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Previous: NEW CERIDIAN CORP, RW, 2000-11-22 |
Next: MORGAN STANLEY DEAN WITTER ALL STAR GROWTH FUND, N-1A/A, 2000-11-22 |
<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: 16-Nov-00
CIT Equipment Collateral 2000-2
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation No. 0001125705 No. 527109880
</TABLE>
c/o Capita Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 1 of 8
<PAGE>
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: 11/16/00
COLLECTION PERIOD: 10/31/00
PAYMENT DATE: 11/20/00
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
<TABLE>
<S> <C>
a. Scheduled Payments Received $ 37,526,367.13
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 3,806,099.79
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 = $ 41,332,466.92
</TABLE>
B. DETERMINATION OF AVAILABLE FUNDS
<TABLE>
<S> <C>
a. Total Available Pledged Revenues $ 41,332,466.92
b. Servicer Advances 4,556,728.86
c. Recoveries of prior Servicer Advances (7,180,286.02)
d. Withdrawal from Cash Collateral Account 0.00
---------------
TOTAL AVAILABLE FUNDS = $ 38,708,909.76
</TABLE>
Page 2 of 8
<PAGE>
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
<TABLE>
<S> <C> <C>
1. Servicing Fee 632,264.02
2. Class A-1 Note Interest Distribution 894,119.87
Class A-1 Note Principal Distribution 30,286,845.56
Aggregate Class A-1 distribution 31,180,965.43
3. Class A-2 Note Interest Distribution 2,020,300.00
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 2,020,300.00
4. Class A-3 Note Interest Distribution 1,744,200.00
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,744,200.00
5. Class A-4 Note Interest Distribution 765,474.32
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 765,474.32
6. Class B Note Interest Distribution 87,884.70
Class B Note Principal Distribution 483,300.73
Aggregate Class B distribution 571,185.43
7. Class C Note Interest Distribution 118,697.03
Class C Note Principal Distribution 644,400.97
Aggregate Class C distribution 763,098.00
8. Class D Note Interest Distribution 158,487.51
Class D Note Principal Distribution 805,501.21
Aggregate Class D distribution 963,988.72
9. Deposit to the Cash Collateral Account 0.00
10. Amounts in accordance with the CCA Loan Agreement 67,433.84
11. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS = 38,708,909.76
===============
</TABLE>
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
<TABLE>
<S> <C>
1. Payment due on the Senior Loan 2,247,683.78
2. Payment due on the Holdback 264,750.41
3. Payment to the Depositor 0.00
---------------
CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 2,512,434.19
===============
</TABLE>
Page 3 of 8
<PAGE>
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due 894,119.87 2,020,300.00 1,744,200.00 765,474.32
2 Interest Paid 894,119.87 2,020,300.00 1,744,200.00 765,474.32
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 30,286,845.56 0.00 0.00 0.00
5 Total Distribution Amount 31,180,965.43 2,020,300.00 1,744,200.00 765,474.32
((2) plus (4))
<CAPTION>
-----------------------------------------------------------------------------------------------
DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED
AMOUNTS NOTES NOTES NOTES NOTES
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due 87,884.70 118,697.03 158,487.51 5,789,163.43
2 Interest Paid 87,884.70 118,697.03 158,487.51 5,789,163.43
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 483,300.73 644,400.97 805,501.21 32,220,048.47
5 Total Distribution Amount 571,185.43 763,098.00 963,988.72 38,009,211.90
((2) plus (4))
</TABLE>
IV. INFORMATION REGARDING THE SECURITIES
A. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON NOV-00 NOV-00 OCT-00 OCT-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 6.6400% 126,088,569.36 0.63044 156,375,414.92 0.78188
b. Class A-2 Notes 6.8100% 356,000,000.00 1.00000 356,000,000.00 1.00000
c. Class A-3 Notes 6.8400% 306,000,000.00 1.00000 306,000,000.00 1.00000
d. Class A-4 Notes 6.9300% 132,549,665.00 1.00000 132,549,665.00 1.00000
e. Class B Notes 6.9500% 14,691,035.65 0.92568 15,174,336.38 0.95614
f. Class C Notes 7.0400% 19,588,047.54 0.92568 20,232,448.51 0.95614
g. Class D Notes 7.5200% 24,485,059.42 0.92568 25,290,560.64 0.95614
h. TOTAL OFFERED NOTES 979,402,376.97 1,011,622,425.44
</TABLE>
Page 4 of 8
<PAGE>
B. OTHER INFORMATION
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS NOV-00 OCT-00
PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------------------
<S> <C> <C>
Class A-1 Notes 137,771,595.00 166,872,402.00
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE NOV-00 NOV-00 OCT-00 OCT-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A 94.00% 920,638,234.36 950,925,079.92
Class B 1.50% 14,691,035.65 0.00 15,174,336.38 0.00
Class C 2.00% 19,588,047.54 0.00 20,232,448.51 0.00
Class D 2.50% 24,485,059.42 0.00 25,290,560.64 0.00
</TABLE>
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C>
1. Principal Balance of Notes and Equity Certificates 1,011,622,425.44
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 979,402,376.97
----------------
Total monthly principal amount 32,220,048.47
</TABLE>
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
ORIGINAL NOV-00 OCT-00
POOL PAYMENT DATE PAYMENT DATE
----------------------------------------------------------------------------
<S> <C> <C> <C>
1. a. Contract Pool Balance 1,058,031,559.00 979,402,376.97 1,011,622,425.44
b. No of Contracts 68,399 67,990 68,188
2. Weighted Average Remaining Term 41.00 40.0 40.8
3. Weighted Average Original Term 45.4
</TABLE>
Page 5 of 8
<PAGE>
B. DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
% OF % OF AGGREGATE
REQUIRED PAYOFF NO. OF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Current 92.65% 93.36% 62,996 924,573,390.48
31-60 days 4.73% 4.48% 3,216 44,340,439.28
61-90 days 1.76% 1.48% 1,200 14,652,678.26
91-120 days 0.84% 0.68% 568 6,689,272.79
120+ days 0.01% 0.01% 10 68,429.29
Total Delinquency 100.0% 100.0% 67,990 990,324,210.10
2. Delinquent Scheduled Payments:
Beginning of Collection Period 13,545,390.29
End of Collection Period 10,921,833.13
-------------
Change in Delinquent Scheduled Payments (2,623,557.16)
</TABLE>
C. DEFAULTED CONTRACT INFORMATION
<TABLE>
<S> <C>
1. Required Payoff Amount on Defaulted Contracts 382,984.65
2. Liquidation Proceeds received 0.00
-------------
3. Current Liquidation Loss Amount 382,984.65
4. Cumulative Liquidation Losses to date 382,984.65
% of Initial Contracts 0.038%
% of Initial Contract Pool Balance 0.036%
</TABLE>
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C>
1. Opening Cash Collateral Account 65,755,458.00
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account 0.00
4. Available amount 65,755,458.00
5. Required Cash Collateral Account Amount 63,661,155.00
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7 Release of Cash Collateral Surplus 2,094,303.00
8 Ending Cash Collateral Account 63,661,155.00
</TABLE>
Page 6 of 8
<PAGE>
B. CASH COLLATERAL ACCOUNT LOANS
<TABLE>
<S> <C>
1. Available Funds
a. Excess Spread from Collection Account 67,433.84
b. Investment Earnings 350,697.35
Total Available Funds 418,131.19
2. Distribution of Available Funds
a. Senior Loan Interest 153,380.78
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 264,750.41
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 2,094,303.00
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 2,094,303.00
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 6.6200%
b. Senior Loan Interest Rate 9.6200%
c. Holdback Amount Interest Rate 11.8700%
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------
NOV-00 OCT-00
ITEM PAYMENT DATE PAYMENT DATE
---------------------------------------------------------------------
<S> <C> <C>
a. Senior Loan 13,404,656.00 15,498,959.00
b. Holdback Amount 50,256,499.00 50,256,499.00
</TABLE>
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
<TABLE>
<S> <C>
1. Opening Servicer Advance Balance 13,545,390.29
2. Current Period Servicer Advance 4,556,728.86
3. Recoveries of prior Servicer Advances -7,180,286.02
----------------
4. Ending Servicer Advance Balance 10,921,833.13
</TABLE>
D. OTHER RELATED INFORMATION
<TABLE>
<S> <C> <C>
1. Discount Rate 7.6240%
2. Life to Date Prepayment (CPR) 9.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
</TABLE>
Page 7 of 8
<PAGE>
Servicer's Certificate
The undersigned, on behalf of Capita Corporation, in its capacity as
servicer (The "Servicer") under the Pooling and Servicing Agreement, dated
as of September 1, 2000 (the "Pooling and Servicing Agreement"), among
CIT Equipment Collateral 2000-2, NTC Funding Company LLC, Allfirst Bank, as
trustee under the Indenture, and Capita 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.
CAPITA CORPORATION
Glenn Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 8 of 8
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