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Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: December 17, 1999
Newcourt Funding Corporation 1999-1
A New York Commission File I.R.S. Employer
Corporation No. 108-2255 No. 13-7135550
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
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<TABLE>
<CAPTION>
NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1
MONTHLY SERVICING REPORT
<S> <C> <C>
DETERMINATION DATE: DECEMBER 17, 1999 PAYMENT DATE: DECEMBER 20, 1999
COLLECTION PERIOD: NOVEMBER 30, 1999
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ITEM 5. OTHER
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $1,673,524,708
b. End of Collection Period $1,625,301,948
c. Reduction for Collection Period $ 48,222,760
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period 21,674,354
b. End of Collection Period $ 20,771,483
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 191
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 4,979,876
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received (1) $ 1,202
e. Liquidation Proceeds Allocated to Owner Trust $ 1,354
f. Liquidation Proceeds Allocated to Depositor $ (152.21)
g. Current Realized Losses $ 4,978,521
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 350
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 4,297,808
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with 63
respect to Collection Period
b. Required Payoff Amounts of Purchased Contracts $ 439,419
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
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% OF AGGREGATE
REQUIRED
NUMBER OF % OF AGGREGATE REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
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a. Current 77,826 92.44% $1,525,630,370 92.68%
b. 31-60 days 3,472 4.12% $ 69,884,427 4.25%
c. 61-90 days 1,379 1.64% $ 22,381,517 1.36%
d. 91-120 days 619 0.74% $ 10,119,285 0.61%
e. 120+ days 892 1.06% $ 18,057,832 1.10%
f. Total 84,188 100.00% $1,646,073,431 100.00%
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7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
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% OF % OF % OF % OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF
AMOUNTS AMOUNTS AMOUNTS AMOUNTS
COLLECTION
PERIODS 31-60 DAYS PAST DUE 61-90 DAYS PAST DUE 91-120 DAYS PAST DUE 120+ DAYS PAST DUE
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<S> <C> <C> <C> <C> <C>
11/30/99 4.25% 1.36% 0.61% 1.10%
10/31/99 3.70% 1.22% 0.79% 1.05%
9/30/99 3.65% 1.06% 0.98% 0.35%
8/31/99 3.34% 2.02% 0.49% 0.01%
</TABLE>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
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COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
NOVEMBER-99 NOVEMBER-99 NOVEMBER-99
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<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 191 267 278 278
b. Number of Liquidated
Contracts as a Percentage 0.222% 0.095% 0.099% 0.099%
of Initial Contracts
c. Required Payoff Amounts of
Liquidated Contracts 4,979,876 6,479,822 6,786,062 6,786,062
d. Liquidation Proceeds Allocated
to Owner Trust 1,354 9,087 9,087 9,087
e. Aggregate Current Realized
Losses 4,978,521 6,470,735 6,776,975 6,776,975
f. Aggregate Current Realized
Losses as a Percentage of 0.271% 0.352% 0.369% 0.369%
Cut-off Date Contract Pool
Principal Balance
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II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
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PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTORS
AS OF AS OF AS OF AS OF
CLASS COUPON DECEMBER 20, 1999 DECEMBER 20, 1999 NOVEMBER 22, 1999 NOVEMBER 22, 1999
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
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<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.971300% $276,072,594 0.60151 $319,669,638 0.69650
b. Class A-2 Notes 6.310000% $183,586,801 1.00000 $183,586,801 1.00000
c. Class A-3 Notes 5.707500% $679,271,171 1.00000 $679,271,171 1.00000
d. Class A-4 Notes 7.180000% $318,523,103 1.00000 $318,523,103 1.00000
e. Class A-5 Notes 6.990000% $60,865,443 0.90831 $62,329,943 0.93017
f. Class B Notes 7.070000% $22,948,351 1.00000 $22,948,351 1.00000
g. Class C Notes 7.210000% $50,486,371 1.00000 $50,486,371 1.00000
h. Class D Notes 7.960000% $55,076,041 1.00000 $55,076,041 1.00000
I. Total N.A. $1,646,829,875 0.89703 $1,691,891,419 0.92158
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,646,829,875 and the CCA Balance is $100,377,550.
