8-K 1 a36210.txt CIT EQUIPMENT COLLATERAL 2003-VT1 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-Sep-03 CIT Equipment Collateral 2003-VT1 ~~A Delaware Commission File I.R.S. Employer Corporation No. 0001240986 No. 75-6688971~~

c/o CIT Financial USA, Inc. 1 CIT Drive, Livingston, New Jersey 07039 Telephone number: (973)740-5000 Page 2 of 8 Item 5. Other CIT Equipment Collateral 2003-VT1 Monthly Servicing Report Determination Date: 09/18/03 Collection Period: 08/31/03 Payment Date: 09/22/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 22,592,838.27 b. Liquidation Proceeds Allocated to Owner Trust 182,361.26 c. Required Payoff Amounts of Prepaid Contracts 600,667.86 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 = $ 23,375,867.39 B. Determination of Available Funds a. Total Available Pledged Revenues $ 23,375,867.39 b. Receipt from Class A-3a Swap Counterparty 0.00 c. Servicer Advances 2,981,276.95 d. Recoveries of prior Servicer Advances (1,698,497.61) e. Withdrawal from Cash Collateral Account 68,395.52 ----------------- Total Available Funds = $ 24,727,042.25 =================

Page 3 of 8 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 493,161.83 2. Class A-1 Note Interest Distribution 187,104.68 Class A-1 Note Principal Distribution 21,382,559.38 Aggregate Class A-1 distribution 21,569,664.06 3. Class A-2 Note Interest Distribution 169,333.33 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 169,333.33 4. Class A-3a Note Interest Distribution 247,793.33 Class A-3a Note Principal Distribution 0.00 Class A-3b Note Interest Distribution 154,850.00 Class A-3b Note Principal Distribution 0.00 Aggregate Class A-3 distribution 402,643.33 5. Class A-4 Note Interest Distribution 117,325.25 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 117,325.25 6. Class B Note Interest Distribution 38,154.29 Class B Note Principal Distribution 637,420.47 Aggregate Class B distribution 675,574.76 7. Class C Note Interest Distribution 26,236.21 Class C Note Principal Distribution 347,683.89 Aggregate Class C distribution 373,920.10 8. Class D Note Interest Distribution 73,645.50 Class D Note Principal Distribution 811,262.42 Aggregate Class D distribution 884,907.92 9. Payment due to the Class A-3a Swap Counterparty 40,511.67 10. Deposit to the Cash Collateral Account 0.00 11. Amounts in accordance with the CCA Loan Agreement 0.00 12. Remainder to the holder of the equity certificate 0.00 --------------- Collection Account Distributions = 24,727,042.25 =============== B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 1,891,496.46 2. Payment due on the Holdback 0.00 3. Payment to the Depositor 0.00 --------------- Cash Collateral Account Distributions = 1,891,496.46 =============== C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 ---------------

Page 4 of 8 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~Determination~~------------------------------------------------------------------------------------------------------------------ ~~Date:~~Distribution ~~08/18/03~~Class ~~Collection Period: 07/31/03 Payment Date: 08/20/03 I. AVAILABLE FUNDS~~ A~~. Available Pledged Revenues a. Scheduled Payments Received $27,630,142.95 b. Liquidation Proceeds Allocated to Owner Trust 155,978.49 c. Required Payoff Amounts of Prepaid Contracts~~ -1~~,667,033.93~~ d.Class ~~Required~~A-2 ~~Payoff~~Class ~~Amounts~~A-3 ofClass ~~Purchased Contracts 0.00 e. Proceeds of Clean~~A-up4 ~~Call~~Amounts ~~0.00~~Notes f.Notes ~~Investment~~Notes ~~Earnings~~Notes ~~on Collection Account and Note Distribution Account 0.00~~ ------------------------------------------------------------------------------------------------------------------ ~~Total~~1. ~~Available~~Interest ~~Pledged~~Due ~~Revenues~~187,104.68 =169,333.33 ~~$29~~402,~~453~~643.33 117,~~155~~325.3725 B2. ~~Determination~~Interest ofPaid ~~Available~~187,104.68 ~~Funds~~169,333.33 a402,643.33 ~~Total Available Pledged Revenues $29~~117,~~453,155~~325.3725 b3. ~~Receipt~~Interest ~~from~~Shortfall ~~Class~~0.00 ~~A-3a~~0.00 ~~Swap Counterparty~~ 0.00 c0.00 ~~Servicer~~((1) ~~Advances~~minus (2~~,296,576.24~~)) d4. ~~Recoveries~~Principal ofPaid ~~prior Servicer Advances (2~~21,~~711~~382,~~264~~559.~~85)~~38 e0.00 ~~Withdrawal~~0.00 ~~from Cash Collateral Account~~ 0.00 ~~--------------~~5. Total ~~Available~~Distribution ~~Funds~~Amount =21,569,664.06 ~~$29~~169,~~038~~333.33 402,~~466~~643.7633 ~~==============~~117,325.25 ((2) plus (4))

