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Previous: EVERGREEN SELECT EQUITY TRUST, 485BPOS, 1998-06-30 |
Next: TIMBERLAND BANCORP INC, 8-K, 1998-06-30 |
<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): June 18, 1998
NEWCOURT RECEIVABLES CORPORATION II
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-36059 35-2010710
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) (Identification No.)
</TABLE>
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 II
By: /s/ Daniel A. Jauernig
------------------------------
Daniel A. Jauernig
Vice President and
Chief Financial Officer
June 18, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT
- ----------- ---------
<S> <C>
20 Monthly Servicer Certificate
</TABLE>
<PAGE>
[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 June, 1998.
NEWCOURT FINANCIAL USA INC., as Servicer
By: /s/ Daniel A. Jauernig
-------------------------------
Name: Daniel A. Jauernig
Title: Chief Financial Officer
<PAGE>
Page 1
<TABLE>
<CAPTION>
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
<S> <C>
Beginning of Period: 05/01/98
End of Period: 05/31/98
Payment Date: 06/20/98
Date of Report: 06/18/98
WATERFALL DISTRIBUTIONS
</TABLE>
<TABLE>
<CAPTION>
Collections
Account
-------------
<S> <C>
Cash Collections 17,373,172.79
Interest Earned on Collections Account 76,704.49
Interest Earned on Reserve Account 32,844.71
Recoveries on Defaulted Contracts 1,677,419.28
Servicer Advances (net of collections to reimburse prior Servicer Advances) 0.00
- -------------------------------------------------------------------------------------------------------
Available Amount 19,160,141.27
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 218,613.47
(C) A-1 Interest 160,160.06
(D) A-2 Interest 444,366.40
(E) A-3 Interest 544,868.30
(F) A-4 Interest 862,921.79
(G) B Interest 98,629.19
(H) C Interest 58,499.77
(I) D Interest 123,197.30
(J) A-1 Principal Payment Amount 16,648,884.99
(K) A-2 Principal Payment Amount 0.00
(L) A-3 Principal Payment Amount 0.00
(M) A-4 Principal Payment Amount 0.00
(N) B Principal Payment Amount 0.00
(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>
<PAGE>
Page 2
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
SERVICING & INTEREST CALCULATIONS
<TABLE>
<CAPTION>
SERVICING FEE DUE A-4 INTEREST
- ----------------- ------------
<S> <C> <C> <C> <C> <C>
(a) ADCB 437,226,930.21 (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 218,613.47 (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 218,613.47 (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 31 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-1 Balance 31,984,922.30 (d) Beginning B Balance 18,727,061.00
(e) Current Interest Due (a*d*b/c) 160,160.06 (e) Current Interest Due (a*d*b/c) 98,629.19
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 160,160.06 (g) Total Interest Due 98,629.19
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 88,284,716.00 (d) Beginning C Balance 10,701,178.00
(e) Current Interest (a*d*b/c) 444,366.40 (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 444,366.40 (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
</TABLE>
<PAGE>
Page 3
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
PRINCIPAL CALCULATIONS
<TABLE>
<CAPTION>
CLASS A-1 PRINCIPAL AMOUNT
- --------------------------
<S> <C> <C>
(a) Prior Month's Balance 31,984,922.30
(b) Amount Due 31,984,922.30
(c) Amount Paid 16,648,884.99
(d) Current Month's Ending Balance 15,336,037.31
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 PRINCIPAL AMOUNT CLASS B PRINCIPAL AMOUNT
- -------------------------- ------------------------
<S> <C> <C> <C> <C> <C>
(a) Prior Month's Balance 88,284,716.00 (a) Prior Month's Balance 18,727,061.00
(b) Beginning Principal All (b) Beginning Principal All
Class A Notes 362,502,394.00 Class B Notes 18,727,061.00
(c) Class A Percentage 88.85246% (c) Class B Percentage 4.59016%
(d) ADCB 420,608,389.86 (d) ADCB 420,608,389.86
(e) Amount Due 0.00 (e) Amount Due 0.00
(f) Amount Paid 0.00 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 88,284,716.00 (g) Current Month's Ending Balance 18,727,061.00
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 (b) Beginning Principal All
Class A Notes 362,502,394.00 Class C Notes 10,701,178.00
(c) Class A Percentage 88.85246% (c) Class C Percentage 2.62295%
(d) ADCB 420,608,389.86 (d) ADCB 420,608,389.86
(e) Amount Due 0.00 (e) Amount Due 0.00
(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 (b) Beginning Principal All
Class A Notes 362,502,394.00 Class D Notes 16,051,766.00
(c) Class A Percentage 88.85246% (c) Class D Percentage 3.93443%
(d) ADCB 420,608,389.86 (d) ADCB 420,608,389.86
(e) Amount Due 0.00 (e) Amount Due 0.00
(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
</TABLE>
<PAGE>
Page 4
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
RESTRICTING EVENT CALCULATIONS
RESTRICTING EVENTS
<TABLE>
<CAPTION>
RESTRICTING EVENTS
a) OVER 60 DAYS
PAST DUE ADCB
------------ --------------
<S> <C> <C>
Two Months Prior 5,175,704.85 454,882,507.08
Prior Month 4,425,577.96 437,226,930.21
Current Period 5,003,716.96 420,608,389.86
Total 14,604,999.77
Delinquency Ratio 1.11%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
b) DEFAULTED
CONTRACTS RECOVERIES ADCB
------------ ----------- --------------
<S> <C> <C> <C>
Five Months Prior 640,247.32 0.00 506,323,977.85
Four Months Prior 2,190,121.94 96,224.20 489,755,923.84
Three Months Prior 668,252.00 524,268.86 474,967,822.22
Two Months Prior 1,545,109.52 142,131.16 454,882,507.08
Prior Month 2,257,035.12 896,498.65 437,226,930.21
Current Period 1,155,214.64 1,677,419.28 420,608,389.86
Total 8,455,980.54 3,336,542.15
2 times Defaults--Recoveries/Average ADCB 2.21%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
c) A Notes Outstanding
(A) Reserve Fund Balance 8,025,883.00
(B) Difference between ADCB and Class A Notes 42,769,958.55
(C) (A + B) 50,795,841.55
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>
<PAGE>
Page 5
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
RESERVE FUND CALCULATIONS
<TABLE>
<CAPTION>
RESERVE FUND
<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>
<PAGE>
Page 6
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
BOND PRINCIPAL FACTORS
<TABLE>
<CAPTION>
<S> <C>
A-1 12.0683518%
A-2 100.0000000%
A-3 100.0000000%
A-4 100.0000000%
B 100.0000000%
C 100.0000000%
D 100.0000000%
</TABLE>
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