8-K 1 a36894.txt CIT EC 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: 15-Jan-04 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: 01/15/04 Collection Period: 12/31/03 Payment Date: 01/20/04 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $24,878,358.97 b. Liquidation Proceeds Allocated to Owner Trust 163,766.50 c. Required Payoff Amounts of Prepaid Contracts 6,489,632.34 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 = $31,531,757.81 B. Determination of Available Funds a. Total Available Pledged Revenues $31,531,757.81 b. Servicer Advances 1,839,772.58 c. Recoveries of prior Servicer Advances (2,269,682.79) d. Withdrawal from Reserve Account 0.00 -------------- Total Available Funds = $31,101,847.60 ==============

Page 2 of 7 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 412,294.86 2. Class A-1 Note Interest Distribution 135,896.00 Class A-1 Note Principal Distribution 26,123,773.38 Aggregate Class A-1 distribution 26,259,669.38 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 302,842.86 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 302,842.86 5. Class B Note Interest Distribution 34,185.69 Class B Note Principal Distribution 789,974.84 Aggregate Class B distribution 824,160.53 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 227,977.44 9. Deposit to the Reserve Account 0.00 10. Amounts Payable in connection with the Reserve Account 30,574.81 11. To the holder of the equity certificate 2,664,724.80 Collection Account Distributions = 31,101,847.60 ============= B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 52,050.85 3. Release of Excess from the Reserve Account 1,076,549.93 ------------- Reserve Account Distributions = 1,128,600.78 ============= ------------- C. INCORRECT DEPOSITS 0.00 =============

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

------------------------------------------------------------------------------- Distribution Class A-1 Class A-2 Class A-3 Amounts Notes Notes Notes ------------------------------------------------------------------------------- 1. Interest Due ~~204~~135,~~623~~896.7400 194,941.67 ~~316~~302,~~617~~842.0586 2 Interest Paid ~~204~~135,~~623~~896.7400 194,941.67 ~~316~~302,~~617~~842.0586 3 Interest Shortfall 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 2926,~~428~~123,~~339~~773.2538 0.00 0.00 5 Total Distribution Amount 2926,~~632~~259,~~962~~669.9938 194,941.67 ~~316~~302,~~617~~842.0586 ((2) plus (4))

------------------------------------------------------------------------------------------------- Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes ------------------------------------------------------------------------------------------------- 1. Interest Due 3734,~~678~~185.7569 78,641.25 106,020.00 ~~938~~852,~~522~~527.4647 2 Interest Paid 3734,~~678~~185.7569 78,641.25 106,020.00 ~~938~~852,~~522~~527.4647 3 Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid ~~889~~789,~~903~~974.8984 0.00 0.00 3026,~~318~~913,~~243~~748.1422 5 Total Distribution Amount ~~927~~824,~~582~~160.6453 78,641.25 106,020.00 3127,~~256~~766,~~765~~275.6069 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

---------------------------------------------------------------------------------------------------------------- Applicable Principal Balance Class Factor ~~Original~~Principal Balance Class Factor Class Coupon ~~Nov~~Jan-0304 ~~Nov~~Jan-0304 ~~Oct~~Dec-03 ~~Oct~~Dec-03 ~~Class~~ Rate Payment Date Payment Date Payment Date Payment Date ---------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 1.1388% ~~179~~122,~~245~~019,~~701~~794.0076 0.~~65180~~44371 ~~208~~148,~~674~~143,~~040~~568.2414 0.~~75881~~53870 b. Class A-2 Notes 1.4900% 157,000,000.00 1.00000 157,000,000.00 1.00000 c. Class A-3 Notes 1.~~2800~~3088% 287,253,376.00 1.00000 287,253,376.00 1.00000 d. Class B Notes 2.2900% 1817,~~854~~123,~~419~~925.5683 0.~~86687~~78731 1917,~~744~~913,~~323~~900.4667 0.~~90778~~82363 e. Class C Notes 3.9800% 23,710,929.00 1.00000 23,710,929.00 1.00000 f. Class D Notes 4.9600% 25,650,000.00 1.00000 25,650,000.00 1.00000 g. Total Offered Notes ~~691~~632,~~714~~758,~~425~~025.5659 ~~722~~659,~~032~~671,~~668~~773.7081