~~II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 510,162.09 2. Class A~~-~~1 Note Interest Distribution 195,370.51 Class A~~-~~1 Note Principal Distribution 25,092,374.35 Aggregate Class A~~-~~1 distribution 25,287,744.86 3. Class A~~-~~2 Note Interest Distribution 169,333.33 Class A~~-~~2 Note Principal Distribution 0.00 Aggregate Class A~~-~~2 distribution 169,333.33 4. Class A~~-~~3a Note Interest Distribution 223,450.00 Class A~~-~~3a Note Principal Distribution 0.00 Class A~~-~~3b Note Interest Distribution 154,850.00 Class A~~-3b-------------------------------------------------------------------------------------------------------- ~~Note Principal~~ Distribution ~~0.00 Aggregate~~ Class ~~A-3~~B ~~distribution 378,300.00 5.~~ Class ~~A-4~~C ~~Note Interest Distribution 117,325.25~~ Class ~~A-4~~D ~~Note~~Total ~~Principal~~Offered ~~Distribution~~Amounts ~~0.00~~Notes ~~Aggregate~~Notes ~~Class~~Notes ANotes -4----------------------------------------------------------------------------------------------------------------- ~~distribution 117,325~~1.25 ~~6. Class B Note~~ Interest ~~Distribution~~Due 3938,~~469~~154.5429 ~~Class B Note Principal Distribution 748~~26,~~011~~236.1621 ~~Aggregate Class B distribution 787~~73,~~480~~645.7050 ~~7. Class C Note Interest Distribution 27~~1,~~140~~014,442.6259 ~~Class C Note Principal Distribution 408,006~~2.08 ~~Aggregate~~Interest ~~Class~~Paid ~~C distribution 435~~38,~~146~~154.7029 ~~8. Class D Note Interest Distribution 76~~26,~~184~~236.21 ~~Class D Note Principal Distribution 952~~73,~~014~~645.2150 ~~Aggregate Class D distribution~~ 1,~~028~~014,~~198~~442.4259 93. ~~Payment~~Interest ~~due~~Shortfall ~~to the Class A-3a Swap Counterparty 64,855~~0.00 100.00 ~~Deposit to the Cash Collateral Account~~ 0.00 110.00 ~~Amounts~~((1) inminus ~~accordance~~(2)) ~~with~~4. ~~the~~Principal ~~CCA~~Paid ~~Loan Agreement 259~~637,~~920~~420.4147 12347,683.89 ~~Remainder to the holder of the equity certificate 0~~811,262.0042 ~~------------- Collection Account Distributions = 29~~23,~~038~~178,~~466~~926.7616 ~~============= B~~5. ~~CASH~~Total ~~COLLATERAL~~Distribution ~~ACCOUNT~~Amount ~~DISTRIBUTIONS 1~~675,574.76 ~~Payment due on the Senior Loan 2~~373,~~356,670~~920.8710 ~~2. Payment due on the Holdback 194~~884,~~363~~907.0792 ~~3. Payment to the Depositor 0.00 ------------- Cash Collateral Account Distributions = 2~~24,~~551~~193,~~033~~368.9475 ~~=============~~((2) C.plus ~~INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 -------------~~(4))

