8-K 1 a36209.txt CIT EQUIPMENT COLLATERAL 2002-VT1 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-Sep-03 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 2 of 8 Item 5. Other CIT Equipment Collateral 2002-VT1 Monthly Servicing Report

~~WEIGHTED~~Determination ~~WEIGHTED~~Date: ~~AVERAGE~~09/18/03 ~~CURRENT~~Collection ~~AVERAGE~~Period: ~~AVERAGE~~08/31/03 ~~REQUIRED~~Payment ~~NUMBER~~Date: ~~REQUIRED~~09/22/03 ~~ORIGINAL~~I. ~~REMAINING~~AVAILABLE ~~PAYOFF~~FUNDS OFA. ~~PAYOFF~~Available ~~TERM~~Pledged ~~TERM~~Revenues ~~AMOUNT~~a. ~~CONTRACTS~~Scheduled ~~AMOUNT~~Payments ~~(RANGE)~~Received ~~(RANGE)~~$25,870,069.17 ~~(RANGE)~~b. ~~---------~~Liquidation ~~----------------~~Proceeds ~~-----------------~~Allocated ~~-----------------~~to ~~-----------------~~Owner 66Trust 756,~~342~~160.32 $c. ~~546~~Required Payoff Amounts of Prepaid Contracts 2,~~806~~950,~~251~~510.68 48d.8 ~~months~~Required 27Payoff Amounts of Purchased Contracts 0.800 ~~months~~e. Proceeds of Clean-up Call 0.00 f. Investment Earnings on Collection Account and Note Distribution Account 0.00 Total Available Pledged Revenues = $829,~~242~~576,740.17 (B. Determination of Available Funds a. Total Available Pledged Revenues $29,576,740.17 tob. 84Servicer ~~months)~~Advances (03,988,415.95 toc. 67Recoveries ~~months)~~of prior Servicer Advances ($03,627,574.66) tod. Withdrawal from Cash Collateral Account 723,121.49 -------------- Total Available Funds = $630,~~440~~660,~~234)~~702.95

Page 3 of 8

%II. OFDISTRIBUTION ~~TOTAL~~AMOUNTS %A. OFCOLLECTION ~~NUMBER~~ACCOUNT ~~NUMBER~~DISTRIBUTIONS ~~REQUIRED~~1. ~~REQUIRED~~Servicing OFFee OF315,645.65 ~~PAYOFF~~2. ~~PAYOFF~~Class ~~TYPE~~A-1 OFNote ~~CONTRACT~~Interest ~~CONTRACTS~~Distribution ~~CONTRACTS~~0.00 ~~AMOUNT~~Class ~~AMOUNT~~A-1 Note Principal Distribution 0.00 Aggregate Class A-1 distribution 0.00 3. Class A-2 Note Interest Distribution 103,598.00 Class A-2 Note Principal Distribution 26,541,681.15 Aggregate Class A-2 distribution 26,645,279.15 4. Class A-3 Note Interest Distribution 1,071,308.33 Class A-~~-------------------~~3 Note Principal Distribution 0.00 Aggregate Class A-~~-----------------~~3 distribution 1,071,308.33 5. Class A-~~----------------~~4 Note Interest Distribution 414,657.08 Class A-~~----------------~~4 Note Principal Distribution 0.00 Aggregate Class A-~~---------------~~4 ~~True~~distribution ~~Leases~~414,657.08 6. Deposit to the Class A Principal Account 0.00 7. Class B Note Interest Distribution 45,~~818~~947.48 69Class B Note Principal Distribution 786,950.~~06%~~12 $Aggregate ~~399~~Class B distribution 832,~~408,240~~897.60 738.~~04%~~ ~~Finance~~Class ~~Leases~~C 20Note Interest Distribution 28,~~524~~029.33 30Class C Note Principal Distribution 429,245.9452 ~~147~~Aggregate Class C distribution 457,~~398,011~~274.85 9. Class D Note Interest Distribution 65,149.26 Class D Note Principal Distribution 858,491.9603 ~~------------------------------------------------------------------------------------~~Aggregate ~~Total~~Class 66D distribution 923,~~342~~640.29 ~~100~~10. Deposit to the Cash Collateral Account 0.00% $11. ~~546,806,251~~Amounts ~~100~~in accordance with the CCA Loan Agreement 0.00% 12. Remainder to the holder of the equity certificate 0.00 Collection Account Distribution = 30,660,702.95 ============= B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 0.00 2. Payment due on the Holdback 1,812,698.71 3. Payment to the Depositor 0.00 ------------- Cash Collateral Account Distribution = 1,812,698.71 ============= C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distribution =~~=======================================================~~ 0.00 -------------

