[DESCRIPTION] AT&T CAPITAL CORPORATION
<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: July 8, 1997
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-
1
A New York Commission File
I.R.S. Employer
Corporation No. 333-08645
No. 13-7097632
c/o AT&T Capital Corporation
44 Whippany Road, Morristown, New Jersey
07962-1983
Telephone Number (201) 397-3000
<PAGE>
Item 5. Other Events
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97 PAYMENT
DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
<TABLE>
<S> <C>
<C>
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period
$2,214,221,974.07
b. End of Collection Period
$2,108,515,996.63
c. Reduction for Collection Period
$ 105,705,977.44
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period
$ 37,000,204.48
b. End of Collection Period
$ 39,329,819.17 LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts with respect to
Collection Period 599
b. Required Payoff Amounts of Liquidated Contracts
$ 3,158,227.53
c. Total Reserve for Liquidation Expenses
$ 0.00
d. Total Liquidation Proceeds Received(1)
$ 750,889.46
e. Liquidation Proceeds Allocated to Owner Trust
$ 678,092.93
f. Liquidation Proceeds Allocated to Depositor
$ 72,796.53
g. Current Realized Losses
$ 2,480,134.60
4. PREPAID CONTRACTS
a. Number of Prepaid Contracts with respect to
Collection Period 1,202
b. Required Payoff Amounts of Prepaid Contracts
$ 16,700,706.82
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with
respect to Collection Period 0
b. Required Payoff Amounts of Purchased Contracts
$ 0.00
(1) Net of any addition to reserve for liquidation
expenses.
</TABLE>
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 205,721 93.90%
2,025,673,537.46 94.31%
b. 31-60 days 7,507 3.43%
75,823,350.01 3.53%
c. 61-90 days 2,618 1.19%
19,425,275.70 0.90%
d. 91-120 days 1,369 0.62%
12,144,881.94 0.57%
e. 120+ days 1,872 0.85%
14,778,770.69 0.69%
f. Total 219,087 100.00%
$2,147,845,815.80 100.00%
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO
CONTRACTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------
- ------------------------------------------------------------
- --------
% of % of
% of % of
Aggregate Required Aggregate
Required Aggregate Required Aggregate
Required
Payoff Amounts Payoff Amounts
Payoff Amounts Payoff Amounts
Collection 31-60 Days 61-90
Days 91-120 Days 120+
Days
Periods Past Due Past Due
Past Due Past Due
- ------------------------------------------------------------
- ------------------------------------------------------------
- --------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
06/30/97 3.53% 0.90% 0.57%
0.69%
05/31/97 3.06% 0.99% 0.58%
0.63%
04/30/97 2.99% 1.08% 0.47%
0.64%
03/31/97 3.73% 0.96% 0.46%
0.61%
02/28/97 3.70% 0.97% 0.55%
0.55%
01/31/97 3.27% 0.97%
0.49% 0.40%
12/31/96 4.10% 0.96%
0.39% 0.20%
11/30/96 3.49% 0.83%
0.34% 0.00%
10/31/96 2.90% 0.64%
0.01% 0.01%
</TABLE>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
---------
- ------ --------------- --------------- ----------
- ------
3 COLLECTION 6 COLLECTION
June -97
PERIODS PERIODS CUMULATIVE
COLLECTION ENDING ENDING
SINCE
PERIOD June -97 June -97
CUT-OFF DATE
--------------- ----------
- ----- --------------- ----------------
<S> <C>
<C> <C> <C>
a. Number of Liquidated Contacts 599
2,214 4,271 4,907
b. Number of Liquidated 0.213%
0.789% 1.522% 1.749%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of $3,158,227.53
$13,984,523.39 $26,650,764.60 $29,956,470.28
Liquidated Contracts
d. Liquidation Proceeds Allocated $678,092.93
$ 1,785,811.52 $2,594,432.68 $2,636,120.68
to Owner Trust
e. Aggregate Current Realized $2,480,134.60
$12,198,711.87 $24,056,331.92 $27,320,349.60
Losses
f. Aggregate Current Realized 0.078%
0.383% 0.755% 0.858%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97 PAYMENT
DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
- ------------------ ------------ --------
- ----------- ----------------- --------------
- ---- ---------------
Principal Balance
Class Factor as Principal Balance Class
Factor as
Coupon as of July
15, 1997 of July 15, 1997 as of June 16, 1997
of June 16, 1997
Class Rate Payment Date
Payment Date Payment Date Payment
Date
- ---------------------- ----------------
- ------------------------ --------------------- ---
- ------------------- -----------------
<S> <C> <C> <C>
<C> <C> <C>
a. Class A-1 Notes 5.60% $111,476,307.60
0.09909005 $212,475,014.01 0.18886668
b. Class A-2 Notes 5.95% $695,000,000.00
1.00000000 $695,000,000.00 1.00000000
c. Class A-3 Notes 6.11% $659,000,000.00
1.00000000 $659,000,000.00 1.00000000
d. Class A-4 Notes 6.28% $400,220,000.00
1.00000000 $400,220,000.00 1.00000000
e. Class B Notes 6.57% $178,500,000.00
1.00000000 $178,500,000.00 1.00000000
f. Equity Certificates 6.75% $103,649,508.20
0.81287784 $106,027,164.54 0.83152476
g. Total N.A.
