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<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: April 10, 2000
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
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973)606-3500
Page 1 of 9
<PAGE>
<TABLE>
<CAPTION>
ITEM. 5 OTHER
<S> <C> <C>
CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: APRIL 10, 2000 PAYMENT DATE: APRIL 17, 2000
COLLECTION PERIOD: MARCH 31, 2000
</TABLE>
<TABLE>
<CAPTION>
I. INFORMATION REGARDING THE CONTRACTS
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 357,481,570
b. End of Collection Period $ 336,989,953
c. Reduction for Collection Period $ 20,491,617
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 9,974,149
b. End of Collection Period $ 8,106,231
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 321
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 2,198,318
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 171,968
e. Liquidation Proceeds Allocated to Owner Trust $ 155,275
f. Liquidation Proceeds Allocated to Depositor $ 16,693
g. Current Realized Losses $ 2,043,043
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 515
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 1,367,566
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 2 of 9
<PAGE>
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 33,971 88.80% $ 309,047,326 89.55%
b. 31-60 days 1,967 5.14% $ 17,954,797 5.20%
c. 61-90 days 1,072 2.80% $ 9,847,992 2.85%
d. 91-120 days 525 1.37% $ 3,933,224 1.14%
e. 120+ days 720 1.88% $ 4,312,845 1.25%
f. Total 38,255 100.00% $ 345,096,184 100.00%
</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>
03/31/00 5.20% 2.85% 1.14% 1.25%
02/29/00 6.39% 2.83% 1.32% 1.63%
01/31/00 5.70% 2.42% 1.30% 1.55%
12/31/99 5.66% 2.51% 1.39% 1.25%
11/30/99 5.55% 2.46% 1.24% 1.39%
10/31/99 5.24% 2.77% 1.17% 1.45%
09/30/99 5.19% 2.14% 1.13% 1.38%
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%
3/31/98 3.30% 1.26% 0.51% 0.63%
2/28/98 6.09% 1.42% 0.59% 0.52%
1/31/98 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
MARCH-00 MARCH-00 MARCH-00
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 321 827 1,933 7,466
b. Number of Liquidated 0.424% 1.093% 2.555% 9.869%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 2,198,318 4,827,568 11,114,223 62,971,711
Liquidated Contracts
d. Liquidation Proceeds Allocated 155,275 898,967 3,204,134 9,851,488
to Owner Trust
e. Aggregate Current Realized 2,043,043 3,928,601 7,910,089 53,120,222
Losses
f. Aggregate Current Realized 0.178% 0.343% 0.690% 4.631%
</TABLE>
Page 3 of 9
<PAGE>
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
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 17, 2000 APRIL 17, 2000 MARCH 15, 2000 MARCH 15, 2000
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% $0 0.00000 $0 0.00000
d. Class A-4 Notes 6.190000% $217,533,803 0.83279 $237,643,927 0.90978
e. Class A-5 Notes 6.128750% $24,332,381 0.23174 $26,581,812 0.25316
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. $345,096,184 0.30088 $367,455,739 0.32038
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $ 345,096,184 and the CCA Balance is $ 36,750,377.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes $ 367,455,739
(End of Prior Collection Period)
b. Contract Pool Principal Balance (End of Collection Period) $ 336,989,953
c. Monthly Principal Amount $ 30,465,786
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 21,309,448
b. Liquidation Proceeds Allocated to Owner Trust $ 155,275
c. Required Payoff Amounts of Prepaid Contracts $ 1,367,566
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 $ 79,949
g. Extension Fees Allocated to Owner Trust $ -
h. Total Gross Collections (sum of (a) through (g)) $ 22,912,238
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 22,912,238
b. Withdrawal from Cash Collateral Account $ 1,739,709
c. Total Available Funds $ 24,651,946
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%) 6.128750%
4- Class A-5 Interest Rate Day Count(Actual/360) 0.0916667
5- Class A-5 Principal Amount $ 26,581,812
b. Net Payment Calculation
</TABLE>
Page 4 of 9
<PAGE>
<TABLE>
<S> <C>
1- Class A-5 Assumed Fixed Payment $ 138,447
2- Class A-5 Interest Payment $ 149,337
3- Net Class A-5 Swap Payment From/(To) the Trust $ (10,890)
</TABLE>
6. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 24,651,946
b. Servicing Fee 372,377 24,279,570
c. Interest on Notes:
i) Class A-1 Notes - 24,279,570
ii) Class A-2 Notes - 24,279,570
iii) Class A-3 Notes - 24,279,570
iv) Class A-4 Notes 1,225,847 23,053,723
