8-K 1 a32299.txt CIT EC EF 2001-A 8-K 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 Item 5. Other CIT Equipment Collateral - EF - 2001-A Monthly Servicing Report

Determination Date: 0203/1518/02 Collection Period: 0102/3128/02 Payment Date: 0203/20/02 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 2822,~~767~~753,~~569~~167.7383 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 1413,~~638~~259,~~284~~221.7033 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 022,854.0060 ---------------- Total Available Pledged Revenues = $ 4336,~~405~~035,~~854~~243.4376 B. Determination of Available Funds a. Total Available Pledged Revenues $ 4336,~~405~~035,~~854~~243.4376 b. Servicer Advances 23,~~876~~429,~~470~~444.7431 c. Recoveries of prior Servicer Advances (42,~~066~~847,~~484~~463.0985) d. Withdrawal from Reserve Account 0.00 ---------------- Total Available Funds = $ 4236,~~215~~617,~~841~~224.0822

Page 3 of 9 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 ------------- ------------- 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 ------------- Reserve Account Distributions = 444,510.53 ------------- -------------

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

~~II.~~Distribution ~~DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 591,390.13 2.~~ Class A-1 ~~Note Interest Distribution 214,211.1~~ Class A-12 ~~Note Principal Distribution 34,163,782.73 Aggregate~~ Class A-~~1 distribution 34,377,993.83~~ 3. Class A-24 ~~Note~~Amounts ~~Interest~~Notes ~~Distribution~~Notes ~~854,791.67~~Notes ~~Class~~Notes A-2----------- ~~Note~~--------- ~~Principal~~--------- ~~Distribution~~--------- ~~0.00 Aggregate Class A~~-2--------- ~~distribution 854,791~~1.67 ~~4. Class A-3 Note~~ Interest ~~Distribution~~Due 1114,~~072,800~~354.0053 ~~Class A-3 Note Principal Distribution 0~~854,791.0067 ~~Aggregate Class A-3 distribution~~ 1,072,800.00 ~~5. Class A-4 Note Interest Distribution~~ 1,006,316.67 ~~Class~~2 ~~A-4~~Interest ~~Note~~Paid ~~Principal Distribution 0~~114,354.0053 ~~Aggregate Class A-4 distribution 1~~854,~~006,316~~791.67 ~~6. Class B Note Interest Distribution 180,571.12 Class B Note Principal Distribution~~ 1,~~798~~072,~~093~~800.8300 ~~Aggregate Class B distribution~~ 1,~~978~~006,~~664~~316.9567 7.3 ~~Deposit~~Interest toShortfall ~~the Reserve Account~~ 0.00 80.00 ~~Amounts Payable in connection with the Reserve Account 22,084~~0.6100 90.00 To((1) ~~the~~minus ~~holder of the equity certificate~~ (2~~,311,799.23~~)) ~~Collection~~4 ~~Account~~Principal ~~Distributions~~Paid ~~= 42~~25,~~215~~013,~~841~~161.0834 ~~============= B~~0.00 ~~RESERVE ACCOUNT DISTRIBUTIONS 1~~0.00 ~~Withdrawal from the Reserve Account~~ 0.00 2.5 ~~Interest~~Total toDistribution ~~the Holdback~~ Amount ~~Designee 41~~25,~~630~~127,515.9587 3854,791.67 ~~Release of Excess from the Reserve Account 550~~1,~~216~~072,800.7100 ~~------------- Reserve Account Distributions = 591~~1,~~847~~006,316.6667 ~~=============~~((2) plus (4))

~~---------------------------------------------------------------------------------------------------~~ Distribution Class ~~A-1~~B ~~Class~~Total ~~A-2~~Offered ~~Class A-3 Class A-4~~ Amounts Notes Notes ~~Notes Notes~~ ------------ ------- ------------~~--------------------------------------------------------------------~~ 1. Interest Due ~~214~~173,~~211~~708.1039 ~~854~~3,~~791.67 1~~221,~~072,800~~971.0026 ~~1,006,316.67~~ 2 Interest Paid ~~214~~173,~~211~~708.1039 ~~854~~3,~~791.67 1~~221,~~072,800~~971.0026 ~~1,006,316.67~~ 3 Interest Shortfall 0.00 0.00 ~~0.00 0.00~~ ((1) minus (2)) 4 Principal Paid 341,~~163~~316,~~782~~482.7318 026,329,643.0052 ~~0.00 0.00~~ 5 Total Distribution Amount ~~34,377,993.83 854,791.67~~ 1,~~072~~490,~~800~~190.0057 129,~~006~~551,~~316~~614.6778 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

~~-----------------------------------------------------------------~~Applicable ~~Distribution~~Principal Balance Class BFactor ~~Total~~Principal ~~Offered~~Balance ~~Amounts~~Class ~~Notes~~Factor ~~Notes~~Class Coupon Mar-02 Mar-02 Feb-02 Feb-02 Rate Payment Date Payment Date Payment Date Payment Date ----- ----- ------------ ------------ ------------ ------------~~---~~ 1a. ~~Interest~~Class ~~Due~~A-1 ~~180~~Notes 3.4800% 17,~~571~~236,050.1267 30.07382 42,~~328~~249,~~690~~212.5601 0.18094 b. Class A-2 ~~Interest~~Notes ~~Paid~~3.7300% ~~180~~275,~~571~~000,000.1200 31.00000 275,~~328~~000,~~690~~000.5600 1.00000 c. Class A-3 ~~Interest~~Notes ~~Shortfall~~4.3200% 0298,000,000.00 01.00000 298,000,000.00 ((1).00000 ~~minus~~d. ~~(2))~~Class A-4 ~~Principal~~Notes ~~Paid~~4.8400% 1249,~~798~~500,~~093~~000.8300 351.00000 249,~~961~~500,~~876~~000.5500 51.00000 ~~Total~~e. ~~Distribution~~Class ~~Amount~~B 1Notes 4.5800% 44,~~978~~196,~~664~~634.9525 390.79542 45,~~290~~513,~~567~~116.1142 ~~((2)~~0.81911 ~~plus~~f. ~~(4))~~Total Offered Notes 883,932,684.92 910,262,328.44