Page 4 of 8 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF STATE CONTRACTS CONTRACTS AMOUNT AMOUNT~~ -------------------------- --------------- ----------------- ------------------ --------~~--------~~ ~~Alabama~~Distribution ~~665~~Class A-1~~.00%~~ $Class ~~3,044,430 0.56% Alaska 125 0.19 507,431 0.09 Arizona 1,666~~ A-2~~.51~~ ~~12,002,277~~Class ~~2.19~~A-3 ~~Arkansas~~Class ~~353~~A-4 ~~0.53~~Amounts ~~2,851,679~~Notes ~~0.52~~Notes ~~California~~Notes ~~8,457~~Notes ~~12.75~~------------------------------------------------------------------------------------ ~~56,989,104 10.42 Colorado~~ 1~~,351 2~~.04 ~~7,895,285~~Interest ~~1.44~~Due ~~Connecticut 1,218 1~~0.8400 11103,~~175,774 2~~598.0400 ~~Delaware 246 0.37~~ 1,~~795~~071,~~392 0~~308.33 ~~District of Columbia 404 0.61 7~~414,~~454,948 1~~657.3608 ~~Florida 4,449 6.71 25,860,665 4.73 Georgia~~ 2~~,057~~ ~~3.10~~Interest ~~17,795,324~~Paid ~~3.25 Hawaii 101~~ 0.1500 ~~479~~103,~~590 0~~598.0900 ~~Idaho 176 0.27 696,727 0.13 Illinois~~ 1,~~437 2.17 28~~071,~~738,425 5~~308.~~26 Indiana 926 1.40 7,271,522 1.~~33 ~~Iowa 392 0.59 3~~414,~~051,419 0~~657.~~56 Kansas 374 0.56 6,676,562 1.22 Kentucky 465 0.70 2,283,589 0.42 Louisiana 655 0.99 2,297,014 0.42 Maine 109 0.16 431,897 0.~~08 ~~Maryland 1,385 2.09 8,629,634 1.58 Massachusetts 2,569~~ 3~~.87~~ ~~19,939,981~~Interest ~~3.65~~Shortfall ~~Michigan 2,135 3.22 19,273,836 3.52 Minnesota 1,132 1.71 9,308,742 1.70 Mississippi 332~~ 0.5000 ~~1,861,548~~ 0.3400 ~~Missouri 957 1.44 10,813,593 1.98 Montana 187~~ 0.2800 ~~536,839~~ 0.1000 ~~Nebraska 231 0.35~~ ((1~~,315,001~~) ~~0.24~~minus ~~Nevada 372 0.56~~ (2~~,028,609~~)) ~~0.37~~4 ~~New~~Principal ~~Hampshire~~Paid ~~360~~ 0.5400 ~~1,402,496 0.~~26 ~~New Jersey 4~~,~~062 6.12 51~~541,~~095,641 9~~681.3415 ~~New Mexico 315~~ 0.4700 ~~1,330,033~~ 0.2400 ~~New York~~ 5~~,837~~ ~~8.80~~Total ~~51,528,465~~Distribution ~~9.42~~Amount ~~North Carolina 1,699 2~~0.5600 1326,~~527~~645,~~884 2~~279.4715 ~~North Dakota 52 0.08 715,504 0.13 Ohio~~ 1,~~856 2.80 12~~071,~~743,695 2~~308.33 ~~Oklahoma 636 0.96 4~~414,~~517,981 0~~657.8308 Oregon 878 1.32 5,388,928 0.99 Pennsylvania 3,059 4.61 24,455,019 4.47 Rhode Island 264 0.40 1,598,112 0.29 South Carolina 742 1.12 5,074,508 0.93 South Dakota 141 0.21 681,631 0.12 Tennessee 1,228 1.85 9,258,170 1.69 Texas 5,291 7.98 46,282,343 8.46 Utah 306 0.46 ((2~~,138,917~~) ~~0.39~~plus Vermont 178 0.27 821,059 0.15 Virginia 1,811 2.73 12,199,207 2.23 Washington 1,518 2.29 18,373,511 3.36 West Virginia 214 0.32 1,207,400 0.22 Wisconsin 858 1.29 9,143,740 1.67 Wyoming 111 0.17 315,169 0.06 ----------------- ----------------- ------------------- ------------------ Total 66,342 100.00% $546,806,251 100.00% ================= ================= =================== ==================(4))

