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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 8, 1997
CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
A New York Commission File I.R.S. Employer
Common Law Trust No. 333-34793 No. 13-7135550
c/o AT&T Capita Corporation
44 Whippany Road, Morristown, New Jersey 07962-1923
Telephone Number (973) 397-3000
Page 1 of 10
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ITEM 5. OTHER EVENTS
CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
I. INFORMATION REGARDING THE CONTRACTS
<TABLE>
<S> <C> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $1,146,940,284.75
b. End of Collection Period $1,114,739,285.73
c. Reduction for Collection Period $ 32,200,999.02
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ -
b. End of Collection Period $ 10,358,053.89
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts
with respect to Collection Period 12
b. Required Payoff Amounts of Liquidated Contracts $ 44,097.33
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 9,465.74
e. Liquidation Proceeds Allocated to Owner Trust $ 9,465.74
f. Liquidation Proceeds Allocated to Depositor $ -
g. Current Realized Losses $ 34,631.59
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect
to Collection Period 223
b. Required Payoff Amounts of Prepaid Contracts $ 2,922,139.39
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with
respect to Collection Period 51
b. Required Payoff Amounts of Purchased Contracts $ 384,744.00
</TABLE>
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
<TABLE>
<CAPTION>
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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 72,798 96.78% 1,087,071,543.76 96.62%
b. 31-60 days 1,820 2.42% 32,536,461.49 2.89%
c. 61-90 days 604 0.80% 5,489,334.37 0.49%
d. 91-120 days 0 0.00% 0 0.00%
e. 120+ days 0 0.00% 0 0.00%
f. Total 75,222 100.00% 1,125,097,339.62 100.00%
</TABLE>
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------
% 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
- - ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/30/97 2.89% 0.49% 0.00% 0.00%
</TABLE>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------------------------------------------
COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
NOVEMBER-97 NOVEMBER-97 NOVEMBER-97
- - -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 12 12 12 12
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.004% 0.004% 0.004% 0.004%
c. Required Payoff Amounts of
Liquidated Contracts 44,097.33 44,097.33 44,097.33 44,097.33
d. Liquidation Proceeds Allocated
to Owner Trust 9,465.74 9,465.74 9,465.74 9,465.74
e. Aggregate Current Realized
Losses 34,631.59 34,631.59 34,631.59 34,631.59
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.003% 0.003% 0.003% 0.003%
</TABLE>
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
Principal Balance as of Class Factor as of
Class Coupon December 15, 1997 December 15, 1997 Initial Principal Initial
Rate Payment Date Payment Date Balance Class Factor
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.79% $ 249,300,646.20 0.91486476 $ 272,500,000 1.000
b. Class A-2 Notes 6.03% $ 252,000,000.00 1.00000000 $ 252,000,000 1.000
c. Class A-3 Notes 6.12% $ 153,000,000.00 1.00000000 $ 153,000,000 1.000
d. Class A-4 Notes 6.19% $ 261,210,000.00 1.00000000 $ 261,210,000 1.000
e. Class A-5 Notes 6.09% $ 102,405,021.63 0.97528592 $ 105,000,000 1.000
f. Class B Notes 6.45% $ 68,820,000.00 1.00000000 $ 68,820,000 1.000
g. Class C Notes (Quarterly Paying) 6.48% $ 34,410,000.00 1.00000000 $ 34,410,000 1.000
h. Total N.A. $1,121,145,667.82 0.40040917 $1,146,940,000 1.000
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,125,097,339.62 and the CCA Balance is $83,153,171
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes
(End of Prior Collection Period) $1,146,940,000.00
b. Contract Pool Principal Balance (End of Collection Period) $1,114,739,285.73
c. Monthly Principal Amount $ 32,200,714.27
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 25,991,495.98
b. Liquidation Proceeds Allocated to Owner Trust $ 9,465.74
c. Required Payoff Amounts of Prepaid Contracts $ 2,922,139.39
d. Required Payoff Amounts of Purchased Contracts $ 384,744.00
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection, Note Distribution and Class C Funding Accounts $ -
g. Extension Fees Allocated to Owner Trust $ 5,783.43
h. Total Gross Collections (sum of (a) through (g)) $ 29,313,628.54
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 29,313,628.54
b. Withdrawl from Cash Collateral Account $ -
c. Total Available Funds $ 29,313,628.54
5. Class A-5 Swap
a. Payment Details
1- Class A-5 Assumed Fixed Rate 6.2500%
2- Class A-5 Assumed Fixed Rate Day Count(Actual/360) 0.03333
3- Class A-5 Interest Rate (Libor + .125%) 6.0938%
4- Class A-5 Interest Rate Day Count(Actual/360) 0.03333
5- Class A-5 Principal Amount 105,000,000
b. Net Payment Calculation
1- Class A-5 Assumed Fixed Payment 218,750.00
2- Class A-5 Interest Payment 213,281.25
3- Net Class A-5 Swap Payment (From)/To the Trust (5,468.75)
</TABLE>
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CAPITAL EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
6. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------------------------
Item Amount Remaining Available Funds
- - --------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 29,313,628.54
b. Servicing Fee 1,194,729.46 28,118,899.08
c. Interest on Notes:
i) Class A-1 Notes 525,925.00 27,592,974.08
ii) Class A-2 Notes 506,520.00 27,086,454.08
iii) Class A-3 Notes 312,120.00 26,774,334.08
iv) Class A-4 Notes 538,963.30 26,235,370.78
v) Class A-5 Swap Net Settlement 5,468.75 26,229,902.03
vi) Class A-5 Notes 213,281.25 26,016,620.78
vii) Class B Notes 147,963.00 25,868,657.78
vii) Class C Funding Account 74,325.60 25,794,332.18
d. Principal on Notes:
