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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: April 8, 1998
Capita Equipment Receivables Trust 1997-1
A New York Commission File I.R.S Employer
Corporation NO. 333-34793 No. 13-7135550
c/o AT&T Capital Corporation
44 Whippany Road. Morristown, NJ 07962
Telephone Number (973) 397-3000
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Item 5. Other Events
Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
<TABLE>
<S> <C>
I. Information Regarding the Contracts
1. Contract Pool Principal Balance
a. Beginning of Collection Period $1,015,343,037.42
b. End of Collection Period $ 983,590,267.89
c. Reduction for Collection Period $ 31,752,769.53
2. Delinquent Scheduled Payments
a. Beginning of Collection Period $ 10,921,943.70
b. End of Collection Period $ 9,642,318.52
3. Liquidated Contracts
a. Number of Liquidated Contracts 200
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 2,093,717.14
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 374,196.51
e. Liquidation Proceeds Allocated to Owner Trust $ 361,579.44
f. Liquidation Proceeds Allocated to Depositor $ 12,617.07
g. Current Realized Losses $ 1,732,137.70
4. Prepaid Contacts
a. Number of Prepaid Contracts with respect 304
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 3,708,471.71
5. Purchased Contracts (by TCC)
a. Number of Contracts Purchased by TCC with 0
respect to Collection Period -
b. Required Payoff Amounts of Purchased Contracts $ -
6. Delinquency Status of Contracts (End of Collection
Period)
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
% of Aggregate
Number of % of Aggregate Required Required Payoff
Contracts Contracts Payoff Amounts Amounts
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 67,791 93.49% 936,593,834.25 94.30%
b. 31-60 days 2,518 3.47% 32,814,070.37 3.30%
c. 61-90 days 1,091 1.50% 12,510,176.18 1.26%
d. 91-120 days 524 0.72% 5,077,335.40 0.51%
e. 120+ days 590 0.81% 6,237,170.21 0.63%
f. Total 72,514 100.00% 993,232,586.41 100.00%
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
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>
03/31/98 3.30% 1.26% 0.51% 0.63%
02/28/98 6.09% 1.42% 0.59% 0.52%
01/31/98 3.34% 0.96% 0.41% 0.26%
12/31//97 3.17% 0.86% 0.36% 0.01%
11/30/97 2.89% 0.49% 0.00% 0.00%
</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
March-98 March-98 March-98
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 200 407 478 478
b. Number of Liquidated 0.264% 0.538% 0.632% 0.632%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 2,089,062.76 3,840,623.85 4,495,659.38 4,495,659.38
Liquidated Contracts
d. Liquidation Proceeds Allocated 361,579.44 474,844.61 488,594.83 488,594.83
to Owner Trust
e. Aggregate Current Realized 1,727,483.32 3,365,779.24 4,007,064.55 4,007,064.55
Losses
f. Aggregate Current Realized 0.151% 0.293% 0.349% 0.349%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
II. Information Regarding the Securities
1. Summary of Balance Information
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Principal Balance as of Class Factor as of Principal Balance as of Class Factor as of
Class Coupon April 15, 1998 April 15, 1998 March 16, 1998 March 16, 1998
Rate Payment Date Payment Date Payment Date Payment Date
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.79% $131,029,405.69 0.48084 $159,873,623 0.587
b. Class A-2 Notes 6.03% $252,000,000.00 1.00000 $252,000,000 1.000
c. Class A-3 Notes 6.12% $153,000,000.00 1.00000 $153,000,000 1.000
d. Class A-4 Notes 6.19% $261,210,000.00 1.00000 $261,210,000 1.000
e. Class A-5 Notes 5.81% $89,175,717.32 0.84929 $ 92,402,105 0.880
f. Class B Notes 6.45% $68,820,000.00 1.00000 $ 68,820,000 1.000
g. Class C Notes
(Quarterly Paying) 6.48% $34,410,000.00 1.00000 $ 34,410,000 1.000
h. Total N.A. $989,645,123.01 0.86286 $1,021,715,728 0.891
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $993,232,586.41 a the CCA Balance is $83,153,171.
