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Previous: MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST, 8-K, 1998-11-25 |
Next: EAGLE WIRELESS INTERNATIONAL INC, NT 10-K, 1998-11-25 |
<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: November 09, 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>
<CAPTION>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: NOVEMBER 9, 1998 PAYMENT DATE: NOVEMBER 16, 1998
COLLECTION PERIOD: OCTOBER 31, 1998
<S> <C>
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $943,990,485.42
b. End of Collection Period $885,764,304.28
c. Reduction for Collection Period $ 58,226,181.14
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 26,129,370.11
b. End of Collection Period $ 25,244,900.48
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 581
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 3,683,348.17
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 1,322,720.97
e. Liquidation Proceeds Allocated to Owner Trust $ 1,098,499.57
f. Liquidation Proceeds Allocated to Depositor $ 224,221.40
g. Current Realized Losses $ 2,584,848.60
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 1,619
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 6,225,868.58
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>
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 101,084 91.08% 832,165,790.67 91.35%
b. 31-60 days 4,965 4.47% 44,853,821.83 4.92%
c. 61-90 days 2,009 1.81% 14,145,545.68 1.55%
d. 91-120 days 1,284 1.16% 8,189,090.45 0.90%
e. 120+ days 1,637 1.48% 11,654,956.13 1.28%
f. Total 110,979 100.00% 911,009,204.76 100.00%
</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
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>
10/31/98 4.92% 1.55% 0.90% 1.28%
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 CUT-OFF DATE
OCTOBER-98 OCTOBER-98 OCTOBER-98
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated 581 1,597 3,593 16,352
Contracts
b. Number of Liquidated 0.207% 0.569% 1.280% 5.827%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 3,683,348 9,602,071 24,716,142 97,477,222
Liquidated Contracts
d. Liquidation Proceeds Allocated 1,098,500 3,579,799 8,055,604 20,955,318
to Owner Trust
e. Aggregate Current Realized 2,584,849 6,022,272 16,660,538 76,521,904
Losses
f. Aggregate Current Realized 0.081% 0.189% 0.523% 2.402%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
Page 4 of 10
<PAGE>
<PAGE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------
PRINCIPAL BALANCE AS OF
CLASS COUPON NOVEMBER 16, 1998
CLASS RATE PAYMENT DATE
------------------------------------------------------------------------
<S> <C> <C>
a. Class A-1 Notes 5.6000% $ 0.00
b. Class A-2 Notes 5.9500% $ 0.00
c. Class A-3 Notes 6.1100% $ 236,629,875.76
d. Class A-4 Notes 6.2800% $ 400,220,000.00
e. Class B Notes 6.5700% $ 178,500,000.00
f. Equity Certificates 6.7500% $ 95,659,329.00
g. Total N.A. $ 911,009,204.76
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
CLASS FACTOR AS OF PRINCIPAL BALANCE AS CLASS FACTOR AS OF
NOVEMBER 16, 1998 OF OCTOBER 15, 1998 OCTOBER 15, 1998
CLASS PAYMENT DATE PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
a. Class A-1 Notes 0.00000 $ 0.00 0.00000
b. Class A-2 Notes 0.00000 $ 0.00 0.00000
c. Class A-3 Notes 0.35907 $ 295,740,526.53 0.44877
d. Class A-4 Notes 1.00000 $ 400,220,000.00 1.00000
e. Class B Notes 1.00000 $ 178,500,000.00 1.00000
f. Equity Certificates 0.75021 $ 95,659,329.00 0.75021
g. Total 0.28601 $ 970,119,855.53 0.30457
Note: Aggregate Required Payoff Amount of all contracts at the end of the collection period is $911,009,204.76
and the CCA Balance is $96,106,044.82.
</TABLE>
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 970,119,855.53
b. Contract Pool Principal Balance (End of Collection Period) $ 885,764,304.28
c. Monthly Principal Amount $ 84,355,551.25
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 56,323,123.76
b. Liquidation Proceeds Allocated to Owner Trust $ 1,098,499.57
c. Required Payoff Amounts of Prepaid Contracts $ 6,225,868.58
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution Account $ 187,660.29
g. Extension Fees Allocated to Owner Trust $ -
h. Total Gross Collections (sum of (a) through (g)) $ 63,835,152.20
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 63,835,152.20
b. Withdrawal from Cash Collateral Account $ 1,374,490.07
c. Total Available Funds $ 65,209,642.27
</TABLE>
Page 5 of 10
<PAGE>
<PAGE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
-----------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 65,209,642.27
b. Servicing Fee 983,323.42 64,226,318.85
c. Interest on Notes:
i) Class A-1 Notes 0 64,226,318.85
ii) Class A-2 Notes 0 64,226,318.85
iii) Class A-3 Notes 1,505,812.18 62,720,506.67
iv) Class A-4 Notes 2,094,484.67 60,626,022
v) Class B Notes 977,287.50 59,648,734.50
d. Interest on Equity 538,083.73 59,110,650.77
Certificates
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes 0.00 59,110,650.77
ii) Class A-2 Notes 0.00 59,110,650.77
iii) Class A-3 Notes 59,110,650.77 0
iv) Class A-4 Notes 0.00 0
v) Class B Notes 0.00 0
vi) Equity Certificates 0.00 0
f. Deposit to Cash 0.00 0
Collateral Account
g. Amount to be applied in 0.00 0
accordance with CCA
Loan Agreement
h. Balance, if any, to Equity 0.00 0
Certificates
</TABLE>
Page 6 of 10
<PAGE>
<PAGE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
NOVEMBER 16, 1998
ITEM PAYMENT DATE
----------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 101,648,608.95
b. Deposits to Cash Collateral Account 0
c. Withdrawals from Cash Collateral Account 1,374,490.07
d. Releases of Cash Collateral Account Surplus 4,168,074.06
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 96,106,044.82
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 96,106,044.82
g. Cash Collateral Account Shortfall 0.00
(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 207,040,000.00
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 70,861,144.34
2) The Aggregate Principal Balance of the Notes 25,244,900.48
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2)) 96,106,044.82
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 96,106,044.82
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 1,374,490.07
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account Withdrawals 1,374,490.07
</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 $ - $ - $ 1,505,812.18
2. Interest Paid $ - $ - $ 1,505,812.18
3. Interest Shortfall $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $59,110,650.77
5. Total Distribution Amount $ - $ - $60,616,462.95
((2) plus (4))
</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 $ 5,115,668.07
2. Interest Paid $2,094,484.67 $977,287.50 $538,083.73 $ 5,115,668.07
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ - $59,110,650.77
5. Total Distribution Amount $2,094,484.67 $977,287.50 $538,083.73 $64,226,318.84
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM OCTOBER-98 SEPTEMBER-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 3,185,229,329 N.A.
Principal Balance
c. Original Weighted Average 38.6 months N.A.
Remaining Term
d. Weighted Average 56.1 months N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 110,979 116,516
b. Average Contract 7,981 8,102
Principal Balance
c. Weighted Average 25.8 26.3
Remaining Term
</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%
25 Nov-98 7.198%
</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 November 16, 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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