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Previous: ALPHARX INC, 10KSB, EX-27, 2000-12-22 |
Next: EXFO ELECTRO OPTICAL ENGINEERING INC, 6-K, 2000-12-22 |
<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: 18-Dec-00
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 10
<PAGE>
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-1
MONTHLY SERVICING REPORT
<TABLE>
<CAPTION>
DETERMINATION DATE: 12/18/00
COLLECTION PERIOD: 11/30/00
PAYMENT DATE: DECEMBER 20, 2000
<S> <C> <C>
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
a. Scheduled Payments Received 23,616,653.51
b. Liquidation Proceeds Allocated to Owner Trust 645,235.90
c. Required Payoff Amounts of Prepaid Contracts 1,244,816.93
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
g. Investment Earnings on Class A-2a Funding Account 0.00
---------------
Total Available Pledged Revenues = 25,506,706.34
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues 25,506,706.34
b. Receipt from Class A-2 Swap Counterparty 0.00
c. Receipt from Class A-3 Swap Counterparty 0.00
d. Servicer Advances 3,934,115.22
e. Recoveries of prior Servicer Advances (3,718,536.64)
f. Withdrawls from the Class A Principal Account, including Investment Earnings 0.00
g. Withdrawal from Cash Collateral Account 1,195,650.94
--------------
Total Available Funds = 26,917,935.86
</TABLE>
Page 3 of 10
<PAGE>
II. DISTRIBUTION AMOUNTS
<TABLE>
<S> <C> <C>
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 344,930.76
2. Class A-1 Note Interest Distribution 523,806.31
Class A-1 Note Principal Distribution 21,811,368.45
Aggregate Class A-1 distribution 22,335,174.76
3. Class A-2a Note Interest Distribution 794,657.03
Class A-2a Note Principal Distribution 0.00
Aggregate Class A-2a distribution 794,657.03
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 1,057,073.89
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,057,073.89
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 52,015.56
Class B Note Principal Distribution 348,053.75
Aggregate Class B distribution 400,069.31
9. Class C Note Interest Distribution 70,181.91
Class C Note Principal Distribution 464,071.67
Aggregate Class C distribution 534,253.58
10. Class D Note Interest Distribution 93,016.33
Class D Note Principal Distribution 580,089.59
Aggregate Class D distribution 673,105.92
11. Payment due to the Class A-2 Swap Counterparty 76,805.32
12. Payment due to the Class A-3 Swap Counterparty 114,224.28
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 = 26,917,935.86
==============
</TABLE>
Page 4 of 10
<PAGE>
<TABLE>
<S> <C>
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 76,091.38
2. Payment due on the Holdback 127,416.90
3. Payment to the Depositor 0.00
=============
Cash Collateral Account Distributions = 203,508.28
</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 523,806.31 794,657.03 1,057,073.89 587,641.01
2 Interest Paid 523,806.31 794,657.03 1,057,073.89 587,641.01
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 21,811,368.45 0.00 0.00 0.00
5 Total Distribution Amount 22,335,174.76 794,657.03 1,057,073.89 587,641.01
((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 52,015.56 70,181.91 93,016.33 3,178,392.04 0.00
2 Interest Paid 52,015.56 70,181.91 93,016.33 3,178,392.04 0.00
3 Interest Shortfall 0.00 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 348,053.75 464,071.67 580,089.59 23,203,583.46 0.00
5 Total Distribution Amount 400,069.31 534,253.58 673,105.92 26,381,975.50 0.00
((2) plus (4))
</TABLE>
Page 5 of 10
<PAGE>
IV. Information Regarding the Securities
A Summary of Balance Information
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON DEC-00 DEC-00 NOV-00 NOV-00
Rate Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 6.7230% 71,683,399.28 0.24840 93,494,767.73 0.32398
b. Class A-2a Notes 6.6088% 144,291,800.00 1.00000 144,291,800.00 1.00000
c. Class A-3 Notes 6.7488% 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% 7,930,284.47 0.69616 8,278,338.22 0.72671
f. Class C Notes 7.6300% 10,573,712.62 0.69616 11,037,784.29 0.72671
g. Class D Notes 8.0900% 13,217,140.78 0.69616 13,797,230.37 0.72671
h. Total Offered Notes 528,685,631.14 551,889,214.60
i. Class A-2b Notes 144,291,800.00
