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: 17-May-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: 05/17/01
Collection Period: 04/30/01
Payment Date: 05/21/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $28,229,221.17
b. Liquidation Proceeds Allocated to Owner Trust 188,604.16
c. Required Payoff Amounts of Prepaid Contracts 4,207,174.87
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
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Total Available Pledged Revenues = $32,625,000.20
B. Determination of Available Funds
a. Total Available Pledged Revenues $32,625,000.20
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,377,774.49
d. Recoveries of prior Servicer Advances (5,241,473.95)
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e. Withdrawal from Cash Collateral Account 263,993.72
Total Available Funds = 31,025,294.46
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2. Servicing Fee 490,039.67
3. Class A-1 Note Interest Distribution 523,021.69
Class A-1 Note Principal Distribution 25,496,855.63
Aggregate Class A-1 distribution 26,019,877.32
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 583,557.38
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 583,557.38
7. Class B Note Interest Distribution 52,042.21
Class B Note Principal Distribution 406,864.72
Aggregate Class B distribution 458,906.93
8. Class C Note Interest Distribution 72,264.52
Class C Note Principal Distribution 542,486.29
Aggregate Class C distribution 614,750.81
9. Class D Note Interest Distribution 99,804.75
Class D Note Principal Distribution 678,107.86
Aggregate Class D distribution 777,912.61
10. Payment due to the Class A-4 Swap
Counterparty 2,191.40
11. Deposit to the Cash Collateral Account 0.00
12. Amounts in accordance with the CCA Loan Agreement 0.00
13. To the holder of the equity certificate 0.00
Collection Account Distributions = 31,025,294.46
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,842,856.03
2. Payment due on the Holdback 93,961.48
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 1,936,817.51
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III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
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Distribution Class A-1 Class A-2 Class A-3 Class A-4
Amounts Notes Notes Notes Notes
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1. Interest Due 523,021.69 1,062,566.67 1,015,491.67 583,557.38
2. Interest Paid 523,021.69 1,062,566.67 1,015,491.67 583,557.38
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 25,496,855.63 0.00 0.00 0.00
5. Total Distribution Amount 26,019,877.32 0.00 583,557.38 2,191.40
((2) plus (4))
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Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
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1. Interest Due 52,042.21 72,264.52 99,804.75 3,408,748.89
2. Interest Paid 52,042.21 72,264.52 99,804.75 3,408,748.89
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 406,864.72 542,486.29 678,107.86 27,124,314.50
5. Total Distribution Amount 458,906.93 614,750.81 777,912.61 28,457,196.45
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
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Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon May-01 May-01 Apr-01 Apr-01
Rate Payment Date Payment Date Payment Date Payment Date
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a. Class A-1 Notes 5.0325% 95,194,654.28 0.52886 120,691,509.91 0.67051
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 5.2400% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 11,354,087.41 0.89350 11,760,952.13 0.92552
f. Class C Notes 5.5300% 15,138,783.22 0.89350 15,681,269.51 0.92552
g. Class D Notes 6.1100% 18,923,479.02 0.89350 19,601,586.89 0.92552
h. Total Offered Notes 756,939,160.94 784,063,475.44
i. One - Month Libor Rate 5.0500%
B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class May-01 Apr-01
Payment Date Payment Date
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Class A-1 Notes 107,828,769.00 129,963,891.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage May-01 May-01 Apr-01 Apr-01
Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------
Class A 94.00% 711,522,811.28 737,019,666.91
Class B 1.50% 11,354,087.41 0.00 11,760,952.13 0.00
Class C 2.00% 15,138,783.22 0.00 15,681,269.51 0.00
Class D 2.50% 18,923,479.02 0.00 19,601,586.89 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 784,063,475.44
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 756,939,160.94
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Total monthly principal amount 27,124,314.50
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
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Original May-01 Apr-01
Pool Payment Date Payment Date
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1. a. Contract Pool Balance 847,157,614.00 756,939,160.94 784,063,475.44
b. No of Contracts 47,846 47,229 47,444
2. Weighted Average Remaining Term 40.60 38.4 39.3
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
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% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
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1. Current 93.16% 94.00% 43,999 719,499,312.47
31-60 days 3.63% 3.39% 1,715 25,938,207.19
61-90 days 1.72% 1.36% 813 10,398,075.32
91-120 days 0.89% 0.79% 422 6,062,501.62
120+ days 0.59% 0.46% 280 3,527,164.91
Total Delinquency 100.0% 100.0% 47,229 765,425,261.51
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,349,800.03
End of Collection Period 8,486,100.57
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Change in Delinquent Scheduled Payments (1,863,699.46)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 668,010.59
2. Liquidation Proceeds received 188,604.16
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3. Current Liquidation Loss Amount 479,406.43
4. Cumulative Liquidation Losses to date 967,607.56
% of Initial Contracts 0.161%
% of Initial Contract Pool Balance 0.114%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 56,844,601.97
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (263,993.72)
4. Available amount 56,580,608.25
5. Required Cash Collateral Account Amount 54,878,089.17
6. Cash Collateral Account Surplus/(Shortfall) 1,702,519.08
7. Release of Cash Collateral Surplus 0.00
8. Ending Cash Collateral Account 54,878,089.17
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 234,298.43
Total Available Funds 234,298.43
2. Distribution of Available Funds
a. Senior Loan Interest 140,336.95
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 93,961.48
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 1,702,519.08
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,702,519.08
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 5.0500%
b. Senior Loan Interest Rate 8.5500%
c. Holdback Amount Interest Rate 10.3000%
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May-01 Apr-01
Item Payment Date Payment Date
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a. Senior Loan 12,784,202.20 14,486,721.28
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,349,800.03
2. Current Period Servicer Advance 3,377,774.49
3. Recoveries of prior Servicer Advances (5,241,473.95)
4. Ending Servicer Advance Balance 8,486,100.57
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.0%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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 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 05/21/01
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