SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 28, 2000
CIT Equipment Collateral 2000-2
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
000-00000 52-7109880
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(Commission File Number) (IRS Employer Identification No.)
c/o Chase Manhattan Bank USA, National Association
1201 North Market Street
Wilmington, Delaware 19801
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (302) 428-3372
N/A
(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets.
On September 28, 2000 NCT Funding Company, L.L.C. (the "Company") sold
$200,000,000 aggregate principal amount of Class A-1 6.64% Receivable-Backed
Notes, $356,000,000 aggregate principal amount of Class A-2 6.81%
Receivable-Backed Notes, $306,000,000 aggregate principal amount of Class A-3
6.84% Receivable-Backed Notes, $132,549,665 aggregate principal amount of Class
A-4 6.93% Receivable-Backed Notes, $15,870,473 aggregate principal amount of
Class B 6.95% Receivable-Backed Notes, $21,160,631 aggregate principal amount of
Class C 7.04% Receivable-Backed Notes and $26,450,790 aggregate principal amount
of Class D 7.52% Receivable-Backed Notes (the "Notes"). The Notes have the
benefit of certain funds deposited in a cash collateral account established
pursuant to a Pooling and Servicing Agreement annexed hereto as Exhibit 4.3 (the
"Pooling and Servicing Agreement"). The Notes were offered for sale to the
public pursuant to a prospectus supplement dated September 21, 2000 to the
prospectus dated July 19, 1999 (the "Prospectus").
The Notes represent obligations of CIT Equipment Collateral 2000-2 (the
"Trust"). The Trust was created pursuant to a Trust Agreement annexed hereto as
Exhibit 4.2 (the "Trust Agreement"). The Notes were issued pursuant to an
Indenture (the "Indenture") annexed hereto as Exhibit 4.1.
The property of the Trust primarily consists of a pool of commercial
contracts consisting of true leases, finance leases and loan/conditional sale
agreements for the lease/purchase of computer and telecommunication equipment,
computer software and various other equipment (the "Contracts") and certain
other property described in the Prospectus, including, without limitation,
$68,772,051 which was deposited in the cash collateral account ($18,515,552 from
the proceeds of a loan made by Capita Corporation pursuant to a Loan Agreement
annexed hereto as Exhibit 10.2, and $50,256,499 retained from the proceeds of
the sale of the Notes pursuant to the Indenture).
All of the Contracts were acquired by the Company from CIT Financial
USA, Inc. and sold by the Company to the Trust pursuant to the Pooling and
Servicing Agreement.
Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
Exhibit No. Description
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1.1 Underwriting Agreement among NCT Funding Company, L.L.C., CIT
Financial USA, Inc., Capita Corporation, and Salomon Smith Barney
Inc. on behalf of itself and as representative of the several
underwriters, dated September 21, 2000.
4.1 Indenture between the CIT Equipment Collateral 2000-2 as Issuer
and Allfirst Bank as Indenture Trustee, dated as of September 1,
2000.
4.2 Trust Agreement between NCT Funding Company, L.L.C. as Trust
Depositor and Chase Manhattan Bank USA, National Association as
Owner Trustee, dated as of September 1, 2000.
4.3 Pooling and Servicing Agreement among CIT Equipment Collateral
2000-2 as Issuer, NCT Funding Company, L.L.C. as Depositor, CIT
Financial USA, Inc. in its individual capacity, and Capita
Corporation in its individual capacity and as Servicer, dated as
of September 1, 2000.
10.1 Loan Agreement among CIT Equipment Collateral 2000-2 as the
Trust, Allfirst Bank as Indenture Trustee, NCT Funding Company,
L.L.C. as Trust Depositor, Capita Corporation in its individual
capacity and as Servicer, the lender parties thereto from time to
time, and Capita Corporation as Agent, dated as of September 1,
2000.
10.2 Administration Agreement among CIT Equipment Collateral 2000-2 as
Issuer, Capita Corporation as Administrator, NCT Funding Company,
L.L.C. as Trust Depositor, and Allfirst Bank as Indenture
Trustee, dated as of September 1, 2000.
SIGNATURE
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 hereunto duly authorized.
CIT EQUIPMENT COLLATERAL 2000-2
By: Capita Corporation,
as Servicer
By: /s/ Eric S. Mandelbaum
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Name: Eric S. Mandelbaum
Title: Vice President and Assistant Secretary
Dated: October 4, 2000
STATEMENT OF DIFFERENCES
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The section symbol shall be expressed as.................................. 'SS'