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Previous: PITCAIRN FUNDS, N-1A/A, 2000-06-27 |
Next: NEW D&B CORP, 10-12B, 2000-06-27 |
<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: June 16, 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 1 of 8
<PAGE>
CIT EQUIPMENT COLLATERAL 2000-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: JUNE 16, 2000
COLLECTION PERIOD: MAY 31, 2000
PAYMENT DATE: JUNE 20, 2000
ITEM 7: FINANCIALS
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
<TABLE>
<S> <C>
a. Scheduled Payments Received $32,126,973.21
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 4,438,418.90
d. Required Payoff Amounts of Purchased Contracts 324,040.82
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 = $36,889,432.93
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues $36,889,432.93
b. Receipt from Class A-2 Swap Counterparty 0.00
c. Receipt from Class A-3 Swap Counterparty 0.00
d. Servicer Advances 4,199,351.66
e. Recoveries of prior Servicer Advances (4,940,171.51)
f. Withdrawls from the Class A Principal Account, including Investment Earnings 0.00
g. Withdrawal from Cash Collateral Account 0.00
----------------
TOTAL AVAILABLE FUNDS = $36,148,613.08
Page 2 of 8
<PAGE>
II. DISTRIBUTION AMOUNTS
</TABLE>
<TABLE>
<S> <C> <C> <C>
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 450,063.69
2. Class A-1 Note Interest Distribution 1,362,687.14
Class A-1 Note Principal Distribution 28,810,198.07
Aggregate Class A-1 distribution 30,172,885.21
3. Class A-2a Note Interest Distribution 767,006.11
Class A-2a Note Principal Distribution 0.00
Aggregate Class A-2a distribution 767,006.11
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 1,020,323.98
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,020,323.98
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 67,869.60
Class B Note Principal Distribution 459,737.20
Aggregate Class B distribution 527,606.80
9. Class C Note Interest Distribution 91,572.96
Class C Note Principal Distribution 612,982.94
Aggregate Class C distribution 704,555.90
10. Class D Note Interest Distribution 121,367.17
Class D Note Principal Distribution 766,228.67
Aggregate Class D distribution 887,595.84
11. Payment due to the Class A-2 Swap Counterparty 104,456.24
12. Payment due to the Class A-3 Swap Counterparty 150,974.20
13. Deposit to the Cash Collateral Account 0.00
14. Amounts in accordance with the CCA Loan Agreement 775,504.10
15. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS = 36,148,613.08
==============
</TABLE>
Page 3 of 8
<PAGE>
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
<TABLE>
<S> <C>
1. Payment due on the Senior Loan 73,478.53
2. Payment due on the Holdback 308,326.88
3. Payment to the Depositor 492,710.06
-------------
CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 874,515.47
=============
</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> <C>
1 Interest Due 1,362,687.14 767,006.11 1,020,323.98 587,641.01
2 Interest Paid 1,362,687.14 767,006.11 1,020,323.98 587,641.01
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 28,810,198.07 0.00 0.00 0.00
5 Total Distribution Amount 30,172,885.21 767,006.11 1,020,323.98 587,641.01
((2) plus (4))
<CAPTION>
-------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED CLASS A-2b
AMOUNTS NOTES NOTES NOTES NOTES NOTES
------------------------------------------------------------------------------------------------------------
1 Interest Due 67,869.60 91,572.96 121,367.17 4,018,467.97 0.00
2 Interest Paid 67,869.60 91,572.96 121,367.17 4,018,467.97 0.00
3 Interest Shortfall 0.00 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 459,737.20 612,982.94 766,228.67 30,649,146.88 0.00
5 Total Distribution Amount 527,606.80 704,555.90 887,595.84 34,667,614.85 0.00
((2) plus (4))
</TABLE>
Page 4 of 8
<PAGE>
V. INFORMATION REGARDING THE SECURITIES
A SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON JUN-00 JUN-00 MAY-00 MAY-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 6.7230% 222,804,495.38 0.77206 251,614,693.45 0.87190
b. Class A-2a Notes 6.5988% 144,291,800.00 1.00000 144,291,800.00 1.00000
