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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-Jun-02
CIT Equipment Collateral 2002-VT1
A Delaware Commission File I.R.S. Employer
Corporation No. 0001172747 No. 51-0407692
c/o Capita Corporation
1 CIT Drive, Livingston, New Jersey 07039
Telephone number: (973)740-5000
Page 1 of 7
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Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 06/18/02
Collection Period: 05/31/02
Payment Date: 06/20/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $74,355,176.03
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 9,616,729.08
d. Required Payoff Amounts of Purchased Contracts 1,054,436.70
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 81,608.87
g. Investment Earnings on Class A-2a Funding Account 0.00
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Total Available Pledged Revenues = $85,107,950.68
B. Determination of Available Funds
a. Total Available Pledged Revenues $85,107,950.68
b. Receipt from Class A-4 Swap Counterparty 0.00
c. Servicer Advances 6,776,749.84
d. Recoveries of prior Servicer Advances 0.00
e. Withdrawal from the Class A Principal Account, including Investment Earnings 0.00
f. Withdrawal from Cash Collateral Account 0.00
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Total Available Funds = $91,884,700.52
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 1,335,621.24
2. Class A-1 Note Interest Distribution 549,752.78
Class A-1 Note Principal Distribution 77,542,425.86
Aggregate Class A-1 distribution 78,092,178.64
3. Class A-2 Note Interest Distribution 780,986.11
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 780,986.11
4. Class A-3 Note Interest Distribution 1,249,859.72
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,249,859.72
5. Class A-4 Note Interest Distribution 483,766.60
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 483,766.60
6. Deposit to the Class A Principal Account 0.00
7. Class B Note Interest Distribution 113,282.85
Class B Note Principal Distribution 2,264,869.77
Aggregate Class B distribution 2,378,152.62
8. Class C Note Interest Distribution 69,066.67
Class C Note Principal Distribution 1,226,292.60
Aggregate Class C distribution 1,295,359.27
9. Class D Note Interest Distribution 161,019.92
Class D Note Principal Distribution 2,549,579.20
Aggregate Class D distribution 2,710,599.12
10. Payment due to the Swap Counterparty 0.00
11. Deposit to the Cash Collateral Account 0.00
12. Amounts in accordance with the CCA Loan Agreement 495,754.98
13. Remainder to the holder of the equity certificate 3,062,422.21
Collection Account Distributions = 91,884,700.52
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,123,592.38
2. Payment due on the Holdback 447,937.69
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 2,571,530.07
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C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
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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 549,752.78 780,986.11 1,249,859.72 483,766.60
2 Interest Paid 549,752.78 780,986.11 1,249,859.72 483,766.60
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 77,542,425.86 0.00 0.00 0.00
5 Total Distribution Amount 78,092,178.64 0.00 483,766.60 0.00
((2) plus (4))
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
----------- ------- ------- ------- -------------
1. Interest Due 113,282.85 69,066.67 161,019.92 3,407,734.65
2 Interest Paid 113,282.85 69,066.67 161,019.92 3,407,734.65
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 2,264,869.77 1,226,292.60 2,549,579.20 83,583,167.44
5 Total Distribution Amount 2,378,152.62 1,295,359.27 2,710,599.12 84,960,056.26
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Jun-02 Jun-02 May-02 May-02
Rate Payment Date Payment Date Payment Date Payment Date
----- ----- ------------ ------------ ------------ ------------
a. Class A-1 Notes 1.9600% 210,957,574.14 0.73122 288,500,000.00 1.00000
b. Class A-2 Notes 2.9000% 277,000,000.00 1.00000 277,000,000.00 1.00000
c. Class A-3 Notes 4.0300% 319,000,000.00 1.00000 319,000,000.00 1.00000
d. Class A-4 Notes 4.6700% 106,550,000.00 1.00000 106,550,000.00 1.00000
e. Class B Notes 3.9700% 27,085,130.23 0.92283 29,350,000.00 1.00000
f. Class C Notes 4.4400% 14,773,707.40 0.92336 16,000,000.00 1.00000
g. Class D Notes 5.1600% 29,547,414.80 0.92057 32,096,994.00 1.00000
h. Total Offered Notes 984,913,826.56 1,068,496,994.00
i. One - Month Libor Rate 1.8400%
B Other Information
Scheduled Scheduled
Principal Balance Principal Balance
Class Jun-02 May-02
Payment Date Payment Date
----- ------------ ------------
Class A-1 Notes 222,308,318.00 250,655,536.00
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jun-02 Jun-02 May-02 May-02
Payment Date Payment Date Payment Date Payment Date
----- ---------- ------------ ------------ ------------ ------------
Class A 92.75% 913,507,574.14 0.00
Class B 2.75% 27,085,130.23 0.00 0.00 0.00
Class C 1.50% 14,773,707.40 0.00 0.00 0.00
Class D 3.00% 29,547,414.80 0.00 0.00 0.00
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V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 1,068,496,994.00
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 984,913,826.56
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Total monthly principal amount 83,583,167.44
