8-K 1 a36352.txt CIT EQUIPMENT COLLATERAL 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: 16-Oct-03 CIT Equipment Collateral 2003-EF1 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-EF1 Monthly Servicing Report Determination Date: 10/16/03 Collection Period: 09/30/03 Payment Date: 10/20/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 50,725,833.88 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 21,742,208.54 d. Required Payoff Amounts of Purchased Contracts 848,123.05 e. Proceeds of Clean-up Call 0.00 f. Investment Earnings on Collection Account and Note Distribution Account 0.00 --------------- Total Available Pledged Revenues = $ 73,316,165.47 B. Determination of Available Funds a. Total Available Pledged Revenues $ 73,316,165.47 b. Servicer Advances 5,205,239.32 c. Recoveries of prior Servicer Advances 0.00 d. Withdrawal from Reserve Account 0.00 --------------- Total Available Funds = $ 78,521,404.79 ===============

Page 3 of 8 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 965,820.56 2. Class A-1 Note Interest Distribution 217,469.62 Class A-1 Note Principal Distribution 66,325,959.76 Aggregate Class A-1 distribution 66,543,429.38 3. Class A-2 Note Interest Distribution 162,451.39 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 162,451.39 4. Class A-3 Note Interest Distribution 255,336.33 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 255,336.33 5. Class B Note Interest Distribution 34,588.54 Class B Note Principal Distribution 2,005,676.54 Aggregate Class B distribution 2,040,265.08 6. Class C Note Interest Distribution 65,534.37 Class C Note Principal Distribution 0.00 Aggregate Class C distribution 65,534.37 7. Class D Note Interest Distribution 88,350.00 Class D Note Principal Distribution 0.00 Aggregate Class D distribution 88,350.00 8. Payment due to the Class A-3 Swap Counterparty 187,013.92 9. Deposit to the Reserve Account 5,170,377.75 10. Amounts Payable in connection with the Reserve Account 0.00 11. To the holder of the equity certificate 3,042,826.01 --------------- Collection Account Distributions = 78,521,404.79 =============== B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 3,604.89 3. Release of Excess from the Reserve Account 0.00 --------------- Reserve Account Distributions = 3,604.89 =============== --------------- C. INCORRECT DEPOSITS 0.00 ===============

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

~~Exhibit No. Description~~ ----------- ------------------------------------------------------------------------ ~~1.1~~Distribution ~~Underwriting~~Class ~~Agreement~~A-1 ~~among~~Class ~~NCT~~A-2 ~~Funding~~Class ~~Company,~~A-3 ~~L.L.C.,~~Amounts ~~CIT~~Notes ~~Financial~~Notes ~~USA,~~Notes ~~Inc~~----------------------------------------------------------------------------------- 1., ~~Wachovia~~Interest ~~Capital~~Due ~~Markets~~217,469.62 ~~LLC and J~~162,451.P.39 ~~Morgan Securities Inc~~255,336.33 ~~each~~2 onInterest ~~behalf~~Paid ~~of itself and as representative of the several underwriters~~217,469.62 ~~dated September 17~~162, ~~2003~~451.39 4255,336.133 ~~Indenture~~3 ~~between~~Interest ~~the~~Shortfall ~~CIT~~0.00 ~~Equipment~~0.00 ~~Collateral~~0.00 ~~2003-EF1~~((1) asminus ~~Issuer~~(2)) ~~and~~4 ~~The~~Principal ~~Bank~~Paid ~~of New York as Indenture Trustee~~66, ~~dated as of August 1~~325,959.76 ~~2003~~0.00 40.200 ~~Amended~~5 ~~and~~Total ~~Restated~~Distribution ~~Trust~~Amount ~~Agreement between NCT Funding Company~~66,543,429.38 L162,451.~~L.C.~~39 ~~as Trust Depositor and M&T Trust Company of Delaware as Owner Trustee~~255,336.33 ~~dated~~((2) asplus ~~of August 1, 2003.~~(4))

IV. Information Regarding the Securities A Summary of Balance Information

B Other Information

Page 5 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 790,364,305.00 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 722,032,668.70 -------------- Total monthly principal amount 68,331,636.30

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

C. DEFAULTED CONTRACT INFORMATION 1. Reported Loss Information

Page 6 of 8 VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 23,710,929.00 2. Investment Earnings 3,604.89 3. Deposit from the Collection Account 5,170,377.75 4. Withdrawls from the Reserve Account 0.00 5. Interest payment to the Holdback Designee (3,604.89) 6. Release of Reserve Account Surplus 0.00 7. Ending Reserve Account Balance 28,881,306.75 8. Available amount 28,881,306.75 9. Required Reserve Account Amount 28,881,306.75 10. Reserve Account Surplus/ (Shortfall) 0.00

VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 0.00 2. Current Period Servicer Advance 5,205,239.32 3. Recoveries of prior Servicer Advances 0.00 ------------ 4. Ending Servicer Advance Balance 5,205,239.32 D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 18.5% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00 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 10/20/03 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

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