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Previous: PJ AMERICA INC, 10-Q, 1998-10-23 |
Next: HOUSEHOLD REVOLVING HOME EQUITY LOAN TRUST 1996-2, 8-K, 1998-10-23 |
<PAGE>
<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: October 7, 1998
Capita Equipment Receivables Trust 1996-1
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation No. 333-08645 No. 13-7097632
</TABLE>
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 2 of 10
<PAGE>
<PAGE>
Items. 5. Other
<TABLE>
<S> <C> <C>
Capita Equipment Receivables Trust 1996-1
Monthly Servicing Report
Determination Date: October 7, 1998 Payment Date: October 15, 1998
Collection Period: September 30, 1998
</TABLE>
<TABLE>
<S> <C>
I. Information Regarding the Contracts
1. Contract Pool Principal Balance
a. Beginning of Collection Period $1,004,232,634.04
b. End of Collection Period $ 943,990,485.42
c. Reduction for Collection Period $ 60,242,148.62
2. Delinquent Scheduled Payments
a. Beginning of Collection Period $ 24,838,284.92
b. End of Collection Period $ 26,129,370.11
3. Liquidated Contracts
a. Number of Liquidated Contracts
with respect to Collection Period 493
-----------------
b. Required Payoff Amounts of Liquidated Contracts $ 2,951,913.23
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 1,470,408.62
e. Liquidation Proceeds Allocated to Owner Trust $ 1,193,996.48
f. Liquidation Proceeds Allocated to Depositor $ 276,412.14
g. Current Realized Losses $ 1,757,916.75
4. Prepaid Contacts
a. Number of Prepaid Contracts with respect
to Collection Period 1,423
-----------------
b. Required Payoff Amounts of Prepaid Contracts $ 8,343,411.52
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 $ -
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 106,538 91.44% 892,421,577.98 91.99%
b. 31-60 days 4,842 4.16% 42,563,782.29 4.39%
c. 61-90 days 2,128 1.83% 14,308,615.11 1.47%
d. 91-120 days 1,294 1.11% 8,825,604.23 0.91%
e. 120+ days 1,714 1.47% 12,000,275.92 1.24%
f. Total 116,516 100.00% 970,119,855.53 100.00%
</TABLE>
Page 3 of 10
<PAGE>
<PAGE>
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
Collection Amounts Amounts Amounts Amounts
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>
9/30/98 4.39% 1.47% 0.91% 1.24%
8/31/98 4.08% 1.59% 0.83% 1.00%
7/31/98 4.04% 1.42% 0.82% 1.17%
6/30/98 3.90% 1.37% 0.77% 1.41%
5/31/98 4.46% 1.51% 0.80% 1.41%
4/30/98 4.47% 1.54% 0.98% 1.25%
3/31/98 3.85% 1.61% 0.98% 1.12%
2/28/98 6.83% 2.00% 0.79% 1.09%
1/31/98 4.39% 1.21% 0.65% 0.94%
12/31/97 3.50% 1.25% 0.54% 0.85%
11/30/97 2.78% 0.42% 0.24% 0.16%
10/31/97 3.64% 1.07% 0.45% 0.73%
9/30/97 3.21% 0.95% 0.48% 0.82%
8/31/97 3.58% 0.95% 0.50% 0.80%
7/31/97 3.11% 0.90% 0.53% 0.78%
6/30/97 3.53% 0.90% 0.57% 0.69%
5/31/97 3.06% 0.99% 0.58% 0.63%
4/30/97 2.99% 1.08% 0.47% 0.64%
3/31/97 3.73% 0.96% 0.46% 0.61%
2/28/97 3.70% 0.97% 0.55% 0.55%
1/31/97 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>
----------------------------------------------------------------------------
Collection 3 Collection 6 Collection Periods Cumulative Since
Period Periods Ending Ending Cut-off Date
September-98 September-98 September-98
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated
Contracts 493 1,523 3,790 15,771
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.176% 0.543% 1.351% 5.620%
c. Required Payoff Amounts of
Liquidated Contracts 2,951,913 11,490,639 26,108,728 93,793,874
d. Liquidation Proceeds Allocated
to Owner Trust 1,193,996 4,240,118 8,357,292 19,856,818
e. Aggregate Current Realized
Losses 1,757,917 7,250,521 17,751,436 73,937,055
