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): March 9, 2001
CIT Equipment Collateral 2001-1
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
000-32483 Applied For
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(Commission File Number) (IRS Employer Identification No.)
c/o Allfirst Financial Center National Association
499 Mitchell Road
Mail Code 101-591
Millsboro, Delaware 19966
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (410) 244-4626
N/A
(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets.
On March 9, 2001, NCT Funding Company, L.L.C. (the "Company") sold
$180,000,000 aggregate principal amount of Class A-1 5.0325% Receivable-Backed
Notes, $254,000,000 aggregate principal amount of Class A-2 5.02%
Receivable-Backed Notes, $233,000,000 aggregate principal amount of Class A-3
5.23% Receivable-Backed Notes, $129,328,157 aggregate principal amount of Class
A-4 Floating Rate Receivable-Backed Notes, $12,707,364 aggregate principal
amount of Class B 5.31% Receivable-Backed Notes, $16,943,152 aggregate principal
amount of Class C 5.53% Receivable-Backed Notes and $21,178,941 aggregate
principal amount of Class D 6.11% 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 March 2, 2001 to
the prospectus dated February 5, 2001 (the "Prospectus").
The Notes represent obligations of CIT Equipment Collateral 2001-1 (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 and security
agreements and other financing arrangements for the lease/purchase of computer
and telecommunication equipment, general office equipment, automotive diagnostic
equipment and various other equipment (the "Contracts") and certain other
property described in the Prospectus, including, without limitation, $61,418,927
which was deposited in the cash collateral account ($19,061,046 from the
proceeds of a loan made by Capita Corporation pursuant to a Loan Agreement
annexed hereto as Exhibit 10.2, and $42,357,881 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., and Banc One Capital Markets, Inc. on behalf
of itself and as representative of the several underwriters, dated
March 2, 2001.
4.1 Indenture between the CIT Equipment Collateral 2001-1 as Issuer and
The Chase Manhattan Bank as Indenture Trustee, dated as of February
1, 2001.
4.2 Amended and Restated Trust Agreement between NCT Funding Company,
L.L.C. as Trust Depositor, and Allfirst Financial Center National
Association as Owner Trustee, dated as of February 1, 2001.
4.3 Pooling and Servicing Agreement among CIT Equipment Collateral
2001-1 as Issuer, NCT Funding Company, L.L.C. as Depositor, CIT
Financial USA, Inc. in its individual capacity, and as Servicer,
dated as of February 1, 2001.
10.1 Loan Agreement among CIT Equipment Collateral 2001-1 as the Trust,
The Chase Manhattan Bank as Indenture Trustee, NCT Funding Company,
L.L.C. as Trust Depositor, CIT Financial USA, Inc. in its
individual capacity and as Servicer, the lender parties thereto
from time to time, and Capita Corporation as Agent, dated as of
February 1, 2001.
10.2 Administration Agreement among CIT Equipment Collateral 2001-1 as
Issuer, CIT Financial USA, Inc., as Administrator, NCT Funding
Company, L.L.C. as Trust Depositor, and The Chase Manhattan Bank,
as Indenture Trustee, dated as of February 1, 2001.
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 2001-1
By: CIT FINANCIAL USA, INC.
as Servicer
By: /s/ Eric S. Mandelbaum
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Name: Eric S. Mandelbaum
Title: Vice President
Dated: March 23, 2001