~~% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT~~ ----------------------------------- --------------- ---------------- ------------------- Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes ---------------- ~~Current, including 1 to 30 day delinquent contracts 63,033 95.01% $ 526,231,026 96.24% 31~~-~~60 days delinquent 1,787 2.69 12,197,902 2.23 61~~-~~90 days delinquent 732 1.10 4,141,994 0.76 91~~-~~120 days delinquent 351 0.53 1,851,187 0.34 Over 120 days delinquent 439 0.66 2,384,142 0.44~~ --------------- ------------- ----------------- --------------------- ~~Total~~1. 66Interest Due 45,~~342~~947.48 ~~100~~28,029.~~00%~~33 $65,149.26 ~~546~~1,~~806~~728,~~251~~689.48 ~~100~~2 Interest Paid 45,947.48 28,029.33 65,149.26 1,728,689.48 3 Interest Shortfall 0.00% ~~===============~~0.00 ~~=============~~0.00 ~~=================~~0.00 ~~==========~~((1) minus (2)) 4 Principal Paid 786,950.12 429,245.52 858,491.03 28,616,367.82 5 Total Distribution Amount 832,897.60 457,274.85 923,640.29 30,345,057.30 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

~~% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT~~ ----------------------------------- --------------- ---------------- ------------------ ----------------- ~~Computers~~Applicable ~~47,872~~Principal ~~72.16~~Balance %Class $Factor ~~236,143,408~~Principal ~~43.19%~~Balance ~~Telecommunications~~Class ~~11,233~~Factor ~~16.93~~Class ~~220,762,796~~Coupon ~~40.37~~Sep-03 ~~General~~Sep-03 ~~Office~~Aug-03 ~~Equipment/Copiers~~Aug-03 ~~3,873~~Rate ~~5.84~~Payment ~~45,496,480~~Date ~~8.32~~Payment ~~Automotive~~Date ~~2,658~~Payment ~~4.01~~Date ~~21,902,327~~Payment ~~4.01~~Date ~~Computer Software 236 0.36 18,047,627 3.30 Other(1) 470 0.71 4,453,612 0.81~~ --------------- ------------- ----------------- -------------------------------------------------------- ~~Total~~a. ~~66,342~~Class ~~100~~A-1 Notes 1.9600% 0.00 0.00000 0.00 0.00000 b. Class A-2 Notes 2.9000% $16,326,456.73 ~~546~~0.05894 42,~~806~~868,~~251~~137.89 ~~100~~0.0015476 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 ~~Includes~~106,550,000.00 ~~$113~~1.00000 e. Class B Notes 3.9700% 13,~~103~~101,458.29 as0.44639 ~~the~~13,888,408.40 ~~largest~~0.47320 ~~and~~f. $9Class C Notes 4.4400% 7,146,249.97 0.44664 7,575,495.49 0.47347 g. Class D Notes 5.1600% 14,292,499.95 0.44539 15,150,990.98 0.47204 h. Total Offered Notes 476,416,664.94 as505,033,032.76 ~~the~~i. ~~average~~One ~~Required~~- ~~Payoff~~Month ~~Amount~~Libor Rate 1.11000%

