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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: 18-Mar-02
CIT EC EF 2001-A
A New York Commission File I.R.S. Employer
Corporation No. 0001159705
c/o CIT Financial USA, Inc.
1 Tyco Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
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Item 5. Other
CIT Equipment Collateral - EF - 2001-A
Monthly Servicing Report
Determination Date: 03/18/02
Collection Period: 02/28/02
Payment Date: 03/20/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $22,753,167.83
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 13,259,221.33
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 22,854.60
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Total Available Pledged Revenues = $36,035,243.76
B. Determination of Available Funds
a. Total Available Pledged Revenues $36,035,243.76
b. Servicer Advances 3,429,444.31
c. Recoveries of prior Servicer Advances (2,847,463.85)
d. Withdrawal from Reserve Account 0.00
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Total Available Funds = $36,617,224.22
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II.DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 568,913.96
2. Class A-1 Note Interest Distribution 114,354.53
Class A-1 Note Principal Distribution 25,013,161.34
Aggregate Class A-1 distribution 25,127,515.87
3. Class A-2 Note Interest Distribution 854,791.67
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 854,791.67
4. Class A-3 Note Interest Distribution 1,072,800.00
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,072,800.00
5. Class A-4 Note Interest Distribution 1,006,316.67
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 1,006,316.67
6. Class B Note Interest Distribution 173,708.39
Class B Note Principal Distribution 1,316,482.18
Aggregate Class B distribution 1,490,190.57
7. Deposit to the Reserve Account 0.00
8. Amounts Payable in connection with the Reserve Account 26,008.49
9. To the holder of the equity certificate 6,470,686.99
Collection Account Distributions = 36,617,224.22
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B. RESERVE ACCOUNT DISTRIBUTIONS
1. Withdrawal from the Reserve Account 0.00
2. Interest to the Holdback Amount Designee 41,666.98
3. Release of Excess from the Reserve Account 402,843.55
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Reserve Account Distributions = 444,510.53
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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
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1. Interest Due 114,354.53 854,791.67 1,072,800.00 1,006,316.67
2 Interest Paid 114,354.53 854,791.67 1,072,800.00 1,006,316.67
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 25,013,161.34 0.00 0.00 0.00
5 Total Distribution Amount 25,127,515.87 854,791.67 1,072,800.00 1,006,316.67
((2) plus (4))
Distribution Class B Total Offered
Amounts Notes Notes
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1. Interest Due 173,708.39 3,221,971.26
2 Interest Paid 173,708.39 3,221,971.26
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 1,316,482.18 26,329,643.52
5 Total Distribution Amount 1,490,190.57 29,551,614.78
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Mar-02 Mar-02 Feb-02 Feb-02
Rate Payment Date Payment Date Payment Date Payment Date
----- ----- ------------ ------------ ------------ ------------
a. Class A-1 Notes 3.4800% 17,236,050.67 0.07382 42,249,212.01 0.18094
b. Class A-2 Notes 3.7300% 275,000,000.00 1.00000 275,000,000.00 1.00000
c. Class A-3 Notes 4.3200% 298,000,000.00 1.00000 298,000,000.00 1.00000
d. Class A-4 Notes 4.8400% 249,500,000.00 1.00000 249,500,000.00 1.00000
e. Class B Notes 4.5800% 44,196,634.25 0.79542 45,513,116.42 0.81911
f. Total Offered Notes 883,932,684.92 910,262,328.44
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B Other Information
Scheduled Scheduled
Principal Balance Principal Balance
Class Mar-02 Feb-02
Payment Date Payment Date
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Class A-1 Notes 103,231,016.00 122,583,496.00
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Mar-02 Mar-02 Feb-02 Feb-02
Payment Date Payment Date Payment Date Payment Date
----- ---------- ------------ ------------ ------------ ------------
Class A 95.00% 839,736,050.67 864,749,212.01
Class B 5.00% 44,196,634.25 4,816,635.37 45,513,116.42 4,413,791.83
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 910,262,328.44
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 883,932,684.92
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Total monthly principal amount 26,329,643.52
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
Original Mar-02 Feb-02
Pool Payment Date Payment Date
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1. a. Contract Pool Principal Balance 1,111,563,967.00 883,932,684.92 910,262,328.44
b. No of Contracts 11,329 10,484 10,651
2. Weighted Average Remaining Term 48.60 42.4 42.9
3. Weighted Average Original Term 57.7
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B. DELINQUENCY INFORMATION
% of
No. Of Contract Pool
Contracts % of CPB Accounts Principal Balance
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1. Current 94.64% 94.93% 9,922 839,130,342.57
31-60 days 3.07% 2.43% 322 21,516,956.69
61-90 days 1.09% 1.00% 114 8,844,185.43
91-120 days 0.62% 0.67% 65 5,897,235.62
120+ days 0.58% 0.97% 61 8,543,964.61
Total Delinquency 100.0% 100.0% 10,484 883,932,684.92
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,919,075.32
End of Collection Period 9,501,055.78
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Change in Delinquent Scheduled Payments 581,980.46
C. DEFAULTED CONTRACT INFORMATION
A. Current Period Defaulted New Valuation Amount 3,132,818.52
Current Valuation Reversal 0.00
Current Period Gross loss on Liquidated Contract 0.00
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Total Gross Loss 3,132,818.52
B. Payments Received on Defaulted Contracts -69,969.09
C. Proceeds received on Liquidated Contracts 0.00
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D. Current Month Net Loss Amount 3,062,849.43
E. Cumulative Valuation Amount to date 6,741,441.97
%of Initial Contracts 0.159%
%of Initial Contract Pool Balance 0.606%
VII. INFORMATION REGARDING THE RESERVE ACCOUNT
A. RESERVE ACCOUNT
1. Opening Reserve Account Balance 13,927,013.63
2. Investment Earnings 15,658.49
3. Deposit from the Collection Account 26,008.49
4. Withdrawls from the Reserve Account -
5. Interest payment to the Holdback Designee (41,666.98)
6. Release of Reserve Account Surplus (402,843.55)
7. Ending Reserve Account Balance 13,524,170.08
8. Available amount 13,927,013.63
9. Required Reserve Account Amount 13,524,170.08
10. Reserve Account Surplus/(Shortfall) 0.00
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VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,919,075.32
2. Current Period Servicer Advance 3,429,444.31
3. Recoveries of prior Servicer Advances (2,847,463.85)
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4. Ending Servicer Advance Balance 9,501,055.78
D. OTHER RELATED INFORMATION
1. Life to Date Prepayment (CPR) 13.5%
2. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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NCT Funding Company LLC, Allfirst Bank, as trustee under the Indenture, and
CIT Financial USA, Inc., 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 03/20/02
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.
CIT Financial USA, Inc.
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
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