8-K 1 a31802.txt CIT EQUIPMENT COLLATERAL 2001 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-Dec-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 Page 2 of 9 Item 5. Other CIT Equipment Collateral 2001-1 Monthly Servicing Report Determination Date: 12/18/01 Collection Period: 11/30/01 Payment Date: 12/20/01 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 22,269,115.36 b. Liquidation Proceeds Allocated to Owner Trust 1,083,774.18 c. Required Payoff Amounts of Prepaid Contracts 1,039,758.16 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 = $ 24,392,647.70 B. Determination of Available Funds a. Total Available Pledged Revenues $ 24,392,647.70 b. Receipt from Class A-4 Swap Counterparty 0.00 c. Servicer Advances 3,925,094.69 d. Recoveries of prior Servicer Advances (3,371,186.13) e. Withdrawal from Cash Collateral Account 1,206,990.30 --------------- Total Available Funds = $ 26,153,546.56

page 3 of 9 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Reimbursement of Servicer Advances 2 Servicing Fee 369,587.95 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 809,609.36 Class A-2 Note Principal Distribution 21,811,838.87 Aggregate Class A-2 distribution 22,621,448.23 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 247,070.67 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 247,070.67 7. Class B Note Interest Distribution 39,250.24 Class B Note Principal Distribution 348,061.26 Aggregate Class B distribution 387,311.50 8. Class C Note Interest Distribution 54,501.90 Class C Note Principal Distribution 464,081.68 Aggregate Class C distribution 518,583.58 9. Class D Note Interest Distribution 75,272.75 Class D Note Principal Distribution 580,102.10 Aggregate Class D distribution 655,374.85 10. Payment due to the Class A-4 Swap Counterparty 338,678.11 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 = 26,153,546.56 =============

B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 561,486.17 2. Payment due on the Holdback 0.00 3. Payment to the Depositor 0.00 -------------- Cash Collateral Account Distributions = 561,486.17 ==============

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

-----------------------------------------------------------------------------------------~~-------------~~ Distribution Class A-1 Class A-2 Class A-3 Class A-4 Amounts Notes Notes Notes Notes -----------------------------------------------------------------------------------------~~-------------~~ 1. Interest Due 0.00 ~~948~~809,~~070~~609.2436 1,015,491.67 ~~276~~247,~~340~~070.1467 2. Interest Paid 0.00 ~~948~~809,~~070~~609.2436 1,015,491.67 ~~276~~247,~~340~~070.1467 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid 0.00 321,~~098~~811,~~218~~838.3887 0.00 0.00 5. Total Distribution Amount 0.00 321,~~098~~811,~~218~~838.3887 ~~276~~247,~~340~~070.1467 ~~309~~338,~~408~~678.6311 ((2) plus (4))

-------------------------------------------------------------------------------------------~~-----------~~ Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes -------------------------------------------------------------------------------------------~~-----------~~ 1. Interest Due 4139,~~587~~250.3624 5754,~~747~~501.1790 7975,~~754~~272.8075 2,~~418~~241,~~991~~196.3859 2. Interest Paid 4139,~~587~~250.3624 5754,~~747~~501.1790 7975,~~754~~272.8075 2,~~418~~241,~~991~~196.3859 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid ~~528~~348,~~163~~061.0626 ~~704~~464,~~217~~081.4168 ~~880~~580,~~271~~102.7710 3523,~~210~~204,~~870~~083.6291 5. Total Distribution Amount ~~569~~387,~~750~~311.4250 ~~761~~518,~~964~~583.58 ~~960~~655,~~026~~374.5785 3523,~~975~~958,~~708~~857.7258 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