B Other Information

~~% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT~~ ----------------------------------- --------------- ---------------- ----------- Scheduled Scheduled Principal Balance Principal Balance Sep-03 Aug---03 Class Payment Date Payment Date --------------- 0 - ~~5,000.00 47,969 72.31 % $ 85,099,612 15.56% 5,000.01~~ - ~~10,000.00 8,482 12.79 59,603,794 10.90 10,000.01~~ - ~~15,000.00 3,187 4.80 38,786,488 7.09 15,000.01~~ - ~~25,000.00 2,783 4.19 53,854,028 9.85 25,000.01~~ - ~~50,000.00 2,339 3.53 81,371,774 14.88 50,000.01~~ - ~~100,000.00 966 1.46 66,031,241 12.08 100,000.01~~ - ~~150,000.00 263 0.40 31,481,720 5.76 150,000.01~~ - ~~250,000.00 189 0.28 36,163,043 6.61 250,000.01~~ - ~~500,000.00 110 0.17 37,584,175 6.87 500,000.01~~ - ~~1,000,000.00 36 0.05 22,948,081 4.20 1,000,000.01~~ - ~~1,500,000.00 11 0.02 13,963,665 2.55 1,500,000.01~~ - ~~2,500,000.00 4 0.01 8,178,602 1.50 2,500,000.01~~- ~~5,000,000.00 2 0.00 5,299,794 0.97 over 5,000,000.01 (1) 1 0.00 6,440,234 1.18~~ ----------- ----------- --------------- ------------ ~~Total~~Class ~~66,342~~A-1 ~~100.00%~~Notes ~~$ 546,806,251 100~~0.00% ~~=========== =========== =============== =========== (1) Includes $6,440,234 as the largest Required Payoff Amount~~0.00

~~% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT~~ ----------------------------------- ----------- ---------------- --------------- --------------- ~~(MONTHS) 0~~-- 12Target ~~19,000~~Class ~~28.64%~~Target $Class ~~71,521,851~~Principal ~~13.08%~~Amount ~~13-~~Floor 24Principal ~~23,716~~Amount ~~35.75~~Floor ~~159,655,330~~Class ~~29.20~~Sep-03 25Sep-03 ~~36 16,227 24.46 130,421,781 23.85 37~~Aug-03 ~~48 7,359 11.09 172,552,852 31.56 49~~Aug-03 60Class 32Percentage ~~0.05~~Payment ~~10,554,790~~Date ~~1.93~~Payment ~~61-~~Date 72Payment 8Date ~~0.01~~Payment ~~2,099,647~~Date ~~0.38~~ ----------- ------------ ---------------- ------------------------------------------------------- ~~Total~~Class 66A 92.75% 441,~~342~~876,456.73 ~~100~~468,418,137.88 Class B 2.75% 13,101,458.29 0.00 13,888,408.40 0.00 Class C 1.50% $7,146,249.97 ~~546~~0.00 7,~~806~~575,~~251~~495.49 ~~100~~0.00 Class D 3.00% ~~===========~~14,292,499.95 ~~============~~0.00 ~~================~~15,150,990.98 ~~===========~~0.00