$2,147,845,815.80 0.67431434 $2,251,222,178.55
0.70676926
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at
the end of the collection period is $2,147,845,815.80 and
the CCA
balance is $206,177,545.02.
<TABLE>
<S> <C>
<C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity
Certificates
(End of Collection Period)
$2,251,222,178.55
b. Contract Pool Principal Balance (End of
Collection Period) $2,108,515,996.63
c. Monthly Principal Amount
$ 142,706,181.92
3. GROSS COLLECTIONS
a. Scheduled Payments Received
$ 99,169,949.57
b. Liquidation Proceeds Allocated to Owner Trust
$ 678,092.93
c. Required Payoff Amounts of Prepaid Contracts
$ 16,700,706.82
d. Required Payoff Amounts of Purchased Contracts
$ 0.00
e. Proceeds of Clean-up Call
$ 0.00
f. Investment Earnings on Collection Account and
Note Distribution Account $ 316,709.17
g. Extension Fees Allocated to Owner Trust
$ 19,115.36
h. Total Gross Collections (sum of (a) through (g))
$ 116,884,573.85
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections
$ 116,884,573.85
b. Withdrawal from Cash Collateral Account
$ 259,445.16
c. Total Available Funds
$ 117,144,019.01
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
--------------------------------- ----------------------
- ---------- --------------------------------
ITEM AMOUNT
REMAINING AVAILABLE FUNDS
--------------------------------- ----------------------
- ---------- --------------------------------
<S> <C>
<C>
a. Total Available Funds
$ 117,144,019.01
b. Servicing Fee
$2,306,481.22 114,837,537.78
c. Interest on Notes:
i) Class A-1 Notes
991,550.07 113,845,987.72
ii) Class A-2 Notes
3,446,041.67 110,399,946.05
iii) Class A-3 Notes 3,355,408.33
107,044,537.72
iv) Class A-4 Notes
2,094,484.67 104,950,053.05
v) Class B Notes
977,287.50 103,972,765.55
d. Interest on Equity 596,402.80
103,376,362.75
Certificates
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes
100,998,706.41 2,377,656.34
ii) Class A-2 Notes
0.00 2,377,656.34
iii) Class A-3 Notes
0.00 2,377,656.34
iv) Class A-4 Notes
0.00 2,377,656.34
v) Class B Notes
0.00 2,377,656.34
vi) Equity Certificates
2,377,656.34 0.00
f. Deposit to Cash
0.00 0.00
Collateral Account
G. Amount to be applied in
0.00 0.00
accordance with CCA
Loan Agreement
H. Balance, if any, to Equity
0.00 0.00
Certificates
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
---------------------------------------------------
- ---------------------------
July 1997
ITEM
PAYMENT DATE
---------------------------------------------------
- ---------------------------
<S>
<C>
a. Available Cash Collateral Amount (Beginning)
$ 206,436,990.18
b. Deposits to Cash Collateral Account
0.00
c. Withdrawals from Cash Collateral Account
$ 259,445.16
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)
$ 206,177,545.02
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount
$ 207,040,000.00
g. Cash Collateral Account Shortfall
$ 862,454.98
(Excess, if any, of (f) over (e))
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For Payment Dates from, and including, the
November 1996 Payment Date
to, and including, the October 1997
Payment Date
1) Initial Cash Collateral Amount
$ 207,040,000
b. For Payment Dates from, and including, the
November 1997 Payment Date
until the Final Payment Date, the sum of
1) 8% 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
