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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): March 18, 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
March 18, 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 18th day of March, 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: 01/01/99
End of Period: 01/31/99
Payment Date: 02/01/99
Date of Report: 02/18/99
</TABLE>
WATERFALL DISTRIBUTIONS
<TABLE>
<CAPTION>
Collections
Account
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<S> <C>
Cash Collections 14,585,086.89
Interest Earned on Collections Account 46,379.75
Interest Earned on Reserve Account 24,613.58
Recoveries on Defaulted Contracts 489,190.34
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
</TABLE>
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<TABLE>
<CAPTION>
<S> <C>
Available Amount 15,145,270.56
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 144,171.65
(C) A-1 Interest 0.00
(D) A-2 Interest 0.00
(E) A-3 Interest 453,128.85
(F) A-4 Interest 862,921.79
(G) B Interest 69,706.60
(H) C Interest 41,344.96
(I) D Interest 120,430.44
(J) A-1 Principal Payment Amount 0.00
(K) A-2 Principal Payment Amount 0.00
(L) A-3 Principal Payment Amount 12,267,991.97
(M) A-4 Principal Payment Amount 0.00
(N) B Principal Payment Amount 633,770.80
(O) C Principal Payment Amount 362,154.76
(P) D Principal Payment Amount 189,648.74
(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 288,343,297.66 (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 144,171.65 (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 144,171.65 (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 28 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-1 Balance 0.00 (d) Beginning B Balance 13,235,430.10
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 69,706.60
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 69,706.60
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 0.00 (d) Beginning C Balance 7,563,103.12
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 41,344.96
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 41,344.96
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 88,994,209.47 (d) Beginning D Balance 15,691,262.35
(e) Current Interest Due (a*d*b/c) 435,128.85 (e) Current Interest Due (a*d*b/c) 120,430.44
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 453,128.85 (g) Total Interest Due 120,430.44
</TABLE>
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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 0.00 (a) Prior Month's Balance 13,235,430.10
(b) Beginning Principal All Class A Notes 256,200,110.47 (b) Beginning Principal All Class B Notes 13,235,430.10
(c) Class A Percentage 88.85246% (c) Class B Percentage 4.59016%
(d) ADCB 274,536,148.03 (d) ADCB 274,536,148.03
(e) Amount Due 0.00 (e) Amount Due 633,770.80
(f) Amount Paid 0.00 (f) Amount Paid 633,770.80
(g) Current Month's Ending Balance 0.00 (g) Current Month's Ending Balance 12,601,659.30
CLASS A-3 PRINCIPAL AMOUNT CLASS C PRINCIPAL AMOUNT
(a) Prior Month's Balance 88,994,209.47 (a) Prior Month's Balance 7,563,103.12
(b) Beginning Principal All Class A Notes 256,200,110.47 (b) Beginning Principal All Class C Notes 7,563,103.12
(c) Class A Percentage 88.85246% (c) Class C Percentage 2.62295%
(d) ADCB 274,536,148.03 (d) ADCB 274,536,148.03
(e) Amount Due 12,267,991.97 (e) Amount Due 362,154.76
(f) Amount Paid 12,267,991.97 (f) Amount Paid 362,154.76
(g) Current Month's Ending Balance 76,726,217.50 (g) Current Month's Ending Balance 7,200,948.36
CLASS A-4 PRINCIPAL AMOUNT CLASS D PRINCIPAL AMOUNT
(a) Prior Month's Balance 167,205,901.00 (a) Prior Month's Balance 15,691,262.35
(b) Beginning Principal All Class A Notes 256,200,110.47 (b) Beginning Principal All Class D Notes 15,691,262.35
(c) Class A Percentage 88.85246% (c) Class D Percentage 3.93443%
(d) ADCB 274,536,148.03 (d) ADCB 274,536,148.03
(e) Amount Due 0.00 (e) Amount Due 4,889,840.48
(f) Amount Paid 0.00 (f) Amount Paid 189,648.74
(g) Current Month's Ending Balance 167,205,901.00 (g) Current Month's Ending Balance 15,501,613.61
</TABLE>
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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 7,593,046.88 300,749,426.57
Prior Month 5,664,381.43 288,343,297.66
Current Period 6,113,441.51 274,536,148.03
Total 19,370,869.82
Delinquency Ratio 2.24%
Trigger Level 3.00%
RESTRICTING EVENT? (YES/NO) NO
</TABLE>
<TABLE>
<CAPTION>
b) Defaulted
Contracts Recoveries ADCB
<S> <C> <C> <C>
Five Months Prior 953,080.46 615,812.65 349,105,042.81
Four Months Prior 1,011,167.53 652,619.61 331,839,693.51
Three Months Prior 806,778.07 805,301.36 316,994,003.95
Two Months Prior 751,836.37 578,758.60 300,749,426.57
Prior Month 795,710.58 739,268.95 288,343,297.66
Current Period 894,542.05 489,190.34 274,536,148.03
Total 5,213,115.06 3,880,951.51
2 times Defaults-Recoveries / Average ADCB 0.86%
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 30,604,029.53
(C) (A+B) 38,629,912.53
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 71.6988538%
A-4 100.0000000%
B 67.2911745%
C 67.2911745%
D 96.5726364%
</TABLE>