j. ONE - MONTH LIBOR RATE 6.6188%
</TABLE>
B Other Information
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS DEC-00 NOV-00
PAYMENT DATE PAYMENT DATE
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Class A-1 Notes 85,310,021.00 107,632,754.00
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE DEC-00 DEC-00 NOV-00 NOV-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A 94.00% 496,964,493.27 518,775,861.73
Class B 1.50% 7,930,284.47 0.00 8,278,338.22 0.00
Class C 2.00% 10,573,712.62 0.00 11,037,784.29 0.00
CLASS D 2.50% 13,217,140.78 0.00 13,797,230.37 0.00
</TABLE>
Page 6 of 10
<PAGE>
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C>
1. Principal Balance of Notes and Equity Certificates 551,889,214.60
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 528,685,631.14
-------------------------
Total monthly principal amount 23,203,583.47
</TABLE>
VI. CONTRACT POOL DATA
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
A. CONTRACT POOL CHARACTERISTICS ORIGINAL DEC-00 NOV-00
POOL PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------
<S> <C> <C> <C>
1. a. Contract Pool Balance 759,430,525.00 528,685,631.14 551,889,214.60
b. No of Contracts 79,033 64,302 65,886
2. Weighted Average Remaining Term 39.70 37.3 37.6
3. Weighted Average Original Term 53.3
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------
B. DELINQUENCY INFORMATION % OF AGGREGATE
% of REQUIRED PAYOFF NO. OF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
91.63% 91.84% 58,920 495,059,076.89
1. Current 4.38% 3.79% 2,817 20,416,975.65
31-60 days 1.78% 1.71% 1,143 9,225,938.67
61-90 days 0.99% 1.20% 637 6,482,287.68
91-120 days 1.22% 1.46% 785 7,862,470.43
120+ days
Total Delinquency 100.0% 100.0% 64,302 539,046,749.32
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,145,539.60
End of Collection Period 10,361,118.18
----------------
Change in Delinquent Scheduled Payments 215,578.58
</TABLE>
C. DEFAULTED CONTRACT INFORMATION
<TABLE>
<S> <C>
1. Required Payoff Amount on Defaulted Contracts 2,042,228.00
2. Liquidation Proceeds received 645,235.90
-----------------
3. Current Liquidation Loss Amount 1,396,992.10
4. Cumulative Liquidation Losses to date 6,756,808.31
% of Initial Contracts 1.784%
% of Initial Contract Pool Balance 0.890%
</TABLE>
Page 7 of 10
<PAGE>
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C>
1. Opening Cash Collateral Account 37,928,828.56
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (1,195,650.94)
4. Available amount 36,733,177.62
5. Required Cash Collateral Account Amount 41,768,678.88
6. Cash Collateral Account Surplus/ (Shortfall) (5,035,501.30)
7. Release of Cash Collateral Surplus 0.00
8. Ending Cash Collateral Account 36,733,177.62
</TABLE>
B. CASH COLLATERAL ACCOUNT LOANS
<TABLE>
<S> <C> <C>
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 203,508.28
Total Available Funds 203,508.28
2. Distribution of Available Funds
a. Senior Loan Interest 76,091.38
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 127,416.90
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 6.6188%
b. Senior Loan Interest Rate 9.6188%
c. Holdback Amount Interest Rate 11.8688%
</TABLE>
Page 8 of 10
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
DEC-00 NOV-00
PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------------
<S> <C> <C>
Item
a. Senior Loan 9,492,881.56 9,492,881.56
b. Holdback Amount 32,275,797.31 32,275,797.31
</TABLE>
VIII. MISCELLANEOUS INFORMATION
<TABLE>
<S> <C> <C>
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,145,539.60
2. Current Period Servicer Advance 3,934,115.22
3. Recoveries of prior Servicer Advances -3,718,536.64
-----------------------------------
4. Ending Servicer Advance Balance 10,361,118.18
B. CLASS A-2a FUNDING ACCOUNT
1. Opening Class A-2a Funding Account 144,291,800.00
2. Monthly Accrued Interest 0.00
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) 7.3%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
a. Prepayments 0.00
b. Defaults 0.00
</TABLE>
Page 9 of 10
<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 10/20/00
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 10 of 10
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