0.00
c. Floor equal to the lesser of
1) 2% of Cut-Off Date Contract Pool Principal
Balance ($63,704,600); and
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
$ 63,704,600
d. Requisite Cash Collateral Amount
$ 207,040,000
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls
0.00
b. Principal Deficiency Amount
$ 259,445.16
c. Principal Payable at Stated Maturity Date of
0.00
Class of Notes or Equity Certificates
d. Total Cash Collateral Account Withdrawals
$ 259,445.16
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
- ------------------- --------------- -------------
- - --------------- ------------- ---------------- ---
- -----------
Distribution Class A-1 Class A-2
Class A-3 Class A-4 Class B Equity
Amounts Notes Notes
Notes Notes Notes
Certificates
- ------------------- --------------- ------------
- - --------------- ------------- ---------------- --
- ------------
<S> <C> <C> <C>
<C> <C> <C>
1. Interest Due $ 991,550.07
$3,446,041.67 $3,355,408.33 $2,094,484.67
$977,287.50 $596,402.80
2. Interest Paid $ 991,550.07
$3,446,041.67 $3,355,408.33 $2,094,484.67
$977,287.50 $596,402.80
3. Interest Shortfall $0.00
$0.00 $0.00 $0.00
$0.00 $0.00
((1) minus (2))
4. Principal Paid $100,998,706.41
$0.00 $0.00 $0.00
$0.00 $2,377,656.34
5. Total Distribution $101,990,256.47
$3,446,041.67 $3,355,408.33 $2,094,484.67
$977,287.50 $2,974,059.14
Amount
((2) plus (4))
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
- ---------------------------------- ----------
- --------------------- -------------------------
AS OF END AS OF END
OF JUNE 97
OF MAY 97
COLLECTION
COLLECTION
ITEM PERIOD
PERIOD
- ---------------------------------- ----------
- --------------------- --------------------------
<S> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts
280,634
b. Cut-Off Date Contract Pool Principal
$3,185,229,329
Balance
c. Original Weighted Average Remaining
38.6 months
Term
d. Weighted Average Original Term
56.1 months
2 CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts
219,087 226,327
b. Average Contract
$9,624.10 $9,783.29
Principal Balance
c. Weighted Average Remaining Term
33.1 months 33.8 months
</TABLE>
<PAGE>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: 07/08/97
PAYMENT DATE: 07/15/97
COLLECTION PERIOD: 06/30/97
VI. Capita Equpiment Receivables Trust 1996-1 Prepayment
Speeds
<TABLE>
<CAPTION>
Since Issue
Period CPR
- ----------------------------- -------------
<S> <C> <C>
0 Oct-96
1 Nov-96 10.866%
2 Dec-96 7.964%
3 Jan-97 8.606%
4 Feb-97 8.254%
5 Mar-97 7.615%
6 April-97 7.211%
7 May-97 8.268%
8 June-97 7.752%
9 Jul-97 7.784%
</TABLE>
<PAGE>
Servicer 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 October 1, 1996 (the "Transfer and Servicing Agreement"),
among Capita
Equipment Receivables Trust 1996-1, Antigua Funding
Corporation, The Chase
Manhattan Bank, 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 July 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.
Glenn A. Votek
------------------------------
By: Glenn A. Votek
Vice President and Treasurer
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the
registrant has duly caused this report to be signed on its
behalf by the
undersigned thereunto duly authorized.
AT&T CAPITAL
CORPORATION
Glenn A. Votek
------------------------------
By: Glenn A. Votek
Vice President and Treasurer
July 15, 1997