c. Class A-3 Notes 6.7388% 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% 10,341,791.32 0.90785 10,801,528.52 0.94821
f. Class C Notes 7.6300% 13,789,055.09 0.90785 14,402,038.03 0.94821
g. Class D Notes 8.0900% 17,236,318.87 0.90785 18,002,547.54 0.94821
h. TOTAL OFFERED NOTES 689,452,754.66 720,101,901.55
i. Class A-2b Notes 144,291,800.00
j. ONE - MONTH LIBOR RATE 6.6088%
</TABLE>
B OTHER INFORMATION
<TABLE>
<CAPTION>
--------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS JUN-00 MAY-00
PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------
<S> <C> <C>
Class A-1 Notes 231,491,950.00 257,091,831.00
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE JUN-00 JUN-00 MAY-00 MAY-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A 94.00% 648,085,589.38 676,895,787.45
Class B 1.50% 10,341,791.32 0.00 10,801,528.52 0.00
Class C 2.00% 13,789,055.09 0.00 14,402,038.03 0.00
Class D 2.50% 17,236,318.87 0.00 18,002,547.54 0.00
</TABLE>
Page 5 of 8
<PAGE>
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C>
1. Principal Balance of Notes and Equity Certificates 720,101,901.55
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 689,452,754.66
---------------
Total monthly principal amount 30,649,146.88
</TABLE>
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------
ORIGINAL JUN-00 MAY-00
POOL PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------
<S> <C> <C> <C>
1. a. Contract Pool Balance 759,430,525.00 689,452,754.66 759,430,525.00
b. No of Contracts 79,033 75,691 79,033
2. Weighted Average Remaining Term 39.70 39.5 39.8
3. Weighted Average Original Term 53.3
</TABLE>
B. DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
-------------------------------------------------------------------
% OF AGGREGATE
% OF REQUIRED PAYOFF NO. OF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Current 92.80% 92.38% 70,241 646,533,528.38
31-60 days 4.65% 4.93% 3,517 34,509,933.84
61-90 days 1.74% 1.79% 1,316 12,561,472.87
91-120 days 0.81% 0.89% 610 6,223,542.68
120+ days 0.01% 0.01% 7 67,433.63
Total Delinquency 100.0% 100.0% 75,691 699,895,911.40
2. Delinquent Scheduled Payments:
Beginning of Collection Period 11,183,972.63
End of Collection Period 10,443,156.74
--------------
Change in Delinquent Scheduled Payments (740,815.89)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 236,305.66
2. Liquidation Proceeds received 0.00
--------------
3. Current Liquidation Loss Amount 236,305.66
4. Cumulative Liquidation Losses to date 408,083.17
% of Initial Contracts 0.078%
% of Initial Contract Pool Balance 0.054%
</TABLE>
Page 6 of 8
<PAGE>
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C> <C>
1. Opening Cash Collateral Account 41,768,678.88
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account 0.00
4. Available amount 41,768,678.88
5. Required Cash Collateral Account Amount 41,768,678.88
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7. Release of Cash Collateral Surplus 0.00
8. Ending Cash Collateral Account 41,768,678.88
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 775,504.10
b. Investment Earnings 99,011.37
Total Available Funds 874,515.47
2. Distribution of Available Funds
a. Senior Loan Interest 73,478.53
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 308,326.88
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 492,710.06
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 6.6088%
b. Senior Loan Interest Rate 9.6088%
c. Holdback Amount Interest Rate 11.8588%
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
JUN-00 MAY-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 7 of 8
<PAGE>
VIII. MISCELLANEOUS INFORMATION
<TABLE>
<S> <C> <C>
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 11,183,977.26
2. Current Period Servicer Advance 4,199,351.66
3. Recoveries of prior Servicer Advances -4,940,171.51
--------------
4. Ending Servicer Advance Balance 10,443,157.41
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) 10.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
Page 8 of 8
</TABLE>
<PAGE>
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
June 20, 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
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