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: 18-Oct-00
CIT Equipment Collateral 2000-2
A New York Commission File I.R.S. Employer
Corporation No. 0001125705 No. 527109880
c/o Capita Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 1 of 8
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: 10/18/00
COLLECTION PERIOD: 09/30/00
PAYMENT DATE: 10/20/00
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
a. Scheduled Payments Received $ 34,134,474.72
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 4,897,781.18
d. Required Payoff Amounts of Purchased Contracts 417,893.46
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
---------------
TOTAL AVAILABLE PLEDGED REVENUES = $ 39,450,149.36
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues $ 39,450,149.36
b. Servicer Advances 13,545,390.29
c. Recoveries of prior Servicer Advances 0.00
d. Withdrawal from Cash Collateral Account 0.00
---------------
TOTAL AVAILABLE FUNDS = $ 52,995,539.65
Page 2 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 661,269.72
2. Class A-1 Note Interest Distribution 811,555.56
Class A-1 Note Principal Distribution 43,624,585.08
Aggregate Class A-1 distribution 44,436,140.64
3. Class A-2 Note Interest Distribution 1,481,553.33
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 1,481,553.33
4. Class A-3 Note Interest Distribution 1,279,080.00
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,279,080.00
5. Class A-4 Note Interest Distribution 561,347.83
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 561,347.83
6. Class B Note Interest Distribution 67,405.43
Class B Note Principal Distribution 696,136.62
Aggregate Class B distribution 763,542.05
7. Class C Note Interest Distribution 91,037.74
Class C Note Principal Distribution 928,182.49
Aggregate Class C distribution 1,019,220.23
8. Class D Note Interest Distribution 121,556.07
Class D Note Principal Distribution 1,160,229.36
Aggregate Class D distribution 1,281,785.43
9. Deposit to the Cash Collateral Account 0.00
10. Amounts in accordance with the CCA Loan Agreement 1,511,600.41
11. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS = 52,995,539.65
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 3,125,443.87
2. Payment due on the Holdback 364,555.06
3. Payment to the Depositor 1,074,332.95
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CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 4,564,331.88
============
Page 3 of 8
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
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DISTRIBUTION CLASS A-1 CLASS A-2a CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
-----------------------------------------------------------------------------------------------------------
1. Interest Due 811,555.56 1,481,553.33 1,279,080.00 561,347.83
2. Interest Paid 811,555.56 1,481,553.33 1,279,080.00 561,347.83
3. Interest Shortfall
((1) minus (2)) 0.00 0.00 0.00 0.00
4. Principal Paid 43,624,585.08 0.00 0.00 0.00
5. Total Distribution Amount
((2) plus (4)) 44,436,140.64 1,481,553.33 1,279,080.00 561,347.83
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DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED
AMOUNTS NOTES NOTES NOTES NOTES
-----------------------------------------------------------------------------------------------------------
1. Interest Due 67,405.43 91,037.74 121,556.07 4,413,535.96
2. Interest Paid 67,405.43 91,037.74 121,556.07 4,413,535.96
3. Interest Shortfall
((1) minus (2)) 0.00 0.00 0.00 0.00
4. Principal Paid 696,136.62 928,182.49 1,160,229.36 46,409,133.56
5. Total Distribution Amount
((2) plus (4)) 763,542.05 1,019,220.23 1,281,785.43 50,822,669.52
IV. INFORMATION REGARDING THE SECURITIES
A. SUMMARY OF BALANCE INFORMATION
------------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON OCT-00 OCT-00 SEP-00 SEP-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 6.6400% 156,375,414.92 0.78188 200,000,000.00 1.00000
b. Class A-2 Notes 6.8100% 356,000,000.00 1.00000 356,000,000.00 1.00000
c. Class A-3 Notes 6.8400% 306,000,000.00 1.00000 306,000,000.00 1.00000
d. Class A-4 Notes 6.9300% 132,549,665.00 1.00000 132,549,665.00 1.00000
e. Class B Notes 6.9500% 15,174,336.38 0.95614 15,870,473.00 1.00000
f. Class C Notes 7.0400% 20,232,448.51 0.95614 21,160,631.00 1.00000
g. Class D Notes 7.5200% 25,290,560.64 0.95614 26,450,790.00 1.00000
h. TOTAL OFFERED NOTES 1,011,622,425.44 1,058,031,559.00
Page 4 of 8
B. OTHER INFORMATION
- ---------------------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS OCT-00 SEP-00
PAYMENT DATE PAYMENT DATE
- ---------------------------------------------------------------------------
Class A-1 Notes 166,872,402.00 #N/A
