<PAGE>
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: September 7, 1999
Capita Equipment Receivables Trust 1997-1
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation No. 333-34793 No. 13-7135550
</TABLE>
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973)606-3500
Page 2 of 10
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Item. 5 Other
Capita Equipment Receivables Trust 1997-1
Monthly Servicing Report
Determination Date: September 8, 1999 Payment Date: September 15, 1999
Collection Period: August 31, 1999
I. Information Regarding the Contracts
<TABLE>
<S> <C>
1. Contract Pool Principal Balance
a. Beginning of Collection Period $520,782,074
b. End of Collection Period $495,412,545
c. Reduction for Collection Period $ 25,369,529
2. Delinquent Scheduled Payments
a. Beginning of Collection Period $ 10,888,267
b. End of Collection Period $ 10,288,006
3. Liquidated Contracts
a. Number of Liquidated Contracts 312
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 2,444,698
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received $ 214,574
e. Liquidation Proceeds Allocated to Owner Trust $ 196,941
f. Liquidation Proceeds Allocated to Depositor $ 17,633
g. Current Realized Losses $ 2,247,757
4. Prepaid Contacts
a. Number of Prepaid Contracts with respect 216
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 1,472,444
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 $ --
</TABLE>
Page 3 of 10
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6. Delinquency Status of Contracts (End of Collection Period)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
% of Aggregate
Number of % of Aggregate Required Required Payoff
Contracts Contracts Payoff Amounts Amounts
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 48,878 89.49% $460,916,403 91.14%
b. 31-60 days 2,581 4.73% $ 22,411,511 4.43%
c. 61-90 days 1,442 2.64% $ 10,157,979 2.01%
d. 91-120 days 823 1.51% $ 6,036,727 1.19%
e. 120+ days 894 1.64% $ 6,177,931 1.22%
f. Total 54,618 100.00% $505,700,551 100.00%
</TABLE>
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>
08/31/99 4.43% 2.01% 1.19% 1.22%
07/31/99 4.53% 2.14% 1.21% 1.27%
06/30/99 5.01% 2.02% 1.19% 1.31%
05/31/99 5.77% 2.37% 1.10% 1.38%
04/30/99 5.01% 2.11% 0.86% 1.09%
03/31/99 5.41% 2.06% 0.92% 1.15%
02/28/99 5.60% 2.08% 1.15% 1.24%
01/31/99 5.46% 2.19% 0.94% 1.11%
12/31/98 5.26% 1.86% 0.90% 0.93%
11/30/98 5.07% 1.66% 0.78% 0.88%
10/31/98 3.93% 1.32% 0.66% 0.98%
09/30/98 3.98% 1.18% 0.62% 0.94%
08/31/98 3.34% 1.23% 0.53% 0.60%
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>
----------------------------------------------------------------------------
Collection 3 Collection 6 Collection Periods Cumulative Since
Period Periods Ending Ending Cut-off Date
August-99 August-99 August-99
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 312 1,149 1,978 5,215
b. Number of Liquidated 0.412% 1.519% 2.615% 6.893%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 2,444,698 8,100,399 17,419,553 49,658,199
Liquidated Contracts
d. Liquidation Proceeds Allocated 196,941 679,612 1,734,228 6,439,037
to Owner Trust
e. Aggregate Current Realized 2,247,757 7,420,787 15,685,325 43,219,162
Losses
f. Aggregate Current Realized 0.196% 0.647% 1.368% 3.768%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
Page 4 of 10
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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 September 15, 1999 September 15, 1999 August 14, 1999 August 14, 1999
Rate Payment Date Payment Date Payment Date Payment Date
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.790000% $ 0 0.00000 $ 0 0.00000
b. Class A-2 Notes 6.030000% $ 0 0.00000 $ 0 0.00000
c. Class A-3 Notes 6.120000% $101,698,004 0.66469 $124,128,102 0.81129
d. Class A-4 Notes 6.190000% $261,210,000 1.00000 $261,210,000 1.00000
e. Class A-5 Notes 5.393750% $ 40,593,304 0.38660 $ 43,102,237 0.41050
f. Class B Notes 6.450000% $ 68,820,000 1.00000 $ 68,820,000 1.00000
g. Class C Notes
(Quarterly Paying) 6.480000% $ 34,410,000 1.00000 $ 34,410,000 1.00000
h. Total N.A. $506,731,308 0.44181 $531,670,339 0.46356
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $506,731,308 and the CCA Balance is $52,906,984.
