8-K 1 a31669.txt CIT EQUIPMENT COLLATERAL 2001-1 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 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

Page 3 of 9 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 ===============

Page 4 of 9 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~Determination~~------------------------------------------------------------------------------------------------------ ~~Date:~~Distribution ~~10/18/01~~Class ~~Collection Period: 09/30/01 Payment Date: 10/22/01 I. AVAILABLE FUNDS~~ A.-1 ~~Available~~Class ~~Pledged Revenues a. Scheduled Payments Received $20,698,747.66 b. Liquidation Proceeds Allocated to Owner Trust~~ A-2~~,283,233.57~~ c.Class ~~Required~~A-3 ~~Payoff~~Class ~~Amounts~~A-4 ~~of Prepaid Contracts 686,820.30 d. Required Payoff~~ Amounts ofNotes ~~Purchased~~Notes ~~Contracts~~Notes ~~0.00~~Notes ~~e. Proceeds of Clean~~-~~up Call 0.00 f. Investment Earnings on Collection Account and Note Distribution Account 0.00~~ ----------------------------------------------------------------------------------------------------- ~~Total~~1. ~~Available~~Interest ~~Pledged~~Due ~~Revenues~~0.00 =948,070.24 ~~$23~~1,~~668~~015,~~801~~491.5367 B276,340.14 ~~Determination~~2. ofInterest ~~Available~~Paid ~~Funds~~0.00 a948,070.24 ~~Total Available Pledged Revenues $23~~1,~~668~~015,~~801~~491.5367 b276,340.14 ~~Receipt~~3. ~~from~~Interest ~~Class~~Shortfall ~~A-4 Swap Counterparty~~ 0.00 c0.00 ~~Servicer Advances 4,047,106~~0.3000 d0.00 ~~Recoveries~~((1) ofminus ~~prior Servicer Advances~~ (2~~,430,844.15~~)) e4. ~~Withdrawal~~Principal ~~from~~Paid ~~Cash~~0.00 ~~Collateral Account 1~~3,~~054~~098,~~519~~218.9538 ~~--------------~~0.00 0.00 5. Total ~~Available~~Distribution ~~Funds~~Amount =0.00 263,~~339~~098,~~583~~218.38 276,340.14 309,408.63 ((2) plus (4))

------------------------------------------------------------------------------------------------------ Distribution Class ~~A-1~~B Class ~~A-2~~C Class ~~A-3~~D ~~Class~~Total ~~A-4~~Offered Amounts Notes Notes Notes Notes ------------------------------------------------------------------------------------------------------ 1. Interest Due 041,587.0036 157,~~038,937~~747.3217 179,~~015,491~~754.6780 ~~373~~2,~~327~~418,991.2838 2. Interest Paid 041,587.0036 157,~~038,937~~747.3217 179,~~015,491~~754.6780 ~~373~~2,~~327~~418,991.2838 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid 0528,163.0006 21704,~~721,214~~217.0841 0880,271.0077 035,210,870.0062 5. Total Distribution Amount 0569,750.0042 21761,~~721,214~~964.0858 ~~373~~960,~~327~~026.2857 ~~212~~35,~~421~~975,708.5072 ((2) plus (4))

IV. Information Regarding the Securities A. Summary of Balance Information

------------------------------------------------------------------------------------------------------------------- ~~Distribution~~Applicable Principal Balance Class BFactor Principal Balance Class CFactor Class DCoupon ~~Total~~Nov-01 ~~Offered~~Nov-01 ~~Amounts~~Oct-01 ~~Notes~~Oct-01 ~~Notes~~Rate ~~Notes~~Payment ~~Notes~~Date Payment Date Payment Date Payment Date ------------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 5.0325% ~~Interest~~0.00 ~~Due~~0.00000 ~~43,121~~0.1300 ~~59,876~~0.9300000 ~~82,696~~b.21 Class A-2 Notes 5.0200% 193,~~613~~532,~~450~~118.5497 20.76194 ~~Interest~~226,630,337.35 ~~Paid~~0.89225 ~~43,121~~c.13 ~~59,876~~Class A-3 Notes 5.932300% 82233,~~696~~000,000.2100 21.00000 233,~~613~~000,~~450~~000.5400 31.00000 ~~Interest~~d. ~~Shortfall~~Class 0A-4 Notes 2.006525% 0129,328,157.00 01.0000000 0129,328,157.00 ((1).00000 ~~minus~~e. ~~(2))~~Class 4B ~~Principal~~Notes ~~Paid~~5.3100% ~~346~~8,~~615~~870,110.1279 ~~462~~0.69803 9,~~153~~398,273.4985 ~~577~~0.73959 f. Class C Notes 5.5300% 11,~~691~~826,814.8638 230.69803 12,~~107~~531,~~674~~031.5579 50.73959 ~~Total~~g. ~~Distribution~~Class ~~Amount~~D ~~389~~Notes 6.1100% 14,~~736~~783,517.2598 ~~522~~0.69803 15,~~030~~663,789.4274 ~~660~~0.73959 h. Total Offered Notes 591,~~388~~340,719.0711 23626,~~879~~551,~~117~~589.6073 ~~((2)~~i. ~~plus~~One ~~(4))~~- Month Libor Rate 2.4625%