B Other Information

---------------------------------------------------------------------- Scheduled Scheduled Class Principal Balance Principal Balance ~~Nov~~Jan-0304 ~~Oct~~Dec-03 ~~Class~~ Payment Date Payment Date ---------------------------------------------------------------------- Class A-1 Notes ~~210~~168,~~578~~076,~~074~~579.00 ~~231~~189,~~761~~496,~~449~~105.00

----------------------------------------------------------------------------------------------------------------- Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class ~~Nov~~Percentage Jan-0304 ~~Nov~~Jan-0304 ~~Oct~~Dec-03 ~~Oct~~Dec-03 ~~Class Percentage~~ Payment Date Payment Date Payment Date Payment Date ----------------------------------------------------------------------------------------------------------------- Class A 97.06% ~~671~~614,~~411~~185,~~159~~253.4218 ~~700~~640,~~839~~309,~~498~~026.6656 Class B 2.94% ~~889~~789,~~903~~974.8984 0.00 2940,~~005,676~~518.5489 0.00

Page 4 of 7 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 659,671,773.81 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 632,758,025.59 -------------- Total monthly principal amount 26,913,748.22

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

------------------------------------------------------ Original ~~Nov~~Jan-0304 ~~Oct~~Dec-03 Pool Payment Date Payment Date ------------------------------------------------------ 1. a. Contract Pool Principal Balance (active contracts) 790,364,305.00 ~~691~~632,~~665~~305,~~960~~564.5351 ~~722~~659,~~032~~355,~~668~~499.7093 b. Positive Rent Due (active contracts) 46,~~911~~035,~~162~~644.1165 56,~~205~~465,~~239~~554.3286 ------------------------------------------------------ c. Required Payoff Amount (active contracts) 790,364,305.00 ~~696~~638,~~577~~341,~~122~~209.6416 ~~727~~665,~~237~~821,~~908~~054.0279 d. Required Payoff Amount (unliquidated defaults) 48452,~~465~~461.0308 0316,273.0088 ------------------------------------------------------ e. Total Required Payoff Amount 790,364,305.00 ~~696~~638,~~625~~793,~~587~~670.6724 ~~727~~666,~~237~~137,~~908~~328.0267 ====================================================== 2. No of Contracts 9,883 9,~~593~~406 9,~~681~~508 3. Weighted Average Remaining Term 39.9 3736.70 3836.47 4. Weighted Average Original Term 52.8

B. DELINQUENCY INFORMATION

---------------------------------------------------------------------- % of No. ofOf Required Contracts % of RPA Accounts Payoff Amount ---------------------------------------------------------------------- 1. Current 9897.2846% 9897.1807% 9,~~428~~167 ~~683~~620,~~981~~070,~~397~~921.8002 31-60 days 1.2963% 1.1974% ~~124~~153 811,~~310~~120,~~012~~649.4664 61-90 days 0.2740% 0.48% 2638 3,~~327~~062,~~551~~537.1431 91-120 days 0.1428% 0.1335% 1326 ~~913~~2,~~959~~240,513.6346 121-150 days 0.0110% 0.0125% 19 441,~~201~~570,099.6190 151-180 days 0.0006% 0.0004% 06 0276,487.0083 180+ days 0.00% 0.00% 0 0.00 ---------------------------------------------------------------------- Subtotal - Active Accounts 99.9993% 99.9993% 9,~~592~~399 ~~696~~638,~~577~~341,~~122~~209.6416 Remaining RPA - Unliquidated Defaults 0.0007% 0.0007% 17 48452,~~465~~461.0308 ---------------------------------------------------------------------- Total Delinquency 100.00% 100.00% 9,~~593~~406 ~~696~~638,~~625~~793,~~587~~670.6724 ====================================================================== 2. Delinquent Scheduled Payments: Beginning of Collection Period 56,~~205~~465,~~239~~554.3286 End of Collection Period 46,~~911~~035,~~162~~644.1165 ------------ Change in Delinquent Scheduled Payments ~~-294~~(429,~~077~~910.21)

