8-K 1 a36565.txt CIT EQUIPMENT COLLATERAL 2003-EF1 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-Nov-03 CIT Equipment Collateral 2003-EF1 A Delaware Commission File I.R.S. Employer Corporation No. 0001240986 No. 02-6166260 c/o CIT Financial USA, Inc. 1 CIT Drive, Livingston, New Jersey 07039 Telephone number: (973)740-5000 Page 1 of 7 Item 5. Other CIT Equipment Collateral 2003-EF1 Monthly Servicing Report Determination Date: 11/18/03 Collection Period: 10/31/03 Payment Date: 11/20/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $25,517,047.09 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 9,802,785.17 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 0.00 -------------- Total Available Pledged Revenues = $35,319,832.26 B. Determination of Available Funds a. Total Available Pledged Revenues $35,319,832.26 b. Servicer Advances 1,440,621.38 c. Recoveries of prior Servicer Advances (1,734,698.59) d. Withdrawal from Reserve Account 0.00 -------------- Total Available Funds = $35,025,755.05 ==============

Page 2 of 7 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 451,270.42 2. Class A-1 Note Interest Distribution 204,623.74 Class A-1 Note Principal Distribution 29,428,339.25 Aggregate Class A-1 distribution 29,632,962.99 3. Class A-2 Note Interest Distribution 194,941.67 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 194,941.67 4. Class A-3 Note Interest Distribution 316,617.05 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 316,617.05 5. Class B Note Interest Distribution 37,678.75 Class B Note Principal Distribution 889,903.89 Aggregate Class B distribution 927,582.64 6. Class C Note Interest Distribution 78,641.25 Class C Note Principal Distribution 0.00 Aggregate Class C distribution 78,641.25 7. Class D Note Interest Distribution 106,020.00 Class D Note Principal Distribution 0.00 Aggregate Class D distribution 106,020.00 8. Payment due to the Class A-3 Swap Counterparty 214,203.25 9. Deposit to the Reserve Account 0.00 10. Amounts Payable in connection with the Reserve Account 0.00 11. To the holder of the equity certificate 3,103,515.78 Collection Account Distributions = 35,025,755.05 ============= B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 19,881.94 3. Release of Excess from the Reserve Account 1,212,729.73 ------------- Reserve Account Distributions = 1,232,611.67 ============= ------------- C. INCORRECT DEPOSITS 0.00 =============

Page 3 of 7 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

IV. Information Regarding the Securities A Summary of Balance Information

B Other Information

Page 4 of 7 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 722,032,668.70 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 691,714,425.56 -------------- Total monthly principal amount 30,318,243.14

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

C. DEFAULTED CONTRACT INFORMATION

Page 5 of 7 3. Supplemental Information on Liquidated Contracts

Page 6 of 7 NCT Funding Company LLC, JPMorgan Chase, 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 11/20/03 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. CIT Financial USA, Inc. Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer Page 7 of 7

CIT EQUIPMENT COLLATERAL 2003-EF1 8-K