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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: 16-Aug-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
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Item 5. Other
CIT Equipment Collateral 2001-1
Monthly Servicing Report
Determination Date: 08/16/01
Collection Period: 07/31/01
Payment Date: 08/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 25,266,136.02
b. Liquidation Proceeds Allocated to Owner Trust 1,594,133.44
c. Required Payoff Amounts of Prepaid Contracts 2,139,025.24
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 $ 28,999,294.70
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 28,999,294.70
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,399,767.51
d. Recoveries of prior Servicer Advances (3,364,957.67)
e. Withdrawal from Cash Collateral Account 962,967.80
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Total Available Funds = 29,997,072.34
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 438,757.87
3 Class A-1 Note Interest Distribution 188,784.98
Class A-1 Note Principal Distribution 24,914,759.94
Aggregate Class A-1 distribution 25,103,544.92
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 447,551.76
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 447,551.76
7. Class B Note Interest Distribution 46,596.09
Class B Note Principal Distribution 397,575.96
Aggregate Class B distribution 444,172.05
8. Class C Note Interest Distribution 64,702.16
Class C Note Principal Distribution 530,101.28
Aggregate Class C distribution 594,803.44
9. Class D Note Interest Distribution 89,360.35
Class D Note Principal Distribution 662,626.59
Aggregate Class D distribution 751,986.94
10. Payment due to the Class A-4 Swap Counterparty 138,197.02
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 = 29,997,072.34
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,130,431.87
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 1,130,431.87
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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
Amounts Notes Notes Notes
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1. Interest Due 188,784.98 1,062,566.67 1,015,491.67
2 Interest Paid 188,784.98 1,062,566.67 1,015,491.67
3 Interest Shortfall 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 24,914,759.94 0.00 0.00
5 Total Distribution Amount 25,103,544.92 0.00 447,551.76
((2) plus (4))
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Distribution Class A-4
Amounts Notes
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1. Interest Due 447,551.76
2 Interest Paid 447,551.76
3 Interest Shortfall 0.00
((1) minus (2))
4 Principal Paid 0.00
5 Total Distribution Amount 138,197.02
((2) plus (4))
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Distribution Class B Class C Class D
Amounts Notes Notes Notes
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1. Interest Due 46,596.09 64,702.16 89,360.35
2 Interest Paid 46,596.09 64,702.16 89,360.35
3 Interest Shortfall 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 397,575.96 530,101.28 662,626.59
5 Total Distribution Amount 444,172.05 594,803.44 751,986.94
((2) plus (4))
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Distribution Total Offered
Amounts Notes
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1. Interest Due 2,915,053.68
2 Interest Paid 2,915,053.68
3 Interest Shortfall 0.00
((1) minus (2))
4 Principal Paid 26,505,063.77
5 Total Distribution Amount 27,480,256.13
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
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Applicable Principal Balance Class Factor
Class Coupon Aug-01 Aug-01
Rate Payment Date Payment Date
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a. Class A-1 Notes 5.0325% 18,648,910.96 0.10361
b. Class A-2 Notes 5.0200% 254,000,000.00 1.00000
c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000
d. Class A-4 Notes 4.0188% 129,328,157.00 1.00000
e. Class B Notes 5.3100% 10,132,612.79 0.79738
f. Class C Notes 5.5300% 13,510,150.38 0.79738
g. Class D Notes 6.1100% 16,887,687.98 0.79738
h. Total Offered Notes 675,507,519.10
i. One - Month Libor Rate 3.8288%
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Principal Balance Class Factor
Class Jul-01 Jul-01
Payment Date Payment Date
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a. Class A-1 Notes 43,563,670.90 0.24202
b. Class A-2 Notes 254,000,000.00 1.00000
c. Class A-3 Notes 233,000,000.00 1.00000
d. Class A-4 Notes 129,328,157.00 1.00000
e. Class B Notes 10,530,188.74 0.82867
f. Class C Notes 14,040,251.66 0.82867
g. Class D Notes 17,550,314.57 0.82867
h. Total Offered Notes 702,012,582.87
i. One-Month Libor Rate
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B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Jul-01 Jun-01
Payment Date Payment Date
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Class A-1 Notes 41,921,202.00 64,905,759.00
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Target Class
Class Principal Amount Floor
Class Percentage Aug-01 Aug-01
Payment Date Payment Date
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Class A 94.00% 634,977,067.96
Class B 1.50% 10,132,612.79 0.00
Class C 2.00% 13,510,150.38 0.00
Class D 2.50% 16,887,687.98 0.00
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Target Class
Principal Amount Floor
Class Jul-01 Jul-01
Payment Date Payment Date
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Class A 659,891,827.90
Class B 10,530,188.74 0.00
Class C 14,040,251.66 0.00
Class D 17,550,314.57 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 702,012,582.87
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 675,507,519.10
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Total monthly principal amount 26,505,063.77
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
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Original Aug-01 Jul-01
Pool Payment Date Payment Date
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1. a. Contract Pool Balance 847,157,614.00 675,507,519.10 702,012,582.87
b. No of Contracts 47,846 46,072 46,456
2. Weighted Average Remaining Term 40.60 35.9 36.7
3. Weighted Average Original Term 44.1
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B. DELINQUENCY INFORMATION
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% of % of Aggregate
Required Payoff
Contracts Amount
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1. Current 93.84% 94.70%
31-60 days 3.30% 3.12%
61-90 days 1.31% 1.06%
91-120 days 0.59% 0.44%
120+ days 0.96% 0.68%
Total Delinquency 100.0% 100.0%
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No. Of Aggregate Required
Accounts Payoff Amounts
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1. Current 43,234 646,768,764.14
31-60 days 1,522 21,313,305.18
61-90 days 604 7,238,825.43
91-120 days 271 3,017,454.55
120+ days 441 4,653,233.10
Total Delinquency 46,072 682,991,582.40
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,449,253.46
End of Collection Period 7,484,063.30
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Change in Delinquent Scheduled Payments 34,809.84
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,721,648.03
2. Liquidation Proceeds received 1,594,133.44
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3. Current Liquidation Loss Amount 1,127,514.59
4. Cumulative Liquidation Losses to date 4,471,442.36
% of Initial Contracts 1.741%
% of Initial Contract Pool Balance 0.528%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 50,895,912.26
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (962,967.80)
4. Available amount 49,932,944.46
5. Required Cash Collateral Account Amount 48,974,295.13
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7 Release of Cash Collateral Surplus -958,649.33
8 Ending Cash Collateral Account 48,974,295.13
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B. CASH COLLATERAL ACCOUNT LOANS
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1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 171,782.54
Total Available Funds 171,782.54
2. Distribution of Available Funds
a. Senior Loan Interest 120,291.75
b. Senior Loan Principal 51,490.79
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 958,649.33
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 958,649.33
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 3.8288%
b. Senior Loan Interest Rate 7.3288%
c. Holdback Amount Interest Rate 9.0788%
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Aug-01 Jul-01
Item Payment Date Payment Date
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a. Senior Loan 9,346,668.74 10,356,808.86
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,449,253.46
2. Current Period Servicer Advance 3,399,767.51
3. Recoveries of prior Servicer Advances (3,364,957.67)
4. Ending Servicer Advance Balance 7,484,063.30
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.2%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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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 08/20/01
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
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