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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 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: 03/18/02
Collection Period: 02/28/02
Payment Date: 03/20/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $22,177,702.48
b. Liquidation Proceeds Allocated to Owner Trust 1,471,425.52
c. Required Payoff Amounts of Prepaid Contracts 1,601,518.08
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 50,126.31
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Total Available Pledged Revenues = $25,300,772.39
B. Determination of Available Funds
a. Total Available Pledged Revenues $25,300,772.39
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 3,139,956.77
d. Recoveries of prior Servicer Advances (2,671,648.81)
e. Withdrawal from Cash Collateral Account 1,062,601.79
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Total Available Funds = $26,831,682.14
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Reimbursement of Servicer Advances
2 Servicing Fee 320,521.97
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 500,899.31
Class A-2 Note Principal Distribution 22,806,688.93
Aggregate Class A-2 distribution 23,307,588.24
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 205,200.68
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 205,200.68
7. Class B Note Interest Distribution 34,039.43
Class B Note Principal Distribution 363,936.53
Aggregate Class B distribution 397,975.96
8. Class C Note Interest Distribution 47,266.31
Class C Note Principal Distribution 485,248.70
Aggregate Class C distribution 532,515.01
9. Class D Note Interest Distribution 65,279.64
Class D Note Principal Distribution 606,560.88
Aggregate Class D distribution 671,840.52
10. Payment due to the Class A-4 Swap Counterparty 380,548.10
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 = 26,831,682.14
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 748,010.21
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 748,010.21
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C. Incorrect Deposits to be return to CIT Collection Account Distributions = 206,984.59
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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
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1. Interest Due 0.00 500,899.31 1,015,491.67 205,200.68
2 Interest Paid 0.00 500,899.31 1,015,491.67 205,200.68
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 22,806,688.93 0.00 0.00
5 Total Distribution Amount 0.00 22,806,688.93 205,200.68 380,548.10
((2) plus (4))
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Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
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1. Interest Due 34,039.43 47,266.31 65,279.64 1,868,177.04
2 Interest Paid 34,039.43 47,266.31 65,279.64 1,868,177.04
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 363,936.53 485,248.70 606,560.88 24,262,435.03
5 Total Distribution Amount 397,975.96 532,515.01 671,840.52 24,994,769.19
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
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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
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a. Class A-1 Notes 5.0325% 0.00 0.00000 0.00 0.00000
b. Class A-2 Notes 5.0200% 96,930,197.49 0.38161 119,736,886.41 0.47141
c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000 233,000,000.00 1.00000
d. Class A-4 Notes 2.0400% 129,328,157.00 1.00000 129,328,157.00 1.00000
e. Class B Notes 5.3100% 7,328,590.76 0.57672 7,692,527.29 0.60536
f. Class C Notes 5.5300 9,771,454.35 0.57672 10,256,703.05 0.60536
g. Class D Notes 6.1100% 12,214,317.94 0.57672 12,820,878.81 0.60536
h. Total Offered Notes 488,572,717.54 512,835,152.57
i. One - Month Libor Rate 1.8500%
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B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Mar-02 Feb-02
Payment Date Payment Date
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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 Mar-02 Mar-02 Feb-02 Feb-02
Payment Date Payment Date Payment Date Payment Date
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Class A 94.00% 459,258,354.49 482,065,043.41
Class B 1.50% 7,328,590.76 0.00 7,692,527.29 0.00
Class C 2.00% 9,771,454.35 0.00 10,256,703.05 0.00
Class D 2.50% 12,214,317.94 0.00 12,820,878.81 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 512,835,152.57
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 488,572,717.54
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Total monthly principal amount 24,262,435.03
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
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Original Mar-02 Feb-02
Pool Payment Date Payment Date
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1. a. Contract Pool Balance 847,157,614.00 488,572,717.54 512,835,152.57
b. No of Contracts 47,846 42,752 43,093
2. Weighted Average Remaining Term 40.60 30.8 31.5
3. Weighted Average Original Term 44.1
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B. DELINQUENCY INFORMATION
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% of Aggregate
% of Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
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1. Current 92.83% 93.60% 39,687 464,518,831.50
31-60 days 3.95% 3.46% 1,687 17,168,251.73
61-90 days 1.40% 0.97% 599 4,790,671.37
91-120 days 0.79% 1.13% 336 5,599,089.97
120+ days 1.04% 0.85% 443 4,229,795.48
Total Delinquency 100.0% 100.0% 42,752 496,306,640.05
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,265,614.55
End of Collection Period 7,733,922.51
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Change in Delinquent Scheduled Payments 468,307.96
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted
Contracts 2,757,265.16
2. Liquidation Proceeds received 1,471,425.52
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3. Current Liquidation Loss Amount 1,285,839.64
4. Cumulative Liquidation Losses to date 14,070,290.27
% of Initial Contracts 4.995%
% of Initial Contract Pool Balance 1.661%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 37,180,548.56
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (1,062,601.79)
4. Available amount 36,117,946.77
5. Required Cash Collateral Account Amount 35,421,522.02
6. Cash Collateral Account Surplus/(Shortfall) 0.00
7. Release of Cash Collateral Surplus (696,424.75)
8. Ending Cash Collateral Account 35,421,522.02
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B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 51,585.46
Total Available Funds 51,585.46
2. Distribution of Available Funds
a. Senior Loan Interest 51,585.46
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 696,424.75
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 696,424.75
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.8500%
b. Senior Loan Interest Rate 5.3500%
c. Holdback Amount Interest Rate 7.1000%
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Mar-02 Feb-02
Item Payment Date Payment Date
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a. Senior Loan 4,317,352.30 5,013,777.05
b. Holdback Amount 42,357,880.69 42,357,880.69
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,265,614.55
2. Current Period Servicer Advance 3,139,956.77
3. Recoveries of prior Servicer Advances (2,671,648.81)
4. Ending Servicer Advance Balance 7,733,922.51
D. OTHER RELATED INFORMATION
1. Discount Rate 6.0260%
2. Life to Date Prepayment (CPR) 10.2%
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 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.
Capita Corporation
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
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