---------------------------------------------------------------------------------------------------~~----------------~~ Applicable Principal Balance Class Factor Principal Balance Class Factor Class Coupon ~~Nov~~Dec-01 ~~Nov~~Dec-01 ~~Oct~~Nov-01 ~~Oct~~Nov-01 Rate Payment Date Payment Date Payment Date Payment Date ---------------------------------------------------------------------------------------------------~~----------------~~ a. Class A-1 Notes 5.0325% 0.00 0.00000 0.00 0.00000 b. Class A-2 Notes 5.0200% ~~193~~171,~~532~~720,~~118~~280.9709 0.~~76194~~67606 ~~226~~193,~~630~~532,~~337~~118.3597 0.~~89225~~76194 c. Class A-3 Notes 5.2300% 233,000,000.00 1.00000 233,000,000.00 1.00000 d. Class A-4 Notes 2.~~6525~~2925% 129,328,157.00 1.00000 129,328,157.00 1.00000 e. Class B Notes 5.3100% 8,~~870~~522,~~110~~049.7953 0.~~69803~~67064 98,~~398~~870,~~273~~110.8579 0.~~73959~~69803 f. Class C Notes 5.5300% 11,~~826~~362,~~814~~732.3870 0.~~69803~~67064 1211,~~531~~826,~~031~~814.7938 0.~~73959~~69803 g. Class D Notes 6.1100% 14,~~783~~203,~~517~~415.9888 0.~~69803~~67064 1514,~~663~~783,~~789~~517.7498 0.~~73959~~69803 h. Total Offered Notes 568,136,635.20 591,340,719.11 ~~626,551,589.73~~ i. One - Month Libor Rate 2.~~4625~~1025%

Page 5 of 9 B Other Information

------------------------------------------------------------~~-------------------------------~~ Scheduled Scheduled Principal Balance Principal Balance Class ~~Nov~~Dec-01 ~~Oct~~Nov-01 Payment Date Payment Date ------------------------------------------------------------~~-------------------------------~~ Class A-1 Notes 0.00 0.00

-----------------------------------------------------------------------------------------------~~---------------~~ Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage ~~Nov~~Dec-01 ~~Nov~~Dec-01 ~~Oct~~Nov-01 ~~Oct~~Nov-01 Payment Date Payment Date Payment Date Payment Date -----------------------------------------------------------------------------------------------~~---------------~~ Class A 94.00% 534,048,437.09 555,860,275.96 ~~588,958,494.34~~ Class B 1.50% 8,~~870~~522,~~110~~049.7953 0.00 98,~~398~~870,~~273~~110.8579 0.00 Class C 2.00% 11,~~826~~362,~~814~~732.3870 0.00 1211,~~531~~826,~~031~~814.7938 0.00 Class D 2.50% 14,~~783~~203,~~517~~415.9888 0.00 1514,~~663~~783,~~789~~517.7498 0.00

V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 591,340,719.11 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 568,136,635.20 -------------- Total monthly principal amount 23,204,083.91

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

-----------------------------------------------------~~------------------~~ Original ~~Nov~~Dec-01 ~~Oct~~Nov-01 Pool Payment Date Payment Date -----------------------------------------------------~~------------------~~ 1. a. Contract Pool Balance 847,157,614.00 568,136,635.20 591,340,719.11 ~~626,551,589.73~~ b. No of Contracts 47,846 44,~~660~~111 4544,~~232~~660 2. Weighted Average Remaining Term 40.60 32.9 33.7 ~~34.~~3 3. Weighted Average Original Term 44.1

Page 6 of 9 B. DELINQUENCY INFORMATION

----------------------------------------------------------------~~---~~ % of ~~Aggregate~~ % of Aggregate Required Payoff No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts ----------------------------------------------------------------~~---~~ 1. Current 93.4321% 9493.3284% 41,~~726~~114 ~~564~~540,~~998~~846,~~560~~586.5168 31-60 days 3.5262% 3.1476% 1,~~571~~595 1821,~~816~~658,~~251~~981.0426 61-90 days 1.4853% 1.3420% ~~663~~676 86,~~009~~939,~~060~~111.2065 91-120 days 0.8076% 0.6154% ~~356~~334 3,~~662~~084,~~067~~558.2428 120+ days 0.7789% 0.5967% ~~344~~392 3,~~529~~836,~~490~~015.2198 Total Delinquency 100.0% 100.0% 44,~~660~~111 ~~599~~576,~~015~~365,~~429~~253.20 2. Delinquent Scheduled Payments: Beginning of Collection Period 8,391,640.59 End of Collection Period 7,674,710.09 -------------------- Change in Delinquent Scheduled Payments (716,930.50) C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 2,497,014.67 2. Liquidation Proceeds received 1,289,142.96 -------------------- 3. Current Liquidation Loss Amount 1,207,871.71 4. Cumulative Liquidation Losses to date 7,521,674.60 % of Initial Contracts 3.125% % of Initial Contract Pool Balance 0.888% VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT A. CASH COLLATERAL ACCOUNT 1. Opening Cash Collateral Account 45,424,990.26 2. Deposit from the Collection Account 0.00 3. Withdrawls from the Cash Collateral Account (1,140,617.51) 4. Available amount 44,284,372.75 5. Required Cash Collateral Account Amount 42,872,202.14 6. Cash Collateral Account Surplus/ (Shortfall) 0.00 7. Release of Cash Collateral Surplus (1,412,170.61) 8. Ending Cash Collateral Account 42,872,202.1485