Page 5 of 9 B. Other Information

------------------------------------------------------------------------------------------- Scheduled Scheduled Principal Balance Principal Balance Class ~~Oct~~Nov-01 ~~Sep~~Oct-01 Payment Date Payment Date ------------------------------------------------------------------------------------------- Class A-1 Notes 0.00 ~~19,863,854~~0.00

-------------------------------------------------------------------------------------------------------------- Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage ~~Oct~~Nov-01 ~~Oct~~Nov-01 ~~Sep~~Oct-01 ~~Sep~~Oct-01 Payment Date Payment Date Payment Date Payment Date -------------------------------------------------------------------------------------------------------------- Class A 94.00% 555,860,275.96 588,958,494.34 ~~610,679,708.43~~ Class B 1.50% 98,~~398~~870,~~273~~110.8579 0.00 9,~~744~~398,~~888~~273.9685 0.00 Class C 2.00% 1211,~~531~~826,~~031~~814.7938 0.00 12,~~993~~531,~~185~~031.2979 0.00 Class D 2.50% 1514,~~663~~783,~~789~~517.7498 0.00 1615,~~241~~663,~~481~~789.6174 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 ~~Oct~~Nov-01 ~~Sep~~Oct-01 Pool Payment Date Payment Date ----------------------------------------------------------------------- 1. a. Contract Pool Balance 847,157,614.00 591,340,719.11 626,551,589.73 ~~649,659,264.28~~ b. No of Contracts 47,846 4544,~~232~~660 45,~~653~~232 2. Weighted Average Remaining Term 40.60 33.7 34.3 ~~35.1~~ 3. Weighted Average Original Term 44.1

Page 6 of 9 B. DELINQUENCY INFORMATION

-------------------------------------------------------------------~~-------~~ % of Aggregate % of Required Payoff No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts -------------------------------------------------------------------~~-------~~ 1. Current 93.1243% 9394.0932% 4241,~~122~~726 ~~591~~564,~~064~~998,~~779~~560.5551 31-60 days 3.9752% 43.5114% 1,~~796~~571 2818,~~649~~816,~~671~~251.2304 61-90 days 1.5148% 1.3534% ~~682~~663 8,~~598~~009,~~949~~060.7420 91-120 days 0.6280% 0.4661% ~~281~~356 23,~~916~~662,~~346~~067.6024 120+ days 0.7877% 0.5859% ~~351~~344 3,~~713~~529,~~483~~490.2021 Total Delinquency 100.0% 100.0% 4544,~~232~~660 ~~634~~599,~~943~~015,~~230~~429.3220 2. Delinquent Scheduled Payments: Beginning of Collection Period 68,~~775~~391,~~378~~640.4459 End of Collection Period 87,~~391~~674,~~640~~710.5909 -------------------- Change in Delinquent Scheduled Payments 1(716,~~616,262~~930.1550) C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 32,~~400~~497,~~445~~014.7667 2. Liquidation Proceeds received 21,~~283~~289,~~233~~142.5796 -------------------- 3. Current Liquidation Loss Amount 1,~~117~~207,~~212~~871.1971 4. Cumulative Liquidation Losses to date 67,~~313~~521,~~802~~674.8960 % of Initial Contracts 23.~~734~~125% % of Initial Contract Pool Balance 0.~~745~~888% VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT A. CASH COLLATERAL ACCOUNT 1. Opening Cash Collateral Account 4745,~~100~~424,~~296~~990.6626 2. Deposit from the Collection Account 0.00 3. Withdrawls from the Cash Collateral Account (1,~~054~~140,~~519~~617.9551) 4. Available amount 4644,~~045~~284,~~776~~372.7175 5. Required Cash Collateral Account Amount 4542,~~424~~872,~~990~~202.2614 6. Cash Collateral Account Surplus/ (Shortfall) 0.00 7. Release of Cash Collateral Surplus ~~-620~~(1,~~786~~412,170.4661) 8. Ending Cash Collateral Account 4542,~~424~~872,~~990~~202.2614

Page 7 of 9 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%

------------------------------------------------------------------------------------------------------- ~~Oct~~Nov-01 ~~Sep~~Oct-01 Item Payment Date Payment Date ------------------------------------------------------------------------------------------------------- a. Senior Loan 5,996,284.22 7,425,678.37 ~~8,068,405.47~~ b. Holdback Amount 42,357,880.69 42,357,880.69 VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 68,~~775~~391,~~378~~640.4459 2. Current Period Servicer Advance 43,~~047~~133,~~106~~239.3088 3. Recoveries of prior Servicer Advances (23,~~430~~850,~~844~~170.1538) 4. Ending Servicer Advance Balance 87,~~391~~674,~~640~~710.5909 D. OTHER RELATED INFORMATION 1. Discount Rate 6.0260% 2. Life to Date Prepayment (CPR) 810.64% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Page 8 of 9 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 Page 9 of 9

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