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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: May 8, 2000
Newcourt Equipment Trust Securities 1998-2
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<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation NO. 333-34793 No. 13-7135550
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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: May 8, 2000 Payment Date: May 15, 2000
Collection Period: April 30, 2000
<S> <C> <C>
Item 5. Other
I. Information Regarding the Contracts
1. Contract Pool Principal Balance
a. Beginning of Collection Period $ 755,744,102
b. End of Collection Period $ 726,428,220
c. Reduction for Collection Period $ 29,315,882
2. Delinquent Scheduled Payments
a. Beginning of Collection Period $ 11,652,546
b. End of Collection Period $ 12,016,620
3. Liquidated Contracts
a. Number of Liquidated Contracts 245
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 2,211,844
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 730,982
e. Liquidation Proceeds Allocated to Owner Trust $ 632,305
f. Liquidation Proceeds Allocated to Depositor $ 98,677
g. Current Realized Losses $ 1,579,539
4. Prepaid Contacts
a. Number of Prepaid Contracts with respect 238
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 2,546,444
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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Page 3 of 10
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6. Delinquency Status of Contracts (End of Collection Period)
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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 50,794 90.69% $ 680,039,573 92.09%
b. 31-60 days 2,649 4.73% $ 32,838,831 4.45%
c. 61-90 days 1,192 2.13% $ 12,946,253 1.75%
d. 91-120 days 567 1.01% $ 5,664,628 0.77%
e. 120+ days 806 1.44% $ 6,955,555 0.94%
f. Total 56,008 100.00% $ 738,444,840 100.00%
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7. Historical Delinquency Experience with Respect to Contracts
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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
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<S> <C> <C> <C> <C>
4/30/00 4.45% 1.75% 0.77% 0.94%
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%
03/31/99 4.41% 1.34% 0.56% 0.54%
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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Page 4 of 10
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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
April-00 April-00 April-00
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<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 245 924 1,635 3,408
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.350% 1.320% 2.336% 4.870%
c. Required Payoff Amounts of
Liquidated Contracts 2,211,844 7,262,057 15,214,875 37,957,188
d. Liquidation Proceeds Allocated
to Owner Trust 632,305 1,337,995 2,271,599 3,885,267
e. Aggregate Current Realized
Losses 1,579,539 5,924,062 12,943,276 34,071,921
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.118% 0.441% 0.964% 2.537%
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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 May 15, 2000 May 15, 2000 April 17, 2000 April 17, 2000
Rate Payment Date Payment Date Payment Date Payment Date
<S> <C> <C> <C> <C>
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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% $349,617,567 0.74386 $372,180,927 0.79188
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $ 73,007,522 0.59417 $ 75,396,046 0.61362
f. Class B Notes 5.660000% $ 12,528,280 0.81126 $ 12,966,379 0.83964
g. Class C Notes 6.190000% $ 41,398,064 0.81126 $ 42,845,655 0.83964
h. Class D Notes 7.210000% $ 60,463,023 0.81127 $ 62,577,257 0.83964
I. Total N.A. $738,444,840 0.54990 $767,396,648 0.57147
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Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $738,444,840 and the CCA Balance is $65,648,539.
