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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): December 17, 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 changed 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
</TABLE>
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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
December 17, 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 17th day of December, 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
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<CAPTION>
<S> <C>
Beginning of Period 11/01/98
End of Period 11/30/98
Payment Date: 12/21/98
Date of Report: 12/17/98
</TABLE>
WATERFALL DISTRIBUTIONS
<TABLE>
<CAPTION>
Collections
Account
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<S> <C>
Cash Collections 16,730,248.08
Interest Earned on Collections Account 63,119.66
Interest Earned on Reserve Account 28,311.10
Recoveries on Defaulted Contracts 805,301.36
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
</TABLE>
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<TABLE>
<CAPTION>
<S> <C>
Available Amount 17,626,980.20
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 165,919.85
(C) A-1 Interest 0.00
(D) A-2 Interest 103,837.92
(E) A-3 Interest 544,868.30
(F) A-4 Interest 862,921.79
(G) B Interest 71,039.05
(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 13,190,760.24
(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 2,386,580.93
(P) D Principal Payment Amount 119,355.05
(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 331,839,693.51 (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 165,919.85 (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 165,919.85 (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 13,488,426.47
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 71,039.05
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 71,039.05
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 20,630,049.79 (d) Beginning C Balance 10,701,178.00
(e) Current Interest Due (a*d*b/c) 103,837.92 (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 103,837.92 (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>
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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 20,630,049.79 (a) Prior Month's Balance 13,488,426.47
(b) Beginning Principal All Class A Notes 294,847,727.79 (b) Beginning Principal All Class B Notes 13,488,426.47
(c) Class A Percentage 88.85246% (c) Class B Percentage 4.59016%
(d) ADCB 316,994,003.95 (d) ADCB 316,994,003.95
(e) Amount Due 13,190,760.24 (e) Amount Due 0.00
(f) Amount Paid 13,190,760.24 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 7,439,289.55 (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 294,847,727.79 (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 316,994,003.95 (d) ADCB 316,994,003.95
(e) Amount Due 0.00 (e) Amount Due 2,386,580.93
(f) Amount Paid 0.00 (f) Amount Paid 2,386,580.93
(g) Current Month's Ending Balance 107,011,777.00 (g) Current Month's Ending Balance 8,314,597.07
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 294,847,727.79 (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 316,994,003.95 (d) ADCB 316,994,003.95
(e) Amount Due 0.00 (e) Amount Due 3,579,871.17
(f) Amount Paid 0.00 (f) Amount Paid 119,355.05
(g) Current Month's Ending Balance 167,205,901.00 (g) Current Month's Ending Balance 15,932,410.95
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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 4,741,468.80 349,105,042.81
Prior Month 3,849,533.82 331,839,693.51
Current Period 5,204,290.61 316,994,003.95
Total 13,795,293.23
Delinquency Ratio 1.38%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
b) Defaulted
Contracts Recoveries ADCB
<S> <C> <C> <C>
Five Months Prior 1,115,955.55 549,022.96 401,988,632.69
Four Months Prior 1,292,610.94 690,985.77 380,115,023.33
Three Months Prior 919,620.92 485,081.00 363,454,858.68
Two Months Prior 953,080.46 615,812.65 349,105,042.81
Prior Month 1,011,167.53 652,619.61 331,839,693.51
Current Period 806,778.07 805,301.36 316,994,003.95
Total 6,099,213.47 3,798,823.35
2 times Defaults-Recoveries / Average ADCB 1.29%
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 35,337,036.40
(C) (A+B) 43,362,919.40
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
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<CAPTION>
<S> <C>
A-1 0.0000000%
A-2 8.4264750%
A-3 100.0000000%
A-4 100.0000000%
B 72.0263926%
C 77.6979606%
D 99.2564366%
</TABLE>