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.055% 0.228% 0.557% 2.321%
</TABLE>
Page 4 of 10
<PAGE>
<PAGE>
II. Information Regarding the Securities
1. Summary of Balance Information
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Principal Balance as of Class Factor as of Principal Balance as Class Factor as of
Class Coupon October 15, 1998 October 15, 1998 of September 15, 1998 September 15, 1998
Rate Payment Date Payment Date Payment Date Payment Date
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.6000% $ 0.00 0.00000 $ 0.00 0.00000
b. Class A-2 Notes 5.9500% $ 0.00 0.00000 $ 0.00 0.00000
c. Class A-3 Notes 6.1100% $295,740,526.53 0.44877 $ 354,691,589.96 0.53823
d. Class A-4 Notes 6.2800% $400,220,000.00 1.00000 $ 400,220,000.00 1.00000
e. Class B Notes 6.5700% $178,500,000.00 1.00000 $ 178,500,000.00 1.00000
f. Equity Certificates 6.7500% $ 95,659,329.00 0.75021 $ 95,659,329.00 0.75021
g. Total N.A. $970,119,855.53 0.30457 $1,029,070,918.96 0.32308
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end
of the collection period is $970,119,855.53 and the CCA Balance
is $101,648,608.95.
<TABLE>
<S> <C>
2. Monthly Principal Amount
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 1,029,070,918.96
b. Contract Pool Principal Balance (End of Collection Period) $ 943,990,485.42
c. Monthly Principal Amount $ 85,080,433.54
3. Gross Collections
a. Scheduled Payments Received $ 55,225,825.45
b. Liquidation Proceeds Allocated to Owner Trust $ 1,193,996.48
c. Required Payoff Amounts of Prepaid Contracts $ 8,343,411.52
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution Account $ 193,265.98
g. Extension Fees Allocated to Owner Trust $ 1,640.19
h. Total Gross Collections (sum of (a) through (g)) $ 64,958,139.62
4. Determination of Available Funds
a. Total Gross Collections $ 64,958,139.62
b. Withdrawal from Cash Collateral Account $ 454,826.71
c. Total Available Funds $ 65,412,966.33
</TABLE>
Page 5 of 10
<PAGE>
<PAGE>
5. Application of Available Funds
<TABLE>
<CAPTION>
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Item Amount Remaining Available Funds
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<S> <C> <C>
a. Total Available Funds 65,412,966.33
b. Servicing Fee 1,046,075.66 64,366,890.67
c. Interest on Notes:
i) Class A-1 Notes 0.00 64,366,890.67
ii) Class A-2 Notes 0.00 64,366,890.67
iii) Class A-3 Notes 1,805,971.35 62,560,919.32
iv) Class A-4 Notes 2,094,484.67 60,466,434.65
v) Class B Notes 977,287.50 59,489,147.15
d. Interest on Equity Certificates 538,083.73 58,951,063.43
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes 0.00 58,951,063.43
ii) Class A-2 Notes 0.00 58,951,063.43
iii) Class A-3 Notes 58,951,063.43 0.00
iv) Class A-4 Notes 0.00 0.00
v) Class B Notes 0.00 0.00
vi) Equity Certificates 0.00 0.00
f. Deposit to Cash Collateral Account 0.00 0.00
g. Amount to be applied in accordance with CCA
Loan Agreement 0.00 0.00
h. Balance, if any, to Equity Certificates 0.00 0.00
</TABLE>
Page 6 of 10
<PAGE>
<PAGE>
III. Information Regarding the Cash Collateral Account
1. Balance Reconciliation
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
October 15, 1998
Item Payment Date
----------------------------------------------------------------------------------------------
<S> <C> <C>
a. Available Cash Collateral Amount (Beginning) 105,176,895.64
b. Deposits to Cash Collateral Account 0.00
c. Withdrawals from Cash Collateral Account 454,826.71
d. Releases of Cash Collateral Account Surplus
(Excess, if any of (a) plus (b) minus (c) over (f)) 3,073,459.98
