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-Nov-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: 11/16/01
Collection Period: 10/31/01
Payment Date: 11/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 28,465,954.12
b. Liquidation Proceeds Allocated to Owner Trust 1,289,142.96
c. Required Payoff Amounts of Prepaid Contracts 4,020,244.10
d. Required Payoff Amounts of Purchased Contracts 4,131,837.18
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
---------------------
Total Available Pledged Revenues = $ 37,907,178.36
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 37,907,178.36
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,133,239.88
d. Recoveries of prior Servicer Advances (3,850,170.38)
e. Withdrawal from Cash Collateral Account 1,140,617.51
---------------------
Total Available Funds = $ 38,330,865.37
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2. Servicing Fee 391,594.74
3. Class A-1 Note Interest Distribution 0.00
Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 distribution 0.00
4. Class A-2 Note Interest Distribution 948,070.24
Class A-2 Note Principal Distribution 33,098,218.38
Aggregate Class A-2 distribution 34,046,288.62
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 276,340.14
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 276,340.14
7. Class B Note Interest Distribution 41,587.36
Class B Note Principal Distribution 528,163.06
Aggregate Class B distribution 569,750.42
8. Class C Note Interest Distribution 57,747.17
Class C Note Principal Distribution 704,217.41
Aggregate Class C distribution 761,964.58
9. Class D Note Interest Distribution 79,754.80
Class D Note Principal Distribution 880,271.77
Aggregate Class D distribution 960,026.57
10. Payment due to the Class A-4 Swap Counterparty 309,408.63
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 = 38,330,865.37
===============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,520,946.74
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
---------------
Cash Collateral Account Distributions = 1,520,946.74
===============
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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 0.00 948,070.24 1,015,491.67 276,340.14
2. Interest Paid 0.00 948,070.24 1,015,491.67 276,340.14
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 0.00 3,098,218.38 0.00 0.00
5. Total Distribution Amount 0.00 3,098,218.38 276,340.14 309,408.63
((2) plus (4))
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Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
------------------------------------------------------------------------------------------------------
1. Interest Due 41,587.36 57,747.17 79,754.80 2,418,991.38
2. Interest Paid 41,587.36 57,747.17 79,754.80 2,418,991.38
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 528,163.06 704,217.41 880,271.77 35,210,870.62
5. Total Distribution Amount 569,750.42 761,964.58 960,026.57 35,975,708.72
((2) plus (4))
IV. Information Regarding the Securities
A. Summary of Balance Information
-------------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Nov-01 Nov-01 Oct-01 Oct-01
Rate Payment Date Payment Date Payment Date Payment Date
-------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 5.0325% 0.00 0.00000 0.00 0.00000
b. Class A-2 Notes 5.0200% 193,532,118.97 0.76194 226,630,337.35 0.89225
c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000 233,000,000.00 1.00000
d. Class A-4 Notes 2.6525% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 8,870,110.79 0.69803 9,398,273.85 0.73959
f. Class C Notes 5.5300% 11,826,814.38 0.69803 12,531,031.79 0.73959
g. Class D Notes 6.1100% 14,783,517.98 0.69803 15,663,789.74 0.73959
h. Total Offered Notes 591,340,719.11 626,551,589.73
i. One - Month Libor Rate 2.4625%
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B. Other Information
-------------------------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Nov-01 Oct-01
Payment Date Payment Date
-------------------------------------------------------------------------------------------
Class A-1 Notes 0.00 0.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Nov-01 Nov-01 Oct-01 Oct-01
Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------------
Class A 94.00% 555,860,275.96 588,958,494.34
Class B 1.50% 8,870,110.79 0.00 9,398,273.85 0.00
Class C 2.00% 11,826,814.38 0.00 12,531,031.79 0.00
Class D 2.50% 14,783,517.98 0.00 15,663,789.74 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 626,551,589.73
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 591,340,719.11
-----------------
Total monthly principal amount 35,210,870.62
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-----------------------------------------------------------------------
Original Nov-01 Oct-01
Pool Payment Date Payment Date
-----------------------------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 591,340,719.11 626,551,589.73
b. No of Contracts 47,846 44,660 45,232
2. Weighted Average Remaining Term 40.60 33.7 34.3
3. Weighted Average Original Term 44.1
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B. DELINQUENCY INFORMATION
-------------------------------------------------------------------
% of Aggregate
% of Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
-------------------------------------------------------------------
1. Current 93.43% 94.32% 41,726 564,998,560.51
31-60 days 3.52% 3.14% 1,571 18,816,251.04
61-90 days 1.48% 1.34% 663 8,009,060.20
91-120 days 0.80% 0.61% 356 3,662,067.24
120+ days 0.77% 0.59% 344 3,529,490.21
Total Delinquency 100.0% 100.0% 44,660 599,015,429.20
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,391,640.59
End of Collection Period 7,674,710.09
--------------------
Change in Delinquent Scheduled Payments (716,930.50)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,497,014.67
2. Liquidation Proceeds received 1,289,142.96
--------------------
3. Current Liquidation Loss Amount 1,207,871.71
4. Cumulative Liquidation Losses to date 7,521,674.60
% of Initial Contracts 3.125%
% of Initial Contract Pool Balance 0.888%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 45,424,990.26
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (1,140,617.51)
4. Available amount 44,284,372.75
5. Required Cash Collateral Account Amount 42,872,202.14
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7. Release of Cash Collateral Surplus (1,412,170.61)
8. Ending Cash Collateral Account 42,872,202.14
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B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 108,776.13
Total Available Funds 108,776.13
2. Distribution of Available Funds
a. Senior Loan Interest 91,552.59
b. Senior Loan Principal 17,223.54
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 1,412,170.61
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,412,170.61
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 2.4625%
b. Senior Loan Interest Rate 5.9625%
c. Holdback Amount Interest Rate 7.7125%
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Nov-01 Oct-01
Item Payment Date Payment Date
-------------------------------------------------------------------------------------------------------
a. Senior Loan 5,996,284.22 7,425,678.37
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,391,640.59
2. Current Period Servicer Advance 3,133,239.88
3. Recoveries of prior Servicer Advances (3,850,170.38)
4. Ending Servicer Advance Balance 7,674,710.09
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 10.4%
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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