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Previous: NEWCOURT RECEIVABLES CORP II, 8-K, 1999-01-28 |
Next: EVERGREEN EQUITY TRUST /DE/, 497, 1999-01-28 |
<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): January 18, 1999
NEWCOURT EQUIPMENT TRUST SECURITIES 1998-1
(Issuer with respect to the Securities)
NEWCOURT RECEIVABLES CORPORATION II
(Depositor of the Trust)
(Exact name of registrant as specified in its charter)
Delaware 333-58677 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.)
<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 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
January 18, 1999
<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 Pooling and Servicing Agreement, dated as of
October 15, 1998, among the Servicer, Newcourt Receivables Corporation II,
Newcourt Equipment Trust Securities 1998-1 and Harris Trust and Savings Bank,
as Indenture Trustee.
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
the 18th day of January, 1999.
NEWCOURT FINANCIAL USA INC., as Servicer
By: /s/ Brian McLean
------------------------------------
Name: Brian McLean
Title: Director, Securitizations
<PAGE>
Page 1
NEWCOURT RECEIVABLES ASSET TRUST 1997-1
<TABLE>
<CAPTION>
<S> <C>
Beginning of Collection Period 12/01/98
End of Collection Period 12/31/98
Distribution Date: 01/20/99
Reporting Date: 01/18/99
Months in progress 2
</TABLE>
WATERFALL DISTRIBUTIONS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
<S> <C>
Cash Collections in Collection Period 40,809,304.99
Interest Earned on Collections Account 55,000.00
Required Withdrawal from Reserve Fund 0.00
Interest Earned on Reserve Fund 60,000.00
Recoveries on Defaulted Contracts 0.00
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
</TABLE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Available Amount 40,924,304.99
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 547,516.10
(C) A-1 Interest 1,334,327.51
(D) A-2 Interest 560,729.59
(E) A-3 Interest 1,952,061.39
(F) A-4 Interest 457,760.19
(G) B Interest 211,140.08
(H) C Interest 130,904.50
(I) D Interest 95,018.93
(J) E Interest 133,545.22
(K) A-1 Principal Payment Amount 35,456,823.80
(L) A-2 Principal Payment Amount 0.00
(M) A-3 Principal Payment Amount 0.00
(N) A-4 Principal Payment Amount 0.00
(O) B Principal Payment Amount 0.00
(P) C Principal Payment Amount 0.00
(Q) D Principal Payment Amount 0.00
(R) E Principal Payment Amount 0.00
(S) Accelerated Principal Payment 0.00
(T) Reserve Fund Deposit 44,477.59
(U) Excess to Issuer 0.00
</TABLE>
<PAGE>
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1 Page 2
<TABLE>
<CAPTION>
<S> <C> <C>
A Aggregate Discounted Contract Balance (ADCB) & Aggregate Notes Outstanding
A1 Aggregate Outstanding Note Balances, beginning of period 1,095,032,204.81
A2 ADCB, end of period 1,059,575,380.92
B Reserve Fund
B1 Reserve Fund balance, beginning of period 16,976,087.00
B2 Reserve Fund balance, end of period 16,976,087.00
C Available Funds for Distribution
C1 Available Funds -- Collection Account 40,924,304.99
C2 Required Available Funds -- Reserve Fund 0.00
C3 Total Available Funds 40,924,304.99
D Total Payments to Servicer 547,516.10
E Total Interest Payments to Noteholders 4,875,487.41
C4 Available Funds for Principal Distribution 35,501,301.48
F Principal Differential Determination
F1 Beginning Principal Balance of Notes 1,095,032,204.81
F2 Ending Period ADCB 1,059,575,380.92
F3 Total Principal Payment Amount 35,456,823.89
F4 Principal Differential 0.00
G Principal Payments to Noteholders
G1 Class A-1 Note Balance, beginning of period 319,790,895.81
G2 Class A Target Investor Principal Amount 679,043,482.00
G3 Class A-1 Principal Payment 35,456,823.89
G4 Class A-1 Note Balance, end of period 284,334,071.92
G5 Class A-2 Note Balance, beginning of period 130,150,001.00
G6 Class A-2 Principal Payment 0.00
G7 Class A-2 Note Balance, end of period 130,150,001.00
G8 Class A-3 Note Balance, beginning of period 447,036,959.00
G9 Class A-3 Principal Payment 0.00
G10 Class A-3 Note Balance, end of period 447,036,959.00
G11 Class A-4 Note Balance, beginning of period 101,856,522.00
G12 Class A-4 Principal Payment 0.00
G13 Class A-4 Note Balance, end of period 101,856,522.00
C5 Remaining Available Funds 44,477.59
C14 Class B Note Balance, beginning of period 42,440,218.00
G15 Class B Target Investor Principal Amount 42,440,218.00
G16 Class B Floor 0.00
G17 Class B Principal Payment 0.00
G18 Class B Note Balance, end of period 42,440,218.00
C6 Remaining Available Funds 44,477.59
G19 Class C Note Balance, beginning of period 22,634,783.00
