8-K 1 a32298.txt CIT EQUIPMENT COLLATERAL 2001-1 8-K 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-Mar-02 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: 03/18/02 Collection Period: 02/28/02 Payment Date: 03/20/02 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $22,177,702.48 b. Liquidation Proceeds Allocated to Owner Trust 1,471,425.52 c. Required Payoff Amounts of Prepaid Contracts 1,601,518.08 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 50,126.31 -------------- Total Available Pledged Revenues = $25,300,772.39 B. Determination of Available Funds a. Total Available Pledged Revenues $25,300,772.39 b. Receipt from Class A-4 Swap Counterparty 0.00 c. Servicer Advances 3,139,956.77 d. Recoveries of prior Servicer Advances (2,671,648.81) e. Withdrawal from Cash Collateral Account 1,062,601.79 -------------- Total Available Funds = $26,831,682.14

Page 3 of 9 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Reimbursement of Servicer Advances 2 Servicing Fee 320,521.97 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 500,899.31 Class A-2 Note Principal Distribution 22,806,688.93 Aggregate Class A-2 distribution 23,307,588.24 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 205,200.68 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 205,200.68 7. Class B Note Interest Distribution 34,039.43 Class B Note Principal Distribution 363,936.53 Aggregate Class B distribution 397,975.96 8. Class C Note Interest Distribution 47,266.31 Class C Note Principal Distribution 485,248.70 Aggregate Class C distribution 532,515.01 9. Class D Note Interest Distribution 65,279.64 Class D Note Principal Distribution 606,560.88 Aggregate Class D distribution 671,840.52 10. Payment due to the Class A-4 Swap Counterparty 380,548.10 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 = 26,831,682.14 ============== B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 748,010.21 2. Payment due on the Holdback 0.00 3. Payment to the Depositor 0.00 -------------- Cash Collateral Account Distributions = 748,010.21 ============== C. Incorrect Deposits to be return to CIT Collection Account Distributions = 206,984.59 --------------

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

~~II.~~----------------------------------------------------------------------------------------------------------------------- ~~DISTRIBUTION~~Distribution ~~AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Reimbursement of Servicer Advances 2 Servicing Fee 339,218.29 3~~ Class A-1 ~~Note Interest Distribution 0.00~~ Class A-12 ~~Note Principal Distribution 0.00 Aggregate~~ Class A-13 ~~distribution 0.00 4~~ Class A-24 ~~Note~~Amounts ~~Interest~~Notes ~~Distribution~~Notes ~~618,531.56~~Notes ~~Class~~Notes A-2---------------------------------------------------------------------------------------------------------------------- ~~Note~~1. ~~Principal~~Interest ~~Distribution~~Due ~~28,119,263~~0.8700 ~~Aggregate Class A-2 distribution 28~~500,~~737,795~~899.4331 ~~5. Class A-3 Note Interest Distribution~~ 1,015,491.67 ~~Class~~205,200.68 ~~A-3~~2 ~~Note~~Interest ~~Principal~~Paid ~~Distribution~~ 0.00 ~~Aggregate~~500,899.31 ~~Class A-3 distribution~~ 1,015,491.67 6205,200.68 ~~Class~~3 ~~A-4 Note~~ Interest ~~Distribution~~Shortfall ~~200,939~~0.1300 ~~Class~~0.00 ~~A-4~~0.00 ~~Note Principal Distribution~~ 0.00 ~~Aggregate~~((1) ~~Class~~minus A-(2)) 4 ~~distribution~~Principal ~~200,939.13~~Paid 70.00 ~~Class B Note Interest Distribution 36~~22,~~024~~806,688.9893 ~~Class~~0.00 B0.00 ~~Note~~5 ~~Principal~~Total Distribution ~~448,711~~Amount 0.6600 ~~Aggregate Class B distribution 484~~22,~~736~~806,688.6493 8205,200.68 ~~Class C Note Interest Distribution 50~~380,~~023~~548.3910 ~~Class~~((2) Cplus ~~Note~~(4)) ~~Principal~~----------------------------------------------------------------------------------------------------------------------- Distribution ~~598,282.21~~Class ~~Aggregate~~B Class C ~~distribution 648,305.60 9.~~ Class D ~~Note~~Total ~~Interest~~Offered ~~Distribution~~Amounts ~~69,087.46~~Notes ~~Class~~Notes DNotes ~~Note~~Notes ~~Principal~~----------------------------------------------------------------------------------------------------------------------- ~~Distribution 747,852~~1.76 ~~Aggregate~~Interest ~~Class~~Due D34,039.43 ~~distribution~~47,266.31 ~~816~~65,~~940~~279.2264 101,868,177.04 ~~Payment~~2 ~~due~~Interest toPaid ~~the~~34,039.43 ~~Class~~47,266.31 ~~A-4 Swap Counterparty 383~~65,~~637~~279.6164 111,868,177.04 ~~Deposit~~3 toInterest ~~the~~Shortfall ~~Cash Collateral Account~~ 0.00 120.00 ~~Amounts in accordance with the CCA Loan Agreement~~ 0.00 ~~13. To the holder of the equity certificate~~ 0.00 ~~Collection~~((1) ~~Account~~minus ~~Distributions~~(2)) =4 ~~32,627,064.59~~Principal ~~=============~~Paid B363,936.53 ~~CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1~~485,248.70 ~~Payment due on the Senior Loan 572~~606,~~195~~560.1288 224,262,435.03 ~~Payment~~5 ~~due~~Total onDistribution ~~the~~Amount ~~Holdback 0~~397,975.0096 3532,515.01 ~~Payment to the Depositor 0~~671,840.0052 ~~------------- Cash Collateral Account Distributions = 572~~24,~~195~~994,769.1219 ~~=============~~((2) plus (4))

