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-Sep-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
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Item 5. Other
CIT Equipment Collateral 2001-1
Monthly Servicing Report
Determination Date: 09/18/01
Collection Period: 08/31/01
Payment Date: 09/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 26,159,958.31
b. Liquidation Proceeds Allocated to Owner Trust 1,625,809.84
c. Required Payoff Amounts of Prepaid Contracts 1,495,366.81
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 = $ 29,281,134.96
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 29,281,134.96
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 2,894,398.94
d. Recoveries of prior Servicer Advances (3,603,083.80)
e. Withdrawal from Cash Collateral Account 635,702.44
-----------------
Total Available Funds = 29,208,152.54
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 422,192.20
3 Class A-1 Note Interest Distribution 80,815.83
Class A-1 Note Principal Distribution 18,648,910.96
Aggregate Class A-1 distribution 18,729,726.79
4 Class A-2 Note Interest Distribution 1,062,566.67
Class A-2 Note Principal Distribution 5,648,448.57
Aggregate Class A-2 distribution 6,711,015.24
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 423,190.47
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 423,190.47
7. Class B Note Interest Distribution 44,836.81
Class B Note Principal Distribution 387,723.82
Aggregate Class B distribution 432,560.63
8. Class C Note Interest Distribution 62,259.28
Class C Note Principal Distribution 516,965.10
Aggregate Class C distribution 579,224.38
9. Class D Note Interest Distribution 85,986.48
Class D Note Principal Distribution 646,206.37
Aggregate Class D distribution 732,192.85
10. Payment due to the Class A-4 Swap Counterparty 162,558.31
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 = 29,208,152.54
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,394,964.52
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
----------------
Cash Collateral Account Distributions = 1,394,964.52
================
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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
------------------------------------------------------------------------------------------------------------------------
1. Interest Due 80,815.83 1,062,566.67 1,015,491.67 423,190.47
2 Interest Paid 80,815.83 1,062,566.67 1,015,491.67 423,190.47
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 18,648,910.96 5,648,448.57 0.00 0.00
5 Total Distribution Amount 18,729,726.79 5,648,448.57 423,190.47 162,558.31
((2) plus (4))
----------------------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
----------------------------------------------------------------------------------------------------------------------
1. Interest Due 44,836.81 62,259.28 85,986.48 2,775,147.21
2 Interest Paid 44,836.81 62,259.28 85,986.48 2,775,147.21
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 387,723.82 516,965.10 646,206.37 25,848,254.82
5 Total Distribution Amount 432,560.63 579,224.38 732,192.85 26,707,902.00
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
--------------------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Sep-01 Sep-01 Aug-01 Aug-01
Rate Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 5.0325% 0.00 0.00000 18,648,910.96 0.10361
b. Class A-2 Notes 5.0200% 248,351,551.43 0.97776 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 3.8000% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 9,744,888.96 0.76687 10,132,612.79 0.79738
f. Class C Notes 5.5300% 12,993,185.29 0.76687 13,510,150.38 0.79738
g. Class D Notes 6.1100% 16,241,481.61 0.76687 16,887,687.98 0.79738
h. Total Offered Notes 649,659,264.28 675,507,519.10
i. One - Month Libor Rate 3.6100%
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B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Sep-01 Aug-01
Payment Date Payment Date
------------------------------------------------------------------------------------------------------
Class A-1 Notes 19,863,854.00 41,921,202.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Sep-01 Sep-01 Aug-01 Aug-01
Payment Date Payment Date Payment Date Payment Date
----------------------------------------------------------------------------------------------------------------------------------
Class A 94.00% 610,679,708.43 634,977,067.96
Class B 1.50% 9,744,888.96 0.00 10,132,612.79 0.00
Class C 2.00% 12,993,185.29 0.00 13,510,150.38 0.00
Class D 2.50% 16,241,481.61 0.00 16,887,687.98 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 675,507,519.10
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 649,659,264.28
----------------------
Total monthly principal amount 25,848,254.82
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-----------------------------------------------------------------------
Original Sep-01 Aug-01
Pool Payment Date Payment Date
-----------------------------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 649,659,264.28 675,507,519.10
b. No of Contracts 47,846 45,653 46,072
2. Weighted Average Remaining Term 40.60 35.1 35.9
3. Weighted Average Original Term 44.1
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B. DELINQUENCY INFORMATION
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% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------------------------------------------------------------------------------------------
1. Current 93.91% 94.86% 42,874 622,719,887.81
31-60 days 3.44% 3.17% 1,569 20,825,786.21
61-90 days 1.23% 0.90% 560 5,877,217.94
91-120 days 0.67% 0.50% 305 3,288,061.09
120+ days 0.76% 0.57% 345 3,723,689.67
Total Delinquency 100.0% 100.0% 45,653 656,434,642.72
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,484,063.30
End of Collection Period 6,775,378.44
------------
Change in Delinquent Scheduled Payments (708,684.86)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,350,958.18
2. Liquidation Proceeds received 1,625,809.84
-----------------
3. Current Liquidation Loss Amount 725,148.34
4. Cumulative Liquidation Losses to date 5,196,590.70
% of Initial Contracts 2.255%
% of Initial Contract Pool Balance 0.613%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 48,974,295.13
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (635,702.44)
4. Available amount 48,338,592.69
5. Required Cash Collateral Account Amount 47,100,296.66
6. Cash Collateral Account Surplus/(Shortfall) 0.00
7 Release of Cash Collateral Surplus -1,238,296.03
8 Ending Cash Collateral Account 47,100,296.66
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B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 156,668.49
Total Available Funds 156,668.49
2. Distribution of Available Funds
a. Senior Loan Interest 116,701.26
b. Senior Loan Principal 39,967.23
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 1,238,296.03
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,238,296.03
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 3.6100%
b. Senior Loan Interest Rate 7.1100%
c. Holdback Amount Interest Rate 8.8600%
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Sep-01 Aug-01
Item Payment Date Payment Date
---------------------------------------------------------------------------------------------
a. Senior Loan 8,068,405.47 9,346,668.74
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,484,063.30
2. Current Period Servicer Advance 2,894,398.94
3. Recoveries of prior Servicer Advances (3,603,083.80)
4. Ending Servicer Advance Balance 6,775,378.44
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.1%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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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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