- -----------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE OCT-00 OCT-00 SEP-00 SEP-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
- -----------------------------------------------------------------------------------------------------------
Class A 94.00% 950,925,079.92 0.00
Class B 1.50% 15,174,336.38 0.00 0.00 0.00
Class C 2.00% 20,232,448.51 0.00 0.00 0.00
Class D 2.50% 25,290,560.64 0.00 0.00 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 1,058,031,559.00
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 1,011,622,425.44
----------------
Total monthly principal amount 46,409,133.56
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
--------------------------------------------------------------------
ORIGINAL OCT-00 SEP-00
POOL PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------
1. a. Contract Pool Balance 1,058,031,559.00 1,011,622,425.44 1,058,031,559.85
b. No of Contracts 68,399 68,188 68,399
2. Weighted Average Remaining Term 41.00 40.8 41.0
3. Weighted Average Original Term 45.4
Page 5 of 8
B. DELINQUENCY INFORMATION
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% OF AGGREGATE
% OF REQUIRED PAYOFF NO. OF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
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1. Current 93.51% 93.66% 63,764 960,217,046.87
31-60 days 4.89% 5.09% 3,333 52,136,127.68
61-90 days 1.60% 1.25% 1,091 12,814,641.18
91-120 days 0.00% 0.00% 0 0.00
120+ days 0.00% 0.00% 0 0.00
Total Delinquency 100.0% 100.0% 68,188 1,025,167,815.73
2. Delinquent Scheduled Payments:
Beginning of Collection Period 0.00
End of Collection Period 13,545,390.29
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Change in Delinquent Scheduled Payments 13,545,390.29
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 0.00
2. Liquidation Proceeds received 0.00
----
3. Current Liquidation Loss Amount 0.00
4. Cumulative Liquidation Losses to date 0.00
% of Initial Contracts 0.000%
% of Initial Contract Pool Balance 0.000%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 68,772,051.00
2. Deposit from the Collection Account 0.00
3. Withdrawals from the Cash Collateral Account 0.00
4. Available amount 68,772,051.00
5. Required Cash Collateral Account Amount 65,755,458.00
6. Cash Collateral Account Surplus/(Shortfall) 0.00
7. Release of Cash Collateral Surplus 3,016,593.00
8. Ending Cash Collateral Account 65,755,458.00
Page 6 of 8
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 1,511,600.41
b. Investment Earnings 36,138.47
Total Available Funds 1,547,738.88
2. Distribution of Available Funds
a. Senior Loan Interest 108,850.87
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 364,555.06
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 1,074,332.95
3. Distribution of CCA Surplus:
a. Senior Loan Principal 3,016,593.00
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 3,016,593.00
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 6.6200%
b. Senior Loan Interest Rate 9.6200%
c. Holdback Amount Interest Rate 11.8700%
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OCT-00 SEP-00
ITEM PAYMENT DATE PAYMENT DATE
- ---------------------------------------------------------------------------------------
a. Senior Loan 15,498,959.00 18,515,552.00
b. Holdback Amount 50,256,499.00 50,256,499.00
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 0.00
2. Current Period Servicer Advance 13,545,390.29
3. Recoveries of prior Servicer Advances 0.00
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4. Ending Servicer Advance Balance 13,545,390.29
D. OTHER RELATED INFORMATION
1. Discount Rate 7.6240%
2. Life to Date Prepayment (CPR) 14.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
Page 7 of 8
Servicer's Certificate
The undersigned, on behalf of Capita Corporation, in its capacity as servicer
(The "Servicer") under the Pooling and Servicing Agreement, dated as of
September 1, 2000 (the "Pooling and Servicing Agreement"), among CIT Equipment
Collateral 2000-2, NTC Funding Company LLC, Allfirst Bank, as trustee under the
Indenture, and Capita Corporation, in its individual capacity and as Servicer,
DO HEREBY CERTIFY that I am a Responsible Officer of the Servicer and,
pursuant to Section 9.02 of the Pooling and Servicing Agreement,
I DO HEREBY FURTHER CERTIFY the following report with respect to the Payment
Date occurring on 10/20/00
This Certificate shall constitute the Servicer's Certificate as required by
Section 9.02 of the Pooling 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 Pooling and Servicing Agreement.
CAPITA CORPORATION
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
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