IV. Information Regarding the Securities

A Summary of Balance Information -------------------------------------------------------------------------------------------------------------------------- ~~Distribution~~Applicable Principal Balance Class ~~A-1~~Factor Principal Balance Class ~~A-2~~Factor Class ACoupon Mar-302 ~~Class~~Mar-02 AFeb-402 ~~Amounts~~Feb-02 ~~Notes~~Rate ~~Notes~~Payment ~~Notes~~Date ~~Notes~~Payment Date Payment Date Payment Date -------------------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 5.0325% ~~Interest~~0.00 ~~Due~~0.00000 0.00 ~~618,531~~0.5600000 1b. Class A-2 Notes 5.0200% 96,~~015~~930,~~491~~197.6749 ~~200~~0.38161 119,~~939~~736,886.1341 20.47141 ~~Interest~~c. ~~Paid~~Class 0A-3 Notes 5.002300% ~~618~~233,~~531~~000,000.5600 1.00000 233,~~015~~000,~~491~~000.6700 ~~200,939~~1.1300000 3d. ~~Interest~~Class ~~Shortfall~~A-4 0Notes 2.000400% 0129,328,157.00 01.0000000 0129,328,157.00 ((1).00000 ~~minus~~e. ~~(2))~~Class 4B ~~Principal~~Notes ~~Paid~~5.3100% 7,328,590.76 0.0057672 287,~~119~~692,~~263~~527.8729 0.0060536 0f.00 Class C Notes 5.5300 ~~Total~~9,771,454.35 ~~Distribution~~0.57672 ~~Amount~~10,256,703.05 0.0060536 28g. Class D Notes 6.1100% 12,~~119~~214,~~263~~317.8794 ~~200~~0.57672 12,~~939~~820,878.1381 ~~383~~0.60536 h. Total Offered Notes 488,~~637~~572,717.6154 ~~((2)~~512,835,152.57 ~~plus~~i. ~~(4))~~One - Month Libor Rate 1.8500%

Page 5 of 9

B Other Information ----------------------------------------------------------------------------------------------- ~~Distribution~~Scheduled ~~Class~~Scheduled BPrincipal ~~Class~~Balance CPrincipal Balance Class DMar-02 ~~Total~~Feb-02 ~~Offered~~Payment ~~Amounts~~Date ~~Notes~~Payment ~~Notes~~Date ~~Notes Notes~~ ------------------------------------------------------------------------------------------------ 1.Class ~~Interest Due 36,024.98 50,023.39 69,087.46~~ A-1~~,990,098.19~~ 2Notes ~~Interest Paid 36,024.98 50,023.39 69,087.46 1,990,098.19 3 Interest Shortfall~~ 0.00 0.00 ~~0.00 0.00 ((1) minus (2)) 4 Principal Paid 448,711.66 598,282.21 747,852.76 29,914,110.50 5 Total Distribution Amount 484,736.64 648,305.60 816,940.22 30,653,823.07 ((2) plus (4))~~

