 74,001,434
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($16,785,865); and 16,785,865
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance 767,396,648
d. Requisite Cash Collateral Amount 74,001,434
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 2,433,319
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<S> <C>
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 2,433,319
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
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<CAPTION>
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DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
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<S> <C> <C> <C> <C>
1. Interest Due $ -- $ -- $ 1,814,911 $ 914,830
2. Interest Paid $ -- $ -- $ 1,814,911 $ 914,830
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ -- $ -- $ 27,432,571 $ --
5. Total Distribution Amount $ -- $ -- $ 29,247,483 $ 914,830
((2) plus (4))
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<CAPTION>
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DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
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<S> <C> <C> <C> <C> <C>
1. Interest Due $ 358,875 $ 63,670 $ 230,091 $ 391,429 $ 3,773,807
2. Interest Paid $ 358,875 $ 63,670 $ 230,091 $ 391,429 $ 3,773,807
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $2,903,972 $ 532,641 $ 1,759,983 $2,570,490 $35,199,657
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<S> <C> <C> <C> <C> <C>
5. Total Distribution Amount $3,262,847 $ 596,312 $ 1,990,074 $ 2,961,920 $38,973,464
((2) plus (4))
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V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
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<CAPTION>
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AS OF END OF AS OF END OF
ITEM MARCH-00 FEBRUARY-00
COLLECTION PERIOD COLLECTION PERIOD
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<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 56,910 58,037
b. Average Contract $13,280 $13,588
Principal Balance
c. Weighted Average 34.5 35.2
Remaining Term
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
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<CAPTION>
----------------------------------- ---------------------------------------
PAYMENT DATE SINCE ISSUE PAYMENT DATE SINCE ISSUE
PERIOD CPR PERIOD CPR
------------------------------------ ---------------------------------------
<S> <C> <C> <C> <C> <C>
0 December-98 14 Feb-00 7.416%
1 January-99 1.060% 15 Mar-00 7.402%
2 Feb-99 4.881% 16 Apr-00 7.666%
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%
9 Sep-99 8.813%
10 Oct-99 8.067%
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<S> <C> <C>
11 Nov-99 7.852%
12 Dec-99 7.803%
13 Jan-00 7.484%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS BEEN
PROVIDED TO THE INDENTURE TRUSTEE.
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 April 17, 2000 .
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
Glenn Votek
Glenn Votek
Executive Vice President, and Treasurer
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