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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: June 16, 2000
Newcourt Funding Corporation 1999-1
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<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation No. 108-2255 No. 13-7135550
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c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 1 of 10
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NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: JUNE 16, 2000 PAYMENT DATE: JUNE 20, 2000
COLLECTION PERIOD: MAY 31, 2000
ITEM 5. OTHER
I. INFORMATION REGARDING THE CONTRACTS
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $1,348,229,015
b. End of Collection Period $1,299,905,522
c. Reduction for Collection Period $ 48,323,493
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 22,438,306
b. End of Collection Period $ 22,702,046
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 260
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 6,487,133
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received (1) $ 3,278,138
e. Liquidation Proceeds Allocated to Owner Trust $ 3,273,504
f. Liquidation Proceeds Allocated to Depositor $ 4,634
g. Current Realized Losses $ 3,213,629
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 481
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 5,478,408
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with 15
respect to Collection Period --
b. Required Payoff Amounts of Purchased Contracts $ 346,733
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
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% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
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<S> <C> <C> <C> <C>
a. Current 72,580 92.43% $1,209,832,388 91.47%
b. 31-60 days 3,323 4.23% $ 59,050,607 4.46%
c. 61-90 days 1,152 1.47% $ 17,757,293 1.34%
d. 91-120 days 847 1.08% $ 20,883,076 1.58%
e. 120+ days 621 0.79% $ 15,084,203 1.14%
f. Total 78,523 100.00% $1,322,607,568 100.00%
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Page 2 of 10
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7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
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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>
5/31/00 4.46% 1.34% 1.58% 1.14%
4/30/00 4.98% 2.18% 1.14% 1.00%
3/31/00 4.75% 1.85% 0.64% 1.57%
2/29/00 5.79% 1.90% 0.98% 1.42%
1/31/00 4.48% 2.09% 1.06% 1.31%
12/31/99 5.04% 1.44% 1.08% 1.14%
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%
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8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
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COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
MAY-00 MAY-00 MAY-00
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<S> <C> <C> <C> <C>
a. Number of Liquidated 260 940 1,948 2,226
Contracts
b. Number of Liquidated 0.302% 1.090% 2.260% 2.582%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 6,487,133 20,447,387 41,959,588 48,746,863
Liquidated Contracts
d. Liquidation Proceeds Allocated 3,273,504 6,086,923 12,686,204 12,695,291
to Owner Trust
e. Aggregate Current Realized 3,213,629 14,360,464 29,273,384 36,051,572
Losses
f. Aggregate Current Realized 0.175% 0.782% 1.595% 1.964%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
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Page 3 of 10
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II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
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PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON JUNE 20, 2000 JUNE 20, 2000 MAY 22, 2000 MAY 22, 2000
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% $ 0 0.00000 $ 8,885,322 0.01936
b. Class A-2 Notes 6.310000% $ 145,974,313 0.79512 $ 183,586,801 1.00000
c. Class A-3 Notes 6.908750% $ 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% $ 50,328,218 0.75106 $ 51,890,160 0.77437
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. $1,322,607,568 0.72043 $1,370,667,320 0.74660
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Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,322,607,568. and the CCA Balance is 75,174,186.
