-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NQ0iMWQH7VBGy7ohBFYNMaCK7nCyhwGuRA5FXmTB7m4v7jnhdwqGb18qsVdO85zb 6Myhcz+UF4dVqfkG5w4T2g== 0000950117-04-003154.txt : 20040830 0000950117-04-003154.hdr.sgml : 20040830 20040830100232 ACCESSION NUMBER: 0000950117-04-003154 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040820 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT Equipment Collateral 2004-EF1 CENTRAL INDEX KEY: 0001294147 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-53688-04 FILM NUMBER: 041003946 BUSINESS ADDRESS: STREET 1: 650 CIT DR CITY: LIVINGSTON STATE: NJ ZIP: 07039-0491 BUSINESS PHONE: 9737405000 MAIL ADDRESS: STREET 1: NCT FUNDING CO LLC STREET 2: 2 GATEHALL DR CITY: PARSIPPANY STATE: NJ ZIP: 07054 8-K 1 a38274.txt CIT EQUIPMENT COLLATERAL 2004-EF1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 20, 2004 --------------------------- CIT Equipment Collateral 2004-EF1 ------------------------------------------------------------------------ Exact name of registrant as specified in its charter) Delaware ------------------------------------------------------------------------ (State or other jurisdiction of incorporation) 333-53688-04 75-6724294 ------------------------------------------------------------------------ (Commission File Number) (IRS Employer Identification No.) c/o CIT Financial USA, Inc. 1 CIT Drive, Livingston, New Jersey 07039 ------------------------------------------------------------------------ (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (973) 740-5000 ----------------------- N/A ------------------------------------------------------------------------ (Former name or former address, if changed since last report.) Item 8.01. Other Events. On August 20, 2004, JPMorgan Chase Bank, as Indenture Trustee, made the monthly distribution to the holders of CIT Equipment Collateral 2004-EF1, Class A-1 1.63% Receivable-Backed Notes, Class A-2 2.57% Receivable-Backed Notes, Class A-3 3.50% Receivable-Backed Notes, Class B 2.99% Receivable-Backed Notes, Class C 4.14% Receivable-Backed Notes and Class D 4.68% Receivable-Backed Notes. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. The following are filed herewith. The exhibit numbers correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description ----------- ----------- 20 Monthly Report delivered by the Trustees to Securityholders in connection with distributions on August 20, 2004 99 Certificate of Servicing Officer
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIT FINANCIAL USA, INC., as Servicer WILLIAM G. DELANEY ---------------------- Name: William G. Delaney Title: Vice President Dated: August 23, 2004 INDEX TO EXHIBITS
Exhibit No. Description - ----------- ----------- 20 Monthly Report with respect to the August 20, 2004 distribution. 99 Certificate of Servicing Officer
EX-20 2 ex20.txt EXHIBIT 20 CIT Equipment Collateral - 2004-EF1 Monthly Servicing Report Determination Date: 08/18/04 Collection Period: 07/31/04 Payment Date: 08/20/04 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received 13,869,883.65 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 1,048,436.51 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 = 14,918,320.16 B. Determination of Available Funds a. Total Available Pledged Revenues 14,918,320.16 b. Servicer Advances 819,041.71 c. Recoveries of prior Servicer Advances (912,234.66) d. Withdrawal from Reserve Account 0.00 ------------- Total Available Funds = 14,825,127.21
II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 265,278.30 2. Class A-1 Note Interest Distribution 159,288.76 Class A-1 Note Principal Distribution 11,855,590.11 Aggregate Class A-1 distribution 12,014,878.87 3. Class A-2 Note Interest Distribution 192,750.00 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 192,750.00 4. Class A-3 Note Interest Distribution 502,471.67 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 502,471.67 5. Class B Note Interest Distribution 39,449.70 Class B Note Principal Distribution 499,534.28 Aggregate Class B distribution 538,983.98 6. Class C Note Interest Distribution 58,622.40 Class C Note Principal Distribution 0.00 Aggregate Class C distribution 58,622.40 7. Class D Note Interest Distribution 61,852.65 Class D Note Principal Distribution 0.00 Aggregate Class D distribution 61,852.65 9. Deposit to the Reserve Account 1,190,289.34 10. Amounts Payable in connection with the Reserve Account 0.00 11. To the holder of the equity certificate 0.00 Collection Account Distributions = 14,825,127.21 =============
B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 11,486.17 3. Release of Excess from the Reserve Account 0.00 ------------- Reserve Account Distributions = 11,486.17 ============= ------------- C. INCORRECT DEPOSITS 0.00 =============
Page 1 of 5 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
