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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): November 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.)
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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
November 18, 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 18th day of November, 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: 10/01/99
End of Collection Period: 10/31/99
Distribution Date: 11/22/99
Reporting Date: 11/18/99
Months in progress 11
WATERFALL DISTRIBUTIONS
- -------------------------------------------------------------------------------
Cash Collections in Collection Period 37,526,528.89
Interest Earned on Collections Account 161,436.92
Required Withdrawal from Reserve Fund 0.00
Interest Earned on Reserve Fund 72,661.39
Recoveries on Defaulted Contracts 462,433.16
Servicer Advances (net of collections to
reimburse prior Servicer Advances) 0.00
- -------------------------------------------------------------------------------
Available Amount 38,223,060.36
ALLOCATIONS
(A) Unreimbursed Servicer Advances 0.00
(B) Servicing Fee 349,173.26
(C) A-1 Interest 0.00
(D) A-2 Interest 270,548.75
(E) A-3 Interest 1,952,061.39
(F) A-4 Interest 457,760.19
(G) B Interest 190,199.13
(H) C Interest 117,919.99
(I) D Interest 85,593.35
(J) E Interest 120,300.15
(K) A-1 Principal Payment Amount 0.00
(L) A-2 Principal Payment Amount 30,376,193.83
(M) A-3 Principal Payment Amount 0.00
(N) A-4 Principal Payment Amount 0.00
(O) B Principal Payment Amount 1,898,529.45
(P) C Principal Payment Amount 1,012,537.48
(Q) D Principal Payment Amount 632,831.59
(R) E Principal Payment Amount 759,411.80
(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 698,346,518.40
A2 ADCB, end of period 663,667,014.25
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 38,223,060.36
C2 Required Available Funds -- Reserve Fund 0.00
C3 Total Available Funds 38,223,060.36
D Total Payments to Servicer 349,173.26
E Total Interest Payments to Noteholders 3,194,382.95
C4 Available Funds for Principal Distribution 34,679,504.15
F Principal Differential Determination
F1 Beginning Principal Balance of Notes 698,346,518.40
F2 Ending Period ADCB 663,667,014.25
F3 Total Principal Payment Amount 34,679,504.15
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 581,313,901.79
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 62,796,614.62
G6 Class A-2 Principal Payment 30,376,193.83
G7 Class A-2 Note Balance, end of period 32,420,420.79
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 4,303,310.32
G14 Class B Note Balance, beginning of period 38,230,980.15
G15 Class B Target Investor Principal Amount 36,332,450.70
G16 Class B Floor 0.00
G17 Class B Principal Payment 1,898,529.45
G18 Class B Note Balance, end of period 36,332,450.70
C6 Remaining Available Funds 2,404,780.87
G19 Class C Note Balance, beginning of period 20,389,623.30
G20 Class C Target Investor Principal Amount 19,377,085.82
G21 Class C Floor 0.00
G22 Class C Principal Payment 1,012,537.48
G23 Class C Note Balance, end of period 19,377,085.82
C7 Remaining Available Funds 1,392,243.39
G24 Class D Note Balance, beginning of period 12,743,427.27
G25 Class D Target Investor Principal Amount 12,110,595.68
G26 Class D Floor 0.00
G27 Class D Principal Payment 632,831.59
G28 Class D Note Balance, end of period 12,110,595.68
C8 Remaining Available Funds 759,411.80
G29 Class E Note Balance, beginning of period 15,292,392.06
G30 Class E Target Investor Principal Amount 14,532,980.28
G31 Class E Floor 0.00
G32 Class E Principal Payment 759,411.80
G33 Class E Note Balance, end of period 14,532,980.26
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 698,346,518.40
(b) Servicing Fee Rate 0.600%
(c) 30 30
(d) 360 360
(e) Current Servicing Due 349,173.26
(f) Prior Month's Arrearage 0.00
(g) Total Servicing Due 349,173.26
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<S> <C> <C> <C>
A-1 INTEREST B INTEREST
(a) A-1 Rate 5.007% (a) B Rate 5.970%
(b) Days in Period 33 (b) 30 30
(c) 360 360 (c) 360 360
(d) Beginning A-1 Balance 0.00 (d) Beginning B Balance 38,230,980.15
(e) Current Interest Due (a*d*b/c) 0.00 (e) Current Interest Due (a*d*b/c) 190,199.13
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 0.00 (g) Total Interest Due 190,199.13
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 62,796,614.62 (d) Beginning C Balance 20,389,623.30
(e) Current Interest Due (a*d*b/c) 270,548.75 (e) Current Interest Due (a*d*b/c) 117,919.99
(f) Prior Month's Arrearage 0.00 (f) Prior Month's Arrearage 0.00
(g) Total Interest Due 270,548.75 (g) Total Interest Due 117,919.99
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 12,743,427.27
(e) Current Interest Due (a*d*b/c) 1,952,061.39 (e) Current Interest Due (a*d*b/c) 85,593.35
(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 85,593.35
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 15,292,392.06
(e) Current Interest Due (a*d*b/c) 457,760.19 (e) Current Interest Due (a*d*b/c) 120,300.15
(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 120,300.15
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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 25,602,322 24,043,959 18,738,133 31,772,630 26,005,695 27,511,921 25,858,747
61 - 90 Days Past Due 7,298,194 8,211,145 16,481,316 8,86l,392 9,744,013 7,482,063 11,532,002
91 - 120 Days Past Due 8,239,447 9,086,844 7,758,205 4,868,629 3,916,059 9,394,434 5,716,096
121 Plus Days Past Due 7,819,441 7,110,375 6,012,040 5,610,327 6,266,770 5,778,863 5,344,801
ADCB, End of Period 663,667,014 698,346,518 728,802,722 773,692,869 814,664,250 857,771,359 895,303,482
31 - 60 Days Past Due (%) 3.86% 3.44% 2.57% 4.11% 3.19% 3.21% 2.89%
61 - 90 Days Past Due (%) 1.10% 1.18% 2.26% 1.15% 1.20% 0.87% 1.29%
91 - 120 Days Past Due (%) 1.24% 1.30% 1.06% 0.63% 0.48% 1.10% 0.64%
121 Plus Days Past Due (%) 1.18% 1.02% 0.82% 0.73% 0.77% 0.67% 0.60%
DEFAULTS
Gross Charge-Offs 1,065,846.46 871,552.98 941,962.65 732,141.80 783,575.69 908,274.58 830,709.96
Recoveries 462,433.16 522,859.19 582,616.73 407,114.51 328,209.44 358,897.52 649,643.92
Charge-Offs - Net
of Recoveries 603,413.30 348,693.79 359,345.92 325,027.29 455,366.25 549,377.06 181,066.04
BOND PRINCIPAL FACTORS
A-1 0.0000000%
A-2 24.9100427%
A-3 100.0000000%
A-4 100.0000000%
B 85.6085393%
C 85.6075617%
D 85.6069776%
E 85.6085402%
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 8.9359% 10.2702% 12.5865%
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