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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: August 10, 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
Page 2 of 10
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ITEM 5. OTHER EVENTS
CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: AUGUST 10, 1998 PAYMENT DATE: AUGUST 17, 1998
COLLECTION PERIOD: JULY 31, 1998
I. INFORMATION REGARDING THE CONTRACTS
<TABLE>
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 889,730,685.85
b. End of Collection Period $ 860,145,827.36
c. Reduction for Collection Period $ 29,584,858.49
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 9,538,166.22
b. End of Collection Period $ 9,772,434.71
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts
with respect to Collection Period 225
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b. Required Payoff Amounts of Liquidated Contracts $ 2,114,835.09
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 409,675.12
e. Liquidation Proceeds Allocated to Owner Trust $ 367,621.27
f. Liquidation Proceeds Allocated to Depositor $ 42,053.85
g. Current Realized Losses $ 1,747,213.82
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with
respect to Collection Period 342
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b. Required Payoff Amounts of Prepaid Contracts $ 3,064,171.97
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC
with respect to Collection Period 0
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b. Required Payoff Amounts of Purchased Contracts $ -
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
</TABLE>
<TABLE>
<CAPTION>
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% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 64,934 93.58% 819,679,847.00 94.22%
b. 31-60 days 2,373 3.42% 28,523,670.73 3.28%
c. 61-90 days 929 1.34% 9,784,126.15 1.12%
d. 91-120 days 539 0.78% 4,560,357.99 0.52%
e. 120+ days 613 0.88% 7,370,260.20 0.85%
f. Total 69,388 100.00% 869,918,262.07 100.00%
</TABLE>
Page 3 of 10
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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>
07/31/98 3.28% 1.12% 0.52% 0.85%
06/30/98 2.76% 1.14% 0.58% 0.81%
05/31/98 3.63% 1.12% 0.61% 0.75%
04/30/98 3.46% 1.03% 0.63% 0.69%
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
JULY-98 JULY-98 JULY-98
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<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 225 759 1,348 1,501
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.297% 1.003% 1.782% 1.984%
c. Required Payoff Amounts of
Liquidated Contracts 2,114,835.09 8,158,141.16 13,680,881.82 15,013,709.11
d. Liquidation Proceeds Allocated
to Owner Trust 367,621.27 833,917.21 1,388,595.43 1,456,410.74
e. Aggregate Current Realized
Losses 1,747,213.82 7,324,223.95 12,292,286.39 13,557,298.37
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.152% 0.639% 1.072% 1.182%
</TABLE>
Page 4 of 10
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II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
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PRINCIPAL BALANCE AS CLASS FACTOR AS PRINCIPAL BALANCE AS CLASS FACTOR AS
CLASS COUPON OF AUGUST 17, 1998 OF AUGUST 17, 1998 OF JULY 15, 1998 OF JULY 15, 1998
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
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<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.790000% $ 23,347,385.17 0.08568 $ 49,745,227.81 0.18255
b. Class A-2 Notes 6.030000% $252,000,000.00 1.00000 $252,000,000.00 1.00000
c. Class A-3 Notes 6.120000% $153,000,000.00 1.00000 $153,000,000.00 1.00000
d. Class A-4 Notes 6.190000% $261,210,000.00 1.00000 $261,210,000.00 1.00000
e. Class A-5 Notes 5.781250% $ 77,130,876.90 0.73458 $ 80,083,624.26 0.76270
f. Class B Notes 6.450000% $ 68,820,000.00 1.00000 $ 68,820,000.00 1.00000
g. Class C Notes
(Quarterly Paying) 6.480000% $ 34,410,000.00 1.00000 $ 34,410,000.00 1.00000
h. Total N.A. $869,918,262.07 0.75847 $899,268,852.07 0.78406
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of
the collection period is $869,918,262.07 and the CCA Balance
is $79,975,605.10.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes
(End of Prior Collection Period) $ 899,268,852.07
b. Contract Pool Principal Balance (End of Collection Period) $ 860,145,827.36
c. Monthly Principal Amount $ 39,123,024.71
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 30,342,778.99
b. Liquidation Proceeds Allocated to Owner Trust $ 367,621.27
c. Required Payoff Amounts of Prepaid Contracts $ 3,064,171.97
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 $ 114,187.79
g. Extension Fees Allocated to Owner Trust $ 5,846.26
h. Total Gross Collections (sum of (a) through (g)) $ 33,894,606.28
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 33,894,606.28
b. Withdrawal from Cash Collateral Account $ 1,013,641.27
c. Total Available Funds $ 34,908,247.55
5. CLASS A-5 SWAP
a. Payment Details
1- Class A-5 Assumed Fixed Rate 6.250000%
2- Class A-5 Assumed Fixed Rate Day Count(30/360) 0.0833333
3- Class A-5 Interest Rate (Libor + .125%) 5.781250%
4- Class A-5 Interest Rate Day Count (Actual/360) 0.0916667
5- Class A-5 Principal Amount $ 80,083,624.26
b. Net Payment Calculation
1- Class A-5 Assumed Fixed Payment $ 417,102.21
2- Class A-5 Interest Payment $ 424,401.50
3- Net Class A-5 Swap Payment From/(To) the Trust $ (7,299.29)
</TABLE>
