8-K 1 a36894.txt CIT EC 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: 15-Jan-04 CIT Equipment Collateral 2003-EF1 A Delaware Commission File I.R.S. Employer Corporation No. 0001240986 No. 02-6166260 c/o CIT Financial USA, Inc. 1 CIT Drive, Livingston, New Jersey 07039 Telephone number: (973)740-5000 Page 1 of 7 Item 5. Other CIT Equipment Collateral 2003-EF1 Monthly Servicing Report Determination Date: 01/15/04 Collection Period: 12/31/03 Payment Date: 01/20/04 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $24,878,358.97 b. Liquidation Proceeds Allocated to Owner Trust 163,766.50 c. Required Payoff Amounts of Prepaid Contracts 6,489,632.34 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 = $31,531,757.81 B. Determination of Available Funds a. Total Available Pledged Revenues $31,531,757.81 b. Servicer Advances 1,839,772.58 c. Recoveries of prior Servicer Advances (2,269,682.79) d. Withdrawal from Reserve Account 0.00 -------------- Total Available Funds = $31,101,847.60 ==============

Page 2 of 7 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 412,294.86 2. Class A-1 Note Interest Distribution 135,896.00 Class A-1 Note Principal Distribution 26,123,773.38 Aggregate Class A-1 distribution 26,259,669.38 3. Class A-2 Note Interest Distribution 194,941.67 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 194,941.67 4. Class A-3 Note Interest Distribution 302,842.86 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 302,842.86 5. Class B Note Interest Distribution 34,185.69 Class B Note Principal Distribution 789,974.84 Aggregate Class B distribution 824,160.53 6. Class C Note Interest Distribution 78,641.25 Class C Note Principal Distribution 0.00 Aggregate Class C distribution 78,641.25 7. Class D Note Interest Distribution 106,020.00 Class D Note Principal Distribution 0.00 Aggregate Class D distribution 106,020.00 8. Payment due to the Class A-3 Swap Counterparty 227,977.44 9. Deposit to the Reserve Account 0.00 10. Amounts Payable in connection with the Reserve Account 30,574.81 11. To the holder of the equity certificate 2,664,724.80 Collection Account Distributions = 31,101,847.60 ============= B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 52,050.85 3. Release of Excess from the Reserve Account 1,076,549.93 ------------- Reserve Account Distributions = 1,128,600.78 ============= ------------- C. INCORRECT DEPOSITS 0.00 =============

Page 3 of 7 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

IV. Information Regarding the Securities A Summary of Balance Information

B Other Information

Page 4 of 7 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 659,671,773.81 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 632,758,025.59 -------------- Total monthly principal amount 26,913,748.22

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

C. DEFAULTED CONTRACT INFORMATION

2. Supplemental Information on Unliquidated Defaulted Contracts Required Payoff Amount at time of Default 1,024,230.92 Initial Defaulted Valuation Amount 547,773.82 Cash Collected on Defaulted Contracts 23,996.02 ------------ Remaining Required Payoff Amount of Defaulted Contracts 452,461.08 ============ Initial Valuation as a % of Required Payoff Amount at time of Default 53.48% Remaining Balance % of Required Payoff Amount at time of Default 44.18%

Page 5 of 7

VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 26,386,870.95 2. Investment Earnings 21,476.04 3. Deposit from the Collection Account 30,574.81 4. Withdrawls from the Reserve Account 0.00 5. Interest payment to the Holdback Designee (52,050.85) 6. Release of Reserve Account Surplus (1,076,549.93) 7. Ending Reserve Account Balance 25,310,321.02 8. Available amount 26,386,870.95 9. Required Reserve Account Amount 25,310,321.02 10. Reserve Account Surplus/ (Shortfall) 0.00

VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 6,465,554.86 2. Current Period Servicer Advance 1,839,772.58 3. Recoveries of prior Servicer Advances (2,269,682.79) ------------- 4. Ending Servicer Advance Balance 6,035,644.65

D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 16.9% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Page 6 of 7 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 01/20/04 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 7 of 7

CIT EQUIPMENT COLLATERAL 2003-EF1 8-K