IV. Information Regarding the Securities A Summary of Balance Information

--------------------------------------------------------------------------------------- ~~Distribution Class A~~-~~1 Class A~~-~~2 Class A~~-~~3 Class A~~-~~4 Amounts Notes Notes Notes Notes~~ -------------------------~~--------------------------------------------------------------~~ 1.Applicable ~~Interest~~Principal ~~Due~~Balance ~~195,370.51~~Class ~~169,333.33~~Factor ~~378,300.00~~Principal ~~117,325.25~~Balance 2.Class ~~Interest~~Factor ~~Paid~~Class ~~195,370.51~~Coupon ~~169,333.33~~Sep-03 ~~378,300.00~~Sep-03 ~~117,325.25~~Aug-03 3.Aug-03 ~~Interest~~Rate ~~Shortfall~~Payment ~~0.00~~Date ~~0.00~~Payment ~~0.00~~Date ~~0.00~~Payment ~~((1)~~Date ~~minus~~Payment ~~(2))~~Date ~~4. Principal Paid 25,092,374.35 0.00 0.00 0.00 5. Total Distribution Amount 25,287,744.86 169,333.33 378,300.00 117,325.25 ((2) plus (4))~~ --------------------------------------------------------------------------------------- ~~Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes~~ ----------------------------- a. Class A-~~---------------------------------------------------------~~1 Notes 1.2088% ~~Interest~~147,481,308.19 ~~Due~~0.60196 39168,~~469~~863,867.5457 ~~27,140~~0.6268924 ~~76,184~~b.21 Class A-2 Notes 1.2700% 160,~~003~~000,~~123~~000.4600 21.00000 ~~Interest~~160,000,000.00 ~~Paid~~1.00000 ~~39,469~~c.54 ~~27,140~~Class A-3a Notes 1.622400% 76218,~~184~~000,000.2100 1.00000 218,~~003~~000,~~123~~000.4600 31.00000 ~~Interest~~d. ~~Shortfall~~Class 0A-3b Notes 1.006300% 0114,000,000.00 01.0000000 0114,000,000.00 ((1).00000 ~~minus~~e. ~~(2))~~Class A-4. ~~Principal~~Notes ~~Paid~~2.1000% ~~748~~67,~~011~~043,000.1600 ~~408~~1.00000 67,~~006~~043,000.0800 ~~952~~1.00000 f. Class B Notes 2.1100% 21,~~014~~061,700.24 0.87871 21,699,120.71 270.90530 g. Class C Notes 2.6600% 11,488,200.14 0.87871 11,~~405~~835,884.8003 50.90530 ~~Total~~h. ~~Distribution~~Class ~~Amount~~D ~~787~~Notes 3.2000% 26,~~480~~805,800.7031 ~~435~~0.87867 27,~~146~~617,062.7073 10.90526 i. Total Offered Notes 765,~~028~~880,~~198~~008.4288 28789,~~203~~058,~~529~~935.2604 ~~((2)~~j. ~~plus~~One ~~(4))~~- Month Libor Rate 1.11000%

B Other Information

--------------------------------------------------------------------------------------------------------- ~~Applicable~~Scheduled Scheduled Principal Balance ~~Class Factor~~ Principal Balance Class ~~Factor Class Coupon Aug~~Sep-03 Aug-03 ~~Jul-03 Jul-03 Rate~~ Payment Date Payment Date ~~Payment Date Payment Date~~ --------------------------------------------------------------------------------------------------- ~~a. Class A~~-~~1 Notes 1.2088% 168,863,867.57 0.68924 193,956,241.92 0.79166 b. Class A~~-~~2 Notes 1.2700% 160,000,000.00 1.00000 160,000,000.00 1.00000 c. Class A~~-3a--- ~~Notes 1.2300% 218,000,000.00 1.00000 218,000,000.00 1.00000 d.~~ Class A-~~3b Notes~~ 1~~.6300%~~ ~~114,000,000.00 1.00000 114,000,000.00 1.00000 e. Class A-4~~ Notes ~~2.1000% 67~~149,~~043~~546,~~000~~269.00 ~~1.00000 67~~172,~~043~~908,~~000~~529.00 1.00000 f. Class B Notes 2.1100% 21,699,120.71 0.90530 22,447,131.87 0.93651 g. Class C Notes 2.6600% 11,835,884.03 0.90530 12,243,890.11 0.93651 h. Class D Notes 3.2000% 27,617,062.73 0.90526 28,569,076.94 0.93647 i. Total Offered Notes 789,058,935.04 816,259,340.84 j. One - ~~Month Libor Rate 1.10000%~~--------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------- ~~Scheduled~~Target ~~Scheduled~~Class Target Class Class Principal ~~Balance~~Amount Floor Principal ~~Balance~~Amount Floor Class Percentage Sep-03 Sep-03 Aug-03 ~~Jul~~Aug-03 Payment Date Payment Date Payment Date Payment Date -------------------------------------------------------------------------------------------------------------------- Class A- 92.25% 706,524,308.20 727,906,867.57 Class B 2.75% 21,061,700.24 0.00 21,699,120.71 0.00 Class C 1.50% ~~Notes~~11,488,200.13 ~~172~~0.00 11,~~908~~835,~~529~~884.03 0.00 ~~198~~Class D 3.50% 26,~~518~~805,~~059~~800.31 0.00 27,617,062.73 0.00

Page 5 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 789,058,935.04 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 765,880,008.88 --------------- Total monthly principal amount 23,178,926.16