Page 5 of 9 B Other Information

~~------------------------------------------------------------------------------------------------------~~Scheduled ~~Applicable~~Scheduled Principal Balance ~~Class Factor~~ Principal Balance Class ~~Factor Class Coupon Feb~~Mar-02 Feb-02 ~~Jan-02 Jan-02 Rate~~ Payment Date Payment Date ~~Payment Date Payment Date~~ ----- ------------ ------------~~-------------------------------------------------------------------------~~ a Class A-1 Notes ~~3.4800% 42~~103,~~249~~231,~~212~~016.~~01 0.18094 76,412,994.74 0.32725 b Class A-2 Notes 3.7300% 275,000,000.~~00 ~~1.00000 275~~122,~~000~~583,~~000~~496.00 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% 45,513,116.42 0.81911 47,311,210.25 0.85147 f Total Offered Notes 910,262,328.44 946,224,204.99

~~-----------------------------------------------------------~~Target ~~Scheduled~~Class ~~Scheduled~~Target Class Class Principal ~~Balance~~Amount Floor Principal ~~Balance~~Amount Floor Class Percentage Mar-02 Mar-02 Feb-02 ~~Jan~~Feb-02 Payment Date Payment Date Payment Date Payment Date ----- ---------- ------------ ------------ ------------ ------------ Class A-1 ~~Notes~~95.00% ~~122~~839,~~583~~736,~~496~~050.0067 ~~143~~864,~~614~~749,~~074~~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 -------------- Total monthly principal amount 26,329,643.52

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

~~----------------------------------------------------------------------------------------------------------~~Original ~~Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage Feb~~Mar-02 Feb-02 ~~Jan-02~~Pool ~~Jan-02~~ Payment Date Payment Date ~~Payment Date Payment Date~~ ------ ------------ ------------~~----------------------------------------------------------------------------~~ ~~Class~~1. Aa. 95Contract Pool Principal Balance 1,111,563,967.00% ~~864~~883,~~749~~932,~~212~~684.0192 ~~898~~910,~~912~~262,~~994~~328.7444 ~~Class~~b. BNo ~~5.00%~~of 45Contracts 11,~~513~~329 10,~~116.42~~484 410,~~413,791~~651 2.83 ~~47,311,210~~Weighted Average Remaining Term 48.2560 42.4 42.9 3~~,863,575~~.12 Weighted Average Original Term 57.7

Page 6 of 9 B. DELINQUENCY INFORMATION

% of No. Of Contract Pool Contracts % of CPB Accounts Principal Balance --------- --------- -------- ------------------- 1. Current 94.64% 94.93% 9,922 839,130,342.57 31-~~-----------~~60 ~~Original~~days ~~Feb~~3.07% 2.43% 322 21,516,956.69 61-0290 ~~Jan~~days 1.09% 1.00% 114 8,844,185.43 91-02120 ~~Pool~~days ~~Payment~~0.62% ~~Date~~0.67% ~~Payment~~65 ~~Date~~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 ------------ 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 ------------ Total Gross Loss 3,132,818.52 B. Payments Received on Defaulted Contracts -69,969.09 C. Proceeds received on Liquidated Contracts 0.00 ------------~~--------------------~~ 1D. aCurrent 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 ~~Principal~~ Balance 0.606% VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 13,~~111~~927,~~563~~013.63 2. Investment Earnings 15,~~967~~658.0049 ~~910~~3. Deposit from the Collection Account 26,~~262,328~~008.4449 ~~946~~4. Withdrawls from the Reserve Account - 5. Interest payment to the Holdback Designee (41,~~224,204~~666.9998) b6. NoRelease of ~~Contracts~~Reserve ~~11,329~~Account ~~10,651~~Surplus 10(402,~~829~~843.55) 27. ~~Weighted~~Ending ~~Average~~Reserve ~~Remaining~~Account ~~Term~~Balance 4813,524,170.6008 428.9 43Available amount 13,927,013.63 9. 3Required Reserve Account Amount 13,524,170.08 ~~Weighted~~10. ~~Average~~Reserve ~~Original~~Account ~~Term~~Surplus/(Shortfall) 570.700

Page 7 of 9 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) ------------- 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

Page 8 of 9 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 ----------- Glenn Votek Executive Vice President, and Treasurer Page 9 of 9

----------------------------------------------------------- % of No. Of Contract Pool Contracts % of CPB Accounts Principal Balance ----------------------------------------------------------- 1. Current 94.86% 95.37% 10,104 868,093,122.64 31-60 days 3.14% 2.51% 334 22,805,348.57 61-90 days 0.88% 0.73% 94 6,607,583.81 91-120 days 0.52% 0.56% 55 5,118,225.20 120+ days 0.60% 0.84% 64 7,638,048.22 Total Delinquency 100.0% 100.0% 10,651 910,262,328.44 2. Delinquent Scheduled Payments: Beginning of Collection Period 10,109,088.67 End of Collection Period 8,919,075.32 -------------- Change in Delinquent Scheduled Payments (1,190,013.35)

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