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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): November 18, 1998
NEWCOURT RECEIVABLES CORPORATION II
(Exact name of registrant as specified in its charter)
Delaware 333-36059 35-2010710
(State or other jurisdiction (Commission File Number) (IRS Employer
of 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 charged since last report.)
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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:
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<CAPTION>
EXHIBIT NO. DOCUMENT
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<S> <C>
20 Monthly Servicer Certificate
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SIGNATURE
Pursuant to the requirement 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 II
By: /s/ Daniel A. Jauernig
------------------------------------
Daniel A. Jauernig
Vice President and
Chief Financial Officer
November 18, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
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<S> <C>
20 Monthly Servicer Certificate
</TABLE>
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[NEWCOURT LOGO]
CERTIFICATE OF SERVICING OFFICER
The undersigned, not in his/her individual capacity but as an officer of
Newcourt Financial USA Inc. (the "Servicer"), hereby certifies on behalf of
the Servicer that the Monthly Report attached hereto is accurate and no
Servicer Default or event that with notice or lapse of time or both would
become a Servicer Default has occurred. Capitalized terms used but not
defined herein are defined in the Sale and Servicing Agreement, dated as of
November 1, 1997, among the Servicer, Newcourt Receivables Corporation II,
Newcourt Receivables Asset Trust 1997-1 and Manufacturers and Traders Trust
Company, as Indenture Trustee.
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
the 18th day of nOVEMBER, 1998.
NEWCOURT FINANCIAL USA INC., as Servicer
By: /s/ Brian McLean
------------------------------------
Name: Brian McLean
Title: Director, Securitizations
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Page 1
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
<TABLE>
<CAPTION>
<S> <C>
Beginning of Period 10/01/98
End of Period 10/31/98
Payment Date: 11/20/98
Date of Report: 11/18/98
</TABLE>
WATERFALL DISTRIBUTIONS
<TABLE>
<CAPTION>
Collections
Account
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<S> <C>
Cash Collections 19,944,945.79
Interest Earned on Collections Account 66,673.78
Interest Earned on Reserve Account 29,883.10
Recoveries on Defaulted Contracts 652,619.61
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
</TABLE>
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<TABLE>
<CAPTION>
<S> <C>
Available Amount 20,694,122.28
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 174,552.52
(C) A-1 Interest 0.00
(D) A-2 Interest 181,052.71
(E) A-3 Interest 544,868.30
(F) A-4 Interest 862,921.79
(G) B Interest 88,523.43
(H) C Interest 58,499.77
(I) D Interest 123,197.30
(J) A-1 Principal Payment Amount 0.00
(K) A-2 Principal Payment Amount 15,340,687.41
(L) A-3 Principal Payment Amount 0.00
(M) A-4 Principal Payment Amount 0.00
(N) B Principal Payment Amount 3,319,819.03
(O) C Principal Payment Amount 0.00
(P) D Principal Payment Amount 0.00
(Q) Reserve Fund Deposit 0.00
(R) Excess to Certificateholders 0.00
</TABLE>
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NEWCOURT RECEIVABLES ASSETS TRUST 1997-1 Page 2
SERVICING & INTEREST CALCULATIONS
<TABLE>
<CAPTION>
SERVICING FEE DUE A-4 INTEREST
<S> <C> <C> <C>
(a) ADCB 349,105,042.81 (a) A-4 Rate 6.193%
(b) Servicing Fee Rate 0.600% (b) 30 30
(c) 30 30 (c) 360 360
(d) 360 360 (d) Beginning A-4 Balance 167,205,901.00
(e) Current Servicing Due 174,552.32 (e) Current Interest Due (a*d*b/c) 862,921.79
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Servicing Due 174,552.32 (g) Total Interest Due 862,921.79
A-1 INTEREST B INTEREST
(a) A-1 Rate 5.815% (a) B Rate 6.320%
(b) Days in Period 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-1 Balance 0.00 (d) Beginning B Balance 16,808,245.52
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 88,523.43
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 88,523.43
A-2 INTEREST C INTEREST
(a) A-2 Rate 6.040% (a) C Rate 6.560%
(b) 30 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-2 Balance 35,970,737.20 (d) Beginning C Balance 10,701,178.00
(e) Current Interest Due (a*d*b/c) 181,052.71 (e) Current Interest Due (a*d*b/c) 58,499.77