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6. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 34,908,247.55
b. Servicing Fee 926,802.79 33,981,444.76
c. Interest on Notes:
i) Class A-1 Notes 264,022.80 33,717,421.96
ii) Class A-2 Notes 1,266,300.00 32,451,121.96
iii) Class A-3 Notes 780,300.00 31,670,821.96
iv) Class A-4 Notes 1,347,408.25 30,323,413.71
v) Class A-5 Swap Net Settlement (7,299.29) 30,330,713.00
vi) Class A-5 Notes 424,401.50 29,906,311.50
vii) Class B Notes 369,907.50 29,536,404.00
viii) Class C Funding Account 185,814.00 29,350,590.00
d. Principal on Notes:
i) Class A-1 Notes 26,397,842.64 2,952,747.36
ii) Class A-2 Notes 0.00 2,952,747.36
iii) Class A-3 Notes 0.00 2,952,747.36
iv) Class A-4 Notes 0.00 2,952,747.36
v) Class A-5 Notes 2,952,747.36 0.00
vi) Class B Notes 0.00 0.00
vii) Class C Funding Account 0.00 0.00
e. Deposit to Cash
Collateral Account 0.00 0.00
f. Amount to be applied in
accordance with CCA
Loan Agreement 0.00 0.00
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 May-98 June-98 July-98
Beginning Balance 0.00 185,814.00 371,628.00
Principal Deposited 0.00 0.00 0.00
Interest Deposited 185,814.00 185,814.00 185,814.00
- --------------------------------------- ---------- ---------- ----------
Total Amount Available for Distribution 185,814.00 371,628.00 557,442.00
Amount Distributed 0.00 0.00 557,442.00
- --------------------------------------- ---------- ---------- ----------
Ending Balance 185,814.00 371,628.00 0.00
</TABLE>
Page 6 of 10
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8. QUARTERLY APPLICATION OF AVAILABLE FUNDS IN THE CLASS C FUNDING ACCOUNT
<TABLE>
<CAPTION>
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Item Amount Remaining Available Funds
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<S> <C> <C>
a. Total Available Funds 557,442.00
b. Interest to Class C Note Holders 557,442.00 0.00
c. Principal to Class C Note Holders 0.00 0.00
</TABLE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
<TABLE>
<CAPTION>
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AUGUST 17, 1998
ITEM PAYMENT DATE
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<S> <C>
1. BALANCE RECONCILIATION
a. Available Cash Collateral Amount (Beginning) 80,989,246.37
b. Deposits to Cash Collateral Account (II.5(f)) 0.00
c. Withdrawals from Cash Collateral Account 1,013,641.27
d. Releases of Cash Collateral Account Surplus
(Excess, if any of (a) plus (b) minus (c) over (f)) 0.00
e. Available Cash Collateral Amount (End)
(Sum of (a) plus (b) minus (c) minus (d)) 79,975,605.10
f. Requisite Cash Collateral Amount 83,153,171.00
g. Cash Collateral Account Shortfall (Excess, if any, of (f) over (e)) 3,177,565.90
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 and the Equity Certificate Balance
less the Contract Pool Principal Balance 0.00
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 22,938,806.00
2) the Aggregate Principal Balance of
the Notes 869,918,262.07
d. Requisite Cash Collateral Amount 83,153,171.00
</TABLE>
Page 7 of 10
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<TABLE>
<S> <C>
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 1,013,641.27
c. Principal Payable at Stated Maturity 0.00
Date of Class of Notes or Equity Certificates
d. Total Cash Collateral Account Withdrawals 1,013,641.27
</TABLE>
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>
1. Interest Due $ 264,022.80 $ 1,266,300.00 $ 780,300.00 $ 1,347,408.25
2. Interest Paid $ 264,022.80 $ 1,266,300.00 $ 780,300.00 $ 1,347,408.25
3. Interest Shortfall
((1) minus (2)) $ - $ - $ - $ -
4. Principal Due $ 26,397,842.64 $ - $ - $ -
5. Principal Paid $ 26,397,842.64 $ - $ - $ -
6. Total Distribution Amount
((2) plus (4)) $ 26,661,865.44 $ 1,266,300.00 $ 780,300.00 $ 1,347,408.25
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-5 CLASS B CLASS C
AMOUNTS NOTES NOTES NOTES TOTALS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 424,401.50 $ 369,907.50 $ 557,442.00 $ 5,009,782.04
2. Interest Paid $ 424,401.50 $ 369,907.50 $ 557,442.00 $ 5,009,782.04
3. Interest Shortfall
((1) minus (2)) $ - $ - $ - $ -
4. Principal Due $ 2,952,747.36 $ - $ - $ 29,350,590.00
5. Principal Paid $ 2,952,747.36 $ - $ - $ 29,350,590.00
6. Total Distribution Amount
((2) plus (4)) $ 3,377,148.86 $ 369,907.50 $ 557,442.00 $ 34,360,372.05
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
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AS OF END OF AS OF END OF
ITEM JULY-98 JUNE-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
Principal Balance $1,146,940,285 N.A.
c. Original Weighted Average
Remaining Term (in months) 46.6 N.A.
d. Weighted Average Original Term
(in months) 53.7 N.A.
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 69,388 70,200
b. Average Contract Principal Balance $ 12,396 $12,674
c. Weighted Average Remaining Term 39.7 40.5
Page 8 of 10
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VI. CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1 PREPAYMENT SCHEDULE
</TABLE>
<TABLE>
<CAPTION>
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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 April-98 7.280%
5 May-98 7.462%
6 June-98 6.903%
7 July-98 7.298%
8 August-98 7.115%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER 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 August 17, 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
Executive Vice President and Teasurer
Page 10 of 10
