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-Jul-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: 07/18/01
Collection Period: 06/30/01
Payment Date: 07/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 23,098,282.36
b. Liquidation Proceeds Allocated to Owner Trust 1,093,882.81
c. Required Payoff Amounts of Prepaid Contracts 1,695,189.20
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 = $ 25,887,354.37
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 25,887,354.37
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,495,755.93
d. Recoveries of prior Servicer Advances (3,472,159.49)
e. Withdrawal from Cash Collateral Account 1,512,270.47
-----------------
Total Available Funds = 27,423,221.28
Page 2 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 453,646.42
3 Class A-1 Note Interest Distribution 276,603.25
Class A-1 Note Principal Distribution 22,392,395.04
Aggregate Class A-1 distribution 22,668,998.29
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 438,772.72
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 438,772.72
7. Class B Note Interest Distribution 48,177.25
Class B Note Principal Distribution 357,325.45
Aggregate Class B distribution 405,502.70
8. Class C Note Interest Distribution 66,897.73
Class C Note Principal Distribution 476,433.94
Aggregate Class C distribution 543,331.67
9. Class D Note Interest Distribution 92,392.66
Class D Note Principal Distribution 595,542.42
Aggregate Class D distribution 687,935.08
10. Payment due to the Class A-4 Swap Counterparty 146,976.06
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 = 27,423,221.28
================
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 397,542.85
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
----------------
Cash Collateral Account Distributions = 397,542.85
================
Page 3 of 8
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
-----------------------------------------------------------------------------------------------------
1. Interest Due 276,603.25 1,062,566.67 1,015,491.67 438,772.72
2. Interest Paid 276,603.25 1,062,566.67 1,015,491.67 438,772.72
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 22,392,395.04 0.00 0.00 0.00
5. Total Distribution Amount 22,668,998.29 0.00 438,772.72 146,976.06
((2) plus (4))
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Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
-----------------------------------------------------------------------------------------------------
1. Interest Due 48,177.25 66,897.73 92,392.66 3,000,901.95
2. Interest Paid 48,177.25 66,897.73 92,392.66 3,000,901.95
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 357,325.45 476,433.94 595,542.42 23,821,696.85
5. Total Distribution Amount 405,502.70 543,331.67 687,935.08 24,891,516.52
((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 Jul-01 Jul-01 Jun-01 Jun-01
Rate Payment Date Payment Date Payment Date Payment Date
---------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 5.0325% 43,563,670.90 0.24202 65,956,065.94 0.36642
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 4.0713% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 10,530,188.74 0.82867 10,887,514.20 0.85679
f. Class C Notes 5.5300% 14,040,251.66 0.82867 14,516,685.59 0.85679
g. Class D Notes 6.1100% 17,550,314.57 0.82867 18,145,856.99 0.85679
h. Total Offered Notes 702,012,582.87 725,834,279.72
i. One - Month Libor Rate 3.8813%
Page 4 of 8
B Other Information
---------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Jul-01 Jun-01
Payment Date Payment Date
---------------------------------------------------------------
Class A-1 Notes 64,905,759.00 86,123,335.00
---------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jul-01 Jul-01 Jun-01 Jun-01
Payment Date Payment Date Payment Date Payment Date
-------------------------------------------------------------------------------------------------------------
Class A 94.00% 659,891,827.90 682,284,222.94
Class B 1.50% 10,530,188.74 0.00 10,887,514.20 0.00
Class C 2.00% 14,040,251.66 0.00 14,516,685.59 0.00
Class D 2.50% 17,550,314.57 0.00 18,145,856.99 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) 725,834,279.72
2. Contract Pool Principal Balance (End of Collection Period) 702,012,582.87
----------------
Total monthly principal amount 23,821,696.85
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
----------------------------------------------------------
Original Jul-01 Jun-01
Pool Payment Date Payment Date
----------------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 702,012,582.87 725,834,279.72
b. No of Contracts 47,846 46,456 46,825
2. Weighted Average Remaining Term 40.60 36.7 37.5
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 93.52% 94.23% 43,446 668,557,185.10
31-60 days 3.44% 3.61% 1,598 25,604,146.53
61-90 days 1.27% 0.94% 589 6,696,293.42
91-120 days 0.74% 0.51% 343 3,634,042.77
120+ days 1.03% 0.70% 480 4,970,168.51
Total Delinquency 100.0% 100.0% 46,456 709,461,836.33
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,425,657.02
End of Collection Period 7,449,253.46
------------
Change in Delinquent
Scheduled Payments 23,596.44
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on
Defaulted Contracts 2,719,401.98
2. Liquidation Proceeds received 1,093,882.81
-------------
3. Current Liquidation Loss Amount 1,625,519.17
4. Cumulative Liquidation Losses to date 3,343,927.77
% of Initial Contracts 1.204%
% of Initial Contract Pool Balance 0.395%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 52,622,985.28
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (1,512,270.47)
4. Available amount 51,110,714.81
5. Required Cash Collateral Account Amount 50,895,912.26
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7. Release of Cash Collateral Surplus -214,802.55
8. Ending Cash Collateral Account 50,895,912.26
Page 6 of 8
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 182,740.30
Total Available Funds 182,740.30
2. Distribution of Available Funds
a. Senior Loan Interest 117,245.29
b. Senior Loan Principal 65,495.01
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 214,802.55
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 214,802.55
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 3.8813%
b. Senior Loan Interest Rate 7.3813%
c. Holdback Amount Interest Rate 9.1313%
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Jul-01 Jun-01
Item Payment Date Payment Date
--------------------------------------------------------------------
a. Senior Loan 10,356,808.86 10,637,106.42
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,425,657.02
2. Current Period Servicer Advance 3,495,755.93
3. Recoveries of prior Servicer Advances (3,472,159.49)
4. Ending Servicer Advance Balance 7,449,253.46
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.6%
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 07/20/01
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