<TABLE>
<S> <C>
2. Monthly Principal Amount
a. Principal Balance of Notes $531,670,339
(End of Prior Collection Period)
b. Contract Pool Principal Balance (End of Collection Period) $495,412,545
c. Monthly Principal Amount $ 36,257,794
3. Gross Collections
a. Scheduled Payments Received $ 24,233,458
b. Liquidation Proceeds Allocated to Owner Trust $ 196,941
c. Required Payoff Amounts of Prepaid Contracts $ 1,472,444
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 $ 91,920
g. Extension Fees Allocated to Owner Trust $ (334)
h. Total Gross Collections (sum of (a) through (g)) $ 25,994,429
4. Determination of Available Funds
a. Total Gross Collections $ 25,994,429
b. Withdrawal from Cash Collateral Account $ 2,247,757
c. Total Available Funds $ 28,242,186
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%) 5.393750%
4-Class A-5 Interest Rate Day Count(Actual/360) 0.0833333
5-Class A-5 Principal Amount $ 43,102,237
b. Net Payment Calculation
1-Class A-5 Assumed Fixed Payment $ 224,491
2-Class A-5 Interest Payment $ 193,736
3-Net Class A-5 Swap Payment From/(To) the Trust $ 30,755
</TABLE>
Page 5 of 10
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6. Application of Available Funds
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
Item Amount Remaining Available Funds
------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 28,242,186
b. Servicing Fee 542,481 27,699,705
c. Interest on Notes:
i) Class A-1 Notes -- 27,699,705
ii) Class A-2 Notes -- 27,699,705
iii) Class A-3 Notes 633,053 27,066,651
iv) Class A-4 Notes 1,347,408 25,719,243
v) Class A-5 Swap Net Settlement 30,755 25,688,488
vi) Class A-5 Notes 193,736 25,494,752
vii) Class B Notes 369,908 25,124,845
vii) Class C Funding Account 185,814 24,939,031
d. Principal on Notes:
i) Class A-1 Notes -- 24,939,031
ii) Class A-2 Notes -- 24,939,031
iii) Class A-3 Notes 22,430,098 2,508,933
iv) Class A-4 Notes -- 2,508,933
v) Class A-5 Notes 2,508,933 --
vi) Class B Notes -- --
vii) Class C Funding Account -- --
e. Deposit to Cash -- --
Collateral Account
f. Amount to be applied in -- --
accordance with CCA
Loan Agreement
g. Balance, if any, to Equity Certificates -- --
</TABLE>
7. Accrued Monthly Principal and Interest Deposited into the
Class C Funding Account
<TABLE>
<S> <C>
Collection Period August-99
Beginning Balance 0.00
Principal Deposited 0.00
Interest Deposited 185,814.00
------------------ ----------
Total Amount Available for Distribution 185,814.00
Amount Distributed 0.00
------------------ ----
Ending Balance 185,814.00
</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 185,814
b. Interest to Class C Note Holders 0 185,814
c. Principal to Class C Note Holders 0 185,814
</TABLE>
Page 6 of 10
<PAGE>
III. Information Regarding the Cash Collateral Account
1. Balance Reconciliation
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
September 15, 1999
Item Payment Date
----------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) $ 55,154,741
b. Deposits to Cash Collateral Account (II.5(f)) $ --
c. Withdrawals from Cash Collateral Account $ 2,247,757
d. Releases of Cash Collateral Account Surplus $ --
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) $ 52,906,984
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount $ 53,428,829
g. Cash Collateral Account Shortfall (Excess, if any, of (f) over (e)) $ 521,845
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
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 $ 42,110,066
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the $ 11,318,763
Contract Pool Principal Balance
3) Total ((1) plus (2)) $ 53,428,829
c. Floor equal to the lesser of
1) 2% of Cut-Off Date Contract Pool Principal $ 22,938,806
Balance ($22,938,806); and
2) the Aggregate Principal Balance of the Notes $506,731,308
d. Requisite Cash Collateral Amount $ 53,428,829
$ --
$ 2,247,757
3. Calculation of Cash Collateral Account Withdrawals $ --
a. Interest Shortfalls
b. Principal Deficiency Amount $ 2,247,757
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates
d. Total Cash Collateral Account Withdrawals 2,176,135.74
</TABLE>
Page 7 of 10
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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
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ -- $ -- $ 633,053 $1,347,408
2. Interest Paid $ -- $ -- $ 633,053 $1,347,408
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Due $ -- $ -- $22,430,098 $ --
5. Principal Paid $ -- $ -- $22,430,098 $ --
6. Total Distribution Amount $ -- $ 0 $23,063,151 $1,347,408
((2) plus (4))
<CAPTION>
----------------------------------------------------------------------------------------
Distribution Class A-5 Class B Class C
Amounts Notes Notes Notes Totals
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 193,736 $369,908 $ -- $ 2,544,105
2. Interest Paid $ 193,736 $369,908 $ -- $ 2,544,105
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Due $2,508,933 $ -- $ -- $24,939,031
5. Principal Paid $2,508,933 $ -- $ -- $24,939,031
6. Total Distribution Amount $2,702,668 $369,908 $ -- $27,483,136
((2) plus (4))
</TABLE>
V. Information Regarding Other Pool Characteristics
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
As of End of As of End of
Item August-99 July-99
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 54,618 56,120
b. Average Contract Principal Balance $9,070 $9,280
c. Weighted Average Remaining Term 30.4 31.0
</TABLE>
Page 8 of 10
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VI. Capita Equipment Receivables Trust 1997-1 Prepayment Schedule
<TABLE>
<CAPTION>
- ---------------------------------------
Payment Date Since Issue
Period CPR
- ---------------------------------------
<S> <C> <C>
1 December-97 -0.436%
2 January-98 5.709%
3 February-98 6.693%
4 March-98 6.904%
5 April-98 7.280%
6 May-98 7.462%
7 June-98 6.903%
8 July-98 7.298%
9 August-98 7.115%
10 September-98 7.118%
11 October-98 6.694%
12 November-98 6.643%
13 December-98 7.065%
14 January-99 7.152%
15 February-99 7.261%
16 March-99 7.336%
17 April-99 7.666%
18 May-99 7.937%
19 June-99 7.515%
20 July-99 7.873%
21 August-99 7.940%
22 September-99 7.956%
</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
September 15, 1999.
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
Thomas G. Adams
---------------
Thomas G. Adams
Senior Vice President, Financial Reporting