C. DEFAULTED CONTRACT INFORMATION

1. A) Reported Loss Information ------------------------------------------------------------------- Current Period Cumulative ------------------------------------------------------------------- Amount % of ICPB Amount % of ICPB ------------------------------------------------------------------- Defaulted Valuation Amount 56345,~~244~~387.7264 0.0104% 56741,~~244~~895.7201 0.0109% Cash Collected on Defaulted Contracts 0163,766.0050 0.0002% 0179,325.0088 0.0002% ------------------------------------------------------------------- Net Loss Amount 56181,~~244~~621.7214 0.0106% 56562,~~244~~569.7213 0.0107% =================================================================== B) Cumulative Loss Trigger Percentage 0.75% Cumulative Loss Trigger in Effect NO 2. Supplemental Information on Unliquidated Defaulted Contracts Required Payoff Amount at time of Default 104,709.75 Initial Defaulted Valuation Amount 56,244.72 Cash Collected on Defaulted Contracts 0.00 ---------- Remaining Required Payoff Amount of Defaulted Contracts 48,465.03 ========== Initial Valuation as a % of Required Payoff Amount at time of Default 53.71% Remaining Balance % of Required Payoff Amount at time of Default 46.29%

2. Supplemental Information on Unliquidated Defaulted Contracts Required Payoff Amount at time of Default 1,024,230.92 Initial Defaulted Valuation Amount 547,773.82 Cash Collected on Defaulted Contracts 23,996.02 ------------ Remaining Required Payoff Amount of Defaulted Contracts 452,461.08 ============ Initial Valuation as a % of Required Payoff Amount at time of Default 53.48% Remaining Balance % of Required Payoff Amount at time of Default 44.18%

Page 5 of 7

3. Supplemental Information on Liquidated Contracts -------------------------------------------------------------- Current Period Cumulative -------------------------------------------------------------- Amount % of ICPB Amount % of ICPB -------------------------------------------------------------- Required Payoff Amount at time of Default 0170,125.0016 0.0002% 0170,125.0016 0.0002% Cash Collected on Liquidated Contracts 0155,329.0086 0.0002% 0155,329.0086 0.0002% -------------------------------------------------------------- Net Loss Amount on Liquidated Contracts 014,795.0030 0.00% 014,795.0030 0.00% ============================================================== Loss Severity Percentage 08.0070% 08.0070% Number of Contracts 02 02 % of Original Contracts 0.0002% 0.00% VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 28,881,306.75 2. Investment Earnings 19,881.94 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Reserve Account 0.00 5. Interest payment to the Holdback Designee (19,881.94) 6. Release of Reserve Account Surplus (1,212,729.73) 7. Ending Reserve Account Balance 27,668,577.02 8. Available amount 28,881,306.75 9. Required Reserve Account Amount 27,668,577.02 10. Reserve Account Surplus/(Shortfall) 0.00 VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 5,205,239.32 2. Current Period Servicer Advance 1,440,621.38 3. Recoveries of prior Servicer Advances (1,734,698.59) ------------- 4. Ending Servicer Advance Balance 4,911,162.11 D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 17.6% ~~2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00~~

VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 26,386,870.95 2. Investment Earnings 21,476.04 3. Deposit from the Collection Account 30,574.81 4. Withdrawls from the Reserve Account 0.00 5. Interest payment to the Holdback Designee (52,050.85) 6. Release of Reserve Account Surplus (1,076,549.93) 7. Ending Reserve Account Balance 25,310,321.02 8. Available amount 26,386,870.95 9. Required Reserve Account Amount 25,310,321.02 10. Reserve Account Surplus/ (Shortfall) 0.00

VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 6,465,554.86 2. Current Period Servicer Advance 1,839,772.58 3. Recoveries of prior Servicer Advances (2,269,682.79) ------------- 4. Ending Servicer Advance Balance 6,035,644.65

D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 16.9% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

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 01/20/04 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

Filing Compare · CIT EQUIPMENT COLLATERAL 2003-EF1