-------------------------------------------------------------------------------------------------- Distribution Class A-1 Class A-2 Class A-3 Amounts Notes Notes Notes -------------------------------------------------------------------------------------------------- 1. Interest Due 159,288.76 192,750.00 502,471.67 2 Interest Paid 159,288.76 192,750.00 502,471.67 3 Interest Shortfall 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 11,855,590.11 0.00 0.00 5 Total Distribution Amount 12,014,878.87 192,750.00 502,471.67 ((2) plus (4))
-------------------------------------------------------------------------------------------------------------- Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes -------------------------------------------------------------------------------------------------------------- 1. Interest Due 39,449.70 58,622.40 61,852.65 1,014,435.18 2 Interest Paid 39,449.70 58,622.40 61,852.65 1,014,435.18 3 Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 499,534.28 0.00 0.00 12,355,124.39 5 Total Distribution Amount 538,983.98 58,622.40 61,852.65 13,369,559.57 ((2) plus (4))
IV. Information Regarding the Securities A Summary of Balance Information
---------------------------------------------------------------------------------------------------------------- Applicable Principal Balance Class Factor Principal Balance Class Factor Class Coupon Aug-04 Aug-04 Jul-04 Jul-04 Rate Payment Date Payment Date Payment Date Payment Date ---------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 1.6300% 101,629,378.18 0.72078 113,484,968.28 0.80486 b. Class A-2 Notes 2.5700% 90,000,000.00 1.00000 90,000,000.00 1.00000 c. Class A-3 Notes 3.5000% 172,276,000.00 1.00000 172,276,000.00 1.00000 d. Class B Notes 2.9900% 15,333,122.19 0.90237 15,832,656.48 0.93177 e. Class C Notes 4.1400% 16,992,000.00 1.00000 16,992,000.00 1.00000 f. Class D Notes 4.6800% 15,859,654.22 1.00000 15,859,654.22 1.00000 g. Total Offered Notes 412,090,154.59 424,445,278.98
B Other Information
--------------------------------------------------------------------- Scheduled Scheduled Principal Balance Principal Balance Class Aug-04 Jul-04 Payment Date Payment Date --------------------------------------------------------------------- Class A-1 Notes 107,605,035.75 118,651,919.58
------------------------------------------------------------------------------------------------------- Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage Aug-04 Aug-04 Jul-04 Jul-04 Payment Date Payment Date Payment Date Payment Date ------------------------------------------------------------------------------------------------------- Class A 95.96% 395,428,795.87 407,284,385.98 Class B 4.04% 499,534.28 0.00 574,241.21 0.00
Page 2 of 5 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 424,445,278.98 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 412,090,154.59 -------------- Total monthly principal amount 12,355,124.39
VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS
Original Aug-04 Jul-04 Pool Payment Date Payment Date ----------------------------------------------------------- 1. a. Contract Pool Principal Balance (active contracts) 453,119,654.00 412,074,894.77 424,445,278.98 b. Positive Rent Due (active contracts) 2,254,567.45 2,347,760.40 ----------------------------------------------------------- c. Required Payoff Amount (active contracts) 453,119,654.00 414,329,462.22 426,793,039.38 d. Required Payoff Amount (unliquidated defaults) 15,259.82 0.00 ----------------------------------------------------------- e. Total Required Payoff Amount 453,119,654.00 414,344,722.04 426,793,039.38 =========================================================== 2. No of Contracts 5,761 5,677 5,703 3 Weighted Average Remaining Term 44.0 41.8 42.6 4 Weighted Average Original Term 53.6
B. DELINQUENCY INFORMATION
---------------------------------------------------------------------- % of No. Of Required Contracts % of RPA Accounts Payoff Amount ---------------------------------------------------------------------- 1. Current 99.12% 99.35% 5,627 411,653,486.13 31-60 days 0.72% 0.51% 41 2,099,339.93 61-90 days 0.11% 0.11% 6 444,235.38 91-120 days 0.04% 0.03% 2 132,400.78 121-150 days 0.00% 0.00% 0 0.00 151-180 days 0.00% 0.00% 0 0.00 180+ days 0.00% 0.00% 0 0.00 ----------------------------------------------------------------------- ----------------------------------------------------------------------- Subtotal - Active Accounts 99.98% 100.00% 5,676 414,329,462.22 Remaining RPA - Unliquidated Defaults 0.02% 0.00% 1 15,259.82 ----------------------------------------------------------------------- Total Delinquency 100.0% 100.0% 5,677 414,344,722.04 ======================================================================= 2. Delinquent Scheduled Payments: Beginning of Collection Period 2,347,760.40 End of Collection Period 2,254,567.45 ------------ Change in Delinquent Scheduled Payments (93,192.95)