2. Delinquent Scheduled Payments: Beginning of Collection Period 7,674,710.09 End of Collection Period 8,228,618.65 ------------ Change in Delinquent Scheduled Payments 553,908.56

C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 2,318,919.16 2. Liquidation Proceeds received 1,083,774.18 ------------ 3. Current Liquidation Loss Amount 1,235,144.98 4. Cumulative Liquidation Losses to date 8,756,819.58 % of Initial Contracts 3.513% % of Initial Contract Pool Balance 1.034%

VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT A. CASH COLLATERAL ACCOUNT 1. Opening Cash Collateral Account 42,872,202.14 2. Deposit from the Collection Account 0.00 3. Withdrawls from the Cash Collateral Account (1,206,990.30) 4. Available amount 41,665,211.84 5. Required Cash Collateral Account Amount 41,189,906.05 6. Cash Collateral Account Surplus/ (Shortfall) 0.00 7 Release of Cash Collateral Surplus (475,305.79) 8 Ending Cash Collateral Account 41,189,906.05

Page 7 of 9 B. CASH COLLATERAL ACCOUNT LOANS

~~-------------------------------------------------------------------------------------------------------~~1. ~~Nov-01~~Available ~~Oct-01~~Funds ~~Item~~a. ~~Payment~~Excess ~~Date~~Spread ~~Payment~~from ~~Date~~Collection ~~-------------------------------------------------------------------------------------------------------~~Account a0.00 ~~Senior~~b. ~~Loan~~Investment 5Earnings 86,~~996,284~~180.2238 7Total Available Funds 86,~~425,678~~180.3738 b2. ~~Holdback~~Distribution ~~Amount~~of ~~42,357,880~~Available Funds a.69 42Senior Loan Interest 86,~~357,880~~180.6938 ~~VIII~~b. ~~MISCELLANEOUS~~Senior ~~INFORMATION~~Loan APrincipal 0.00 ~~SERVICER~~c. ~~ADVANCE~~Holdback ~~BALANCE~~Amount 1Interest 0.00 ~~Opening~~d. ~~Servicer~~Holdback ~~Advance~~Amount ~~Balance~~Principal ~~8,391,640~~0.5900 2e. ~~Current~~Remainder ~~Period~~to ~~Servicer~~the ~~Advance~~Depositor ~~3,133,239~~0.8800 3. ~~Recoveries~~Distribution of ~~prior~~CCA ~~Servicer~~Surplus: ~~Advances~~a. (3Senior Loan Principal 475,~~850,170~~305.~~38)~~79 4b. ~~Ending~~Holdback ~~Servicer~~Amount ~~Advance~~Principal ~~Balance~~0.00 7Total Distribution of Surplus 475,~~674,710~~305.0979 D4. ~~OTHER~~Summary ~~RELATED~~of ~~INFORMATION~~Balance 1.and ~~Discount~~ Rate ~~6.0260%~~Information 2Applicable Rates for the Interest Period: a. ~~Life~~Libor toRate ~~Date~~for ~~Prepayment~~the ~~(CPR)~~Interest 10Period 2.41025% 3b. ~~Life~~Senior toLoan ~~Date~~Interest ~~Substitutions:~~Rate a5.6025% ~~Prepayments 0~~c.00 b.Holdback ~~Defaults~~Amount 0Interest Rate 7.003525%

VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 7,674,710.09 2. Current Period Servicer Advance 3,925,094.69 3. Recoveries of prior Servicer Advances (3,371,186.13) 4. Ending Servicer Advance Balance 8,228,618.65 D. OTHER RELATED INFORMATION 1. Discount Rate 6.0260% 2. Life to Date Prepayment (CPR) 9.5% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

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

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