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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: May 8, 1998
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, NJ 07962
Telephone Number (973) 397-3000
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Item 5. Other Events
Capita Equipment Receivables Trust 1996-1
Monthly Servicing Report
Determination Date: May 8, 1998 Payment Date: May 15, 1998
Collection Period: April 30, 1998
I. Information Regarding the Contracts
<TABLE>
<S> <C>
1. Contract Pool Principal Balance
a. Beginning of Collection Period $1,341,153,693.28
b. End of Collection Period $1,271,153,467.12
c. Reduction for Collection Period $ 70,000,226.15
2. Delinquent Scheduled Payments
a. Beginning of Collection Period $ 30,683,683.24
b. End of Collection Period $ 29,764,370.65
3. Liquidated Contracts
a. Number of Liquidated Contracts
with respect to Collection Period 778
b. Required Payoff Amounts of
Liquidated Contracts $ 5,075,934.43
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 1,652,694.03
e. Liquidation Proceeds Allocated to
Owner Trust $ 1,400,187.33
f. Liquidation Proceeds Allocated
to Depositor $ 252,506.70
g. Current Realized Losses $ 3,675,747.10
4. Prepaid Contacts
a. Number of Prepaid Contracts with respect 1,756
to Collection Period
b. Required Payoff Amounts of Prepaid
Contracts $ 5,888,179.75
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 135,614 91.70% 1,193,790,205.98 91.77%
b. 31-60 days 5,986 4.05% 58,092,385.73 4.47%
c. 61-90 days 2,582 1.75% 20,022,963.57 1.54%
d. 91-120 days 1,608 1.09% 12,720,854.41 0.98%
e. 120+ days 2,091 1.41% 16,291,428.08 1.25%
f. Total 147,881 100.00% 1,300,917,837.77 100.00%
</TABLE>
Page 3 of 10
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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>
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
April-98 April-98 April-98
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated 778 2,106 5,099 12,759
Contracts
b. Number of Liquidated 0.277% 0.750% 1.817% 4.546%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 5,075,934 14,029,726 26,446,146 72,761,080
Liquidated Contracts
d. Liquidation Proceeds Allocated 1,400,187 3,771,345 6,943,758 12,899,714
to Owner Trust
e. Aggregate Current Realized 3,675,747 10,258,382 19,502,388 59,861,366
Losses
f. Aggregate Current Realized 0.115% 0.322% 0.612% 1.879%
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 Class Factor as of
Class Coupon May 15, 1998 May 15, 1998 of April 15, 1998 April 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 $ 38,458,047.52 0.05534
c. Class A-3 Notes 6.1100% $ 626,538,508.78 0.95074 $ 659,000,000.00 1.00000
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. $1,300,917,837.78 0.40842 $1,371,837,376.52 0.43069
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,300,917,837.77 and the CCA Balance is $131,456,648.03.
<TABLE>
<S> <C>
2. Monthly Principal Amount
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $1,371,837,376.52
b. Contract Pool Principal Balance (End of Collection Period) $1,271,153,467.12
c. Monthly Principal Amount $ 100,683,909.40
3. Gross Collections
a. Scheduled Payments Received $ 70,009,260.48
b. Liquidation Proceeds Allocated to Owner Trust $1,400,187.33
c. Required Payoff Amounts of Prepaid Contracts $ 5,888,179.75
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note
Distribution Account $ 263,561.26
g. Extension Fees Allocated to Owner Trust $ 8,238.46
h. Total Gross Collections (sum of (a) through (g)) $ 77,569,427.28
4. Determination of Available Funds
a. Total Gross Collections $ 77,569,427.28
b. Withdrawal from Cash Collateral Account $ 1,903,098.61
c. Total Available Funds $ 79,472,525.89
</TABLE>
<TABLE>
<CAPTION>
5. Application of Available Funds
- ----------------------------------------------------------------------------------------
Item Amount Remaining Available Funds
- ----------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 79,472,525.89
b. Servicing Fee 1,397,035.10 78,075,490.79
c. Interest on Notes:
i) Class A-1 Notes 0 78,075,490.79
ii) Class A-2 Notes 190,687.82 77,884,802.97
iii) Class A-3 Notes 3,355,408.33 74,529,394.64
iv) Class A-4 Notes 2,094,484.67 72,434,909.97
v) Class B Notes 977,287.50 71,457,622.47
d. Interest on Equity 538,083.73 70,919,538.74
Certificates
</TABLE>
Page 5 of 10
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<TABLE>
<S> <C> <C>
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes 0.00 70,919,538.74
ii) Class A-2 Notes 38,458,047.52 32,461,491.22
iii) Class A-3 Notes 32,461,491.22 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>
<TABLE>
<CAPTION>
III. Information Regarding the Cash
Collateral Account
1. Balance Reconciliation
- -----------------------------------------------------------------------------------------------
May 15, 1998
Item Payment Date
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Available Cash Collateral Amount (Beginning) 137,975,978.71
b. Deposits to Cash Collateral Account 0
c. Withdrawals from Cash Collateral Account 1,903,098.61
d. Releases of Cash Collateral Account Surplus 4,616,232.07
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 131,456,648.03
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 131,456,648.03
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 101,692,277.37
2) The Aggregate Principal Balance of the Notes 29,764,370.66
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2)) 131,456,648.03
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 131,456,648.03
3. Calculation of Cash Collateral Account Withdrawals
a. Interest Shortfalls 0.00
</TABLE>
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<TABLE>
<S> <C>
b. Principal Deficiency Amount 1,903,098.61
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account Withdrawals 1,903,098.61
</TABLE>
IV. Information Regarding Distributions on Securities
<TABLE>
<CAPTION>
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Distribution Class A-1 Class A-2 Class A-3
Amounts Notes Notes Notes
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Interest Due $ - $190,687.82 $ 3,355,408.33
2. Interest Paid $ - $190,687.82 $ 3,355,408.33
3. Interest Shortfall $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $38,458,047.52 $32,461,491.22
5. Total Distribution Amount $ $38,648,735.34 $35,816,899.55
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
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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 $ 7,155,952.04
2. Interest Paid $2,094,484.67 $977,287.50 $538,083.73 $ 7,155,952.04
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ - $70,919,538.74
5. Total Distribution
Amount $2,094,484.67 $977,287.50 $538,083.73 $78,075,490.78
((2) plus (4))
</TABLE>
V. Information Regarding Other Pool Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
As of End of As of End of
Item April-98 March-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 147,881 154,686
b. Average Contract 8,595.79 8,670.17
Principal Balance
c. Weighted Average 28.4 29.0
Remaining Term
</TABLE>
Page 7 of 10
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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%
</TABLE>
Page 8 of 10
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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 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 May 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
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