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<TABLE>
<CAPTION>
2. MONTHLY PRINCIPAL AMOUNT
<S> <C> <C>
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 1,691,891,419
b. Contract Pool Principal Balance (End of Collection Period) $ 1,625,301,948
c. Monthly Principal Amount $ 66,589,471
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 50,280,510
b. Liquidation Proceeds Allocated to Owner Trust $ 1,354
c. Required Payoff Amounts of Prepaid Contracts $ 4,297,808
d. Required Payoff Amounts of Purchased Contracts $ 439,419
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution Account $ 234,245
g. Total Gross Collections (sum of (a) through (f)) $ 55,253,336
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Pledged Revenues $ 55,253,336
b. Withdrawal from Cash Collateral Account $ 595,192
c. Total Available Funds $ 55,848,529
5. CLASS A-3 SWAP
a. Payment Details
1. Class A-3 Prinicpal Amount $ --
2. Class A-3 Assumed Fixed Rate 6.8360%
3. Class A-3 Assumed Fixed Rate Count (30/360) 0.083333333
4. Class A-3 Interest Rate (Libor + .30%) 5.89250%
5. Class A-3 Interest Rate Day Count (Actual/360) 0.077777778
b. Net Payment Calculation
1. Class A-3 Assumed Fixed Payment to Swap Provider $ 3,869,581
2. Class A-3 Interest Payment $ 3,113,138
3. Class A-3 Swap Payment From/(To) the Trust $ 756,444
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5. APPLICATION OF AVAILABLE FUNDS
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REMAINING
ITEM AMOUNT AVAILABLE FUNDS
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a. Total Available Funds $ 55,848,529
b. Servicing Fee $ 1,394,604 $ 54,453,925
c. Interest on Notes:
i) Class A-1 Notes $ 1,484,656 $ 52,969,269
ii) Class A-2 Notes $ 965,361 $ 52,003,908
iii) Class A-3 Net Swap $ 756,444 $ 51,247,464
iv) Class A-3 Notes $ 3,113,138 $ 48,134,327
v) Class A-4 Notes $ 1,905,830 $ 46,228,497
vi) Class A-5 Notes $ 363,072 $ 45,865,425
vii) Class B Notes $ 135,204 $ 45,730,221
viii) Class C Notes $ 303,339 $ 45,426,882
d. ix) Class D Notes $ 365,338 $ 45,061,544
Principal of Notes
i) Class A-1 Notes $ 43,597,044 $ 1,464,500
ii) Class A-2 Notes $ -- $ 1,464,500
iii) Class A-3 Notes $ -- $ 1,464,500
iv) Class A-4 Notes $ -- $ 1,464,500
v) Class A-5 Notes $ 1,464,500 $ 0
vi) Class B Notes $ -- $ 0
vii) Class C Notes $ -- $ 0
e. viii) Class D Notes $ -- $ 0
Deposit to Cash $ -- $ 0
f. Collateral Account
Amount to be applied in
accordance with CCA $ -- $ 0
g. Loan Agreement
Balance, if any, to Equity $ -- $ 0
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III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
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DECEMBER 20, 1999
ITEM PAYMENT DATE
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a. Available Cash Collateral Amount (Beginning) 100,972,742
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 595,192
d. Releases of Cash Collateral Account Surplus --
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 100,377,550
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 100,972,742
g. Cash Collateral Account Shortfall 595,192
(Excess, if any, of (f) over (e))
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For any payment date on or prior to the
August 2000 Payment Date to,
and including, the August 2000 Payment Date
1) Initial Cash Collateral Amount 100,972,742
b. For any Payment Dates after the August 2000
Payment Date until
the Final Payment Date, the sum of
1) 6.60% of the Contract Pool Principal Balance
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2))
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($22,948,350); and
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
d. Requisite Cash Collateral Amount
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 595,192
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 595,192
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
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DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
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<S> <C> <C> <C> <C> <C>
1. Interest Due $ 1,484,656 $ 965,361 $ 3,113,138 $ 1,905,830
2. Interest Paid $ 1,484,656 $ 965,361 $ 3,113,138 $ 1,905,830
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ 43,597,044 $ -- $ -- $ --
5. Total Distribution Amount $ 45,081,700 $ 965,361 $ 3,113,138 $ 1,905,830
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
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DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
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<S> <C> <C> <C> <C> <C> <C>
1. Interest Due $ 363,072 $ 135,204 $ 303,339 $ 365,338 $ 8,635,937
2. Interest Paid $ 363,072 $ 135,204 $ 303,339 $ 365,338 $ 8,635,937
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ 1,464,500 $ -- $ -- $ -- $ 45,061,544
5. Total Distribution Amount $ 1,827,572 $ 135,204 $ 303,339 $ 365,338 $ 53,697,481
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
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AS OF END OF AS OF END OF
ITEM NOVEMBER-99 OCTOBER-99
COLLECTION PERIOD COLLECTION PERIOD
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1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 86,204 N.A.
b. Cut-Off Date Contract Pool $1,835,868,028 N.A.
Principal Balance
c. Original Weighted Average 47.00 N.A.
Remaining Term
d. Weighted Average 55.00 N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 84,188 84,860
b. Average Contract $19,306 $19,721
Principal Balance
c. Weighted Average 43.7 44.5
Remaining Term
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1 PREPAYMENT SCHEDULE
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PAYMENT DATE SINCE ISSUE
PERIOD CPR
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0 Aug-99
1 Sep-99 7.696%
2 Oct-99 10.521%
3 Nov-99 9.958%
4 Dec-99 8.758%
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS
BEEN PROVIDED TO THE INDENTURE TRUSTEE.
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Servicer's Certificate
The undersigned, on behalf of AT&T Capital Corporation, in its capacity as
servicer (the Servicer) under the Pooling and Servicing Agreement, dated as of
August 1, 1999 (the Pooling and Servicing Agreement), among Newcourt Equipment
Trust Securities 1999-1, Antigua Funding Corporation, The Chase Manhattan Bank,
as trustee under the Indenture, and AT&T Capital Corporation, in its individual
capacity and as Servicer, DO HEREBY CERTIFY that I am a Responsible Officer of
the Servicer and, pursuant to Section 9.02 of the Pooling and Servicing
Agreement, I DO HEREBY FURTHER CERTIFY the following report with respect to the
Payment Date occurring on December 20, 1999
This Certificate shall constitute the Servicer's Certificate as required by
Section 9.02 of the Pooling and Servicing Agreement with respect to the above
Payment Date. Any term capitalized but not defined herein shall have the meaning
ascribed thereto in the Pooling and Servicing Agreement.
AT&T CAPITAL CORPORATION
Glenn Votek
Glenn Votek
Executive Vice President, and Treasurer