Page 5 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT

%1. OFPrincipal ~~TOTAL~~Balance %of OFNotes ~~NUMBER~~and ~~NUMBER~~Equity ~~REQUIRED~~Certificates ~~REQUIRED~~505,033,032.76 OF(End OFof ~~PAYOFF~~Prior ~~PAYOFF~~Collection ~~TYPE~~Period) OF2. ~~OBLIGOR~~Contract ~~CONTRACTS~~Pool ~~CONTRACTS~~Principal ~~AMOUNT~~Balance ~~AMOUNT~~(End ~~-----------------------------------~~of ~~-----------~~Collection ~~----------------~~Period) 476,416,664.94 --------------- Total monthly principal amount 28,616,367.82 B. PRINCIPAL BREAKDOWN No. of Accounts --------------- ~~Service Organizations(~~1~~) 23,901 36~~.~~03%~~ ~~$214,308,432~~Scheduled ~~39.19%~~Principal ~~Manufacturing 6~~61,~~887~~069 ~~10.38 97~~24,~~188~~275,~~270 17~~681.7778 ~~Financial Services Institutions 5,484 8~~2.27 ~~52,188,192~~Prepaid ~~9.54~~Contracts ~~Retail Trade 4~~1,~~278~~546 ~~6.45 36,976,290 6.76 Wholesale Trade 3,210 4.84 30,740,158 5.62 Other (~~2~~) 13~~,~~946 21.02 29~~950,~~548,525 5~~510.4067 ~~Medical/Healthcare Organizations 2,589~~ 3.90 ~~24,003,208~~Defaulted ~~4.39~~Contracts ~~Communications~~193 ~~& Utilities 969~~ 1~~.46 21~~,~~936~~390,~~290~~175.37 4.01 ~~Transportation~~Contracts ~~1,018~~purchased ~~1.53~~by ~~12,092,856~~CIT ~~2.21~~Financial ~~Construction 2~~USA,~~288~~ 3Inc.45 ~~10,123,822 1.85 Printing & Publishing 712 1.07 7,454,469 1.36 Government 430~~ 0~~.65~~ ~~5,536,395 1.01 Resources & Agriculture 630~~ 0.9500 ~~4,709,345 0.86~~ ------~~-----~~ ------------- -~~----------------~~ ~~-----------~~ Total ~~66,342~~Principal ~~100.00%~~Breakdown ~~$ 546~~62,~~806,251~~808 ~~100.00% =========== ============= ================= =========== (1) Primarily: Miscellaneous Service Organizations (22.2%); Engineering~~28, ~~Accounting and Research (17.5%); Business Services (14.9%); Automotive Repair~~616, ~~Services & Parts (11~~367.1%); and Legal Services (7.2%). (2) Includes $291,824 as the largest contract principal balance relating to a single obligor. As shown in the table above, the servicer's records lists 5.40% of the total required payoff amount in the category of "Other" types of obligor. The servicer notes that the collateral securing approximately 4.71% of the required payoff amount represents small ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents approximately 0.69% of the required payoff amount. The depositor has not analyzed this category to determine whether or not the contracts included in it could be grouped into some other more specific type of obligor category.82

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

~~OBLIGOR CONCENTRATION % OF NUMBER % OF TOTAL REQUIRED REQUIRED OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF VENDOR LOANS ) CONTRACTS CONTRACTS AMOUNT AMOUNT~~ ----------------- ------------- --------------------- Original Sep-03 Aug-03 Pool Payment Date Payment Date ------------ --------------------------------------- ~~Top~~1. 5a. ~~867~~Contract Pool Balance 1,068,496,994.~~31%~~00 $476,416,664.94 36505,~~933~~033,~~828~~032.76 6b.~~75%~~ ~~The~~No ~~Top~~of 5Contracts ~~obligors~~73,864 ~~conduct~~62,808 ~~business~~64,547 inc. ~~the~~Pool ~~service~~Factor ~~and~~2. ~~manufacturing~~Weighted ~~industries~~Average Remaining Term 38.00 27.2 27.7 3. Weighted Average Original Term 44.1