C. DEFAULTED CONTRACT INFORMATION
1. A) Reported Loss Information -------------------------------------------------------------------- Current Period Cumulative -------------------------------------------------------------- Amount % of ICPB Amount % of ICPB -------------------------------------------------------------- Defaulted Valuation Amount 18,169.98 0.00% 18,169.98 0.00% Cash Collected on Defaulted Contracts 0.00 0.00% 0.00 0.00% -------------------------------------------------------------- -------------------------------------------------------------- Net Loss Amount 18,169.98 0.00% 18,169.98 0.00% ============================================================== B) Cumulative Loss Trigger Percentage 0.75% Cumulative Loss Trigger in Effect NO
2. Supplemental Information on Unliquidated Defaulted Contracts Required Payoff Amount at time of Default 33,429.80 Initial Defaulted Valuation Amount 18,169.98 Cash Collected on Defaulted Contracts 0.00 --------- Remaining Required Payoff Amount of Defaulted Contracts 15,259.82 ========= Initial Valuation as a % of Required Payoff Amount at time of Default 54.35% Remaining Balance % of Required Payoff Amount at time of Default 45.65%
3. Supplemental Information on Liquidated Contracts
----------------------------------------------------------------- Current Period Cumulative ----------------------------------------------------------------- Amount % of ICPB Amount % of ICPB ----------------------------------------------------------------- Required Payoff Amount at time of Default 0.00 0.00% 0.00 0.00% Cash Collected on Liquidated Contracts 0.00 0.00% 0.00 0.00% ----------------------------------------------------------------- Net Loss Amount on Liquidated Contracts 0.00 0.00% 0.00 0.00% ================================================================= Loss Severity Percentage 0.00% 0.00% Number of Contracts 0 0 % of Original Contracts 0.00% 0.00%
Page 3 of 5 VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 17,351,826.75 2. Investment Earnings 13,427.04 3. Deposit from the Collection Account 1,190,289.34 4. Withdrawls from the Reserve Account 0.00 5. Interest payment to the Holdback Designee (11,486.17) 6. Release of Reserve Account Surplus 0.00 7. Ending Reserve Account Balance 18,544,056.96 8. Available amount 18,544,056.96 9. Required Reserve Account Amount 18,544,056.96 10. Reserve Account Surplus/ (Shortfall) 0.00
VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 2,347,760.40 2. Current Period Servicer Advance 819,041.71 3. Recoveries of prior Servicer Advances (912,234.66) ------------ 4. Ending Servicer Advance Balance 2,254,567.45 ============
D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 10.4% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00
Page 4 of 5 DELINQUENCY ANALYSIS AND LTD CPR HISTORY
% of % of % of % of Aggregate Aggregate Aggregate Aggregate Required Payoff Required Payoff Required Payoff Required Payoff Amounts Amounts Amounts Amounts Collection Periods 31-60 Days Past Due 61-90 Days Past Due 91-120 Days Past Due 120+ Days Past Due LTD CPR ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------- 07/31/04 0.51% 0.11% 0.03% 0.00% 10.43% 06/30/04 0.52% 0.07% 0.00% 0.00% 16.27% -------------------------------------------------------------------------------------------------------------------
NET LOSS HISTORY
----------------------------------------------------------------- Collection Net Net Month Loss Percentage Losses ----------------------------------------------------------------- ----------------------------------------------------------------- 07/31/04 0.00% 18,169.98 06/30/04 0.00% - -----------------------------------------------------------------
Page 5 of 5 EX-99 3 ex99.txt EXHIBIT 99 Exhibit 99 CIT FINANCIAL USA, INC. CERTIFICATE OF SERVICING OFFICER The undersigned certifies that he is a Vice President of CIT Financial USA, Inc., a corporation organized under the laws of Delaware ("CFUSA"), and that as such he is duly authorized to execute and deliver this certificate on behalf of CFUSA pursuant to Section 9.02 of the Pooling and Servicing Agreement, dated as of May 1, 2004 (the "Agreement"), among CFUSA, NCT Funding Company, L.L.C. and CIT Equipment Collateral 2004-EF1, (all capitalized terms used herein without definition having the respective meanings specified in the Agreement), and further certifies that: The Monthly Report for the period from July 1, 2004 to July 31, 2004 attached to this certificate is complete and accurate and in accordance with the requirements of Section 9.02 of the Agreement. IN WITNESS WHEREOF, the undersigned has affixed hereunto his signature this 18th day of August 2004. CIT FINANCIAL USA, INC. WILLIAM G. DELANEY --------------------------- Name: William G. Delaney Title: Vice President -----END PRIVACY-ENHANCED MESSAGE-----