|
|
|
|
|
|
|
|
|
|
|
|
|
<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 2000-2
A New York Commission File I.R.S. Employer
Corporation No. 0001125705 No. 527109880
c/o Capita Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 2 of 9
<PAGE>
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-2
Monthly Servicing Report
<TABLE>
<CAPTION>
Determination Date: 12/18/00
Collection Period: 11/30/00
Payment Date: 12/20/00
<S> <C>
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $30,855,509.71
b. Liquidation Proceeds Allocated to Owner Trust 214.06
c. Required Payoff Amounts of Prepaid Contracts 3,586,251.49
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 = $34,441,975.26
B. Determination of Available Funds
a. Total Available Pledged Revenues $34,441,975.26
b. Servicer Advances 5,450,445.23
c. Recoveries of prior Servicer Advances (4,380,310.41)
d. Withdrawal from Cash Collateral Account 261,369.05
--------------
Total Available Funds = $35,773,479.13
</TABLE>
Page 3 of 9
<PAGE>
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
<TABLE>
<S> <C> <C> <C>
1. Servicing Fee 612,126.49
2. Class A-1 Note Interest Distribution 697,690.08
Class A-1 Note Principal Distribution 27,805,431.62
Aggregate Class A-1 distribution 28,503,121.70
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 85,085.58
Class B Note Principal Distribution 443,703.70
Aggregate Class B distribution 528,789.28
7. Class C Note Interest Distribution 114,916.55
Class C Note Principal Distribution 591,604.93
Aggregate Class C distribution 706,521.48
8. Class D Note Interest Distribution 153,439.71
Class D Note Principal Distribution 739,506.16
Aggregate Class D distribution 892,945.87
9. Deposit to the Cash Collateral Account 0.00
10. Amounts in accordance with the CCA Loan Agreement 0.00
11. To the holder of the equity certificate 0.00
Collection Account Distributions = 35,773,479.13
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,809,761.67
2. Payment due on the Holdback 162,479.05
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 1,972,240.72
=============
</TABLE>
Page 4 of 9
<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> <C> <C>
1. Interest Due 697,690.08 2,020,300.00 1,744,200.00 765,474.32
2 Interest Paid 697,690.08 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 27,805,431.62 0.00 0.00 0.00
5 Total Distribution Amount 28,503,121.70 2,020,300.00 1,744,200.00 765,474.32
((2) plus (4))
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1. Interest Due 85,085.58 114,916.55 153,439.71 5,581,106.24
2 Interest Paid 85,085.58 114,916.55 153,439.71 5,581,106.24
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 443,703.70 591,604.93 739,506.16 29,580,246.40
5 Total Distribution Amount 528,789.28 706,521.48 892,945.87 35,161,352.64
((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 Dec-00 Dec-00 Nov-00 Nov-00
Rate Payment Date Payment Date Payment Date Payment Date
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
a. Class A-1 Notes 6.6400% 98,283,137.74 0.49142 126,088,569.36 0.63044
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% 14,247,331.96 0.89773 14,691,035.65 0.92568
f. Class C Notes 7.0400% 18,996,442.61 0.89773 19,588,047.54 0.92568
g. Class D Notes 7.5200% 23,745,553.26 0.89773 24,485,059.42 0.92568
h. Total Offered Notes 949,822,130.57 979,402,376.97
</TABLE>
Page 5 of 9
<PAGE>
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 111,006,012.00 137,771,595.00
</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% 892,832,802.73 920,638,234.36
Class B 1.50% 14,247,331.96 0.00 14,691,035.65 0.00
Class C 2.00% 18,996,442.61 0.00 19,588,047.54 0.00
Class D 2.50% 23,745,553.26 0.00 24,485,059.42 0.00
</TABLE>
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C> <C>
1. Principal Balance of Notes and Equity Certificates 979,402,376.97
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 949,822,130.57
--------------
Total monthly principal amount 29,580,246.41
</TABLE>
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
<TABLE>
<CAPTION>
--------------------------------------------------------
Original Dec-00 Nov-00
Pool Payment Date Payment Date
--------------------------------------------------------
<S> <C> <C> <C> <C>
1. a. Contract Pool Balance 1,058,031,559.00 949,822,130.57 979,402,376.97
b. No of Contracts 68,399 67,802 67,990
2. Weighted Average Remaining Term 41.00 39.2 40.0
3. Weighted Average Original Term 45.4
</TABLE>
Page 6 of 9
<PAGE>
B. DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
--------------------------------------------------------------
% of Aggregate
% of Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Current 92.37% 92.67% 62,630 891,337,994.03
31-60 days 4.19% 4.39% 2,842 42,185,498.62
61-90 days 1.82% 1.63% 1,234 15,643,494.74
91-120 days 1.05% 0.80% 709 7,691,398.65
120+ days 0.57% 0.52% 387 4,955,712.48
Total Delinquency 100.0% 100.0% 67,802 961,814,098.52
</TABLE>
<TABLE>
<S> <C> <C>
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,921,833.13
End of Collection Period 11,991,967.95
-------------
Change in Delinquent Scheduled Payments 1,070,134.82
</TABLE>
C. DEFAULTED CONTRACT INFORMATION
<TABLE>
<S> <C> <C>
1. Required Payoff Amount on Defaulted Contracts 471,388.85
2. Liquidation Proceeds received 214.06
----------
3. Current Liquidation Loss Amount 471,174.79
4. Cumulative Liquidation Losses to date 854,159.44
% of Initial Contracts 0.080%
% of Initial Contract Pool Balance 0.081%
</TABLE>
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C> <C>
1. Opening Cash Collateral Account 63,661,155.00
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (261,369.05)
4. Available amount 63,399,785.95
5. Required Cash Collateral Account Amount 61,738,438.00
6. Cash Collateral Account Surplus/ (Shortfall) 0.00
7 Release of Cash Collateral Surplus 1,661,347.95
8 Ending Cash Collateral Account 61,738,438.00
</TABLE>
Page 7 of 9
<PAGE>
B. CASH COLLATERAL ACCOUNT LOANS
<TABLE>
<S> <C> <C>
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 310,892.77
Total Available Funds 310,892.77
2. Distribution of Available Funds
a. Senior Loan Interest 148,413.72
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 162,479.05
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 1,661,347.95
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,661,347.95
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>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Dec-00 Nov-00
Item Payment Date Payment Date
-----------------------------------------------------------------------------------------------
<S> <C> <C>
a. Senior Loan 11,743,308.05 13,404,656.00
b. Holdback Amount 50,256,499.00 50,256,499.00
</TABLE>
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
<TABLE>
<S> <C> <C>
1. Opening Servicer Advance Balance 10,921,833.13
2. Current Period Servicer Advance 5,450,445.23
3. Recoveries of prior Servicer Advances -4,380,310.41
------------
4. Ending Servicer Advance Balance 11,991,967.95
</TABLE>
D. OTHER RELATED INFORMATION
<TABLE>
<S> <C> <C> <C>
1. Discount Rate 7.6240%
2. Life to Date Prepayment (CPR) 7.7%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
</TABLE>
Page 8 of 9
<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
12/20/00
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 9 of 9
|
|