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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): January 15, 1999
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
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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
January 15, 1999
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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 15th day of January, 1999.
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: 12/01/98
End of Period: 12/31/98
Payment Date: 01/21/99
Date of Report: 01/15/99
</TABLE>
WATERFALL DISTRIBUTIONS
<TABLE>
<CAPTION>
Collections
Account
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<S> <C>
Cash Collections 15,656,004.46
Interest Earned on Collections Account 56,664.37
Interest Earned on Reserve Account 28,168.33
Recoveries on Defaulted Contracts 578,758.60
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
</TABLE>
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<TABLE>
<CAPTION>
<S> <C>
Available Amount 16,319,595.76
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 158,497.00
(C) A-1 Interest 0.00
(D) A-2 Interest 37,444.42
(E) A-3 Interest 544,868.30
(F) A-4 Interest 862,921.79
(G) B Interest 71,039.05
(H) C Interest 45,453.13
(I) D Interest 122,281.25
(J) A-1 Principal Payment Amount 0.00
(K) A-2 Principal Payment Amount 7,439,289.55
(L) A-3 Principal Payment Amount 6,994,416.92
(M) A-4 Principal Payment Amount 0.00
(N) B Principal Payment Amount 0.00
(O) C Principal Payment Amount 43,384.35
(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 ASSET TRUST 1997-1 Page 2
SERVICING & INTEREST CALCULATIONS
<TABLE>
<CAPTION>
SERVICING FEE DUE A-4 INTEREST
<S> <C> <C> <C>
(a) ADCB 316,994,003.95 (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 158,497.00 (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 158,497.00 (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 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 7,439,289.55 (d) Beginning C Balance 8,314,597.07
(e) Current Interest Due (a*d*b/c) 37,444.42 (e) Current Interest Due (a*d*b/c) 45,453.13
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 37,444.42 (g) Total Interest Due 45,453.13
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 15,932,410.95
(e) Current Interest Due (a*d*b/c) 544,868.30 (e) Current Interest Due (a*d*b/c) 122,281.25
(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 122,281.25
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NEWCOURT RECEIVABLES ASSET 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 7,439,289.55 (a) Prior Month's Balance 13,488,426.47
(b) Beginning Principal All Class A Notes 281,656,967.55 (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 300,749,426.57 (d) ADCB 300,749,426.57
(e) Amount Due 7,439,289.55 (e) Amount Due 0.00
(f) Amount Paid 7,439,289.55 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 0.00 (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 8,314,597.07
(b) Beginning Principal All Class A Notes 281,656,967.55 (b) Beginning Principal All Class C Notes 8,314,597.07
(c) Class A Percentage 88.85246% (c) Class C Percentage 2.62295%
(d) ADCB 300,749,426.57 (d) ADCB 300,749,426.57
(e) Amount Due 6,994,416.92 (e) Amount Due 426,087.28
(f) Amount Paid 6,994,416.92 (f) Amount Paid 43,384.35
(g) Current Month's Ending Balance 100,017,360.08 (g) Current Month's Ending Balance 8,271,212.72
CLASS A-4 PRINCIPAL AMOUNT CLASS D PRINCIPAL AMOUNT
(a) Prior Month's Balance 167,205,901.00 (a) Prior Month's Balance 15,932,410.95
(b) Beginning Principal All Class A Notes 281,656,967.55 (b) Beginning Principal All Class D Notes 15,932,410.95
(c) Class A Percentage 88.85246% (c) Class D Percentage 3.93443%
(d) ADCB 300,749,426.57 (d) ADCB 300,749,426.57
(e) Amount Due 0.00 (e) Amount Due 4,099,647.01
(f) Amount Paid 0.00 (f) Amount Paid 0.00
(g) Current Month's Ending Balance 157,205,901.00 (g) Current Month's Ending Balance 15,932,410.95
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NEWCOURT RECEIVABLES ASSET 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 3,849,533.82 331,839,693.51
Prior Month 5,204,290.61 316,994,003.95
Current Period 7,293,046.88 300,749,426.57
Total 16,346,871.31
Delinquency Ratio 1.72%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
b) Defaulted
Contracts Recoveries ADCB
<S> <C> <C> <C>
Five Months Prior 1,292,610.94 690,985.77 380,115,023.33
Four Months Prior 919,620.92 485,081.00 363,454,858.68
Three Months Prior 953,080.46 615,812.65 349,105,042.81
Two Months Prior 1,011,167.53 652,619.61 331,839,693.51
Prior Month 806,778.07 805,301.36 316,994,003.95
Current Period 751,836.37 578,758.60 300,749,426.57
Total 5,735,094.29 3,828,558.99
2 times Defaults-Recoveries / Average ADCB 1.12%
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 33,526,165.49
(C) (A+B) 41,552,048.49
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 0.0000000%
A-3 93.4638812%
A-4 100.0000000%
B 72.0263926%
C 77.2925441%
D 99.2564366%
</TABLE>
