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-Jun-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
Page 1 of 8
Item 5. Other
CIT Equipment Collateral 2001-1
Monthly Servicing Report
Determination Date: 06/18/01
Collection Period: 05/31/01
Payment Date: 06/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $26,485,240.50
b. Liquidation Proceeds Allocated to Owner Trust 3,532,013.31
c. Required Payoff Amounts of Prepaid Contracts 5,649,928.73
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 = $35,667,182.54
B. Determination of Available Funds
a. Total Available Pledged Revenues $35,667,182.54
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 2,900,264.39
d. Recoveries of prior Servicer Advances (3,960,707.94)
e. Withdrawal from Cash Collateral Account 250,617.37
-------------------
Total Available Funds = 34,857,356.36
Page 2 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 473,086.98
3 Class A-1 Note Interest Distribution 399,222.58
Class A-1 Note Principal Distribution 29,238,588.35
Aggregate Class A-1 distribution 29,637,810.93
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 460,596.84
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 460,596.84
7. Class B Note Interest Distribution 50,241.84
Class B Note Principal Distribution 466,573.22
Aggregate Class B distribution 516,815.06
8. Class C Note Interest Distribution 69,764.56
Class C Note Principal Distribution 622,097.62
Aggregate Class C distribution 691,862.18
9. Class D Note Interest Distribution 96,352.05
Class D Note Principal Distribution 777,622.03
Aggregate Class D distribution 873,974.08
10. Payment due to the Class A-4 Swap Counterparty 125,151.95
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 = 34,857,356.36
==================
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,267,557.62
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
------------------
Cash Collateral Account Distributions = 2,267,557.62
==================
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 399,222.58 1,062,566.67 1,015,491.67 460,596.84
2. Interest Paid 399,222.58 1,062,566.67 1,015,491.67 460,596.84
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 29,238,588.35 0.00 0.00 0.00
5. Total Distribution Amount 29,637,810.93 0.00 460,596.84 125,151.95
((2) plus (4))
-------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
-------------------------------------------------------------------------------------------------
1. Interest Due 50,241.84 69,764.56 96,352.05 3,154,236.21
2. Interest Paid 50,241.84 69,764.56 96,352.05 3,154,236.21
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 466,573.22 622,097.62 777,622.03 31,104,881.22
5. Total Distribution Amount 516,815.06 691,862.18 873,974.08 32,306,211.04
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Jun-01 Jun-01 May-01 May-01
Rate Payment Date Payment Date Payment Date Payment Date
------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 5.0325% 65,956,065.94 0.36642 95,194,654.28 0.52886
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 4.2738% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 10,887,514.20 0.85679 11,354,087.41 0.89350
f. Class C Notes 5.5300% 14,516,685.59 0.85679 15,138,783.22 0.89350
g. Class D Notes 6.1100% 18,145,856.99 0.85679 18,923,479.02 0.89350
h. Total Offered Notes 725,834,279.72 756,939,160.94
i. One - Month Libor Rate 4.0838%
Page 4 of 8
B Other Information
------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Jun-01 May-01
Payment Date Payment Date
------------------------------------------------------------
Class A-1 Notes 86,123,335.00 107,828,769.00
-----------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jun-01 Jun-01 May-01 May-01
Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------
Class A 94.00% 682,284,222.94 711,522,811.28
Class B 1.50% 10,887,514.20 0.00 11,354,087.41 0.00
Class C 2.00% 14,516,685.59 0.00 15,138,783.22 0.00
Class D 2.50% 18,145,856.99 0.00 18,923,479.02 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 756,939,160.94
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 725,834,279.72
------------------
Total monthly principal amount 31,104,881.22
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
------------------------------------------------------
Original Jun-01 May-01
Pool Payment Date Payment Date
------------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 725,834,279.72 756,939,160.94
b. No of Contracts 47,846 46,825 47,229
2. Weighted Average Remaining Term 40.60 37.5 38.4
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 93.54% 94.29% 43,802 691,406,875.22
31-60 days 3.37% 3.47% 1,580 25,467,775.99
61-90 days 1.32% 1.01% 616 7,424,039.74
91-120 days 0.85% 0.56% 400 4,139,272.69
120+ days 0.91% 0.66% 427 4,821,973.10
Total Delinquency 100.0% 100.0% 46,825 733,259,936.74
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,486,100.57
End of Collection Period 7,425,657.02
----------------
Change in Delinquent Scheduled Payments (1,060,443.55)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 4,282,814.35
2. Liquidation Proceeds received 3,532,013.31
----------------
3. Current Liquidation Loss Amount 750,801.04
4. Cumulative Liquidation Losses to date 1,718,408.60
% of Initial Contracts 0.683%
% of Initial Contract Pool Balance 0.203%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 54,878,089.17
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (250,617.37)
4. Available amount 54,627,471.80
5. Required Cash Collateral Account Amount 52,622,985.28
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7. Release of Cash Collateral Surplus -2,004,486.52
8. Ending Cash Collateral Account 52,622,985.28
Page 6 of 8
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 263,071.10
Total Available Funds 263,071.10
2. Distribution of Available Funds
a. Senior Loan Interest 120,461.84
b. Senior Loan Principal 142,609.26
c. Holdback Amount Interest 0.00
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 2,004,486.52
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 2,004,486.52
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 4.0838%
b. Senior Loan Interest Rate 7.5838%
c. Holdback Amount Interest Rate 9.3338%
---------------------------------------------------------------------
Jun-01 May-01
Item Payment Date Payment Date
---------------------------------------------------------------------
a. Senior Loan 10,637,106.42 12,784,202.20
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,486,100.57
2. Current Period Servicer Advance 2,900,264.39
3. Recoveries of prior Servicer Advances (3,960,707.94)
4. Ending Servicer Advance Balance 7,425,657.02
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 10.5%
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 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 06/20/01
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
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 8 of 8