<TABLE>
<S> <C>
2. Monthly Principal Amount
a. Principal Balance of Notes $1,021,715,727.95
(End of Prior Collection Period)
b. Contract Pool Principal Balance (End of Collection Period) $ 983,590,267.89
c. Monthly Principal Amount $ 38,125,460.06
3. Gross Collections
a. Scheduled Payments Received $ 34,134,889.05
b. Liquidation Proceeds Allocated to Owner Trust $ 361,579.44
c. Required Payoff Amounts of Prepaid Contracts $ 3,708,471.71
d. Required Payoff Amounts of Purchased Contracts
$ -
e. Proceeds of Clean-up Call
$ -
f. Investment Earnings on Collection, Note Distribution
and Class C Funding Accounts $ 119,862.39
g. Extension Fees Allocated to Owner Trust $ 5,832.30
h. Total Gross Collections (sum of (a) through (g)) $ 38,330,634.89
4. Determination of Available Funds
a. Total Gross Collections $ 38,330,634.89
b. Withdrawal from Cash Collateral Account
$ -
c. Total Available Funds $ 38,330,634.89
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(30/360) 0.08333
3- Class A-5 Interest Rate (Libor + .125%) 5.8125%
4- Class A-5 Interest Rate Day Count(Actual/360) 0.08333
5- Class A-5 Principal Amount $ 92,402,105.41
b. Net Payment Calculation
1- Class A-5 Assumed Fixed Payment $ 481,260.97
2- Class A-5 Interest Payment $ 447,572.70
3- Net Class A-5 Swap Payment (From)/To the Trust $ 33,688.27
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
6. Application of Available Funds
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Item Amount Remaining Available Funds
----------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 38,330,634.89
b. Servicing Fee 1,057,649.00 37,272,985.89
c. Interest on Notes:
i) Class A-1 Notes 771,390.23 36,501,595.66
ii) Class A-2 Notes 1,266,300.00 35,235,295.66
iii) Class A-3 Notes 780,300.00 34,454,995.66
iv) Class A-4 Notes 1,347,408.25 33,107,587.41
v) Class A-5 Swap Net Settlement 33,688.27 33,073,899.14
vi) Class A-5 Notes 447,572.70 32,626,326.44
vii) Class B Notes 369,907.50 32,256,418.94
vii) Class C Funding Account 185,814.00 32,070,604.94
d. Principal on Notes:
i) Class A-1 Notes 28,844,216.85 3,226,388.09
ii) Class A-2 Notes 0.00 3,226,388.09
iii) Class A-3 Notes 0.00 3,226,388.09
iv) Class A-4 Notes 0.00 3,226,388.09
v) Class A-5 Notes 3,226,388.09 0.00
vi) Class B Notes 0.00 0.00
vii) Class C Funding Account 0.00 0.00
e. Deposit to Cash 0.00 0.00
Collateral Account
f. Amount to be applied in 0.00 0.00
accordance with CCA
Loan Agreement
g. Balance, if any, to Equity Certificates 0.00 0.00
</TABLE>
7. Accrued Monthly Principal and Interest Deposited into the Class C Funding
Account
<TABLE>
<S> <C> <C>
Collection Period February-98 March 16, 1998
Beginning Balance 0.00 185,814.00
Principal Deposited 0.00 0.00
Interest Deposited 185,814.00 185,814.00
---------- ----------
Total Amount Available for Distribution 185,814.00 371,628.00
Amount Distributed 0.00 0.00
---- ----
Ending Balance 185,814.00 371,628.00
</TABLE>
8. Quarterly Application of Available funds in the Class C Funding Account
<TABLE>
<CAPTION>
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Item Amount Remaining Available Funds
---------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 371,628.00
b. Interest to Class C Note Holders 0.00 371,628.00
c. Principal to Class C Note Holders 0.00 371,628.00
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
Information Regarding the Cash Collateral Account
III.
1. Balance Reconciliation
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
April 15, 1998
Item Payment Date
--------------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 83,153,171.00
b. Deposits to Cash Collateral Account (II.5(f)) 0.00
c. Withdrawals from Cash Collateral Account 0.00
d. Releases of Cash Collateral Account Surplus 0.00
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 83,153,171.00
(Sum of (a) plus (b) minus (c) minus (d))
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 22,938,806.00
Balance ($22,938,806); and
2) the Aggregate Principal Balance of the Notes 989,645,123.01
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 0.00
Class of Notes or Equity Certificates
d. Total Cash Collateral Account Withdrawals 0.00
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
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 $ 771,390.23 $1,266,300.00 $780,300.00 $1,347,408.25
2. Interest Paid $ 771,390.23 $1,266,300.00 $780,300.00 $1,347,408.25
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $28,844,216.85 $ - $ - $ -
5. Principal Paid $28,844,216.85 $ - $ - $ -
6. Total Distribution Amount $29,615,607.08 $1,266,300.00 $780,300.00 $1,347,408.25
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
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Distribution Class A-5 Class B Class C
Amounts Notes Notes Notes Totals
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 447,572.70 $369,907.50 $ - $ 4,982,878.68
2. Interest Paid $ 447,572.70 $369,907.50 $ - $ 4,982,878.68
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $3,226,388.09 $ - $ - $32,070,604.94
5. Principal Paid $3,226,388.09 $ - $ - $32,070,604.94
6. Total Distribution Amount $3,673,960.79 $369,907.50 $ - $37,053,483.62
((2) plus (4))
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
V. Information Regarding Other Pool Characteristics
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
As of End of As of End of
Item March-98 February-98
Collection Period Collection Period
----------------------------------------------------------------------------------------------------
<S> <C> <C>
1. Original Contract Characteristics
a. Original Number of Contracts 75,651 N.A.
b. Cut-Off Date Contract Pool $1,146,940,285 N.A.
Principal Balance
c. Original Weighted Average 46.6 N.A.
Remaining Term (in months)
d. Weighted Average Original Term 53.7 N.A.
(in months)
2. Current Contract Characteristics
a. Number of Contracts 72,514 73,287
b. Average Contract Principal Balance $13,564 $13,854
c. Weighted Average Remaining Term 43.0 43.7
</TABLE>
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Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: April 8, 1998 Payment Date: April 15, 1998
Collection Period: March 31, 1998
VI. Capita Equipment Receivables Trust 1997-1 Prepayment Schedule
<TABLE>
<CAPTION>
----------------------------------------------------------------------
Since Issue
Period CPR
----------------------------------------------------------------------
<S> <C> <C>
0 December-97 -0.436%
1 January-98 5.709%
2 February-98 6.693%
3 March-98 6.904%
4 Apr-98 7.280%
</TABLE>
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 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
April 15, 1998.
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
