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-Apr-01
CIT Equipment Collateral 2001-1
A New York Commission File I.R.S. Employer
Corporation No. 0001136811 No. 51-0407692
c/o Capita Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Item 5. Other
CIT Equipment Collateral 2001-1
Monthly Servicing Report
Determination Date: 04/18/01
Collection Period: 03/31/01
Payment Date: 04/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $28,317,434.65
b. Liquidation Proceeds Allocated to Owner Trust 144,334.47
c. Required Payoff Amounts of Prepaid Contracts 5,161,089.22
d. Required Payoff Amounts of Purchased Contracts 0.00
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
--------------
Total Available Pledged Revenues = $33,622,858.34
B. Determination of Available Funds
a. Total Available Pledged Revenues $33,622,858.34
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 4,250,265.56
d. Recoveries of prior Servicer Advances (6,462,892.95)
--------------
e. Withdrawal from Cash Collateral Account 0.00
Total Available Funds = 31,410,230.95
Page 2 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 507,083.41
3 Class A-1 Note Interest Distribution 634,106.73
Class A-1 Note Principal Distribution 25,633,778.61
Aggregate Class A-1 distribution 26,267,885.34
4 Class A-2 Note Interest Distribution 1,062,566.67
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 1,062,566.67
5. Class A-3 Note Interest Distribution 1,015,491.67
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,015,491.67
6. Class A-4 Note Interest Distribution 578,824.33
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 578,824.33
7. Class B Note Interest Distribution 53,852.26
Class B Note Principal Distribution 409,049.66
Aggregate Class B distribution 462,901.92
8. Class C Note Interest Distribution 74,777.90
Class C Note Principal Distribution 545,399.54
Aggregate Class C distribution 620,177.44
9. Class D Note Interest Distribution 103,275.99
Class D Note Principal Distribution 681,749.43
Aggregate Class D distribution 785,025.42
10. Payment due to the Class A-4 Swap Counterparty 6,924.45
11. Deposit to the Cash Collateral Account 0.00
12. Amounts in accordance with the CCA Loan Agreement 103,350.30
13. To the holder of the equity certificate 0.00
Collection Account Distributions = 31,410,230.95
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,116,712.72
2. Payment due on the Holdback 109,531.02
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 2,226,243.74
=============
Page 3 of 8
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
-------------------------------------------------------------------------------------------
Distribution Class A-1 Class A-2 Class A-3 Class A-4
Amounts Notes Notes Notes Notes
-------------------------------------------------------------------------------------------
1. Interest Due 634,106.73 1,062,566.67 1,015,491.67 578,824.33
2 Interest Paid 634,106.73 1,062,566.67 1,015,491.67 578,824.33
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 25,633,778.61 0.00 0.00 0.00
5 Total Distribution Amount 26,267,885.34 0.00 578,824.33 6,924.45
((2) plus (4))
-------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
-------------------------------------------------------------------------------------------
1. Interest Due 53,852.26 74,777.90 103,275.99 3,522,895.55
2 Interest Paid 53,852.26 74,777.90 103,275.99 3,522,895.55
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 409,049.66 545,399.54 681,749.43 27,269,977.24
5 Total Distribution Amount 462,901.92 620,177.44 785,025.42 28,721,738.90
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
--------------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Apr-01 Apr-01 Mar-01 Mar-01
Rate Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 5.0325% 120,691,509.91 0.67051 146,325,288.52 0.81292
b. Class A-2 Notes 5.0200% 254,000,000.00 1.00000 254,000,000.00 1.00000
c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000 233,000,000.00 1.00000
d. Class A-4 Notes 5.1975% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 11,760,952.13 0.92552 12,170,001.79 0.95771
f. Class C Notes 5.5300% 15,681,269.51 0.92552 16,226,669.05 0.95771
g. Class D Notes 6.1100% 19,601,586.89 0.92552 20,283,336.32 0.95771
h. Total Offered Notes 784,063,475.44 811,333,452.68
i. One - Month Libor Rate 5.0075%
Page 4 of 8
B Other Information
-------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Apr-01 Mar-01
Payment Date Payment Date
-------------------------------------------------------------------
Class A-1 Notes 129,963,891.00 151,130,009.00
--------------------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Apr-01 Apr-01 Mar-01 Mar-01
Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------------------
Class A 94.00% 737,019,666.91 762,653,445.52
Class B 1.50% 11,760,952.13 0.00 12,170,001.79 0.00
Class C 2.00% 15,681,269.51 0.00 16,226,669.05 0.00
Class D 2.50% 19,601,586.89 0.00 20,283,336.32 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 811,333,452.68
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 784,063,475.44
--------------
Total monthly principal amount 27,269,977.24
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
----------------------------------------------------------
Original Apr-01 Mar-01
Pool Payment Date Payment Date
----------------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 784,063,475.44 811,333,452.68
b. No of Contracts 47,846 47,444 47,677
2. Weighted Average Remaining Term 40.60 39.3 40.1
3. Weighted Average Original Term 44.1
Page 5 of 8
B. DELINQUENCY INFORMATION
----------------------------------------------------------------------
% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
----------------------------------------------------------------------
1. Current 92.35% 92.26% 43,814 732,964,549.65
31-60 days 5.01% 5.40% 2,378 42,878,389.71
61-90 days 1.78% 1.64% 846 13,005,078.52
91-120 days 0.84% 0.64% 400 5,053,591.03
120+ days 0.01% 0.06% 6 511,666.56
Total Delinquency 100.0% 100.0% 47,444 794,413,275.47
2. Delinquent Scheduled Payments:
Beginning of Collection Period 12,562,427.42
End of Collection Period 10,349,800.03
-------------
Change in Delinquent Scheduled Payments (2,212,627.39)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 632,535.60
2. Liquidation Proceeds received 144,334.47
-------------
3. Current Liquidation Loss Amount 488,201.13
4. Cumulative Liquidation Losses to date 488,201.13
% of Initial Contracts 0.073%
% of Initial Contract Pool Balance 0.058%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 58,821,675.32
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account 0.00
4. Available amount 58,821,675.32
5. Required Cash Collateral Account Amount 56,844,601.97
6. Cash Collateral Account Surplus/(Shortfall) 1,977,073.35
7 Release of Cash Collateral Surplus 0.00
8 Ending Cash Collateral Account 56,844,601.97
Page 6 of 8
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 103,350.30
b. Investment Earnings 145,820.09
Total Available Funds 249,170.39
2. Distribution of Available Funds
a. Senior Loan Interest 139,639.37
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 109,531.02
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus
a. Senior Loan Principal 1,977,073.35
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,977,073.35
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 5.0075%
b. Senior Loan Interest Rate 8.5075%
c. Holdback Amount Interest Rate 10.2575%
-----------------------------------------------------
Apr-01 Mar-01
Item Payment Date Payment Date
-----------------------------------------------------
a. Senior Loan 14,486,721.28 16,463,794.63
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 12,562,427.42
2. Current Period Servicer Advance 4,250,265.56
3. Recoveries of prior Servicer Advances (6,462,892.95)
4. Ending Servicer Advance Balance 10,349,800.03
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.4%
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
(TheServicer ) under the Pooling and Servicing Agreement, dated as of
February 1, 2001 (the Pooling and Servicing Agreement ), among CIT Equipment
Collateral 2001-1, NCT Funding Company LLC, Chase Manhattan 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 04/20/00
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
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 8 of 8