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Previous: NTL INC/DE/, 8-K/A, 2000-08-25 |
Next: FT 457, S-6, 2000-08-25 |
<PAGE>
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: August 17, 2000
CIT Equipment Collateral 2000-1
A New York Commission File I.R.S. Employer
Corporation No. 0001114967 No. 22-6846998
c/o AT&T Capital Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 2 of 9
<PAGE>
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-1
MONTHLY SERVICING REPORT
<TABLE>
<CAPTION>
DETERMINATION DATE: AUGUST 17, 2000
COLLECTION PERIOD: JULY 31, 2000
PAYMENT DATE: AUGUST 21, 2000
<S> <C>
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
a. Scheduled Payments Received $ 28,471,507.48
b. Liquidation Proceeds Allocated to Owner Trust 17,104.90
c. Required Payoff Amounts of Prepaid Contracts 2,228,408.41
d. Required Payoff Amounts of Purchased Contracts 87,490.87
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account
and Note Distribution Account 0.00
g. Investment Earnings on Class A-2a Funding Account 0.00
------------------
TOTAL AVAILABLE PLEDGED REVENUES = $ 30,804,511.66
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues $ 30,804,511.66
b. Receipt from Class A-2 Swap Counterparty 0.00
c. Receipt from Class A-3 Swap Counterparty 0.00
d. Servicer Advances 3,841,332.55
e. Recoveries of prior Servicer Advances (3,918,157.46)
f. Withdrawls from the Class A Principal Account,
including Investment Earnings 0.00
g. Withdrawal from Cash Collateral Account 399,476.65
------------------
TOTAL AVAILABLE FUNDS = $ 31,127,163.40
</TABLE>
Page 3 of 9
<PAGE>
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
<TABLE>
<S> <C> <C>
1. Servicing Fee 411,435.43
2. Class A-1 Note Interest Distribution 1,156,466.49
Class A-1 Note Principal Distribution 25,071,822.56
Aggregate Class A-1 distribution 26,228,289.05
3. Class A-2a Note Interest Distribution 849,077.08
Class A-2a Note Principal Distribution 0.00
Aggregate Class A-2a distribution 849,077.08
4. Class A-2b Note Interest Distribution 0.00
Class A-2b Note Principal Distribution 0.00
Aggregate Class A-2b distribution 0.00
5. Class A-3 Note Interest Distribution 1,129,425.08
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,129,425.08
6. Class A-4 Note Interest Distribution 587,641.01
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 587,641.01
7. Deposit to the Class A Principal Account 0.00
8. Class B Note Interest Distribution 62,044.46
Class B Note Principal Distribution 400,082.27
Aggregate Class B distribution 462,126.73
9. Class C Note Interest Distribution 83,713.40
Class C Note Principal Distribution 533,443.03
Aggregate Class C distribution 617,156.43
10. Class D Note Interest Distribution 110,950.42
Class D Note Principal Distribution 666,803.79
Aggregate Class D distribution 777,754.21
11. Payment due to the Class A-2 Swap Counterparty 22,385.27
12. Payment due to the Class A-3 Swap Counterparty 41,873.10
13. Deposit to the Cash Collateral Account 0.00
14. Amounts in accordance with the CCA Loan Agreement 0.00
15. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS = 31,127,163.40
=============
</TABLE>
Page 4 of 9
<PAGE>
<TABLE>
<S> <C>
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 81,259.07
2. Payment due on the Holdback 147,662.17
3. Payment to the Depositor 0.00
--------------
CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 228,921.24
==============
</TABLE>
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2a CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due 1,156,466.49 849,077.08 1,129,425.08 587,641.01
2 Interest Paid 1,156,466.49 849,077.08 1,129,425.08 587,641.01
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 25,071,822.56 0.00 0.00 0.00
5 Total Distribution Amount 26,228,289.05 849,077.08 1,129,425.08 587,641.01
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED CLASS A-2b
AMOUNTS NOTES NOTES NOTES NOTES NOTES
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Interest Due 62,044.46 83,713.40 110,950.42 3,979,317.94 0.00
2 Interest Paid 62,044.46 83,713.40 110,950.42 3,979,317.94 0.00
3 Interest Shortfall 0.00 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 400,082.27 533,443.03 666,803.79 26,672,151.66 0.00
5 Total Distribution Amount 462,126.73 617,156.43 777,754.21 30,651,469.60 0.00
((2) plus (4))
</TABLE>
Page 5 of 9
<PAGE>
IV. INFORMATION REGARDING THE SECURITIES
A SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON AUG-00 AUG-00 JUL-00 JUL-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 6.7230% 168,445,975.00 0.58370 193,517,797.56 0.67058
b. Class A-2a Notes 6.6200% 144,291,800.00 1.00000 144,291,800.00 1.00000
c. Class A-3 Notes 6.7600% 187,959,055.00 1.00000 187,959,055.00 1.00000
d. Class A-4 Notes 7.5800% 93,030,239.00 1.00000 93,030,239.00 1.00000
e. Class B Notes 7.5400% 9,474,368.12 0.83171 9,874,450.40 0.86683
f. Class C Notes 7.6300% 12,632,490.83 0.83171 13,165,933.86 0.86683
g. Class D Notes 8.0900% 15,790,613.54 0.83171 16,457,417.33 0.86683
h. TOTAL OFFERED NOTES 631,624,541.48 658,296,693.14
i. Class A-2b Notes 144,291,800.00