v) Class A-5 Swap Net Settlement (10,890) 23,064,613
vi) Class A-5 Notes 149,337 22,915,276
vii) Class B Notes 369,908 22,545,369
vii) Class C Funding Account 185,814 22,359,555
d. Principal on Notes:
i) Class A-1 Notes - 22,359,555
ii) Class A-2 Notes - 22,359,555
iii) Class A-3 Notes - 22,359,555
iv) Class A-4 Notes 20,110,124 2,249,431
v) Class A-5 Notes 2,249,431 -
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>
<CAPTION>
Collection Period February-00 March-00
<S> <C> <C>
Beginning Balance 0 185,814
Principal Deposited 0
Interest Deposited 185,814 185,814
------- -------
Total Amount Available for Distribution 185,814 371,628
Amount Distributed 0 0
Ending Balance 185,814 371,628
</TABLE>
8. QUARTERLY APPLICATION OF AVAILABLE FUNDS IN THE CLASS C FUNDING ACCOUNT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
</TABLE>
Page 5 of 9
<PAGE>
<TABLE>
<S> <C> <C>
a. Total Available Funds 371,628
b. Interest to Class C Note Holders 0 371,628
c. Principal to Class C Note Holders 0 371,628
</TABLE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
APRIL 17, 2000
ITEM PAYMENT DATE
------------------------------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) $ 39,970,737
b. Deposits to Cash Collateral Account (II.5(f)) $ -
c. Withdrawals from Cash Collateral Account $ 1,739,709
d. Releases of Cash Collateral Account Surplus $ 1,480,650
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) $ 36,750,377
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount $ 36,750,377
g. Cash Collateral Account Shortfall (Excess, if any, of (f) over (e)) $ -
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 $ 28,644,146
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the $ 8,106,231
Contract Pool Principal Balance
3) Total ((1) plus (2)) $ 36,750,377
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 $ 345,096,184
d. Requisite Cash Collateral Amount $ 36,750,377
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls $ -
b. Principal Deficiency Amount $ 1,739,709
</TABLE>
Page 6 of 9
<PAGE>
<TABLE>
<S> <C>
c. Principal Payable at Stated Maturity Date of $ -
Class of Notes or Equity Certificates
d. Total Cash Collateral Account Withdrawals $ 1,739,709
</TABLE>
IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
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 $ - $ - $ - $ 1,225,847
2. Interest Paid $ - $ - $ - $ 1,225,847
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $ - $ - $ - $ 20,110,124
5. Principal Paid $ - $ - $ - $ 20,110,124
6. Total Distribution Amount $ - $ 0 $ - $ 21,335,971
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-5 CLASS B CLASS C
AMOUNTS NOTES NOTES NOTES TOTALS
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 149,337 $ 369,908 $ - $ 1,745,091
2. Interest Paid $ 149,337 $ 369,908 $ - $ 1,745,091
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Due $ 2,249,431 $ - $ - $ 22,359,555
5. Principal Paid $ 2,249,431 $ - $ - $ 22,359,555
6. Total Distribution Amount $ 2,398,768 $ 369,908 $ - $ 24,104,646
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM MARCH-00 FEBRUARY-00
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 38,255 40,875
</TABLE>
Page 7 of 9
<PAGE>
<TABLE>
<S> <C> <C>
b. Average Contract Principal Balance $8,809 $8,746
c. Weighted Average Remaining Term 25.7 26.4
</TABLE>
VI. CAPITA EQUIPMENT RECEIVABLES TRUST 1997-1 PREPAYMENT SCHEDULE
<TABLE>
<CAPTION>
- ------------------------------------------------------- -------------------------------------------------------
PAYMENT DATE SINCE ISSUE PAYMENT DATE SINCE ISSUE
PERIOD CPR PERIOD CPR
- ------------------------------------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 December-97 -0.436% 16 March-99 7.336%
2 January-98 5.709% 17 April-99 7.666%
3 February-98 6.693% 18 May-99 7.937%
4 March-98 6.904% 19 June-99 7.515%
5 April-98 7.280% 20 July-99 7.873%
6 May-98 7.462% 21 August-99 7.940%
7 June-98 6.903% 22 September-99 8.047%
8 July-98 7.298% 23 October-99 7.776%
9 August-98 7.115% 24 November-99 7.545%
10 September-98 7.118% 25 December-99 7.700%
11 October-98 6.694% 25 January-00 7.607%
12 November-98 6.643% 26 February-00 8.193%
13 December-98 7.065% 27 March-00 8.215%
14 January-99 7.152% 28 April-00 8.508%
15 February-99 7.261%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
Page 8 of 9
<PAGE>
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 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 17, 2000.
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 Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 9 of 9
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