i) Class A-1 Notes 23,199,353.80 2,594,978.37
ii) Class A-2 Notes 0.00 2,594,978.37
iii) Class A-3 Notes 0.00 2,594,978.37
iv) Class A-4 Notes 0.00 2,594,978.37
v) Class A-5 Notes 2,594,978.37 0
vi) Class B Notes 0.00 0
vii) Class C Funding Account 0.00 0
e. Deposit to Cash
Collateral Account 0.00 0
f. Amount to be applied in
accordance with CCA
Loan Agreement 0.00 0
g. Balance, if any, to Equity Certificates 0.00 0
</TABLE>
7. ACCRUED MONTHLY PRINCIPAL AND INTEREST DEPOSITED INTO THE CLASS C
FUNDING ACCOUNT
<TABLE>
<S> <C>
Payment Date December 15, 1997
Beginning Balance 0
Principal Depositied 0
Interest Depositied 74,326
-------------------- ------
Total Amount Available for Distribution 74,326
Amount Distributed 0
------------------ ------
Ending Balance 74,326
</TABLE>
8. QUARTERLY APPLICATION OF AVAILABLE FUNDS IN THE CLASS C
FUNDING ACCOUNT
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------
Item Amount Remaining Available Funds
- - ---------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 74,325.60
b. Interest to Class C Note Holders 0 74,325.60
c. Principal to Class C Note Holders 0 74,325.60
</TABLE>
Page 5 of 10
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
<TABLE>
<CAPTION>
1. BALANCE RECONCILIATION
DECEMBER 15, 1997
ITEM PAYMENT DATE
<S> <C> <C>
a. Available Cash Collateral Amount (Beginning) 83,153,171
b. Deposits to Cash Collateral Account (II.5(f)) 0
c. Withdrawals from Cash Collateral Account 0
d. Releases of Cash Collateral Account Surplus
(Excess, if any of (a) plus (b) minus (c) over (f)) 0
e. Available Cash Collateral Amount (End)
(Sum of (a) plus (b) minus (c) minus (d)) 83,153,171.00
f. Requisite Cash Collateral Amount 83,153,171.00
g. Cash Collateral Account Shortfall (Excess, if any, of (f) over (e)) 0.00
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For Payment Dates from, and including, the
December 1997 Payment Date to,
and including, the December 1998 Payment Date
1) Initial Cash Collateral Amount 83,153,171.00
b. For Payment Dates from, and including, the
November 1998 Payment Date until
the Final Payment Date, the sum of
1) 8.5% of the Contract Pool Principal Balance 0.00
2) The Aggregate Principal Balance of the Notes 0.00
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2)) 0.00
c. Floor equal to the lesser of
1) 2% of Cut-Off Date Contract Pool Principal
Balance ($22,938,806); and
2) the Aggregate Principal Balance of the Notes 22,938,806
d. Requisite Cash Collateral Amount 83,153,171.00
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 0.00
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account Withdrawals 0.00
</TABLE>
Page 6 of 10
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
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
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 525,925.00 $506,520.00 $312,120.00 $538,963.30
2. Interest Paid $ 525,925.00 $506,520.00 $312,120.00 $538,963.30
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $23,199,353.80 $ - $ - $ -
5. Principal Paid $23,199,353.80 $ - $ - $ -
6. Total Distribution Amount $23,725,278.80 $506,520.00 $312,120.00 $538,963.30
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
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Distribution Class A-5 Class B Class C
Amounts Notes Notes Notes Totals
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<S> <C> <C> <C> <C>
1. Interest Due $ 213,281.25 $147,963.00 $ - $ 2,244,772.55
2. Interest Paid $ 213,281.25 $147,963.00 $ - $ 2,244,772.55
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $2,594,978.37 $ - $ - $25,794,332.18
5. Principal Paid $2,594,978.37 $ - $ - $25,794,332.18
6. Total Distribution Amount $2,808,259.62 $147,963.00 $ - $28,039,104.73
((2) plus (4))
</TABLE>
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
As of End of As of End of
Item Current Prior
Collection Period Collection Period
----------------------------------------------------------------------------------------
1. ORIGINAL CONTRACT CHARACTERISTICS
<S> <C> <C>
a. Original Number of Contracts 75,651 N.A.
b. Cut-Off Date Contract Pool
Principal Balance 1,146,940,284.75 N.A.
c. Original Weighted Average
Remaining Term 46.60 N.A.
d. Weighted Average Original Term 53.70 N.A.
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 75,222 75,651
b. Average Contract Principal Balance $15,161.00 $15,160.94
c. Weighted Average Remaining Term 45.81 46.60
</TABLE>
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CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 1997 PAYMENT DATE: DECEMBER 15, 1997
COLLECTION PERIOD: NOVEMBER 30, 1997
VI. CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1 PREPAYMENT SCHEDULE
--------------------------------------------------------------
Since Issue
Period CPR
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0 December-97 -0.532%
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPLETE LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS
BEEN PROVIDED TO THE INDENTURE TRUSTEE.
Page 9 of 10
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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 Transfer and Servicing Agreement, dated
as of December 3, 1997 (the "Transfer and Servicing Agreement"), among
Capita Equipment Receivables Trust 1997-1, Antigua Funding Corporation,
Bankers Trust Company, 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 3.9
of the Transfer and Servicing Agreement, I DO HEREBY FURTHER CERTIFY the
following report with respect to the Payment Date occurring on
December 15, 1997.
This Certificate shall constitute the Servicer's Certificate as required by
Section 3.9 of the Transfer 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 Transfer and Servicing Agreement.
AT&T CAPITAL CORPORATION
Glenn A. Votek
--------------
Glenn A. Votek
Vice President and Treasurer
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