j. ONE-MONTH LIBOR RATE 6.6300%
</TABLE>
B OTHER INFORMATION
<TABLE>
<CAPTION>
--------------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS AUG-00 JUL-00
PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------
<S> <C> <C>
Class A-1 Notes 179,361,288.00 205,576,575.00
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE AUG-00 AUG-00 JUL-00 JUL-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A 94.00% 593,727,068.99 618,798,891.55
Class B 1.50% 9,474,368.12 0.00 9,874,450.40 0.00
Class C 2.00% 12,632,490.83 0.00 13,165,933.86 0.00
Class D 2.50% 15,790,613.54 0.00 16,457,417.33 0.00
</TABLE>
Page 6 of 9
<PAGE>
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C>
1. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) 658,296,693.14
2. Contract Pool Principal Balance (End of Collection Period) 631,624,541.48
------------------
Total monthly principal amount 26,672,151.67
</TABLE>
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------
ORIGINAL AUG-00 JUL-00
POOL PAYMENT DATE PAYMENT DATE
----------------------------------------------------------------------
<S> <C> <C> <C>
1. a. Contract Pool Balance 759,430,525.00 631,624,541.48 658,296,693.14
b. No of Contracts 79,033 71,782 73,699
2. Weighted Average Remaining Term 39.70 38.7 39.0
3. Weighted Average Original Term 53.3
</TABLE>
B. DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
% OF % OF AGGREGATE NO. OF
REQUIRED PAYOFF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Current 91.78% 91.80% 65,885 589,750,177.07
31-60 days 4.26% 4.62% 3,055 29,673,152.29
61-90 days 1.77% 1.34% 1,271 8,590,181.71
91-120 days 1.11% 1.03% 800 6,597,013.11
120+ days 1.07% 1.22% 771 7,840,697.33
Total Delinquency 100.0% 100.0% 71,782 642,451,221.51
</TABLE>
2. Delinquent Scheduled Payments:
<TABLE>
<S> <C>
Beginning of Collection Period 10,903,504.94
End of Collection Period 10,826,680.03
------------------
Change in Delinquent Scheduled Payments (76,824.91)
</TABLE>
C. DEFAULTED CONTRACT INFORMATION
<TABLE>
<S> <C>
1. Required Payoff Amount on Defaulted Contracts 416,581.55
2. Liquidation Proceeds received 17,104.90
---------------
3. Current Liquidation Loss Amount 399,476.65
4. Cumulative Liquidation Losses to date 1,109,264.71
% of Initial Contracts 0.273%
% of Initial Contract Pool Balance 0.146%
</TABLE>
Page 7 of 9
<PAGE>
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C>
1. Opening Cash Collateral Account 41,680,654.47
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (399,476.65)
4. Available amount 41,281,177.82
5. Required Cash Collateral Account Amount 41,768,678.88
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7. Release of Cash Collateral Surplus (487,501.10)
8. Ending Cash Collateral Account 41,281,177.82
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 228,921.24
Total Available Funds 228,921.24
2. Distribution of Available Funds
a. Senior Loan Interest 81,259.07
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 147,662.17
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 0.00
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 6.6300%
b. Senior Loan Interest Rate 9.6300%
c. Holdback Amount Interest Rate 11.8800%
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
AUG-00 JUL-00
ITEM PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------------------------
<S> <C> <C>
a. Senior Loan 9,492,881.56 9,492,881.56
b. Holdback Amount 32,275,797.31 32,275,797.31
</TABLE>
Page 8 of 9
<PAGE>
VIII. MISCELLANEOUS INFORMATION
<TABLE>
<S> <C>
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,903,504.94
2. Current Period Servicer Advance 3,841,332.55
3. Recoveries of prior Servicer Advances -3,918,157.46
-----------------
4. Ending Servicer Advance Balance 10,826,680.03
B. CLASS A-2a FUNDING ACCOUNT
1. Opening Class A-2a Funding Account 144,291,800.00
2. Monthly Accrued Interest 793,604.90
2. Investment Earnings 0.00
3. Withdrawal to the Collection Account 0.00
4. Distribution to Class A-2a on Stated Maturity Date 0.00
-----------------
5. Ending Class A-2a Funding Account 144,291,800.00
C. CLASS A PRINCIPAL ACCOUNT
1. Opening Class A Principal Account 0.00
2. Investment Earnings 0.00
3. Withdrawls to the Collection Account 0.00
4. Deposits 0.00
-----------------
5. Ending Class A Principal Account 0.00
D. OTHER RELATED INFORMATION
1. Discount Rate 8.1540%
2. Life to Date Prepayment (CPR) 8.3%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
</TABLE>
Servicer's Certificate
The undersigned, on behalf of AT&T Capital Corporation, in its capacity as
servicer (The "Servicer") under the Pooling and Servicing Agreement, dated as of
April 1, 2000 (the "Pooling and Servicing Agreement"), among CIT Equipment
Collateral 2000-1, NTC Funding Company LLC, The Chase Manhattan Bank, as trustee
under the Indenture, and AT&T Capital 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 August 21, 2000
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.
AT&T CAPITAL CORPORATION
Glenn Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 9 of 9
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