-------------------------------------------------------------------------------------------------------------------------- ~~Applicable~~Target ~~Principal~~Class ~~Balance~~Target Class ~~Factor~~Class Principal ~~Balance~~Amount ~~Class~~Floor ~~Factor~~Principal Amount Floor Class ~~Coupon~~Percentage ~~Feb~~Mar-02 ~~Feb~~Mar-02 ~~Jan~~Feb-02 ~~Jan~~Feb-02 ~~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% 119,736,886.41 0.47141 147,856,150.28 0.58211 c.~~ Class A-3 ~~Notes 5~~94.~~2300~~00% ~~233~~459,~~000~~258,~~000~~354.0049 ~~1.00000 233~~482,~~000~~065,~~000~~043.0041 ~~1.00000 d.~~ Class ~~A-4~~B ~~Notes~~ 1.~~9288~~50% ~~129~~7,328,~~157~~590.0076 10.~~00000 129,328,157.~~00 ~~1.00000 e. Class B Notes 5.3100%~~ 7,692,527.29 0.~~60536~~00 ~~8,141,238.95 0.64067 f.~~ Class C ~~Notes 5~~2.~~5300~~00% 109,~~256~~771,~~703~~454.0535 0.~~60536~~00 10,~~854~~256,~~985~~703.2605 0.~~64067~~00 g. Class D ~~Notes 6~~2.~~1100~~50% 12,~~820~~214,~~878~~317.8194 0.~~60536~~00 1312,~~568~~820,~~731~~878.5881 0.~~64067 h. Total Offered Notes 512,835,152.57 542,749,263.06 i. One - Month Libor Rate 1.7388%~~00

V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 512,835,152.57 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 488,572,717.54 -------------- Total monthly principal amount 24,262,435.03

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

----------------------------------------------------------------- ~~Scheduled~~Original ~~Scheduled Principal Balance Principal Balance Class Feb~~Mar-02 ~~Jan~~Feb-02 Pool Payment Date Payment Date ----------------------------------------------------------------- ~~Class A-~~1. ~~Notes~~a. 0Contract Pool Balance 847,157,614.00 0488,572,717.0054 512,835,152.57 b. No of Contracts 47,846 42,752 43,093 2. Weighted Average Remaining Term 40.60 30.8 31.5 3. Weighted Average Original Term 44.1

Page 6 of 9 B. DELINQUENCY INFORMATION

----------------------------------------------------------------------~~----------------------------------------~~ ~~Target~~% ~~Class~~of ~~Target~~Aggregate ~~Class~~% ~~Class~~of ~~Principal~~Required ~~Amount~~Payoff ~~Floor~~No. ~~Principal~~Of ~~Amount~~Aggregate ~~Floor~~Required ~~Class~~Contracts ~~Percentage~~Amount ~~Feb-02~~Accounts ~~Feb-02~~Payoff ~~Jan-02~~Amounts ~~Jan~~-~~02 Payment Date Payment Date Payment Date Payment Date~~ ---------------------------------------------------------------------~~-----------------------------------------~~ ~~Class~~1. ACurrent 9492.0083% ~~482~~93.60% 39,~~065~~687 464,~~043~~518,831.4150 ~~510~~31-60 days 3.95% 3.46% 1,~~184~~687 17,~~307~~168,251.2873 ~~Class~~61-90 Bdays 1.5040% 70.97% 599 4,~~692~~790,~~527~~671.2937 91-120 days 0.0079% 81.13% 336 5,~~141~~599,~~238~~089.9597 120+ days 1.04% 0.0085% ~~Class~~443 C4,229,795.48 2Total Delinquency 100.000% 10100.0% 42,~~256~~752 496,~~703~~306,640.05 02.00 10Delinquent Scheduled Payments: Beginning of Collection Period 7,~~854~~265,~~985~~614.2655 0End of Collection Period 7,733,922.0051 ~~Class~~------------ DChange in Delinquent Scheduled Payments 468,307.96 C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 2,757,265.~~50%~~16 122. Liquidation Proceeds received 1,~~820~~471,~~878~~425.8152 0------------ 3.00 13Current Liquidation Loss Amount 1,~~568~~285,~~731~~839.5864 04.00 Cumulative Liquidation Losses to date 14,070,290.27 % of Initial Contracts 4.995% % of Initial Contract Pool Balance 1.661%

VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT A. CASH COLLATERAL ACCOUNT 1. Opening Cash Collateral Account 37,180,548.56 2. Deposit from the Collection Account 0.00 3. Withdrawls from the Cash Collateral Account (1,062,601.79) 4. Available amount 36,117,946.77 5. Required Cash Collateral Account Amount 35,421,522.02 6. Cash Collateral Account Surplus/(Shortfall) 0.00 7. Release of Cash Collateral Surplus (696,424.75) 8. Ending Cash Collateral Account 35,421,522.02

Page 7 of 9 B. CASH COLLATERAL ACCOUNT LOANS 1. Available Funds a. Excess Spread from Collection Account 0.00 b. Investment Earnings 51,585.46 Total Available Funds 51,585.46 2. Distribution of Available Funds a. Senior Loan Interest 51,585.46 b. Senior Loan Principal 0.00 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 696,424.75 b. Holdback Amount Principal 0.00 Total Distribution of Surplus 696,424.75 4. Summary of Balance and Rate Information Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.8500% b. Senior Loan Interest Rate 5.3500% c. Holdback Amount Interest Rate 7.1000%

----------------------------------------------------------------- ~~Original Feb~~Mar-02 ~~Jan~~Feb-02 ~~Pool~~Item Payment Date Payment Date ----------------------------------------------------------------- 1. a. ~~Contract~~Senior ~~Pool~~Loan ~~Balance 847~~4,~~157~~317,~~614~~352.0030 ~~512~~5,~~835~~013,~~152~~777.5705 ~~542,749,263.06~~ b. NoHoldback ofAmount ~~Contracts 47~~42,~~846 43~~357,~~093~~880.69 4342,~~657 2~~357,880. ~~Weighted Average Remaining Term 40.60 31.5 32.1 3. Weighted Average Original Term 44.1~~69

VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 7,265,614.55 2. Current Period Servicer Advance 3,139,956.77 3. Recoveries of prior Servicer Advances (2,671,648.81) 4. Ending Servicer Advance Balance 7,733,922.51 D. OTHER RELATED INFORMATION 1. Discount Rate 6.0260% 2. Life to Date Prepayment (CPR) 10.2% 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 03/20/02 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

--------------------------------------------------------------------- % of % of Aggregate Required Payoff No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts --------------------------------------------------------------------- 1. Current 93.22% 93.76% 40,171 487,640,649.71 31-60 days 3.57% 2.89% 1,540 15,050,873.69 61-90 days 1.33% 1.79% 572 9,304,907.89 91-120 days 0.95% 0.77% 411 4,000,281.03 120+ days 0.93% 0.79% 399 4,104,054.80 Total Delinquency 100.0% 100.0% 43,093 520,100,767.12 2. Delinquent Scheduled Payments: Beginning of Collection Period 8,198,818.90 End of Collection Period 7,265,614.55 ------------ Change in Delinquent Scheduled Payments (933,204.35) C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 4,116,894.57 2. Liquidation Proceeds received 2,815,432.65 ------------ 3. Current Liquidation Loss Amount 1,301,461.92 4. Cumulative Liquidation Losses to date 12,784,450.63 % of Initial Contracts 4.554% % of Initial Contract Pool Balance 1.509% VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT A. CASH COLLATERAL ACCOUNT 1. Opening Cash Collateral Account 38,879,079.75 2. Deposit from the Collection Account 0.00 3. Withdrawls from the Cash Collateral Account (1,191,329.81) 4. Available amount 37,687,749.94 5. Required Cash Collateral Account Amount 37,180,548.56 6. Cash Collateral Account Surplus/ (Shortfall) 0.00 7 Release of Cash Collateral Surplus (507,201.38) 8 Ending Cash Collateral Account 37,180,548.56

---------------------------------------------------------------- Feb-02 Jan-02 Item Payment Date Payment Date ---------------------------------------------------------------- a. Senior Loan 5,013,777.05 5,520,978.43 b. Holdback Amount 42,357,880.69 42,357,880.69 VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 8,198,818.90 2. Current Period Servicer Advance 3,185,249.46 3. Recoveries of prior Servicer Advances (4,118,453.81) 4. Ending Servicer Advance Balance 7,265,614.55 D. OTHER RELATED INFORMATION 1. Discount Rate 6.0260% 2. Life to Date Prepayment (CPR) 10.2% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

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