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: 17-Jan-02
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
Item 5. Other
CIT Equipment Collateral 2001-1
Monthly Servicing Report
Determination Date: 01/17/02
Collection Period: 12/31/01
Payment Date: 01/22/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $23,370,312.40
b. Liquidation Proceeds Allocated to Owner Trust 800,421.33
c. Required Payoff Amounts of Prepaid Contracts 1,772,693.27
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 = $25,943,427.00
B. Determination of Available Funds
a. Total Available Pledged Revenues $25,943,427.00
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,231,070.89
d. Recoveries of prior Servicer Advances (3,260,870.64)
e. Withdrawal from Cash Collateral Account 2,310,826.30
--------------
Total Available Funds = $28,224,453.55
2
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 355,085.40
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 718,363.17
Class A-2 Note Principal Distribution 23,864,129.81
Aggregate Class A-2 distribution 24,582,492.98
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 251,624.10
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 251,624.10
7. Class B Note Interest Distribution 37,710.07
Class B Note Principal Distribution 380,810.58
Aggregate Class B distribution 418,520.65
8. Class C Note Interest Distribution 52,363.26
Class C Note Principal Distribution 507,747.44
Aggregate Class C distribution 560,110.70
9. Class D Note Interest Distribution 72,319.06
Class D Note Principal Distribution 634,684.30
Aggregate Class D distribution 707,003.36
10. Payment due to the Class A-4 Swap Counterparty 334,124.68
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 = 28,224,453.55
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 74,896.00
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 74,896.00
=============
3
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 0.00 718,363.17 1,015,491.67 251,624.10
2 Interest Paid 0.00 718,363.17 1,015,491.67 251,624.10
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 23,864,129.81 0.00 0.00
5 Total Distribution Amount 0.00 23,864,129.81 251,624.10 334,124.68
((2) plus (4))
---------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
---------------------------------------------------------------------------------------------
1. Interest Due 37,710.07 52,363.26 72,319.06 2,147,871.33
2 Interest Paid 37,710.07 52,363.26 72,319.06 2,147,871.33
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 380,810.58 507,747.44 634,684.30 25,387,372.14
5 Total Distribution Amount 418,520.65 560,110.70 707,003.36 26,135,513.31
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
-----------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Jan-02 Jan-02 Dec-01 Dec-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% 147,856,150.28 0.58211 171,720,280.09 0.67606
c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000 233,000,000.00 1.00000
d. Class A-4 Notes 2.1225% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 8,141,238.95 0.64067 8,522,049.53 0.67064
f. Class C Notes 5.5300% 10,854,985.26 0.64067 11,362,732.70 0.67064
g. Class D Notes 6.1100% 13,568,731.58 0.64067 14,203,415.88 0.67064
h. Total Offered Notes 542,749,263.06 568,136,635.20
i. One - Month Libor Rate 1.9325%
4
B Other Information
---------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Jan-02 Dec-01
Payment Date Payment Date
---------------------------------------------------------------
Class A-1 Notes 0.00 0.00
-----------------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jan-02 Jan-02 Dec-01 Dec-01
Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------------
Class A 94.00% 510,184,307.28 534,048,437.09
Class B 1.50% 8,141,238.95 0.00 8,522,049.53 0.00
Class C 2.00% 10,854,985.26 0.00 11,362,732.70 0.00
Class D 2.50% 13,568,731.58 0.00 14,203,415.88 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 568,136,635.20
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 542,749,263.06
--------------
Total monthly principal amount 25,387,372.15
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
---------------------------------------------------
Original Jan-02 Dec-01
Pool Payment Date Payment Date
---------------------------------------------------
1. a. Contract Pool Balance 847,157,614.00 542,749,263.06 568,136,635.20
b. No of Contracts 47,846 43,657 44,111
2. Weighted Average Remaining Term 40.60 32.1 32.9
3. Weighted Average Original Term 44.1
5
B. DELINQUENCY INFORMATION
--------------------------------------------------------------------------
% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------------------------------------------------------------------------
1. Current 92.29% 93.06% 40,293 512,709,671.88
31-60 days 4.19% 4.17% 1,828 22,976,732.34
61-90 days 1.64% 1.33% 716 7,302,390.97
91-120 days 0.95% 0.81% 414 4,479,826.60
120+ days 0.93% 0.63% 406 3,479,460.17
Total Delinquency 100.0% 100.0% 43,657 550,948,081.96
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,228,618.65
End of Collection Period 8,198,818.90
------------
Change in Delinquent Scheduled Payments (29,799.75)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 3,526,590.46
2. Liquidation Proceeds received 800,421.33
------------
3. Current Liquidation Loss Amount 2,726,169.13
4. Cumulative Liquidation Losses to date 11,482,988.71
% of Initial Contracts 3.946%
% of Initial Contract Pool Balance 1.355%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 41,189,906.05
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (2,310,826.30)
4. Available amount 38,879,079.75
5. Required Cash Collateral Account Amount 39,349,321.57
6. Cash Collateral Account Surplus/ (Shortfall) (470,241.82)
7 Release of Cash Collateral Surplus 0.00
8 Ending Cash Collateral Account 38,879,079.75
6
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 74,896.00
Total Available Funds 74,896.00
2. Distribution of Available Funds
a. Senior Loan Interest 74,896.00
b. Senior Loan Principal 0.00
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 0.00
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 0.00
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.9325%
b. Senior Loan Interest Rate 5.4325%
c. Holdback Amount Interest Rate 7.1825%
---------------------------------------------------------------
Jan-02 Dec-01
Item Payment Date Payment Date
---------------------------------------------------------------
a. Senior Loan 5,520,978.43 5,520,978.43
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,228,618.65
2. Current Period Servicer Advance 3,231,070.89
3. Recoveries of prior Servicer Advances (3,260,870.64)
4. Ending Servicer Advance Balance 8,198,818.90
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 9.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
7
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
01/22/02
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
8