B. DELINQUENCY INFORMATION

~~COLLECTION SCHEDULED COLLECTION SCHEDULED PERIOD CASHFLOWS PERIOD CASHFLOWS~~ ------------------------ ----------------------- ---------------------- ------------------------------------------------- ~~Positive~~% ~~Rent~~of ~~Due~~Aggregate ~~8,039,830.93~~% ~~July-2003~~of ~~27,704,474.79~~Required ~~June-2006~~Payoff ~~5,008,214~~No.95 ~~August-2003~~of ~~28,993,487.69~~Aggregate ~~July-2006~~Required ~~4,580,999.02~~Contracts ~~September-2003~~Amount ~~27,753,468.94~~Accounts ~~August-2006~~Payoff ~~3,904,517.62~~Amounts ~~October~~-~~2003~~--------------------------------------------------------------------------------------------------------------------- ~~30,184,763~~1.06 ~~September-2006~~Current ~~3,259,419~~94.6991% ~~November-2003 25,251,608~~96.1901% ~~October-2006 2~~59,~~495,015.29~~614 ~~December-2003 24~~465,~~902~~260,~~820~~812.7268 ~~November~~31-~~2006~~60 days 2~~,067,480~~.2977% ~~January-2004 26,247,928~~2.9936% ~~December-2006~~ 1,~~575,174.50~~739 ~~February-2004 22~~11,~~721~~451,~~943~~911.3814 ~~January~~61-~~2007~~90 days 1~~,099,680~~.8302% ~~March-2004 22,042,038~~0.74% ~~February-2007~~641 ~~616~~3,~~199.72 April-2004 23~~590,~~399,696~~214.5171 ~~March~~91-~~2007~~120 ~~419,393.33~~days ~~May-2004 20,724,347~~0.59% ~~April-2007 378,174~~0.6542% ~~June-2004~~371 192,~~939~~013,~~949~~672.8797 ~~May-2007~~120+ ~~325,570.88~~days ~~July-2004 20,388,969~~0.4271% ~~June-2007 253,737~~0.8647% ~~August-2004~~443 172,~~034~~299,~~955~~112.6495 ~~July-2007~~Total ~~250,233.94~~Delinquency ~~September-2004 15,513,952~~100.270% ~~August-2007 246,723~~100.480% ~~October-2004 15,539,712.~~62 ~~September-2007 245~~,~~283.33~~808 ~~November-2004 13~~484,~~421~~615,~~401~~724.8745 ~~October-2007 243,310~~2.91 ~~December-2004~~Delinquent ~~12,364,568.92~~Scheduled ~~November-2007~~Payments: ~~241,603.53~~Beginning ~~January-2005~~of ~~11,644,942.44~~Collection ~~December-2007~~Period ~~231~~7,~~244.67 February-2005 10~~838,~~511,124~~218.8222 ~~January-2008~~End ~~229,761.18~~of ~~March-2005~~Collection 9Period 8,~~925~~199,~~737~~059.8751 ~~February~~-~~2008 93,435.30 April~~-~~2005~~---------- ~~9,977,452.74~~Change ~~March-2008~~in ~~37,965.90~~Delinquent ~~May-2005~~Scheduled 9Payments 360,~~673,447~~841.4929 ~~April-2008 37,254~~C.96 ~~June-2005~~DEFAULTED ~~9,587,158.73~~CONTRACT ~~May-2008~~INFORMATION ~~37,254~~1.96 ~~July-2005~~Required ~~9,330,959.23~~Payoff ~~June-2008~~Amount ~~37,254.96~~on ~~August-2005~~Defaulted 9Contracts 1,~~043~~390,~~213~~175.~~12 July-2008~~ 37~~,254~~ 2.96 ~~September-2005~~Liquidation ~~8,828,408.36~~Proceeds ~~August-2008~~received 37756,~~254~~160.9632 ~~October~~-~~2005~~----------- ~~8,534,798~~3.79 ~~September-2008~~Current ~~37,255.96~~Liquidation ~~November-2005~~Loss 8Amount 634,~~258,518~~015.6405 ~~October-2008 14,981~~4.76 ~~December-2005~~Cumulative ~~8,047,231.18~~Liquidation ~~November-2008~~Losses ~~6,519.36~~to ~~January-2006~~date 712,~~754~~207,~~325~~266.1297 ~~December-2008~~% ~~6,276.76~~of ~~February-2006~~Initial ~~7,222,810~~Contracts 4.44688% ~~January-2009~~% -of ~~March-2006~~Initial ~~6,716,636.10~~Contract ~~April-2006~~Pool ~~6,169,629.02~~Balance ~~May-2006 5,618,300~~1.72142%

Page 6 of 8 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 7,838,218.22 2. Current Period Servicer Advance 3,988,415.95 3. Recoveries of prior Servicer Advances -3,627,574.66 ------------- 4. Ending Servicer Advance Balance 8,199,059.51 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.1100% b. Senior Loan Interest Rate 4.6100% c. Holdback Amount Interest Rate 7.1100% 2. Opening Cash Collateral Account 44,190,390.37 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (723,121.49) 5. Investment Earnings 31,888.01 6. Investment Earnings Distributions: a. Senior Loan Interest 0.00 b. Senior Loan Principal 0.00 c. Holdback Amount Interest -31,888.01 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions -31,888.01 7. Remaining available amount 0.00 8. Required Cash Collateral Account Amount 41,686,458.18 9. Cash Collateral Account Surplus/ (Shortfall) 0.00 10. Distribution of CCA Surplus: a. Senior Loan Principal 0.00 b. Holdback Amount Principal -1,780,810.70 ------------- -1,780,810.70 11. Ending Cash Collateral Account 41,686,458.18 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Discount Rate 4.6150% 2. Life to Date Prepayment (CPR) 6.47% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Page 7 of 8 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 09/22/03 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

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