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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 16, 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.)
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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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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
December 16, 1999
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EXHIBIT INDEX
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EXHIBIT NO. DOCUMENT
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<S> <C>
20 Monthly Servicer Certificate
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EXHIBIT 20
[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 16th day of December, 1999.
NEWCOURT FINANCIAL USA INC., as Servicer
By: /s/ Brian McLean
------------------------------------
Name: Brian McLean
Title: Director, Securitizations
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Page 1
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1
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<S> <C>
Beginning of Collection Period: 11/01/99
End of Collection Period: 11/30/99
Distribution Date: 12/20/99
Reporting Date: 12/16/99
Months in progress 13
WATERFALL DISTRIBUTIONS
- -------------------------------------------------------------------------------
Cash Collections in Collection Period 34,488,097.93
Interest Earned on Collections Account 177,984.40
Required Withdrawal from Reserve Fund 0.00
Interest Earned on Reserve Fund 73,006.26
Recoveries on Defaulted Contracts 462,226.61
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
- -------------------------------------------------------------------------------
Available Amount 35,201,315.20
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 331,833.51
(C) A-1 Interest 0.00
(D) A-2 Interest 139,677.98
(E) A-3 Interest 1,952,061.39
(F) A-4 Interest 457,760.19
(G) B Interest 180,753.94
(H) C Interest 112,064.15
(I) D Interest 81,342.83
(J) E Interest 114,326.11
(K) A-1 Principal Payment Amount 0.00
(L) A-2 Principal Payment Amount 27,881,588.54
(M) A-3 Principal Payment Amount 0.00
(N) A-4 Principal Payment Amount 0.00
(O) B Principal Payment Amount 1,742,615.20
(P) C Principal Payment Amount 929,384.17
(Q) D Principal Payment Amount 580,861.13
(R) E Principal Payment Amount 697,046.06
(S) Accelerated Principal Payment 0.00
(T) Reserve Fund Deposit 0.00
(U) Excess to Issuer 0.00
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NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1 Page 2
<TABLE>
<S> <C>
A Aggregate Discounted Contract Balance (ADCB) &
Aggregate Notes Outstanding
A1 Aggregate Outstanding Note Balances,
beginning of period 663,667,014.25
A2 ADCB, end of period 631,835,519.15
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 35,201,315.20
C2 Required Available Funds -- Reserve Fund 0.00
C3 Total Available Funds 35,201,315.20
D Total Payments to Servicer 331,833.51
E Total Interest Payments to Noteholders 3,037,986.59
C4 Available Funds for Principal Distribution 31,831,495.10
F Principal Differential Determination
F1 Beginning Principal Balance of Notes 663,667,014.25
F2 Ending Period ADCB 631,835,519.15
F3 Total Principal Payment Amount 31,831,495.10
F4 Principal Differential 0.00
G Principal Payments to Noteholders
G1 Class A-1 Note Balance, beginning of period 0.00
G2 Class A Target Investor Principal Amount 553,432,313.25
G3 Class A-1 Principal Payment 0.00
G4 Class A-1 Note Balance, end of period 0.00
G5 Class A-2 Note Balance, beginning of period 32,420,420.79
G6 Class A-2 Principal Payment 27,881,588.54
G7 Class A-2 Note Balance, end of period 4,538,832.25
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 3,949,906.56
G14 Class B Note Balance, beginning of period 36,332,450.70
G15 Class B Target Investor Principal Amount 34,589,835.50
G16 Class B Floor 0.00
G17 Class B Principal Payment 1,742,615.20
G18 Class B Note Balance, end of period 34,589,835.50
C6 Remaining Available Funds 2,207,291.36
G19 Class C Note Balance, beginning of period 19,377,085.82
G20 Class C Target Investor Principal Amount 18,447,701.65
G21 Class C Floor 0.00
G22 Class C Principal Payment 929,384.17
G23 Class C Note Balance, end of period 18,447,701.65
C7 Remaining Available Funds 1,277,907.19
G24 Class D Note Balance, beginning of period 12,110,595.68
G25 Class D Target Investor Principal Amount 11,529,734.55
G26 Class D Floor 0.00
G27 Class D Principal Payment 580,861.13