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 181,052.71 (g) Total Interest Due 58,499.77
A-3 INTEREST D INTEREST
(a) A-3 Rate 6.110% (a) D Rate 9.210%
(b) 30 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-3 Balance 107,011,777.00 (d) Beginning D Balance 16,051,766.00
(e) Current Interest Due (a*d*b/c) 544,868.30 (e) Current Interest Due (a*d*b/c) 123,197.30
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 544,868.30 (g) Total Interest Due 123,197.30
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NEWCOURT RECEIVABLES ASSETS TRUST 1997-1 Page 3
PRINCIPAL CALCULATIONS
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<CAPTION>
CLASS A-1 PRINCIPAL AMOUNT
<S> <C>
(a) Prior Month's Balance 0.00
(b) Amount Due 0.00
(c) Amount Paid 0.00
(d) Current Month's Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 PRINCIPAL AMOUNT CLASS B PRINCIPAL AMOUNT
<S> <C> <C> <C>
(a) Prior Month's Balance 35,970,737.20 (a) Prior Month's Balance 16,808,245.52
(b) Beginning Principal All Class A Notes 310,188,415.20 (b) Beginning Principal All Class B Notes 18,727,061.00
(c) Class A Percentage 88.85246% (c) Class B Percentage 4.59016%
(d) ADCB 331,839,693.51 (d) ADCB 331,839,693.51
(e) Amount Due 15,340,687.41 (e) Amount Due 3,495,075.02
(f) Amount Paid 15,340,687.27 (f) Amount Paid 3,319,819.05
(g) Current Month's Ending Balance 20,630,049.79 (g) Current Month's Ending Balance 13,488,426.47
CLASS A-3 PRINCIPAL AMOUNT CLASS C PRINCIPAL AMOUNT
(a) Prior Month's Balance 107,011,777.00 (a) Prior Month's Balance 10,701,178.00
(b) Beginning Principal All Class A Notes 310,188,415.30 (b) Beginning Principal All Class C Notes 10,701,178.00
(c) Class A Percentage 88.85246% (c) Class C Percentage 2.62295%
(d) ADCB 331,839,603.51 (d) ADCB 331,839,693.51
(e) Amount Due 0.00 (e) Amount Due 1,997,185.78
(f) Amount Paid 0.00 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 107,011,777.00 (g) Current Month's Ending Balance 10,701,178.00
CLASS A-4 PRINCIPAL AMOUNT CLASS D PRINCIPAL AMOUNT
(a) Prior Month's Balance 167,205,901.00 (a) Prior Month's Balance 16,051,766.00
(b) Beginning Principal All Class A Notes 310,188,415.20 (b) Beginning Principal All Class D Notes 16,051,766.00
(c) Class A Percentage 88.85246% (c) Class D Percentage 3.93443%
(d) ADCB 331,839,693.51 (d) ADCB 331,839,693.51
(e) Amount Due 0.00 (e) Amount Due 2,995,778.48
(f) Amount Paid 0.00 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 167,205,901.00 (g) Current Month's Ending Balance 16,051,766.00
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NEWCOURT RECEIVABLES ASSETS TRUST 1997-1 Page 4
RESTRICTING EVENT CALCULATIONS
RESTRICTING EVENTS
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<CAPTION>
a) Over 60 Days
Past Due ADCB
<S> <C> <C>
Two Months Prior 6,154,072.23 363,454,858.68
Prior Month 4,741,468.80 349,105,042.81
Current Period 3,849,533.82 331,839,693.51
Total 14,745,074.85
Delinquency Ratio 1.41%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
b) Defaulted
Contracts Recoveries ADCB
<S> <C> <C> <C>
Five Months Prior 1,155,214.64 1,677,419.28 420,608,389.86
Four Months Prior 1,115,955.55 549,022.96 401,988,632.69
Three Months Prior 1,292,610.94 690,985.77 380,115,023.33
Two Months Prior 919,620.92 485,081.00 363,454,858.68
Prior Month 953,080.46 615,812.65 349,105,042.81
Current Period 1,011,167.53 652,619.61 331,839,693.51
Total 6,447,650.04 4,670,941.27
2 times Defaults-Recoveries / Average ADCB 0.95%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
c) A Notes Outstanding
(A) Reserve Fund Balance 8,025,883.00
(B) Difference between ADCB and Class A Notes 36,991,965.72
(C) (A+B) 45,017,848.72
Target Subordination 10,701,177.67
RESTRICTING EVENT? (YES/NO) NO
A Notes Retired
(A) Reserve Fund Balance 8,025,883.00
(B) Reserve Fund Amount 8,025,883.00
RESTRICTING EVENT? (YES/NO) NO
d) Has a Servicer Default or Event of
Default occurred and is continuing? NO
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
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NEWCOURT RECEIVABLES ASSET TRUST 1997-1 Page 5
RESERVE FUND CALCULATIONS
RESERVE FUND
<TABLE>
<CAPTION>
<S> <C>
Beginning Balance 8,025,883.00
Required Balance 8,025,883.00
Deposit/(Withdrawal) 0.00
Ending Balance 8,025,883.00
</TABLE>
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NEWCOURT RECEIVABLES ASSET TRUST 1997-1 Page 6
BOND PRINCIPAL FACTORS
<TABLE>
<CAPTION>
<S> <C>
A-1 0.0000000%
A-2 23.3676345%
A-3 100.0000000%
A-4 100.0000000%
B 72.0263926%
C 100.0000000%
D 100.0000000%
</TABLE>