G20 Class C Target Investor Principal Amount 22,634,783.00
G21 Class C Floor 0.00
G22 Class C Principal Payment 0.00
G23 Class C Note Balance, end of period 22,634,783.00
C7 Remaining Available Funds 44,477.59
G24 Class D Note Balance, beginning of period 14,146,739.00
G25 Class D Target Investor Principal Amount 14,146,739.00
G26 Class D Floor 0.00
G27 Class D Principal Payment 0.00
G28 Class D Note Balance, end of period 14,146,739.00
C8 Remaining Available Funds 44,477.59
G29 Class E Note Balance, beginning of period 16,976,087.00
G30 Class E Target Investor Principal Amount 16,976,087.00
G31 Class E Floor 0.00
G32 Class E Principal Payment 0.00
G33 Class E Note Balance, end of period 16,976,087.00
C9 Remaining Available Funds 44,477.59
G34 Additional Principal to be redistributed 0.00
C10 Remaining Available Funds 44,477.59
H1 Reserve Fund Deposit (to Max Required) 0.00
I1 Available for Distribution to the Issuer (Shortfall) 44,477.59
</TABLE>
<PAGE>
NEWCOURT RECEIVABLES ASSETS TRUST 1998-1 Page 3
SERVICING & INTEREST CALCULATIONS
<TABLE>
<CAPTION>
SERVICING FEE DUE
<S> <C> <C> <C>
(a) ADCB 1,095,032,204.81
(b) Servicing Fee Rate 0.600%
(c) 30 30
(d) 360 360
(e) Current Servicing Due 547,516.10
(f) Prior Month's Arrearage 0.00
(g) Total Servicing Due 547,516.10
A-1 INTEREST B INTEREST
(a) A-1 Rate 5.007% (a) B Rate 5.970%
(b) Days in Period 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-1 Balance 319,790,895.81 (d) Beginning B Balance 42,440,218.00
(e) Current Interest Due (a*d*b/c) 1,334,327.51 (e) Current Interest Due (a*d*b/c) 211,140,08
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 1,334,327.51 (g) Total Interest Due 211,140.08
A-2 INTEREST C INTEREST
(a) A-2 Rate 5.170% (a) C Rate 6.940%
(b) 30 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-2 Balance 130,150,001.00 (d) Beginning C Balance 22,634,783.00
(e) Current Interest Due (a*d*b/c) 560,729.59 (e) Current Interest Due (a*d*b/c) 130,904.50
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 560,729.59 (g) Total Interest Due 130,904.50
A-3 INTEREST D INTEREST
(a) A-3 Rate 5.240% (a) D Rate 8.060%
(b) 30 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-3 Balance 447,036,959.00 (d) Beginning D Balance 14,146,739.00
(e) Current Interest Due (a*d*b/c) 1,952,061.39 (e) Current Interest Due (a*d*b/c) 95,018.93
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 1,952,061.39 (g) Total Interest Due 95,018.93
E INTEREST
A-4 INTEREST
(a) A-4 Rate 5.393% (a) A-4 Rate 9.440%
(b) 30 30 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-4 Balance 101,856,522.00 (d) Beginning A-4 Balance 16,976,087.00
(e) Current Interest Due (a*d*b/c) 457,760.19 (e) Current Interest Due (a*d*b/c) 133,545.22
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 457,760.19 (g) Total Interest Due 133,545.22
</TABLE>
<PAGE>
Page 4
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1
OTHER STATISTICAL DATA
DELINQUENCY
<TABLE>
<CAPTION>
Current 1 Month Prior 2 Months Prior 3 Months Prior 4 Months Prior 5 Months Prior 6 Months Prior
------- ------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
31 - 60 Days Past Due 25,179,191 37,076,740 0 0 0 0 0
61 - 90 Days Past Due 5,764,377 8,996,780 0 0 0 0 0
91 - 120 Days Past Due 4,937,955 0 0 0 0 0 0
121 - Plus Days Past Due 1,086,514 0 0 0 0 0 0
ADCB, End of Period 1,059,575,381 1,095,032,205 0 0 0 0 0
31 - 60 Days Past Due (%) 2.38% 3.39% 0.00% 0.00% 0.00% 0.00% 0.00%
61 - 90 Days Past Due (%) 0.54% 0.82% 0.00% 0.00% 0.00% 0.00% 0.00%
91 - 120 Days Past Due (%) 0.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
121 - Plus Days Past Due (%) 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
DEFAULTS
Gross Charge-Offs 33,357.15 0.00 0.00 0.00 0.00 0.00 0.00
Recoveries 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Charge-Offs - Net 33,357.15 0.00 0.00 0.00 0.00 0.00 0.00
of Recoveries
</TABLE>
BOND PRINCIPAL FACTORS
<TABLE>
<CAPTION>
<S> <C>
A-1 79.7575889%
A-2 100.0000000%
A-3 100.0000000%
A-4 100.0000000%
B 100.0000000%
C 100.0000000%
D 100.0000000%
E 100.0000000%
RESERVE FUND CALCULATIONS
Beginning Balance 16,976,087.00
Required Balance 16,976,087.00
Deposit 0.00
Withdrawal 0.00
Ending Balance 16,976,087.00
</TABLE>
<PAGE>
Page 5
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1
CONDITIONAL PAYMENT RATE
<TABLE>
<CAPTION>
Average
Period 1 Month 3 Month Life-to
Period Ending CPR CPR Date
- ------ ------ ------- ------- -------
<S> <C> <C> <C> <C>
1 11/30/98 6.9572% N/A 6.9572%
2 12/31/98 6.2383% N/A 6.6920%
3
</TABLE>
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