G28 Class D Note Balance, end of period 11,529,734.55
C8 Remaining Available Funds 697,046.06
G29 Class E Note Balance, beginning of period 14,532,980.26
G30 Class E Target Investor Principal Amount 13,835,934.20
G31 Class E Floor 0.00
G32 Class E Principal Payment 697,046.06
G33 Class E Note Balance, end of period 13,835,934.20
C9 Remaining Available Funds 0.00
G34 Additional Principal to be redistributed 0.00
C10 Remaining Available Funds 0.00
H1 Reserve Fund Deposit (to Max Required) 0.00
I1 Available for Distribution to the Issuer (Shortfall) 0.00
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NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1 Page 3
SERVICING FEE AND INTEREST CALCULATIONS
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<S> <C>
SERVICING FEE DUE
(a) ADCB 663,667,014.25
(b) Servicing Fee Rate 0.600%
(c) 30 30
(d) 360 360
(e) Current Servicing Due 331,833.51
(f) Prior Month's Arrearage 0.00
(g) Total Servicing Due 331,833.51
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<TABLE>
<S> <C> <C> <C>
A-1 INTEREST B INTEREST
(a) A-1 Rate 5.007% (a) B Rate 5.970%
(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 36,332,450.70
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 180,753.94
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 180,753.94
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 32,420,420.79 (d) Beginning C Balance 19,377,085.82
(e) Current Interest Due (a*d*b/c) 139,677.98 (e) Current Interest Due (a*d*b/c) 112,064.15
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 139,677.98 (g) Total Interest Due 112,064.15
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 12,110,595.68
(e) Current Interest Due (a*d*b/c) 1,952,061.39 (e) Current Interest Due (a*d*b/c) 81,342.83
(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 81,342.83
A-4 INTEREST E INTEREST
(a) A-4 Rate 5.393% (a) E 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 D Balance 14,532,980.26
(e) Current Interest Due (a*d*b/c) 457,760.19 (e) Current Interest Due (a*d*b/c) 114,326.11
(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 114,326.11
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Page 4
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1
OTHER STATISTICAL DATA
DELINQUENCY
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1 Month 2 Months 3 Months 4 Months 5 Months 6 Months
Current Prior Prior Prior Prior Prior Prior
------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
31 - 60 Days Past Due 28,211,518 25,602,322 24,043,959 18,738,133 31,772,630 26,005,695 27,511,921
61 - 90 Days Past Due 8,995,872 7,298,194 8,211,145 16,481,316 8,861,392 9,744,013 7,482,063
91 - 120 Days Past Due 4,434,583 8,239,447 9,086,844 7,758,205 4,868,629 3,916,059 9,394,434
121 Plus Days Past Due 10,129,538 7,819,441 7,110,375 6,012,040 5,610,327 6,266,770 5,778,863
ADCB, End of Period 631,835,519 663,667,014 698,346,518 728,802,722 773,692,869 814,664,250 857,771,359
31 - 60 Days Past Due (%) 4.47% 3.86% 3.44% 2.57% 4.11% 3.19% 3.21%
61 - 90 Days Past Due (%) 1.42% 1.10% 1.18% 2.26% 1.15% 1.20% 0.87%
91 - 120 Days Past Due (%) 0.70% 1.24% 1.30% 1.06% 0.63% 0.48% 1.10%
121 Plus Days Past Due (%) 1.60% 1.18% 1.02% 0.82% 0.73% 0.77% 0.67%
DEFAULTS
Gross Charge-Offs 848,781.69 1,065,846.46 871,552.98 941,962.65 732,141.80 783,575.69 908,274.58
Recoveries 462,226.61 462,433.16 522,859.19 582,616.73 407,114.51 328,209.44 358,897.52
Charge-Offs - Net
of Recoveries 386,555.08 603,413.30 348,693.79 359,345.92 325,027.29 455,366.25 549,377.06
BOND PRINCIPAL FACTORS
A-1 0.0000000%
A-2 3.4873855%
A-3 100.0000000%
A-4 100.0000000%
B 81.5024925%
C 81.5015618%
D 81.5010056%
E 81.5024935%
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
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Page 5
NEWCOURT EQUIPMENT TRUST RECEIVABLES 1998-1
CONDITIONAL PAYMENT RATE
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Average
Period 1 Month 3 Month Life-to
Period Ending CPR CPR Date
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<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 01/31/99 6.9524% 6.7160% 6.9069%
4 02/28/99 9.5427% 7.5778% 7.7048%
5 03/31/99 15.1390% 10.5447% 9.4891%
6 04/30/99 8.8106% 11.1641% 9.6049%
7 05/31/99 10.9830% 11.6442% 10.0453%
8 06/30/99 14.4231% 11.4056% 10.9026%
9 07/31/99 16.8629% 14.0897% 11.8861%
10 08/31/99 12.6353% 14.6404% 12.4103%
11 09/30/99 9.2395% 12.9126% 12.4560%
12 10/31/99 8.4638% 10.1129% 12.5492%
13 11/30/99 10.6889% 9.4641% 12.7885%
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