B. PRINCIPAL BREAKDOWN No. of Accounts ---------------~~------------------------------------------------------------------------------------------------~~ ~~Target~~1. ~~Class~~Scheduled ~~Target~~Principal ~~Class~~61,785 ~~Class~~22,199,895.52 ~~Principal~~2. ~~Amount~~Prepaid ~~Floor~~Contracts ~~Principal~~75 ~~Amount~~600,667.86 ~~Floor~~3. ~~Class~~Defaulted ~~Percentage~~Contracts ~~Aug-03~~44 ~~Aug-03~~378,362.78 ~~Jul-03~~4. ~~Jul-03~~Contracts ~~Payment~~purchased ~~Date~~by ~~Payment~~CIT ~~Date~~Financial ~~Payment~~USA, ~~Date~~Inc. ~~Payment~~0 ~~Date~~0.00 ---------------------------------~~------------------------------------------------------------------------------~~ ~~Class~~Total APrincipal ~~92.25%~~Breakdown ~~727~~61,~~906,867.57~~904 ~~752~~23,~~999~~178,~~241~~926.~~92 Class B 2.75% 21,699,120.71 0.00 22,447,131.87 0.00 Class C 1.50% 11,835,884.03 0.00 12,243,890.11 0.00 Class D 3.50% 27,617,062.73 0.00 28,569,076.93 0.00~~16

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

A.------------------------------------------------------------------- ~~MONTHLY~~Original ~~PRINCIPAL~~Sep-03 ~~AMOUNT~~Aug-03 ~~1. Principal Balance of Notes and Equity Certificates 816,259,340.84 (End of Prior Collection Period) 2. Contract~~ Pool ~~Principal~~Payment ~~Balance~~Date ~~(End~~Payment ofDate ~~Collection Period) 789,058,935.04~~ -------------- ~~Total monthly principal amount 27,200,405.80 B. PRINCIPAL BREAKDOWN No. of Accounts~~ ----------------------------------------------------- 1. ~~Scheduled~~a. ~~Principal~~Contract ~~61,882~~Pool 25Balance 871,~~238~~593,~~232~~322.2500 2765,880,008.88 ~~Prepaid Contracts 111 1~~789,~~667~~058,~~033~~935.9204 3b. ~~Defaulted~~No. of Contracts 3062,416 ~~295~~61,~~139.63~~904 462,023 c. ~~Contracts~~Pool ~~purchased~~Factor by2. ~~CIT~~Weighted ~~Financial~~Average ~~USA,~~Remaining ~~Inc~~Term 39.20 035.86 036.0073 ~~------------------------~~3. ~~Total~~Weighted ~~Principal~~Average ~~Breakdown~~Original ~~62,023~~Term ~~27,200,405~~44.80

B. DELINQUENCY INFORMATION

~~A. CONTRACT POOL CHARACTERISTICS~~ --------------------------------------------------------------------------- ~~Original~~% ~~Aug-03~~of ~~Jul-03~~% ~~Pool~~of ~~Payment~~Aggregate ~~Date~~Required ~~Payment~~Payoff ~~Date~~No. of Aggregate Required Contracts Amount Accounts Payoff Amounts --------------------------------------------------------------------------- 1. aCurrent 94.31% ~~Contract~~97.18% ~~Pool~~58,382 ~~Balance 871~~749,~~593~~551,~~322~~926.0059 ~~789,058,935~~31-60 days 3.0473% ~~816~~1.86% 2,~~259~~307 14,~~340~~312,235.8400 b61-90 days 0.73% No0.44% of450 ~~Contracts 62~~3,~~416 62~~404,~~023 62,164 c~~202.12 ~~Pool~~91-120 ~~Factor~~days 20.40% ~~Weighted~~0.19% ~~Average~~248 ~~Remaining~~1,474,293.82 ~~Term~~120+ ~~39.20~~days 360.7384% 370.5334% 3517 2,598,194.15 ~~Weighted~~Total ~~Average~~Delinquency ~~Original~~100.00% ~~Term~~100.00% 4461,904 771,340,851.8068

2. Delinquent Scheduled Payments: Beginning of Collection Period 4,178,063.46 End of Collection Period 5,460,842.80 ------------- Change in Delinquent Scheduled Payments 1,282,779.34 C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 378,362.78 2. Liquidation Proceeds received 182,361.26 ------------- 3. Current Liquidation Loss Amount 196,001.52 4. Cumulative Liquidation Losses to date 446,042.30 % of Initial Contracts 0.165% % of Initial Contract Pool Balance 0.051%