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<S> <C>
2. Monthly Principal Amount
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $767,396,648
b. Contract Pool Principal Balance (End of Collection Period) $726,428,220
c. Monthly Principal Amount $ 40,968,428
3. Gross Collections
a. Scheduled Payments Received $ 28,463,250
b. Liquidation Proceeds Allocated to Owner Trust $ 632,305
c. Required Payoff Amounts of Prepaid Contracts $ 2,546,444
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution. $ 126,375
g. Extension Fees Allocated to Owner Trust $ -
h. Total Gross Collections (sum of (a) through (g)) $ 31,768,374
4. Determination of Available Funds
a. Total Gross Collections $ 31,768,374
b. Withdrawal from Cash Collateral Account $ 1,579,539
c. Total Available Funds $ 33,347,913
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5. Application of Available Funds
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Item Amount Remaining Available Funds
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<S> <C> <C>
a. Total Available Funds $ 33,347,913
b. Servicing Fee $ 787,233 $ 32,560,680
c. Interest on Notes:
i) Class A-1 Notes $ - $ 32,560,680
ii) Class A-2 Notes $ - $ 32,560,680
iii) Class A-3 Notes $ 1,690,322 $ 30,870,358
iv) Class A-4 Notes $ 914,830 $ 29,955,529
v) Class A-5 Notes $ 345,565 $ 29,609,963
vi) Class B Notes $ 61,158 $ 29,548,805
vii) Class C Notes $ 221,012 $ 29,327,793
viii) Class D Notes $ 375,985 $ 28,951,808
d. Principal of Notes
i) Class A-1 Notes $ - $ 28,951,808
ii) Class A-2 Notes $ - $ 28,951,808
iii) Class A-3 Notes $ 22,563,360 $ 6,388,448
iv) Class A-4 Notes $ - $ 6,388,448
v) Class A-5 Notes $ 2,388,524 $ 3,999,924
vi) Class B Notes $ 438,099 $ 3,561,825
vii) Class C Notes $ 1,447,590 $ 2,114,235
viii) Class D Notes $ 2,114,235 $ -
e. Deposit to Cash
Collateral Account $ - $ -
f. Amount to be applied in
accordance with CCA
Loan Agreement $ - $ -
g. Balance, if any, to Equity
Certificates $ - $ -
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Page 6 of 10
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III. Information Regarding the Cash Collateral Account
1. Balance Reconciliation
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May 15, 2000
Item Payment Date
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<S> <C>
a. Available Cash Collateral Amount (Beginning) 67,228,078
b. Deposits to Cash Collateral Account -
c. Withdrawals from Cash Collateral Account 1,579,539
d. Releases of Cash Collateral Account Surplus -
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 65,648,539
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 71,946,948
g. Cash Collateral Account Shortfall 6,298,410
(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 59,930,328
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 12,016,620
3) Total ((1) plus (2)) 71,946,948
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 738,444,840
d. Requisite Cash Collateral Amount 71,946,948
3. Calculation of Cash Collateral Account Withdrawals
a. Interest Shortfalls -
b. Principal Deficiency Amount 1,579,539
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates -
d. Total Cash Collateral Account Withdrawals 1,579,539
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Page 7 of 10
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IV. Information Regarding Distributions on Securities
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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 $ -- $ -- $ 1,690,322 $ 914,830
2. Interest Paid $ -- $ -- $ 1,690,322 $ 914,830
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ -- $ -- $22,563,360 $ --
5. Total Distribution Amount $ -- $ -- $24,253,682 $ 914,830
((2) plus (4))
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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 $ 345,565 $ 61,158 $ 221,012 $ 375,985 $ 3,608,872
2. Interest Paid $ 345,565 $ 61,158 $ 221,012 $ 375,985 $ 3,608,872
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ 2,388,524 $ 438,099 $ 1,447,590 $ 2,114,235 $28,951,808
5. Total Distribution Amount $ 2,734,089 $ 499,257 $ 1,668,603 $ 2,490,220 $32,560,680
((2) plus (4))
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V. Information Regarding Other Pool Characteristics
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As of End of As of End of
Item April-00 March-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 56,008 56,910
b. Average Contract $12,970 $13,280
Principal Balance
c. Weighted Average 33.7 34.5
Remaining Term
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VI. Newcourt Equipment Trust Securities 1998-2 Prepayment Schedule
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Payment Date Since Issue
Period CPR
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<S> <C> <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%
9 Sep-99 8.813%
10 Oct-99 8.067%
11 Nov-99 7.852%
12 Dec-99 7.803%
13 Jan-00 7.484%
14 Feb-00 7.416%
15 Mar-00 7.402%
16 Apr-00 7.666%
17 May-00 7.357%
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Page 9 of 10
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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
May 15, 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
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Glenn Votek
Executive Vice President, and Treasurer