A. PRINCIPAL BREAKDOWN No. of Accounts
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1. Scheduled Principal
2. Prepaid Contracts
3. Defaulted Contracts
4. Contracts purchased by CIT Financial USA, Inc.
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Total Principal Breakdown -
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
Original Jun-02 May-02
Pool Payment Date Payment Date
----- ------------ ------------
1. a. Contract Pool Balance 1,068,496,994.00 984,913,826.56 1,068,496,994.00
b. No of Contracts 73,864 73,439 0
c. Pool Factor
2. Weighted Average Remaining Term 38.00 36.3 38.0
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
% of Aggregate
% of Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------- -------- -------- ----------------
1. Current 95.44% 96.53% 70,088 957,261,776.18
31-60 days 3.12% 2.60% 2,290 25,751,585.37
61-90 days 0.95% 0.62% 695 6,172,420.61
91-120 days 0.49% 0.25% 363 2,490,675.17
120+ days 0.00% 0.00% 3 14,119.07
Total Delinquency 100.0% 100.0% 73,439 991,690,576.40
2. Delinquent Scheduled Payments:
Beginning of Collection Period 0.00
End of Collection Period 6,776,749.84
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Change in Delinquent Scheduled Payments 6,776,749.84
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 0.00
2. Liquidation Proceeds received 0.00
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3. Current Liquidation Loss Amount 0.00
4. Cumulative Liquidation Losses to date 0.00
% of Initial Contracts 0.000%
% of Initial Contract Pool Balance 0.000%
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VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 0.00
2. Current Period Servicer Advance 6,776,749.84
3. Recoveries of prior Servicer Advances 0.00
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4. Ending Servicer Advance Balance 6,776,749.84
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.8400%
b. Senior Loan Interest Rate 5.3400%
c. Holdback Amount Interest Rate 7.8400%
2. Opening Cash Collateral Account 88,151,002.00
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account 0.00
5. Investment Earnings 104,732.91
6. Investment Earnings Distributions:
a. Senior Loan Interest 152,550.20
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 447,937.69
d. Holdback Amount Principal 0.00
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Total Investment Earnings distributions 600,487.89
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 86,179,959.82
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 1,971,042.18
b. Holdback Amount Principal 0.00
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Total Distribution of Surplus 1,971,042.18
11. Ending Cash Collateral Account 86,179,959.82
12. Cash Collateral Account deficiency 0.00
C. CLASS A PRINCIPAL ACCOUNT
1. Opening Class A Principal Account 0.00
2. Investment Earnings 0.00
3. Withdrawals to the Collection Account 0.00
4. Deposits 0.00
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5. Ending Class A Principal Account 0.00
D. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 19.6%
3. Life to Date Substitutions:
a. Prepayments 0.00
a. Defaults 0.00
Jun-02 May-02
Item Payment Date Payment Date
---- ------------ ------------
a. Senior Loan 27,412,624.82 29,383,667.00
b. Holdback Amount 58,767,335.00 58,767,335.00
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NCT Funding Company LLC, Allfirst 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
06/20/02
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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