Page 6 of 8 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 4,178,063.46 2. Current Period Servicer Advance 2,981,276.95 3. Recoveries of prior Servicer Advances (1,698,497.61) -------------- 4. Ending Servicer Advance Balance 5,460,842.80 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.1100% b. Senior Loan Interest Rate 4.6100% c. Holdback Amount Interest Rate 7.1100% 2. Opening Cash Collateral Account 65,097,362.14 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (68,395.52) 5. Investment Earnings 47,630.57 6. Investment Earnings Distributions: a. Senior Loan Interest (47,630.57) b. Senior Loan Principal 0.00 c. Holdback Amount Interest 0.00 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions (47,630.57) 7. Remaining available amount 65,124,227.76 8. Required Cash Collateral Account Amount 63,185,100.73 9. Cash Collateral Account Surplus/ (Shortfall) 1,939,127.03 10. Distribution of CCA Surplus: a. Senior Loan Principal (1,843,865.89) b. Holdback Amount Principal 0.00 ------------- Total Distribution of Surplus (1,843,865.89) 11. Ending Cash Collateral Account 63,185,100.73 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Assumed Fixed Swap rate for Class A-3a 1.5870% 2. Discount Rate 2.4530% 3. Life to Date Prepayment (CPR) 3.7376% 4. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

~~B. DELINQUENCY INFORMATION~~ --------------------------------------------------------------------------- %Sep-03 ofAug-03 %Item ofPayment ~~Aggregate~~Date ~~Required~~Payment ~~Payoff~~Date ~~No. of Aggregate Required Contracts Amount Accounts Payoff Amounts~~ ---------------------------------------------------------------- ~~1. Current 96.54% 97.77% 59,874 775,584,211.40 31~~-~~60 days 1.78% 1.44% 1,104 11,450,363.24 61~~-90--------- ~~days 0~~a.~~62%~~ ~~0.32%~~Senior ~~385~~Loan 219,~~554~~707,~~175~~479.2747 ~~91-120 days 0.51% 0.~~21~~% 317 1~~,~~686~~551,~~006~~345.6736 ~~120+ days 0~~b.~~55%~~ ~~0.25%~~Holdback ~~343~~Amount 142,~~962~~271,~~241~~204.~~92 Total Delinquency 100.~~00% ~~100.00% 62~~42,~~023 793~~271,~~236,998~~204.~~50 2. Delinquent Scheduled Payments: Beginning of Collection Period 4,592,752.07 End of Collection Period 4,178,063.46 ------------ Change in Delinquent Scheduled Payments (414,688.61)~~00

Page 7 of 8 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 09/22/03 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 8 of 8

C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 295,139.63 2. Liquidation Proceeds received 155,978.49 ------------ 3. Current Liquidation Loss Amount 139,161.14 4. Cumulative Liquidation Losses to date 250,040.78 % of Initial Contracts 0.095% % of Initial Contract Pool Balance 0.029%

A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 4,592,752.07 2. Current Period Servicer Advance 2,296,576.24 3. Recoveries of prior Servicer Advances (2,711,264.85) ------------- 4. Ending Servicer Advance Balance 4,178,063.46 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.1000% b. Senior Loan Interest Rate 4.6000% c. Holdback Amount Interest Rate 7.1000% 2. Opening Cash Collateral Account 67,341,395.62 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account 0.00 5. Investment Earnings 47,080.05 6. Investment Earnings Distributions: a. Senior Loan Interest (112,637.39) b. Senior Loan Principal 0.00 c. Holdback Amount Interest (194,363.07) d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions (307,000.46) 7. Remaining available amount 67,695,476.13 8. Required Cash Collateral Account Amount 65,097,362.14 9. Cash Collateral Account Surplus/ (Shortfall) 2,598,113.99 10. Distribution of CCA Surplus: a. Senior Loan Principal (2,244,033.48) b. Holdback Amount Principal 0.00 ------------- Total Distribution of Surplus (2,244,033.48) 11. Ending Cash Collateral Account 65,097,362.14 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Assumed Fixed Swap rate for Class A-3a 1.5870% 2. Discount Rate 2.4530% 3. Life to Date Prepayment (CPR) 4.9523% 4. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

-------------------------------------------------------------------------- Aug-03 Jul-03 Item Payment Date Payment Date -------------------------------------------------------------------------- a. Senior Loan 21,551,345.36 23,795,378.84 b. Holdback Amount 42,271,204.00 42,271,204.00

Filing Compare · CIT EQUIPMENT COLLATERAL 2003-VT1