e. Available Cash Collateral Amount (End)
(Sum of (a) plus (b) minus (c) minus (d)) 101,648,608.95
f. Requisite Cash Collateral Amount 101,648,608.95
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
November 1996 Payment Date to,
and including, the October 1997 Payment Date
1) Initial Cash Collateral Amount 207,040,000.00
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 75,519,238.83
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 26,129,370.11
3) Total ((1) plus (2)) 101,648,608.95
c. Floor equal to the lesser of
1) 2% of Cut-Off Date Contract Pool Principal
Balance ($63,704,600); and 63,704,600.00
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
d. Requisite Cash Collateral Amount 101,648,608.95
3. Calculation of Cash Collateral Account Withdrawals
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 454,826.71
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account Withdrawals 454,826.71
</TABLE>
Page 7 of 10
<PAGE>
<PAGE>
IV. Information Regarding Distributions on Securities
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Distribution Class A-1 Class A-2 Class A-3
Amounts Notes Notes Notes
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Interest Due $ - $ - $ 1,805,971.35
2. Interest Paid $ - $ - $ 1,805,971.35
3. Interest Shortfall ((1) minus (2)) $ - $ - $ -
4. Principal Paid $ - $ - $ 58,951,063.43
5. Total Distribution Amount ((2) plus (4)) $ - $ - $ 60,757,034.77
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Distribution Class A-4 Class B Equity
Amounts Notes Notes Certificates Totals
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 5,415,827.24
2. Interest Paid $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 5,415,827.24
3. Interest Shortfall ((1) minus (2)) $ - $ - $ - $ -
4. Principal Paid $ - $ - $ - $ 58,951,063.43
5. Total Distribution Amount ((2) plus (4)) $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 64,366,890.66
</TABLE>
V. Information Regarding Other Pool Characteristics
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
As of End of As of End of
Item September-98 August-98
Collection Period Collection Period
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. Original Contract Characteristics
a. Original Number of Contracts 280,634 N.A.
b. Cut-Off Date Contract Pool
Principal Balance 3,185,229,329 N.A.
c. Original Weighted Average
Remaining Term 38.6 months N.A.
d. Weighted Average
Original Term 56.1 months N.A.
2. Current Contract Characteristics
a. Number of Contracts 116,516 122,089
b. Average Contract Principal Balance 8,102 8,225
c. Weighted Average
Remaining Term 26.3 26.7
</TABLE>
Page 8 of 10
<PAGE>
<PAGE>
VI. Capita Equipment Receivables Trust 1996-1 Prepayment Schedule
<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 Apr-97 7.211%
7 May-97 8.268%
8 Jun-97 7.752%
9 Jul-97 7.784%
10 Aug-97 7.781%
11 Sep-97 7.506%
12 Oct-97 7.348%
13 Nov-97 7.346%
14 Dec-97 6.629%
15 Jan-98 6.741%
16 Feb-98 7.251%
17 Mar-98 6.870%
18 Apr-98 7.200%
19 May-98 7.072%
20 Jun-98 6.870%
21 Jul-98 7.232%
22 Aug-98 7.327%
23 Sep-98 7.253%
24 Oct-98 7.147%
</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
<PAGE>
<PAGE>
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 October 1, 1996
(the "Transfer and Servicing Agreement"), among Capita
Equipment Receivables Trust
1996-1, Antigua Funding Corporation, 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 October 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
Executive Vice President and Treasurer
Page 10 of 10
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