Page 4 of 10
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<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $1,370,667,320
b. Contract Pool Principal Balance (End of Collection Period) $1,299,905,522
c. Monthly Principal Amount $ 70,761,798
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 44,568,343
b. Liquidation Proceeds Allocated to Owner Trust $ 3,273,504
c. Required Payoff Amounts of Prepaid Contracts $ 5,478,408
d. Required Payoff Amounts of Purchased Contracts $ 346,733
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution Account $ 254,302
g. Total Gross Collections (sum of (a) through (f)) $ 53,921,290
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Pledged Revenues $ 53,921,290
b. Withdrawal from Cash Collateral Account $ 3,151,640
c. Total Available Funds $ 57,072,930
5. CLASS A-3 SWAP
a. Payment Details
1. Class A-3 Principal 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%) 6.90875%
5. Class A-3 Interest Rate Day Count (Actual/360) 0.080555556
b. Net Payment Calculation
1. Class A-3 Assumed Fixed Payment to Swap Provider $ 3,869,581
2. Class A-3 Interest Payment $ 3,780,404
3. Class A-3 Swap Payment From/(To) the Trust $ 89,178
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Page 5 of 10
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6. APPLICATION OF AVAILABLE FUNDS
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ITEM AMOUNT REMAINING AVAILABLE FUNDS
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<S> <C> <C>
a. Total Available Funds $57,072,930
b. Servicing Fee $ 1,123,524 $55,949,405
c. Interest on Notes:
i) Class A-1 Notes $ 42,740 $55,906,665
ii) Class A-2 Notes $ 965,361 $54,941,305
iii) Class A-3 Net Swap $ 89,178 $54,852,127
iv) Class A-3 Notes $ 3,780,404 $51,071,723
v) Class A-4 Notes $ 1,905,830 $49,165,893
vi) Class A-5 Notes $ 302,260 $48,863,633
vii) Class B Notes $ 135,204 $48,728,429
viii) Class C Notes $ 303,339 $48,425,090
ix) Class D Notes $ 365,338 $48,059,752
d. Principal of Notes
i) Class A-1 Notes $ 8,885,322 $39,174,430
ii) Class A-2 Notes $37,612,488 $ 1,561,942
iii) Class A-3 Notes $ -- $ 1,561,942
iv) Class A-4 Notes $ -- $ 1,561,942
v) Class A-5 Notes $ 1,561,942 $ (0)
vi) Class B Notes $ -- $ (0)
vii) Class C Notes $ -- $ (0)
viii) Class D Notes $ -- $ (0)
e. Deposit to Cash $ -- $ (0)
Collateral Account
f. Amount to be applied in
accordance with CCA $ -- $ (0)
Loan Agreement
g Balance, if any, to Equity $ -- $ (0)
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III. INFORMCERTIFICATES
Page 6 of 10
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1. BALANCE RECONCILIATION
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JUNE 20, 2000
ITEM PAYMENT DATE
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<S> <C>
a. Available Cash Collateral Amount (Beginning) 78,325,826 **
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 3,151,640
d. Releases of Cash Collateral Account Surplus --
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 75,174,186
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 100,972,742
g. Cash Collateral Account Shortfall 25,798,556
(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 85,793,764
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 22,702,046
3) Total ((1) plus (2)) 108,495,810
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($22,948,350); and 22,948,350
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance 1,322,607,568
d. Requisite Cash Collateral Amount 100,972,742
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 3,151,640
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 3,151,640
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** Adjusted for an incorrect deposit made on March 2000 (Collection Period)
in the amount of 6,477,905.00.
Page 7 of 10
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
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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>
1. Interest Due $ 42,740 $ 965,361 $3,780,404 $1,905,830
2. Interest Paid $ 42,740 $ 965,361 $3,780,404 $1,905,830
3. Interest Shortfall
((1) minus (2)) $ -- $ -- $ -- $ --
4. Principal Paid $8,885,322 $37,612,488 $ -- $ --
5. Total Distribution Amount $8,928,063 $38,577,849 $3,780,404 $1,905,830
((2) plus (4))
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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>
1. Interest Due $ 302,260 $135,204 $303,339 $365,338 $ 7,800,475
2. Interest Paid $ 302,260 $135,204 $303,339 $365,338 $ 7,800,475
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $1,561,942 $ -- $ -- $ -- $48,059,752
5. Total Distribution Amount $1,864,202 $135,204 $303,339 $365,338 $55,860,228
((2) plus (4))
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Page 8 of 10
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V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
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ITEM AS OF END OF AS OF END OF
COLLECTION PERIOD COLLECTION PERIOD
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<S> <C> <C>
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 78,523 79,410
b. Average Contract 16,554 16,978
Principal Balance
c. Weighted Average 39.7 40.4
Remaining Term
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Page 9 of 10
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1 PREPAYMENT SCHEDULE
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PAYMENT DATE SINCE ISSUE
PERIOD CPR
--------------------------------------------------
<S> <C> <C>
0 Aug-99
1 Sep-99 7.696%
2 Oct-99 10.521%
3 Nov-99 9.958%
4 Dec-99 8.758%
5 Jan-00 8.327%
6 Feb-00 9.785%
7 Mar-00 9.516%
8 Apr-00 9.315%
9 May-00 9.708%
10 Jun-00 9.706%
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VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS
BEEN PROVIDED TO THE INDENTURE TRUSTEE.
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 June 20, 2000
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
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Glenn Votek
Executive Vice President, and Treasurer
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