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

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

Page 5 of 9 B. Other Information

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

Page 6 of 9 B. DELINQUENCY INFORMATION

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%

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

CIT EQUIPMENT COLLATERAL 2001-1 8-K